What is Gross Domestic Product (GDP)?
GDP is a measure of the total value of production of all resident producing units of a country in a specified period, before deducting allowances for consumption of fixed capital. A producing unit is considered as resident in a country if it retains its central economic interest in the economic territory of that country. The economic territory of a country consists of the geographic territory administered by a government within which persons, goods and capital circulate freely. GDP can be measured by using three approaches namely production approach (the sum of value added), expenditure approach (the sum of final expenditure) and income approach (the sum of incomes distributed by resident producer unit).
What are the international standards adopted for the compilation of National Accounts statistics?
System of National Accounts (often abbreviated as “SNA”) is an international statistical standard for national accounts, adopted by the United Nations Statistical Commission (UNSC). The first international standard is being published in 1953. Manual have been released for the 1968 revision, the 1993 revision, and the 2008 revision.