The total value of all the goods and services produced within a country in a given year.

The total value of all the goods and services produced within a country in a given year is known as GNP (Gross National Product).

Explanation:

In a financial year what country produce and serve that all total known as Gross National Product. GNP includes Gross Domestic Production plus net property income. Gross National Product is known as Gross National Income now. Residents of a country make whatever goods and services include in GNP regardless of the location of production.

Now in Gross National Income includes both the domestic and foreign output but the income of non resident of country deducted from the total. That means GNI= GDP+ money coming from foreign countries through export-money spending for import to foreign countries.

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