Council Regulation (EC, Euratom) No 1287/2003Dangos y teitl llawn

Chapter I U.K. Definition and calculation of gross national income at market prices

Article 1 U.K.

1. Gross national income at market prices (GNI) and gross domestic product at market prices (GDP) shall be defined in accordance with the European system of national and regional accounts (ESA 95).

2. GDP is the final result of the production activity of resident producer units. It can be defined in three ways:

(a) GDP is the sum of gross value added of the various institutional sectors or the various industries plus taxes and less subsidies on products (which are not allocated to sectors and industries). It is also the balancing item in the total economy production account;

(b) GDP is the sum of final uses of goods and services by resident institutional units (actual final consumption and gross capital formation) plus exports and minus imports of goods and services;

(c) GDP is the sum of uses in the total economy generation of income account (compensation of employees, taxes on production and imports less subsidies, gross operating surplus and mixed income of the total economy).

3. GNI represents total primary income receivable by resident institutional units: compensation of employees, taxes on production and imports less subsidies, property income (receivable less payable), gross operating surplus and gross mixed income. GNI equals GDP minus primary income payable by resident units to non-resident units plus primary income receivable by resident units from the rest of the world.