What does the acronym 'GNP' stand for in economics?

In economics, GNP stands for Gross National Product.

GNP measures the market value of final goods and services produced during a period by the labor and property supplied by a country’s residents or nationals. Its defining feature is ownership or residency: income earned by a country’s residents abroad is included, while production inside the country by foreign-owned factors is excluded.

That distinction separates GNP from GDP, or Gross Domestic Product. GDP counts production within a country’s geographical borders, regardless of who owns the productive resources. In simplified form, GNP equals GDP plus residents’ factor income from abroad minus foreign residents’ factor income earned domestically.

GNP is also closely related to Gross National Income (GNI), a term that has largely replaced GNP in modern national-accounting usage. GNI emphasizes income received by residents, while the older “product” terminology emphasizes output. Neither term should be confused with Gross Value Added, which measures the value producers add to their inputs across industries.

“Gross” means depreciation of capital has not yet been subtracted; subtracting depreciation leads toward net national measures.