Definition

Noun: * Gross National Product: A former macroeconomic measure of the total market value of all final goods and services produced in a given period (usually one year) by the labor and property supplied by the residents of a particular country, regardless of where that production takes place.

Usage

• GNP is used as a singular noun, often preceded by articles like "the" or "a," and can be modified by adjectives describing a country or a year.
• It was a key historical metric for comparing the overall economic output and size of national economies.

Examples

• The country's GNP grew by 3% last year.
• Economists analyzed the GNP data from the 1980s.
• A rising GNP was traditionally seen as a sign of economic health.

Advanced Usage

• "GNP per capita": A measure that divides a nation's total GNP by its population, used to approximate average individual economic output or income.
  • Despite a high total GNP, the nation's GNP per capita remained low due to its large population.

Variants and Related Words

• GDP (Gross Domestic Product): The modern, more commonly used measure of the value of all goods and services produced , regardless of the nationality of the producers. It has largely replaced GNP for most economic analyses.
• National Income: A related measure that accounts for the total income earned by a country's residents and businesses.

Synonyms

• Economic Output (general)
• National Output

Notes on Usage

• Historical Context: While "GNP" is a valid and defined term, it is important to note that it has been largely superseded by GDP (Gross Domestic Product) in modern economic reporting and analysis by most countries and international organizations. You will most frequently encounter "GDP" in contemporary texts and news.

Noun

1. former measure of the United States economy; the total market value of goods and services produced by all citizens and capital during a given period (usually 1 yr)