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6. Precautions (Very Important for Exams)

| Method | Precautions | |--------|--------------| | Value Added | Don’t include sale of second-hand goods; include own-account production (e.g., growing vegetables for self); exclude intermediate goods; include imputed rent for own house. | | Income | Include imputed rent; exclude transfer payments (pension, scholarship, gifts); include employer’s social security contribution; exclude windfall gains (lottery, capital gains). | | Expenditure | Exclude second-hand goods (only commission included); exclude financial assets (shares, bonds); exclude transfer payments; include own-account production (by valuation). |

5. Expenditure Method

Formula:
GDPₘₚ = C + I + G + (X – M)

Where:

• C = Private final consumption expenditure
• I = Gross domestic capital formation (fixed + inventory)
• G = Government final consumption expenditure
• X – M = Net exports

Steps:

1. Estimate final expenditure components.
2. Get GDPₘₚ.
3. Subtract depreciation → NDPₘₚ.
4. Subtract NIT → NDPꜰ꜀.
5. Add NFIA → NNPꜰ꜀ (NI).

C. Expenditure Method (Final Expenditure Method)

• Formula: GDP at MP = Private Final Consumption Expenditure (PFCE) + Government Final Consumption Expenditure (GFCE) + Gross Domestic Capital Formation (GDCF) + Net Exports (Exports – Imports).
• Note: GDCF = Net Domestic Fixed Capital Formation + Depreciation + Change in Stocks.
• Final Step: GDP at MP – Depreciation – NIT + NFIA = NNP at FC.