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Economics

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Basic Economics
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GDP & GNP

๐ŸŒUSAยท1934

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๐Ÿ“ˆGDP & GNP

GDP measures total economic output of a country; GNP adjusts for income from abroad

Key Facts

  • 1GDP (Gross Domestic Product): total value of goods and services produced within a country's borders in a year
  • 2GNP (Gross National Product): GDP + income earned by nationals abroad โˆ’ income earned by foreigners within country
  • 3GDP per capita measures standard of living; India's GDP: $3.7 trillion (2024); USA: $27 trillion; China: $17.5 trillion

๐Ÿ’ก India surpassed UK to become the world's 5th largest economy by GDP in 2022; projected to become 3rd by 2030

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