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S.1.a Total Economy - Current Account

Billions of dollars

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

 1 Gross value added 10664.4 11125.5 11875.6 12718.1 13619.5 14040.7 14294.0 13855.4 14475.6 15043.8 1

 (income approach)

 2 Less: Consumption of fixed capital 1305.0 1354.1 1432.8 1541.4 1660.7 1767.5 1854.1 1866.3 1873.4 1936.8 2

 3 Equals: Net value added 9359.4 9771.5 10442.8 11176.7 11958.8 12273.2 12439.9 11989.1 12602.1 13107.0 3

 4 Compensation of employees (paid) 6116.4 6388.3 6699.6 7071.5 7483.6 7863.0 8079.1 7807.2 7977.2 8303.2 4

 5 Wages and salaries 5002.9 5160.3 5416.8 5712.4 6076.8 6422.6 6556.6 6283.2 6411.7 6669.3 5

 6 Employers’ social contributions 1113.5 1228.0 1282.7 1359.1 1406.9 1440.4 1522.5 1524.0 1565.4 1633.9 6

 7 Taxes on production and imports less subsidies 721.4 757.7 817.0 869.3 935.5 972.6 985.7 963.5 998.0 1036.2 7

 8 Operating surplus, net 2521.6 2625.4 2926.3 3236.0 3539.8 3437.5 3375.1 3218.4 3627.0 3767.6 8

 9 Plus: Income receipts from the rest of the world 313.5 353.3 448.6 573.0 721.1 871.0 856.1 642.4 716.5 783.7 9

10 Less: Income payments from the rest of the world 264.4 284.6 357.4 475.9 648.6 747.7 686.9 498.9 507.2 531.8 10

11 Equals: Net national income/Balance of primary incomes, net 9408.5 9840.2 10534.1 11273.8 12031.2 12396.4 12609.1 12132.6 12811.4 13358.9 11

12 Operating surplus, net 2521.6 2625.4 2926.3 3236.0 3539.8 3437.5 3375.1 3218.4 3627.0 3767.6 12

13 Compensation of employees (received) 6110.8 6382.6 6693.4 7065.0 7477.0 7855.9 8068.3 7799.4 7970.0 8295.2 13

14 Wages and salaries 4997.3 5154.6 5410.7 5706.0 6070.1 6415.5 6545.9 6275.3 6404.6 6661.3 14

15 Employers’ social contributions 1113.5 1228.0 1282.7 1359.1 1406.9 1440.4 1522.5 1524.0 1565.4 1633.9 15

16 Taxes on production and imports, receivable 762.8 806.8 863.4 930.2 986.8 1027.2 1038.6 1023.2 1055.0 1097.9 16

17 Subsidies paid -41.4 -49.1 -46.4 -60.9 -51.4 -54.6 -52.9 -59.7 -57.0 -61.6 17

18 Property income (received) 3985.1 3940.7 4435.5 5123.8 6067.1 6802.7 6511.0 5047.8 5099.5 5270.6 18

19 Interest 2393.8 2234.9 2420.2 2963.9 3667.9 4272.7 3925.3 2844.7 2600.0 2551.8 19

20 Distributed income of corporations 1468.2 1543.6 1807.4 2122.4 2132.7 2249.5 2298.1 1923.8 2133.1 2318.0 20

21 Dividends 519.2 558.0 718.6 995.8 940.4 1088.0 1104.0 850.4 923.4 1042.5 21

22 Withdrawals from income of quasi-corporations 949.1 985.7 1088.8 1126.6 1192.3 1161.5 1194.1 1073.4 1209.6 1275.5 22

23 Reinvested earnings on U.S. direct investment abroad 111.6 148.2 192.5 20.7 248.4 261.6 265.5 262.8 349.4 383.2 23

24 Rents on land and natural resources 11.4 14.1 15.3 16.8 18.0 18.8 22.0 16.0 17.1 17.5 24

25 Less: Uses of property income (paid) 3930.4 3866.3 4338.1 5020.3 5988.0 6672.3 6331.0 4896.4 4883.1 5010.7 25

26 Interest 2497.0 2326.3 2527.9 3099.8 3845.8 4493.2 4151.9 3046.1 2785.1 2730.8 26

27 Distributed income of corporations 1420.2 1511.5 1745.1 1861.5 2054.8 2104.7 2117.6 1812.4 2013.1 2174.9 27

28 Dividends 471.1 525.9 656.3 735.0 862.5 943.2 923.5 738.6 803.5 899.3 28

29 Withdrawals from income of quasi-corporations 949.1 985.7 1088.8 1126.6 1192.3 1161.5 1194.1 1073.4 1209.6 1275.5 29

30 Reinvested earnings on foreign direct investment 1.8 14.5 49.8 42.1 69.5 55.5 39.4 21.9 67.7 87.5 30

31 Rents on land and natural resources 11.4 14.1 15.3 16.8 18.0 18.8 22.0 16.0 17.1 17.5 31

32 Net national income/Balance of primary incomes, net 9408.5 9840.2 10534.1 11273.8 12031.2 12396.4 12609.1 12132.6 12811.4 13358.9 32

33 Plus: Current taxes on income, wealth, etc. (received) 1239.3 1241.1 1349.8 1616.6 1820.6 1924.0 1735.5 1405.3 1559.5 1765.7 33

34 Less: Current taxes on income, wealth, etc. (paid) 1242.8 1244.1 1353.9 1621.0 1825.7 1934.1 1744.7 1413.9 1568.2 1777.0 34

35 Plus: Social benefits (received) 2003.2 2098.9 2230.3 2360.1 2510.0 2652.1 2834.6 3068.6 3225.0 3198.1 35

36 Less: Social contributions (paid) 2009.1 2105.1 2236.5 2366.7 2517.9 2660.7 2845.2 3079.7 3236.6 3210.8 36

37 Plus: Other current transfers (received) 442.7 472.6 485.4 513.7 516.4 560.5 596.1 703.4 760.4 726.4 37

38 Less: Other current transfers (paid) 506.8 544.1 572.1 617.8 604.9 668.0 714.7 820.7 886.6 851.9 38

39 Equals: Disposable income, net 9335.0 9759.5 10436.9 11158.9 11929.7 12270.2 12470.6 11995.6 12664.9 13209.3 39

40 Less: Final consumption expenditures 9079.1 9560.9 10131.0 10781.4 11394.3 11990.1 12416.5 12306.2 12767.7 13308.6 40

41 Equals: Net saving 256.0 198.6 305.9 377.5 535.4 280.2 54.1 -310.5 -102.8 -99.3 41

 Addendum:

42 Gross value added (line 1) 10664.4 11125.5 11875.6 12718.1 13619.5 14040.7 14294.0 13855.4 14475.6 15043.8 42

43 Plus statistical discrepancy (NIPA) -22.1 16.7 -22.4 -95.1 -242.3 -12.0 -2.4 118.3 23.3 31.9 43

44 Equals: GDP (NIPA, expenditure approach) 10642.3 11142.2 11853.3 12623.0 13377.2 14028.7 14291.5 13973.7 14498.9 15075.7 44
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S.2.a Selected Aggregates for Total Economy and Sectors 

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

 1 Gross value added 10664.4 11125.5 11875.6 12718.1 13619.5 14040.7 14294.0 13855.4 14475.6 15043.8 1

 2 Households and nonprofit institutions serving households 1298.0 1347.2 1423.8 1506.4 1602.8 1685.8 1805.7 1844.8 1851.2 1892.1 2

 3 Nonfinancial noncorporate business 1807.8 1901.2 2085.6 2220.2 2401.6 2511.6 2591.1 2369.2 2499.3 2601.0 3

 4 Nonfinancial corporate business 5307.7 5503.7 5877.5 6302.8 6740.3 6946.0 6991.4 6590.8 6952.4 7366.7 4

 5 Financial business 883.2 922.3 964.5 1085.8 1189.4 1118.6 1031.0 1111.2 1185.1 1168.1 5

 6 Federal government 418.4 449.2 480.5 504.1 528.9 555.3 585.3 617.8 650.5 662.7 6

 7 State and local government 949.3 1001.8 1043.7 1098.8 1156.4 1223.2 1289.4 1321.6 1337.1 1353.3 7

 8 Net saving 256.0 198.6 305.9 377.5 535.4 280.2 54.1 -310.5 -102.8 -99.3 8

 9 Households and nonprofit institutions serving households 282.2 304.7 303.2 148.2 257.9 242.5 587.3 513.2 566.7 489.4 9

10 Nonfinancial corporate business 171.3 175.1 248.0 338.6 295.4 226.3 237.5 324.3 533.1 572.5 10

11 Financial business 109.3 134.1 142.5 147.7 134.8 44.3 -85.0 194.5 195.1 178.2 11

12 Federal government -252.8 -376.4 -379.5 -283.0 -203.8 -245.2 -613.5 -1229.3 -1308.0 -1237.4 12

13 State and local government -54.1 -38.8 -8.4 25.9 51.0 12.2 -72.2 -113.2 -89.7 -102.0 13

 Net capital transfers

14 Households and nonprofit institutions serving households 29.1 13.1 1.4 -21.9 16.8 3.0 -8.6 -46.6 -40.9 -19.4 14

15 Nonfinancial noncorporate business 0.0 0.0 -5.0 -13.1 0.0 0.0 -3.3 -6.0 -7.8 -1.6 15

16 Nonfinancial corporate business -0.0 -0.1 -6.7 -15.5 -0.0 -0.0 -3.7 38.3 21.2 -5.7 16

17 Financial business 0.0 0.0 16.2 27.7 0.0 0.0 -60.5 -121.9 -41.5 -32.4 17

18 Federal government 23.9 40.6 38.9 59.8 42.7 56.3 133.5 203.3 145.2 133.2 18

19 State and local government -52.4 -51.5 -47.5 -49.8 -57.4 -58.9 -62.8 -66.5 -75.6 -72.5 19

20 Rest of the world -0.6 -2.2 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 20

21 Gross fixed capital formation 1978.4 2069.1 2276.0 2514.3 2692.2 2722.6 2625.9 2210.4 2184.5 2298.5 21

22 Households and nonprofit institutions serving households 522.0 586.7 690.4 781.0 777.7 661.9 529.2 419.4 398.8 398.4 22

23 Nonfinancial noncorporate business 190.8 197.0 216.8 235.4 247.7 282.8 268.0 212.3 203.6 221.8 23

24 Nonfinancial corporate business 785.7 794.2 841.4 950.7 1079.1 1134.0 1136.5 907.3 921.8 1025.2 24

25 Financial business (nonresidential) 136.4 135.4 155.1 155.3 162.7 187.5 195.0 164.4 154.8 172.9 25

26 Federal government 90.1 96.2 103.3 110.5 120.7 127.4 148.4 156.6 167.3 160.5 26

27 State and local government 253.3 259.6 269.1 281.6 304.4 329.0 348.8 350.3 338.2 319.7 27

28 Consumption of fixed capital 1305.0 1354.1 1432.8 1541.4 1660.7 1767.5 1854.1 1866.3 1873.4 1936.8 28

29 Households and nonprofit institutions serving households 185.5 200.5 222.2 245.1 268.1 285.5 294.6 292.7 294.9 301.7 29

30 Nonfinancial noncorporate business 146.6 153.4 162.7 175.5 189.6 210.1 211.3 211.0 209.9 215.0 30

31 Nonfinancial corporate business 654.5 669.0 695.6 743.0 800.9 840.1 864.3 862.5 860.1 893.7 31

32 Financial business (nonresidential) 107.4 113.0 120.5 127.3 132.8 140.6 172.7 176.6 175.0 177.0 32

33 Federal government 89.2 90.8 94.8 100.4 106.6 112.6 120.0 124.8 130.2 137.0 33

34 State and local government 121.8 127.3 137.1 150.1 162.7 178.7 191.2 198.8 203.3 212.4 34

35 Change in inventories 12.0 16.4 64.9 50.0 60.0 29.1 -41.1 -154.2 58.4 36.6 35

36 Nonfinancial noncorporate business -1.5 0.9 10.5 2.6 0.0 0.9 -0.9 -8.9 -2.3 -2.5 36

37 Nonfinancial corporate business 13.5 15.5 54.4 47.4 59.9 28.2 -40.2 -145.3 60.7 39.1 37

38 Net lending (+) or net borrowing (-) (capital account) -430.0 -534.9 -599.4 -632.6 -558.2 -703.9 -671.1 -501.0 -472.9 -499.3 38

39 Households and nonprofit institutions serving households -75.0 -86.2 -157.6 -356.6 -258.2 -125.7 372.6 443.0 512.9 421.3 39

40 Nonfinancial noncorporate business -42.8 -44.5 -59.6 -49.5 -58.2 -73.6 -52.6 13.6 16.4 -2.7 40

41 Nonfinancial corporate business 29.8 37.3 57.1 99.7 -55.2 -94.0 -7.1 382.1 392.1 409.6 41

42 Financial business 80.3 111.7 91.7 92.0 104.9 -2.6 -46.7 328.6 256.8 214.7 42

43 Federal government -278.0 -422.2 -426.8 -352.4 -247.2 -315.0 -756.2 -1457.4 -1490.5 -1394.1 43

44 State and local government -144.4 -131.1 -104.2 -66.0 -44.3 -93.1 -181.1 -210.9 -160.5 -148.2 44

 Addendum:

45 Statistical discrepancy (NIPA) -22.1 16.7 -22.4 -95.1 -242.3 -12.0 -2.4 118.3 23.3 31.9 45

46 Rest of the world 452.1 518.2 621.8 727.7 800.5 715.9 673.6 382.7 449.5 467.5 46

47 Net lending (+) or net borrowing (-) (financial account) -668.4 -489.8 -411.4 -542.6 -693.1 -184.9 -1865.6 -419.3 -610.0 -389.4 47

48 Households and nonprofit institutions serving households -265.3 -97.4 30.9 -286.6 -405.2 437.7 354.0 447.1 968.9 1146.5 48

49 Nonfinancial noncorporate business -89.2 -93.8 -112.8 -112.3 -131.0 -122.2 -52.6 13.6 16.4 -2.7 49

50 Nonfinancial corporate business 52.8 74.1 166.0 -19.8 -138.4 -206.1 -943.0 562.0 127.7 65.1 50

51 Financial business 21.6 209.0 14.8 307.0 273.8 121.6 -282.7 42.4 -206.9 -123.4 51

52 Federal government -292.2 -476.9 -434.1 -380.4 -265.3 -344.0 -779.5 -1296.3 -1390.0 -1346.6 52

53 State and local government -96.2 -104.7 -76.3 -50.4 -27.0 -71.8 -161.7 -188.1 -126.0 -128.3 53

 Addendum:

54 Rest of the world 500.4 531.1 535.4 713.8 807.4 617.6 736.6 239.5 382.7 555.1 54

 Total other volume changes

55 Households and nonprofit institutions serving households 177.0 439.7 1223.3 368.5 205.2 883.8 7.6 493.3 693.5 563.1 55

56 Nonfinancial noncorporate business -30.3 104.5 121.8 -17.8 67.3 16.3 -300.1 -29.5 146.7 -6.5 56

57 Nonfinancial corporate business -174.0 184.2 309.3 333.9 678.7 805.4 -673.3 254.1 389.8 521.2 57

58 Financial business 70.0 3.0 -61.6 154.8 418.3 -81.1 -362.3 385.8 -518.5 -222.0 58

59 Federal government -4.9 -86.9 -30.3 -34.2 7.5 16.6 72.4 150.0 81.4 40.5 59

60 State and local government 37.5 11.4 -641.8 -1.8 -13.1 108.0 9.6 19.2 8.4 8.6 60

61 Rest of the world 28.0 -117.8 -81.7 -274.6 74.3 -252.0 -284.8 -444.9 -244.9 158.5 61

 Holding gains/losses

62 Households and nonprofit institutions serving households -1464.8 5179.0 5341.9 5768.2 4422.5 -330.9 -13301.3 980.9 2722.6 34.3 62

63 Nonfinancial noncorporate business 383.2 502.0 1121.2 1324.9 257.1 120.0 -1299.4 -1250.1 504.6 558.6 63

64 Nonfinancial corporate business 2986.1 -2346.2 -24.0 116.6 -1403.6 -116.7 4180.1 -5387.7 -1280.0 233.5 64

65 Financial business 340.6 -589.2 -217.6 -97.8 -843.4 1200.0 1964.3 -872.4 -245.9 250.2 65

66 Federal government 29.9 31.5 115.0 95.7 104.3 70.9 -7.2 -165.8 -8.8 16.8 66

67 State and local government 87.5 121.3 513.5 450.1 590.1 499.1 400.5 -114.7 207.5 415.9 67

68 Rest of the world -292.2 -333.3 -375.8 -695.9 -582.3 -795.3 1173.0 -852.5 14.5 985.7 68
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S.2.a Selected Aggregates for Total Economy and Sectors 

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

 Change in net worth

69 Households and nonprofit institutions serving households -1034.6 5910.3 6867.1 6306.8 4868.9 792.3 -12697.8 2034.0 4023.6 1106.1 69

70 Nonfinancial noncorporate business 352.9 606.5 1248.0 1320.1 324.5 136.3 -1596.1 -1273.6 659.0 553.7 70

71 Nonfinancial corporate business 2983.4 -1986.8 540.0 804.6 -429.4 915.0 3747.9 -4847.5 -378.4 1332.8 71

72 Financial business 519.9 -452.2 -153.0 177.0 -290.2 1163.2 1577.5 -170.2 -527.8 238.8 72

73 Federal government -251.7 -472.4 -333.7 -281.3 -134.6 -214.1 -681.7 -1448.4 -1380.6 -1313.3 73

74 State and local government 123.3 145.4 -89.1 524.1 685.5 678.2 400.7 -142.3 201.9 395.1 74

75 Rest of the world 187.9 67.2 164.4 -242.8 292.5 -331.3 1561.8 -914.7 219.1 1611.7 75
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S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

