Production

The concept of production presents some nuanced differences depending on whether it refers to the field of business accounting or National Accounts; for example, while in business accounting all operating subsidies are recorded within production, in national accounting a distinction is made between product subsidies, which are part of production, and production subsidies, which are added to the value added at basic prices for the calculation of the gross operating surplus.

It should not be confused with the concept of Gross Domestic Product (GDP) as the latter is obtained by aggregating all the gross value added generated by productive agents, which corresponds to the difference between production and the intermediate consumption used in the production process.