Question

Give difference between GNP and GDP

Answer 1

GNP and GDP both reflect the national output and income of an economy. The main difference is that GNP (Gross National Product) takes into account net income receipts from abroad. GDP (Gross Domestic Product) is a measure of national income / national output and national expenditure produce in a particular country.

Answer 2

GDP
1)The worth of goods and services produced within the geographical limits of the country is known as Gross Domestic Product(GDP).
2)Production of products within the country's boundary.
3)It is measured on a local scale.
GNP
1)The worth of goods and services produced by the country's citizens irrespective of the geographical location is known as Gross National Product(GNP).
2)Production of products by the enterprises owned by the residents of the country.
3)It is measured on international scale.