Glossary

Statistics Glossary Statistics Glossary

G

General government 

A sector of the economy defined in the European System of Accounts 1995 (ESA 95) as comprising the central government, regional governments, local governments and social security funds. Excluded are government-owned entities that conduct commercial operations, such as public enterprises.

Government debt  

The debt issued by state or regional governments.

Government net borrowing/lending 

In terms of national accounts, it is the difference between the current and capital resources and employment of the government. It can also be defined as the difference between the net variation of financial assets and net variation of financial liabilities of the government. This concept does not coincide with that of cash surplus (+) or deficit (-), which emcompasses the differences between government non-financial earnings and expenditure in terms of budget settlement.

Gross domestic product (GDP) 

The value of an economy's total output of goods and services, less intermediate consumption, plus net taxes on products and imports. GDP can be broken down by product, expenditure or income components. The main expenditure aggregates that make up GDP are household final consumption, government final consumption, gross fixed capital formation, changes in inventories, and imports and exports of goods and services.

Gross operating surplus 

The surplus (or deficit) generated by production activities after deducting the labour factor input, the remuneration of employees and taxes minus production grants, and before considering income and expenditure for income originated by loan and rental operations, and income generated by ownership of financial assets and non-produced assets.