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Last edited 16 Nov 2020
Gross value added (GVA)
Gross value added (GVA) is an economic metric that quantifies the value added to goods and services produced. This is representative of the contribution to the economy of producers, or the wider industry or sector.
It can be determined by the production approach, the income approach or the expenditure approach:
- The production approach estimates the value of output goods or services minus the value of inputs to the production process.
- The income approach determines the incomes earned by individuals and corporations producing the goods or services.
- The expenditure approach determines total expenditure on goods and services produced in the domestic economy.
The relationship between GVA and GDP is:
This can be restated in order to measure the gross regional domestic product and other measures of the output of entities smaller than the economy as a whole. This can be necessary since the total aggregates of taxes and subsidies on products are only available at the whole economy level:
GDP + subsidies - taxes = GVA
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