Glossary of Terms
Constant Prices (at constant prices) – valuation of transactions, wherein the influence of price changes from the base year to the current year has been removed.
Gross Domestic Product – the value of all goods and services produced domestically; the sum of gross value added of all resident institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the values of their outputs).
Gross Regional Domestic Product - aggregate of the gross value added or income from each industry or economic activity of the regional economy.
Gross National Product – the Gross Domestic Product adjusted with the net factor income from the rest of the world. It refers to the aggregate earnings of the factors of production (nationals) plus indirect taxes (net) and capital consumption allowance.
Gross Value Added – the difference between gross output and intermediate inputs. Gross outputs of a production unit during a given period is equal to the gross value of the goods and services produced during the period and recorded at the moment they are produced, regardless of whether or not there is a change of ownership. Intermediate inputs refer to the value of goods and services used in the production process during the accounting period.
Personal Consumption Expenditures - consist of actual and imputed expenditures of households for the purpose of acquiring individual consumption goods and services.
Source: 1993 System of National Accounts developed by the Commission of the European Communities, International Monetary Fund, Organization for Economic Cooperation and Development, United Nations and World Bank.