Basic changes in GDP accounting

Abstract

Gross domestic product is the most widely used and most widely spread macroeconomic indicator. Economists and politicians use it to measure economic growth, openness of the economy and it is a key indicator for determining the stage of the economic cycle. GDP growth is often presented as an indicator of the quality of life improvement of the population in every country, the increase of its value represents growth of maturity of the economy. Despite the fact that for the calculation of GDP there are international standards, the question is how much explanatory value of the variable is. Last modified methodology for calculating GDP was realized at the end of 2014, even though this change did not increase its information value. Changes in the calculation of GDP are more related to methodological changes that to capturing international trends in the economy. Therefore, it is necessary to point out its shortcomings and find ways to address them. Keywords. GDP, ESA 2010, changes in methodology of the GDP accounting.