Gross National Product

Gross National Product in the United States

GNP (Gross National Product) (Economics Term) in the Federal Budget Process

Meaning of Gross National Product in the congressional and executive budget processes (GAO source): The value of all final goods and services produced by labor and capital supplied by residents of a country such as the United States in a given period, whether or not the residents are located within the country. That value is conceptually equal to the sum of incomes accruing to residents of the country in the same time period. GNP differs from GDP in that GNP includes net receipts of income from the rest of the world while GDP excludes them. (See also GDP; National Income and Product Accounts.)

Concept of Gross National Product (GNP) in Foreign Trade

A definition of Gross National Product (GNP) in relation with foreign trade is provided here: The market value of goods and services produced by labor and property supplied by U.S. residents, regardless of where they are located. It was used as the primary measure of U.S. production prior to 1991, when it was replaced by Gross Domestic Product (GDP). (Source: Bureau of Economic Analysis)

Resources

See Also

Further Reading

  • Legislatures and the budget process: the myth of fiscal control

    (J Wehner, 2010)

  • Reconcilable Differences?: Congress, the Budget Process, and the Deficit (JB Gilmour, 1990)
  • Fiscal institutions and fiscal performance

    (JM Poterba, J von Hagen, 2008)

Gross National Product (gnp) in the International Business Landscape

Definition of Gross National Product (gnp) in the context of U.S. international business and public trade policy: Measure of market value of goods and services produced by resources owned by a country’s residents.


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