Gross Domestic Product by Income Approach

Gross domestic product (GDP) is the total unduplicated value of the goods and services produced in the economic territory of a country or region during a given period.

GDP can be measured in three ways. The production approach, the income approach and the expenditure approach.

The income approach consists of summing all the factor, or primary, incomes earned in the production process plus taxes less subsidies on products. More generally, this consists of the earnings resulting from the use of labour and capital in the production of goods and services during an accounting period.

The following table includes estimates of gross domestic product at market prices using the income approach.