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A term first used to describe non-market services which are difficult to compare across countries because:

- they have no economically-significant prices with which to value outputs,

- their units of output cannot be otherwise defined and measured,

- the institutional arrangements for their provision and the conditions of payment differ from country to country, and

- their quality varies between countries but the differences cannot be identified and quantified.

Increasingly, the term is being used to describe capital goods and many market services whose complexity, variation and country specificity make it difficult for them to be priced comparably across countries.

Source Publication:
Eurostat, OECD, 2007, Eurostat-OECD Methodological Manual on Purchasing Power Parities, OECD, Paris – Annex VII, Glossary of terms and abbreviations.

Statistical Theme: Prices and purchasing power partities

Created on Thursday, July 12, 2007

Last updated on Thursday, July 26, 2007