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Glossary of economic and statistical terms


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Average monthly gross wages and salaries

The relation of the sum of gross salaries and fees paid to certain groups of employees for performing work under labour contracts, payments from profit and from balance surplus in co-operatives, annual extra wages and salaries for employees of budgetary sphere entities to the average number of employees, excluding outworkers, apprentices and persons employed abroad.



Average paid employment

The average paid employment rate for the analysed period (e.g. month, quarter, year), based on the employment rate in the books. The average paid employment in the surveyed period takes into account full- and part-time paid employees in terms of full-time paid employees.



Corporate income tax (CIT)

Taxes collected from legal entities conducting business activities, mainly state owned enterprises, co-operatives, companies, insurance institutions and banks, except the National Bank of Poland.



Demand

The assumed relation of the goods or services price to their amount which consumers are willing to purchase in a given period of time.



Domestic demand

The sum of final consumption expenditure and capital formation (the part of gross savings).



Employment rate

It is percentage of the employed people of a given category in the whole population of a given category in the population aged 15 and more.



Excise tax

A tax imposed on producers and importers of certain goods, such as: fuels, lubricating oils, motor-cars, alcoholic beverages and spirits, cigarettes, beauty products and perfumes, etc. Cost of this tax is incurred by the purchaser of the product.



Gross capital formation

The increase of national capital in given period that includes, in value approach, gross fixed capital formation, changes in inventories and acquisitions less disposals of valuables.



Gross disposable income

Incomes divided by individual institutional sectors between final consumption expenditure and saving. It is created as a result of redistribution of primary income between institutional sectors.



Gross domestic product (GDP)

Gross domestic product illustrates the final result of the activity of all entities of the national economy. The value of total annual GDP is calculated on the basis of estimating three categories equal with respect to macroeconomic values, specifying GDP by:
- volume of production activity, GDP is the sum of value added of all institutional sectors or all sections, divisions of NACE of domestic production entities increased by taxes on products and decreased by subsidies on products,
- final result of production activity, GDP is calculated as the sum of domestic demand, i.e. consumption and capital formation as well as external balance of goods and services,
- the sum of primary incomes, GDP is calculated as the sum of primary incomes of resident units obtained by institutional sectors acting in the territory of the Republic of Poland and the net primary incomes of the rest of the world sector.



Gross financial result

Result on economic activity increased by the difference between realised extraordinary profits and incurred extraordinary losses. Gross financial result can be gross profit or gross loss.



Gross fixed capital formation

Expenditures increasing the value of tangible fixed assets (including increase in livestock ? basic herd) and expenditures on renovating of fixed assets and increase in intangible fixed assets. These expenditures do not include initial investments and interest on investment credits and loans for the period of investment realisation.



Gross value added

The value of products (goods and services) created by market and non-market domestic units, decreased by intermediate consumption, incurred in relation to its production.



Gross turnover profitability ratio

Relation of gross financial result to revenues from total activity.



Labour costs

The sum of remunerations (gross) and other expenditures, including contributions on: retirement, pension and accident insurance, Labour Fund and Guaranteed Employment Benefit Fund, incurred by the employer in order to recruit, keep, retrain and develop the skills of personnel.



Liquidity ratio of the first degree

Relation of short-term investments to short-term liabilities, expressed in percentage.



Liquidity ratio of the second degree

Relation of short-term investments and short-term dues to short-term liabilities, expressed in percentage.



Net disposable income

Available income less other expenditures. Disposable income is designated for expenditures on consumer goods and services and for an increase in savings.



Net financial result

Net financial result for companies, except banks and insurance institutions, comprise:
- result on operating activity,
- result on financial operations,
- result on extraordinary operations,
- obligatory encumbrances on financial result due to corporate income tax or personal income tax and equivalent payments, pursuant to separate provisions of law.

It is gross financial result (profit or loss) decreased by obligatory encumbrances.



Net turnover profitability ratio

Relation of net financial result to revenues from total activity.



Personal income tax (PIT)

Direct taxation that comprises revenues of physical persons; under the regulation of the law of physical person income tax from July 26 1991 (Journal of Law 2000. No 14 item 176 with amendments).



Public debt

Nominal debt of public sector entities less cash flows between entities belonging to the same sector.



Supply

The assumed relation of the amount of goods which producers are willing to offer in a given period of time to the price.



Unemployment rate

Percentage share of the number of unemployed population in the number of economically active population (i.e. employed and unemployed persons).


Source: Central Statistical Office (GUS), 2009
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