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2. GDP and GNP The figure below shows GDP and GNP for Ireland in recent years. Unlike most countries, there is a large difference between

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2. GDP and GNP The figure below shows GDP and GNP for Ireland in recent years. Unlike most countries, there is a large difference between them. 450 400 GDP 350 300 250 GNP $ Billions 200 150 100 50 O 2011 2014 2001 2005 2010 2003 2004 2009 2002 2008 2006 2012 2007 2013 2017 2018 2015 2016 Ireland has a large number of foreign-owned companies operating there. Based on this fact, what item or items in the balance of payments do you think accounts for this difference between GDP and GNP? Your answer should indicate one or specific items in the balance of payments, and specify which direction of flow and whether it is unusually large or small compared with other countries. For example: "inward portfolio flows are unusually large" (this is not the correct answer!). Give a brief

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