Balancing item of the external balance of goods and services represents the difference between exports and imports of goods and services; they can be calculated separately for transactions of goods and services.
products and including subsidies on products.
Non-market production is evaluated at current prices using
market prices at similar goods and services sold on the market, when it is possible to determine them, or,
by expenditures on production when market prices are not available.
Capital transfers constitute operations with unique character and considerable as value, related to the procurement or sale of the participants’ assets in these operations. Here are also included taxes on capital, subsidies for investments and other capital transfers.
Changes in stocks (CS) represent the difference between stocks at the beginning and at the end of period. The stocks represent the goods which are not included in the gross fixed capital formation existing in the production unit. By convention, households (as consumers) do not have stocks. Also, the branches of public administration and of non-profit institutions serving households sector with non-market production purposes do not have stocks, except the strategic ones.
Current market price includes marketing and transport margins, taxes on products and excludes the subsidies on products. In order to eliminate the influence of various taxes and subsidies in different branches of the economy on the structure of production and generation of income, branch indicators are valued at basic prices.
Current transfers include the current taxes on incomes and welfare, payments for social security, voluntary payments and gifts which do not have capital character, fines etc.
Deflator index is the ratio of gross domestic product GDP calculated in current market prices to the volume of gross domestic product calculated in prices of the previous year.
Earnings include payments for time worked, time not worked and in kind. They include payments for piecework or for shiftwork, bonuses, allowances, tips, commissions, etc. They are recorded in the period in which work is accomplished. However, additional bonuses or other exceptional payments (thirteenth month salary, payments for previous periods etc.) are recorded when due to be paid.
Economic activity – the process that leads to the production of a similar set of outputs (goods, services), which characterizes the most aggregated categories of classification of economic activities.
Expenditures for final consumption represent the expenses of households and public administration for individual and collective goods and services, as well as the expenses of the non-profit institutions serving households sector.
Expenditures for final consumption of households represent the expenses of households for procuring goods and services used to directly meet the human individual needs of the resident households.
Expenditures for final consumption of non-profit institutions serving households sector represent the expenses of these units for procuring goods and services so as to supply them free of charge to households as social transfers in kind.
Expenditures for final consumption of public administration for collective services include the services provided from the National Public Budget account by enterprises and organizations for the benefit of collectives or some groups of households.
Expenditures for final consumption of public administration for individual services and goods cover the expenses of public administration for procurement of goods and services for the individual benefit of households.
Exports of goods and services represent the transactions of goods and services (sale, barter, donations, etc.) made by residents to the non-residents.
Financial corporations sector includes the institutional units, whose main function is funding i.e. collection, transformation and redistribution of financial assets. The main resources of these units constitute the funds resulting from the commission works performed, interests, securities, bonds and interest received. This sector includes crediting and security companies, insurance companies and other financial corporations.
Fixed capital consumption represents the decrease of the fixe capital value, used in the production process during the reported period, as a result of the physical and moral wear and tear, or as a result of some deterioration.
Gross Capital Formation measures the net value of resident units’ acquisitions of goods and services, produced but not consumed in the current period, and includes the gross fixed capital formation, the stocks variation.
Gross Disposable Income measures the part from new created value, that nation has, for final consumption and gross economy. This is equal to balance of primary incomes (gross) minus incomes transmitted as current transfers plus current incomes received by resident units from the rest of the world.
Gross Domestic Product (GDP) – the main macroeconomic aggregate of the System of National Accounts, that characterizes the final result of production activity of resident producing units, and which corresponds to the value of goods and services, produced by these units for final consumption.
Gross Economy represents the balance of use of gross disposable income and measures the part from gross disposable income which is not used for the expenditure of final consumption.
Gross Fixed Capital Formation (GFCF) represents the value of tangible assets, purchased by the resident units in order to be used in the production process.
Gross National Incomes (GNI) represents the primary incomes of resident institutional units in the result of their direct participation in the production process and from property, when making a certain asset available to another institutional unit (this being called property income). The GNI replaces and is conceptually equivalent with the Gross Domestic Product.
