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 National Income Accounts
 When judging whether the economy is doing well or
poorly, it is natural to look at the total income that
everyone in the economy is earning.
 To have this number make sense, it is also best to look
at income per person.
Macroeconomics relies heavily on data, much of it
collected by the government
To study the economy, we need data on total output,
total income, total consumption, investment and so on.
One of the main sources of this data are the national
income and product accounts, which describe the
various components of the national income in the
economy
 GDP measures two things at once: the total income of
everyone in the economy and the total expenditure
on the economy’s output of goods and services.
 The reason that GDP can perform the trick of
measuring both total income and total expenditure is
that these two things are really the same.
 For an economy as a whole, income must equal
expenditure.
 The reason that an economy’s income is the same as
its expenditure is simply that every transaction has
two parties: a buyer and a seller.
 Every dollar of spending by some buyer is a dollar of
income for some seller
 This process can be seen using a Circular Flow
Diagram.
Households buy goods and services from firms, and firms use their
revenue from sales to pay wages to workers, rent to landowners, and
profit to firm owners. GDP equals the total amount spent by
households in the market for goods and services. It also equals the
total wages, rent, and profit paid by firms in the markets for the factors
of production.
Gross Domestic Product
Gross domestic product (GDP) is a
measure of the income and
expenditures of an economy.
GDP is the total market value of a
country’s output.
It is the market value of all final goods
and services produced within a country
in a period of time by factors of
production located within a country.
The goods and services in the definition
refer to final goods and services.
How much is the current GDP for Zimba
bwe?
 Gross Domestic Product (GDP) For
Zimbabwe

Source: Ministry of Finance- 2011 Budget Statement. What are the

 The Economy’s Income and Expenditure
For an economy as a whole, income must equal
expenditure because:
We can compute GDP for the economy in one of
three ways:
1. The expenditure approach- by adding up the total
expenditure by households or
2. The output approach-focuses on finding the total
output of a nation by directly finding the total value of all
goods and services a nation produces
3. The income approach -by adding up the total
income (wages, rent, and profit) paid by firms.
Because all expenditure in the economy ends up as
someone’s income, GDP is the same regardless of
how we compute it.
 The Measurement of GDP

GDP is:
the market value of all
final goods and services
produced within a country
in a given period of time.
 What Is Counted and Not Counted in
GDP?
 GDP includes all items produced in the economy and sold legally
in markets.
 GDP excludes services that are produced and consumed at home
and that never enter the marketplace.
Caring labor, the work that is normally produced by women.
 Because GDP does not count it, it diminishes its importance.
 GDP also excludes black market items, such as illegal drugs.
GDP also excludes activities in informal markets;

Mbare-Siyaso/Magaba; Gazaland; Glen View Home Industry,

Chikwanha,,,,,, Suggest other home industries.
NB, given that in Zim, more than 80% of the labour force

