Gross Value Added (GVA) (ESA 2010, 9.31) is defined as output value at basic prices less intermediate consumption valued at purchasers' prices. GVA is calculated before consumption of fixed capital. GVA is available in a breakdown by 10 main economic activities according to NACE Rev. 2 (Statistical classification of economic activities in the European Community). NACE L = Real estate activities. The ESA 2010 (European System of Accounts) regulation may be referred to for more specific explanations on methodology.