GNP stands for Gross National Product. It is an economic metric that measures the total value of all finished goods and services produced by a country's residents within a specific time period, usually a year. GNP includes the value generated by domestic production as well as the income earned by residents from investments abroad, minus the income earned by foreign entities within the country. This measure provides insights into the economic health and productivity of a nation, helping economists and policymakers assess the overall well-being of its citizens. GNP can be expressed in terms of current or constant prices for better comparison.