GDP, output and expenditures; changes, Quarterly National Accounts

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Description topics

Production approach to GDP

The way GDP is formed by underlying components in the so-called production approach. In this approach GDP equals the sum of value added over all branches (including non-commercial ones). Value added is thereby registered at basic prices. GDP at market prices is obtained by adding taxes less subsidies on production and the difference between imputed and paid VAT. The included taxes and subsidies apply both to produced and imported goods and services. Examples of these are VAT and taxes on import.

Value added basic prices

The value of all goods and services produced (production value or output), minus those that have been intermediately used upon production (intermediate consumption). Value added is rated at basic prices: purchaser's prices minus trade and transport margins and taxes on products paid and plus subsidies on products received. Intermediate consumption is rated at purchaser's prices minus non-deductible VAT.
Included is the output by all kind-of-activity units residing in the Netherlands, also those that are held by foreign owners.
Net value added can be obtained by deducting consumption of fixed capital from gross value added.

Total

Income approach to GDP

The way GDP 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. To remain consistent with GDP at market prices, taxes less subsidies on production and imports (not necessarily product-related) are added.

Net domestic product market prices

Gross domestic product (GDP) is a quantity that expresses the size of an economy. The volume change of GDP during a reference period expresses the growth or shrinkage of the economy. Gross domestic product at market prices is the final result of the production activity of resident producer units. It can be defined in three ways:

- production approach: GDP is the sum of gross value added of the various institutional sectors or the various industries plus taxes and less subsidies on products (which are not allocated to sectors and industries). It is also the balancing item in the total economy production account;
- expenditure approach: GDP is the sum of final uses of goods and services by resident institutional units (final consumption and gross capital formation), plus exports and minus imports of goods and services;
- income approach: GDP is the sum of uses in the total economy generation of income account (compensation of employees, taxes on production and imports less subsidies, gross operating surplus and mixed income of the total economy).

Net domestic product at market prices (NDP) can be obtained by deducting consumption of fixed capital from GDP.

National net lending or net borrowing

The calculation of the national net lending or net borrowing starting with gross domestic product (GDP). The national financing balance (net lending or net borrowing) is the balance of resources and expenditure on the current account and the capital account of the joint domestic sectors. In the financial account the balance gives the amount new loans are entered into with financial assets abroad and/or are sold (at a deficit) or for any amount to be repaid debts abroad and/or financial assets are purchased (at a surplus). In theory net lending or borrowing equals the change in assets less liabilities. In practice a statistical difference between the two remains.

Surplus of the nation on income approach

The approach of net lending or net borrowing through the surplus of national income.

Net primary income from rest of world

Received primary incomes from the rest of the world less provided primary incomes to the rest of the world.

When a residing enterprise has been active abroad for more than one year, the local kind-of-activity unit is no longer considered a resident in the Netherlands but a resident in the country in which it has become active. Vice versa, a kind-of-activity unit of foreign origin is no longer seen as a non-resident after it has been active in the Netherlands for more than one year. Resident persons who settle abroad are no longer seen as residents in the Netherlands but as residents in the country they moved to one year after they have left. Vice versa a foreigner who has settled in the Netherlands becomes a resident one year after he or she moved in. Students are an exception to this rule. They are always considered residents in the country they lived in before commencing their study.

Net primary income from rest of world

Primary income from rest of world

Compensation of employees, property income and (EU) subsidies received from the rest of the world.

Primary income paid to rest of world

Compensation of employees, property income and (EU) subsidies paid to the rest of the world.

Net current transfers from rest of world

The difference between current transfers received from the rest of the world and provided to the rest of the world.

When a residing enterprise has been active abroad for more than year, the local kind-of-activity unit is no longer considered a resident in the Netherlands but a resident in the country in which it is active. Vice versa, a kind-of-activity unit of foreign origin is no longer seen as a non-resident after it has been active in the Netherlands for more than one year. Resident persons who settle abroad are no longer seen as residents in the Netherlands but as residents in the country they moved to one year after they have left. Vice versa a foreigner who has settled in the Netherlands becomes a resident one year after he or she has moved in. Students are an exception to this rule. They are always considered residents in the country they lived in before commencing their study.

Net current transfers from rest of world

Current transfers from rest of world

Current transfers received from the rest of the world: taxes on income and wealth, social security benefits and other current transfers.

Current transfers paid to rest of world

Taxes on income and wealth, social premiums, social benefits in cash and other current transfers paid to the rest of the world.

Surplus on current transactions approach

The net lending (if positive) or borrowing (if negative) of the total economy to / from the rest of the world on current transactions (trade, primary income, current transfers). The surplus of the nation on current transactions is the last item in the use of income account to the rest of the world and consists of: net exports, net primary income from the rest of the world and net current transfers from the rest of the world. The surplus of the nation on current transactions equals the net national savings less the net fixed capital formation.

Net primary income from rest of world

Received primary incomes from the rest of the world less provided primary incomes to the rest of the world.

When a residing enterprise has been active abroad for more than one year, the local kind-of-activity unit is no longer considered a resident in the Netherlands but a resident in the country in which it has become active. Vice versa, a kind-of-activity unit of foreign origin is no longer seen as a non-resident after it has been active in the Netherlands for more than one year. Resident persons who settle abroad are no longer seen as residents in the Netherlands but as residents in the country they moved to one year after they have left. Vice versa a foreigner who has settled in the Netherlands becomes a resident one year after he or she moved in. Students are an exception to this rule. They are always considered residents in the country they lived in before commencing their study.

Net current transfers from rest of world

The difference between current transfers received from the rest of the world and provided to the rest of the world.

When a residing enterprise has been active abroad for more than year, the local kind-of-activity unit is no longer considered a resident in the Netherlands but a resident in the country in which it is active. Vice versa, a kind-of-activity unit of foreign origin is no longer seen as a non-resident after it has been active in the Netherlands for more than one year. Resident persons who settle abroad are no longer seen as residents in the Netherlands but as residents in the country they moved to one year after they have left. Vice versa a foreigner who has settled in the Netherlands becomes a resident one year after he or she has moved in. Students are an exception to this rule. They are always considered residents in the country they lived in before commencing their study.

Net capital transfers from rest of world

The difference between capital transfers received from the rest of the world and provided to the rest of the world. Capital transfers require the acquisition or disposal of an asset, or assets, by at least one of the parties to the transaction. Whether made in cash or in kind, they result in a commensurate change in the financial, or non- financial, assets shown in the balance sheets of one or both parties to the transaction. Capital transfers include investment grants, capital taxes, other capital transfers and imputed capital transfers.

Net capital transfers from rest of world

Net capital transfers from rest of world

Capital transfers received from the rest of the world.

Capital transfers paid to rest of world

Capital transfers paid to the rest of the world.