Increase in the book value of stocks and work in progress
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The increase over some period in the value of stocks and work in progress as shown in firms’ accounts. This can be decomposed into two parts: the value at current prices of the real increase in stocks and work in progress, and stock appreciation, that is, changes in the value of the original level of stocks due to price increases. The real change in stocks forms part of gross domestic product; stock appreciation does not.
Reference: Oxford Press Dictonary of Economics, 5th edt.
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