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Monday, 27 February 2017|

National Accounts

  1. What is GDP?
    GDP is a measure of the total value of production of all resident producing units of a country in a specified period, before deducting allowances for consumption of fixed capital. A producing unit is considered as resident in a country if it maintains a centre of economic interest in the economic territory of that country. The economic territory of a country consists of the geographic territory administered by a government within which persons, goods and capital circulate freely. GDP can be measured in three but equivalent ways, namely, the sum of value added, the sum of final expenditures and the sum of incomes. In Malaysia, DOSM compiles annual GDP estimates using the sum of value added and sum of final expenditure approaches.
  2. How is GDP measured?
    There are three ways of measuring GDP:
    1.  The sum of value added (or production) based GDP is the sum of the differences between the values of the gross output of resident producing units measured in producers' values and the values of their intermediate consumption measured in purchasers' values plus import duties. The difference between gross output and intermediate consumption is value added. This approach shows the contribution of individual economic activities to the total GDP.
    2. Income based estimates – summing up the incomes generated (i.e salaries and wages, gross operating surplus of enterprises and mixed income generated by households that engage in production)
    3. The sum of final expenditures (expenditure) approach is to sum up the expenditure values of the final users of goods and services measured in purchasers' values, less the c.i.f. values of the import of goods and services. It is calculated by estimating the values of private consumption expenditure, government consumption expenditure, gross fixed capital formation, change in stocks and exports of goods and services, less imports of goods and services. These are termed `final demand' or 'final expenditure' categories.
  3. What is GDP by State?
    GDP by State is a compilation of GDP which covers 13 states and 2 Federal territories in Malaysia. The compilation is based on production approach and is measured at 2005 constant price.
  4. What Key Standards are used in compiling the National Accounts?
    System of National Accounts
    The United Nations System of National Accounts (often abbreviated as "SNA" ) is an international standard system of national accounts, the first international standard being published in 1953 . Handbooks have been released for the 1968 revision, the 1993 revision, and the 2008 revision.