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Differentiating GDP and GNP: National vs. Domestic Income Measurement

December 2, 2023

How does GDP differ from GNP (Gross National Product)?

GDP (Gross Domestic Product) measures the total value of goods and services produced within a country's borders, irrespective of ownership, while GNP (Gross National Product) measures the total output produced by a country's nationals, either within the country or abroad. GNP includes domestic production by citizens abroad and excludes foreign production within the country.

Tags : GDP , GNP , National Income

Understanding the Components Involved in GDP Calculation

December 2, 2023

What factors contribute to the calculation of a country's GDP?

Several components contribute to a country's GDP calculation, including consumer spending, business investment, government expenditures, and net exports (exports minus imports). These factors collectively represent the overall economic activity and output within a nation's borders.

Tags : GDP Calculation , Economic Indicators , National Income

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