For use at 12:00 p.m., eastern time 

June 7, 2012 

FEDERAL RESERVE statistical release

Z.1 

 

Flow of Funds Accounts 

of the United States

Flows and Outstandings

First Quarter 2012

Board of Governors of the Federal Reserve System, Washington DC 20551
CFlow of Funds Summary Statistics 

First Quarter 2012 

Debt of the domestic nonfinancial sectors expanded 

at a seasonally adjusted annual rate of 43⁄4 percent in 

the first quarter of 2012, a bit less than the pace 

registered in the fourth quarter. 

 

Household debt declined at an annual rate of 1⁄2 

percent in the first quarter; the debt of this sector has 

been declining since the first quarter of 2008. 

Consumer credit rose at an annual rate of 53⁄4 percent 

in the first quarter, the sixth consecutive quarterly 

increase. Home mortgage debt declined close to 3 

percent in the first quarter; this series has been 

trending down since early 2008. 

Nonfinancial business debt rose at an annual rate of 

51⁄4 percent in the first quarter, just a bit more than in 

the fourth quarter. Corporate bonds outstanding and 

business loans increased, while commercial mortgage 

debt continued to decline. 

State and local government debt declined at an 

annual rate of 13⁄4 percent in the first quarter; debt in 

this sector has declined in four of the past five 

quarters. Federal government debt rose at an annual 

rate of 121⁄2 percent in the first quarter, about 1 

percentage point more than average pace in 2011. 

At the end of the first quarter of 2012, the level of 

domestic nonfinancial debt outstanding was $38.6 

trillion, of which household debt was $12.9 trillion, 

nonfinancial business debt was $12.0 trillion, and 

total government debt was $13.8 trillion. 

Household net worth—the difference between the 

value of households’ assets and liabilities—was 

$62.9 trillion at the end of the first quarter of 2012, 

about $2.8 trillion more than at the end of the fourth 

quarter. The first-quarter increase was led by 

advances in directly and indirectly held corporate 

equities and mutual funds. 

Growth of Domestic Nonfinancial DebtP

1

P

Percentage changes; quarterly data are seasonally adjusted annual rates 

 Total Households Business State and 

local govts. Federal 

2002 7.3 10.6 3.0 11.1 7.6 

2003 8.0 11.8 2.2 8.3 10.9 

2004 9.3 11.1 6.6 11.9 9.0 

2005 9.2 11.1 8.9 5.5 7.0 

2006 8.5 9.8 10.8 3.7 3.9 

 

2007 8.4 6.6 13.6 5.4 4.9 

2008 5.9 -0.1 6.1 0.7 24.2 

2009 3.1 -1.7 -2.3 3.9 22.7 

2010 4.1 -2.2 0.8 2.2 20.2 

2011 3.6 -1.5 4.5 -1.9 11.4 

2010:Q1 3.7 -2.8 0.1 2.4 20.6 

 Q2 3.7 -2.2 -2.0 -0.5 22.5 

 Q3 4.0 -2.2 2.7 2.1 16.0 

 Q4 4.6 -1.5 2.3 4.8 16.4 

 

2011:Q1 2.4 -1.6 4.1 -3.3 7.9 

 Q2 2.4 -3.0 5.0 -3.5 8.6 

 Q3 4.5 -1.1 3.8 0.0 14.1 

 Q4 4.9 -0.2 4.9 -1.0 13.1 

 

