Economic outlook, analysis and forecasts

EO Sources - Notes to statistical annex tables 1-10: Demand and Output

 

A compact file detailing sources and notes by country and account are given in the Economic Outlook Statistical Sources file

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Table 1  Real GDP 
Table 2  Nominal GDP 
Table 3  Real private consumption expenditure 
Table 4  Real public consumption expenditure 
Table 5  Real total gross fixed capital formation 
Table 6  Real gross private non-residential fixed capital formation 
Table 7  Real gross private residential fixed capital formation 
Table 8  Real total domestic demand 
Table 9  Foreign balance contributions to changes in real GDP
Table 10 Output gaps

Annex Table 1 - Real GDP

Definition: Real gross domestic product expenditure-based.
GDP expenditure based is measured as the expenditure on final goods and services minus imports: final consumption expenditure (private and public), gross capital formation, and exports of goods and services less imports of goods and services.
Notes: Most OECD countries provide real GDP using chain indices to measure volume growth; the resulting chain constant price estimates in a reference year are not additive. (See Annex Table: National accounts reporting systems base-years and latest data updates. For further discussion of the treatment of the chain-weighted data in the Economic Outlook and the implications of chain-weighting for the additivity of the expenditure accounts, see Beffy et al. (2006) and Economic Outlook Frequently Asked Questions.

Related links:   constant prices , The 1993 System of National Accounts, Glossary and OECD (2008), Understanding Economic Statistics: An OECD Perspective, OECD Publishing.
Last updated: December 2011

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Annex Table 2 - Nominal GDP

Definition: Gross domestic product, expenditure based, in current prices.
GDP expenditure based is measured as the expenditure on final goods and services minus imports: final consumption expenditure (private and public), gross capital formation, and exports of goods and services less imports of goods and services.

Related links:   constant prices , The 1993 System of National Accounts, Glossary and OECD (2008), Understanding Economic Statistics: An OECD Perspective, OECD Publishing.
Last updated
: December 2011

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Annex Table 3 - Real private consumption expenditure

Annex Table 4 - Real public consumption expenditure

Annex Table 5 - Real total gross fixed capital formation

Annex Table 6 - Real gross private non-residential fixed capital formation

Annex Table 7 - Real gross private residential fixed capital formation

Definition: Private consumption expenditure: Final consumption expenditure of households and private non-profit institutions serving households. Public consumption expenditure: Final consumption expenditure of general government. Gross fixed capital formation: The outlays (purchases and own-account production) of industries, producers of government services and producers of private non-profit services to households, on additions of new durable goods (commodities) to their stocks of fixed assets less their net sales of similar second-hand and scrapped goods.
Notes: National account data do not always provide a sectoral breakdown of investment expenditures, and for some countries data are estimated by the OECD.
Most OECD countries provide real GDP components using chain volume series expressed in a reference year. Mexico and Chile currently produce fixed-base volume estimates.
For further discussion of the treatment of the chain-weighted data in the Economic Outlook and the implications of chain-weighting for the additivity of the expenditure accounts, see Beffy et al. (2006) and Economic Outlook Frequently Asked Questions.

Related links:   constant prices , The 1993 System of National Accounts, Glossary and OECD (2008), Understanding Economic Statistics: An OECD Perspective, OECD Publishing.
Last updated
: December 2011

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Annex Table 8 - Real total domestic demand

Definition:  Total final domestic demand is defined as the sum of final consumption, investment and stock building expenditures by the private and general government sectors in real terms. Most OECD countries provide real GDP components using chain volume series expressed in a reference year. Mexico and Chile currently produce fixed-base volume estimates. For further discussion of the treatment of the chain-weighted data in the Economic Outlook and the implications of chain-weighting for the additivity of the expenditure accounts, see Beffy et al. (2006) and Economic Outlook Frequently Asked Questions

Related links:   constant prices , The 1993 System of National Accounts, Glossary and OECD (2008), Understanding Economic Statistics: An OECD Perspective, OECD Publishing.
Last updated
: December 2011

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Annex Table 9 - Foreign balance contributions to changes in real GDP

Definition: The foreign balance contribution is measured as the difference between the growth in real exports and imports weighted respectively by: the share of nominal exports and imports in nominal GDP of the previous period (for countries with chain-linked estimates) or the share of export and import volumes in real GDP of the previous period (for countries with fixed-base volume estimates). 
Related links:  constant prices , The 1993 System of National Accounts, Glossary and OECD (2008), Understanding Economic Statistics: An OECD Perspective, OECD Publishing.
Last updated
: December 2011

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Annex Table 10 - Output gaps

Definition: The output gap is measured as the percentage difference between the levels of actual GDP and estimated potential GDP, both in  real terms.
Notes:  Potential GDP is estimated using a production function method with the exact specification varying across countries depending on data availability. For most countries potential output is estimated using data on the capital stock, total factor productivity and potential employment, which in part depends on estimates of the structural rate of unemployment (NAIRU). For countries where relevant component data are not available, potential output estimates are based on filtered trend values of actual GDP.  It should be noted that potential output estimates are subject to significant margins of error.
For further details see Giorno et al. (1995), Richardson et al (2000)Turner et al (2001)Beffy et al. (2006) and Gianella et al. (2008) and Guichard and Rusticelli (forthcoming).
Related links: Forecasting tools and analytical methods (link)
Last updated: December 2011
For individual country notes see Economic Outlook Statistical Sources file

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OECD Economic Outlook No. 75 Annex Tables - Table of Contents

OECD Economic Outlook No. 75, June 2004

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