 Current account

 1 Gross value added 1298.0 1347.2 1423.8 1506.4 1602.8 1685.8 1805.7 1844.8 1851.2 1892.1 1

 2 Less: Consumption of fixed capital 185.5 200.5 222.2 245.1 268.1 285.5 294.6 292.7 294.9 301.7 2

 3 Equals: Net value added 1112.5 1146.7 1201.6 1261.3 1334.7 1400.3 1511.1 1552.1 1556.3 1590.4 3

 4 Compensation paid by households and NPISHs 489.4 520.6 550.7 571.1 603.5 634.6 671.5 700.9 714.9 737.0 4

 5 Wages and salaries 412.6 435.2 456.7 473.4 502.0 532.0 562.3 579.2 591.4 611.7 5

 6 Employers’ social contributions 76.8 85.4 94.0 97.8 101.5 102.6 109.2 121.7 123.6 125.3 6

 7 Taxes on production and imports less subsidies 104.0 110.0 116.4 121.3 131.1 133.9 142.0 151.1 152.4 155.3 7

 8 Operating surplus, net 519.1 516.1 534.4 568.9 600.2 631.9 697.6 700.1 689.0 698.1 8

 9 Net national income/Balance of primary incomes, net 8340.7 8652.0 9149.5 9655.5 10366.8 10895.1 11320.8 10483.6 10840.9 11377.3 9

10 Operating surplus, net 519.1 516.1 534.4 568.9 600.2 631.9 697.6 700.1 689.0 698.1 10

11 Compensation of employees (received) 6110.8 6382.6 6693.4 7065.0 7477.0 7855.9 8068.3 7799.4 7970.0 8295.2 11

12 Wages and salaries 4997.3 5154.6 5410.7 5706.0 6070.1 6415.5 6545.9 6275.3 6404.6 6661.3 12

13 Employers’ social contributions 1113.5 1228.0 1282.7 1359.1 1406.9 1440.4 1522.5 1524.0 1565.4 1633.9 13

14 Property income (received) 2259.7 2299.6 2498.6 2669.9 3023.4 3219.9 3360.9 2701.1 2809.1 2961.9 14

15 Interest 912.9 890.9 861.5 988.3 1128.9 1266.5 1383.4 1094.5 1017.8 1010.0 15

16 Distributed income of corporations 1346.8 1408.8 1637.1 1681.6 1894.5 1953.4 1977.5 1606.6 1791.3 1951.8 16

17 Dividends 397.7 423.1 548.3 555.0 702.2 791.9 783.4 533.2 581.7 676.3 17

18 Withdrawals from income of quasi-corporations (1) 949.1 985.7 1088.8 1126.6 1192.3 1161.5 1194.1 1073.4 1209.6 1275.5 18

19 Less: Uses of property income (interest paid) 548.9 546.4 576.9 648.3 733.8 812.6 806.0 717.0 627.1 577.9 19

20 Net national income/Balance of primary incomes, net 8340.7 8652.0 9149.5 9655.5 10366.8 10895.1 11320.8 10483.6 10840.9 11377.3 20

21 Less: Current taxes on income, wealth, etc. (paid) 1050.4 1000.3 1047.8 1208.6 1352.4 1488.7 1435.7 1144.6 1194.8 1398.0 21

22 Plus: Social benefits (received) 1247.9 1316.0 1398.6 1482.7 1583.6 1687.9 1842.4 2100.5 2236.9 2274.3 22

23 Less: Social contributions (paid) 751.5 778.9 827.3 872.7 921.8 959.5 987.3 963.1 983.3 919.3 23

24 Plus: Other current transfers (received) 34.2 25.7 16.9 25.8 21.4 30.5 36.8 39.6 47.4 44.9 24

25 Less: Other current transfers (paid) 99.6 105.7 116.1 131.0 138.7 150.6 154.2 156.9 164.7 160.8 25

26 Equals: Disposable income, net 7721.4 8108.8 8573.8 8951.7 9558.9 10014.7 10622.9 10359.1 10782.4 11218.4 26

27 Less: Final consumption expenditures 7439.2 7804.1 8270.6 8803.5 9301.0 9772.3 10035.5 9845.9 10215.7 10729.0 27

28 Equals: Net saving 282.2 304.7 303.2 148.2 257.9 242.5 587.3 513.2 566.7 489.4 28

 Capital account

29 Net saving less capital transfers 253.2 291.5 301.9 170.1 241.1 239.4 595.9 559.8 607.6 508.8 29

30 Net saving 282.2 304.7 303.2 148.2 257.9 242.5 587.3 513.2 566.7 489.4 30

31 Less: Capital transfers paid (net) 29.1 13.1 1.4 -21.9 16.8 3.0 -8.6 -46.6 -40.9 -19.4 31

32 Capital formation, net 328.1 377.8 459.5 526.7 499.3 365.1 223.4 116.8 94.7 87.4 32

33 Gross fixed capital formation, excluding consumer durables 522.0 586.7 690.4 781.0 777.7 661.9 529.2 419.4 398.8 398.4 33

34 Residential 439.3 498.9 594.4 681.9 670.1 541.7 397.2 295.5 288.9 286.4 34

35 Nonresidential (nonprofit organizations) 82.6 87.8 95.9 99.1 107.5 120.2 132.0 123.9 109.9 112.0 35

36 Less: Consumption of fixed capital 185.5 200.5 222.2 245.1 268.1 285.5 294.6 292.7 294.9 301.7 36

37 Acquisition of nonproduced nonfinancial assets -8.3 -8.5 -8.7 -9.2 -10.2 -11.3 -11.2 -9.9 -9.2 -9.3 37

38 Net lending (+) or borrowing (-), capital account (lines 29-32) -75.0 -86.2 -157.6 -356.6 -258.2 -125.7 372.6 443.0 512.9 421.3 38

 Financial account

39 Net lending (+) or borrowing (-), capital account (line 38) -75.0 -86.2 -157.6 -356.6 -258.2 -125.7 372.6 443.0 512.9 421.3 39

40 Net acquisition of financial assets 517.8 935.5 1184.5 876.1 805.9 1340.3 193.4 267.8 725.6 919.2 40

41 Currency and deposits 295.4 265.6 394.8 372.8 446.5 403.7 411.2 199.2 209.9 665.0 41

42 Currency and transferable deposits -16.0 -31.2 -58.2 -113.9 -40.0 -73.7 245.0 28.6 55.7 316.6 42

43 Time and savings deposits 310.2 294.6 447.6 484.3 481.3 462.0 189.9 177.0 152.7 350.3 43

44 Foreign deposits 1.3 2.2 5.4 2.4 5.2 15.4 -23.7 -6.4 1.6 -1.9 44

45 Postal savings system deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45

46 Debt securities 18.3 30.2 234.0 210.3 109.5 383.3 393.4 60.6 88.6 -259.4 46

47 Open market paper -5.9 -4.9 6.4 14.7 19.0 -10.2 -101.3 28.7 -2.9 -2.6 47

48 U.S. savings bonds 4.5 8.9 0.6 0.7 -2.7 -6.0 -2.4 -2.8 -3.3 -2.7 48

49 Treasury securities -144.3 10.7 -7.1 -102.6 -92.2 -75.0 253.8 502.5 418.7 -254.2 49

50 Agency- and GSE-backed securities (2) -132.8 128.0 94.2 171.4 -7.9 308.8 276.6 -633.6 -44.7 12.6 50

51 Municipal securities 83.6 15.7 118.4 78.1 35.0 38.0 47.9 107.1 44.3 -65.6 51

52 Corporate and foreign bonds 213.3 -128.3 21.5 47.9 158.3 127.7 -81.1 58.7 -323.5 53.1 52

53 Loans -33.6 67.3 116.1 7.8 63.5 206.9 -110.2 -89.1 13.9 44.6 53

54 Short term -41.5 63.0 105.8 -0.3 80.8 219.2 -111.6 -79.4 25.1 55.3 54

55 Long term (mortgages) 7.9 4.3 10.3 8.1 -17.3 -12.3 1.4 -9.7 -11.2 -10.8 55
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

56 Equity and investment fund shares -144.3 151.9 -34.1 -184.5 -225.8 -305.2 -671.5 23.2 28.6 72.5 56

57 Corporate equities -161.8 -98.8 -271.8 -414.4 -638.3 -805.5 -576.8 -21.2 -170.8 -122.8 57

58 Mutual fund shares 79.4 263.9 169.9 179.9 177.1 242.0 -45.8 344.1 235.3 192.5 58

59 Money market fund shares -32.7 -113.9 -56.1 44.4 174.8 239.9 235.1 -268.6 -183.5 10.7 59

60 Equity in noncorporate business -29.2 100.7 123.8 5.6 60.6 18.4 -284.0 -32.3 143.6 -8.6 60

61 Equity investment under Public-Private Inv. Program (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.2 4.0 0.7 61

62 Insurance, pension and standardized guarantee schemes 382.0 420.5 473.7 469.8 412.3 651.6 170.5 73.8 384.6 396.6 62

63 Net equity in life insurance and pension funds 334.8 364.1 421.2 411.7 374.8 585.5 115.4 53.9 344.2 350.5 63

64 Net equity in life insurance reserves 60.1 66.8 33.1 16.1 57.8 18.0 61.7 23.7 9.0 86.9 64

65 Net equity in pension fund reserves 274.7 297.3 388.1 395.6 317.1 567.5 53.6 30.2 335.2 263.6 65

66 Prepayments of premiums and reserves against claims 47.1 56.4 52.5 58.0 37.4 66.1 55.1 19.9 40.4 46.1 66

67 Net equity in reserves of property-casualty insurance companies 21.6 22.9 23.6 25.6 4.6 6.7 11.0 -5.1 3.2 13.2 67

68 Net equity in other life insurance company reserves 10.2 13.9 11.4 9.5 14.8 15.5 17.6 8.4 14.8 14.4 68

69 Net equity in Retiree Health Care Funds 15.4 19.6 17.4 23.0 18.1 43.9 26.5 16.6 22.5 18.5 69

70 Net incurrence of liabilities 783.1 1032.9 1153.6 1162.8 1211.2 902.6 -160.6 -179.3 -243.2 -227.3 70

71 Debt securities (municipals) 12.6 13.8 14.7 15.1 16.4 21.1 9.3 5.9 -2.2 -7.8 71

72 Loans 750.5 1013.3 1120.9 1133.6 1180.7 865.8 -195.2 -196.4 -265.1 -233.1 72

73 Short term 33.6 135.3 179.4 77.1 173.0 169.4 -130.2 -39.9 112.1 2.1 73

74 Consumer credit 105.2 105.9 117.2 100.4 96.6 141.9 19.6 -111.5 -17.9 93.4 74

75 Depository institution loans n.e.c. -23.6 -3.4 -19.6 8.2 12.0 -9.1 4.6 33.0 52.4 -53.9 75

76 Other loans and advances 0.2 -1.5 0.3 0.0 4.8 3.2 6.2 0.5 2.4 1.9 76

77 Security credit -48.2 34.3 81.5 -31.6 59.7 33.4 -160.7 38.1 75.2 -39.3 77

78 Long term (mortgages) 716.9 878.0 941.5 1056.5 1007.7 696.4 -65.0 -156.4 -377.2 -235.3 78

79 Insurance, pension and standardized guarantee schemes 0.9 0.9 1.6 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 79

80 Other accounts payable (trade debt) 19.1 4.8 16.5 13.0 13.6 14.6 22.2 16.0 21.4 14.0 80

 Addendum:

81 Net lending (+) or borrowing (-), financial account (lines 40-70) -265.3 -97.4 30.9 -286.6 -405.2 437.7 354.0 447.1 968.9 1146.5 81

 Other changes in volume account

82 Total other volume changes 177.0 439.7 1223.3 368.5 205.2 883.8 7.6 493.3 693.5 563.1 82

83 Net investment in consumer durable goods 243.2 242.6 249.7 249.5 238.8 232.8 134.8 57.7 93.1 133.4 83

84 Disaster losses 0.0 0.0 12.0 50.4 0.0 0.0 8.3 0.0 0.0 0.0 84

85 Other volume changes 124.1 208.3 773.1 -1.3 113.4 87.7 -116.9 431.5 144.3 -295.5 85

86 Less: Statistical discrepancy (lines 38-[40-70]) (4)) 190.3 11.2 -188.5 -69.9 147.0 -563.3 18.6 -4.1 -456.0 -725.1 86

 Revaluation account

87 Nonfinancial assets 997.8 1257.0 2342.2 2851.6 345.5 -1919.8 -3750.0 -1234.8 -476.1 -255.0 87

88 Real estate 1072.2 1338.8 2375.2 2892.9 381.3 -1867.6 -3717.5 -1190.8 -386.8 -271.8 88

89 Consumer durable goods -77.9 -85.2 -37.6 -45.6 -43.2 -58.1 -36.3 -42.9 -90.6 14.7 89

90 Equipment and software 3.6 3.4 4.6 4.4 7.3 5.9 3.8 -1.1 1.3 2.2 90

91 Financial assets -2462.6 3922.0 2999.6 2916.6 4077.1 1588.9 -9551.2 2215.7 3198.6 289.3 91

92 Corporate equities -1500.6 1723.3 1000.6 1076.6 2790.6 922.2 -3916.8 1585.1 1496.4 145.2 92

93 Mutual fund shares -474.5 427.3 327.1 45.2 381.9 431.9 -1509.3 472.7 251.7 -357.3 93

94 Equity in noncorporate business 380.9 513.8 1122.4 1315.0 261.9 119.7 -1314.3 -1238.7 517.0 561.3 94

95 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.3 -1.0 -0.2 95

96 Insurance, pension and standardized guarantee schemes -868.4 1257.7 549.5 479.8 642.7 115.1 -2810.8 1397.0 934.5 -59.8 96

97 Changes in net worth due to nominal holding gains/losses -1464.8 5179.0 5341.9 5768.2 4422.5 -330.9 -13301.3 980.9 2722.6 34.3 97

 Changes in balance sheet account

98 Change in net worth (lines 32+38+82+97) -1034.6 5910.3 6867.1 6306.8 4868.9 792.3 -12697.8 2034.0 4023.6 1106.1 98

 Balance sheet account (end of period)

99 Total assets 50875.6 57848.8 65889.5 73358.0 79417.4 81114.9 68261.5 70072.8 73858.5 74742.7 99

100 Nonfinancial assets 19976.7 21848.8 24882.0 28451.7 29542.2 28216.9 24825.6 23769.0 23472.8 23432.6 100

101 Real estate 16278.0 17976.3 20779.7 24130.0 25005.3 23486.6 19975.2 18892.7 18583.8 18382.9 101

102 Consumer durable goods 3524.7 3682.0 3894.1 4098.0 4293.6 4468.3 4566.8 4581.6 4584.1 4732.2 102

103 Equipment and software 174.0 190.6 208.1 223.7 243.2 262.0 283.6 294.8 304.9 317.5 103
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

104 Financial assets 30898.8 35999.9 41007.5 44906.3 49875.3 52898.0 43436.0 46303.7 50385.8 51310.1 104

105 Currency and deposits 4157.3 4481.5 4901.8 5274.5 5744.5 6148.2 6524.4 6709.1 6873.9 7538.9 105

106 Currency and transferable deposits 464.1 458.0 399.8 285.8 239.6 154.9 364.9 393.5 437.9 754.5 106

107 Foreign deposits 49.9 52.1 57.5 59.9 65.2 80.5 56.9 50.5 52.1 50.1 107

108 Time and savings deposits 3643.3 3971.5 4444.5 4928.8 5439.8 5912.7 6102.6 6265.1 6384.0 6734.3 108

109 Postal savings system deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 109

110 Debt securities 2511.8 2726.9 3758.9 4078.4 4261.1 4738.0 5063.2 5520.2 5811.7 5298.7 110

111 Open market paper 82.2 77.3 83.7 98.4 117.5 107.3 6.0 34.6 31.7 29.1 111

112 U.S. savings bonds 194.9 203.8 204.4 205.1 202.4 196.4 194.0 191.2 187.9 185.2 112

113 Treasury securities 68.3 203.4 263.2 234.9 146.6 -13.4 75.4 714.7 1077.3 630.6 113

114 Agency- and GSE-backed securities (2) 256.1 385.4 417.9 585.9 635.6 874.3 1097.8 435.7 389.9 372.8 114

115 Municipal securities 671.5 687.2 1522.7 1600.8 1636.1 1674.1 1722.0 1829.1 1873.3 1807.7 115

116 Corporate and foreign bonds 1238.8 1169.8 1267.1 1353.3 1523.0 1899.3 1968.1 2314.9 2251.6 2273.3 116

117 Loans 532.1 599.4 715.5 723.4 786.9 993.8 883.5 796.8 810.6 855.2 117

118 Short term 415.5 478.5 584.3 584.0 664.7 884.0 772.4 695.4 720.4 775.8 118

119 Long term (mortgages) 116.6 120.9 131.3 139.4 122.1 109.8 111.1 101.4 90.2 79.5 119

120 Equity and investment fund shares 14142.0 16958.2 19374.2 21626.5 24824.3 25992.9 18581.0 19423.0 21715.7 22106.8 120

121 Corporate equities 5163.5 6788.0 7516.9 8179.0 10331.3 10448.0 5954.4 7518.3 8843.9 8866.3 121

122 Mutual fund shares 2222.9 2914.1 3411.2 3636.2 4195.2 4869.1 3313.9 4130.7 4617.8 4453.0 122

123 Money market fund shares 1068.4 954.5 898.4 942.7 1106.8 1346.7 1581.8 1313.2 1129.7 1109.9 123

124 Equity in noncorporate business 5687.1 6301.6 7547.8 8868.5 9191.0 9329.1 7730.8 6459.8 7120.5 7673.2 124

125 Equity investment under Public-Private Inv. Program (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.9 3.8 4.4 125

126 Insurance, pension and standardized guarantee schemes 9555.7 11233.9 12257.0 13203.5 14258.4 15025.1 12383.8 13854.6 15173.7 15510.5 126

127 Net equity in life insurance and pension funds 9110.7 10732.6 11703.3 12594.8 13612.3 14312.9 11617.5 13068.4 14347.0 14637.7 127

128 Net equity in life insurance reserves 920.9 1013.2 1060.4 1082.6 1055.2 1076.8 1049.8 1109.2 1137.2 1203.6 128

129 Net equity in pension fund reserves 8189.8 9719.4 10642.9 11512.2 12557.2 13236.1 10567.7 11959.2 13209.9 13434.1 129

130 Prepayments of premiums and reserves against claims 444.9 501.3 553.8 608.7 646.1 712.2 766.3 786.3 826.7 872.8 130

131 Net equity in reserves of property-casualty insurance companies 243.9 266.8 290.4 316.0 320.5 327.3 337.3 332.2 335.4 348.6 131

132 Net equity in other life insurance company reserves 185.6 199.5 211.0 217.3 232.1 247.6 265.2 273.6 288.4 302.8 132

133 Net equity in Retiree Health Care Funds 15.4 35.0 52.4 75.4 93.5 137.3 163.8 180.4 202.9 221.4 133

134 Total liabilities and net worth 50875.6 57848.8 65889.5 73358.0 79417.4 81114.9 68261.5 70072.8 73858.5 74742.7 134

135 Liabilities 8759.2 9822.2 10995.8 12157.5 13348.1 14253.2 14097.6 13874.8 13636.9 13415.0 135

136 Debt securities (municipals) 163.9 177.7 197.6 212.7 229.1 250.2 259.5 265.4 263.2 255.5 136

137 Loans 8423.4 9466.8 10602.5 11736.2 12896.3 13764.7 13574.4 13334.6 13074.9 12847.1 137

138 Short term 2244.0 2399.7 2579.1 2656.2 2808.6 2980.6 2850.4 2767.0 2997.5 3005.0 138

139 Consumer credit 1997.0 2102.9 2220.1 2320.6 2361.8 2506.3 2525.9 2420.2 2522.2 2615.7 139

140 Depository institution loans n.e.c. -21.4 -4.4 -24.0 -15.8 30.9 21.8 26.4 10.2 61.0 12.4 140

141 Other loans and advances 120.2 118.7 119.0 119.0 123.8 127.0 133.2 133.7 136.1 138.1 141

142 Security credit 148.2 182.5 264.0 232.4 292.1 325.5 164.8 203.0 278.2 238.9 142

143 Long term (mortgages) 6179.4 7067.1 8023.4 9079.9 10087.6 10784.1 10724.0 10567.6 10077.3 9842.1 143

144 Insurance, pension and standardized guarantee schemes 20.0 20.9 22.5 22.4 22.8 23.9 27.0 22.1 24.7 24.3 144

145 Other accounts payable (trade debt) 152.0 156.8 173.3 186.3 199.9 214.5 236.7 252.7 274.1 288.2 145

146 Net worth 42116.3 48026.6 54893.7 61200.5 66069.3 66861.7 54163.9 56197.9 60221.6 61327.7 146

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).

