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.

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.