Gross Value Added (GVA) is the balancing item of production account and is measured as the difference between the value of goods and services produced (assessed in basic prices) and intermediate consumption (assessed in purchaser’s prices), thus representing the new value created in the production process. The GVA is calculated before calculating the fixed capital consumption.
Imports of goods and services represent the transactions of goods and services (procurement, barter, donation, etc.) made by non-residents to residents.
Institutional sector – regrouping of institutional units in assemblies, from the point of view of main functions performed and sources of financing.
Institutional unit – the resident economic unit (having an interest centre thus developing an economic activity not less than one year on the given territory), being able to take decisions exercising its main function and/or being the owner of assets (has both accounting documents including all the economic and financial operations performed during the period, as well as a balance of its assets and liabilities).
Intermediate Consumption (IC) represents the value of goods and services (except the consumption of fixed capital) which are transformed or totally consumed during the production process.
Labor force employment covers all the persons employed in one of the production activities (within the production limits of the national accounts). Labor force employment includes the employees (work based on an individual work contract for another resident unit or particular population household, and is remunerated) and non-employees (employers – owners of enterprises without the status of a legal entity, own account workers, etc.). The labor force employment may be divided depending on the economic activity; this breakdown is not offered by national accounts, but by the respective area.
National Accounts represent a coherent and detailed set of macroeconomic indicators providing a comparable and complete image of the economic activity of the country. The indicators obtained because of developing the national accounts represent the most complex macroeconomic analysis tools, which generate the real possibility for the society to measure its performance and to adjust its future conducts.
Non-financial corporations sector comprises the non-financial institutional units whose main function is to produce non-financial goods and services for market purposes and whose main resources derive from sale of production.
Non-profit institutions serving households sector regroups the institutional units, that render non-market services to households and whose resources, come from voluntary contributions made by households, also from ownership incomes. The sector includes social organizations, political parties, trade unions, religious cults, cultural and sports association etc.
Other subsidies on production – amounts granted by budget for covering losses.
Other taxes on production (OTP) constitute all the taxes, except the taxes on products, which are paid by the enterprises and organizations during their participation in the production process.
Ownership Incomes – include the incomes, receivable or payable, paid by institutional units on the use of financial assets, land and other non-financial, non-production assets.
Principles of evaluation. In the System of National Accounts, the evidence of economic operations is made in prices used at the moment of transactions (current prices).
Production of goods and services for market purposes represents the production which is or can be sold at prices of economic significance.
Production of services for non-market purposes constitutes the production provided for other institutional units for free or at prices which are not economically significant.
Public Administration sector includes the institutional units, whose main function is to produce nonmarket services intended for individual and collective consumption and to perform operations of redistribution of state incomes. The resources of these units are formed based on the mandatory contributions made by other institutional sectors.
Remuneration of employees represents the total remuneration in monetary or in kind, paid by the employer to the employee for the work performed in the reporting period. The remuneration of employees includes (a) earnings (direct salaries, bonuses and allowances) and (b) social contributions of employers.
Rest of the World - the economic relations with other countries are reflected in the “Rest of the World”, that brings together all non- residential institutional units, in the cases in which they interact with residents.
Social contributions to be paid by employers – represent the payment made by the employers to the state or private social insurance funds for guarantying their employees the right to receive social benefits in case of certain events or some special conditions, which may have a negative impact on the employees’ wellbeing – sickness, work accidents, retirement, unemployment etc. These payments include mandatory, conventional, contractual and voluntary contributions that insure against social risks or needs.
Subsidies include subsidies on products and other subsidies on production.
Subsidies on products –amounts paid per unit of good and service produced or imported.
Taxes on products – taxes paid proportionally to the quantity or the value of goods and services produced, sold or imported by the residents. Here are included the value added tax, excises, taxes on imported goods and services.
Transfer represents the transaction in which one institutional unit provides a good, service or asset (financial or non-financial) to another unit, without receiving from the last any goods, services or assets in return as counterpart. There are current, capital and social transfers in kind.