In economics, what is the total income earned by a country’s residents and businesses in a year called?

Gross national income is the total income earned by a country’s residents and businesses in a year.

It includes income generated domestically plus income residents receive from abroad, while subtracting income that foreign residents and companies send out of the country. This makes it different from gross domestic product, which measures production within a country’s borders regardless of who owns the producing enterprise.

The measure was formerly often called gross national product. International organizations use GNI in comparisons of national income and to classify economies by income level. GNI per capita divides the total by population, but it is not the same as household income because it also includes business income, government income, and other national-account components.

A related measure, net national income, subtracts depreciation of capital goods. That adjustment estimates income after accounting for the wear and replacement of machinery, buildings, and equipment.