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S.1.a Total Economy - Current Account

Billions of dollars

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 1 Gross value added 11524.3 12283.5 13129.2 14073.2 14460.1 14621.2 14345.7 14915.2 15587.5 16261.6 1

 (income approach)

 2 Less: Consumption of fixed capital 1727.2 1831.7 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2452.6 2542.9 2

 3 Equals: Net value added 9797.1 10451.8 11147.2 11937.1 12195.8 12257.9 11977.3 12533.6 13134.9 13718.8 3

 4 Compensation of employees (paid) 6372.7 6748.8 7097.9 7513.7 7908.8 8090.0 7795.7 7975.3 8286.6 8620.0 4

 5 Wages and salaries 5146.1 5431.2 5703.1 6068.8 6405.7 6543.6 6260.1 6385.6 6646.8 6935.1 5

 6 Employers’ social contributions 1226.6 1317.6 1394.8 1444.9 1503.1 1546.4 1535.6 1589.8 1639.8 1684.9 6

 7 Taxes on production and imports less subsidies 758.9 817.6 873.6 940.5 980.0 989.4 967.8 1001.2 1037.2 1065.6 7

 8 Operating surplus, net 2665.4 2885.5 3175.7 3483.0 3307.0 3178.6 3213.9 3557.0 3811.2 4033.2 8

 9 Plus: Income receipts from the rest of the world 356.1 451.4 575.8 724.2 875.5 856.8 643.7 720.0 802.8 818.6 9

10 Less: Income payments to the rest of the world 288.1 361.4 482.3 655.7 749.1 683.8 496.5 514.1 542.1 565.7 10

11 Equals: Net national income/Balance of primary incomes, net 9865.1 10541.9 11240.8 12005.6 12322.3 12430.8 12124.5 12739.5 13395.7 13971.6 11

12 Operating surplus, net 2665.4 2885.5 3175.7 3483.0 3307.0 3178.6 3213.9 3557.0 3811.2 4033.2 12

13 Compensation of employees (received) 6365.4 6740.5 7087.8 7503.2 7899.1 8079.2 7787.8 7967.3 8278.5 8611.6 13

14 Wages and salaries 5138.8 5422.9 5692.9 6058.2 6396.0 6532.8 6252.2 6377.5 6638.7 6926.8 14

15 Employers’ social contributions 1226.6 1317.6 1394.8 1444.9 1503.1 1546.4 1535.6 1589.8 1639.8 1684.9 15

16 Taxes on production and imports, receivable 808.0 863.9 934.5 991.9 1034.6 1041.9 1026.1 1057.1 1097.1 1122.9 16

17 Subsidies paid -49.1 -46.4 -60.9 -51.5 -54.6 -52.6 -58.3 -55.9 -60.0 -57.3 17

18 Property income (received) 4363.3 4812.7 5548.9 6528.4 7187.0 6802.0 5703.0 5653.1 5935.4 ND 18

19 Interest 2628.5 2795.0 3385.2 4109.9 4661.4 4188.5 3420.8 3194.8 3190.5 ND 19

20 Distributed income of corporations 1571.1 1808.0 2123.9 2150.5 2241.5 2322.1 2001.1 2102.5 2362.2 ND 20

21 Dividends 603.0 775.5 1069.4 1018.6 1174.9 1186.9 918.5 943.1 1059.4 ND 21

22 Withdrawals from income of quasi-corporations 968.1 1032.5 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1302.8 1388.5 22

23 Reinvested earnings on U.S. direct investment abroad 149.0 192.5 20.4 247.8 261.4 265.6 262.8 336.6 361.1 368.1 23

24 Rents on land and natural resources 14.6 17.1 19.4 20.3 22.6 25.9 18.3 19.2 21.6 21.5 24

25 Less: Uses of property income (paid) 4287.9 4714.3 5445.2 6449.4 7051.0 6618.3 5548.0 5439.1 5666.5 ND 25

26 Interest 2719.8 2901.7 3520.6 4287.1 4878.7 4411.4 3618.6 3376.0 3358.2 ND 26

27 Distributed income of corporations 1539.0 1745.7 1863.0 2072.6 2101.1 2141.6 1889.3 1981.1 2205.8 ND 27

28 Dividends 571.0 713.2 808.5 940.7 1034.5 1006.4 806.6 821.7 903.0 ND 28

29 Withdrawals from income of quasi-corporations 968.1 1032.5 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1302.8 1388.5 29