is in informal employment, there is need to find means of

counting informal sector output. No wonder why the
introduction of the 2% intermediate tax in the 2019
Budget statement!!!!
 Final Goods and Services
In calculating GDP, we can either sum up the value
added at each stage of production or we can take
the value of final sales.
Suppose in producing a car, Quest Motors pays $100
to Dunlop for tyres. Quest Motors uses these
tyres(among other parts) to assemble a car, which it
then sells for $12000.
The value of the car including tyres is $12000 not
$12000+$100. The value of the car already reflects
the value of its components.
To count in GDP both the value of the tyres sold to
car manufacturers and the value of cars sold to the
consumers would result in double counting.
Also consider the four stages of salt production (1)
salt extraction (mining) (2) refining (3) shipping and
(4) retail sale
 Final Goods and Value Added
 In calculating GDP, we can either sum up the
value added at each stage of production or we
can take the value of the final sales.
 GDP is concerned only with new or current
production. Old output is not counted in current
GDP because it was already counted back at the
time it was produced.
 GDP ignores all transactions in which money or
goods exchange hands but in which no new goods
and services are produced. NB; foreign
currency trading at
Roadport/Copacabana/Paddy’s corner
doesn’t add anything to a nation’s total
output.
 GDP is the value of output produced by factors of
production located within a country.
Example: Expenditure and Income
Approaches
 Suppose for example the economy is made up of
just one firm and that the total output for this
year sells for $1 million.
 Because the total output is $1 million, this year’s
GDP is $1m (Expenditure approach)
 But every $1 of the $1m of GDP is either paid to
someone or remains with the owners of the firm
as profit
 Using income approach, we add up the wages
paid to employees of the firm, the interest paid
to those who lent money to the firm and rent to
those who leased land, buildings or equipment to
the firm. What is left is profit, which is income to
the owners of the firm.
 The Expenditure Approach
 There are also 4 categories of
expenditure viz;
a. Consumption (C) –household spending on
consumer goods
b. Investment (I)- spending by firms and
households on new capital
c. Government Purchases (G)- spending by
government on goods and services
d. Net Exports (X-M)- net spending by the
rest of the world or exports (X) minus
Imports (M). Net Exports-NX
 The expenditure approach calculates GDP
by adding together these 4 components of
spending:
 GDP (Y) = C + I +G + (X-M)
 Consumption (C)

 Consumption ( C ) : A large part of GDP

consists of personal consumption
expenditure on goods and services and
constitute as high as 68% of the GDP
 These are expenditures by consumers on
goods and services
 There are 3 main categories of consumer
expenditures:
1. Durable goods- such as cars, furniture and
household appliances that last a relatively
long time.
2. Non-durable goods- such as clothes, food,
petrol that are used fairly quickly
3. Services-those things we buy that do not
Investment (I)
 Investment (I)- the term refers to the purchase of
new capital goods – housing, plants, equipment
and inventory (stocks)
 Total investment in capital by private sector is
called gross private investment (I);
 Expenditures by firms for machines, tools, plants,
equipment etc make up non residential
investment
 Expenditures for new houses and flats constitute
residential investment.
 The third component of gross private investment is
changes in business inventories (stocks)- the
amount by which firms’ inventories change during the
period.
 Business inventories are goods that firms produce
now but intend to sell later
 Firms keep stocks of inventory to meet unforeseen
demand
 Gross Investment vs Net
Investment
 During the process of production, capital especially
machinery and equipment produced in previous
periods gradually wears out
 GDP includes newly produced capital goods but does
not take account of capital goods that are consumed
in the production process.
 The amount by which assets’ value fall in each
period is called depreciation.
 Gross investment (I) is the total value of all newly
produced capital goods, produced in a given period.
It takes no account of the fact that some capital
wears out and must be replaced.
 Net Investment = Gross Investment minus
Depreciation
 Net Investment = Capital (end of period) minus
Capital (beginning of period)
Government Expenditure (G)
 Government Expenditure (G)- these include
expenditures by government on final goods
(weapons, health, education, roads, salaries, etc.)
 Transfer payments (social security, subsidies, war
veteran pensions, interest on government debt
etc.) are not included in GDP because they are not
purchases for any currently produced goods and
services.
 Interest payments on government debt are also
counted as transfer payments and are excluded
from GDP on the grounds that they are not
payments for any currently produced goods and
services.
 Net Exports (EX- IM)
Net Exports (X-M)- this is the difference between exports
and imports. It can be positive or negative
We include net exports in the definition of GDP because
consumption, investment and government spending (C, I
and G) include expenditures on goods produced both
domestically and by foreigners
C, I and G overstates domestic production because it
contains imports- Imports have to be subtracted to
correct this figure
At the same time C, I and G understates domestic
production because some of what the nation produces is
sold abroad and is therefore not included in C, I and G
Exports have to be added to correct this figure
Top Trading Partners For Zimbabwe
USA GDP and Its Components
(1998)
Total (Billions Per Person (In % of Total
of Dollars) Dollars)

