GDP = Gross value added at basic prices + Taxes on products – Subsidies on products Gross outputTotal value of output of goods and services at basic prices Less Total intermediate consumption at purchasers' prices (not including deductible VAT) = Gross Value AddedGross value added at basic prices LessOther taxes less subsidies on production Less Compensation of employees Wages and salaries Bonuses & allowances Social insurance payable by employers Less Consumption of fixed capital (imputed on fixed assets EqualNet operating surplus For non-market activity Net operating surplus is zero VA can be calculated directly
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