National Income - (GDP, GNI, GNP, NNP, GVA) - wbpscupsc<\/title>\n<meta name=\"description\" content=\"National Income is the total amount of income of a country from economic activities in a year. Gross domestic product (GDP) is an indicator of National economy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wbpscupsc.com\/national-income-accounting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Income - (GDP, GNI, GNP, NNP, GVA) - wbpscupsc\" \/>\n<meta property=\"og:description\" content=\"National Income is the total amount of income of a country from economic activities in a year. 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Contents<\/p>\n<\/div>

National Income<\/a>
- Uses of National Income Accounting<\/a><\/li><\/ul><\/li>
- CSO – Central Statistics Office<\/a><\/li>
- Gross Domestic Product – GDP<\/a>
  - Nominal GDP or GDP at Current Prices<\/a><\/li>
  - Real GDP or GDP at Constant Prices<\/a><\/li>
  - GDP Deflator<\/a><\/li>
  - \u00a0Nominal GDP vs. Real GDP<\/a><\/li>
  - GDP at Factor Cost<\/a><\/li><\/ul><\/li>
  - Net Domestic Product – NDP<\/a><\/li>
  - Gross National Product – GNP<\/a><\/li>
  - GDP vs GNP<\/a><\/li>
  - Net National Product – NNP<\/a><\/li>
  - Net National Income or NNP at factor cost<\/a><\/li>
  - National Disposable Income<\/a><\/li>
  - Personal Income<\/a><\/li>
  - Personal Disposal Income<\/a><\/li>
  - Purchasing Power Parity – PPP<\/a><\/li>
  - Methods for Measuring National Income<\/a>
    - Value Added (GVA) or Product Method<\/a><\/li>
    - Income Method<\/a><\/li>
    - Expenditure Method<\/a><\/li><\/ul><\/li>
    - Major Difficulties in Measurement<\/a><\/li>
    - National Income Doesn\u2019t Cover<\/a><\/li><\/ul><\/nav><\/div>\n\n
      national income gdp full form gross product methods for measuring disposable<\/span><\/p>\n
      <\/span>National Income<\/b><\/span><\/h2>\n\n
      \u201cNational income accounting is a set of rules and definitions for measuring economic activity in the aggregate economy.\u201d D.C. Colander<\/li>\n
      It tries to summarise the performance of an economy by measuring national income aggregates in a year.<\/li>\n<\/ul>\n
      >>>>>><\/span><\/p>\n
      $\"national$ <\/a><\/p>\n
      >>>>>><\/span><\/p>\n
      <\/span>Uses of National Income Accounting<\/b><\/span><\/h3>\n
      \n
      National income indicates the performance of the economy of a country.<\/li>\n
      Govt. can identify economy\u2019s strength and failures.<\/li>\n
      Govt. can formulate new policy depend on the result.<\/li>\n
      National income accounting helps to evaluate and review of policies under implementation.<\/li>\n
      It reflect the specific contribution of individual sectors and their growth over time<\/li>\n
      Accounting helps to reflect how national income is shared among various factors of production<\/li>\n
      It helps in making comparison among nations in respect of national income and per capita income<\/li>\n
      It is helpful to UNO which formulates welfare plans for different countries<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      \u00a0<\/p>\n
      <\/span>CSO – Central Statistics Office<\/b><\/span><\/h2>\n
      \n
      It is under the Ministry of Statistics and Programme Implementation<\/li>\n
      CSO is responsible for co-ordination of statistical activities in India<\/li>\n
      Most of the statistical data prepared by CSO like, GDP, National Income, Inflation etc.<\/li>\n
      Established in 1951<\/b> in Delhi<\/b><\/li>\n
      It has two<\/b> publications<\/b>\n\n
      The statistical abstract – In India (annual)<\/li>\n
      The monthly abstract of Statistics<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n
      >>>>>><\/span><\/p>\n
      $\"gdp$ <\/a><\/p>\n
      >>>>>><\/span><\/p>\n
      Concepts in National Income and Output<\/b><\/h5>\n
      <\/span>Gross Domestic Product – GDP<\/b><\/span><\/h2>\n
      \n
      It refers to the money value of<\/b> all<\/b> finished<\/b> goods<\/b> & services<\/b> produced within<\/b> country<\/b> for a given time period.<\/li>\n
      GDP<\/a> is a broad measurement of a nation\u2019s overall economic activity<\/li>\n
      Gross would mean we are considering the amount of goods without deducting depreciation<\/b><\/li>\n