GDP (Y) $8,511 $31,522 100%

Consumption C 5,808 21,511 68%

Investment I 1,367 5,507 16

Government G 1,487 5,507 18

Net Exports NX -151 -559 -2

U
S
A
Government
G Investment Purchases Net Exports
16% 18% -2 %
D
P

a Consumption
n 68 %
d
COMPONENTS OF GDP (USA, 1994): THE EXPENDITURE
APPROACH ($ Billions)
Total Gross Domestic Product $6738.4 100%
Personal Consumption ( C) 4628.4 68.7
Durable Goods 591.5 8.8
Nondurable Goods 1394.3 20.7
Services 2642.7 39.2
Gross Private Investment 1032.9 15.3
Nonresidential 697.6 10.4
Residential 283.0 4.2
Change in business inventories 52.2 0.8
Government Purchases of Goods and Services 1175.3 17.4
State-Central Government 437.3 6.5
Local Government 738.0 11.0
Net Exports (X-M) -98.2 -1.5
Exports 718. 10.7
Imports 816.9 12.1
The Income Approach
 The income approach breaks GDP into
four components :
1. National Income
2. Depreciation
3. Indirect taxes minus subsidies
4. Net factor payments to the rest of the
world
 GDP = National Income + Depreciation
+(Indirect taxes – subsidies) + Net
factor payments to the rest of the
world
 Income Approach
 National Income – is the total income earned by factors of
production owned by the country’s citizens.
 It is the sum of 5 items:
a. Compensation of employees
b. Corporate profits
c. Proprietor's income
d. Net Interest
e. Rental income
 Compensation of employees includes wages and salaries
paid to households by firms and by the government, as well
as various supplements to wages and salaries such as
contributions that employers make to social insurance and
private pensions.
 Proprietor’s income is income of unincorporated
businesses-sole traders/producers and corporate profits
are the income of corporate businesses
 Net interest is the interest paid by business , (Interest paid
by households and by the government is not counted in GDP
because it is not assumed to flow from production of goods
and services)
Depreciation
The measure of the decrease in value of capital
assets through obsolescence, wear and tear is called
depreciation.
This depreciation is part of the GDP using the income
approach
Depreciation is added back to GDP using the income
approach because we want to measure all income,
including income earned in replacing existing plant
and capital
Because national income does not include
depreciation (it was subtracted in computing profit) ,
to get total income (GDP) we need to add
depreciation
Indirect Taxes less Subsidies
In calculating final sales on the expenditure
side- indirect taxes, customs duties and
license fees are included.
These taxes must thus be accounted for on
the income side.
Indirect taxes are added to GDP and
subsidies are subtracted when using the
income approach.
 Net Factor Payments to the Rest of
the World
 NFP are equal to payments of factor incomes to the
rest of the world less the receipts of factor income
from the rest of the world.
 National income is defined as the income of factors of
production owned by the country.
 GDP is however output produced by factors of
production located within the country
 In other words National income contains some income
that should not be counted in GDP- the income a
country’s citizens earn abroad and this income must
be subtracted.
 In addition. National Income does not include some
income that is counted in GDP- the foreigners’ income
in the country whose GDP we are calculating and this
Components of GDP, 1994: Income
Approach (USA)
Billions of % of GDP
Dollars
Gross Domestic Product 6738.4 100%
National Income 5458.4 81.0
Compensation of Employees (Wages 4004.6 59.4
& Salaries)
Proprietors’ Income 473.7 7.0
Corporate Profits 542.7 8.1
Net Interest 409.7 6.1
Rental Income 27.7 0.4
Depreciation 715.3 10.6
Indirect Taxes Minus Subsidies 553.1 8.2
Net Factor Payments to the Rest 11.5 0.2
of the World
Other Measures of Income
When the government computes the nation’s GDP
every three months (quarterly), it also computes
various other measures of income to get a more
complete picture of what’s happening in the economy.
These other measures differ from GDP by excluding or
including certain categories of income.
What follows is a brief of five of these income
measures, ordered from largest to smallest.
1. Gross National Product (GNP)
2. Net National Product (NNP)
3. National Income
4. Personal Income
5. Disposable Personal Income
Gross National Product (GNP)
Gross national product (GNP) is the total income
earned by a nation’s permanent residents (called
nationals).
It differs from GDP by including income that our
citizens earn abroad and excluding income that
foreigners earn here.
