what is GDP and GNP

GDP is the gross national product. In layman terms it means all the total economic values of
the products and values created in an year within the borders if a nation while GNP is GDP +
investments and return on investments in foreign economies. When we hear on the news that
the economy grew at 5% that means the economy which produced products and services worth
100 billion last year, has produced goods and services worth 105 billion this year.