30 Reinvested earnings on foreign direct investment 14.5 49.8 42.1 69.5 48.5 39.4 21.9 62.8 81.0 105.9 30

31 Rents on land and natural resources 14.6 17.1 19.4 20.3 22.6 25.9 18.3 19.2 21.6 21.5 31

32 Net national income/Balance of primary incomes, net 9865.1 10541.9 11240.8 12005.6 12322.3 12430.8 12124.5 12739.5 13395.7 13971.6 32

33 Plus: Current taxes on income, wealth, etc. (received) 1241.6 1347.9 1616.5 1821.0 1923.9 1735.1 1405.8 1553.5 1765.3 1918.3 33

34 Less: Current taxes on income, wealth, etc. (paid) 1244.6 1352.1 1620.9 1825.5 1933.4 1744.3 1414.4 1562.0 1778.2 1932.8 34

35 Plus: Social benefits (received) 2099.8 2233.5 2364.3 2515.3 2658.3 2840.4 3070.9 3223.0 3182.9 3272.2 35

36 Less: Social contributions (paid) 2105.9 2239.7 2370.9 2523.2 2666.9 2851.1 3081.9 3234.6 3195.6 3285.5 36

37 Plus: Other current transfers (received) 456.8 468.2 494.1 497.2 532.5 563.0 671.0 719.3 694.5 643.7 37

38 Less: Other current transfers (paid) 528.3 554.8 598.1 586.6 640.1 681.4 787.5 841.2 817.9 760.4 38

39 Equals: Disposable income, net 9784.5 10445.0 11125.8 11903.8 12196.5 12292.6 11988.4 12597.5 13246.7 13827.0 39

40 Less: Final consumption expenditures 9519.9 10126.7 10770.4 11387.3 11954.2 12374.1 12285.0 12724.1 13237.9 13697.6 40

41 Equals: Net saving 264.5 318.3 355.5 516.5 242.4 -81.5 -296.6 -126.6 8.8 129.3 41

 Addendum:

42 Gross value added (line 1) 11524.3 12283.5 13129.2 14073.2 14460.1 14621.2 14345.7 14915.2 15587.5 16261.6 42

43 Plus statistical discrepancy (NIPA) -12.1 -6.5 -33.8 -215.3 20.2 99.0 72.2 43.1 -53.6 -17.0 43

44 Equals: GDP (NIPA, expenditure approach) 11512.2 12277.0 13095.4 13857.9 14480.3 14720.3 14417.9 14958.3 15533.8 16244.6 44
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Z.1, September 25, 2013 129

S.2.a Selected Aggregates for Total Economy and Sectors 

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 1 Gross value added 11524.3 12283.5 13129.2 14073.2 14460.1 14621.2 14345.7 14915.2 15587.5 16261.6 1

 2 Households and nonprofit institutions serving households 1427.0 1510.9 1599.5 1689.4 1749.6 1855.3 1913.6 1927.5 1971.9 2025.4 2

