Explanatory Notes on Main Statistical Indicators
Gross
Domestic Product
refers to the final products at market prices produced by all resident
units in a country (or a region) during a certain period of time.
From the aspect of value added form, GDP
refers to the total value of all products and services produced by all resident
units during a certain period of time minus total value of inputs of
non-fixed-assets products and services or the summation of the value added of
all resident units; the form of products refers to all final goods and services
minus imports of goods and services. In the practice of national accounting, it
is calculated by three approaches, i.e. product approach, income approach and
expenditure approach, respectively, to reflect Gross Product and its
composition of different aspects. According to the national regulations of GDP,
Tianjin Gross Product Value is called Tianjin GDP for short.
Compensation
of Employees
refers to the whole payment of various forms earned by the labourers from the productive activities they are engaged
in. It includes wages, bonuses and allowances the labourers
earned in monetary form and in kind. It also includes the free medical services
provided to the labourers and the medicine expenses,
traffic subsidies, social insurance fee and housing provident fund paid by the labourer��s working units for them.
Depreciation
of Fixed Assets
refers to the depreciation of fixed assets of a given period, drawn in
accordance with the stipulated depreciation rate for the purpose of
compensating the wear loss of the fixed assets or the depreciation of fixed
assets calculated in a fictitious way in accordance with the stipulated unified
depreciation rate in the national economic accounting system. It reflects the
value of transfer of the fixed assets in the production of the current period.
The depreciation of fixed assets in various enterprises and institutions
managed as enterprises refers to the depreciation expenses actually drawn. In
government agencies and institutions not managed as enterprises which do not draw
the depreciation expenses, as well as for the houses of residents, the
depreciation of fixed assets is the imputed depreciation, which is calculated
in accordance with the stipulated unified depreciation rate. In principle, the
depreciation of fixed assets should be calculated on the basis of the
re-purchased value of the fixed assets. However, there is no actual condition
to re-evaluate all the fixed assets in
Net
Taxes on Production
refer to the residual of the taxes on production minus the subsidies on
production. The taxes on production refers to the various taxes, extra charges
and fees levied on the production units on their production, sale and business
activities as well as on some sectors of production, such as fixed assets, land
and labour force, used in the production activities
they are engaged in. In contrast to the taxes on production, the subsidies on
production refer to the unilateral transfer of part of the government��s revenue
to the production units and are therefore regarded as negative taxes on
production. They include subsidies on the loss due to implementation of
government policies, price subsidies, etc.
Operating
Surplus
refers to the balance of the value added created by the resident units
deducting the labourer��s remuneration, net taxes on
production and the depreciation of fixed assets. It is equivalent to the
business profit of the enterprises plus subsidies on production, but the wages
and welfare expenses paid from the profits should be deducted.
Final
Consumption Expenditures
refer to the total expenditure of resident units on final consumption of
goods and services in a certain period, namely the expenditure of the resident
units for purchases of goods and services from domestic economic territory and
abroad to meet the requirements of material, cultural and spiritual life. It
excludes the consumption expenditure of non-resident units on consumption in
the economic territory of the country. The final consumption is classified into
households��consumption and government consumption.
Households
Consumption Expenditures
refers to the total expenditure of resident households on the final
consumption of goods and services. In addition to the consumption of goods and services
bought by the households directly with money, the households consumption also
includes expenditure on goods and services obtained by the households on other
ways, i.e. the goods and services provided to the households by the units in
the form of payment in kind and transfer in kind; the goods and services
produced and consumed by the households themselves, in which the services refer
only to the owner-occupied housing and domestic services provided by the paid
household workers; financial intermediate services provided by financial
institutions; insurance services provided by insurance companies.
Government
Consumption Expenditures
refers to the expenditure on the consumption of the public services
provided by the government to the whole society and the net expenditure on the
goods and services provided by the government to the households at free charge
or lower prices. The former equals to the output value of the government
services minus the value of operating income obtained by the government
departments, the output value of the government services equals to its current
operating expenditure plus depreciation of fixed assets. The latter equals to
the market value of the goods and services provided by the government free of
charge or at low prices to the households minus the value received by the
government from the households.
Gross
Capital Formation
refers to the fixed assets acquired minus those disposed and the net value
of inventory, including the total fixed assets formation and the increase in
inventory.
Gross
Fixed Capital Formation
refers to the value of fixed assets acquired minus those disposed of
during a given period. Fixed assets are the assets produced through production
activities with specified unit value which could be used for over one year,
excluding natural assets. Total fixed capital formation can be categorized into
total tangible assets formation and total intangible assets formation. The
total tangible assets formation include the value of the construction projects,
installation projects completed and the equipment, apparatus and instruments
purchased as well as the value of land improved, the value of draught animals,
breeding stock, animal for milk, wool and for recreational animals purpose and
the newly increased forest with economic value during a given period. The total
intangible assets formation includes the prospecting of minerals, the
acquisition of computer software minus the disposal of them.
Change
in Inventory
refers to the market value of the change in inventory of resident units
during a given period, i.e. the difference of value between the beginning and
the end of the period minus the current gains due to the change in prices. The
increase in inventory can be positive or negative. A positive value indicates
the increase in inventory while a negative value indicates the decrease in
stock. The inventory includes the raw materials, fuel and reserve materials
purchased by the production units as well as the inventory of finished
products, semi-finished products, etc.
Net
Exports of Goods and Services
refers to the balance of the exports of goods and services minus the
imports of goods and services. The imports include the value of various goods
and services sold or gratuitously transferred by the resident units to the
non-resident units. The imports include the value of various goods and services
purchased or gratuitously acquired by the resident units from the non-resident
units. Because the provision of services and the use of them happen
simultaneously, the import and export of services do not appear to have the
phenomena of crossing the border of the country. The acquisition of services by
the resident units from abroad is usually treated as import while the
acquisition of services by non-resident units in this country is usually
treated as export. The export and import of goods are calculated at FOB. The
formula for calculating is as followed:
Net Export of Goods and Services = Value of
Export of Goods and Service - Value of Import of Goods and Services