      GDP came into use in 1937 in a report to the U.S. Congress by economist Simon Kuznets in response to the Great Depression<\/li>\n
      It includes<\/b> the productions within\n
      \n
      Political frontiers of country<\/li>\n
      Territorial waters of the country<\/li>\n
      Embassies, consulates and military establishments in abroad<\/li>\n
      Ships and aircraft operated by the residents of the country with other countries<\/li>\n
      Engaged in extraction in areas in which the country has exclusive rights of exploitation<\/li>\n<\/ul>\n<\/li>\n
      Base<\/b> year<\/b> for GDP in India is 2011-12.<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      <\/span>Nominal GDP or GDP at Current Prices <\/b><\/span><\/h3>\n
      \n
      Nominal GDP is the present market value of goods and services produced in a country during a year.<\/li>\n
      It will include all of the changes in market prices that have occurred during the current year due to inflation or deflation.<\/li>\n
      It is also called as GDP as market price.<\/b><\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      <\/span>Real GDP or GDP at Constant Prices <\/b><\/span><\/h3>\n
      \n
      Real GDP is an inflation-adjusted measurement of value of all goods and services produced by an economy in a given year<\/li>\n
      It is expressed in base-year prices.<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      <\/span>GDP Deflator<\/b><\/span><\/h3>\n
      \n
      GDP deflator or implicit price deflator is a measure of the level of prices of all new, domestically produced, final goods and services in an economy in a year.<\/li>\n
      GDP deflator <\/b>= (Nominal GDP \/ Real GDP) X 100<\/li>\n
      It is a measure of price inflation\/deflation with respect to a specific base year<\/li>\n
      The Gross Domestic Product deflator of the base year itself is equal to 100.<\/li>\n
      GDP deflator is not based on a fixed basket of goods and services<\/li>\n
      The “basket” for the GDP deflator is allowed to change from year to year with people’s consumption and investment patterns<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      national income gdp full form gross product methods for measuring disposable<\/span><\/p>\n
      <\/span>\u00a0Nominal GDP vs. Real GDP<\/b><\/span><\/h3>\n
      \n
      Nominal Gross Domestic Product is based on the monetary value of goods and services, it is subject to inflation.<\/li>\n
      Real GDP is calculated using a GDP price deflator, which is the difference in prices between the current year and the base year.<\/li>\n
      Nominal GDP is used when comparing different quarters of output within the same year. When comparing the GDP of two or more years, real GDP is used.<\/li>\n
      Overall, real GDP is a much better index for expressing long-term national economic performance.<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      <\/span>GDP at Factor Cost <\/b><\/span><\/h3>\n
      \n
      If we deduct total indirect taxes and add total subsidies to GDP at market price we will get GDP at factor cost.<\/li>\n
      GDP at factor cost <\/b>= GDP at market price – Tax + Subsidies<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      national income gdp full form gross product methods for measuring disposable<\/span><\/p>\n
      <\/span>Net Domestic Product – NDP<\/b><\/span><\/h2>\n
      \n
      NDP accounts for capital that has been consumed over the year in the form of housing, vehicle, or machinery deterioration.<\/li>\n
      Net Domestic Product<\/b> = GDP – Depreciation<\/li>\n<\/ul>\n
      >>>>>><\/span><\/p>\n
      $\"national$ <\/a><\/p>\n
      >>>>>><\/span><\/p>\n
      <\/span>Gross National Product – GNP<\/b><\/span><\/h2>\n
      \n
      It is an estimate of total value of all the final output of products and services in a time period by a country’s residents.<\/li>\n
      GNP = Consumption + Government Expenditures + Investments + Exports + Factor Income of Indians abroad \u2013 Factor Income of foreigners in India<\/li>\n
      GNP = GDP + Net Factor Income from abroad<\/b><\/li>\n
      Net Factor Income from abroad = Factor Income of Indians abroad \u2013 Factor Income of foreigners in India<\/li>\n
      Gross National Product is citizen specific, not location specific<\/li>\n