(4) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

NPISHs Nonprofit institutions serving households

n.e.c. Not elsewhere classified
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

 Current account

 1 Gross value added 1807.8 1901.2 2085.6 2220.2 2401.6 2511.6 2591.1 2369.2 2499.3 2601.0 1

 2 Less: Consumption of fixed capital 146.6 153.4 162.7 175.5 189.6 210.1 211.3 211.0 209.9 215.0 2

 3 Equals: Net value added 1661.2 1747.8 1922.9 2044.7 2212.0 2301.5 2379.9 2158.2 2289.4 2386.0 3

 4 Compensation of employees (paid) 485.1 523.1 573.6 626.3 693.1 758.1 776.4 739.7 754.1 787.4 4

 5 Wages and salaries 409.4 439.1 481.8 525.5 584.9 644.4 655.5 621.8 633.5 660.6 5

 6 Employers’ social contributions 75.7 84.0 91.8 100.8 108.2 113.8 120.9 117.9 120.7 126.8 6

 7 Taxes on production and imports less subsidies 117.9 123.6 139.5 143.5 160.7 177.7 177.4 164.4 172.4 173.6 7

 8 Operating surplus, net 1058.2 1101.1 1209.8 1274.9 1358.3 1365.7 1426.1 1254.0 1362.9 1425.0 8

 9 Net national income/Balance of primary incomes, net 15.4 19.8 19.9 21.9 22.5 20.7 16.1 22.1 24.3 24.6 9

10 Operating surplus, net 1058.2 1101.1 1209.8 1274.9 1358.3 1365.7 1426.1 1254.0 1362.9 1425.0 10

11 Property income (interest received) 16.8 15.7 16.7 15.8 15.3 16.7 19.6 12.9 11.8 10.2 11

12 Less: Uses of property income (paid) 1059.6 1096.9 1206.6 1268.8 1351.1 1361.6 1429.6 1244.8 1350.4 1410.6 12

13 Interest 165.5 162.5 171.8 200.2 228.7 259.1 270.4 241.3 232.6 225.0 13

14 Withdrawals from income of quasi-corporations (1) 894.1 934.4 1034.7 1068.6 1122.4 1102.5 1159.0 1003.5 1117.7 1185.4 14

15 Reinvested earnings on foreign direct investment 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.2 15

16 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Net national income/Balance of primary incomes, net 15.4 19.8 19.9 21.9 22.5 20.7 16.1 22.1 24.3 24.6 17

18 Less: Other current transfers (paid) 15.4 19.8 19.9 21.9 22.5 20.7 16.1 22.1 24.3 24.6 18

19 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 Capital account

21 Net saving less capital transfers 0.0 0.0 5.0 13.1 0.0 0.0 3.3 6.0 7.8 1.6 21

22 Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Less: Capital transfers paid (net) 0.0 0.0 -5.0 -13.1 0.0 0.0 -3.3 -6.0 -7.8 -1.6 23

24 Capital formation, net 42.8 44.5 64.6 62.5 58.2 73.6 55.9 -7.6 -8.6 4.3 24

25 Gross fixed capital formation 190.8 197.0 216.8 235.4 247.7 282.8 268.0 212.3 203.6 221.8 25

26 Nonresidential 125.7 124.0 136.8 149.0 162.6 202.2 198.4 158.0 155.6 173.3 26

27 Residential 65.1 73.0 80.0 86.4 85.0 80.5 69.6 54.3 48.0 48.6 27

28 Less: Consumption of fixed capital 146.6 153.4 162.7 175.5 189.6 210.1 211.3 211.0 209.9 215.0 28

29 Change in private inventories -1.5 0.9 10.5 2.6 0.0 0.9 -0.9 -8.9 -2.3 -2.5 29

30 Net lending (+) or borrowing (-), capital account (lines 21-24) -42.8 -44.5 -59.6 -49.5 -58.2 -73.6 -52.6 13.6 16.4 -2.7 30

 Financial account

31 Net lending (+) or borrowing (-) (line 30) -42.8 -44.5 -59.6 -49.5 -58.2 -73.6 -52.6 13.6 16.4 -2.7 31

32 Net acquisition of financial assets 78.6 80.4 370.8 437.3 519.8 479.4 97.3 -100.8 106.9 41.0 32

33 Currency and deposits 17.2 50.7 93.7 100.1 94.9 81.8 2.5 15.6 -15.1 10.1 33

34 Currency and transferable deposits 2.7 6.1 106.9 76.6 74.6 66.9 3.8 20.4 -18.0 6.5 34

35 Time and savings deposits 14.5 44.7 -13.2 23.5 20.3 14.9 -1.2 -4.8 2.9 3.6 35

36 Debt securities -0.1 1.4 7.0 6.1 1.5 2.5 -7.9 -5.5 2.5 0.5 36

37 Treasury securities 0.0 2.1 5.3 6.0 0.2 3.0 -7.5 -5.7 1.9 0.5 37

38 Municipal securities -0.1 -0.7 1.7 0.1 1.3 -0.5 -0.4 0.2 0.5 0.1 38

39 Loans -0.6 0.1 4.6 5.3 -1.5 7.4 -3.0 -1.2 4.2 0.5 39

40 Short term (consumer credit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40

41 Long term (mortgages) -0.6 0.1 4.6 5.3 -1.5 7.4 -3.0 -1.2 4.2 0.5 41

42 Equity and investment fund shares 2.4 2.9 3.0 2.4 3.3 2.9 2.2 -1.7 3.5 1.1 42

43 Money market mutual fund shares 2.3 2.3 2.9 2.4 3.2 2.2 1.0 -1.7 3.1 0.8 43

44 Equity in government-sponsored enterprises (2) 0.1 0.6 0.0 -0.1 0.2 0.7 1.2 -0.0 0.4 0.3 44

45 Insurance, pension and standardized guarantee schemes (3) 4.5 4.7 4.6 5.5 4.4 3.7 3.4 0.9 0.1 6.3 45

46 Other accounts receivable 55.4 20.6 258.1 317.8 417.2 381.1 100.0 -109.0 111.8 22.5 46

47 Trade receivables 18.9 -25.1 26.6 66.6 40.0 54.7 -3.0 -26.3 37.0 5.4 47

48 Other (miscellaneous assets) 36.5 45.8 231.4 251.2 377.2 326.4 102.9 -82.7 74.7 17.1 48

49 Net incurrence of liabilities 167.8 174.3 483.6 549.6 650.8 601.6 149.9 -114.4 90.5 43.7 49

50 Loans 151.8 73.8 254.7 341.6 415.2 461.6 318.8 -120.0 -29.6 13.9 50

51 Short term 26.3 9.7 34.1 164.2 132.0 154.5 131.9 -107.3 -15.7 57.0 51

52 Depository institution loans n.e.c. 23.7 10.3 32.9 157.9 115.3 140.8 119.6 -102.0 -20.4 56.5 52

53 Other loans and advances 2.6 -0.6 1.2 6.3 16.8 13.7 12.3 -5.3 4.7 0.4 53

54 Long term (mortgages) 125.5 64.1 220.6 177.5 283.2 307.1 186.9 -12.7 -13.9 -43.0 54
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

55 Equity and investment fund shares -29.6 103.8 128.1 6.9 67.6 16.3 -295.6 -28.5 143.3 -6.5 55

56 Equity in noncorporate business -29.9 104.1 128.0 6.8 67.4 16.0 -295.5 -28.6 143.2 -6.6 56

57 Foreign direct investment in the United States 0.2 -0.4 0.1 0.1 0.2 0.3 -0.2 0.1 0.1 0.2 57

58 Other accounts payable 45.6 -3.3 100.8 201.0 168.0 123.7 126.7 34.1 -23.2 36.3 58

59 Trade payables 25.4 -26.2 23.7 49.7 14.4 26.0 5.7 7.7 28.4 2.8 59

60 Taxes payable 1.5 -0.5 8.4 8.7 9.0 3.8 6.7 -6.3 -0.7 1.1 60

61 Other (miscellaneous liabilities) 18.7 23.4 68.8 142.7 144.6 93.9 114.3 32.6 -50.9 32.3 61

 Addendum:

62 Net lending (+) or borrowing (-), financial account (lines 32-49) -89.2 -93.8 -112.8 -112.3 -131.0 -122.2 -52.6 13.6 16.4 -2.7 62

 Other changes in volume account

63 Total other volume changes -30.3 104.5 121.8 -17.8 67.3 16.3 -300.1 -29.5 146.7 -6.5 63

64 Disaster losses 0.0 0.0 6.6 24.5 0.0 0.0 4.4 0.0 0.0 0.0 64

65 Other volume changes -30.3 104.5 115.2 -42.3 67.3 16.3 -304.4 -29.5 146.7 -6.5 65

 Revaluation account

66 Nonfinancial assets 383.2 502.0 1121.2 1324.9 257.1 120.0 -1299.4 -1250.1 504.6 558.6 66

67 Real estate 407.8 527.1 1155.5 1354.5 288.1 132.1 -1310.3 -1236.4 468.8 516.1 67

68 Residential 351.8 382.4 704.3 986.7 -48.4 -388.4 -936.9 -399.2 150.4 206.6 68

69 Nonresidential 55.9 144.6 451.2 367.8 336.5 520.5 -373.4 -837.2 318.4 309.5 69

70 Equipment and software -34.1 -37.0 -33.6 -37.9 -35.3 -35.3 17.0 -4.8 -0.0 11.0 70

71 Residential -0.5 -1.3 -0.4 1.3 1.2 -0.4 0.2 -2.9 -2.5 0.9 71

72 Nonresidential -33.6 -35.7 -33.2 -39.1 -36.5 -34.9 16.7 -1.9 2.4 10.1 72

73 Inventories 9.5 12.0 -0.8 8.2 4.3 23.1 -6.0 -8.9 35.8 31.5 73

74 Changes in net worth due to nominal holding gains/losses 383.2 502.0 1121.2 1324.9 257.1 120.0 -1299.4 -1250.1 504.6 558.6 74

 Changes in balance sheet account

75 Change in net worth (lines 24+30+63+74) 352.9 606.5 1248.0 1320.1 324.5 136.3 -1596.1 -1273.6 659.0 553.7 75

 Balance sheet account (end of period)

76 Total assets 8894.4 9570.6 11173.9 13036.9 13944.9 14666.5 13515.9 12157.3 12760.2 13364.4 76

77 Nonfinancial assets 7186.2 7782.0 9014.4 10440.3 10828.4 11070.6 9822.7 8565.0 9061.0 9623.8 77

78 Real estate 6493.4 7058.2 8251.2 9630.3 9970.7 10158.6 8883.2 7650.5 8105.4 8610.7 78

79 Residential (4) 4110.0 4519.5 5248.8 6246.6 6225.4 5858.0 4927.5 4524.8 4664.9 4861.6 79

80 Nonresidential 2383.4 2538.7 3002.4 3383.8 3745.3 4300.5 3955.7 3125.6 3440.5 3749.0 80

81 Equipment and software 510.1 528.2 557.9 593.7 637.1 667.4 701.7 694.6 702.2 730.8 81

82 Residential 37.6 37.9 39.5 42.9 46.2 47.4 48.7 46.1 44.3 46.1 82

83 Nonresidential 472.4 490.3 518.4 550.8 591.0 619.9 653.0 648.6 657.9 684.7 83

84 Inventories 182.7 195.6 205.4 216.2 220.6 244.6 237.7 219.9 253.4 282.4 84

85 Financial assets 1708.2 1788.6 2159.4 2596.7 3116.5 3595.9 3693.2 3592.3 3699.3 3740.6 85

86 Currency and deposits 453.7 504.4 598.1 698.2 793.2 875.0 877.5 893.1 878.0 888.2 86

87 Currency and transferable deposits 184.5 190.6 297.5 374.1 448.8 515.6 519.4 539.8 521.8 528.4 87

88 Time and savings deposits 269.2 313.8 300.6 324.1 344.4 359.3 358.1 353.3 356.2 359.8 88

89 Debt securities 46.2 47.6 54.5 60.6 62.1 64.6 56.7 51.2 53.7 54.2 89

90 Treasury securities 42.8 44.9 50.2 56.2 56.3 59.3 51.8 46.1 48.1 48.5 90

91 Municipal securities 3.4 2.7 4.3 4.4 5.8 5.3 4.9 5.1 5.6 5.7 91

92 Loans 26.2 26.3 30.8 36.2 34.6 42.1 39.1 37.9 42.1 42.5 92

93 Short term (consumer credit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 93

94 Long term (mortgages) 26.2 26.3 30.8 36.2 34.6 42.1 39.1 37.9 42.1 42.5 94

95 Equity and investment fund shares 64.9 67.8 70.7 73.1 76.5 79.3 81.7 80.0 83.5 84.7 95

96 Money market mutual fund shares 61.3 63.6 66.5 69.0 72.2 74.3 75.4 73.7 76.8 77.7 96

97 Equity in government-sponsored enterprises (2) 3.6 4.2 4.2 4.1 4.3 5.0 6.4 6.3 6.7 7.0 97

98 Insurance, pension and standardized guarantee schemes (3) 84.5 89.2 93.7 99.2 103.6 107.3 111.5 112.4 112.6 119.0 98

99 Other accounts receivable 1032.8 1053.4 1311.5 1629.3 2046.5 2427.6 2526.6 2417.6 2529.4 2551.9 99

100 Trade receivables 362.8 337.7 364.3 430.9 470.9 525.6 522.7 496.3 533.4 538.8 100

101 Other (miscellaneous assets) 670.0 715.7 947.1 1198.4 1575.6 1902.0 2003.9 1921.3 1996.0 2013.1 101
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Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

102 Total liabilities and net worth 8894.4 9570.6 11173.9 13036.9 13944.9 14666.5 13515.9 12157.3 12760.2 13364.4 102

103 Liabilities 3212.2 3282.0 3637.2 4180.2 4763.6 5349.0 5794.5 5709.6 5653.5 5704.0 103

104 Loans 2227.6 2301.4 2556.1 2897.7 3313.0 3774.6 4093.4 3973.3 3940.0 3952.4 104

105 Short term 597.0 606.7 640.9 805.0 937.1 1091.6 1223.4 1116.1 1097.8 1155.1 105

106 Depository institution loans n.e.c. 469.3 479.7 512.6 670.4 785.7 926.5 1046.1 944.1 923.7 980.4 106

107 Other loans and advances 127.7 127.1 128.3 134.6 151.4 165.1 177.4 172.0 174.1 174.7 107

108 Long term (mortgages) 1630.6 1694.7 1915.2 2092.7 2375.9 2683.0 2869.9 2857.2 2842.2 2797.3 108

109 Equity and investment fund shares (direct investment in the U.S.) 4.0 3.3 3.0 3.3 3.6 3.6 3.6 4.8 5.1 5.8 109

110 Other accounts payable 980.6 977.3 1078.1 1279.1 1447.1 1570.8 1697.5 1731.6 1708.3 1745.8 110

111 Trade payables 287.4 261.2 284.9 334.5 348.9 374.9 380.7 388.3 416.8 420.7 111

112 Taxes payable 70.2 69.7 78.0 86.7 95.7 99.5 106.2 99.9 99.2 100.3 112

113 Other (miscellaneous liabilities) 623.1 646.5 715.2 857.9 1002.5 1096.4 1210.7 1243.3 1192.4 1224.8 113

114 Net worth 5682.2 6288.7 7536.6 8856.8 9181.2 9317.5 7721.3 6447.7 7106.7 7660.4 114

Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Flow of Funds Accounts.

Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) Net equity in reserves of property-casualty insurance companies.

