Output is the value of goods and services produced in the economy during a specific period and includes intermediate use of goods and services (domestically produced and imported), compensation of employees, gross operating surplus, taxes and subsidies on production as well as taxes and subsidies on products.
GDP is calculated from the income side (or value added) which consists of compensation of employees and gross operating surplus. This is often referred to as GDP at factor cost or value added. GDP at basic prices can then be calculated by adding net indirect taxes on production to value added, while GDP at market prices is calculated as GDP at basic prices plus net taxes on products.
The equation and chart below illustrates the relationships between output and GDP using data for 2018.