Concepts and definitions
Glossary of concepts (terms) and their definitions relating statistical concepts.
Gross domestic product (GDP)
Gross domestic product (GDP) represents the total amount of end products and services produced in the territory of a country within a year. GDP is calculated on the basis of data on domestic production (at current and constant prices), expenditure (at current and constant prices) and income (only at current prices).
GDP from the production approach is calculated as the sum of all value added of all activities producing goods or providing services plus taxes less subsidies on products.
GDP from the expenditure approach consists of all final expenditure made in either consuming the final output of the economy or in adding to wealth plus exports less s imports of goods and services.
GDP from the income approach is calculated as the sum of income earned via production of all goods and services plus taxes on production and imports less subsidies.
GDP revisions in 2019: