sources

{
    "link": "http://www.fao.org/faostat/en/?#data/",
    "retrievedDate": "13-Feb-2020",
    "additionalInfo": "The Gross Domestic Product (GDP) measures the total gross value added from all institutional units resident in the economy, at producers' prices, plus taxes on imports, less subsidies on imports, plus non-deductible VAT (Production approach to GDP). As such, GDP measures the total value created in the production of goods and services by all resident units during the accounting period. The output of most goods or services is usually recorded when their production is completed. However, when it takes a long time to produce a unit of output, it becomes necessary to recognize that output is being produced continuously and to record it as a work-in-progress. For example, the production of certain agricultural goods or large durable goods such as ships or buildings may take months or years to complete. In such cases, it would distort economic reality to treat the output as if it were all produced at the moment of time when the process of production happens to terminate. Gross Fixed Capital Formation (GFCF) is measured by the total value of a producers' acquisitions, less disposals, of fixed assets during the accounting period plus certain specified expenditure on services that adds to the value of non-produced assets. The boundary line between those products that are retained in the economy and are used for consumption and those products that are used for capital formation is known as the asset boundary. The asset boundary for fixed assets consists of goods and services that are used in production for more than one year. Two exclusions from the asset boundary should be noted. The first is that consumer durables are not treated as fixed assets. The second exclusion is pragmatic rather than conceptual and concerns small tools. Hand tools such as saws, spades, knives, axes, hammers, screwdrivers and spanners or wrenches are examples. If expenditures on such tools take place at a fairly steady rate and if their value is small compared with expenditures on more complex machinery and equipment, it may be appropriate to treat the tools as materials or supplies used for intermediate consumption. In countries in which they account for a significant part of the value of the total stock of an industry's durable producers' goods, they may be treated as fixed assets and their acquisition and disposal by producers recorded under gross fixed capital formation. Gross fixed capital formation may take the form of improvements to existing fixed assets, such as buildings and structures, that increase their productive capacity, extend their service lives, or both. A different treatment is applied to improvements to land in its natural state. In this case the improvements are treated as the creation of a new fixed asset and are not regarded as giving rise to an increase in the value of the natural resource. If land, once improved, is further improved, then the normal treatment of improvements to existing fixed assets applies. The Investment Ratio (IR) is obtained as the GFCF-to-GDP ratioGross Output (GO). At the most granular level, gross output consists of those goods and services that are produced within an establishment that become available for use outside that establishment, plus any goods and services produced for own final use. Industry gross output is the market value of the goods and services produced by an industry. Value added (VA) represents the contribution of labor and capital to the production process. Gross output relates directly to the concept of value added as the latter is obtained by subtracting the value of intermediate consumption evaluated at purchasers' prices from the value of output at basic prices. Although the outputs and inputs are valued using different sets of prices, for brevity the value added is described by the prices used to value the outputs. From the point of view of the producer, purchasers' prices for inputs and basic prices for outputs represent the prices actually paid and received. Their use leads to a measure of gross value added that is particularly relevant for the producer. Net value added is defined as the value of output less the values of both intermediate consumption and consumption of fixed capital.Gross National Income (GNI) is a measure of total incomes receivable in the economy. Itis equal to GDP less primary incomes payable to non-resident units plus primary incomes receivable from non-resident units. In other words, GNI is equal to GDP less taxes (less subsidies) on production and imports, compensation of employees and property income payable to the rest of the world plus the corresponding items receivable from the rest of the world.",
    "dataPublishedBy": "Food and Agriculture Organization of the United Nations (FAO) (2020)",
    "dataPublisherSource": "* UNSD National Accounts Estimates of Main Aggregates (http://data.un.org/),* OECD Annual National Accounts (http://stats.oecd.org/) * UNIDO INDSTAT2 (https://stat.unido.org/)"
}