GNP (Gross National Product)

Gross National Product (GNP) is a measure of an economy’s total economic output. It reflects the combined value of all goods and services produced by a nation within a given period, typically over the course of one year. In the context of procurement, GNP is important to consider because it can provide insight into the economic environment of a country and how well its businesses are performing, which can influence the cost of goods and services. By understanding the prevailing economic conditions in a country, organizations can better inform their decisions about where and when to buy materials and supplies.