National Accounts

Gross Domestic Product (GDP): Is the value of goods and services produced within the geographical boundaries of a country for a specified period of time, usually one year.

GDP at current prices: Is the value of goods and services measured at prices of the reporting period. The series is also usually referred to as being at nominal prices.

GDP at constant prices: Is the value of goods and services of a current year but determined using prices of a giver year or period, reffered to as a base or reference year. The series is also usually referred to as being at constant or real prices.

GDP at factor cost: Is the value of goods and services excluding indirect taxes on production such as sales tax, excise duties,etc

GDP at market prices: Is the value of goods and services including indirect taxes less subsidies on production, i.e prices paid by the final consumer of the goods and services.

Per Capita GDP: Is the average value of goods and services produced per person in the economy in a given period, usually one year. It is a measure of the relative welfare of the people in an economy.

Monetary and Non-monetary GDP
Goods and services produced in an economy may either be consumed directly or be marketed before being consumed. For purposes of ascertaining the total value of goods and services over the given period, in addition to the goods and services that are marketed (exchanged for money or other medium of exchange), we need to estimate the value of production that is not marketed, i.e. consumed directly by the producers. This production is very significant in most developing countries. Thus the marketed output is referred to as monetary while output that is consumed directly is referred to as non-monetary.