is an aggregate measure of gross value added for all resident institutional units. It can be measured in three conceptually equivalent ways: (a) Income measure of GDP. The income measure of gross domestic product (GDP) is derived as compensation of employees plus gross operating surplus plus gross mixed incomes plus taxes less subsidies on both production and imports; (b) Expenditure measure of GDP. The expenditure measure of gross domestic product (GDP) is derived as the sum of expenditure on final consumption plus gross capital formation plus exports less imports; (c) Production measure of GDP. The production measure of gross domestic product (GDP) is derived as the value of output less intermediate consumption plus any taxes less subsidies on products not already included in the value of output. (2.62, 6.30)