(4) Farm houses are included in the household sector.

n.e.c. Not elsewhere classified
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Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

 Current account

 1 Gross value added 5307.7 5503.7 5877.5 6302.8 6740.3 6946.0 6991.4 6590.8 6952.4 7366.7 1

 2 Less: Consumption of fixed capital 654.5 669.0 695.6 743.0 800.9 840.1 864.3 862.5 860.1 893.7 2

 3 Equals: Net value added 4653.1 4834.7 5181.9 5559.8 5939.4 6106.0 6127.1 5728.3 6092.3 6473.0 3

 4 Compensation of employees (paid) 3544.2 3651.3 3786.7 3976.3 4182.3 4361.0 4441.2 4173.7 4252.0 4472.7 4

 5 Wages and salaries 2936.7 2979.0 3105.5 3267.5 3462.3 3636.2 3681.4 3435.3 3508.4 3687.5 5

 6 Employers’ social contributions 607.5 672.3 681.2 708.8 720.0 724.8 759.8 738.5 743.6 785.2 6

 7 Taxes on production and imports less subsidies 461.9 484.2 517.7 558.4 593.3 607.7 615.2 589.2 612.2 645.8 7

 8 Operating surplus, net 647.1 699.2 877.5 1025.1 1163.7 1137.4 1070.8 965.4 1228.2 1354.5 8

 9 Net national income/Balance of primary incomes, net 324.6 373.2 500.5 689.8 678.9 589.2 522.9 579.5 845.2 910.9 9

10 Operating surplus, net 647.1 699.2 877.5 1025.1 1163.7 1137.4 1070.8 965.4 1228.2 1354.5 10

11 Property income (received) 396.9 420.0 481.8 614.7 643.6 689.1 634.6 572.7 594.4 638.0 11

12 Interest 249.2 237.0 253.1 296.8 357.1 382.8 310.6 222.2 188.7 190.9 12

13 Distributed income of corporations (dividends) 50.3 55.8 66.3 300.2 79.6 92.3 108.0 138.7 125.4 137.8 13

14 Reinvested earnings on U.S. direct investment abroad 97.5 127.2 162.4 17.8 206.8 214.1 216.0 211.8 280.3 309.3 14

15 Less: Uses of property income (paid) 719.4 746.0 858.7 950.0 1128.4 1237.3 1182.5 958.6 977.4 1081.6 15

16 Interest 401.4 370.8 372.2 428.2 503.2 596.3 546.2 433.7 393.4 429.2 16

17 Distributed income of corporations (dividends) 305.1 349.2 430.8 471.1 550.7 576.9 582.2 490.9 511.1 563.2 17

18 Reinvested earnings on foreign direct investment 1.5 12.0 40.5 34.0 56.5 45.3 32.1 18.1 55.8 71.7 18

19 Rent 11.4 14.1 15.3 16.8 18.0 18.8 22.0 16.0 17.1 17.5 19

20 Net national income/Balance of primary incomes, net 324.6 373.2 500.5 689.8 678.9 589.2 522.9 579.5 845.2 910.9 20

21 Less: Current taxes on income, wealth, etc. (paid) 97.1 132.9 187.0 271.9 307.6 293.8 227.4 177.8 222.9 246.8 21

22 Less: Other current transfers (paid) 56.3 65.2 65.5 79.3 75.8 69.1 58.1 77.4 89.3 91.5 22

23 Equals: Disposable income, net 171.3 175.1 248.0 338.6 295.4 226.3 237.5 324.3 533.1 572.5 23

24 Equals: Net saving 171.3 175.1 248.0 338.6 295.4 226.3 237.5 324.3 533.1 572.5 24

 Capital account

25 Net saving less capital transfers 171.3 175.2 254.7 354.2 295.5 226.4 241.1 286.0 511.8 578.2 25

26 Net saving 171.3 175.1 248.0 338.6 295.4 226.3 237.5 324.3 533.1 572.5 26

27 Less: Capital transfers paid (net) -0.0 -0.1 -6.7 -15.5 -0.0 -0.0 -3.7 38.3 21.2 -5.7 27

28 Capital formation, net 141.5 137.9 197.6 254.5 350.6 320.4 248.2 -96.1 119.7 168.6 28

 Gross fixed capital formation (acquisition of

29 produced nonfinancial assets) 785.7 794.2 841.4 950.7 1079.1 1134.0 1136.5 907.3 921.8 1025.2 29

30 Less: Consumption of fixed capital 654.5 669.0 695.6 743.0 800.9 840.1 864.3 862.5 860.1 893.7 30

31 Acquisition of nonproduced nonfinancial assets -3.2 -2.9 -2.7 -0.6 12.5 -1.7 16.3 4.4 -2.6 -2.1 31

32 Change in private inventories 13.5 15.5 54.4 47.4 59.9 28.2 -40.2 -145.3 60.7 39.1 32

33 Net lending (+) or borrowing (-), capital account (lines 25-28) 29.8 37.3 57.1 99.7 -55.2 -94.0 -7.1 382.1 392.1 409.6 33

 Financial account

34 Net lending (+) or borrowing (-), capital account (line 33) 29.8 37.3 57.1 99.7 -55.2 -94.0 -7.1 382.1 392.1 409.6 34

35 Net acquisition of financial assets 141.2 87.6 780.1 945.7 700.9 1074.9 -604.0 307.3 614.0 519.0 35

36 Currency and deposits 2.9 133.0 56.2 120.6 -84.8 -62.3 -214.0 256.1 144.1 45.7 36

37 Currency and transferable deposits -12.3 44.0 3.0 60.8 -117.2 -7.6 -129.0 142.3 75.1 37.3 37

38 Time and savings deposits 10.2 71.5 37.7 49.9 46.6 -55.7 -59.4 106.9 59.9 14.3 38

39 Foreign deposits 5.1 17.6 15.6 9.9 -14.2 0.9 -25.5 6.8 9.1 -5.8 39

40 Debt securities 21.3 10.8 16.2 40.4 -1.2 -61.7 -25.7 16.3 15.6 -7.8 40

41 Open market paper 4.6 10.9 19.3 16.0 11.7 -53.2 -12.2 -1.3 12.0 0.1 41

42 Treasury securities 14.5 2.3 0.3 18.1 -6.7 -7.1 -7.9 12.5 5.1 -4.8 42

43 Agency- and GSE-backed securities (1) -0.7 -5.7 0.1 6.0 -2.2 -2.4 -2.6 4.2 1.7 -1.6 43

44 Municipal securities 2.8 3.3 -3.6 0.3 -4.0 1.1 -3.0 0.9 -3.2 -1.4 44

45 Loans 6.9 -13.7 15.4 10.2 -12.2 -21.7 -9.8 -5.6 -8.7 3.0 45

46 Short term (security RPs and consumer credit) 3.9 -15.9 0.6 8.5 -3.8 -3.2 -2.1 -1.5 -7.1 2.8 46

47 Long term (mortgages) 2.9 2.2 14.8 1.7 -8.4 -18.4 -7.7 -4.1 -1.6 0.2 47

48 Equity and investment fund shares 143.5 103.3 284.1 142.5 334.9 374.6 423.5 211.8 200.6 356.7 48

49 Money market fund shares 5.7 -30.4 10.3 52.7 69.1 127.2 178.5 -71.4 -157.7 -35.4 49

50 Mutual fund shares -0.2 5.8 -1.3 0.7 23.6 -4.9 -16.5 35.3 11.1 -12.8 50

51 U.S. direct investment abroad 131.1 125.3 272.4 24.7 219.2 307.0 262.6 257.2 324.8 396.5 51

52 Equity in government-sponsored enterprises (1) 0.0 0.1 0.1 0.0 0.1 0.1 -0.1 0.0 0.1 -0.0 52

53 Investment in finance company subsidiaries 6.9 2.6 2.6 64.4 22.9 -54.8 -1.1 -9.3 22.3 8.5 53
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

54 Insurance, pension and standardized guarantee schemes (2) 18.1 19.1 19.7 21.2 7.6 8.3 10.9 -0.9 3.0 15.7 54

55 Other accounts receivable -51.5 -165.0 388.5 610.8 456.6 837.6 -788.9 -170.4 259.4 105.8 55

56 Trade receivables -98.4 -17.7 128.8 277.6 -15.5 159.8 -169.5 -31.1 105.7 82.2 56

57 Other (miscellaneous assets) 46.9 -147.2 259.7 333.2 472.1 677.8 -619.5 -139.4 153.7 23.6 57

58 Net incurrence of liabilities 88.3 13.5 614.1 965.5 839.3 1281.0 339.0 -254.7 486.4 453.9 58

59 Debt securities 87.5 124.4 119.5 97.6 294.5 402.6 299.1 375.8 496.3 452.7 59

60 Open market paper -57.9 -37.3 15.3 -7.7 22.4 11.3 7.7 -73.1 24.5 33.4 60

61 Municipal securities 2.9 3.3 10.6 41.9 53.3 68.4 66.0 37.2 33.2 8.5 61

62 Corporate bonds 142.5 158.4 93.6 63.5 218.8 323.0 225.4 411.7 438.6 410.8 62

63 Loans -24.2 -35.2 126.7 275.1 237.9 452.5 71.4 -526.3 -301.7 72.4 63

64 Short term -71.5 -84.0 55.1 83.1 150.0 383.9 132.1 -394.9 -173.8 128.7 64

65 Depository institution loans n.e.c. -103.4 -91.4 4.0 -27.1 22.1 96.3 64.2 -234.1 -83.4 69.1 65

66 Other loans and advances 31.9 7.3 51.1 110.2 127.9 287.5 67.9 -160.8 -90.4 59.7 66

67 Long term (mortgages) 47.3 48.8 71.6 192.0 87.9 68.6 -60.8 -131.5 -127.9 -56.4 67

68 Equity and investment fund shares 58.3 0.7 -27.0 -243.1 -374.7 -575.3 -146.4 40.1 -121.1 -265.7 68

69 Corporate equities -16.2 -39.6 -122.7 -341.8 -565.7 -786.8 -336.0 -64.6 -278.0 -472.5 69

70 Foreign direct investment in the United States 74.5 40.2 95.7 98.7 191.0 211.6 189.5 104.7 156.9 206.8 70

71 Insurance, pension and standardized guarantee schemes 1.5 -0.2 -3.1 -1.9 -2.0 44.8 -25.5 -8.4 15.4 -0.9 71

72 Other accounts payable -34.7 -76.2 398.1 837.8 683.6 956.4 140.4 -135.9 397.4 195.5 72

73 Trade payables 19.8 -54.7 97.7 199.0 109.0 85.1 -225.2 -85.3 155.7 18.7 73

74 Taxes payable 11.9 -11.7 6.8 -1.8 -0.8 -49.6 3.1 -3.3 7.2 8.8 74

75 Miscellaneous liabilities -66.4 -9.7 293.6 640.6 575.3 920.9 362.5 -47.4 234.6 168.0 75

 Addendum:

76 Net lending (+) or borrowing (-), financial account (lines 35-58) 52.8 74.1 166.0 -19.8 -138.4 -206.1 -943.0 562.0 127.7 65.1 76

 Other changes in volume account

77 Total other volume changes -174.0 184.2 309.3 333.9 678.7 805.4 -673.3 254.1 389.8 521.2 77

78 Disaster losses 0.0 0.0 9.2 22.7 0.0 0.0 5.8 0.0 0.0 0.0 78

79 Other volume changes -199.6 136.2 157.0 400.0 723.9 870.2 212.4 77.4 615.5 803.1 79

80 Less: Statistical discrepancy (lines 33-[35-58]) (3) -23.0 -36.7 -108.9 119.5 83.2 112.1 935.9 -179.8 264.4 344.5 80

81 Less: Inventory valuation adjustment -2.6 -11.3 -34.3 -30.7 -38.0 -47.2 -44.5 3.2 -38.7 -62.6 81

 Revaluation account

82 Nonfinancial assets 284.7 309.5 1265.0 1002.9 1029.1 1671.3 -1099.7 -2967.3 999.8 851.8 82

83 Real estate 260.3 263.1 1140.7 882.6 881.2 1559.0 -1152.6 -2987.3 895.1 748.0 83

84 Equipment and software 6.7 29.5 86.9 86.1 137.7 51.4 103.4 -11.6 46.3 65.8 84

85 Inventories 17.7 16.9 37.4 34.2 10.2 60.9 -50.5 31.6 58.3 38.0 85

86 Financial assets -26.8 26.1 89.2 94.5 31.0 154.8 -199.6 -28.8 -95.5 -44.7 86

87 Mutual fund shares -17.9 18.2 11.9 8.1 15.2 9.7 -55.2 20.4 13.6 -8.1 87

88 Direct investment abroad -9.0 7.9 77.2 86.3 15.9 145.1 -144.4 -49.2 -109.2 -36.6 88

89 Liabilities -2728.2 2681.7 1378.2 980.7 2463.8 1942.9 -5479.4 2391.6 2184.2 573.6 89

90 Corporate equity -2640.0 2672.5 1366.1 939.8 2481.5 1915.2 -5378.2 2560.2 2207.6 539.2 90

91 Foreign direct investment in the United States -88.2 9.2 12.1 41.0 -17.7 27.7 -101.2 -168.5 -23.4 34.4 91

92 Changes in net worth due to nominal holding gains/losses 2986.1 -2346.2 -24.0 116.6 -1403.6 -116.7 4180.1 -5387.7 -1280.0 233.5 92

 Changes in balance sheet account

93 Change in net worth (lines 28+33+77+92) (4) 2983.4 -1986.8 540.0 804.6 -429.4 915.0 3747.9 -4847.5 -378.4 1332.8 93

 Balance sheet account (end of period)

94 Total assets 20205.2 20795.9 23066.4 25269.3 27395.1 30533.0 28875.8 26197.3 28071.5 29682.8 94

95 Nonfinancial assets (5) 10258.1 10672.5 12121.8 13360.7 14727.5 16770.9 15938.1 12857.2 14050.4 15147.3 95

96 Real estate 5695.7 6012.0 7206.4 8170.7 9180.0 10925.8 9960.7 7062.8 8040.9 8866.6 96

97 Equipment and software 3256.0 3310.4 3439.2 3601.6 3851.0 4012.2 4190.8 4124.6 4182.1 4313.6 97

98 Inventories 1306.4 1350.1 1476.1 1588.4 1696.5 1832.9 1786.6 1669.8 1827.4 1967.1 98

99 Financial assets 9947.0 10123.4 10944.6 11908.6 12667.6 13762.1 12937.7 13340.1 14021.0 14535.5 99

100 Currency and deposits 472.1 605.1 661.3 781.9 697.1 634.8 420.8 676.9 821.0 866.6 100

101 Currency and transferable deposits 160.2 204.2 207.2 268.0 150.8 143.2 14.2 156.6 231.7 268.8 101

102 Time and savings deposits 291.3 362.8 400.5 450.4 497.0 441.3 381.9 488.8 548.7 563.0 102

103 Foreign deposits 20.6 38.1 53.7 63.6 49.3 50.3 24.7 31.5 40.6 34.8 103
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

104 Debt securities 145.2 156.0 172.2 212.6 211.4 149.7 124.1 140.4 155.9 148.1 104

105 Open market paper 64.8 75.7 95.0 111.0 122.7 69.5 57.3 56.0 68.0 68.0 105

106 Treasury securities 31.4 33.7 34.0 52.1 45.5 38.3 30.5 43.0 48.0 43.2 106

107 Agency- and GSE-backed securities (1) 16.9 11.2 11.3 17.4 15.2 12.8 10.2 14.3 16.0 14.4 107

108 Municipal securities 32.1 35.4 31.8 32.1 28.1 29.2 26.2 27.1 23.9 22.5 108

109 Loans 130.5 116.8 132.2 142.4 128.3 106.7 96.8 91.2 86.3 89.3 109

110 Short term 81.0 65.1 65.6 74.1 68.5 65.3 63.2 61.7 58.3 61.1 110

111 Security repurchases 6.2 6.0 6.4 14.6 15.5 8.1 7.2 7.9 12.1 12.6 111

112 Consumer credit 74.8 59.1 59.2 59.6 53.0 57.2 56.0 53.8 46.2 48.5 112

113 Long term (mortgages) 49.6 51.8 66.6 68.3 59.8 41.4 33.6 29.5 28.0 28.2 113

114 Equity and investment fund shares 2041.4 2170.6 2543.9 2809.9 3175.9 3701.6 3925.3 4108.3 4181.4 4493.3 114

115 Money market fund shares 319.7 289.3 299.6 352.2 421.3 548.5 727.0 655.5 497.8 462.4 115

116 Mutual fund shares 90.9 114.9 125.6 134.4 173.2 178.0 106.3 162.0 186.8 165.9 116

117 U.S. direct investment abroad 1611.9 1745.1 2094.7 2205.7 2440.7 2892.9 3011.1 3219.1 3434.7 3794.6 117

118 Equity in government-sponsored enterprises (1) 0.3 0.4 0.5 0.5 0.6 0.7 0.4 0.5 0.6 0.5 118

119 Investment in finance company subsidiaries 18.5 21.0 23.6 117.0 140.1 81.5 80.5 71.2 61.4 69.9 119

120 Insurance, pension and standardized guarantee schemes (2) 224.0 243.0 262.7 284.0 291.6 299.9 311.1 310.2 313.2 328.7 120

121 Other accounts receivable 6933.9 6831.8 7172.3 7677.9 8163.2 8869.3 8059.6 8013.1 8463.2 8609.4 121

122 Trade receivables 1719.5 1701.8 1830.6 2108.2 2094.6 2254.4 2084.9 2053.9 2155.9 2238.0 122

123 Other (miscellaneous assets) 5214.4 5130.0 5341.6 5569.6 6068.6 6614.9 5974.7 5959.2 6307.4 6371.4 123

124 Total liabilities and net worth 20205.2 20795.9 23066.4 25269.3 27395.1 30533.0 28875.8 26197.3 28071.5 29682.8 124

125 Liabilities 18162.4 20739.9 22470.4 23868.6 26423.8 28646.7 23241.6 25410.7 27663.2 27941.7 125

126 Debt securities 3152.2 3276.6 3407.1 3504.7 3799.2 4201.9 4501.0 4876.8 5373.1 5825.8 126

127 Open market paper 119.8 82.5 97.8 90.1 112.5 123.8 131.5 58.4 82.9 116.3 127

128 Municipal securities 160.6 163.9 185.4 227.3 280.6 349.0 415.0 452.2 485.4 493.9 128

129 Corporate bonds 2871.8 3030.2 3123.8 3187.3 3406.1 3729.1 3954.5 4366.2 4804.8 5215.6 129

130 Loans 1898.3 1877.3 2004.0 2279.0 2537.7 2996.7 3063.1 2452.8 2112.8 2186.7 130

131 Short term 1428.3 1356.3 1411.4 1494.5 1641.6 2031.9 2164.1 1685.1 1460.6 1589.0 131

132 Depository institution loans n.e.c. 693.4 614.1 618.0 591.0 613.0 715.9 780.0 546.0 480.9 549.8 132

133 Other loans and advances 734.9 742.2 793.3 903.5 1028.5 1316.1 1384.0 1139.1 979.7 1039.3 133

134 Long term (mortgages) 470.0 521.0 592.6 784.6 896.1 964.7 899.0 767.6 652.2 597.7 134

135 Equity and investment fund shares 9464.9 12147.2 13498.4 14236.0 16325.1 17692.7 12066.9 14498.6 16561.7 16869.6 135

136 Corporate equity 8212.3 10845.2 12088.6 12686.6 14602.3 15730.7 10016.6 12512.2 14441.8 14508.5 136

137 Foreign direct investment in the United States 1252.5 1302.0 1409.8 1549.4 1722.7 1961.9 2050.3 1986.4 2119.9 2361.1 137

138 Insurance, pension and standardized guarantee schemes 49.9 49.8 46.6 44.8 64.7 109.5 84.0 75.6 91.1 90.1 138

139 Other accounts payable 3597.0 3389.1 3514.3 3804.1 3697.1 3646.0 3526.6 3506.9 3524.5 2969.3 139

140 Trade payables 1458.6 1403.9 1501.6 1700.6 1812.9 1897.9 1672.7 1587.5 1743.2 1760.7 140

141 Taxes payable 93.0 81.2 88.0 86.2 85.4 35.8 39.0 35.7 42.9 51.7 141

142 Miscellaneous liabilities 2045.5 1904.0 1924.8 2017.4 1798.8 1712.2 1814.9 1883.7 1738.5 1156.9 142

143 Net worth 2042.8 56.0 596.0 1400.7 971.3 1886.3 5634.2 786.7 408.3 1741.1 143

Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Flow of Funds Accounts.

Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

 the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(2) Net equity in reserves of property-casualty insurance companies.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Flow of Funds Accounts.

(5) Excludes nonproduced nonfinancial assets.

n.e.c. Not elsewhere classified
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

 Current account

 1 Gross value added 883.2 922.3 964.5 1085.8 1189.4 1118.6 1031.0 1111.2 1185.1 1168.1 1

 2 Less: Consumption of fixed capital 107.4 113.0 120.5 127.3 132.8 140.6 172.7 176.6 175.0 177.0 2

 3 Equals: Net value added 775.8 809.3 844.1 958.5 1056.7 978.1 858.3 934.6 1010.0 991.1 3

 4 Compensation of employees (paid) 447.3 467.3 497.4 541.8 584.4 610.3 610.4 561.4 582.6 613.1 4

 5 Wages and salaries 371.1 393.6 420.0 454.5 492.4 521.0 513.3 471.6 487.3 514.3 5

 6 Employers’ social contributions 76.3 73.7 77.4 87.3 92.0 89.2 97.1 89.8 95.3 98.8 6

 7 Taxes on production and imports less subsidies 37.6 39.9 43.4 46.1 50.5 53.4 51.2 58.7 61.0 61.5 7

 8 Operating surplus, net 290.9 302.1 303.3 370.6 421.8 314.4 196.7 314.4 366.5 316.5 8

 9 Net national income/Balance of primary incomes, net 212.7 231.8 252.0 271.7 274.5 200.6 42.3 314.3 368.1 328.9 9

10 Operating surplus, net 290.9 302.1 303.3 370.6 421.8 314.4 196.7 314.4 366.5 316.5 10

11 Property income (received) 1211.7 1108.6 1338.1 1711.5 2255.2 2732.7 2358.4 1617.9 1542.4 1518.9 11

12 Interest 1128.0 1010.4 1205.9 1570.2 2057.5 2483.9 2099.8 1409.3 1276.2 1237.4 12

13 Distributed income of corporations (dividends) 69.6 77.3 102.0 138.3 156.0 201.2 209.1 157.6 197.1 207.5 13

14 Reinvested earnings on U.S. direct investment abroad 14.1 20.9 30.1 3.0 41.6 47.6 49.5 51.0 69.1 74.0 14

15 Less: Uses of property income (paid) 1289.9 1179.0 1389.3 1810.4 2402.5 2846.5 2512.7 1618.1 1540.8 1506.5 15

16 Interest 1068.7 948.6 1100.4 1480.4 2007.9 2411.0 2129.1 1296.3 1144.6 1064.5 16

17 Distributed income of corporations 220.9 227.9 279.7 321.9 381.7 425.4 376.4 318.0 384.3 426.3 17

18 Dividends 166.0 176.7 225.6 263.9 311.8 366.4 341.3 248.1 292.4 336.2 18

19 Withdrawals from income of quasi-corporations (1) 54.9 51.2 54.1 58.0 69.9 59.0 35.1 69.9 91.9 90.1 19

20 Reinvested earnings on foreign direct investment 0.3 2.5 9.3 8.0 12.9 10.1 7.3 3.7 11.8 15.7 20

21 Rents on land and natural resources 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Net national income/Balance of primary incomes, net 212.7 231.8 252.0 271.7 274.5 200.6 42.3 314.3 368.1 328.9 22

23 Less: Current taxes on income, wealth, etc. (paid) 95.2 110.9 119.1 140.5 165.6 151.7 81.6 91.6 150.4 132.2 23

24 Less: Other current transfers (paid) 8.1 -13.2 -9.6 -16.6 -26.0 4.6 45.6 28.2 22.5 18.5 24

25 Equals: Disposable income, net 109.3 134.1 142.5 147.7 134.8 44.3 -85.0 194.5 195.1 178.2 25

26 Equals: Net saving 109.3 134.1 142.5 147.7 134.8 44.3 -85.0 194.5 195.1 178.2 26

 Capital account

27 Net saving less capital transfers 109.3 134.1 126.3 120.0 134.8 44.3 -24.5 316.4 236.6 210.6 27

28 Net saving 109.3 134.1 142.5 147.7 134.8 44.3 -85.0 194.5 195.1 178.2 28

29 Less: Capital transfers paid (net) 0.0 0.0 16.2 27.7 0.0 0.0 -60.5 -121.9 -41.5 -32.4 29

30 Capital formation, net 29.0 22.3 34.6 28.0 29.9 46.9 22.2 -12.1 -20.2 -4.1 30

31 Gross fixed capital formation (nonresidential) 136.4 135.4 155.1 155.3 162.7 187.5 195.0 164.4 154.8 172.9 31

32 Less: Consumption of fixed capital 107.4 113.0 120.5 127.3 132.8 140.6 172.7 176.6 175.0 177.0 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) 80.3 111.7 91.7 92.0 104.9 -2.6 -46.7 328.6 256.8 214.7 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) 80.3 111.7 91.7 92.0 104.9 -2.6 -46.7 328.6 256.8 214.7 34

35 Net acquisition of financial assets 2298.7 2769.6 2995.4 3413.6 4175.5 5130.5 4565.9 -1658.5 -631.7 1884.8 35

36 Monetary gold -0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 36

37 Currency and deposits -9.9 -47.3 43.9 -12.3 74.7 177.5 1011.2 225.0 -141.0 527.6 37

38 Debt securities 874.0 1075.2 460.4 654.0 1112.0 1247.8 1113.4 829.3 799.3 1268.2 38

39 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.0 0.0 0.0 39

40 Open market paper -130.2 -157.0 35.5 208.8 242.5 -82.0 51.8 -374.5 -149.2 -110.3 40

41 Treasury securities 195.2 87.8 -50.2 45.6 89.0 120.9 352.9 361.7 425.3 969.5 41

42 Agency- and GSE-backed securities (2) 511.9 432.5 -198.9 -247.3 93.0 306.3 705.3 684.7 131.6 157.5 42

43 Municipal securities 69.6 110.7 79.5 115.6 131.2 184.7 42.1 38.5 44.1 15.8 43

44 Corporate and foreign bonds 203.1 576.6 553.6 491.3 520.4 684.7 -101.9 54.0 281.8 164.9 44

45 Nonmarketable government securities 24.5 24.7 40.9 40.0 35.8 33.3 63.3 61.9 65.7 70.8 45

46 Loans 928.3 1104.8 1569.3 1954.8 2006.6 2343.1 1621.4 -2808.6 -949.3 -148.0 46

47 Short term 32.7 115.9 358.3 539.2 606.9 1262.3 1544.2 -2509.4 -445.1 164.7 47

48 Long term (mortgages) 895.5 988.9 1211.1 1415.6 1399.8 1080.8 77.2 -299.2 -504.2 -312.7 48

49 Equity and investment fund shares 397.3 329.7 656.9 536.2 547.4 927.3 1089.4 38.8 -122.7 37.4 49

50 Corporate equities 169.4 257.6 332.4 285.0 183.7 130.4 471.9 170.8 81.4 -30.5 50

51 Mutual fund shares 101.0 -2.6 94.9 46.8 92.5 84.2 39.5 68.4 17.1 13.3 51

52 Money market mutual fund shares -1.6 -79.0 -111.6 16.0 40.9 331.3 289.2 -173.1 -165.9 -64.8 52

53 Equity in government-sponsored enterprises (2) 1.9 2.5 2.4 2.0 -0.0 8.3 -5.3 0.0 -3.2 -6.2 53

54 U.S. direct investment abroad 23.4 24.3 43.8 11.5 25.8 107.0 66.4 32.2 3.1 22.8 54

55 Stock in Federal Reserve Banks 1.0 0.5 3.1 1.6 1.8 3.1 2.6 4.6 0.9 0.4 55

56 Investment in subsidiaries 102.2 126.4 291.9 173.2 202.8 263.1 225.0 -64.1 -56.0 102.4 56
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

57 Insurance, pension and standardized guarantee schemes 14.6 -17.3 -36.8 -2.3 4.9 90.2 37.6 22.1 -19.1 13.9 57

58 Other accounts receivable 94.3 324.5 301.6 283.2 429.9 344.6 -307.1 34.9 -198.9 185.7 58

59 Net incurrence of liabilities 2277.0 2560.6 2980.5 3106.5 3901.8 5008.9 4848.6 -1700.9 -424.7 2008.3 59

60 Currency and deposits 383.2 465.7 612.5 617.7 616.2 536.5 2209.1 240.1 344.4 1450.0 60

61 Debt securities 845.5 1010.0 806.0 1039.5 1304.6 1503.7 360.4 -1094.1 -724.2 -415.9 61

62 Agency- and GSE-backed securities (2) 546.7 586.2 115.8 80.4 328.2 905.7 768.7 -60.1 -46.9 -21.9 62

63 Corporate bonds 398.8 487.3 668.6 744.9 780.0 709.5 -282.9 -585.9 -575.1 -325.9 63

64 Commercial paper -99.9 -63.5 21.7 214.2 196.4 -111.5 -125.4 -448.1 -102.2 -68.2 64

65 Loans 106.0 365.2 308.9 424.8 571.2 602.0 -77.7 -1079.8 -452.6 -15.6 65

66 Short term 94.8 356.3 283.4 410.7 564.6 597.3 -84.5 -1083.1 -452.8 -24.7 66

67 Long term (mortgages) 11.2 8.9 25.5 14.1 6.6 4.7 6.8 3.4 0.2 9.1 67

68 Equity and investment fund shares 351.9 250.5 649.7 698.0 931.6 1467.9 1717.3 266.9 69.1 491.3 68

69 Money market mutual fund shares -23.6 -212.6 -136.4 125.1 303.1 736.8 724.2 -498.7 -503.2 -112.8 69

70 Corporate equity issues 71.5 66.0 118.1 78.4 60.0 179.6 639.3 316.4 191.2 164.5 70

71 Mutual fund shares 180.9 288.1 296.3 260.2 336.8 361.5 -9.9 497.1 370.1 338.4 71

72 Equity in government-sponsored enterprises (2) 2.0 3.2 2.5 1.9 0.2 9.1 -4.2 0.0 -2.7 -5.9 72

73 Foreign direct investment in the United States 9.6 23.9 50.2 13.9 52.0 9.3 120.7 45.7 48.8 27.1 73

74 Equity in noncorporate business 0.6 -3.4 -4.2 -1.2 -6.8 2.4 11.5 -3.6 0.4 -2.0 74

75 Investment by parent 109.7 84.9 320.1 218.1 184.4 166.1 233.0 -94.5 -36.4 81.6 75

76 Stock in Federal Reserve Banks 1.0 0.5 3.1 1.6 1.8 3.1 2.6 4.6 0.9 0.4 76

77 Insurance, pension and standardized guarantee schemes 399.8 405.5 444.2 471.0 411.1 663.0 217.3 91.6 327.2 414.1 77

78 Other accounts payable 190.6 63.7 159.3 -144.4 67.1 235.8 422.2 -125.7 11.3 84.4 78

 Addendum:

79 Net lending (+) or borrowing (-), financial account (lines 35-59) 21.6 209.0 14.8 307.0 273.8 121.6 -282.7 42.4 -206.9 -123.4 79

 Other changes in volume account

80 Total other volume changes 70.0 3.0 -61.6 154.8 418.3 -81.1 -362.3 385.8 -518.5 -222.0 80

81 Disaster losses 0.0 0.0 1.7 1.7 0.0 0.0 0.6 0.0 0.0 0.0 81

82 Other volume changes 128.7 -94.3 13.5 -61.9 249.4 -205.3 -126.9 671.9 -54.7 116.1 82

83 Less: Statistical discrepancy (lines 33-[35-59]) (3) 58.7 -97.2 76.8 -215.0 -168.9 -124.1 236.0 286.2 463.8 338.1 83

 Revaluation account

84 Nonfinancial assets 32.8 40.0 88.4 101.9 98.9 57.3 64.8 -53.7 4.1 43.4 84

85 Structures (nonresidential) 23.4 21.1 69.4 83.1 74.7 45.8 59.3 -46.6 1.3 34.9 85

86 Equipment and software 9.4 18.9 18.9 18.8 24.3 11.5 5.6 -7.1 2.8 8.5 86

87 Financial assets -1603.4 2145.3 1178.7 928.9 1245.0 603.8 -5784.6 2664.2 1744.5 -506.3 87

88 Corporate equities -1469.2 1862.7 1004.2 614.6 957.3 625.3 -5069.2 2141.7 1413.3 -448.6 88

89 Mutual fund shares -162.6 252.6 123.9 283.7 252.0 -67.3 -726.3 481.8 272.5 -49.7 89

90 U.S. direct investment abroad 28.4 30.0 50.6 30.7 35.7 45.8 10.8 40.7 58.7 -8.0 90

91 Liabilities -1911.2 2774.6 1484.7 1128.6 2187.3 -538.9 -7684.1 3482.8 1994.5 -713.1 91

92 Corporate equity issues -366.9 795.9 459.1 262.4 716.1 -985.4 -2366.0 386.2 512.8 -376.1 92

93 Mutual fund shares -678.1 726.8 483.8 352.4 682.6 396.0 -2424.7 1035.6 582.2 -340.4 93

94 Foreign direct investment in the United States -15.1 8.4 4.0 9.4 22.5 -56.7 -157.6 17.9 16.8 42.1 94

95 Equity in noncorporate business -1.9 11.4 2.4 1.7 4.9 -0.6 -13.6 6.3 1.3 1.0 95

96 Pension fund reserves -849.2 1232.2 535.4 473.6 727.9 111.5 -2722.1 1361.2 915.5 -39.4 96

97 Investment by parent 0.0 -0.1 -0.0 29.0 33.2 -3.7 0.0 675.6 -34.0 -0.3 97

98 Changes in net worth due to nominal holding gains/losses 340.6 -589.2 -217.6 -97.8 -843.4 1200.0 1964.3 -872.4 -245.9 250.2 98

 Changes in balance sheet account

99 Change in net worth (lines 30+33+80+98) 519.9 -452.2 -153.0 177.0 -290.2 1163.2 1577.5 -170.2 -527.8 238.8 99

 Balance sheet account (end of period)

100 Total assets 40066.2 44878.3 49109.9 53399.9 59147.3 64962.8 63998.8 65556.1 66174.2 67699.1 100

101 Nonfinancial assets (4) 1147.9 1194.1 1296.9 1404.4 1511.0 1591.7 1678.2 1612.4 1596.3 1635.6 101

102 Structures (nonresidential) 667.2 685.6 755.7 838.9 914.0 967.2 1034.3 987.7 978.9 1002.6 102

103 Equipment and software 480.7 508.6 541.2 565.4 597.0 624.5 643.9 624.7 617.3 632.9 103
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

104 Financial assets 38918.3 43684.2 47813.0 51995.6 57636.3 63371.0 62320.5 63943.8 64578.0 66063.5 104

105 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 105

106 Currency and deposits 779.0 734.4 779.4 764.4 816.8 996.6 2043.7 2283.3 2188.1 2715.8 106

107 Debt securities 12633.4 13546.1 14026.5 14661.3 15686.9 16934.7 18050.6 18902.5 19122.8 20390.7 107

108 SDR certificates 2.2 2.2 2.2 2.2 2.2 2.2 2.2 5.2 5.2 5.2 108

109 Open market paper 950.0 793.0 828.5 1037.3 1276.8 1194.8 1246.2 871.7 722.5 612.1 109

110 Treasury securities 1632.2 1644.0 1593.8 1639.4 1733.1 1854.0 2206.9 2568.6 2993.9 3963.3 110

111 Agency- and GSE-backed securities (2) 4304.0 4571.9 4393.0 4145.8 4154.5 4460.7 5166.0 5905.1 5574.0 5731.4 111

112 Municipal securities 1040.3 1151.0 1230.5 1346.1 1477.0 1661.7 1703.8 1742.2 1786.4 1802.2 112

113 Corporate and foreign bonds 3914.4 4569.0 5122.6 5607.7 6124.7 6809.4 6710.3 6732.4 6898.1 7062.7 113

114 Nonmarketable government securities 790.3 815.0 855.9 882.9 918.7 952.0 1015.3 1077.2 1142.9 1213.7 114

115 Loans 13333.0 14482.0 16066.2 18021.1 20011.4 22344.1 23965.2 21184.0 20214.0 20066.0 115

116 Short term 5347.8 5496.2 5854.4 6393.6 6960.6 8212.5 9756.3 7274.3 6910.2 7074.9 116

117 Long term (mortgages) 7985.2 8985.9 10211.8 11627.5 13050.8 14131.6 14208.9 13909.6 13303.8 12991.1 117

118 Equity and investment fund shares 9536.3 12011.3 13846.9 15312.0 17148.2 18679.3 13984.1 17363.2 18985.0 18516.1 118

119 Corporate equities 5973.9 8094.3 9430.8 10330.4 11471.4 12227.1 7629.8 9942.4 11437.0 10957.9 119

120 Mutual fund shares 1201.9 1452.0 1670.8 2001.4 2345.9 2362.8 1676.0 2226.2 2515.8 2479.4 120

121 Money market fund shares 692.6 613.7 502.1 518.1 569.7 901.0 1190.2 1017.1 851.2 786.4 121

122 Equity in government-sponsored enterprises (2) 35.2 37.7 40.1 42.0 42.0 50.3 45.0 45.0 41.7 35.5 122

123 U.S. direct investment abroad 255.1 309.4 403.8 446.0 507.4 660.2 737.4 810.3 872.1 886.9 123

124 Stock in Federal Reserve Banks 8.4 8.8 11.9 13.5 15.3 18.5 21.1 25.6 26.5 26.9 124

125 Investment in subsidiaries 1369.0 1495.4 1787.3 1960.6 2196.5 2459.6 2684.6 3296.6 3240.6 3343.0 125

126 Insurance, pension and standardized guarantee schemes 319.5 387.7 397.6 405.5 526.1 628.6 520.0 619.4 656.1 676.6 126

