GDP equals the sum of final consumption, investment and exports of goods and services minus imports of goods and services (balance of trade). To determine the contribution of exports to GDP volume growth, the contribution of imports is subtracted from that of exports (this is the internationally agreed method used to compile the National Accounts). However, the internationally agreed method underestimates the contribution of exports to GDP and overestimates the contribution of domestic expenditure. This is because this method does not take into account the fact that goods and services are also imported for the purpose of domestic consumption. The figures used in this news release are adjusted for this.
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