2012:Q1 4.7 -0.4 5.2 -1.8 12.4 

1. Changes shown are on an end-of-period basis. 

 
Table of Contents 

Title Table Page 

Flow of Funds Accounts, First Quarter 2012 1 

Availability of Data for Latest Quarter 4 

Credit Market Debt Growth by Sector D.1 7 

Credit Market Borrowing by Sector D.2 8 

Credit Market Debt Outstanding by Sector D.3 9 

Flows Levels

Title Table Page Table Page 

Summaries 

Total Credit Market Borrowing and Lending F.1 10 L.1 64 

Credit Market Borrowing by Nonfinancial Sectors F.2 11 L.2 65 

Credit Market Borrowing by Financial Sectors F.3 11 L.3 65 

Credit Market Borrowing, All Sectors, by Instrument F.4 12 L.4 66 

Total Liabilities and Its Relation to Total Financial Assets F.5 12 L.5 66 

Distribution of Gross Domestic Product F.6 13 

Distribution of National Income F.7 14 

Saving and Investment F.8 15 

Net Capital Transfers F.9 16 

Derivation of Measures of Personal Saving F.10 17 L.10 67 

 
Flows Levels

Title Table Page Table Page

Sectors 

Households and Nonprofit Organizations F.100 18 L.100 68 

Nonfinancial Business F.101 19 L.101 69 

Nonfinancial Corporate Business F.102 20 L.102 70 

Nonfinancial Noncorporate Business F.103 21 L.103 71 

State and Local Governments F.104 22 L.104 72 

Federal Government F.105 23 L.105 73 

Rest of the World F.106 24 L.106 74 

Financial Business F.107 25 L.107 75 

 Monetary Authority F.108 26 L.108 76 

 Private Depository Institutions F.109 27 L.109 77 

 U.S.-Chartered Depository Institutions, ex. Credit Unions F.110 28 L.110 78 

 Foreign Banking Offices in U.S. F.111 29 L.111 79 

 Banks in U.S.-Affiliated Areas F.112 30 L.112 80 

 Credit Unions F.113 30 L.113 80 

 Property-Casualty Insurance Companies F.114 31 L.114 81 

 Life Insurance Companies F.115 31 L.115 81 

 Private Pension Funds F.116 32 L.116 82 

 State and Local Government Employee Retirement Funds F.117 33 L.117 83 

 Federal Government Retirement Funds F.118 33 L.118 83 

 Money Market Mutual Funds F.119 34 L.119 84 

 Mutual Funds F.120 34 L.120 84 

 Closed-End and Exchange-Traded Funds F.121 34 L.121 84 

 Government-Sponsored Enterprises F.122 35 L.122 85 
Flows Levels

Title Table Page Table Page

 Agency- and GSE-Backed Mortgage Pools F.123 35 L.123 85 

 Issuers of Asset-Backed Securities F.124 36 L.124 86 

 Finance Companies F.125 36 L.125 86 

 Real Estate Investment Trusts F.126 37 L.126 87

 Security Brokers and Dealers F.127 38 L.127 88 

 Holding Companies F.128 39 L.128 89 

 Funding Corporations F.129 40 L.129 90 

Instruments 

U.S. Official Reserve Assets and SDR Allocations F.200 41 L.200 91 

Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 41 L.201 91 

U.S. Deposits in Foreign Countries F.202 41 L.202 91 

Net Interbank Transactions F.203 42 L.203 92 

Checkable Deposits and Currency F.204 43 L.204 93 

Time and Savings Deposits F.205 44 L.205 94 

Money Market Mutual Fund Shares F.206 44 L.206 94 

Federal Funds and Security Repurchase Agreements F.207 45 L.207 95 

Open Market Paper F.208 46 L.208 96 

Treasury Securities F.209 47 L.209 97 

Agency- and GSE-Backed Securities F.210 48 L.210 98 

Municipal Securities and Loans F.211 49 L.211 99 

Corporate and Foreign Bonds F.212 50 L.212 100 

Corporate Equities F.213 51 L.213 101 

Mutual Fund Shares F.214 51 L.214 101 

Depository Institution Loans Not Elsewhere Classified F.215 52 L.215 102 

Other Loans and Advances F.216 53 L.216 103 
 Flows Levels

Title Table Page Table Page

Total Mortgages F.217 54 L.217 104 

Home Mortgages F.218 55 L.218 105 

Multifamily Residential Mortgages F.219 55 L.219 105 

Commercial Mortgages F.220 56 L.220 106 

Farm Mortgages F.221 56 L.221 106 

Consumer Credit F.222 57 L.222 107 

Trade Credit F.223 57 L.223 107 

Life Insurance and Pension Fund Reserves F.225 58 L.225 108 

Taxes Payable by Businesses F.226 58 L.226 108 

Proprietors' Equity in Noncorporate Business F.227 58 L.227 108 

Total Miscellaneous Financial Claims F.228 59 L.228 109 

 Identified Miscellaneous Financial Claims - Part I F.229 60 L.229 110 

Identified Miscellaneous Financial Claims - Part II F.230 61 L.230 111 

Unidentified Miscellaneous Financial Claims F.231 62 L.231 112 

Sector Discrepancies F.11 63 

Instrument Discrepancies F.12 63 

Balance Reconciliation

Sheet

Title Table Page Table Page 

Balance Sheet and Reconciliation Tables

Households and Nonprofit Organizations B.100 113 R.100 116 

Nonfinancial Corporate Business B.102 114 R.102 117 

Nonfarm Noncorporate Business B.103 115 R.103 118 
