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Basically, GDP is a concept of value added. It is the sum of gross value added of all resident producer units (institutional sectors or, alternatively, industries) plus that part (possibly the total) of taxes, less subsidies, on products which is not included in the valuation of output. Gross value added is the difference between output and intermediate consumption.
International Monetary Fund (1993) [ System of National Accounts 1993) (EPub), p. 41 | ||
