Recent Examples of gross national product from the Web
With the economy heavily dependent on chaebol — Samsung alone generates revenues equivalent to one-fifth of South Korea’s gross national product — some South Koreans are wary of disrupting them too much.
The new fiscal plan comes as island officials estimate its gross national product will contract deeply in the year ending in June, officials told reporters today in San Juan.
Ministers believe the new airport will support 225,000 jobs and contribute about $19.5 billion to the economy — equivalent to 5 percent of the country’s gross national product.
This rising annual amount brought their total overseas ante to $64.8 billion, more than the gross national product of many a nation, and eight times the amount foreign businessmen have invested in the U.S. in the 191 years of the Republic.
Time and again, as economic activity as measured by GDP (or GNP, gross national product, for many of those years) accelerated, so did wages.
In search of better tools to manage the economy, the federal government commissioned economists in the 1930s to calculate gross national product.
Meanwhile, the threat of communism fed the US military: its budget went from 5 percent of the gross national product in 1950 to 13.5 percent three years later.
The letter says independent damage assessments in Puerto Rico are as high as $95 billion -- about 150 percent of the island's gross national product.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'gross national product.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
Financial Definition of GROSS NATIONAL PRODUCT
What It Is
Gross national product (GNP) is a broad measure of a nation's total economic activity. GNP is the value of all finished goods and services produced in a country in one year by its nationals.
How It Works
GNP includes income earned by citizens and companies abroad, but does not include income earned by foreigners within the country.
The figures used to assess GNP include the manufacturing of tangible goods (cars, furniture and agricultural products) and the provision of services (education, healthcare, and business services). GNP does not include the services used to produce manufactured goods because their value is included in the price of the finished product. However, GNP does include depreciation and indirect business taxes like sales tax.
The formula for GNP is:
Consumption + Government Expenditures + Investments + Exports + Foreign Production by U.S. Companies – Domestic Production by Foreign Companies = Gross National Product
GNP can be adjusted to make valid comparisons year-to-year or among countries. For year-to-year comparisons, GNP needs to be adjusted for inflation. For country-to-country comparisons, GNP needs to be stated on a per capita basis (i.e. GNP divided by the population of the country).
The difference between GNP and gross domestic product (GDP) is that GNP includes the value of products made by a country's citizens and companies abroad, while GDP only accounts for products made within a country's borders. However, GNP excludes the value of products made by foreign companies within the reporting country.
Why It Matters
Due to the increasingly global nature of national economies and the interdependence of labor forces, supply chains and sales channels, the U.S. Bureau of Economic Analysis uses GDP instead of GNP as its measure of output for the United States.
GNP is still an interesting economic indicator. For example, the larger the difference between a country's GNP and GDP, the more a country is involved in international trade, finance and production.
GROSS NATIONAL PRODUCT Defined for English Language Learners
gross national product
Definition of gross national product for English Language Learners
: the total value of the goods and services produced by the people of a nation during a year
Learn More about gross national product
Britannica.com: Encyclopedia article about gross national product
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