For example, when a Zimbabwean citizen works
temporarily in the United States, his production is
part of U.S. GDP, but it is not part of U.S. GNP. (It is
part of Zimbabwe’s GNP.)
For most countries, including Zimbabwe, domestic
residents are responsible for most domestic
production, so GDP and GNP are quite close.
 Net National Product
From GDP, we can calculate the Net National
Product (NNP)
Recall that the expenditure approach to GDP
includes gross investment as one of its
components.
GDP does not, therefore account for the fact
that some of the nation’s capital stock is used
up in the process of producing the nation’s
product.
Net National Product (NNP) = GDP minus
Depreciation
 National Income
To calculate National Income (NI) we subtract
indirect taxes minus subsidies (i.e. we
subtract indirect business taxes and add
subsidies)
We subtract indirect taxes because they are
they are included in NNP but do not represent
payment to factors of production and are thus
not part of national income.
We add subsidies because they are payments
to factors of production but are not included in
NNP
Personal Income
 Personal income is total income of households.
 To calculate personal income from national income,
we subtract (1) corporate profits minus dividends
and (2) social insurance payments.
 In addition two items must be added to national
income to calculate personal income: (1) personal
interest received from government and consumers
(2) transfer payments to persons
 Corporate profts are paid to households in the form
of dividends and dividends are clearly part of
personal income.
 The profits that remain after dividends have been
paid (profits minus dividends) are not paid to
households as income- this has to be subtracted
when computing personal income
Personal Income cont
Because these payments are not received
by households, they too must be subtracted
from national income when computing
personal income
Interest payments by government are not
counted in GDP and thus are not reflected in
National Income figures.
But these payments are income received by
households, so must be added to NI when
computing personal income
Similarly, transfer payments to persons are
not counted in GDP because they do not
represent the production of any goods or
 Disposable Income
Disposable personal income is the income that
households and non-corporate businesses have left
after satisfying all their obligations to the government.
It equals personal income minus personal taxes and
certain non-tax payments (such as traffic tickets).
Disposable income is therefore after-tax income
Disposable income = Personal Income minus personal
taxes
The amount of disposable income left after total
personal expenditure is personal saving
The personal saving rate is the percentage (%) of
disposable income that is saved and is an important
indicator of household behavior.
GDP, GNP, National Income, Personal Income and
Disposable Personal Income (1994)-USA
GDP 6738.4
plus Receipts of factor income from rest of World +167.1
Less: Payments of factor income to rest of world -178.6
Equals: GNP 6726.9
Less: Depreciation -715.3
Equals: Net National Product 6011.5
Less: Indirect taxes minus subsidies -553.1
Equals: National Income 5458.4
Less Corporate profits minus dividends -348.4
Less: Social Insurance payments -626.0
Plus: Personal interest income from government & +254.3
consumers
Plus: Transfer payments to persons +963.4
Equals: Personal Income 5701.7
Less: Personal Taxes -742.1
Equals: Disposable Income 4959.6
 Income Measure and Well-
being
Although the various measures of
income differ in detail, they almost
always tell the same story about
economic conditions.
When GDP is growing rapidly, these
other measures of income are usually
growing rapidly
And when GDP is falling, these other
measures are usually falling as well.
For monitoring fluctuations in the
 Measuring Economic Growth
We use real GDP to calculate the
economic growth rate.
The economic growth rate is the
percentage change in the quantity
of goods and services produced
from one year to the next.
We measure economic growth so
we can make:
Economic welfare comparisons
Measuring Economic Growth
Business Cycle Forecasts
Real GDP is used to measure
business cycle fluctuations.
These fluctuations are
probably accurately timed but
the changes in real GDP
probably overstate the
changes in total production
and people’s welfare caused
 Real versus Nominal GDP
Nominal GDP values the production of
goods and services at current prices
(GDP measured at current prices)
Real GDP values the production of

goods and services at constant prices.