      GNP includes total money value of goods and services produced by Indians and Indian entities<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      \u00a0<\/p>\n
      <\/span>GDP vs GNP<\/b><\/span><\/h2>\n
      \n
      GDP looks at the value of goods and services produced within a country’s borders, GNP is the market value of goods and services produced by all citizens of a country<\/li>\n
      GDP is an indicator of the local\/national economy, GNP represents how its nationals are contributing to the country’s economy.<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      \u00a0<\/p>\n
      <\/span>Net National Product – NNP<\/b><\/span><\/h2>\n
      \n
      It refers to the total market value of all final goods and services produced by the factors of production by the citizen of a country during a given time period, minus depreciation.<\/li>\n
      Net National Product can also be found out by adding the Net Factor Income from abroad to the NDP<\/li>\n
      NNP at Market price = GNP<\/b> –<\/b> Depreciation<\/b><\/li>\n
      NNP at Market price = Net domestic product + Net Factor Income from abroad<\/li>\n<\/ul>\n
      $\"GDP$ <\/p>\n
      \u00a0<\/p>\n
      <\/span>Net National Income or NNP at factor cost<\/b><\/span><\/h2>\n
      \n
      It can be defined as the net value added at factor cost (by the citizen) in an economy during an accounting year.<\/li>\n
      It is the income earned by the factors of production by citizen of a country.<\/li>\n
      NNP at factor cost or national income is defined as the sum of domestic factor incomes and Net Factor Income from abroad.<\/li>\n
      If NNP figure is available at market prices indirect taxes must be subtracted and subsidies added to get NNP at factor cost or national income.<\/li>\n
      NNP at Factor cost = Net National Income = NNP at market price – Tax + Subsidies<\/b><\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      \u00a0<\/p>\n
      <\/span>National Disposable Income<\/b><\/span><\/h2>\n
      \n
      National Disposable Income = NNP at Market price + Current transfers from the rest of the world<\/li>\n
      Current transfers = Net Remittance + Gifts + Aid etc.<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      \u00a0<\/p>\n
      <\/span>Personal Income<\/b><\/span><\/h2>\n
      \n
      It is the sum of all incomes actually received by individuals of a country during a given year.<\/li>\n
      In order to estimate it, from national income<\/li>\n
      Personal<\/b> Income<\/b> = Net National Income – Sum of social security benefits – Corporate income – Corporate taxes – Undistributed corporate profits + Personal payments<\/li>\n
      Personal payments are kind of payment not for any production, for other reasons<\/li>\n
      Example of personal payments – Pension, Student scholarships<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      national income gdp full form gross product methods for measuring disposable<\/span><\/p>\n
      <\/span>Personal Disposal Income<\/b><\/span><\/h2>\n
      \n
      It refers to the amount of money that households have available for spending and saving after income taxes.<\/li>\n
      Personal disposable income equal to consumption plus saving<\/li>\n
      Personal<\/b> Disposal<\/b> Income<\/b> = Personal Income – Taxes = Consumption + Savings<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      \u00a0<\/p>\n
      <\/span>Purchasing Power Parity – PPP<\/b><\/span><\/h2>\n
      \n
      It is a theoretical exchange rate that allows you to buy the same amount of goods and services in every country.<\/li>\n
      Purchasing power parity is a theoretical rate because no country actually uses it.<\/li>\n
      But government agencies use it to compare the output of countries that use different exchange rates.<\/li>\n
      The World Bank computes PPP for each country.<\/li>\n
      It provides a map that shows the PPP ratio compared to the United States.<\/li>\n<\/ul>\n
      national income gdp full form gross product methods for measuring disposable<\/span><\/p>\n
      $\"Methods$ <\/a><\/p>\n
      >>>>>><\/span><\/p>\n
      <\/span>Methods for Measuring National Income<\/b><\/span><\/h2>\n
      \n
      There are mainly 3 methods to measuring national income\n
      \n
      Product or Gross Value Added Method<\/li>\n
