GROSS NATIONAL PRODUCT (GNP)

The total value of all goods and services produced by nationals of a particular country in any given year. In America, for example, this measure did not include the value of the production of Japanese firms within the U.S. but did include the value of goods and services produced by U.S. firms on Japanese soil. GDP is now the preferred measure of the wealth of nations, though GNP is often used in historical comparison.