It is the measure of GDP that removes

the effects of price changes in

nominal GDP
Per-Capita GDP or GNP is the

country’s GDP or GNP divided by its

population.
 Real GDP and the Price Level
Deflating the GDP Balloon
Nominal GDP increases because production—real
GDP– increases.
 Real GDP and the Price Level
 Nominal GDP also increases because of price increases.

Deflating the GDP Balloon

 Real GDP and the Price Level
We use the GDP Deflator to take the air
out of Nominal GDP.
 Real GDP in the United States
(Periods of falling real
Billions of GDP)
1992 Dollars
8,000

7,000

6,000

5,000

4,000

3,000
1970 1975 1980 1985 1990 1995 2000
GDP, Life Expectancy, and Literacy
Country Real GDP Per Life Expectancy Adult Literacy
Person (1997)
USA $29,010 77 years 99%
Japan 24,070 80 99
Germany 21,260 77 99
Mexico 8,370 72 90
Brazil 6,480 67 84
Russia 4,370 67 99
Indonesia 3,490 65 85
China 3,130 70 83
India 1,670 63 53
Pakistan 1,560 64 41
Bangladesh 1,050 58 39
Nigeria 920 50 59

Source: HDR Report, UN 1999

 GDP and Social Welfare
We generally think of increases in GDP
as good.
Increasing GDP or preventing its
decrease is usually considered one of
the chief goals of government’s
macroeconomic policy.
However some serious problems
sometimes arise when we try to use
GDP as a measure of happiness or well-
being
 Quotation
When Senator Robert Kennedy was
running for president in 1968, he gave a
moving critique of such economic measures:
“Gross domestic product does not allow for
the health of our children, the quality of
their education, or the joy of their play. It
does not include the beauty of our poetry or
the strength of our marriages, the
intelligence of our public debate or the
integrity of our public officials. It measures
neither our courage, nor our wisdom, nor
our devotion to our country. It measures
 Limitations of the GDP Concept
1. Does not include social welfare measures
such as decrease/increase in crime levels
and leisure time which make society as a
whole better off or worse off
2. Non-market and domestic activities are not
included in GDP though they amount to real
production
3. GDP does not reflect losses or social ills. GDP
accounting rules do not adjust for production
that pollutes the environment.
4. GDP also says nothing about the distribution
of income among individuals in the society
(inequality and poverty)
 The Underground Economy
Many transactions in the economy are simply
missed in the calculation of GDP even though
in principle they should be counted.
Most illegal transactions are missed unless
they are laundered back into legitimate
business.
Income that is earned but not reported as
income for tax purposes is usually missed
although some adjustments are made in the
GDP calculations to take misreported income
into account
This part of the economy that should be
counted in GDP but is not is also called the
 Assignment 2
Using the following data for Nigeria calculate the following;
a. Gross private investment
b. Net exports
c. Gross domestic product
d. Gross national product
e. Net national product
f. National income
g. Personal Income
h. Disposable income
i. Explain why imports are subtracted in the expenditure
approach to calculating GDP.
j. How do we know that calculating GDP by the expenditure
approach yields the same answer as calculating GDP by
the income approach?
Component Amount ( $ Billions)
Transfer payments 15
Subsidies 5
Social Insurance Payments 35
Depreciation 50
Receipts of factor income from the rest of the world 4
Government Purchases 75
Imports 50
Payments of factor income to the rest of the world 5
Personal interest income from government and households 35
Indirect taxes 20
Exports 60
Net private domestic investment 100
Personal Taxes 60
Corporate profits 45
Personal consumption expenditures 250
Dividends 4
(30 marks)
 Production, Expenditure and
income approaches

National Statistics For

Zimbabwe 2000- 2004

NB: get the details

for 2005-2018
Gross Domestic Product by Industry at Current Prices Z$ million
Industry 2000 2001 2002 2003 2004

