Aggregates are important macroeconomic indicators that measure the results of the activities of the economy of a country and used for economic analysis. Aggregates of national accounts are vital for realistic planning and effective realization of economic policy.
The main and most important macroeconomic aggregates in the national accounts, gross domestic product (GDP), which is the result of productive activity of all resident institutional units. Gross domestic product is the indicator of economic activity in the whole country.
There are three methods of calculating gross domestic product:
- The production method;
- Consumer methods;
- The income method
MONSTAT calculates gross domestic product annually for economic territory of Montenegro, according to the production and consumption method.
GDP by production approach, calculated as the sum of values added of all resident institutional units, i.e. as the difference between outputs and intermediate consumption. The advantage of this method is the possibility of considering the contribution of individual activities in the overall economic growth of the country.
GDP per consumption method is calculated as the sum of household consumption, government consumption, investments, changes in inventories and the balance of exports and imports of goods and services.
The calculation of GDP by the production approach was performed at constant and current prices. Based on the available data was taken and the calculation at constant prices using the double deflation for activities in agriculture, and for all other activities of the calculation was carried out using single methods of extrapolation, that the appropriate indicators- indices of production volume.
