Gross Value Added
Gross Value Added is the value of output minus the value of intermediate consumption. It is a measure of the contribution to GDP made by an individual producer, industry, or sector. It is the source from which the primary incomes of the System of National Accounts are generated including gross domestic product (GDP). GDP is an indicator of the health of a national economy and economic growth, representing the monetary value of all products and services produced in the country within a defined period of time. GVA measures the economic welfare of the population because it includes all primary incomes. GDP measures economic growth and welfare society as a whole, because it includes indirect taxes minus subsidies, which are the financial basis for the collective consumption of the society.