127 Other accounts receivable 2306.1 2511.7 2685.4 2820.3 3435.8 3776.7 3746.0 3580.3 3401.0 3687.2 127

128 Total liabilities and net worth 40066.2 44878.3 49109.9 53399.9 59147.3 64962.8 63998.8 65556.1 66174.2 67699.1 128

129 Liabilities 40411.4 45675.6 50060.2 54173.2 60210.9 64863.1 62321.6 64049.1 65195.0 66481.0 129

130 Currency and deposits 6373.9 6839.1 7477.1 8095.4 8712.3 9248.2 11420.9 11654.6 11995.6 13427.9 130

131 Debt securities 9312.8 10158.1 10978.9 11963.9 13254.0 14887.5 15247.6 14479.0 13472.1 13056.1 131

132 Agency- and GSE-backed securities (2) 5509.0 5944.5 6060.3 6140.7 6468.9 7374.6 8143.4 8083.3 7574.0 7552.1 132

133 Corporate bonds 2805.9 3279.2 3962.7 4653.0 5421.6 6260.8 5977.9 5717.5 5322.1 4996.2 133

134 Commercial paper 997.9 934.4 956.0 1170.2 1363.5 1252.1 1126.3 678.2 576.0 507.9 134

135 Loans 2448.0 2813.2 3122.1 3546.9 4114.9 4716.9 4639.2 3691.1 3226.8 3211.1 135

136 Short term 2351.0 2707.3 2990.7 3401.4 3962.9 4560.2 4475.7 3524.2 3059.7 3035.0 136

137 Long term (mortgages) 97.0 105.9 131.4 145.5 152.1 156.7 163.5 166.9 167.1 176.2 137

138 Equity and investment fund shares 10401.4 12194.3 13793.2 15146.2 17537.2 18354.7 15110.0 17498.4 18646.5 18464.1 138

139 Money market fund shares 2217.0 2004.4 1868.0 1993.1 2296.3 3033.0 3757.3 3258.6 2755.4 2642.5 139

140 Corporate equity issues 2852.0 3713.9 4291.1 4631.9 5408.0 4602.2 2875.4 3578.1 4282.1 4070.5 140

141 Mutual fund shares 3638.0 4652.9 5433.0 6045.6 7065.0 7822.6 5388.0 6920.7 7873.0 7870.9 141

142 Equity in government-sponsored enterprises (2) 39.1 42.3 44.8 46.7 46.9 56.0 51.8 51.8 49.0 43.1 142

143 Foreign direct investment in the United States 243.5 275.7 329.9 353.2 427.8 380.4 343.5 407.0 472.6 541.9 143

144 Equity in noncorporate business 5.0 13.0 11.2 11.7 9.8 11.6 9.5 12.1 13.8 12.8 144

145 Investment by parent 1398.6 1483.4 1803.4 2050.4 2268.1 2430.5 2663.5 3244.5 3174.1 3255.4 145

146 Stock in Federal Reserve Banks 8.4 8.8 11.9 13.5 15.3 18.5 21.1 25.6 26.5 26.9 146

147 Insurance, pension and standardized guarantee schemes 10059.0 11807.6 12848.0 13807.0 14954.5 15744.8 13005.2 14571.1 15888.5 16249.3 147

148 Other accounts payable 1816.3 1863.4 1840.8 1613.8 1637.9 1910.9 2898.7 2155.0 1965.7 2072.6 148

149 Net worth -345.1 -797.3 -950.3 -773.3 -1063.5 99.6 1677.2 1507.0 979.2 1218.0 149

Notes. Financial business includes depository institutions, insurance companies and pension funds, monetary authority, and other financial institutions.

Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.

(1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;

they primarily cover their operating costs through sales, and they keep a complete set of financial records.

(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(4) Excludes land. Includes corporate and noncorporate financial business.

SDRs Special Drawing Rights
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Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

 Current account

 1 Gross value added 418.4 449.2 480.5 504.1 528.9 555.3 585.3 617.8 650.5 662.7 1

 2 Less: Consumption of fixed capital 89.2 90.8 94.8 100.4 106.6 112.6 120.0 124.8 130.2 137.0 2

 3 Equals: Net value added 329.2 358.4 385.7 403.7 422.3 442.7 465.3 493.0 520.2 525.6 3

 4 Compensation of employees (paid) 329.0 354.7 385.4 407.2 425.2 445.4 469.0 497.6 527.2 538.3 4

 5 Wages and salaries 217.4 234.9 250.1 263.4 271.7 283.4 296.7 312.3 328.6 332.2 5

 6 Employers’ social contributions 111.6 119.8 135.4 143.8 153.5 162.0 172.3 185.2 198.6 206.1 6

 7 Operating surplus, net 0.2 3.7 0.3 -3.5 -2.9 -2.7 -3.7 -4.5 -7.0 -12.7 7

 8 Net national income/Balance of primary incomes, net -162.3 -146.1 -149.2 -197.0 -207.5 -239.1 -221.1 -176.5 -195.4 -236.0 8

 9 Operating surplus, net 0.2 3.7 0.3 -3.5 -2.9 -2.7 -3.7 -4.5 -7.0 -12.7 9

10 Taxes on production and imports, receivable 86.8 89.3 94.3 98.8 99.4 94.5 94.0 91.4 95.5 107.4 10

11 Subsidies (paid) -40.5 -49.0 -46.0 -60.5 -51.0 -47.4 -49.9 -58.3 -55.4 -61.1 11

12 Property income (received) 20.3 22.8 23.2 23.7 26.1 29.8 30.7 48.1 53.0 55.3 12

13 Interest 15.4 16.4 16.3 16.4 18.2 22.2 20.1 24.5 29.8 30.3 13

14 Distributed income of corporations (dividends) 0.0 0.0 0.1 0.2 0.3 0.2 0.6 18.7 17.0 18.7 14

15 Rents on land and natural resources 4.8 6.4 6.8 7.0 7.7 7.3 10.0 4.8 6.2 6.4 15

16 Less: Uses of property income (interest paid) 229.1 212.9 221.0 255.4 279.2 313.2 292.1 253.1 281.4 325.0 16

17 Net national income/Balance of primary incomes, net -162.3 -146.1 -149.2 -197.0 -207.5 -239.1 -221.1 -176.5 -195.4 -236.0 17

18 Plus: Current taxes on income, wealth, etc. (received) 986.7 980.9 1059.5 1284.9 1458.9 1543.1 1353.7 1072.2 1214.4 1395.3 18

19 Plus: Social benefits (received) 739.3 762.8 807.6 852.6 904.6 945.3 973.1 949.1 969.8 905.5 19

20 Less: Social contributions (paid) 924.6 972.7 1024.9 1089.2 1193.1 1267.5 1401.2 1621.4 1725.1 1752.9 20

21 Plus: Other current transfers (received) 26.1 25.6 29.0 33.6 38.3 44.8 54.4 70.2 69.8 68.8 21

22 Less: Other current transfers (paid) 327.5 366.6 380.1 402.1 394.0 423.0 440.7 536.1 585.8 556.5 22

23 Equals: Disposable income, net 337.7 283.9 341.9 482.8 607.2 603.7 318.3 -242.4 -252.3 -175.9 23

24 Plus: Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 Less: Final consumption expenditures 590.5 660.3 721.4 765.8 811.0 848.9 931.7 987.0 1055.8 1061.5 25

26 Equals: Net saving -252.8 -376.4 -379.5 -283.0 -203.8 -245.2 -613.5 -1229.3 -1308.0 -1237.4 26

 Capital account

27 Net saving less capital transfers -276.7 -417.0 -418.4 -342.8 -246.5 -301.6 -746.9 -1432.6 -1453.2 -1370.6 27

28 Net saving -252.8 -376.4 -379.5 -283.0 -203.8 -245.2 -613.5 -1229.3 -1308.0 -1237.4 28

29 Less: Capital transfers paid (net) 23.9 40.6 38.9 59.8 42.7 56.3 133.5 203.3 145.2 133.2 29

30 Capital formation, net 1.3 5.2 8.5 9.5 0.8 13.5 9.2 24.8 37.3 23.4 30

 Gross fixed capital formation (acquisition of

31 produced nonfinancial assets) 90.1 96.2 103.3 110.5 120.7 127.4 148.4 156.6 167.3 160.5 31

32 Less: Consumption of fixed capital 89.2 90.8 94.8 100.4 106.6 112.6 120.0 124.8 130.2 137.0 32

33 Acquisition of nonproduced nonfinancial assets 0.3 -0.2 0.0 -0.5 -13.3 -1.3 -19.2 -7.1 0.2 -0.1 33

34 Net lending (+) or borrowing (-), capital account (lines 27-30) -278.0 -422.2 -426.8 -352.4 -247.2 -315.0 -756.2 -1457.4 -1490.5 -1394.1 34

 Financial account

35 Net lending (+) or borrowing (-) (line 34) -278.0 -422.2 -426.8 -352.4 -247.2 -315.0 -756.2 -1457.4 -1490.5 -1394.1 35

36 Net acquisition of financial assets 8.4 34.2 4.3 30.2 -14.2 -0.5 571.9 224.2 287.6 -165.7 36

37 Monetary gold and SDRs 0.5 -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 37

38 Monetary gold 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38

39 SDR holdings 0.5 -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 39

40 Currency and deposits 2.9 -16.9 -34.6 -0.9 -5.5 25.7 316.0 -170.0 150.6 -240.0 40

41 Official foreign currencies 0.3 0.3 0.3 0.3 0.4 0.5 0.6 0.3 0.3 -0.2 41

42 Reserve position in IMF (net) 2.6 -1.5 -3.8 -10.2 -3.3 -1.0 3.5 3.4 1.3 18.2 42

43 Currency and transferable deposits -17.1 9.3 -31.0 12.2 -2.7 25.1 313.1 -174.2 148.9 -257.6 43

44 Time and savings deposits 17.1 -25.2 -0.0 -1.0 0.2 1.2 -1.3 0.3 0.1 -0.3 44

45 Nonofficial foreign currencies 0.1 0.2 -0.0 -2.2 -0.0 -0.1 0.0 0.2 0.1 -0.1 45

46 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 54.4 142.5 -46.9 -118.2 46

47 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 54.4 142.0 -47.2 -118.1 47

48 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.3 -0.1 48

49 Loans 8.0 -2.6 2.3 -0.9 5.9 5.9 30.8 152.9 131.9 117.5 49

50 Short term 7.5 -0.1 0.7 -3.3 2.2 3.8 17.3 140.4 133.7 113.5 50

51 Consumer credit 8.0 1.9 3.7 3.7 1.6 6.0 11.3 74.3 130.2 108.7 51

52 Other loans and advances -0.5 -2.0 -3.0 -7.0 0.6 -2.2 6.0 66.0 3.5 4.8 52

53 Long term (mortgages) 0.5 -2.5 1.6 2.4 3.7 2.1 13.5 12.6 -1.8 4.0 53
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

54 Equity and investment fund shares 1.5 1.4 2.0 1.3 2.0 1.7 257.7 3.4 30.4 43.5 54

55 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 256.3 0.6 24.1 40.3 55

56 Equity in international organizations 1.5 1.4 2.0 1.3 2.0 1.7 1.4 1.7 2.3 2.6 56

57 Equity in government-sponsored enterprises (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

58 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.2 4.0 0.7 58

59 Other accounts receivable -4.5 52.9 34.2 35.2 -16.9 -33.9 -87.2 47.1 21.6 33.1 59

60 Trade receivables -3.3 19.1 10.5 9.2 -11.6 1.2 4.2 -21.1 -0.7 4.8 60

61 Taxes receivable -2.8 33.5 22.3 25.3 -6.3 -35.5 -61.9 35.9 32.2 29.7 61

62 Other (miscellaneous assets) 1.5 0.4 1.4 0.6 1.0 0.4 -29.4 32.3 -9.8 -1.3 62

63 Net incurrence of liabilities 300.6 511.1 438.4 410.5 251.1 343.5 1351.4 1520.5 1677.6 1180.9 63

64 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 64

65 Currency and deposits 1.0 0.6 0.7 0.8 0.6 -0.7 -0.8 -0.4 -0.3 0.0 65

66 Debt securities 282.1 420.7 402.8 346.9 219.1 270.4 1302.5 1508.8 1645.9 1138.7 66

67 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.0 0.0 0.0 67

68 Treasury securities including savings bonds 257.1 398.4 362.5 307.3 183.7 237.5 1239.0 1443.7 1579.6 1066.8 68

69 Federal agency securities 0.5 -2.4 -0.6 -0.4 -0.3 -0.4 0.2 0.1 0.7 1.1 69

70 Nonmarketable securities held by pension plans 24.5 24.7 40.9 40.0 35.8 33.3 63.3 61.9 65.7 70.8 70

71 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 71

72 Insurance, pension and standardized guarantee schemes 16.9 20.7 18.5 24.2 19.6 45.1 27.5 17.7 23.4 19.8 72

73 Insurance reserves 1.6 1.1 1.1 1.1 1.5 1.2 1.0 1.1 0.9 1.3 73

74 Retiree Health Care Funds 15.4 19.6 17.4 23.0 18.1 43.9 26.5 16.6 22.5 18.5 74

75 Other accounts payable 0.6 69.1 16.4 38.7 11.8 28.7 22.2 -53.2 8.5 22.4 75

76 Trade payables 1.0 71.7 15.4 33.7 6.2 29.3 22.6 -56.2 6.2 8.8 76

77 Other (miscellaneous liabilities) -0.4 -2.6 1.0 5.0 5.6 -0.6 -0.3 2.9 2.4 13.6 77

 Addendum:

78 Net lending (+) or borrowing (-), financial account (lines 36-63) -292.2 -476.9 -434.1 -380.4 -265.3 -344.0 -779.5 -1296.3 -1390.0 -1346.6 78

 Other changes in volume account

79 Total other volume changes -4.9 -86.9 -30.3 -34.2 7.5 16.6 72.4 150.0 81.4 40.5 79

80 Disaster losses 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 80

81 Other volume changes 9.3 -32.2 -23.0 -6.6 25.6 45.5 95.8 -11.0 -19.2 -6.9 81

82 Less: Statistical discrepancy (lines 34-[36-63]) (2) 14.2 54.7 7.3 28.0 18.0 28.9 23.3 -161.1 -100.5 -47.4 82

 Revaluation account

83 Nonfinancial assets 28.0 29.0 114.0 97.2 103.9 70.6 60.6 -44.0 33.9 57.1 83

84 Structures 24.6 25.9 92.4 88.7 86.6 57.7 48.9 -42.6 16.3 43.9 84

85 Equipment and software 3.4 3.1 21.5 8.5 17.3 12.9 11.7 -1.4 17.6 13.2 85

86 Financial assets 2.4 3.1 1.3 -2.1 0.8 0.7 -67.9 -121.6 -43.7 -40.5 86

87 Monetary gold and SDRs 0.9 1.1 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 87

88 Currency and deposits 1.5 2.1 0.8 -1.2 0.3 0.2 -0.0 0.3 -0.2 -7.8 88

89 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 -67.7 -121.9 -41.5 -32.4 89

90 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.3 -1.0 -0.2 90

91 Liabilities 0.5 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 91

92 SDR allocations 0.5 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 92

93 Changes in net worth due to nominal holding gains/losses 29.9 31.5 115.0 95.7 104.3 70.9 -7.2 -165.8 -8.8 16.8 93

 Changes in balance sheet account

94 Change in net worth (lines 30+34+79+93) -251.7 -472.4 -333.7 -281.3 -134.6 -214.1 -681.7 -1448.4 -1380.6 -1313.3 94

 Balance sheet account (end of period)

95 Total assets 2131.5 2173.3 2277.1 2387.5 2498.5 2628.7 3298.0 3367.0 3660.2 3513.6 95

96 Nonfinancial assets (3) 1478.7 1513.6 1636.5 1743.8 1861.9 1947.5 2036.4 2024.3 2095.3 2176.1 96

97 Structures 972.5 998.0 1087.7 1171.1 1253.1 1308.6 1358.1 1320.4 1345.8 1394.4 97

98 Equipment and software 506.2 515.5 548.8 572.7 608.8 638.9 678.3 703.9 749.5 781.7 98

99 Financial assets 652.8 659.7 640.6 643.7 636.6 681.2 1261.5 1342.7 1564.8 1337.5 99

100 Monetary gold and SDRs 12.2 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 100

101 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 101

102 SDR holdings 12.2 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 102
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

103 Currency and deposits 116.7 101.8 68.0 65.9 60.8 86.7 402.7 233.0 383.4 135.6 103

104 Official foreign currencies 16.9 19.9 21.4 18.9 20.5 22.5 24.8 25.2 26.0 25.8 104

105 Reserve position in IMF (net) 22.1 22.7 19.6 8.1 5.2 4.4 7.8 11.5 12.6 23.0 105

106 Currency and transferable deposits 47.5 54.1 21.9 36.8 32.9 56.5 368.0 193.6 342.1 84.3 106

107 Time and savings deposits 27.6 2.4 2.4 1.4 1.7 2.8 1.6 1.9 2.0 1.7 107

108 Nonofficial foreign currencies 2.6 2.8 2.8 0.6 0.6 0.5 0.5 0.7 0.8 0.7 108

109 Debt securities 0.0 0.0 0.0 0.0 0.0 0.0 54.4 197.0 150.1 31.9 109

110 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 54.4 196.4 149.2 31.1 110

111 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.9 0.8 111

112 Loans 275.0 272.4 274.7 273.8 275.2 281.1 311.9 464.9 596.8 714.3 112

113 Short term 199.9 199.8 200.5 197.2 194.9 198.8 216.1 356.5 490.2 603.7 113

114 Consumer credit 80.5 82.4 86.1 89.8 86.9 93.0 104.3 178.6 308.8 417.4 114

115 Other loans and advances 119.4 117.5 114.4 107.4 108.0 105.8 111.8 177.9 181.4 186.3 115

116 Long term (mortgages) 75.1 72.6 74.2 76.6 80.3 82.4 95.8 108.4 106.6 110.6 116

117 Equity and investment fund shares 38.6 40.0 42.0 43.2 45.3 46.9 237.0 118.2 106.1 117.0 117

118 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 188.7 67.4 49.9 57.8 118

