Various Measures (or Aggregates) of National Income

• Gross Domestic Product at Market Price or GDPMP: It is the gross market value of all final goods and services that is produced within the domestic territory of a nation within an accounting year.
• Gross Domestic Product at Factor Cost or GDPFC = GDPMP – Net Indirect Taxes
• Net Domestic Product at Market Price or NDPMP = GDPMP – Depreciation
• Net Domestic Product at Factor Cost or NDPFC = GDPMP – Net Indirect tax – Depreciation
• Gross National Product at Market Price or GNPMP = GDPMP + NFIA

It is the total final value of all the goods and services produced in a given period by all the residents of the country. It includes residents’ domestic as well as global income.

• Gross National Product at Factor Cost or GNPFC = GDPMP – Net Indirect Taxes + NFIA
• Net National Product at Market Price or NNPMP = GDPMP – Depreciation + NFIA
• Net National Product at Factor Cost or NNPFC = GDPMP – Depreciation + NFIA – Net Indirect Taxes.

Note: NNPFC is known as National Income.