Statistical Terms Glossary

The value of work put in place is the value of work carried out on projects completed during the inquiry period, plus the value of work under construction at the end of the inquiry period minus the value at the beginning of the period. It includes construction work done as a main contractor and on own-account, plus work done as a subcontractor (minus the payments to sub- contractors for work done).

A procedure whereby the quantities in the weight reference period are revalued at the prices of a later period that serves as the price reference period, typically the period preceding the current period. In other words, revaluing the weights in order to ensure that they are effectively based on the underlying quantities or volumes of the price reference period.

The measures of the relative importance of products in the index. The weight reference-period values or shares of the various components of output (or input) covered by the index. Being commensurate and additive across different products, value weights can be used at aggregation levels above the detailed product level.

Converts agricultural outputs into products of greater value; is increasing the economic value of an agricultural commodity through changes in genetics, processing or diversification; and is the process of increasing the consumer appeal of an agricultural commodity.; Value-added agriculture is a process of increasing the economic value and consumer appeal of an agricultural commodity. It is an alternative production and marketing strategy that requires a better understanding of the rapidly changing food industry and food safety issues, consumer preferences, business savvy, and team work.

Values at constant exchange rates of period t0 are series at current domestic prices converted to a common currency by way of constant exchange rates of period t0.

Values at constant exchange rates of period t-1 are series at current domestic prices converted to a common currency by way of constant exchange rates of period t-1.

Values at constant international prices of period t0 (at PPPs of period t0) are series at current domestic prices converted to a common currency by way of constant PPPs of a given year.

Volumes at constant international prices of period t-1 (at PPPs of period t-1) are series at constant domestic prices (reference year t-1) converted to a common currency by way of constant PPPs of period t-1.

Values at current exchange rates (at current USD) are series at current domestic prices converted to a common currency by way of current exchange rates. Because exchange rates are price relatives of currencies, this expresses domestic values in terms of a foreign currency

Are series at current domestic prices converted to a common currency by way of current Purchasing power parities ( PPPs). Because PPPs are price relatives of goods and services, this implies substituting the set of domestic prices by a set of international prices.

The principles for valuing produced assets and calculating the decline in their value can be applied to natural resources in like manner. Natural resources provide a stream of services to the economy as they are used. The value of these services represents the resource rent of the asset. The decline in value of the resource (ignoring price effects and disasters) can be called the consumption of natural capital, parallel to the consumption of fixed capital.

Non-tractive railway vehicle forming part of a passenger or goods train and used by the train crew as well as for the conveyance of luggage, parcels, bicycles, accompanied road passenger vehicles etc.

Railway vehicle without motor forming part of a passenger or goods train and used by the train crew as well as, if need be, for the conveyance of luggage, parcels, bicycles, etc.

See plain vanilla swap.

Is a characteristic of a unit being observed that may assume more than one of a set of values to which a numerical measure or a category from a classification can be assigned (e.g. income, age, weight, occupation, industry, disease, etc).

Variable costs are costs that vary with the amount produced. Examples are materials, fuel, production labour and maintenance. As the relevant time period is extended, more costs become variable.

Under the original variable lending rate system applicable to all Bank loans approved after July 1, 1982, the lending rate for each loan was calculated on a semi-annual basis and this rate was applied to all variable rate loans (not just new commitments) at the beginning of each loan's next semi-annual interest period. Under the revised system, which will apply to loans whose invitation to negotiate is sent on or after May 18, 1989, calculation of the average cost of the Bank's debt for the purpose of setting the lending rate will be done by using currency weights representing the composition of currencies in the currency pool rather than the composition of currencies in the Bank's debt, qualified borrowings will be redefined to exclude those borrowings allocated to the funding of the Bank's investment in liquid assets and two technical adjustments will be made to reduce the lag between the time period over which the Bank's average cost of debt is calculated and the period over which the lending rate is applied to balances outstanding on a given loan, with the new lending rate being calculated quarterly and new rates being applied at the start of each quarter rather than at the start of eachinterest period.

A variable rate is an interest rate that may fluctuate over the life of the loan, unlike a fixed rate. A change in the variable rate will affect either the size of the re-payment or the length of the loan

A bond whose interest payments are linked to a reference index (for example, LIBOR), or the price of a specific commodity, or the price of a specific financial instrument that normally changes over time in a continuous manner in response to market pressures.

These securities adopted the standard characteristics of a variable-rate bond. However, whereas a standard characteristic of a variable-rate bond is that it carries a fixed spread over a referral index, the spread over LIBOR on a VRN varies over time depending on the change in the perceived credit risk of the issuer. The spread is reset at each rollover date—normally every three months—by means of negotiation between the issuer and arranging house.

FRN where the margin over the reference rate is fixed by the issuer and the remarketing agent several days before the following interest period. The holders, during a predetermined period of time, have the right to either bid for the new applicable margin over the reference rate or (under certain conditions) put the notes to the arranger (but not the issuer) on the following interest payment date.

Variance refers to the degree of variability (dispersion) among a collection of observations.

The vase sponge is a common species found in the Caribbean off the eastern coast of Florida. It is characterized by a large bell shape with a deep central cavity. This sponge grows up to 2 feet wide and 3 feet high. It ranges in color from purple to red and brown, and is found attached to rocks near the sandy bottoms.