national product

Gross National Product

A measure of the value of what a country's citizens produce in a given year, whether or not the production occurred in that country. To calculate GNP, one takes the GDP and adds to it all earnings made by domestic citizens in a different country. One then subtracts from this quantity all earnings made in the home country by non-citizens. GNP is less commonly used now because it has become a less accurate tool for calculating what a domestic economy produces, as more countries have citizens working abroad.

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national product

the total money value of goods and services produced in a country over a given time period (GROSS NATIONAL PRODUCT). Gross national product less CAPITAL CONSUMPTION or depreciation is called NET NATIONAL PRODUCT, which is equal to NATIONAL INCOME. See NATIONAL INCOME ACCOUNTS.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005