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Glossary "G"

GDI. See Gross domestic income (GDI)

GDP. See Gross domestic product (GDP)

GDP by state. See Gross domestic product (GDP) by state

GDP price index. See Gross domestic product (GDP) price index

GDP-by-industry accounts. See Gross domestic product (GDP)-by-industry accounts

General government sector. Includes production by all Federal, state, and local government agencies except for government enterprises. Related terms: Business sector, Households and institutions sector.

GNP. See Gross national product (GNP)

Government consumption expenditures. Expenditures consisting of compensation of general government employees, consumption of fixed capital (CFC), and intermediate purchases of goods and services less sales to other sectors and own-account production of structures and software. It excludes current transactions of government enterprises, interest paid or received by government, and subsidies. Related terms: Government consumption expenditures and gross investment.

Government consumption expenditures and gross investment. The value of services produced by government, measured as the purchases made by government on inputs of labor, intermediate goods and services, and investment expenditures. It is the sum of government consumption expenditures and government gross investment.

Government current expenditures. Expenditures consisting of government consumption expenditures, current transfer payments, interest payments, and subsidies.

Government current receipts. Receipts consisting of current tax receipts, contributions for government social insurance, income receipts on assets, current transfer receipts from business and persons, and the current surplus of government enterprises.

Government enterprise. See Government enterprises

Government enterprises. Government agencies that cover a substantial portion of their operating costs by selling goods and services to the public and that maintain their own separate accounts. Related terms: .

Government gross investment. Expenditures consisting of government purchases of structures, equipment, and own-account production of structures and software. It includes investment expenditures by both general government agencies and government enterprises.

Government social benefits. Includes benefits from government social insurance funds and from certain other programs.

Gross domestic income. See Gross domestic income (GDI)

Gross domestic income (GDI). The costs incurred and the incomes earned in the production of gross domestic product (GDP). In theory, GDI should equal GDP, but in practice they differ because their components are estimated using largely independent and less-than-perfect source data. The difference between the two is termed the statistical discrepancy. Related terms: .

Gross domestic investment. The sum of gross private domestic fixed investment, the change in private inventories, and government gross investment.

Gross domestic product. See Gross domestic product (GDP)

Gross domestic product (GDP). The market value of goods and services produced by labor and property in the United States, regardless of nationality; GDP replaced gross national product (GNP) as the primary measure of U.S. production in 1991. Related terms: .

Gross domestic product (GDP) by state. A measurement of a state's output; it is the sum of value added from all industries in the state. GDP by state is the state counterpart to the Nation's gross domestic product (GDP). Related terms: .

Gross domestic product (GDP) price index. Measures the prices paid for goods and services produced by the U.S. economy and is derived from the prices of personal consumption expenditures (PCE), gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. It differs from the gross domestic purchases price index in that it ignores price changes in imports of goods and services and includes price changes in exports of goods and services. Related terms: .

Gross domestic product (GDP)-by-industry accounts. A set of accounts that present the contribution of each private industry and government to the Nation's gross domestic product (GDP). An industry's contribution is measured by its value added, which is equal to its gross output minus its intermediate purchases from domestic industries or from foreign sources. The GDP-by-industry accounts are consistent with the annual input-output (I-O) accounts. Related terms: .

Gross domestic product price index. See Gross domestic product (GDP) price index

Gross domestic product-by-industry accounts. See Gross domestic product (GDP)-by-industry accounts

Gross domestic purchases. The market value of goods and services purchased by U.S. residents, regardless of where those goods and services were produced. It is gross domestic product (GDP) minus net exports of goods and services. Equivalently, it is the sum of personal consumption expenditures (PCE), gross private domestic investment, and government consumption expenditures and gross investment.

Gross domestic purchases price index. Measures the prices paid for goods and services purchased by U.S. residents. This index is derived from the prices of personal consumption expenditures (PCE), gross private domestic investment, and government consumption expenditures and gross investment. It differs from the gross domestic product (GDP) price index in that it excludes price changes in exports of goods and services and includes price changes in imports of goods and services.

Gross investment. The sum of gross private domestic investment, government gross investment, and balance on current account, national income and product acounts.

Gross national product. See Gross national product (GNP)

Gross national product (GNP). The market value of goods and services produced by labor and property supplied by U.S. residents, regardless of where they are located. It was used as the primary measure of U.S. production prior to 1991, when it was replaced by gross domestic product (GDP). Related terms: .

Gross operating surplus. Value derived as a residual for most industries after subtracting total intermediate inputs, compensation of employees, and taxes on production and imports less subsidies from total industry output. Gross operating surplus includes consumption of fixed capital (CFC), proprietors' income, corporate profits, and business current transfer payments (net). Prior to 2003, it was referred to as other value added or property-type income.

Gross output. Consists of sales, or receipts, and other operating income, plus commodity taxes and changes in inventories.

Gross private domestic investment. Private fixed investment and change in private inventories. It is measured without a deduction for consumption of fixed capital (CFC), includes replacements and additions to the capital stock, and excludes investment by U.S. residents in other countries. Related terms: Gross domestic investment, Gross investment.

Gross state product. See Gross domestic product (GDP) by state