 3 Nonfinancial noncorporate business 1911.9 2079.1 2218.8 2440.1 2513.9 2632.7 2466.7 2545.9 2766.5 2906.4 3

 4 Nonfinancial corporate business 5724.4 6107.9 6532.1 6988.0 7203.9 7258.1 6861.4 7243.1 7636.4 8030.8 4

 5 Financial business 885.6 922.1 1034.3 1127.6 1068.8 852.3 1015.7 1039.9 1025.1 1090.3 5

 6 Federal government 498.1 525.8 552.7 577.6 605.4 637.6 668.8 704.5 719.7 716.7 6

 7 State and local government 1077.2 1137.7 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1468.0 1491.9 7

 8 Net saving 264.5 318.3 355.5 516.5 242.4 -81.5 -296.6 -126.6 8.8 129.3 8

 9 Households and nonprofit institutions serving households 410.8 413.2 242.7 336.9 317.2 551.3 670.7 634.2 668.2 687.4 9

10 Nonfinancial corporate business 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 10

11 Financial business 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 11

12 Federal government -403.5 -399.8 -305.4 -228.1 -266.7 -635.1 -1249.8 -1329.5 -1248.3 -1109.7 12

13 State and local government -121.4 -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -213.1 -252.7 13

 Net capital transfers

14 Households and nonprofit institutions serving households 13.1 1.4 -21.9 16.6 6.8 7.7 -28.4 -20.6 2.1 -5.1 14

15 Nonfinancial noncorporate business 0.0 -5.0 -13.1 0.0 0.0 -3.3 -6.0 -7.8 -1.6 -4.9 15

16 Nonfinancial corporate business -0.1 -6.7 -15.5 -0.0 -0.0 -3.7 38.3 20.9 -6.4 -16.7 16

17 Financial business 0.0 16.2 27.7 0.0 0.0 -60.5 -121.9 -41.5 -32.4 9.6 17

18 Federal government 41.1 39.3 60.3 43.2 53.0 117.6 186.3 126.3 113.8 84.7 18

19 State and local government -52.0 -48.0 -50.4 -57.8 -59.3 -63.2 -67.7 -76.7 -73.9 -74.1 19

20 Rest of the world -2.2 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.6 20

21 Gross fixed capital formation 2473.9 2701.3 2981.2 3166.0 3201.5 3091.4 2672.7 2691.1 2828.3 3028.1 21

22 Households and nonprofit institutions serving households 653.9 765.9 865.0 860.1 736.1 580.4 468.1 452.4 456.7 498.1 22

23 Nonfinancial noncorporate business 238.3 260.3 289.2 305.0 313.5 307.5 248.8 243.1 258.5 278.7 23

24 Nonfinancial corporate business 960.0 1010.1 1133.4 1259.9 1348.2 1372.7 1141.9 1181.0 1305.3 1438.9 24

25 Financial business (nonresidential) 156.5 176.5 180.0 188.7 211.5 196.2 166.9 162.8 175.2 193.4 25

26 Federal government 196.4 211.0 222.9 238.0 251.4 275.8 284.0 300.0 295.4 284.0 26

27 State and local government 268.9 277.5 290.8 314.3 340.8 358.8 363.0 351.9 337.2 334.9 27

28 Consumption of fixed capital 1727.2 1831.7 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2452.6 2542.9 28

29 Households and nonprofit institutions serving households 290.8 323.4 362.1 396.2 413.7 414.6 403.3 400.5 402.9 409.9 29

30 Nonfinancial noncorporate business 183.6 196.4 214.4 232.6 245.6 254.5 253.0 251.8 256.8 264.5 30

31 Nonfinancial corporate business 818.0 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1135.8 1188.2 31

32 Financial business (nonresidential) 130.0 139.3 148.9 156.8 165.4 173.9 177.4 176.7 179.0 186.6 32

33 Federal government 170.3 178.6 189.4 200.7 212.8 226.3 234.5 245.3 256.5 262.3 33

34 State and local government 134.5 143.8 157.3 170.3 186.6 200.2 208.2 212.7 221.7 231.4 34

35 Change in inventories 19.3 63.9 59.6 67.0 34.5 -32.0 -147.6 61.5 36.4 66.1 35

36 Nonfinancial noncorporate business 1.0 10.0 3.2 0.6 1.2 -0.4 -8.5 -2.2 -2.7 -4.9 36

37 Nonfinancial corporate business 18.3 53.9 56.4 66.3 33.3 -31.6 -139.0 63.7 39.1 71.0 37

38 Net lending (+) or net borrowing (-) (capital account) -503.6 -612.4 -690.5 -582.5 -729.1 -772.2 -454.0 -498.3 -405.0 -415.4 38

39 Households and nonprofit institutions serving households 43.1 -22.0 -229.3 -133.4 -0.8 388.8 643.9 611.4 620.6 612.7 39

40 Nonfinancial noncorporate business -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 40

41 Nonfinancial corporate business 115.1 107.4 146.3 26.1 -28.5 35.7 426.6 428.7 447.5 343.2 41

42 Financial business 78.9 47.1 14.3 28.8 -94.6 -91.2 304.7 262.8 189.3 140.2 42

43 Federal government -469.8 -470.7 -397.3 -294.2 -354.9 -781.8 -1476.7 -1509.5 -1400.1 -1214.8 43

44 State and local government -215.2 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -264.8 -292.4 44

 Addendum:

45 Statistical discrepancy (NIPA) -12.1 -6.5 -33.8 -215.3 20.2 99.0 72.2 43.1 -53.6 -17.0 45

46 Rest of the world 515.7 618.9 724.3 797.8 709.0 673.1 381.7 455.2 458.6 432.4 46

47 Net lending (+) or net borrowing (-) (financial account) -391.2 -284.8 -369.5 -555.9 -348.1 -1552.6 -303.9 -638.8 -425.8 -210.1 47

48 Households and nonprofit institutions serving households 109.7 235.3 -191.3 -298.1 267.2 846.5 819.7 1132.5 1329.1 924.0 48

