National Gross Domestic Product (GDP) by Income and by Expenditure Accounts
Gross domestic product (at factor cost) of economy, index
Gross domestic product (at factor cost) refers to the total unduplicated value of the goods and services produced in the economic territory of a country or region during a given period calculated based on the sum of wages and salaries, supplementary labour oncome, mixed income, and other operating surplus. Gross domestic product, or GDP, is expressed at market prices, a valuation in terms of the prices actually paid by the purchaser after all applicable taxes and subsidies.
Economy refers to the entire set of resident institutional units. It is divided into sectors that consists of groups of resident institutional units. An institutional unit is resident in a country when it has a centre of economic interest in the economic territory of that country. It is said to have a centre of economic interest when there exists some location - dwelling, place of production or other premises - within the economic territory on, or from, which it engages, and intends to continue to engage, in economic activities and transactions on a significant scale either indefinitely or over a finite period of time.
The data for this variable are reported using the following measurements:
- Index using the value of a base year made equal to 100
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