Definitions

GDP Definition
GDP stands for Gross Domestic Product, the total worth estimated in
currency values of a nations production in a given year, including service
sector, research, and development. That translates to a sum of all industrial
production, work, sales, businessand service sector activity in the country.
Usually this is calculated over a period of one year, but there may be analysis
of short and long term trends to be used for economic
forecast. Gross Domestic Product can also be calculated on a per capita (or
per person) basis to give a relative example of the economic development of
nations.

GNP Definition
GNP stands for Gross National Product. In general terms, GNP means the
total of all business production and service sector industry in a country plus
its gain on overseasinvestment. In some cases GNP will also be calculated
by subtracting the capital gains of foreign nationals or companies earned
domestically. Through GNP an accurate portrait of a nations yearly economy
can be analyzed and studied for trends since GNP calculates the
total income of all the nationals of a country. This gives a far more realistic
picture than the income of foreign nationals in the country as it is more
reliable and permanent in nature. Gross National Product can also be
calculated on a per capita basis to demonstrate the consumer buying power
of an individual from a particular country, and an estimate of average wealth,
wages, and ownership distribution in a society.
Here is a video of economist Phil Holden explaining the difference between
GNP and GDP and talking about how they are measured and how accurate
they are.