      Income Method<\/li>\n
      Expenditure Method<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      <\/span>Value Added (GVA) or Product Method<\/b><\/span><\/h3>\n
      \n
      This is also called output method.<\/li>\n
      In this method the value added by each firm in the production of goods and services is measured.<\/li>\n
      Value added by a firm is measured by deducting expenditure incurred on intermediate goods such as raw materials, industrial product or services.<\/li>\n
      From the value added by each firm we subtract consumption of fixed capital (depreciation) to obtain net value added at basic prices.<\/li>\n
      GVA<\/b> at Basic<\/b> price<\/b> = Value added of all sectors production – Intermediate consumption<\/li>\n
      GDP<\/b> at Market<\/b> price<\/b> = GVA at basic price + Product tax – Product subsidies<\/li>\n
      GVA at basic prices will include production taxes and exclude production subsidies available on the commodity.<\/li>\n
      GVA<\/b> at Factor<\/b> Cost<\/b> = GVA at basic price – Production taxes + Production subsidies<\/li>\n
      In this method, the economy is divided into different economic sectors such as agriculture, industry and service.<\/li>\n
      We need to add all the sectors and sub-sectors value added to get GDP.<\/li>\n
      Some other things should be in mind while using this method\n
      \n
      Rent values of self-occupied houses should be included<\/li>\n
      Value of production for self-consumption should be counted. Ex – agricultural products<\/li>\n
      Brokerage or commission should be counted<\/li>\n
      Sale and purchase of second-hand goods should not be included<\/li>\n
      Value of services of housewives are not included<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
      national income gdp full form gross product methods for measuring disposable<\/span><\/p>\n
      Merits and Demerits of Value Added Method<\/b><\/h4>\n
      \n
      GVA gives a picture of the economic activities from the producers\u2019 side or supply side<\/li>\n
      A sector-wise output<\/b> provided by the GVA, which help the policymakers to decide to formulate sectors-wise policy.<\/li>\n
      Problem of double<\/b> counting<\/b> arises due to the fact that the industry\u2019s output is often the input of another industry<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      \u00a0<\/p>\n
      <\/span>Income Method<\/b><\/span><\/h3>\n
      \n
      We add all the incomes from employment and ownership of assets before tax, received from all the production activities in an economy.<\/li>\n
      This method approaches national income from distribution side.<\/li>\n
      It also includes interest on capital, profits of entrepreneurs and trading surplus of the public sector corporations.<\/li>\n
      In this method identify the productive firms and then classify them into various economic sectors.<\/li>\n
      Factor payments are classified into the following groups\n
      \n
      Wages, salaries and social security schemes of employees<\/li>\n
      Rent and royalty<\/li>\n
      Interest<\/li>\n
      Profits\n
      \n
      Dividends<\/li>\n
      Undistributed profits<\/li>\n
      Corporate income tax<\/li>\n<\/ul>\n<\/li>\n
      Mixed income of the self-employed<\/li>\n<\/ol>\n<\/li>\n
      By summing up the incomes paid out by all sectors we can get domestic factor income<\/li>\n
      It is also called net domestic product at factor cost.<\/li>\n
      GDP at market price<\/b> = Total Factor Cost + Tax – Subsidies<\/li>\n
      Factor costs\n
      \n
      Land – Rent<\/li>\n
      Labour – Wages<\/li>\n
      Capital – Interest<\/li>\n
      Entrepreneur – Profit<\/li>\n
      Total Factor Cost = Rent + Wages + Interest + Profit<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
      >>>>>>><\/span><\/p>\n
      $\"National$ <\/p>\n
      national income gdp full form gross product methods for measuring disposable<\/span><\/p>\n
      <\/span>Expenditure Method<\/b><\/span><\/h3>\n
      \n
      This method measures the total domestic expenditure of the economy.<\/li>\n
      Expenditure is two types consumption expenditure and investment expenditure.<\/li>\n<\/ul>\n
      \n
