Increase in the value of goods produced by a country is an aspect of economic development. GDP and GNP are the two main ways of measuring the economic development of a country. GDP is the measure of improvement of the living standards of citizens in a country. This measures the terms of production, improved employment rates, and general growth in the market sector of the economy. It outlines details of all final goods and services that the country produces in one year.
Gross national product, on the other hand, defines the value-added on all goods and services from the country in one year plus the income earned by its citizens abroad. Income earned by foreigners living within the country is further subtracted from this amount to get the final value.