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Published by source: 10 May 2019
Regional accounts are a regional specification of the national accounts and therefore based on the same concepts and definitions as national accounts (see domain nama10). The main specific regional issues are addressed in chapter 13 of ESA2010, but not practically specified. For practical rules and recommendations on sources and methods see the publication "Manual on regional accounts methods": http://ec.europa.eu/eurostat/en/web/products-manuals-and-guidelines/-/KS-GQ-13-001 . Gross domestic product (GDP) at market prices is the final result of the production activity of resident producer units. It can be defined in three ways: 1. Output approach GDP is the sum of gross value added of the various institutional sectors or the various industries plus taxes and less subsidies on products (which are not allocated to sectors and industries). It is also the balancing item in the total economy production account. 2. Expenditure approach
GDP is the sum of final uses of goods and services by resident institutional units (final consumption expenditure and gross capital formation), plus exports and minus imports of goods and services. At regional level the expenditure approach cannot be used in the EU, because there is no data on regional exports and imports. 3. Income approach GDP is the sum of uses in the total economy generation of income account: compensation of employees plus gross operating surplus and mixed income plus taxes on products less subsidies plus consumption of fixed capital. The different measures for the regional GDP are absolute figures in € and Purchasing Power Standards (PPS), figures per inhabitant and relative data compared to the EU28 average.