Gross domestic product and gross value added

Gross Domestic Product (GDP) is one of the indicators, providing an overall picture of the economic situation and is widely used for economic analysis, forecasting and elaboration of the state policy.

Gross domestic product represents the total amount of end products and services produced in the territory of a country within a year. GDP is calculated on the basis of data on domestic production (at current and constant prices), expenditure (at current and constant prices) and income (only at current prices).

Value added is increase of product’s market value, which arises in the result of any kind of economic activity. It is calculated by deducting intermediate consumption from output (at basic prices). The balancing item of the production account is value added.