Statistical Terms

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Definition	Values added to products' initial values due to economic activities of an enterprise
Commentary	Value added is calculated by subtracting intermediate costs (such as material cost, fuel cost, utility (water and electricity) cost, outsourced processing cost, repairing cost, etc.) from the total value of output. The addition method is as follows. Value added = Total wages + Allowance for employee retirement benefits + Welfare cost + Depreciation + Rent + Taxes
Source	KOSTAT (Economic Census and other)