1 Gross domestic product
Gross domestic product (GDP) measures the value of the goods and services produced within an economy in a specific period (eg quarter or year). When calculating and presenting gross domestic product, a distinction is made between the production (or output), expenditure and income approaches. According to the production approach, GDP equals the sum of gross value added (total value of goods and services produced in the production process (production value), less the value of intermediate goods) in the institutional sectors plus taxes on products and less subsidies on products (which are not broken down by sector). Presentation in prior-year prices is a method of calculating price-adjusted GDP. The percentage change in price-adjusted GDP serves as a measure of economic growth and is thus the key figure in the national accounts.