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Title: GDP NOTES FOR A LEVEL AND DEGREE
Description: GDP, GVA definitions and the routes to measuring GDP
Description: GDP, GVA definitions and the routes to measuring GDP
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GDP= the value of output produced within a county over a 12 month period in terms of the
prices actually paid
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A focus on firms and add up all their production
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The figures exclude tax on products and include subsidies on products
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Taxes
paid on goods and services and any subsidies on products are excluded from GVA as they are
not part of the value added in production
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This must be the same as the sum of all values added at each stage of production
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Difference= wages, salaries, rents, interest and profit
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Transfer
payments such as social security are NOT included as they are not payments for the
production of goods and services
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When we work out GVA with this method-> we measure incomes before the payment of
taxes on products, since it is these pre-tax and subsidy incomes that arise from the value
added by production
...
g
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On the other hand-> some incomes earned by domestic residents comes from abroad
...
NNY= GNY- Depreciation
Title: GDP NOTES FOR A LEVEL AND DEGREE
Description: GDP, GVA definitions and the routes to measuring GDP
Description: GDP, GVA definitions and the routes to measuring GDP