Flows Levels

Title Table Page Table Page

Supplementary Tables 

Balance Sheet of Households and Nonprofit Organizations 

 with Equity Detail B.100.e 119 

Nonprofit Organizations F.100.a 120 L.100.a 121 

Consolidated Statement for Federal, State, and Local Governments F.105.c 122 L.105.c 123 

Private Pension Funds: Defined Benefit Plans F.116.b 124 L.116.b 125 

Private Pension Funds: Defined Contribution Plans F.118.c 124 L.118.c 125 

Individual Retirement Accounts (IRAs) F.225.i 124 L.225.i 125 

Flow of Funds Matrix for 2011 126 127 
Flow of Funds Accounts, First Quarter 2012 

This publication presents the Flow of Funds 

Accounts for 2012:Q1. The statistics in the attached 

tables reflect the use of new or revised source data. 

Most significant revisions appear in recent quarters; 

however, new source information resulted in changes 

to data for earlier periods. 

Release Highlights. The Flow of Funds 

Accounts have been restructured to reflect 

regulatory filing changes for U.S.-chartered 

depository institutions. In particular, savings 

institutions now file the same regulatory report as the 

U.S.-chartered commercial banks, and savings and 

loan holding companies now file the same report as 

bank holding companies. Most of the sector tables 

have been renumbered due to the deletion, addition, 

and reordering of tables. Specific changes resulting 

from this restructuring are detailed below. 

1. The U.S.-chartered commercial banks sector 

(previously shown on tables F.110 and L.110) and 

the savings institution sector (previously shown on 

tables F.114 and L.114) have been combined into a 

new sector called U.S.-chartered depository 

institutions (new tables F.110 and L.110). Most of 

the previously published series for U.S.-chartered 

commercial banks and savings institutions are still 

available as separate series in the online Federal 

Reserve Data Download Program (DDP). 

2. A new sector, called private depository 

institutions (tables F.109 and L.109), presents the 

combined total of U.S.-chartered depository 

institutions (tables F.110 and L.110), foreign banking 

offices in U.S. (tables F.111 and L.111), banks in 

U.S.-affiliated areas (tables F.112 and L.112), and 

credit unions (tables F.113 and L.113). 

3. The bank holding companies sector (previously 

shown on tables F.112 and L.112) has been renamed 

holding companies and relocated in the publication 

(tables F.128 and L.128). The sector now includes 

parent only bank holding companies and savings and 

loan holding companies that file the Federal Reserve 

Board form Y-9LP or the Y-9SP. 

4. The instrument category net interbank 

transactions (tables F.203 and L.203) now measures 

transactions between private depository institutions, 

their foreign affiliates, and the monetary authority. 

Specifically, holding companies are no longer 

included in this instrument category, and some assets 

of savings institutions, banks in U.S.-affiliated areas, 

and credit unions, which were previously classified 

as checkable deposits (tables F.204 and L.204) and 

time and savings deposits (F.205 and L.205) are now 

included in the instrument category net interbank 

transactions. Time and savings deposits held by 

holding companies, which previously had been 

included in net interbank transactions, are now 

reported on the time and savings deposits table. 

5. The instrument category bank loans n.e.c has 

been renamed depository institution loans n.e.c. 

(tables F.215 and L.215), and now includes savings 

institutions’ and credit unions’ loans to business 

(which have been removed from the other loans and 

advances instrument category; tables F.216 and 

L.216). At the same time, holding company loans 

have been moved from the bank loans n.e.c. table to 

the other loans and advances table. In addition, 

holding company loans to the rest of the world sector 

have been added to the other loans and advances 

table. 

6. The Integrated Macroeconomic Accounts (IMA) 

quarterly tables, jointly produced with the Bureau of 

Economic Analysis (BEA), will now include data 

back to 1960:Q1. Additionally, instrument category 

titles on the IMA tables have been changed to be 

consistent with 2008 System of National Accounts 

(SNA); and descriptions of some instruments on the 

Series Structure page of the Flow of Funds Guide 

now include corresponding 2008 SNA instrument 

identifiers in parentheses. 

