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Output (national accounts) (P.1)


Activity carried out under the control and responsibility of an institutional unit that uses inputs of labour, capital and goods and services to produce goods and services. Production does not cover purely natural processes without any human involvement or direction, like the unmanaged growth of fish stocks in international waters (but fish farming is production). Output consists of the products created during the accounting period. Products are all goods and services that are created within the production boundary.