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A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
The gross national income (GNI), previously known as gross national product (GNP), is the total amount of factor incomes earned by the residents of a country. It is equal to gross domestic product (GDP), plus factor incomes received from non-resident by residents, minus factor income paid by residents to non-resident.
Seven summary accounts are published, as well as a much larger number of more specific accounts. The first summary account shows the gross domestic product (GDP) and its major components. The table summarizes national income on the left (debit, revenue) side and national product on the right (credit, expense) side of a two-column accounting report.
Factor income (also called Primary income or Earned Income) is the flow of income that is derived from the factors of production, i.e., the general inputs required to produce goods and services. Factor income on the use of land is called rent , income generated from labor is called wages , and income generated from capital is divided between ...
Gross domestic product (GDP) is a monetary measure of the market value [2] of all the final goods and services produced and rendered in a specific time period by a country [3] or countries. [4] [5] [6] GDP is often used to measure the economic health of a country or region. [3]
Nominal GDI and Nominal gross domestic product (GDP) are exactly identical, yet real GDI and real gross domestic product (Real GDP) are different; real GDP is calculated by keeping the price of each domestic production constant between two years, while real GDI is calculated by deflating GDP with the purchasing power of money. As such, real GDI ...
The Gross National Income Regulation (EU) 2019/516 is a Regulation in EU law that sets out methods for calculating "Gross Domestic Product" and "Gross National Income" in EU accounts and for member states. It repeals Council Directive 89/130/EEC, Euratom and Council Regulation (EC, Euratom) No 1287/2003.
Although the net national product is a key identity in national accounting, its use in economics research is generally superseded by the use of the gross domestic or national product as a measure of national income, a preference which has been historically a contentious topic (see e.g. Boulding (1948) [3] and Burk (1948) [4]).