What is the difference between GVA and GDP?
- Gross value added (GVA) is the value addition done to a product resulting in the production of final product whereas Gross Domestic Product (GDP) is the total value of products produced in the country.
- While GDP gives a picture of whole economy, GVA gives pictures at enterprises, government and households levels. In other words, GDP is GVA of all enterprises, government and households
- GDP can be used in cross country analysis and comparison of economic growth, while GVA has limited utilisation in this regard.