|GDP||Domestic demand||Household consumer expenditure||Public administration consumer expenditure (1)||Gross capital formation (2)||(GFCF) (Capital goods and others)||(GFCF) (Construction)||External balance (3) (4)||Foreign balance (4)||Total exports||Exports of goods and services||Foreign consumption in the territory||Total imports||Imports of goods and services||National residents consumption abroad|
|Units: Milions of euros (2019 Benchmark revision).|
|Source: Idescat. Annual economic accounts in Catalonia.|
|Note: (p) Provisional data.|
|(1) Includes the expenditure consumption by non-profit making institutions at the service of households.|
|(2) Includes the gross fixed capital formation (GFCF) and the stock variation.|
|(3) Includes the foreign trade balance and the trade balance with the rest of Spain.|
|(4) The annual variation in the volume of the balances is expressed as a contribution to the growth of the GDP.|
Definition of concepts
- Consumption by public administrations
- Expenditure by public administrations to satisfy collective needs.
- Household consumption
- Expenditure by households to satisfy individual needs. Does not include, therefore, the value of goods and services consumed by households but financed by other institutional sectors such as public administrations.
- Domestic demand
- Variable resulting from adding end consumption and the gross capital formation. It includes the part of the total demand that is produced and destined to the units that act on the territory.
- Export and import of goods abroad
- Includes all goods that leave or enter the territory that are of foreign destination or origin, and also all services provided between resident and non residents units, such as transport, insurance and those associated with tourism.
- Gross capital formation or investment
- Value of the durable goods acquired by production units for use for more than one year in production processes. This variable groups three components: investment in construction, investment in equipment assets and inventory variation. Adding the two former items constitutes gross fixed capital formation.
- Current prices
- Economic measure of a variable at a specific moment that reflects increases due to real variation and variations in price.
- Gross domestic product (GDP)
- Valuation of the final result of the production activity of a territory. It is calculated on the basis of the total production of goods and services, subtracting intermediate consumption and adding net taxes applied to products.
Gross Domestic Product (GDP) measures the final result of the production activity of the production units in a territory. There are three vantage points for analysing GDP: supply, demand and income. From the standpoint of supply, GDP makes it possible to evaluate the contributions made by the different productive branches to the economy as a whole (gross added value of agriculture, industry, construction and services). In order to conduct the analysis from the standpoint of the end-use of the goods and services produced (consumption, investment, external sector), GDP calculated from the demand side is used. Finally, from the income standpoint GDP makes it possible to give a breakdown of the contribution made by the productive factors to production: compensation of wage-earners (labour), gross operating surplus (capital) and mixed income.
The variables that are included in the GDP in terms of supply are the following:
- Agriculture (which includes agriculture, animal, forestry and fishing).
- Industry and manufacturing industry.
- Services (branches of NACE 2009 revisión 2. G, H and I: Trade, accommodation, financial and other services; Public adm., education, health and social services; Real state, professional and other activities).
- Gross value added.
- Net taxes on products.
Detailed results on forty-four activity branches can be found in Annual economic accounts for Catalonia.
The variables included in the GDP from the perspective of demand are:
- Household consumer expenditure.
- Public administration consumer expenditure (which includes the non-profit institutions serving households consumer.
- The gross capital formation (disaggregated between capital goods and other assets and construction, which also includes variation in stocks).
- Exports and imports of goods and services.
- The external balance (the result of the aggregation of the foreign balance and the balance with the rest of Spain).
The balances associated to foreign trade are presented as contributions and not as growth rates since the extent of their variations would distort the results and make them difficult to understand. Contributions to the growth of GDP are calculated by comparing the increase in each variable with its relative importance for the previous period.
The method used to calculate volume growth is based on a system in which the reference for each year's growth is the structure at current prices of the previous year. This methodological option allows for better calculation of variations in GDP volume, in that it overcomes the obsolescence-related problems concerning the base year's productive structure when said structure differs from the reference year.
Given the different calendar of availability of the magnitudes estimated by the INE and the Idescat and with the end to preserve the temporary congruence of the economic series, the Spanish data update simultaneously to the Catalan data.
The annual estimates based on 2010 GDP and its supply, demand and income components are final for the 2000-2011 period and the estimates of later years are provisional, therefore they are susceptible to be revised. The estimates of 2015 and 2016 are advances taken from short-term indicators.
The Economic Accounts of Catalonia change their accounting base to adopt the year 2010 as new reference. Changes in accounting base in the context of national accounts estimates have a twofold objective.
1. To allow internationally agreed methodological criteria to be updated and standardised. To this end, 2010 saw two relevant changes:
1.1 The processing of research and development activity. According to the European System of Accounts 2010 (ESA 2010), research and development activity may be considered an asset. As such, investment and GDP will increase. Under the previous system, research and development was considered an expense.
1.2 Processing of illegal activities. This is a methodological change introduced in accounting base 2010, but which is not tied to the ESA 2010. Three types of illegal activities have been estimated and published in a differentiated manner: prostitution, drug trafficking and tobacco contraband.
2. To allow statistical changes in estimation sources and methods to be introduced, so as to obtain highly accurate measures of the economic activity generated within a territory. The variables, sources and operational methodology are defined the Economic Accounts of Catalonia, alongside a brief explanation on the problems stemming from linking accounting bases.
The annual estimates of jobs based on 2019 Benchmark revision are final for the 2000-2016 period and the estimates of later years are provisional, therefore they are susceptible to be revised. The estimates of 2018 and 2019 are advances taken from short-term indicators.
The annual estimates correspond to the 2019 GDP Benchmark Revision and its supply, demand and income components. Moreover, the estimates for the last three years (t-1, t-2 and t-3) are provisional; in addition, those for the last two years (t-1 and t-2) are an advance of results basically produced with short-term information, whereas those for year t-3 are produced with structural information.
Unavailable information is represented using the symbol ":". When the value is lower than that of the minimum unit to be able to estimate the statistical operation or if it effects statistical confidentiality, the symbol used is "..".
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