Annually Managed Expenditure is spending that does not fall within Departmental

Usually, an accounting adjustment is a transaction that has not yet been included in accounting records as of a specific date, however in GERS the term Accounting Adjustments refers to the translation of TES to TME.

The difference in value between a country's imports and exports over a period.

The difference in total value between payments into and out of a country over a period.

The Barnett Formula allocates to Scotland a population share of changes in comparable

Cash Terms are used when financial values are presented using the values that were current at the time, not allowing for inflation (see Real Terms).

Capital spending is money that is spent on investment and things that will create growth in the future.

The Current Account is defined as the sum of the balance of trade (goods and services exports minus imports), net income from abroad and net current transfers. A positive current account balance indicates that the nation has a positive capital flow to the rest of the world, while a negative current account balance indicates that it is a negative capital flow. 

The Consumer Prices Index is an internationally comparable measure of inflation used by the UK Government that measures the change in the general level of prices charged for a defined ‘shopping basket’ of goods and services bought for household consumption. The CPI forms the basis of the UK Government’s inflation target that the Bank of England’s Monetary Policy Committee is required to achieve. 

Country and Regional Analysis - Statistical estimates for the allocation of identifiable expenditure between the UK countries and 9 English regions. LINK

Departmental Expenditure Limits (DEL) form the majority of the Scottish Government’s

The national debt is the net accumulation of a government's annual budget deficits: It is the total amount of money that the government owes to its creditors. 

A budget deficit indicates that the country's revenues are lower than its expenditures in a given time period.

This refers to the money spent by government on public services, debt repayment and services.

The Scottish Government produces a National Statistics publication, Export Statistics Scotland (ESS), which estimates the value of Scottish exports at sector level. It includes estimates for goods and service exports and is the only source of estimates for exports from Scotland to the rest of the UK. It is published in January each year, with a 13 month lag. e.g. the 2015 publication published in January 2017.

Net Fiscal Balance is the difference between total public sector spending and total public sector revenue within a country or region. 

Intergovernmental fiscal transfers are a dominant feature of subnational finance in most countries. They are used to ensure that the expenditure needs of various orders (levels) of subnational or devolved governments are met regardless of their revenues. They are also used to advance national, regional, and local area objectives, such as fairness and equity, and creating a common economic union. 

A Geographic share is used to allocate tax or spend within a specific geographic area. e.g. The Geographic share of oil and gas revenue in GERS is calculated based on oil and gas revenues raised in Scottish territory. 

Gross Value Added is the difference between current revenues (including capital taxes)

GERS is a Scottish Government publication which provides a breakdown of Public Revenue and Expenditure. GERS is compiled by statisticians and economists in the Office of the Chief Economic Adviser of the Scottish Government. The Scottish Government's Chief Statistician takes responsibility for this publication.

Gross Domestic Product (GDP) is a measure of economic activity which captures the value of goods and services produced during a given period. Change in GDP is the main indicator of economic growth. When external commentators describe the growth or decline of the economy, it is the change in GDP to which they refer.

Her Majesty's Revenue and Customs. HMRC is responsible for the collection of taxes.

The International Monetary Fund, or IMF, promotes international financial stability and monetary cooperation. It also facilitates international trade, promotes employment and sustainable economic growth, and helps to reduce global poverty.

Identifiable expenditure is expenditure that can be clearly allocated to Scotland in terms of having been spent for the benefit of Scottish residents and enterprises. Examples of identifiable expenditure include unemployment benefits, local economic development expenditure and most education and health expenditure.

Gross refers to the total amount before anything is deducted. Many important accounting statistics use this method, such as gross earnings and gross profit. Net refers to the amount remaining after certain adjustments have been made for debts, deductions or expenses. 

The Office for Budget Responsibility (OBR) was formed in May 2010 to make an

The Office for National Statistics is the executive office of the UK Statistics Authority, a non-ministerial department which reports directly to the UK Parliament.

A population share of revenue or expenditure is based on the relative population of an area, rather than the geographic size. e.g. Scotland's population share of revenues or expenditure is currently calculated at 8.2% of the UK population.

This refers to the income raised by governments. The bulk of government revenue is raised from taxes, however land rents and other investments can contribute.

The Scottish National Accounts Programme (SNAP) aims to enhance the scope of economic statistics in Scotland and to improve consistency and comparability between measures.

Social protection spending is the largest single spending line in GERS, and covers a range

Currency substitution occurs when a country uses another currency without any official backing and without a Central Bank – instead of using its own currency. In the event of an independent Scotland, sterlingisation would mean Scotland would continue to use the Pound, but without a Government backed Central Bank as lender of last resort. It also means monetary policy would be set by the Bank of England.

Scottish Rate of Income Tax specifies the rate and bands for tax paid by Scottish taxpayers on all non-savings, non-dividend taxable income. It commenced in April 2017.  LINK

Total Expenditure Services refers to the data collected to provide statistics on UK departmental expenditure on services, including its regional breakdown.

Total Managed Expenditure is made up by the Departmental Expenditure Limit (DEL) and