National Accounts

EXPERIMENTAL ESTIMATES 2005 - 2014


FBoS Release No: 95, 2015 

31st December 2015


 The total GDP of an economy can also be measured using the different categories of;

  1. Income that are paid out such as wages and profits and
  2. Expenditure that subsequently arise from that income such as investment and consumption.

These two approaches of measuring GDP shows that total net output equals income and equals expenditure – that is, everything that is produced in the economy has to be “bought” by someone, and hence the revenue resulting from production must be “paid” to someone. These approaches of calculating GDP will not always produce the same estimate and will differ slightly given the different data sources used.

GDP- INCOME APPROACH

The 2014 provisional GDP Income estimate of $8,552.9 million is the sum of the following components;

  1. Operating Surplus/mixed income (OS) - $4,219.8 million (49.3%)
  2. Compensation of Employees (COE) - $2,675.4 million (31.3%)
  3. Net Taxes on Production and Imports (Net Taxes on product plus other Net Taxes on production) - $1,657.6million (19.4%)

Graph 1 below shows the movements in the components of GDP Income over the period 2005-2014.

gdpie0514a

gdpie0514b

Graph 2 above shows the breakdown of total compensation of employees by industry. The top 5 industries in terms of contribution to total compensation of employees are;

  1. Education (17.4%)
  2. Public Administration Defence (16.9%)
  3. Transport Storage (10.7%)
  4. Wholesale Retail (8.6%)
  5. Manufacturing (8.5%)

Graph 3 below shows the breakdown of total operating surplus/mixed income by industry in the economy. Manufacturing is the biggest contributor accounting for 16.0%of the total operating surplus/mixed income followed by Wholesale Retail (12.9%), Agriculture (12.0%), Financial Insurance (10.9%) and Transport Storage (7.0%).

gdpie0514c

GDP- EXPENDITURE APPROACH

The 2014 provisional GDP expenditure estimate of $8,552.9million is the sum of the following components;

  1. Private Final Consumption Expenditure (PFCE) - $5,399.6 million (63.1%)
  2. Government Final Consumption Expenditure (GFCE) - $1,735.7 million (20.3%)
  3. Gross Capital Formation/Investment (Gross Fixed Capital Formation plus Change in inventories) - $1,577.3 million (18.4%)
  4. Exports- $4,689.4 million (54.8%)
  5. Imports - $5,368.9 million (- 62.8%)

Graph 4 below shows the movement of the components of GDP Expenditure over the period 2005-2014.

gdpie0514d

gdpie0514e

The 2014 contribution of the various GDP Expenditure components are presented in Graph 5. Private Final Consumption Expenditure ranks the highest with 63.1%. Government Final Consumption Expenditure contributes 20.3% while Gross Capital Formation contributes 18.4%. Net Exports had a contribution of-7.9% towards total GDP.

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The following contact persons are available to attend to any further enquiries:

  1. Mr. Bimlesh Krishna – Acting Divisional Manager [Economics Statistics Division] on email or telephone 331 5822 (ext: 386 237).
  2. Ms. Artika Devi – Statistician [National Accounts] on email or telephone 331 5822 (ext: 386 237).
  3. Mr. Sharnit Gosai – Acting Assistant Statistician [National Accounts] on email or telephone 331 5822 (ext: 386 237).
  4. Mr.AliveretiTawake – Assistant Statistician [National Accounts] on email or telephone 331 5822 (ext: 386 237).