What are the difference between GDP and GNP? |
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| Ans : The difference between GDP and GNP are given in the table below:
Basis
GDP
GNP
i. Definition It is the market value of all final goods and services produces within the boundary of a country during a year by resident or non-resident. It is the market value of final goods and services produced within the boundary of a country during a year, plus net factor income from abroad.
ii. Concept It is narrow concept. It is broader concept.
iii. NFIA It does not include net factor income from abroad. It includes net factor income from abroad.
iv. Calculation GDP=P₁.Q₁+P₂.Q₂+……….Pn.Qn GNP= GDP+NFIA
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