Gross national income

Definition

Gross National Income is the total domestic and foreign output claimed by residents of a country, including wages, salaries, investment earnings, and property incomes. It encompasses all production in the economy plus income received from abroad minus income paid to other countries.

Related terms

Gross Domestic Product (GDP): The total value of all goods and services produced within a country's borders in a specific time period.

Net National Income (NNI): The total national income minus depreciation; an indicator of the overall economic health of a country.

Balance of Payments (BOP): A financial statement that summarises a country's transactions with the rest of the world for a specific time period