Agriculture, Hunting, and 72 030 159 400 321 070 940 230 1693 463
Fishing
Mining and Quarrying 4 095 5 058 11 133 100 513 907 455
Manufacturing 41 033 68 796 122 833 602 364 3006 321
Electricity and Water 6 298 12 976 24 133 73 146 369 119
Construction 6 655 7 566 12 570 40 806 117 248
Finance and Insurance 21 914 29 479 68 320 707 840 2530 409
Real Estate 6 271 7 046 18 347 59 134 204 326
Distribution, Hotels and 48 269 74 261 135 795 460 785 1935 190
Restaurants
Transport and 27 635 69 188 171 312 413 158 1032 936
Communication
Public Administration 14 049 25 944 55 751 218 477 411 767
Education 28 806 37 495 65 128 256 715 522 441
Health 8 528 10 691 20 295 57 438 107 035
Domestic Services 1 444 1 819 2 467 9 361 63 987
Other Services 17 914 30 424 54 001 106 067 304 523
- Fin Int Services Indirectly -20 468 -41 892 -81 771 -164 248 -329 914
Measured
GDP at factor cost 284 475 498 252 1001 383 3881 785 12876 308

Net other taxes on 1 078 1 414 1 860 2 458 3 267

production
Other taxes on production 1 078 1 414 1 860 2 458 3 267
-Other subsidies on 0
production - - - -
GDP at basic prices 285 553 499 666 1003 243 3884 243 12879 575

Net taxes on products 29 135 53 739 157 026 676 094 3647 813
Taxes on products 29 135 53 739 157 026 676 094 3647 813
-Subsidies on products 0 0 0 0 0
GDP at market prices 314 688 553 406 1160 269 4560 337 16527 388

Population ( ' 000)* 11 696 11 666 11 635 11 763 11 892

GDP per capita ($) 26 906 47 437 99 725 387 697 1389 787
Gross Domestic Product by Industry at Constant (1990) Prices $Z million

Industry 2000 2001 2002 2003 2004

Agriculture, Hunting, and 4 282 4 446 3 866 3 289 2 799

Fishing
Mining and Quarrying 879 760 777 537 600
Manufacturing 3 991 3 777 3 280 2 839 2 549
Electricity and Water 477 526 559 567 613
Construction 506 328 193 173 170
Finance and Insurance 1 751 1 730 2 096 2 158 2 077
Real Estate 753 784 815 833 842
Distribution, Hotels and 3 725 3 530 3 370 2 331 1 865
Restaurants
Transport and 1 552 1 486 1 466 1 346 1 329
Communication
Public Administration 762 797 813 829 878
Education 1 644 1 741 1 759 1 778 1 798
Health 357 421 366 366 361
Domestic Services 313 331 339 340 337
Other Services 1 158 1 126 1 146 1 062 985
- Fin Int Services Indirectly -1 458 -1 689 -1 574 - 749 - 443
Measured
GDP at factor cost 20 691 20 093 19 271 17 698 16 760

