Explanatory Notes on Main Statistical Indicators
Gross Domestic Product (GDP) refers to the final products at market prices produced by
all resident units in a country
during a certain period of time. Gross domestic product is expressed in
three different perspectives, namely value, income, and products respectively.
GDP in its value perspective refers to the balance of total value of all goods
and services produced by all resident units during a certain period of time,
minus the total value of input of goods and services of the nature of non-fixed
assets; in other words, it is the sum of the value-added of all resident units.
GDP from the perspective of income includes the primary income created by all
resident units and distributed to resident and non-resident units. GDP from the
perspective of products refers to the value of all goods and services for final
demand by all resident units plus the net exports of goods and services during
a given period of time. In the practice of national accounting, gross domestic
product is calculated from three approaches, namely production approach, income
approach and expenditure approach, which reflect gross domestic product and its
composition from different angles.
For a region, it is called
as Gross Regional Product(GRP) or regional GDP.
Three
Strata of Industry In
Primary
industry refers to agriculture, forestry, animal husbandry and fishery
industries ( excludes related services ).
Secondary
industry refers to mining and quarrying (excludes mining auxiliary activities),
manufacturing (excludes metal products, machinery and equipment repair industry),
production and supply of electricity, water and gas, and construction.
Tertiary
industry refers to all other economic activities not included in the primary or
secondary industries.
GDP
by Expenditure Approach refers
to the method of measuring the final results of production activities of a
country (region) during a given period from the perspective of final uses. It
includes final consumption expenditure, gross capital formation and net export
of goods and services.
Final
Consumption Expenditure refers to the total expenditure
of resident units for purchases of goods and services from both the domestic
economic territory and abroad to meet the needs of material, cultural and
spiritual life. It does not include the expenditure of non-resident units on
consumption in the economic territory of the country. The final consumption
expenditure is broken down into household consumption expenditure and
government consumption expenditure.
Household
Consumption Expenditure refers to the total expenditure
of resident households on the final consumption of goods and services. In
addition to the consumption of goods and services bought by the households
directly with money, the household consumption expenditure also includes
expenditure on goods and services obtained by the households in other ways,
i.e. the so-called imputed consumption expenditure, which includes the
following: (a) the goods and services provided to households by employers in
the form of payment in kind and transfer in kind; (b) goods and services
produced and consumed by the households themselves, in which the services refer
to the owner-occupied housing and services offered by payed
family employees; (c) financial intermediate services provided by financial
institutions.
Government
Consumption Expenditure refers to the consumption
expenditure spent for the provision of
public services provided by the government to the whole country and the
net expenditure on the goods and services provided by the government to
households free of charge or at reduced prices. The former equals to the output
value of the government services minus the value of operating income obtained
by the government departments. The latter equals to the market value of the
goods and services provided by the government free of charge or at reduced
prices to the households minus the value received by the government from the
households.
Gross
Capital Formation refers
to the fixed assets acquired minus disposals and the net value of inventory,
thus including gross fixed capital formation and changes in inventories.
Gross
Fixed Capital Formation refers
to the value of acquisitions minus those disposals of fixed assets during a
given period. Fixed assets are the assets produced through production
activities with unit value above a specified amount and which could be used for
over one year. Natural assets are not included. Gross fixed capital formation
can be categorized into total tangible fixed capital formation and total
intangible fixed capital formation. Total tangible fixed capital formation
includes the value of the construction projects and installation projects
completed and the equipment, apparatus and instruments purchased (minus those
disposed) as well as the value of land improved, the
value of draught animals, breeding stock and animals for milk, for wool and for
recreational purposes and the newly increased forest with economic value. Total
intangible fixed capital formation includes the prospecting of minerals and the
acquisition of computer software minus the disposal of them.
Changes in Inventories refers to the market value of the change in the physical volume of inventory
of resident units during a given period, i.e. the difference between the values
at the beginning and at the end of the period minus the gains due to the change
in prices. The changes in inventories can have a positive or a negative value.
A positive value indicates an increase in inventory while a negative value
indicates a decrease in inventory. The inventory includes raw materials, fuels
and reserve materials purchased by the production units as well as the inventory
of finished products, semi-finished products and work-in-progress.
Public Economy refers to the economic components owned by the national or citizen of the
collective economic components, including the state-owned economy and
collective economy.
Private Economy (ie, non-public Economy) refers to the economic components owned by private citizens in the Mainland of
China and naturalized by