Gross domestic product - GDP at market prices - is the final result of the production activity of resident producer units (ESA 1995, 8.89). It can be defined in three ways: 1. Output approach GDP is the sum of gross value added of the various institutional sectors or the various industries plus taxes and less subsidies on products (which are not allocated to sectors and industries). It is also the balancing item in the total economy production account. 2. Expenditure approach GDP is the sum of final uses of goods and services by resident institutional units (final consumption expenditure and gross capital formation), plus exports and minus imports of goods and services. At regional level the expediture approach is not used in the EU, because there is no data on regional exports and imports. 3. Income approach GDP is the sum of uses in the total economy generation of income account: compensation of employees, taxes on production, less subsidies, gross operating surplus and mixed income of the total economy. The different measures for the regional GDP are absolute figures in € and Purchasing Power Standards (PPS), figures per inhabitant and relative data compared to the EU27 average.
