782 Glossary for Terms3 National Accounts Gross domestic product (GDP) GDP is the sum of the added value of goods and services produced within a certain period of time in Japan. This includes the added value of goods and services produced by foreign enterprises’ subsidiaries in Japan within their territories in Japan but does not include the added value of goods and services produced by Japanese enterprises' overseas branches. Conceptually, there are three dimensions: production, expenditure, and distribution. The GDPs of these three dimensions are conceptually consistent and are called the "three plane equivalents." In reality, however, the GDPs of these three dimensions are not necessarily consistent due to differences in their estimation methods. 4 Currency and Flow of Funds Monetary base The monetary base is the "Currency Supplied by the Bank of Japan" and is defined as follows. Monetary base = Banknotes in Circulation + Coins in Circulation + Current Account Balances (Current Account Deposits in the Bank of Japan) Financial institutions "Financial institutions" equals the sum of "central bank", "depository corporations", "securities investment trusts", "insurance and pension funds", "other financial intermediaries", "financial auxiliaries", and "public captive financial institutions". Non-financial corporations "Nonfinancial corporations" equals the sum of "private nonfinancial corporations" and "public nonfinancial corporations". General government "General government" equals the sum of "central government", "local governments", and "social security funds". Households < Flow of Funds Accounts > "Households" is based on the financial statement of financial institutions, the statistics on deposits (Amounts Outstanding of Deposits by Depositor, etc.), the statistics on loans (Loans and Bills Discounted by Sector, etc.), and the market data of bonds and stocks. Private non-profit institutions serving households (NPISH) < Flow of Funds Accounts > "Private non-profit institutions serving households (NPISH)" is estimated based on the financial statement of financial institutions, the statistics on deposits (Amounts Outstanding of Deposits by Depositor), the statistics on loans (Loans and Bills Discounted by Sector), the market data of bonds and stocks, the Survey on Private Non-profit Institutions released by the Cabinet Office, and the Today's Finance of Private released by the Promotion and Mutual Aid Corporation for Private Schools of Japan. Overseas < Flow of Funds Accounts > "Overseas" is estimated mainly based on the Balance of Payments Statistics, the International Investment Position of Japan, and the Gross External Debt Position of Japan. Some of the transaction items are estimated by combining other source data to the above. GDP in terms of production The sum of the output of goods and services in Japan minus the intermediate input of raw materials used for the output. GDP in terms of production = output - intermediate input GDP in terms of expenditure A review of the final use (including inventory changes) of goods and services produced. GDP in terms of expenditure = final consumption expenditure + total capital formation + exports - imports GDP in terms of distribution This shows how added value was distributed as income in response to contributions to production activities. GDP in terms of distribution = compensation for employees + depletion of fixed capital + taxes on production and imports - subsidies +operating surplus and mixed income (net) Gross national income (GNI) The primary income balance (total) (including fixed capital depletion), which consists of income received as a result of participation in the production process by each system division (employee remuneration, operating surplus and mixed income, and tax (credit) subsidies imposed on production and import goods) and receipt and payment of property income arising from borrowing and lending of assets necessary for production, is added to the total of all residents. The actual estimate is that the nominal gross national income is calculated as the nominal gross domestic product measured from the expenditure side, plus the receipt of income from overseas (employee compensation and property income) and deducting the payment of income overseas. On the other hand, the real gross national income is the real value of the gross domestic income plus the real value of net income from overseas income, and the real gross domestic income is equal to the real gross domestic product estimated from the expenditure side plus trade gain and loss. The real of the income from the rest of the world is obtained by the domestic demand deflator. At current prices Estimated value based on actual market prices. In real terms A value obtained by removing the increase/decrease in prices from a certain year (reference year). Deflator The deflator is a price index that is used to convert the nominal value into the real value. National income (NI) The sum of employee compensation, property income, and corporate income is shown as national income in component cost representation. National income (component cost representation) is converted to a market price basis by adding "taxes imposed on production and imports" and "subsidies (deductions)" in the general government income expenditure account, and the market price representation of national income is shown. This is conceptually consistent with a measure commonly referred to as National net income (NNI). At market prices This represents valuation in prices used in market transactions. This price contains consumption tax and import duty less subsidy. In general, there are two valuation methods for market price indication. One is the producer’s price indication method, and the other is the purchaser’s price indication method. At producer's prices This represents valuation in prices at the producer's place of business. Therefore, transportation charges and margins from that point to the final place of consumption are deemed to be the production of distribution and commercial agents, and are not added to the value of each commodity. Producer price valuation is used in the input-output table. At purchaser's prices This represents valuation at the market price at each stage of purchasing, and includes distribution costs and margins. This type of valuation is therefore used for demand analysis. At factor costs This represents valuation in terms of the cost of factors necessary to produce the respective goods (this cost comprising the compensation of employees, operating surplus and mixed income, and consumption of fixed capital required for the factors of production). This price does not contain tax or duty imposed nor subsidy.
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