Based on our researches:
Gross Domestic Product or simply GDP means monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.
GDP = C + G + I + NX
where:
"C" is equal to all private consumption, or consumer spending, in a nation's economy
"G" is the sum of government spending
"I" is the sum of all the country's businesses spending on capital
"NX" is the nation's total net exports, calculated as total exports minus total imports. (NX = Exports - Imports)
GDP = C + G + I + NX
where:
"C" is equal to all private consumption, or consumer spending, in a nation's economy
"G" is the sum of government spending
"I" is the sum of all the country's businesses spending on capital
"NX" is the nation's total net exports, calculated as total exports minus total imports. (NX = Exports - Imports)
(Investopedia) GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living. Critics of using GDP as an economic measure say the statistic does not take into account the underground economy - transactions that, for whatever reason, are not reported to the government. Others say that GDP is not intended to gauge material well-being, but serves as a measure of a nation's productivity, which is unrelated.
…..
Gross National Product or simply GNP means an economic statistic that includes GDP, plus any income earned by residents from overseas investments, minus income earned within the domestic economy by overseas residents.
GNP = GDP + income earned by domestic residents - income earned by foreign investors in the domestic market
(Investopedia) GNP is a measure of a country's economic performance, or what its citizens produced (i.e. goods and services) and whether they produced these items within its borders.
GROSS NATIONAL PRODUCT AND GROSS DOMESTIC PRODUCT
BY EXPENDITURE SHARES:
Annual 2008 and 2009
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS
BY EXPENDITURE SHARES:
Annual 2008 and 2009
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS
TYPE OF EXPENDITURE | AT CURRENT PRICES | AT CONSTANT PRICES | ||||
2008 | 2009 | Growth Rate (%) | 2008 | 2009 | Growth Rate (%) | |
Personal Consumption Expenditure | 5,281,072 | 5,674,966 | 7.5 | 1,107,569 | 1,152,658 | 4.1 |
Government Consumption | 697,653 | 809,688 | 16.1 | 91,214 | 101,163 | 10.9 |
Capital Formation | 1,136,138 | 1,124,644 | -1.0 | 257,766 | 243,052 | -5.7 |
Exports | 2,736,310 | 2,431,373 | -11.1 | 663,324 | 574,284 | -13.4 |
Less : Imports | 2,842,003 | 2,364,761 | -16.8 | 633,770 | 621,543 | -1.9 |
Statistical discrepancy | 400,201 | 3,007 | -69,017 | -17,499 | ||
GROSS DOMESTIC PRODUCT | 7,409,371 | 7,678,917 | 3.6 | 1,417,087 | 1,432,115 | 1.1 |
Net factor income from the rest of the world | 852,121 | 1,131,067 | 174,022 | 222,821 | ||
GROSS NATIONAL PRODUCT | 8,261,492 | 8,809,984 | 6.6 | 1,591,109 | 1,654,936 | 4.0 |
MEMORANDUM ITEMS: Trading gain (loss) from changes in the terms of trade | -53,998 | 63,868 | ||||
Gross National Income | 1,537,111 | 1,718,804 | ||||
(source: NSCB)
From the information above, we could see that Gross National Product is supplementary than the Gross Domestic Product.
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