The Gross National Product (GNP) is an estimation of the total value of all final products and services produced in a given period by the means of production owned by the residents of a country. GNP is generally calculated by adding personal consumption expenditures, private domestic investment, government spending, net exports, and any income earned by residents from overseas investments, and then subtracting the income earned within the domestic economy by foreign residents. Net exports are the difference between what a country exports and what it imports in the form of goods and services. Thus, the GNP of a country calculates the output of a country's residents without any care for where the economic activity is happening.
The formula for calculating Gross National Product (GNP) is: Y = C + I + G + X + Z
C – Consumption ExpenditureI – InvestmentG – Government ExpenditureX – Net Exports (Value of imports minus value of exports)Z – Net Income (Net income inflow from abroad minus net income outflow to foreign countries)
Y - Gross National Product
In December 2020, Nigeria's Gross National Product (GNP) was reported to be 416.521 USD billion. This is a decrease from the previous month's figure of 433.449 USD billion.Nigeria's Gross National Product (GNP) data is updated yearly, with 61 observations averaging 51.778 USD billion from December 1960 to 2020. The data peaked at 528.434 USD billion in 2014, with a low of 4.174 USD billion in 1960.
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