GNP: Gross National Product

Definition:

Gross National Product (GNP) is defined as the "value of all goods and services produced in a country in one year, plus income earned by its citizens abroad, minus income earned by foreigners in the country".

Gross National Product GNP is the total value of all final goods and services produced within a nation in a particular year, plus income earned by its citizens (including income of those located abroad), minus income of non-residents located in that country. Basically, GNP measures the value of goods and services that the country's citizens produced regardless of their location. GNP is one measure of the economic condition of a country, under the assumption that a higher GNP leads to a higher quality of living, all other things being equal.