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Essentially, GDP is the value of all the final goods and services produced in Ireland, while GNP is the portion of income that those who live in Ireland get to keep.

For most countries, there is little difference between the two, but for small open economies like Ireland, in which a substantial fraction of the production capacity is foreign-owned, some of the income that that capacity generates leaves the country, and so there can be a larger difference between GNP and GDP.

In Ireland's case, I believe GDP is something like 10% to 15% higher than GNP.

by TGeraghty on Tue Jul 5th, 2005 at 02:13:25 PM EST
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