49 Nonfinancial noncorporate business -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 49

50 Nonfinancial corporate business 74.1 166.1 -19.9 -138.6 -206.5 -943.3 551.0 145.5 55.4 194.0 50

51 Financial business 209.0 14.9 307.0 273.8 120.4 -282.9 39.9 -204.1 -128.7 58.2 51

52 Federal government -530.9 -474.1 -422.8 -310.4 -390.6 -789.0 -1298.3 -1412.4 -1352.7 -1128.5 52

53 State and local government -197.5 -158.1 22.4 -9.5 -69.5 -334.6 -435.0 -318.9 -331.4 -253.4 53

 Addendum:

54 Rest of the world 531.1 535.4 713.8 807.4 617.6 736.6 230.9 437.9 550.5 446.3 54

 Total other volume changes

55 Households and nonprofit institutions serving households 517.2 1300.6 345.9 117.2 587.7 471.7 650.5 803.0 534.3 572.9 55

56 Nonfinancial noncorporate business 66.3 77.9 -65.3 9.4 -36.8 -303.3 -71.4 192.2 -53.5 -14.3 56

57 Nonfinancial corporate business 131.6 294.6 327.3 645.4 757.3 -720.6 175.5 415.2 389.6 481.5 57

58 Financial business -692.1 -48.3 49.2 210.8 -75.5 1181.3 -265.8 -509.7 -172.7 134.4 58

59 Federal government -94.4 -27.7 -46.3 31.3 10.8 87.8 122.4 -20.7 49.8 72.3 59

60 State and local government 339.6 -698.6 215.1 318.3 220.7 -982.4 361.7 32.5 -56.3 315.5 60

61 Rest of the world -115.2 -78.8 -271.2 77.0 -245.0 -284.3 -463.5 -203.5 242.3 64.3 61

 Holding gains/losses

62 Households and nonprofit institutions serving households 4494.6 5358.4 5601.6 4162.4 -365.8 -11719.9 356.4 2929.8 188.7 4678.7 62

63 Nonfinancial noncorporate business 527.4 1133.6 1329.9 300.0 161.9 -1243.1 -1170.9 493.9 564.1 661.7 63

64 Nonfinancial corporate business -2372.0 -37.9 112.0 -1470.1 -127.8 4207.5 -5269.8 -1286.7 283.9 -1541.0 64

65 Financial business 127.9 -186.7 72.3 -571.7 1295.2 473.8 -206.1 -294.7 243.6 -587.7 65

66 Federal government 47.7 115.7 115.3 116.8 93.3 1.2 -157.9 18.5 23.0 32.1 66

67 State and local government 120.5 516.3 478.9 621.8 466.0 350.5 -71.7 197.3 394.3 243.4 67

68 Rest of the world -333.3 -375.8 -695.9 -582.3 -795.3 1173.0 -879.5 -209.3 795.1 -354.2 68
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130 Z.1, September 25, 2013

S.2.a Selected Aggregates for Total Economy and Sectors 

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Change in net worth

69 Households and nonprofit institutions serving households 5409.5 7070.8 6212.0 4600.0 532.3 -10704.5 1705.9 4387.6 1389.1 5944.1 69

70 Nonfinancial noncorporate business 593.7 1216.4 1277.7 309.4 125.0 -1543.1 -1236.4 693.8 512.2 652.4 70

71 Nonfinancial corporate business -1967.1 576.0 866.5 -438.2 942.6 3787.3 -4750.5 -293.9 1328.8 -395.0 71

72 Financial business -458.7 -150.7 166.9 -300.3 1171.1 1586.2 -177.7 -555.5 256.4 -306.4 72

73 Federal government -491.3 -351.1 -296.8 -123.3 -215.6 -663.6 -1471.6 -1458.1 -1289.2 -1089.9 73

74 State and local government 390.6 -242.7 677.7 958.4 673.4 -733.8 85.7 69.3 198.8 380.3 74

75 Rest of the world 67.2 164.4 -242.8 292.5 -331.3 1561.8 -961.3 42.4 1496.1 142.5 75
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S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 1427.0 1510.9 1599.5 1689.4 1749.6 1855.3 1913.6 1927.5 1971.9 2025.4 1

