Gross national income

It was previously known as the gross national product (GNP), and it is defined as the total domestic and foreign output claimed by residents of a country, which is comprised of gross domestic product (GDP), plus factor incomes made by foreign residents, less income earned in the domestic economy by nonresidents. The gross national income (GNI), When you compare a country's GNI to its GDP, you can see how much of the country's GDP is accounted for by domestic and foreign activities. Within the international statistical community, Gross National Income (GNI) has increasingly supplanted Gross National Product (GNP). Even though they are essentially the same, they are computed in a different manner. In the European Union, the gross national income (GNI) is used as the foundation for calculating a substantial portion of the payments to the EU's budget. After Ireland's GDP was skewed by the use of base erosion and profit shifting ("BEPS") tax planning tactics by multinational corporations in the United States, the Central Bank of Ireland replaced Irish GDP with a new measure, Irish Modified Gross National Income (GNI)*, effective February 2017. During 2017, Ireland's GDP accounted for 162 percent of the country's modified gross national income (GNI).