Output and income components of GDP; activities, National Accounts

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Description topics

Value added from the output

The way value added is formed by underlying components in the so-called production approach. In this approach value added equals the sum of value added over all branches (including non-commercial ones). Value added is thereby registered at basic prices.

Value at current prices

The values are expressed at prices of the reporting period. Alternatively, values may be expressed at constant prices. In this case, prices of a reference period are used.

Intermediate consumption (-)

Goods and services used as input in a production process, with the exception of capital goods. Intermediate consumption consists of goods reshaped into other goods or consumed entirely in the course of the production process (by definition, this holds for all hired services). According to international standards an acquired good or hired service is classified as a fixed asset rather than intermediate consumption when it lasts over one year in a production process. Goods and services that are part of intermediate consumption are valued at market prices at the time they were used.

Value at prices of 2015

The values are expressed at prices of the reference period 2015 by taking account of inflation. Alternatively, values may be expressed at prices of the reporting period.

Intermediate consumption (-)

Goods and services used as input in a production process, with the exception of capital goods. Intermediate consumption consists of goods reshaped into other goods or consumed entirely in the course of the production process (by definition, this holds for all hired services). According to international standards an acquired good or hired service is classified as a fixed asset rather than intermediate consumption when it lasts over one year in a production process. Goods and services that are part of intermediate consumption are valued at market prices at the time they were used.

Volume changes on previous year

The weighted average of the changes in the quantity and quality of the components of a certain goods or service transaction or balancing item, annual percentage changes.

Intermediate consumption (-)

Goods and services used as input in a production process, with the exception of capital goods. Intermediate consumption consists of goods reshaped into other goods or consumed entirely in the course of the production process (by definition, this holds for all hired services). According to international standards an acquired good or hired service is classified as a fixed asset rather than intermediate consumption when it lasts over one year in a production process. Goods and services that are part of intermediate consumption are valued at market prices at the time they were used.

Price indices

The weighted average of the price changes of the components of a certainvariable. Deflators relative to the reference year 2015.

Intermediate consumption (-)

Goods and services used as input in a production process, with the exception of capital goods. Intermediate consumption consists of goods reshaped into other goods or consumed entirely in the course of the production process (by definition, this holds for all hired services). According to international standards an acquired good or hired service is classified as a fixed asset rather than intermediate consumption when it lasts over one year in a production process. Goods and services that are part of intermediate consumption are valued at market prices at the time they were used.

Value added from generation of income

The way total value added is formed by underlying components in the so-called income approach. In this approach the components are the incomes generated from production activities: compensation of employees and operating surplus / mixed income.

Value at current prices

The values are expressed at prices of the reporting period. Alternatively, values may be expressed at constant prices. In this case, prices of a reference period are used.

Gross operating surplus

The surplus that remains after compensation of employees and taxes less subsidies on production and imports have been subtracted from the sum of value added at basic prices. For the self-employed (who are part of the sector households) the surplus is called mixed income, it is partly a reward for their entrepreneurship compensation for their labour.

In the system of national accounts gross means that consumption of fixed capital (depreciation) has not been subtracted. When it has, net is used. Depreciation must be paid for from the gross operating surplus.

Consumption of fixed capital (-)

The decline in value of fixed assets owned, as a result of normal wear and tear and obsolescence.

For the estimation of the consumption of fixed capital the perpetual inventory method (PIM) is applied. The capital stock at the beginning of the year is brought to replacement value because of price changes. The fixed capital formation during the year is added to this capital stock. Next it is diminished with the value of capital goods discarded. This gives to value of capital stock at the end of the year. The consumption of fixed obtained by applying a depreciation percentage.
This method may differ considerably from the method used to calculate depreciation in business accounts, which is based on historical costs or fiscal life span.