Question

What is the difference between GDP and GNP?

Answer 1

GDP or the gross domestic product are total goods and services that are produced in the market, these are the goods that can be produced by anyone in the economy i.e. national or the people of other nation.

GNP or the gross national product are those goods that are produced by the nations citizens anywhere in the world, For example a US citizen producing a good in Japan will not the part of the GDP because it is produced in other nation but it will be part of the GNP because it is produced by a US national.