Gross Value Added (GVA)
- GVA is defined as the value of output less the value of intermediate consumption.
- It is used to measure the output or contribution of a particular sector.
- When such GVAs from all sectors (∑ GVA) are added together and adding taxes (product) and reducing subsidies (product), we can get the GDP (at market price). GVA thus shows the production contribution of a particular sector.
- Technically, GDP at Market Prices = ∑ GVA at basic prices + product taxes – product ....
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