7. The market value of both residential and 

nonresidential real estate (tables B.102 and B.103) 

has been revised from 1996:Q2 forward due to 

improved source data. Commercial repeat-sales price 

indexes from CoStar, including one on apartments, 

are now being used in the calculation of the market 

value of real estate. Previously for this time period, 

price indexes from National Real Estate Investor 

(NREI) and the National Council of Real Estate 

Investment Fiduciaries (NCREIF) were used. The 

CoStar indexes offer much broader coverage of these 

markets than either the NREI of the NCREIF 

indexes. For the period from the most recent 

benchmark in 1989:Q4 through 1996:Q1 the 

calculations will continue to incorporate price 

indexes from the NREI. 

8. Assets of the nonfarm nonfinancial corporate 

1 
business sector (tables F.102, L.102, B.102, and 

R.102) have been revised from 2010:Q1 forward, to 

reflect advance data from the Internal Revenue 

Service (IRS) Statistics of Income (SOI) for 2010. 

Explanatory notes for tables D.1, D.2, and D.3. 

Domestic debt comprises credit market funds 

borrowed by U.S. entities from both domestic and 

foreign sources, while foreign debt represents 

amounts borrowed by foreign financial and 

nonfinancial entities in U.S. markets only. Financial 

sectors consist of government-sponsored enterprises, 

agency- and GSE-backed mortgage pools, the 

monetary authority, and private financial institutions. 

Credit market debt consists of debt securities, 

mortgages, bank loans, commercial paper, consumer 

credit, U.S. government loans, and other loans and 

advances; it excludes trade debt, loans for the 

purpose of carrying securities, and funds raised from 

equity sources. This definition is consistent with the 

presentation of credit market borrowing and lending 

on tables F.1 through F.4. Net lending (+) or net 

borrowing (-) on the individual sector tables and the 

matrix is defined as net acquisition of financial assets 

less net increase in liabilities. 

Growth rates in table D.1 are calculated by dividing 

seasonally adjusted flows from table D.2 by 

seasonally adjusted levels at the end of the previous 

period from table D.3. Seasonally adjusted levels in 

flow of funds statistics are derived by carrying 

forward year-end levels by seasonally adjusted flows. 

Growth rates calculated from changes in unadjusted 

levels printed in table L.2 can differ from those in 

table D.1. 

Relation of Flows to Outstandings. Estimates of 

financial assets and liabilities outstanding are linked 

to data on flows. However, figures on outstandings 

contain discontinuities or breaks in series that could 

affect analysis of particular relationships over time. 

Specifically, outstandings in the Flow of Funds 

Accounts are related to flows in the following way: 

Outstanding B

tB = Outstanding Bt-1B+ Flow BtB+ DiscontinuityBtB

where “t” is the time period. 

Discontinuities result from changes in valuation, 

breaks in source data, and changes in definitions. For 

most series, the value of the discontinuity is zero for 

nearly all time periods. However, in a few instances, 

the discontinuity is nonzero for almost all time 

periods, or is quite large in a particular quarter, such 

as a period when there is a sharp increase or decrease 

in equity prices or a major break in source data. The 

discontinuities in a series can distort estimated rates 

of growth in assets and liabilities between periods. 

In order to minimize these distortions, percentage 

changes in assets and liabilities in flow of funds 

releases should be calculated as: 

Percentage change B

tB = (Flow BtB / Outstanding Bt-1B) * 100 

Preliminary Estimates. Figures shown for the most 

recent quarter in these tables are based on 

preliminary and incomplete information. A summary 

list of the principal sources of information available 

when the latest quarter's data were compiled is 

provided in a table following this introduction. The 

distinction between “available” data and “missing” 

data is not between final and preliminary versions of 

data, but rather between those source estimates that 

are fully ready when the latest quarterly publication 

is compiled and those that are not yet completed. 

However, the items that are shown as available are, in 

general, also preliminary in the sense that they are 

subject to revision by source agencies. 

