Gross Output differs from value added, which measures the contribution of the industry’s labor and capital to its gross output. It is an economic concept used to measure total economic activity in the production of new goods and services in an accounting period. It include sales or receipts and other operating income, commodity taxes, plus inventory change. It represents, roughly speaking, the total value of sales by producing enterprises (their turnover) in an accounting period (e.g. a quarter or a year), before subtracting the value of intermediate goods used up in production.
Gross Output