Net other taxes on 2

production 69 52 29 8
GDP at basic prices 20 759 20 145 19 301 17 707 16 763

Net taxes on products 1 851 1 986 1980 2,006 2033

GDP at market prices 22 611 22 132 21 281 19 713 18 796

Population ( ' 000)* 11 696 11 666 11 635 11 763 11 892

GDP per capita ($) 1 933 1 897 1 829 1 676 1 581
INCOME APPROACH

2000 2001 2002 2003 2004

Wages and Salaries 127 707 190 668 364 692 1273 443 4281 638
Rent 5 929 6 752 16 737 52 987 183 201
Rented dwelling (private) 2 074 2 320 3 816 14 115 64 483
Imputed for Owner-Occupied 3 521 3 966 12 269 37 959 117 440
Dwelling
Central and Local Government 333 466 652 913 1 278
Gross Operating Surplus 171 307 342 724 701 725 2719 603 8741 383
Unincorporated 111 005 232 366 460 321 1204 857 3747 861
Companies (non-financial) 43 603 85 647 174 202 618 107 2286 414
Financial Institutions 8 488 11 233 40 352 745 755 2467 019
Public Corporations (non-financial) 6 313 10 897 21 196 124 700 205 489
Central and Local Government 1 898 2 581 5 654 26 184 34 600
- Fin Int Services Indirectly Measured -20 468 -41 892 -81 771 -164 248 -329 914
Gross Domestic Income at factor cost 284 475 498 252 1001 383 3881 785 12876 308
Net taxes on production 1 078 1 414 1 860 2 458 3 267
Taxes on production 1 078 1 414 1 860 2 458 3 267
-Subsidies on production 0 0 0 0 0
GDP at Basic prices 285 553 499 666 1003 243 3884 243 12879 575
Net taxes on products 29 135 53 739 157 026 676 094 3647 813
Taxes on products 29 135 53 739 157 026 676 094 3647 813
- Subsidies on products 0 0 0 0 0
GDP at market prices 314 688 553 406 1160 269 4560 337 16527 388
Net primary income from abroad -11 286 -11 934 -8 930 -99 694 -1455 216
Primary income received from 1 268 755 799 13 172 128 790
abroad
- Primary income paid abroad 12 554 12 690 9 729 112 866 1584 006
Gross National Income 303 402 541 471 1151 340 4460 643 15072 172
Expenditure Approach

At current Prices
Expenditure 2000 2001 2002 2003
2004
Final Consumption Expenditure 268 206 548 920 1375 445 6148 836 19363 501
Private Consumption Expenditure 200 378 455 285 1206 040 5519 414 14179 930
Consumption of Private Non-Profit Bodies 2 681 4 746 8 561 23 902
79 008
Government Consumption Expenditure 65 147 88 889 160 844 605 520
5104 563
Gross Capital Formation 47 361 36 119 -152 238 -1037 461 696 736
Gross Fixed Capital Formation 38 420 48 319 89 836 171 767 412 641
Total increase in Stocks 8 941 -12 201 -242 074 -1209 228
284 095
Domestic Expenditure 315 567 585 039 1223 208 5111 375 20060 237
Net Exports of Goods and Services - 880 -31 634 -62 939 -551 037
-3532 847
Exports of Goods and Services 118 151 105 235 93 022 954 323 9560 521
Less Imports of Goods and Services 119 031 136 868 155 961 1505 360 13093 369
Gross Domestic Product at market prices 314 688 553 406 1160 269 4560 337 16527 388
Net primary Income from abroad -11 286 -11 934 -8 930 -99 694 -1455 216
Primary income received from abroad 1 268 755 799 13 172 128 790
Primary income paid abroad 12 554 12 690 9 729 112 866 1584 006
Gross National Income 303 402 541 471 1151 339 4460 644 15072 172
At constant Prices
Expenditure 2000 2001 2002 2003 2004
Final consumption Expenditure 16 256 20 411 22 215 23 059 21 219
Private Consumption Expenditure 12 734 16 827 19 112 19 845 14 173
Consumption of Private Non-Profit Bodies 204 251 231 504 1 467
Government Consumption Expenditure 3 318 3 333 2 872 2 710 5 579
Gross Capital Formation 3 724 2 760 1 155 1 437 6 187
Gross Fixed Capital Formation 3 175 3 272 3 910 5 283 6 703
Increase in Stocks 549 - 512 -2 755 -3 847 - 516
Domestic Expenditure 19 980 23 170 23 370 24 495 27 406
Net Exports of Goods and Services - 113 -3 507 -5 150 - 188 -4 338
Statistical Discrepancy 2 185 2 470 1 502 -4 594 -4 272
Gross Domestic Product at market prices 22 052 22 133 19 722 19 713 18 796
Net primary Income from abroad -1 446 -1 323 - 731 -2 333 -9 741
Primary income received from abroad 84 61 39 31 14
Primary income paid abroad 1 609 1 407 796 2 642 10 603
Gross National Income 20 605 20 810 18 991 17 380 9 055