Gross National Product (and GDP)

Grossnationalproduct (gnp) is one of the most comprehensive measures of the overall amount of economic production taking place in a national economy. The first set of national accounts, prepared under Simon Kuznets, Nobel Prize Laureate in Economics, was presented to the United States in 1937. Kuznets helped the U.S. Department of Commerce to standardize the measurement of GNP.

Since World War II, GNP has been regarded as the most important indicator of the status of an economy. GNP is the sum of the different kinds of earnings permanent residents receive in a given country, plus any income earned by residents from investments abroad such as profits, interests, and royalties. While Gross Domestic Product (GDP) measures economic activity within a country's borders, the GNP measures the total ...