National Accounts Regional Main Aggregates, Italy

Data source(s) used: The 3rd October 2014 Istat released the new annual series of national accounts based on the new European System of Accounts (ESA 2010). At the same time, as in other European countries, the time series of national accounts have been subjected to an extraordinary revision, exploiting advances in methods and sources (e.g. the new balance of payments estimates issued by the Bank of Italy based on the new manual BPM6).Gross value added at basic prices: Gross value added at basic prices is output valued at basic prices less intermediate consumption valued at purchasers’ prices. The basic price is the amount receivable by the producer from the purchaser for a unit of a product or service minus any tax on the product plus any subsidy on the product.Gross value added at factor cost: Gross value added at factor cost is derived from GVA at basic prices by subtricting other taxes on production and adding other subsidies on production.Compensation of employees, wages and salaries and social security contributions:Compensation of employees (D1) is defined as the total remuneration, in cash or in kind, payable by an employer to an employee in return for work done by the latter during the accounting period. Compensation of employees is broken down into: wages and salaries (D11): wages and salaries in cash; wages and salaries in kind; employers’ social contributions (D12): employers’ actual social contributions (D121); employers’ imputed social contributions (D122).Household consumption: It consists of the expenditure, including expenditure whose value must be estimated indirectly, incurred by resident households on individual consumption goods and services, including those sold at prices that are not economically significant and including consumption goods and services acquired abroad. It presents the final consumption expenditure of households broken down by the COICOP (Classification of Individual Consumption According to Purpose) classification and by durability. Final consumption expenditure by general government It includes two categories of expenditures: a) The value of the goods and services produced by general government itself other than own-account capital formation and sales; b) Purchases by general government of goods and services produced by market producers that are supplied to households – without any transformation – as social transfers in kind. This implies that general government just pays for goods and services that the sellers provide to households. It provides a breakdown of government expenditure according to their function. To meet this end, economic flows of expenditure must be aggregated according to the Classification of the Functions of Government (COFOG).Gross fixed capital formation: Gross fixed capital formation consists of resident producers' acquisitions, less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realised by the productive activity of producer or institutional units.