Expenditure approach
Expenditure on GDP is the total of the private and general government consumption
expenditures, gross fixed capital formation and change in inventories plus exports minus imports of
goods and services.
Income approach
National income classified by type of income is the summation of all income of the owners of
the factors of production. In producing, producers use different factors of production to produce goods
and services and pay the returns to the owners of the factors of production in the forms of salaries,
wages, rents, interests and profits.