Margins of Uncertainty. Flow of funds statistics are 

subject to uncertainties resulting from measurement 

errors in source data, incompatibilities among data 

from different sources, potential revisions in both 

financial and nonfinancial series, and incomplete data 

in parts of the accounts. The size of these 

uncertainties cannot be quantified in precise 

statistical terms, but allowance for them is explicitly 

made throughout the accounts by the inclusion of 

“discrepancies” for various sectors and instrument 

types. A discrepancy for a sector is the difference 

between its measured sources of funds and its 

measured uses of funds. For an instrument category, 

a discrepancy is the difference between measured 

funds borrowed through the financial instrument and 

measured funds lent through that instrument. The size 

of such discrepancies relative to the main asset or 

liability components is one indication of the quality 

of source data, especially on an annual basis. For 

quarterly data, differences in seasonal adjustment 

procedures for financial and nonfinancial components 

of the accounts sometimes result in discrepancies that 

cancel in annual data. 

Availability of Data. Flow of funds statistics are 

updated about ten weeks following the end of a 

quarter. This publication — the Z.1 release — is 

available from the Board's Publications Services. 

Flow of funds data are also available electronically 

through the Internet at the following location: 

www.federalreserve.gov/releases/Z1

This Internet site also provides coded tables and 

historical annual tables beginning in 1945 that 

2 
correspond to the tables published in this release. 

There are also compressed ASCII files of quarterly 

data for seasonally adjusted flows, unadjusted flows, 

outstandings, balance sheets, debt (tables D.1, D.2, 

and D.3), and supplementary tables. 

In addition, these data, as well as data for the 

quarterly and annual Integrated Macroeconomic 

Accounts for the United States tables, are available as 

customizable download datasets through the Data 

Download Program (DDP) at the following location: 

www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 

An interactive, web-based guide to the Flow of Funds 

Accounts is available through the Z.1 release page. 

The tools and descriptions within this guide are 

designed to help users explore the structure and 

content of the Z.1 and the Integrated Macroeconomic 

Accounts.

Subscription Information. The Federal Reserve 

Board charges for subscriptions to all statistical 

releases. Inquiries for releases should be directed to: 

Publications Services, Stop 127 

Board of Governors 

of the Federal Reserve System 

20th Street and Constitution Avenue, N.W. 

Washington, DC 20551 

(202) 452-3244 

3 
Availability of Data for Latest Quarter 

UAvailable at time of publicationU Major items missing U U

1. National income and product 

accounts (NIPA) 

Second estimate, seasonally adjusted, 

for 2012:Q1. 

Unadjusted flows since 2010 for 

the government sectors. 

Unadjusted flows since 2006 for all 

other sectors. 

 2. Households and nonprofit 

organizations sector 

 (tables F.100 and L.100) 

Estimates for this sector are largely residuals and are derived from data for 

other sectors. Availability of data depends on schedules for other sectors. 

Data for consumer credit, which are estimated directly, are available through 

2012:Q1. The source for nonprofit organizations data (tables F.100.a and 

L.100.a) is the Internal Revenue Service Statistics of Income. Data for 

nonprofit organizations are available for 1987 through 2000. 

 3. Nonfinancial corporate business 

 (tables F.102 and L.102) 

Quarterly Financial Report (QFR) of 

the Census Bureau through 2011:Q4; 

Internal Revenue Service Statistics of 

Income (IRS/SOI) data through 2010; 

securities offerings, mortgages, bank 

loans, commercial paper, and other 

loans through 2012:Q1. 

Statistics of Income data since 

2010. QFR and corporate farm 

data for 2012:Q1. 

 4. Nonfinancial noncorporate 

business 

 (tables F.103 and L.103) 

IRS/SOI data through 2009; bank and 

finance company loans, and mortgage 

borrowing through 2012:Q1. 

Statistics of Income data since 

2009. Noncorporate farm data 

for 2012:Q1. 

 5. State and local governments 

 (tables F.104 and L.104) 

Gross offerings and retirements of 

municipal securities, deposits at banks, 

and nonmarketable U.S. government 

security issues through 2012:Q1; total 

financial assets through 2009:Q2 from 

the Census Bureau; breakdown of 

financial assets through 2004:Q2 from 

the comprehensive annual financial 

reports of state and local governments. 

Total financial assets since 

2009:Q2 and selected financial 

asset detail since 2004:Q2. 