119 Equity in international organizations 38.6 40.0 42.0 43.2 45.3 46.9 48.3 50.0 52.3 54.9 119

120 Equity in government-sponsored enterprises (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 120

121 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.9 3.8 4.4 121

122 Other accounts receivable 210.4 232.8 242.3 252.5 246.5 257.0 246.2 271.8 271.7 283.7 122

123 Trade receivables 32.2 51.3 61.8 71.0 59.4 60.6 64.7 43.6 42.9 47.7 123

124 Taxes receivable 90.7 93.7 91.2 91.6 96.1 105.0 119.4 133.9 144.3 152.8 124

125 Other (miscellaneous assets) 87.6 87.9 89.3 89.9 91.0 91.4 62.0 94.3 84.5 83.2 125

126 Total liabilities and net worth 2131.5 2173.3 2277.1 2387.5 2498.5 2628.7 3298.0 3367.0 3660.2 3513.6 126

127 Liabilities 4604.4 5118.4 5556.0 5947.6 6193.2 6537.4 7888.4 9405.9 11079.7 12246.5 127

128 SDR allocations 6.7 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 128

129 Currency and deposits 25.5 26.0 26.7 27.5 28.1 27.4 26.6 26.2 25.9 25.9 129

130 Debt securities 4429.5 4850.2 5253.1 5587.0 5806.1 6076.5 7379.0 8887.8 10533.8 11672.5 130

131 SDR certificates 2.2 2.2 2.2 2.2 2.2 2.2 2.2 5.2 5.2 5.2 131

132 Treasury securities including savings bonds 3609.8 4008.2 4370.7 4678.0 4861.7 5099.2 6338.2 7781.9 9361.5 10428.3 132

133 Federal agency securities 27.3 24.9 24.3 23.8 23.5 23.1 23.3 23.5 24.2 25.3 133

134 Nonmarketable securities held by pension plans 790.3 815.0 855.9 882.9 918.7 952.0 1015.3 1077.2 1142.9 1213.7 134

135 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 135

136 Insurance, pension and standardized guarantee schemes 54.7 75.5 93.9 118.1 137.7 182.7 210.2 227.9 251.3 271.1 136

137 Insurance reserves 39.4 40.5 41.6 42.7 44.2 45.4 46.4 47.5 48.4 49.7 137

138 Retiree Health Care Funds 15.4 35.0 52.4 75.4 93.5 137.3 163.8 180.4 202.9 221.4 138

139 Other accounts payable 88.0 159.5 174.6 208.1 214.0 243.1 265.1 208.6 214.4 222.8 139

140 Trade payables 82.0 153.6 169.0 202.7 208.9 238.2 260.8 204.6 210.8 219.6 140

141 Other (miscellaneous liabilities) 6.0 5.8 5.6 5.4 5.1 4.9 4.3 4.0 3.6 3.2 141

142 Net worth -2472.8 -2945.2 -3278.8 -3560.1 -3694.7 -3908.8 -4590.5 -6038.9 -7419.6 -8732.9 142

Note. The Federal government accounts exclude Federal employee retirement funds

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(3) Excludes land and nonproduced nonfinancial assets.

IMF International Monetary Fund

SDRs Special Drawing Rights
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

 Current account

 1 Gross value added 949.3 1001.8 1043.7 1098.8 1156.4 1223.2 1289.4 1321.6 1337.1 1353.3 1

 2 Less: Consumption of fixed capital 121.8 127.3 137.1 150.1 162.7 178.7 191.2 198.8 203.3 212.4 2

 3 Equals: Net value added 827.5 874.5 906.7 948.7 993.7 1044.6 1098.2 1122.8 1133.8 1140.9 3

 4 Compensation of employees (paid) 821.4 871.2 905.7 948.6 995.0 1053.6 1110.5 1133.9 1146.3 1154.8 4

 5 Wages and salaries 655.7 678.4 702.7 728.1 763.4 805.7 847.4 862.9 862.6 863.1 5

 6 Employers’ social contributions 165.7 192.8 203.0 220.5 231.6 248.0 263.1 270.9 283.7 291.6 6

 7 Operating surplus, net 6.1 3.3 1.0 0.1 -1.3 -9.1 -12.3 -11.1 -12.5 -13.8 7

 8 Net national income/Balance of primary incomes, net 677.4 709.5 761.2 832.0 896.2 929.9 928.0 909.6 928.2 953.2 8

 9 Operating surplus, net 6.1 3.3 1.0 0.1 -1.3 -9.1 -12.3 -11.1 -12.5 -13.8 9

10 Taxes on production and imports, receivable 676.0 717.5 769.1 831.4 887.4 932.7 944.6 931.8 959.5 990.4 10

11 Subsidies (paid) -0.9 -0.1 -0.4 -0.4 -0.4 -7.1 -3.0 -1.4 -1.6 -0.5 11

12 Property income (received) 79.6 74.0 77.1 88.3 103.5 114.5 106.8 95.0 88.8 86.4 12

13 Interest 71.5 64.6 66.7 76.4 90.9 100.6 91.9 81.8 75.7 73.0 13

14 Distributed income of corporations (dividends) 1.6 1.7 2.0 2.1 2.3 2.4 2.9 2.1 2.2 2.2 14

15 Rents on land and natural resources 6.6 7.6 8.5 9.8 10.3 11.5 12.0 11.1 10.9 11.2 15

16 Less: Uses of property income (interest paid) 83.5 85.1 85.6 87.3 93.0 101.1 108.1 104.8 106.0 109.2 16

17 Net national income/Balance of primary incomes, net 677.4 709.5 761.2 832.0 896.2 929.9 928.0 909.6 928.2 953.2 17

18 Plus: Current taxes on income, wealth, etc. (received) 252.7 260.2 290.3 331.7 361.6 380.9 381.7 333.1 345.1 370.4 18

19 Plus: Social benefits (received) 15.9 20.1 24.1 24.8 21.8 18.9 19.0 19.0 18.4 18.3 19

20 Less: Social contributions (paid) 333.0 353.4 384.3 404.8 402.9 433.7 456.7 495.1 528.3 538.5 20

21 Plus: Other current transfers (received) 382.3 421.3 439.4 454.3 456.7 485.1 505.0 593.6 643.2 612.7 21

22 Equals: Disposable income, net 995.3 1057.7 1130.7 1238.0 1333.4 1381.1 1377.0 1360.1 1406.6 1416.0 22

23 Less: Final consumption expenditures 1049.4 1096.5 1139.1 1212.0 1282.3 1368.9 1449.2 1473.3 1496.2 1518.0 23

24 Equals: Net saving -54.1 -38.8 -8.4 25.9 51.0 12.2 -72.2 -113.2 -89.7 -102.0 24

 Capital account

25 Net saving less capital transfers -1.7 12.6 39.2 75.7 108.4 71.2 -9.4 -46.7 -14.1 -29.5 25

26 Net saving -54.1 -38.8 -8.4 25.9 51.0 12.2 -72.2 -113.2 -89.7 -102.0 26

27 Less: Capital transfers paid (net) -52.4 -51.5 -47.5 -49.8 -57.4 -58.9 -62.8 -66.5 -75.6 -72.5 27

28 Capital formation, net 142.7 143.7 143.4 141.7 152.8 164.2 171.7 164.2 146.5 118.8 28

 Gross fixed capital formation (acquisition of

29 produced nonfinancial assets) 253.3 259.6 269.1 281.6 304.4 329.0 348.8 350.3 338.2 319.7 29

30 Less: Consumption of fixed capital 121.8 127.3 137.1 150.1 162.7 178.7 191.2 198.8 203.3 212.4 30

31 Acquisition of nonproduced nonfinancial assets 11.2 11.4 11.4 10.3 11.1 13.8 14.1 12.7 11.5 11.5 31

32 Net lending (+) or borrowing (-), capital account (lines 25-28) -144.4 -131.1 -104.2 -66.0 -44.3 -93.1 -181.1 -210.9 -160.5 -148.2 32

 Financial account

33 Net lending (+) or borrowing (-) (line 32) -144.4 -131.1 -104.2 -66.0 -44.3 -93.1 -181.1 -210.9 -160.5 -148.2 33

34 Net acquisition of financial assets 76.6 44.8 132.7 123.4 108.4 111.9 -104.6 -35.4 -16.5 -140.8 34

35 Currency and deposits 14.0 27.3 4.2 19.0 22.3 33.0 27.3 28.4 -1.3 32.0 35

36 Currency and transferable deposits 5.2 7.0 -3.5 15.8 5.4 -0.2 8.5 19.2 5.6 16.7 36

37 Time and savings deposits 8.8 20.3 7.7 3.2 16.9 33.3 18.8 9.3 -6.9 15.3 37

38 Debt securities 91.5 35.8 110.8 111.8 72.0 80.2 -190.9 -79.3 39.5 -83.7 38

39 Open market paper 14.3 2.9 8.0 -4.2 -2.8 -15.8 -81.9 -73.2 60.2 23.9 39

40 Treasury securities 26.2 10.2 46.7 94.3 45.8 36.4 -61.5 21.0 -7.9 -53.4 40

41 Agency- and GSE-backed securities (1) 41.7 16.7 41.6 15.6 21.0 43.9 -36.1 -31.1 -15.3 -47.0 41

42 Municipal securities 0.1 0.5 1.2 0.9 1.1 1.6 -0.1 0.9 0.8 -0.2 42

43 Corporate and foreign bonds 9.1 5.4 13.4 5.1 6.9 14.2 -11.4 3.0 1.7 -6.9 43

44 Loans -21.7 9.9 25.1 6.0 9.5 23.6 -29.0 0.6 -9.2 -15.1 44

45 Short term (security repurchases) -16.3 3.2 8.3 -0.9 0.4 6.4 -15.7 -3.8 -5.1 -8.3 45

46 Long term (mortgages) -5.3 6.8 16.8 7.0 9.1 17.3 -13.3 4.5 -4.1 -6.8 46

47 Equity and investment fund shares 14.0 -19.0 8.6 5.8 -0.4 16.6 19.9 11.4 -12.5 -11.9 47

48 Money market fund shares 1.6 5.9 14.0 9.5 11.1 17.3 -3.3 8.9 7.9 -3.3 48

49 Corporate equities 10.3 -19.6 -5.4 -4.2 -10.0 -1.9 7.6 10.4 -15.5 -6.6 49

50 Mutual fund shares 2.1 -5.2 0.0 0.5 -1.6 1.2 15.6 -7.9 -4.9 -2.0 50

51 Other accounts receivable -21.2 -9.2 -16.0 -19.3 5.0 -41.6 68.2 3.4 -32.9 -62.0 51

52 Trade receivables 2.6 -2.5 -4.7 -14.4 -14.4 -12.5 -22.3 -18.6 -19.3 -9.7 52

53 Taxes receivable 2.5 0.9 11.3 15.4 11.4 2.7 2.2 -6.7 -2.2 6.9 53

54 Other (miscellaneous assets) -26.2 -7.6 -22.6 -20.3 8.0 -31.9 88.3 28.7 -11.4 -59.2 54
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

55 Net incurrence of liabilities 172.8 149.5 209.0 173.8 135.4 183.7 57.1 152.7 109.6 -12.5 55

56 Debt securities (municipals) 143.9 120.5 178.5 141.1 100.3 146.0 17.1 112.2 68.7 -53.6 56

57 Short term 25.2 10.4 22.2 -1.7 -8.2 16.8 4.6 7.8 -0.7 -10.6 57

58 Other 118.7 110.1 156.3 142.8 108.5 129.2 12.5 104.4 69.3 -42.9 58

59 Loans (short term) 0.6 0.1 0.3 0.6 0.6 0.7 0.8 0.8 0.9 0.9 59

60 Other accounts payable (trade payables) 28.3 29.0 30.2 32.1 34.4 37.0 39.2 39.6 40.0 40.2 60

 Addendum:

61 Net lending (+) or borrowing (-), financial account (lines 34-55) -96.2 -104.7 -76.3 -50.4 -27.0 -71.8 -161.7 -188.1 -126.0 -128.3 61

 Other changes in volume account

62 Total other volume changes 37.5 11.4 -641.8 -1.8 -13.1 108.0 9.6 19.2 8.4 8.6 62

63 Disaster losses 0.0 0.0 0.0 10.7 0.0 0.0 0.0 0.0 0.0 0.0 63

64 Other volume changes -10.7 -14.9 -669.8 -28.1 -30.4 86.8 -9.8 -3.7 -26.1 -11.3 64

65 Less: Statistical discrepancy (lines 32-[34-55]) (2) -48.2 -26.3 -28.0 -15.5 -17.3 -21.2 -19.4 -22.8 -34.5 -20.0 65

 Revaluation account

66 Nonfinancial assets 112.5 92.6 498.1 444.6 575.3 488.0 460.0 -134.1 188.9 414.5 66

67 Structures 113.8 93.4 494.6 442.0 573.3 485.9 450.8 -134.2 188.6 408.5 67

68 Equipment and software -1.3 -0.8 3.5 2.6 2.0 2.1 9.1 0.1 0.2 6.0 68

69 Equity and investment fund shares -25.0 28.8 15.4 5.5 14.8 11.1 -59.5 19.4 18.7 1.4 69

70 Changes in net worth due to nominal holding gains/losses 87.5 121.3 513.5 450.1 590.1 499.1 400.5 -114.7 207.5 415.9 70

 Changes in balance sheet account

71 Change in net worth (lines 28+32+62+70) 123.3 145.4 -89.1 524.1 685.5 678.2 400.7 -142.3 201.9 395.1 71

 Balance sheet account (end of period)

72 Total assets 6555.6 6850.5 7671.3 8369.2 9190.0 10051.9 10509.7 10520.1 10831.6 11214.2 72

73 Nonfinancial assets (3) 4755.7 4981.3 5606.0 6174.9 6894.6 7535.2 8152.9 8170.3 8494.1 9016.0 73

74 Structures 4545.4 4765.2 5387.4 5945.3 6653.3 7278.7 7874.9 7883.2 8199.6 8708.8 74

75 Equipment and software 210.3 216.1 218.6 229.6 241.3 256.5 278.0 287.0 294.5 307.1 75

76 Financial assets 1799.9 1869.3 2065.3 2194.3 2295.4 2516.7 2356.8 2349.8 2337.5 2198.2 76

77 Currency and deposits 185.5 212.8 217.0 236.1 258.4 291.4 318.8 347.2 345.9 377.9 77

78 Currency and transferable deposits 46.8 53.8 50.4 66.2 71.6 71.4 79.9 99.1 104.6 121.4 78

79 Time and savings deposits 138.7 159.0 166.7 169.9 186.8 220.0 238.9 248.1 241.3 256.5 79

80 Debt securities 943.0 978.7 1089.5 1201.4 1273.4 1353.6 1162.7 1083.4 1122.9 1039.2 80

81 Open market paper 151.3 154.2 162.1 157.9 155.1 139.3 57.4 -15.8 44.4 68.3 81

82 Treasury securities 354.7 364.9 411.6 505.9 551.7 588.1 526.7 547.7 539.8 486.3 82

83 Agency- and GSE-backed securities (1) 328.8 345.5 387.1 402.7 423.7 467.6 431.4 400.3 385.0 338.1 83

84 Municipal securities 4.1 4.6 5.9 6.8 7.9 9.5 9.4 10.3 11.1 10.9 84

85 Corporate and foreign bonds 104.2 109.6 122.9 128.1 135.0 149.1 137.8 140.8 142.5 135.6 85

86 Loans 239.9 249.9 274.9 281.0 290.4 314.1 285.1 285.7 276.5 261.3 86

87 Short term (security repurchases) 115.6 118.7 127.0 126.1 126.5 132.8 117.2 113.3 108.3 100.0 87

88 Long term (mortgages) 124.4 131.1 147.9 154.9 164.0 181.2 167.9 172.4 168.2 161.4 88

89 Equity and investment fund shares 162.2 172.0 196.0 207.4 221.7 249.4 209.8 240.6 246.7 236.2 89

90 Money market fund shares 58.7 64.5 78.6 88.1 99.3 116.6 113.3 122.2 130.1 126.8 90

91 Corporate equities 79.3 81.6 87.8 87.6 88.4 94.5 60.5 80.9 77.9 72.3 91

92 Mutual fund shares 24.3 25.8 29.7 31.6 34.0 38.4 36.1 37.6 38.8 37.2 92

93 Other accounts receivable 269.3 255.9 287.7 268.5 251.4 308.2 380.5 392.9 345.5 283.5 93

94 Trade receivables 118.4 115.9 111.2 96.8 82.4 69.9 47.6 29.0 9.7 0.0 94

95 Taxes receivable 74.0 74.9 86.2 101.6 112.9 115.7 117.9 111.1 104.7 110.0 95

96 Other (miscellaneous assets) 76.9 65.0 90.3 70.2 56.1 122.6 215.1 252.7 231.1 173.5 96

97 Total liabilities and net worth 6555.6 6850.5 7671.3 8369.2 9190.0 10051.9 10509.7 10520.1 10831.6 11214.2 97

98 Liabilities 1838.6 1988.1 2898.0 3071.9 3207.2 3390.9 3448.1 3600.7 3710.3 3697.8 98

99 Debt securities (municipals) 1438.3 1558.8 2438.2 2579.2 2679.6 2825.6 2842.7 2954.9 3023.6 2970.0 99

100 Short term 95.7 106.1 44.2 42.5 34.3 51.2 55.8 63.6 63.0 52.3 100

101 Other 1342.6 1452.7 2393.9 2536.7 2645.2 2774.4 2786.9 2891.3 2960.6 2917.6 101
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

102 Loans (short term) 9.6 9.7 10.0 10.6 11.2 11.9 12.7 13.5 14.4 15.3 102

103 Other accounts payable (trade payables) 390.7 419.7 449.9 482.0 516.4 553.5 592.7 632.3 672.3 712.5 103

104 Net worth 4717.0 4862.4 4773.2 5297.3 5982.8 6661.0 7061.7 6919.4 7121.3 7516.4 104

Note. The state and local government accounts exclude state and local employee retirement funds

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(3) Excludes land and nonproduced nonfinancial assets.
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Billions of dollars; quarterly figures are seasonally adjusted annual rates

