what is one way that gross domestic product differs from gross national product?

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08-12-2022
Business

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what is one way that gross domestic product differs from gross national product?

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KanakKhatana KanakKhatana · Answer 1 · 2022-12-15T09:19:18+01:00

GDP is made up of products and services generated for market consumption as well as certain nonmarket production, including government-provided defense or educational services. Gross national product, or GNP, is a different concept that accounts for all national output.

How does gross domestic product differ from gross national product?

GDP counts the commodities and services generated inside a nation's boundaries by both Americans and people from other countries. GNP counts only local and international goods and services generated by Americans.

The formula used to calculate GDP is the same for all nations worldwide and is done annually. On the other hand, Bhutan calculates the GNH annually and every five years for the World Happiness Report.

To know more about gross domestic product, refer:

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