 6. Federal government 

 (tables F.105 and L.105) 

Data from the Monthly Treasury 

Statement of Receipts and Outlays and 

Treasury data for loan programs and the 

Troubled Assets Relief Program 

(TARP) through 2012:Q1. 

None. 

4 
 7. Rest of the world 

 (U.S. international transactions) 

 (tables F.106 and L.106) 

Balance of payments data through 

2011:Q4. NIPA estimates; data from 

bank Reports of Condition and from 

Treasury International Capital System 

through 2012:Q1. 

Balance of payments data for 

2012:Q1. 

 8. Monetary authority 

 (tables F.108 and L.108) 

All data through 2012:Q1. None. 

9. U.S.-chartered depository 

institutions 

 (tables F.110 and L.110) 

All data through 2012:Q1. None. 

10. Foreign banking offices in U.S. 

 (tables F.111 and L.111) 

All data through 2012:Q1. None. 

11. Banks in U.S.-affiliated areas 

 (tables F.112 and L.112) 

All data through 2012:Q1 for 

commercial banks in U.S.-affiliated 

areas. All data through 2011 for 

branches of domestic commercial banks 

located in U.S.-affiliated areas. 

Data since 2011 for branches of 

domestic commercial banks 

located in U.S.-affiliated areas. 

12. Credit unions 

 (tables F.113 and L.113) 

All data through 2012:Q1. None. 

13. Property-casualty insurance 

companies 

 (tables F.114 and L.114) 

All data through 2011:Q4. Preliminary 

data for 2012:Q1. 

Final data for 2012:Q1. 

14. Life insurance companies 

 (tables F.115 and L.115) 

All data through 2011:Q4. Preliminary 

data for 2012:Q1. 

Final data for 2012:Q1. 

15. Private pension funds 

 (tables F.116 and L.116) 

Internal Revenue Service/Department of 

Labor/Pension Benefit Guaranty 

Corporation Form 5500 data through 

2007. 

Form 5500 data since 2007. 

16. State and local government 

employee retirement funds 

 (tables F.117 and L.117) 

Detailed data through 2008:Q2 from the 

Census Bureau; sample data through 

2012:Q1 from the Census Bureau. 

Detailed data since 2008:Q2. 

17. Federal government retirement 

funds 

 (tables F.118 and L.118) 

Data from the Monthly Treasury 

Statement of Receipts and Outlays, the 

Thrift Savings Plan, and the National 

Railroad Retirement Investment Trust 

through 2012:Q1. 

None. 

5 
18. Money market mutual funds 

 (tables F.119 and L.119) 

All data through 2012:Q1. None. 

19. Mutual funds 

 (tables F.120 and L.120) 

All data through 2012:Q1. None. 

20. Closed-end funds 

 (tables F.121 and L.121) 

All data through 2011:Q4. Data for 2012:Q1. 

21. Exchange-traded funds 

 (tables F.121 and L.121) 

All data through 2012:Q1. None. 

22. Government-sponsored 

enterprises 

 (tables F.122 and L.122) 

Data for Fannie Mae, Freddie Mac, 

Farmer Mac, FHLB, FICO, FCS, and 

REFCORP through 2012:Q1. 

None. 

23. Agency- and GSE-backed 

mortgage pools 

 (tables F.123 and L.123) 

Data for Fannie Mae, Freddie Mac, 

Farmer Mac, and Ginnie Mae through 

2012:Q1. 

None. 

24. Issuers of asset-backed securities 

(ABSs) 

 (tables F.124 and L.124) 

All data for private mortgage pools, 

consumer credit, business loans, student 

loans, consumer leases, and trade credit 

securitization through 2012:Q1. 

None. 

25. Finance companies 

 (tables F.125 and L.125) 

All data through 2012:Q1. None. 

26. Real estate investment trusts 

(REITs) 

 (tables F.126 and L.126) 

Final data from SNL Financial through 

2012:Q1. 

None. 

27. Security brokers and dealers 

 (tables F.127 and L.127) 

Data for firms filing FOCUS and FOGS 

reports through 2012:Q1. 

None. 

28. Holding companies 

 (table F.128 and L.128) 

All data through 2012:Q1. None. 

29. Funding corporations 

 (tables F.129 and L.129) 

Estimates for this sector are largely 

residuals and are derived from data for 

other sectors. 

 

 

6