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Economic Definition of statistical discrepancy. Defined.

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Term statistical discrepancy Definition: The official adjustment factor in the National Income and Product Accounts that ensures equality between the income and expenditures approaches to measuring gross domestic product. This is one of several differences between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. This statistical discrepancy tends to be relatively small, usually less than 1% of gross domestic product.


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