Gross Output is the total value of all goods and services produced during the accountancy period adjusted for change in stock of finished goods and work in progress. Output consists only those goods and services produced within an establishment that became available for use outside that establishment.

Value Added is a measure of the additional value created by a process of production. It can be measured as gross or net Gross Value Added is defined as the value of output less the value of intermediate consumption. Net value added is defined as the value of output less the values of both intermediate consumption and consumption of fixed capital.

The Gross Domestic Product of a country is equal to the sum of the gross value added of all residential institutional units engaged in production plus any taxes and minus any subsidies not included in the value of their outputs.

Gross National Income (formerly GNP) equals GDP plus primary incomes receivable from the rest of the world less primary incomes payable to the rest of the world. Primary income includes compensation of employees, profits, dividends, interest, rent/royalties.

Trade statistics indicate the following:-

• The volume and value of food imports
• The principal countries of import
• Where to obtain the cheapest raw material
• To whom you can export
• The principal countries to whom we export

The Unemployment rate is calculated as follows:

Unemployment Rate = (Total Unemployed X 100)/Total Labour Force