Production process; economic activity, region, National Accounts

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Description topics

Value added from the output

Output (basic prices)

Output covers the value of all goods produced for sale, including unsold goods, and all receipts for services rendered. Output furthermore covers the market equivalent of goods and services produced for own use, such as own account capital formation, services of owner-occupied dwellings and agricultural products produced by farmers for own consumption. The output of such goods is estimated by valuing the quantities produced against the price that the producer would have received if these goods had been sold. Output is valued at basic prices, defined as the price received by the producer excluding trade and transport margins and the balance of taxesand subsidies on products. This is the price the producer is ultimately left with.

Intermediate consumption

Intermediate consumption includes all goods and services used up in the production process in the accounting period, regardless the date of purchase. This includes for example fuel, raw materials, semi manufactured goods, communication services, cleansing services and audits by accountants. Intermediate consumption is valued at purchasers' prices, excluding deductible VAT. For companies which do not need to charge VAT on their sales, the VAT paid by their purchases is non-deductible. It is therefore recorded as a component of intermediate consumption.

Gross value added

Value added at basic prices by industry is equal to the difference between output (basic prices) and intermediate consumption (purchasers' prices).