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RGNPreal gross national product
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Although the economy had been sluggish during the first half of 1990, real gross national product registered a further increase in the third quarter, and a substantial downturn in activity began only after the jump in oil prices that followed Iraq's invasion of Kuwait.
Newspaper stories frequently declare that a recession is defined as two consecutive quarterly declines in real gross national product (GNP).
It takes the overall increase in real Gross National Product (GNP) between 1948 and 1979 and decomposes it into four major components: 1) the increase in the effective amount of labor devoted to production; 2) the increase in the effective amount of capital devoted to production; 3) the increase in the productivity of capital and labor at the level of particular industries; and 4) the increase in aggregate productivity attributable to reallocation of capital and labor from less productive to more highly productive sectors.
M is the imports of manufactured goods; GNP is the nominal Gross National Product of the importing country; RGNP is the real Gross National Product; POP is the population; ABS is the absolute value; PM is the import price index; ER is the real exchange rate; E is the nominal exchange rate; P is the domestic price index; P* is the foreign price index price index of the jth trading country; and U is the error term.
The Department of Commerce states that the annual growth rate of real Gross National Product (GNP) in the third quarter of 1989 was 2.7 percent, an increase of 0.2 percent from the second quarter of this year.