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    Change in Terminology

    Following statistical practice, the World Bank has adopted the following terminology in line with the 1993 System of National Accounts (SNA). The changes in terms are listed below.


    Previous terminology  New terminology
    Gross national product, GNP Gross national income, GNI
    GNP per capita GNI per capita
    Private consumption Household final consumption expenditure
    General government consumption General government final consumption expenditure
    Gross domestic investment Gross capital formation

     


    Many countries continue to compile their national accounts according to the 1968 SNA, but more and more are adopting the 1993 SNA. A few low-income countries still use concepts from older SNA guidelines, including valuations such as factor cost, in describing major economic aggregates.

    In general, the definitions under the 1993 SNA guidelines for these indicators remain as before, and only the terminology has changed. Exceptions are: GNI in constant prices, which differs from GNP in that it also includes a terms of trade adjustment; and gross capital formation which now includes a third category of capital formation: net acquisition of valuables. Included in gross capital formation under the 1993 SNA are capital outlays on defense establishments that may be used by the general public, such as schools, airfields, and hospitals. These expenses were treated as consumption in the earlier version of the SNA.




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