For all Industries, output equals the value of production.
- For service industries other than wholesale and retail, the value of production equals revenue (sales).
- for wholesale and retail industries, the value of production equals the wholesale margin and retail margin, respectively, which is not gross sales. The value of production for wholesale and retail sectors is the value of the services they provide; it does not include the value of the items sold within their establishments.
- For farm industries, the value of production equals revenue less net inventory change less on-farm consumption.
- For all other industries, the value of production equals revenue less net inventory change.
Learn more at Understanding Output, Retail and Wholesale: Industry Margins, and Retail and Wholesale: Commodity Margins.