National Accounts

Basic Price

The amount receivable by the producer from the purchaser for a unit of a good or service produced as output minus any tax payable, and plus any subsidy receivable, on that unit as a consequence of its production or sale; it excludes any transport charges invoiced separately by the producer.

Compensation of Employees

Total remuneration payable by an enterprise to an employee in return for work done. It can be paid in cash or in kind. Examples include basic wage, bonuses, welfare benefits and employers' CPF contributions.

Constant Price Estimates

Estimates which exclude the effects of price changes from period to period. For example, GDP at constant prices refers to GDP adjusted for price changes.

Consumption of Fixed Capital

The decline, during the course of the accounting period, in the current value of the stock of fixed assets owned and used by a producer as a result of physical deterioration, normal obsolescence or normal accidental damage.

Current Price Estimates

Estimates which are valued based on prices of the period to which the observation relates. For example, current price estimates for year 2008 are valued at 2008 prices.

Domestic Territory

In addition to the territory lying within the political frontiers of a country, domestic territory includes:

  • ships and aircraft which are entirely or mainly operated by residents of the country;
  • fishing vessels, oil and natural gas rigs, and floating platforms which are wholly or mainly operated by the residents of the country; and
  • the embassies, consulates and military establishments of the country located abroad.

However, it excludes overseas territories and possessions.

Expenditure-based Gross Domestic Product (GDP)

The sum of private consumption expenditure, government consumption expenditure, gross capital formation and net exports of goods & services.

External Demand

The exports of goods and services.

Final Domestic Demand

The sum of private consumption expenditure of households including non-profit institutions serving households, government consumption expenditure and gross capital formation.

Government Consumption Expenditure

Expenditures incurred by the general government on consumption goods and services provided to the general public.

Gross Capital Formation

Total value of gross fixed capital formation and changes in inventories

Gross Domestic Product (GDP)

Aggregate value of the goods and services produced in the economic territory of Singapore. The GDP estimates are compiled based on the output or production, expenditure and income approaches. See Output-based GDP, Expenditure-based GDP and Income-based GDP.

Gross Domestic Product (GDP) at Constant Prices

GDP adjusted for price changes to reflect the real value of output or expenditure over time. Currently, the price structure of 2010 is used as the base to which the goods and services in other years are re-valued.

Gross Domestic Product (GDP) Deflators

A broad measure of the change in the overall level of prices of the goods and services that make up GDP between the base year and any other period. The deflators are derived as the ratio of the current price value of a component of GDP to its corresponding constant price value, with the base year index set at 100.

Gross Fixed Capital Formation

Acquisitions, less disposals, of fixed assets during the accounting period plus improvements to land.

Gross National Income (GNI)

The aggregate value of the gross balances of primary incomes (incomes arising from the involvement in production processes or ownership of assets) receivable by resident units. See net national income.

Gross Operating Surplus

The surplus accruing to owners from production before deducting any explicit or implicit interest charges, rent or other property incomes payable on the financial assets, land and other natural resources required to carry on the production.

Household

Consists of a group of two or more persons living together in the same house and sharing common food or other arrangements for essential living. It also includes a person living alone or with others but having his own food arrangements. Although persons may be living in the same house, they may not be members of the same household.

Income Components of Gross Domestic Product (GDP)

The sum of incomes generated from the domestic production of goods and services. These include compensation of employees, gross operating surplus and taxes less subsidies on production and on imports.

Input-Output Tables

A set of tables derived from the Supply and Use Tables (SUTs). They are useful for economic modelling and impact studies when supplemented with relevant information.

Inventories

The amount of materials and supplies, work-in-progress, finished goods and goods for resale.

Market Prices

The prices actually paid by the purchaser.

Net Income from Abroad

Primary income received by residents of a country from abroad less primary income paid abroad to non-residents.

Net National Income

Gross national income less consumption of fixed capital. See gross national income.

Output-based Gross Domestic Product (GDP)

The sum of gross value added generated by economic activities in the domestic economy.

Ownership of Dwellings

Housing services provided by owner-occupiers and individuals who let out their residential properties.

Private Consumption Expenditure

The final purchases of goods and services by resident households including non-profit institutions serving households.

Producer's Price

The amount receivable by the producer from the purchaser for a unit of a good or service produced as output minus any VAT, or similar deductible tax, invoiced to the purchaser. It excludes any transport charges invoiced separately by the producer.

Productivity

Measures how much output is produced relative to the inputs of labour, capital (plant and equipment) and technology. An increase in productivity implies that more output can be produced with the same or less inputs.

Real Value Added (VA) per Worker, or Labour Productivity, measures output per unit of labour input. VA is generally used as the measure of output, while labour input may be measured by number of employed persons or hours worked per employee.

Multifactor productivity (MFP) relates output to a set of combined inputs, usually labour and capital. A change in MFP reflects the change in output that cannot be accounted for by the change in the combined inputs. It thus measures the effects of changes such as technological progress, changes in the organisation of production, etc.

Purchaser's Price

The amount paid by the purchaser, excluding any deductible VAT or similar deductible tax, in order to take delivery of a unit of a good or service at the time and place required by the purchaser. The purchaser’s price of a good includes any transport charges paid separately by the purchaser to take delivery at the required time and place.

Remuneration

The total remuneration of employees. Remuneration comprises three components, namely:

  • Wages and salaries
  • Employers' contribution to Central Provident Fund (CPF) or pension funds
  • Other benefits

It does not include the remuneration of working proprietors and partners.

Residence

A concept used for the compilation of the national accounts and balance of payments estimates. Residents of a country include individuals residing in the country, corporations and enterprises located in the country as well as its embassies, military units, and official missions stationed abroad.

Supply and Use Tables

A set of product-by-industry tables of detailed transactions between producers and consumers in the economy. These tables provide details on:

  • Value-added generated by industries;
  • Cost of inputs and labour incurred;
  • Flow of goods and services produced in the economy.

Taxes less Subsidies on Production and Imports

Comprises taxes on products and other taxes less subsidies on production.

Taxes on products are taxes payable per unit of goods and services when they are produced, delivered, sold, transferred or disposed of by their producers.

Other taxes less subsidies on production consists of production taxes or subsidies. Production taxes are payable by enterprises during the process of production. Examples include foreign worker levy and property tax. Production subsidies are receivable by enterprises during the process of production. Examples include jobs credit pay-outs and government-paid maternity leave.

Total Demand

The sum of total domestic demand and external demand. Contribution to total demand of a segment is derived by taking total demand as the base.

Total Domestic Demand

The sum of private consumption expenditure of households including non-profit institutions serving households, government consumption expenditure and gross capital formation

Value Added (by Output approach)

Value less intermediate consumption.

Output is income from sale of goods and/or services rendered while intermediate consumption is value of goods and services consumed as inputs by a process of production, e.g. materials, utilities, fuel, rental paid for premises and equipment, banking and financial charges and other operating costs.