National accounts

National accounts are a system of statistics that records an economy’s production, income, expenditure, and related transactions, including flows between sectors and the rest of the world.

Gross domestic product: Gross domestic product measures the value of final goods and services produced within a country during a period. It is the central aggregate that reconciles production, income, and expenditure accounts.
System of National Accounts: The System of National Accounts is the internationally agreed framework for compiling comparable national economic statistics. It specifies the concepts, classifications, and accounting rules used in national accounts.
National income: National income is the total income earned by a country’s residents from production, including net income from abroad. It shifts attention from production within borders to income accruing to residents.
Informal economy: The informal economy comprises production and work not fully covered by formal regulation, taxation, or statistical reporting. Its estimated production can be missed or approximated in measured national output.
Simon Kuznets: Simon Kuznets was an economist who helped develop national income measurement and received the 1971 Nobel Memorial Prize in Economic Sciences. His early estimates and cautions shaped the emergence of national income accounting.
Value added: Value added is the value of output minus the value of goods and services used up in producing it. Summing industries’ value added avoids counting intermediate inputs repeatedly in output.
Input-output analysis: Input-output analysis represents interindustry purchases and sales in tables or models of an economy. Supply-use data reveal how industries’ outputs become other industries’ inputs and final demand.
Gross national income: Gross national income measures income earned by residents, adding net primary income from abroad to domestic output. It is used when residents’ income differs from production inside the country.
Unpaid work: Unpaid work is productive activity performed without direct monetary compensation, including much household care and domestic labor. Most unpaid household services fall outside measured GDP despite their economic value.
Great Depression: The Great Depression was a worldwide economic crisis that began in 1929 and lasted through much of the 1930s. The crisis exposed governments’ need for systematic measures of economic activity.

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