Statistical Terms Glossary

This indicator provides values for gross domestic product (GDP) expressed in current international dollars, converted by purchasing power parity (PPP) conversion factor. GDP is the sum of gross value added by all resident producers in the country plus any product taxes and minus any subsidies not included in the value of the products. PPP conversion factor is a spatial price deflator and currency converter that eliminates the effects of the differences in price levels between countries.

Current international co-operation consists of current transfers in cash or in kind between the governments of different countries or between governments and international organisations.

In the context of restructuring agreements, principal and interest payments falling due in the consolidation period.

The application of the current operating performance concept (COPC) is one of the two main approaches to measuring earnings. The concept is explained in the International Accounting Standard No.8, “Unusual and Prior Period Items and Changes in Accounting Policy”. When earnings are measured on the basis of this concept, such earnings consist of income from normal enterprise operations before non-recurring items (such as write-offs) and capital gains and losses are accounted for

In principle, the “current” period should refer to the most recent period for which an index has been computed or is being computed. However, the term is widely used to refer to any period that is compared with the price reference or index reference period. It is also widely used simply to mean the later of the two periods being compared. The exact meaning varies according to the context.

Prices as actually observed at a given time.

A stock of assets is expressed at current prices when all members of the stock are valued at the prices of the year in question

A fundamental principle underlying the measurement of gross value added, and hence GDP, is that output and intermediate consumption must be valued at the prices current at the time the production takes place.

This implies that goods withdrawn from inventories by producers must be valued at the prices prevailing at the times the goods are withdrawn and consumption of fixed capital in the System is calculated on the basis of the estimated opportunity costs of using the assets at the time they are used, as distinct from the prices at which the assets were acquired.

Ratio of current assets to current liabilities. It is the main liquidity ratio.

Current repairs and maintenance includes all construction work performed for others and not classified as capital repairs, restoration or conversion, that is to say, such work as is performed in order to prevent the normal deterioration of existing structures or to maintain them in a normal functional state.

Current taxes on capital consist of taxes that are payable periodically, usually annually, on the property or net wealth of institutional units, excluding taxes on land or other assets owned or rented by enterprises and used by them for production, such taxes being treated as other taxes on production.

Most current taxes on income, wealth, etc consist of taxes on the incomes of households or profits of corporations and taxes on wealth that are payable regularly every tax period (as distinct from capital taxes levied infrequently)

Current taxes on land and buildings consist of taxes payable periodically, in most cases annually, on the use or ownership of land or buildings by owners (including owner-occupiers of dwellings), tenants or both, excluding taxes on land or buildings rented.

Current taxes on net wealth consist of taxes payable periodically, in most cases annually, on the value of land or fixed assets less any debt incurred on those assets, excluding taxes on assets owned by enterprises and used by them in production.

Current taxes on other assets include taxes payable periodically, usually annually, on assets such as jewellery or other external signs of wealth.

Fines and penalties imposed on institutional units by courts of law or quasi-judicial bodies are treated as compulsory current transfers.

Current transfers - lotteries and gambling consist of the amounts paid out to the winners.

Payments of compensation consist of current transfers paid by institutional units to other institutional units in compensation for injury to persons or damage to property caused by the former excluding payments of non-life insurance claims

Current transfers consist of all transfers that are not transfers of capital; they directly affect the level of disposable income and should influence the consumption of goods or services.

Current transfers between households consist of all current transfers in cash or in kind made, or received, by resident households to or from other resident or non-resident households.

Current transfers from/to abroad are current transfers which take place between resident and non-resident institutional units are referred to as current transfers from/to abroad.

Most current transfers to non-profit institutions serving households (NPISHs) consist of cash transfers received by NPISHs from other resident or non-resident institutional units in the form of membership dues, subscriptions, voluntary donations, etc whether made on a regular or occasional basis.

Current transfers within general government consist of current transfers between different government units or different sub-sectors of general government; they include current transfers between different levels of government, such as frequently occur between central and state or local government units, and between government units and social security funds.

The actual value of some aggregate in the period in question: the quantities in the period multiplied by the prices of the same period.

Is defined as a fixed weight, or fixed basket, index which uses the basket of goods and services of the current period. The current period serves as the weight reference period and the base period as the price reference period. It is identical with a weighted harmonic average of the current to base period price relatives using the value shares of the current period as weights.