National Account Statistics

National Accounts statistics provides a comprehensive,conceptual, and accounting framework for analyzing and evaluating the performance of an economy. National Accounts is designed to account for all economic transactions and its compilation draws data from several sources, including statistical methods and administrative data sources

Statistical data sources include economic censuses and surveys of enterprises and households on income generation and expenditure. Administrative data sources comprise data collected from ministries, agencies, and commissions (MACs) including public corporations that provide services within the economy.

The recent 2016 to 2022 GDP estimates published for Liberia in nominal and real terms reference 2016 as the base year. The framework used for compiling the Gross Domestic Product (GDP) is based on the 2008 System of National Accounts (SNA, 2008), and the International Standard of Industrial Classification Revision (ISIC Rev. 4) for classifying the country's economic activities.

GDP Compilation methods

Currently, only two recommended methods in the 2008 SNA are used namely the production and expenditure approaches.
The Production approach: This method calculates what each separate producer adds to the value of final output (value added), by deducting intermediate consumption from gross output. Total value added is the sum of all producers within an economy.

The expenditure approach: This method sums the values of all final demands, including final consumption expenditures (of households, government, and non-profit institutions serving households), gross fixed capital formation, changes in inventories, and net exports.

Nationa Accounts Indicators

Norminal (Current) Gross Domestic Product (CGDP): The total value of all goods and services produced within a country’s borders in a specific period. GDP is the primary indicator of economic health and growth.

Constant (Real) Gross Domestic Product (KGDP): This indicator is nominal gross domestic product adjusted for changes in prices (inflation) in the economy.

Per Capita GDP: The sum of gross value added by all domestic producers in the economy plus any product taxes (less subsidies) not included in the valuation of output, divided by mid-year population.
GDP per capita provides a basic measure of the value of output per person, which is an indirect indicator of per capita income. The average income earned per person in a given area in a specified year. It provides a measure of the economic well-being of the population.

Government Final Consumption Expenditure: : This indicator measures General government final consumption expenditure (GGFCE) and consists of expenditure is estimated indirectly, incurred by the general Government on both individual consumption goods and services and collective consumption services (SNA,2008).

Real GDP Growth Rate: : The percentage rate of change in real GDP on an annual basis. This indicator is used as an indicator to measure the general health of the economy and is calculated from constant price GDP estimates in the local currency.

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