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ADDENDUM NO.1 ISSUE DATE: March 27, 2019, CITY OF NEWPORT NEWS OFFICE OF PURCHASING 2400 Washington Avenue, 4th Floor Newport News, VA 23607 Phone: (757) 9268721/ Fax: (757) 9268038 www.nnva.gov/purchasingSolicitation
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To fill out the gross national product, follow these step-by-step instructions:
02
Determine the total value of all goods and services produced within a country's borders.
03
Exclude the value of intermediate goods and services to avoid double-counting.
04
Include the value of final goods and services that are produced domestically.
05
Incorporate income earned by residents from abroad and subtract income earned by foreigners domestically.
06
Include net income from property and assets held abroad, such as dividends and interest.
07
Adjust for depreciation to account for the wear and tear of capital goods.
08
Calculate the value of indirect taxes (e.g., sales tax) and subtract subsidies.
09
Consider any statistical discrepancies to ensure accuracy.
10
Use the formula: GNP = GDP + Net income from abroad + Net income from property and assets abroad - Depreciation + Indirect taxes - Subsidies.
11
Repeat the process for each time period desired to track changes in the gross national product.

Who needs gross national product by?

01
Gross national product is a key indicator used by various stakeholders, including:
02
- Economists: Gross national product helps economists measure the economic growth and performance of a country.
03
- Governments: Governments use gross national product to make policy decisions and assess the welfare of their citizens.
04
- Investors: Investors analyze the gross national product to evaluate the attractiveness of investing in a particular country.
05
- International Organizations: International organizations like the World Bank and International Monetary Fund use gross national product to compare the economic development of different countries.
06
- Researchers: Researchers rely on gross national product data to study various aspects of the economy and conduct economic analysis.
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GNP is a measure of the total economic output of a country, including both domestic and foreign production.
The government or relevant authority in charge of economic statistics is typically responsible for calculating and reporting GNP.
GNP is usually calculated using the income, production, and expenditure methods.
GNP helps to measure the economic performance of a country and its overall wealth.
GNP reports typically include data on GDP, net foreign factor income, and depreciation.
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