What is gross domestic product (GDP)?

Answer 1

Gross vs. Net in EconomicsIn Economics, gross means before deductions (brutto), e.g. Gross Domestic Product (GDP) refers to the total market value of all final goods and services produced within a country in a given period of time. Net Domestic Product (NDP) refers to the(GDP) minus depreciation on a country's Capital (economics) goods. (The NDP is thus, in effect, an estimate of how much the country has to spend to maintain the current GDP.)

GDP = Consumption + Investment + Government Spending + (Exports - Imports)

GNP = GDP + Net Income from Assets Abroad

GNP adds back (or subtracts away) from the GDP income made by domestic people in foreign countries minus income bade by foreigners domestically.

GDP concern is BORDER, whereas GNP concern is PRODUCER.

This link provides indepth understanding on GDP, GNP, Real GDP,Nominal GDP, GDP Deflator ....