Debt is defined as a specific subset of liabilities. All debt instruments are liabilities, but some liabilities such as shares, equity and financial derivatives are usually not considered as debt. Debt is thus usually obtained by adding up the following liability categories: securities other than shares except financial derivatives, loans, and other accounts payable. Consolidated data are used for this indicator. Gross operating surplus measures the surplus or deficit accruing from production before taking account of any interest, rent or similar charges payable on financial or tangible non-produced assets borrowed or rented by enterprise, or any interest, rent or similar receipts receivable on financial or tangible non-produced assets owned by the enterprise; it differs from profits in company accounts. The non-financial corporation sector (S11 in the System of National Accounts terminology) includes all private and public enterprises that produce goods and/or provide non-financial services to the markets. If a non-financial corporation’s ratio is 2.5 it means that the debt outstanding is 2.5 times larger than the annual flow of gross operating surplus. Source: OECD
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