GDP or GNP for measuring economic growth.?

Question

Could someone please explain the difference between GDP and GNP and which one is used as a measurment of economic growth.

Thanks.

Answer 1

GDP is to measure the product of economic in the urban and rural area but the GNP is to measure the whole product of economic growth in national area such as urban and rural.

Answer 2

Gross domestic product (GDP) is defined as the "value of all final goods and services produced in a country in one year". On the other hand, gross national product (GNP) is defined as the "value of all (final) goods and services produced in a country in one year, plus income earned by its citizens abroad, minus income earned by foreigners in the country".

GDP is any time better to measure the country's growth as it negates outside fluctuations

Answer 3

both,ofcourse

Answer 4

i dont know what GNP is ( australians study economics differently) but GDP is used to measure economics growth.

it stands for gross domestic product and can be measured in three ways.

GDP (P) - the value of production approach. where all all final goods and services are added (intermediate goods are not included becuase this would involve double counting)

GDP (E) - expenditure approach, addition of all final expenditures

GDP(I) incomes approach. all incomes receieved are added allowing for depreciation of capital equipment and net indirect taxes.