GAO Glossary of Terms and Definitions (September 2005)

GNP (Gross National Product)

 (Economics Term)

The value of all final goods and services produced by labor and capital supplied by residents of a country such as the United States in a given period, whether or not the residents are located within the country. That value is conceptually equal to the sum of incomes accruing to residents of the country in the same time period. GNP differs from GDP in that GNP includes net receipts of income from the rest of the world while GDP excludes them. (See also GDP; National Income and Product Accounts.)

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