1.1. National Accounts

3 valuation criteria: 

• Basic Prices: The basic price of a product represents the value at which it leaves the economic unit that produces it, including taxes and subsidies related to production. It is equivalent to the sum of factor remuneration and other net production taxes (taxes minus subsidies). If these taxes/subsidies were excluded, the valuation would revert to the outdated concept of "factor cost", which is no longer used in current accounting standards. 

• Producer prices: values at basic prices plus the taxes (net of subsidies) on products and imports, with the exception of VAT. It corresponds to the old ex-factory price valuation criterion. 

• Acquisition prices / market prices: prices paid by consumers.

Source INE and own ellaborations (updated on 2025, Feb. from https://www.ine.es/jaxiT3/Tabla.htm?t=67821&L=0

Index_of_Sustainable_Economic_Welfare

Macroeconomic and National Income Accounts Abbreviations:

COE - Compensation of Employees: Total wages and salaries paid to employees, including social contributions.

FC / FCE - Final Consumption: Total consumption of goods and services by households, government, and NPISHs.

FCC - Fixed Capital Consumption (Depreciation):The reduction in value of fixed assets due to wear and tear or obsolescence.

GCF - Gross Capital Formation: Investment in fixed assets, inventories, and valuables within an economy.

GDP - Gross Domestic Product: Total market value of all final goods and services produced within a country.

GMI - Gross Mixed Income: Income from self-employed and unincorporated businesses, combining wages and profits.

GNDI - Gross National Disposable Income: Total income available to a country, including net transfers from abroad.

GNP - Gross National Product Total value of goods and services produced by a country’s residents, including income from abroad.

GNI - Gross National Income: GDP plus net income from foreign sources (NPI).

GNS - Gross National Savings: Total savings of a nation after consumption expenses, calculated as GNDI minus FCE.

GOS - Gross Operating Surplus: Profits from production activities before interest, rents, and taxes, without taxes on production.

GVA - Gross Value Added: GDP minus net taxes (output value minus intermediate consumption).

IC - Intermediate Consumption:The value of goods and services consumed as inputs in production.

NNDI - Net National Disposable Income: GNDI minus depreciation (FCC), showing net available income.

NNI - Net National Income: GNI after deducting depreciation (FCC). Equal to NNP

NNP - Net National Product: GNP minus depreciation, reflecting net output after accounting for asset wear. Equal to NNI

NPI - Net Primary Income: Net income from abroad, including wages, profits, interest, and dividends.

NSI - Net Secondary Income: Transfers such as remittances, aid, and pensions received from abroad.

NPISHs - Non-Profit Institutions Serving Households: Organizations providing services to households without profit motives (e.g., charities, NGOs).

NT - Net Transfers (Secondary Income Transfers): Net current transfers received from abroad, including foreign aid and remittances.

VAT - Value Added Tax: A consumption tax levied on the added value of goods and services at each production stage.