Expenditure approach expresses GDP as the total of final demand components, covering the consumption expenditure of households and private non profit institutions, government consumption, gross domestic fixed capital formation, increase in stock and net export within a certain period.
Net export is the export minus import.
Income approach expresses GDP as the total income by production factors engaged in the production process in a country, within a certain period. The income components of the production factors may take in the form of wages or salaries, land rent, capital interest and gross profit. The profits include income tax and other direct taxes. In this definition, the GDP also contains depreciation and net direct taxes. Gross National product is the sum of Gross Domestic Product and the net factor income from abroad.