GNP is the market value of all final goods and services produced by the nationals of a country during a specified period of time usually a year. It follows from this definition that all goods and services produced by the nationals of a country (within or outside) are embodied in the GNP. Gross Domestic Product (GDP): Definition: National income is the total money value of all final goods and services produced in a financial year. The financial year starts from 1st April till 31st of March of every year. There are two types of goods. 1. Final Goods 2. Intermediate goods (Raw material) GNP = GDP + (X-M), where X = Income from foreign and M = Income to Foreign Net National Product (NNP) It is calculated by subtracting depreciation from the Gross National Product. NNP = GNP - Depreciation Get Unlimited Access to Test Series for 810+ Exams and much more. Know More ₹17/ month Buy Testbook Pass Difference between GDP and GNP of India Gross national product (GNP) is a slightly modified version of gross domestic product (GDP). The GNP of a country is equal to the value of all goods and services produced by the nationals of a GDP = C + I + G + X. GNI uses GDP and two different types of income circumstances: Income from citizens and businesses earned abroad (A) Income remitted by foreigners living in the country back to their home countries (B) This gives the formula: GNI = GDP + [ ( A ) - ( B ) ] To calculate GNP, GDP is used again, with two types of income that Gross national product (GNP) is the total value of all the final goods and services made by a nation's economy in a specific time (usually a year). GNP is different from net national product, which considers depreciation and the consumption of capital. Gross national product (GNP) refers to the total value of all the goods and services produced by the residents and businesses of a country, irrespective of the location of production. GNP takes into account the investments made by the businesses and residents of the country, living both inside and outside the country. lrRPVS.