gdp and gnp difference.docx - Stands for Definition Formula...

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Stands for Gross Domestic Product Gross National Product Definition An estimated value of the total worth of a country’s production and services, within its boundary, by its nationals and foreigners, calculated over the course on one year. An estimated value of the total worth of production and services, by citizens of a country, on its land or on foreign land, calculated over the course on one year. Formula for Calculation GDP = consumption + investment + (government spending) + (exports − imports). GNP = GDP + NR (Net income inflow from assets abroad or Net Income Receipts) - NP (Net payment outflow to foreign assets). Uses Business, Economic Forecasting. Business, Economic Forecasting. Application (Context in which these terms are used) To see the strength of a country’s local economy. To see how the nationals of a country are doing economically. Layman Usage Total value of products & Services produced within the territorial boundary of a country. Total value of Goods and Services produced by all nationals of a country (whether within or outside the country). Country with Highest Per Capita (US$) Qatar ($102,943) Luxembourg ($45,360). Country with Lowest Per Capita (US$) Liberia ($16). Mozambique ($80). Country with Highest (Cumulative) USA ($13.06 Trillion in 2006). USA (~ $11.5 Trillion in 2005).
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Definitions GDP Definition GDP stands for Gross Domestic Product , the total worth estimated
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