      GDP at Market Price<\/b> = Final Private Consumption\u00a0 + Investment + Govt. purchase + Net Export (Export – Import)<\/li>\n
      Real GDP<\/b> = GDP at market price need to adjusted with base year<\/li>\n
      Expenditure method gives a picture of the economic activities from the consumer side.<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      Final Private Consumption<\/b><\/h4>\n
      \n
      It is the money spend by consumer to buy consumption of goods and services<\/li>\n
      Consumer spending is the biggest component of GDP<\/li>\n
      Intermediate consumption is not counted<\/li>\n
      New house or property purchased will be counted in investment (Not as Private Consumption)<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      Investment<\/b><\/h4>\n
      \n
      Investment is private domestic investment, or capital expenditures.<\/li>\n
      Business investment increases productive capacity and boosts employment and GDP.<\/li>\n
      Such as new house, Share, Bond, Debenture or any goods that will be used in future production will be counted<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      Government Purchase<\/b><\/h4>\n
      \n
      Government purchase is consumption expenditure and gross investment.<\/li>\n
      Govt. spend money on equipment, infrastructure, and salary.<\/li>\n
      Ex- FCI food grain purchase, LPG-DBT, pension, scholarship, road, railways construction etc.<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      Net Export <\/b><\/h4>\n
      \n
      Net Export = Exports – Imports<\/li>\n
      A current account surplus boosts a nation\u2019s GDP, while a deficit is a drag on GDP.<\/li>\n
      Export includes Indian and foreign companies operating in India<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      \u00a0<\/p>\n
      Residual Error<\/b><\/h4>\n
      \n
      All these methods of measuring national income are supposed to give the same final figure.<\/li>\n
      Any mismatch among the three measures is due to statistical and calculation error.<\/li>\n
      This is known as rounding-up error or residual error.<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      \u00a0<\/p>\n
      <\/span>Major Difficulties in Measurement<\/b><\/span><\/h2>\n
      \n
      Non-availability and unre\u00adliability of accurate data relating to the various sectors of the economy<\/li>\n
      Double Counting problem in excluding raw materials and semi-finished goods from the estimates of national income<\/li>\n
      Difficulties in making proper adjustment of the changes in the price-level or inflation<\/li>\n
      Proper value of public goods like road, hospitals, defence, schools are unknown.<\/li>\n
      Self-Supplied Goods and Services. Ex- owner-occupied houses, farmers produce food for themselves<\/li>\n<\/ul>\n
      \u00a0<\/p>\n
      \u00a0<\/p>\n
      <\/span>National Income Doesn\u2019t Cover <\/b><\/span><\/h2>\n
      \n
      Underground Economy<\/li>\n
      Non-Marketed Activities (Mom cooking food for home)<\/li>\n
      Barter Exchanges (Rice given for oranges)<\/li>\n
      Informal sector income<\/li>\n
      Negative Externality (3rd party effected by any productivity)\n
      \n
      Ex- environmental problems<\/li>\n<\/ul>\n<\/li>\n
      Opportunity cost<\/li>\n
      Income Inequality (Gini Coefficient)<\/li>\n<\/ul>\n
      >>>>>>><\/span><\/p>\n
      <\/p>\n","protected":false},"excerpt":{"rendered":"
      National Income is the total amount of income of a country from economic activities in a year. Gross domestic product (GDP) is an indicator of National economy.<\/p>\n","protected":false},"author":1,"featured_media":2624,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1083],"tags":[],"class_list":["post-2188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-macro-economics"],"yoast_head":"\nNational Income - (GDP, GNI, GNP, NNP, GVA) - wbpscupsc<\/title>\n<meta name=\"description\" content=\"National Income is the total amount of income of a country from economic activities in a year. 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Concepts in National Income and Output<\/b><\/h5>\n<\/span>Gross Domestic Product – GDP<\/b><\/span><\/h2>\n\nIt refers to the money value of<\/b> all<\/b> finished<\/b> goods<\/b> & services<\/b> produced within<\/b> country<\/b> for a given time period.<\/li>\n