Back to Economics
๐
๐ Basic Economics
GDP & GNP
GDP measures total economic output of a country; GNP adjusts for income from abroad
USA ๐ 1934 Basic Economics
Key Facts
- 1
GDP (Gross Domestic Product): total value of goods and services produced within a country's borders in a year
- 2
GNP (Gross National Product): GDP + income earned by nationals abroad โ income earned by foreigners within country
- 3
GDP per capita measures standard of living; India's GDP: $3.7 trillion (2024); USA: $27 trillion; China: $17.5 trillion
๐ Did you know? India surpassed UK to become the world's 5th largest economy by GDP in 2022; projected to become 3rd by 2030
Quick Reference
Category
Basic Economics
Country
๐ USA
Year / Era
1934
About
GDP measures total economic output of a country