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

 Current account

 1 Foreign income from U.S. 1768.1 1910.5 2253.4 2618.6 2990.5 3248.7 3381.9 2612.0 3009.8 3343.7 1

 2 U.S. imports of goods and services 1430.2 1545.1 1798.9 2027.8 2240.3 2374.8 2556.5 1976.2 2356.1 2662.3 2

 3 U.S. income payments to rest of world 264.4 284.6 357.4 475.9 648.6 747.7 686.9 498.9 507.2 531.8 3

 4 Current taxes and trans. payments to rest of world 73.5 80.7 97.1 115.0 101.5 126.2 138.4 137.0 146.5 149.6 4

 5 Less: Foreign outlays to U.S. 1316.5 1394.3 1628.8 1878.1 2192.1 2532.6 2702.9 2229.9 2560.9 2877.9 5

 6 U.S. exports of goods and services 1003.0 1041.0 1180.2 1305.1 1471.0 1661.7 1846.8 1587.4 1844.4 2094.2 6

 7 U.S. income receipts from rest of world 313.5 353.3 448.6 573.0 721.1 871.0 856.1 642.4 716.5 783.7 7

 8 Equals: Net saving (current external balance) 451.6 516.1 624.6 740.5 798.4 716.0 679.0 382.2 448.8 465.8 8

 Capital account

 9 Net saving 451.6 516.1 624.6 740.5 798.4 716.0 679.0 382.2 448.8 465.8 9

10 Less: Net capital transfers -0.6 -2.2 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 10

11 Less: Acquisition of nonproduced nonfinancial assets 0.1 0.1 0.0 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.1 11

12 Net lending (+) or borrowing (-), capital account (lines 9-10-11) 452.1 518.2 621.8 727.7 800.5 715.9 673.6 382.7 449.5 467.5 12

 Financial account

13 Net lending (+) or borrowing (-) (line 12) 452.1 518.2 621.8 727.7 800.5 715.9 673.6 382.7 449.5 467.5 13

14 Net acquisition of U.S. financial assets 770.4 820.4 1398.6 1100.3 1854.1 1766.9 584.4 168.2 1148.0 1043.4 14

15 Monetary gold and SDRs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 15

16 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 17

18 Currency and deposits 63.1 53.8 39.7 28.9 54.8 -76.6 540.2 -322.7 -1.7 336.0 18

19 Currency 18.9 10.6 13.3 8.4 2.2 -10.7 29.2 12.6 28.3 55.0 19

20 Transferable deposits -0.6 4.0 9.1 6.4 9.2 5.2 34.8 -21.8 1.2 26.8 20

21 Time deposits 41.2 5.2 34.1 6.7 11.5 40.3 65.5 -43.1 16.9 33.1 21

22 Net interbank items due from U.S. banks 3.6 34.0 -16.8 7.3 31.9 -111.4 410.8 -270.4 -48.2 221.1 22

23 Debt securities 457.1 583.6 848.1 720.7 967.4 841.1 421.9 167.5 643.1 318.9 23

24 Open market paper 18.1 66.2 37.0 9.9 46.7 -8.3 -45.1 -41.4 -0.5 0.7 24

25 Treasury securities 160.9 276.4 366.9 245.1 150.3 165.3 711.6 554.4 739.8 412.1 25

26 Agency- and GSE-backed securities (1) 127.1 12.3 178.2 134.3 224.0 248.8 -228.6 -226.0 -72.3 -24.2 26

27 Municipal securities 3.5 8.0 6.5 3.0 5.4 10.7 5.9 7.7 13.1 -1.4 27

28 Corporate bonds 147.5 220.8 259.5 328.5 541.0 424.6 -21.8 -127.3 -37.0 -68.3 28

29 Loans (short term) 25.6 86.0 76.5 76.8 8.6 67.1 -258.7 -190.3 -146.3 85.1 29

30 Security repurchases (net) 15.5 86.9 70.3 45.5 2.4 -35.2 -214.0 -146.4 -126.1 51.2 30

31 Loans to U.S. corporate business 10.1 -0.8 6.3 31.3 6.2 102.3 -44.7 -44.0 -20.2 33.9 31

32 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 Equity and investment fund shares 138.4 97.7 207.8 201.9 388.6 496.8 436.9 369.7 383.4 261.3 33

34 Money market fund shares 1.1 2.6 4.1 0.1 4.1 19.0 23.7 7.2 -7.1 -20.8 34

35 Corporate equities 54.4 5.2 25.0 56.9 96.2 217.6 105.8 154.9 73.2 -99.3 35

36 Mutual fund shares -1.5 26.2 32.7 32.3 45.2 39.1 -2.7 57.2 111.5 147.4 36

37 Foreign direct investment in the United States 84.4 63.8 146.0 112.6 243.2 221.2 310.1 150.4 205.8 234.0 37

38 Other accounts receivable 86.2 -0.8 226.5 72.0 434.7 438.5 -555.9 96.4 269.6 42.1 38

39 Trade receivables 2.6 1.3 -1.1 7.9 5.9 20.8 6.5 6.6 19.6 17.2 39

40 Other (miscellaneous assets) 83.6 -2.1 227.5 64.1 428.8 417.7 -562.4 89.8 250.0 24.9 40

41 Net incurrence of liabilities 270.0 289.4 863.2 386.5 1046.7 1149.3 -152.2 -71.3 765.3 488.2 41

42 SDR holdings 0.5 -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 42

43 Currency and deposits 24.3 35.2 86.6 29.0 84.6 255.8 -389.5 -101.8 27.8 -14.9 43

44 Official foreign currencies 0.6 0.6 0.6 0.6 0.7 1.0 1.3 0.7 0.5 -0.5 44

45 Reserve position in IMF (net) 2.6 -1.5 -3.8 -10.2 -3.3 -1.0 3.5 3.4 1.3 18.1 45

46 U.S. private deposits 21.0 36.0 89.9 40.8 87.2 256.0 -394.3 -106.0 25.9 -32.4 46

47 Nonofficial foreign currencies 0.1 0.2 -0.0 -2.2 -0.0 -0.1 0.0 0.2 0.1 -0.1 47

48 Debt securities 90.4 47.6 155.0 103.1 326.2 149.4 -229.8 222.7 57.2 4.3 48

49 Commercial paper 58.8 18.9 69.2 38.6 98.4 -69.3 -71.0 59.4 -2.7 -53.5 49

50 Bonds 31.6 28.7 85.8 64.5 227.8 218.7 -158.8 163.3 59.9 57.8 50

51 Loans (short term) 3.0 -4.6 0.2 9.9 6.4 44.9 533.3 -554.3 7.9 130.3 51

52 Other loans and advances -2.3 -2.1 -3.6 -4.6 -7.4 -3.2 -1.5 0.3 0.2 1.4 52

53 Depository institution loans n.e.c. 5.3 -2.5 3.8 14.5 13.8 24.1 5.1 -11.2 17.9 29.2 53

54 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Nonoff. foreign currencies (swap lines) 0.0 0.0 0.0 0.0 0.0 24.0 529.7 -543.5 -10.2 99.7 55
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

 

56 Equity and investment fund shares 172.3 313.1 377.4 243.8 425.6 605.7 282.8 378.3 419.9 541.6 56

57 Corporate equities 17.0 118.0 84.8 186.7 137.3 147.8 -38.5 63.7 79.1 89.0 57

58 U.S. government equity in IBRD, etc. 1.5 1.4 2.0 1.3 2.0 1.7 1.4 1.7 2.3 2.6 58

59 U.S. direct investment abroad 154.5 149.6 316.2 36.2 244.9 414.0 329.1 289.5 327.9 419.3 59

60 Investment by holding companies -0.6 44.1 -25.6 19.6 41.3 42.2 -9.1 23.5 10.6 30.6 60

61 Other accounts payable -20.5 -101.3 243.5 5.1 203.7 93.3 -349.2 -64.3 252.5 -171.3 61

62 Trade payables -4.9 6.1 3.5 6.3 6.2 12.4 -9.9 6.1 25.8 -32.2 62

63 Other (miscellaneous liabilities) -15.5 -107.4 240.0 -1.1 197.5 80.9 -339.3 -70.5 226.7 -139.1 63

 Addendum:

64 Net lending, financial account (lines 14-41) 500.4 531.1 535.4 713.8 807.4 617.6 736.6 239.5 382.7 555.1 64

 Other changes in volume account

65 Total other volume changes 28.0 -117.8 -81.7 -274.6 74.3 -252.0 -284.8 -444.9 -244.9 158.5 65

66 Other volume changes -20.3 -130.6 4.7 -260.7 67.4 -153.7 -347.8 -301.7 -178.1 70.8 66

67 Less: Statistical discrepancy (lines 12-[14-41]) (2) -48.3 -12.8 86.4 13.9 -6.9 98.3 -63.0 143.2 66.8 -87.7 67

 Revaluation account

68 Financial assets -407.7 438.0 182.2 -53.9 382.5 264.3 -1610.5 492.7 595.6 372.3 68

69 SDR allocations 0.5 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 69

70 Debt securities -14.3 -49.7 -55.8 -195.4 34.8 129.1 -125.7 76.2 152.6 270.4 70

71 Treasury securities 29.4 -48.4 -66.9 -74.3 -8.5 85.0 164.9 -136.8 56.2 192.5 71

72 Agency- and GSE-backed securities -0.6 12.5 41.7 3.4 26.7 70.0 53.2 -26.0 1.4 29.7 72

73 Corporate bonds -43.1 -13.8 -30.7 -124.4 16.6 -26.0 -343.8 239.1 94.9 48.2 73

74 Equity and investment fund shares -393.8 487.0 237.7 142.1 347.3 134.8 -1484.6 416.3 444.0 102.0 74

75 Corporate equities -273.8 447.8 205.0 77.5 312.8 145.6 -1110.0 514.7 412.1 -79.7 75

76 Mutual fund shares -17.1 21.9 17.0 14.0 29.6 18.5 -116.0 51.2 38.2 74.2 76

77 Foreign direct investment in the United States -102.9 17.3 15.8 50.6 4.9 -29.3 -258.6 -149.6 -6.3 77.1 77

78 Liabilities -115.5 771.2 558.0 642.1 964.8 1059.5 -2783.4 1345.3 581.1 -613.4 78

79 SDR holdings 0.9 1.1 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 79

80 Currency and deposits 5.8 7.4 3.1 -6.7 2.7 4.1 2.5 0.6 0.9 -7.5 80

81 Official foreign currencies 4.3 5.3 2.4 -5.5 2.4 3.9 2.5 0.3 1.0 0.3 81

82 Reserve position in IMF (net) 1.5 2.1 0.8 -1.2 0.3 0.2 -0.0 0.3 -0.2 -7.8 82

83 U.S. private deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 83

84 Nonofficial foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 84

85 Debt securities (corporate bonds) 114.1 137.5 30.2 -37.9 36.2 92.8 -191.0 169.7 59.2 16.5 85

86 Equity and investment fund shares -236.2 625.3 524.0 687.6 925.5 962.1 -2594.7 1174.7 522.0 -622.3 86

87 Corporate equities -255.6 587.4 396.2 570.6 873.9 771.2 -2461.0 1183.2 572.5 -577.7 87

88 U.S. direct investment abroad 19.5 37.9 127.8 117.0 51.5 190.9 -133.7 -8.5 -50.5 -44.6 88

89 Changes in net worth due to nominal holding gains/losses -292.2 -333.3 -375.8 -695.9 -582.3 -795.3 1173.0 -852.5 14.5 985.7 89

 Changes in balance sheet account

90 Change in net worth (lines 12+65+89) 187.9 67.2 164.4 -242.8 292.5 -331.3 1561.8 -914.7 219.1 1611.7 90

 Financial balance sheet account (end of period) (3)

91 Total financial assets 7850.7 8851.6 10579.1 11599.4 14067.7 16037.6 15239.6 15806.6 17405.5 18801.8 91

92 SDR allocations 6.7 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 92

93 Currency and deposits 525.4 520.6 560.3 589.2 644.0 567.4 1107.7 785.0 783.3 1119.3 93

94 Currency 248.1 258.7 272.0 280.4 282.6 272.0 301.1 313.8 342.1 397.1 94

95 Transferable deposits 25.3 4.2 13.3 19.7 28.9 34.2 69.0 47.2 48.4 75.2 95

96 Time deposits 143.3 115.0 149.2 155.9 167.4 207.6 273.1 230.0 246.9 280.0 96

97 Net interbank items due from U.S. banks 108.7 142.7 125.9 133.2 165.1 53.7 464.5 194.0 145.9 367.0 97

98 Debt securities 3177.2 3711.1 4503.4 5028.8 6030.9 7001.1 7297.3 7541.0 8336.6 8925.9 98

99 Open market paper 126.6 192.8 229.8 239.6 286.3 278.1 232.9 191.5 191.0 191.7 99

100 Treasury securities 1285.5 1513.5 1813.6 1984.4 2126.2 2376.4 3253.0 3670.6 4466.6 5071.1 100

101 Agency- and GSE-backed securities (1) 630.6 655.3 875.2 1012.9 1263.6 1582.4 1406.9 1154.9 1084.0 1089.6 101

102 Municipal securities 11.5 19.5 26.0 29.0 34.4 45.1 51.0 58.7 71.7 70.3 102

103 Corporate bonds 1123.0 1330.0 1558.9 1762.9 2320.5 2719.1 2353.5 2465.3 2523.3 2503.2 103
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104 Loans (short term) 154.4 240.4 316.9 393.8 533.4 609.5 341.3 213.5 66.2 151.3 104

105 Security repurchases (net) 28.5 115.4 185.7 231.2 364.6 338.4 114.9 31.0 -96.1 -44.9 105

106 Loans to U.S. corporate business 125.8 125.0 131.2 162.5 168.8 271.1 226.4 182.5 162.3 196.1 106

107 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 107

108 Equity and investment fund shares 2835.7 3420.5 3866.0 4210.0 4946.0 5577.6 4529.8 5315.9 6143.3 6506.6 108

109 Money market fund shares 16.3 18.8 22.9 23.0 27.0 46.0 69.7 76.9 69.8 79.5 109

110 Corporate equities 1221.6 1674.6 1904.6 2039.1 2448.1 2811.3 1807.1 2476.7 2962.0 2783.0 110

111 Mutual fund shares 98.0 146.1 195.8 242.0 316.8 374.3 255.6 364.1 513.8 735.4 111

112 Foreign direct investment in the United States 1500.0 1581.0 1742.7 1906.0 2154.1 2345.9 2397.4 2398.2 2597.7 2908.8 112

113 Other accounts receivable 1151.3 951.7 1324.8 1370.7 1906.1 2274.2 1955.9 1895.9 2021.7 2044.5 113

114 Trade receivables 48.8 50.1 49.0 56.9 62.8 83.6 90.1 96.7 116.3 133.5 114

115 Other (miscellaneous assets) 1102.5 901.6 1275.8 1313.8 1843.3 2190.6 1865.9 1799.2 1905.4 1911.0 115

116 Total liabilities and net worth 7850.7 8851.6 10579.1 11599.4 14067.7 16037.6 15239.6 15806.6 17405.5 18801.8 116

117 Total liabilities 5715.4 6649.2 8212.3 9475.4 11651.2 13952.4 11592.7 13074.4 14454.2 14238.9 117

118 SDR holdings 12.2 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 118

119 Currency and deposits 889.6 932.1 1021.9 1044.2 1131.5 1391.4 1004.4 903.2 931.9 909.5 119

120 Official foreign currencies 33.8 39.7 42.7 37.8 40.9 45.8 49.6 50.5 52.1 51.9 120

121 Reserve position in IMF (net) 22.0 22.5 19.5 8.0 5.0 4.2 7.7 11.4 12.5 22.8 121

122 U.S. private deposits 831.1 867.1 957.0 997.8 1085.0 1340.9 946.7 840.6 866.5 834.1 122

123 Nonofficial foreign currencies 2.6 2.8 2.8 0.6 0.6 0.5 0.5 0.7 0.8 0.7 123

124 Debt securities 960.0 1145.1 1330.3 1395.5 1757.8 2000.1 1579.3 1971.7 2088.1 2108.9 124

125 Commercial paper 257.2 276.1 345.3 384.0 482.3 413.0 342.0 401.3 398.6 345.1 125

126 Bonds 702.7 868.9 985.0 1011.6 1275.5 1587.1 1237.3 1570.3 1689.5 1763.8 126

127 Loans (short term) 112.9 108.2 108.5 118.4 124.8 150.2 683.3 128.9 137.3 267.6 127

128 Other loans and advances 44.3 42.2 38.6 34.0 26.6 23.4 21.6 21.9 22.1 23.5 128

129 Depository institution loans n.e.c. 68.6 66.1 69.9 84.4 98.3 102.8 107.9 96.8 115.1 144.3 129

130 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 130

131 Nonoff. foreign currencies (swap lines) 0.0 0.0 0.0 0.0 0.0 24.0 553.7 10.3 0.1 99.8 131

132 Equity and investment fund shares 3268.5 4207.0 5108.4 6039.8 7390.8 8958.6 6646.8 8199.8 9141.7 9060.9 132

133 Corporate equities 1374.0 2079.4 2560.4 3317.7 4329.0 5248.0 2748.4 3995.3 4646.9 4158.2 133

134 U.S. government equity in IBRD, etc. 38.6 40.0 42.0 43.2 45.3 46.9 48.3 50.0 52.3 54.9 134

135 U.S. direct investment abroad 1867.0 2054.5 2498.5 2651.7 2948.2 3553.1 3748.5 4029.5 4306.8 4681.6 135

136 Investment by holding companies -11.1 33.1 7.5 27.1 68.4 110.6 101.5 125.1 135.6 166.3 136

137 Other accounts payable 472.4 244.1 629.6 869.3 1237.4 1442.6 1669.6 1813.1 2098.4 1837.0 137

138 Trade payables 38.6 44.7 48.2 54.5 60.7 73.1 63.2 69.3 95.1 63.0 138

139 Other (miscellaneous liabilities) 433.8 199.4 581.4 814.8 1176.7 1369.5 1606.4 1743.7 2003.3 1774.0 139

140 Net worth (external account) 2135.3 2202.5 2366.8 2124.0 2416.5 2085.2 3646.9 2732.2 2951.3 4562.9 140

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,

the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.

(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy

reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.

(3) Excludes nonfinancial assets, including nonproduced nonfinancial assets.

IBRD International Bank for Reconstruction and Development

IMF International Monetary Fund

SDRs Special Drawing Rights

n.e.c. Not elsewhere classified