Definition
- Gross national product
- Gross national product is the value of what a country's citizens and firms produce, wherever in the world they are located.
- Not to be confused with: Gross domestic product
- Gross domestic product is the value of all final goods and services produced within a country in a given year.
Test yourself
What is the difference between gross national product and gross domestic product?
GDP counts output made inside the country; GNP counts output made by its citizens and firms, wherever they are.