By R. Allen
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Additional info for An Introduction to National Accounts Statistics
The contribution of increases in stocks to gross trading profits, and hence to GOP as income and output, is the excess of closing over opening book values. Call it for short Increase in book value of stocks (B) Here, as in (A), stocks include work in progress. (A) is incorporated in the expenditure measure, (B) in the income and output measure of GOP. The first is correct; the second is inconsistent and needs to be put right. The adjustment to the income and output measures is: first deduct (B) as incorrectly included and then add the correct (A).
Equally a small residual error does not necessarily imply that the totals are near to the 'correct' figure. The residual error may be positive or negative. It was negative in the UK estimates for 1969 and 1970. Subsequently and more usually it has been positive; the expenditure estimate is commonly the greater of the two. 6 Components of GDP at Factor Cost The estimates of GOP achieve total aggregates at the peak of a massive structure built up brick by brick from almost countless detail. In a genuine sense it is the components, and the vast detail each comprises, which matter.
The valuations at market prices rose rather more rapidly than those at factor cost. This is because a large increase in indirect taxes in the period was reinforced by an actual reduction in subsidies. As a result, net indirect taxes were about 90 per cent higher in 1978 than in 1975. 3, both at market prices and at factor cost. 3 above. In the first column of the table, total domestic expenditure is given in three broad components and adjusted, by adding exports and deducting imports, to get GDP at market prices.
An Introduction to National Accounts Statistics by R. Allen