 2 Less: Consumption of fixed capital 290.8 323.4 362.1 396.2 413.7 414.6 403.3 400.5 402.9 409.9 2

 3 Equals: Net value added 1136.3 1187.5 1237.5 1293.2 1335.9 1440.7 1510.3 1527.1 1569.0 1615.5 3

 4 Compensation paid by households and NPISHs 517.7 545.6 563.4 590.9 616.8 658.2 686.6 695.2 717.5 747.6 4

 5 Wages and salaries 432.5 452.2 466.2 490.9 516.0 549.9 566.1 577.3 596.6 620.3 5

 6 Employers’ social contributions 85.2 93.4 97.1 100.0 100.8 108.3 120.5 117.9 120.8 127.4 6

 7 Taxes on production and imports less subsidies 108.8 114.7 120.7 130.8 135.1 143.2 152.4 152.8 154.2 156.1 7

 8 Operating surplus, net 509.7 527.2 553.4 571.5 584.0 639.3 671.3 679.1 697.4 711.8 8

 9 Net national income/Balance of primary incomes, net 8718.5 9245.7 9734.1 10438.3 10937.5 11248.6 10638.0 10895.4 11549.9 12087.8 9

10 Operating surplus, net 509.7 527.2 553.4 571.5 584.0 639.3 671.3 679.1 697.4 711.8 10

11 Compensation of employees (received) 6365.4 6740.5 7087.8 7503.2 7899.1 8079.2 7787.8 7967.3 8278.5 8611.6 11

12 Wages and salaries 5138.8 5422.9 5692.9 6058.2 6396.0 6532.8 6252.2 6377.5 6638.7 6926.8 12

13 Employers’ social contributions 1226.6 1317.6 1394.8 1444.9 1503.1 1546.4 1535.6 1589.8 1639.8 1684.9 13

14 Property income (received) 2389.8 2537.5 2722.2 3071.6 3234.6 3303.6 2895.7 2900.2 3188.6 3348.3 14

15 Interest 989.5 942.9 1089.4 1216.1 1351.5 1363.0 1265.2 1196.2 1205.3 1212.9 15

16 Distributed income of corporations 1400.3 1594.5 1632.8 1855.5 1883.1 1940.6 1630.5 1704.0 1983.3 2135.4 16

17 Dividends 432.3 562.1 578.3 723.7 816.5 805.4 547.8 544.6 680.5 746.9 17

18 Withdrawals from income of quasi-corporations (1) 968.1 1032.5 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1302.8 1388.5 18

19 Less: Uses of property income (interest paid) 546.5 559.5 629.3 707.9 780.2 773.5 716.8 651.2 614.6 583.9 19

20 Net national income/Balance of primary incomes, net 8718.5 9245.7 9734.1 10438.3 10937.5 11248.6 10638.0 10895.4 11549.9 12087.8 20

21 Less: Current taxes on income, wealth, etc. (paid) 1000.9 1046.0 1208.5 1352.1 1487.9 1435.2 1144.9 1191.5 1404.0 1498.0 21

22 Plus: Social benefits (received) 1316.6 1399.9 1486.3 1588.2 1692.2 1847.3 2101.5 2234.0 2260.3 2316.8 22

23 Less: Social contributions (paid) 779.3 829.2 873.3 922.6 961.4 988.2 964.4 984.1 918.2 950.7 23

24 Plus: Other current transfers (received) 26.3 16.8 25.7 21.5 30.6 36.6 38.7 43.0 46.7 41.4 24

25 Less: Other current transfers (paid) 106.1 116.3 131.2 138.9 149.3 152.3 155.2 160.6 154.6 160.4 25

26 Equals: Disposable income, net 8175.2 8671.0 9033.0 9634.4 10061.7 10556.8 10513.6 10836.1 11380.0 11837.0 26

27 Less: Final consumption expenditures 7764.4 8257.8 8790.3 9297.5 9744.4 10005.5 9842.9 10201.9 10711.8 11149.6 27

28 Equals: Net saving 410.8 413.2 242.7 336.9 317.2 551.3 670.7 634.2 668.2 687.4 28

 Capital account

29 Net saving less capital transfers 397.7 411.9 264.6 320.3 310.4 543.7 699.1 654.8 666.1 692.5 29

30 Net saving 410.8 413.2 242.7 336.9 317.2 551.3 670.7 634.2 668.2 687.4 30

31 Less: Capital transfers paid (net) 13.1 1.4 -21.9 16.6 6.8 7.7 -28.4 -20.6 2.1 -5.1 31

32 Capital formation, net 354.6 433.8 493.8 453.8 311.2 154.9 55.2 43.4 45.5 79.8 32

33 Gross fixed capital formation, excluding consumer durables 653.9 765.9 865.0 860.1 736.1 580.4 468.1 452.4 456.7 498.1 33

34 Residential 541.9 643.8 738.9 722.7 582.3 425.3 321.0 318.3 317.1 354.3 34

35 Nonresidential (nonprofit organizations) 112.0 122.1 126.1 137.4 153.9 155.1 147.1 134.1 139.6 143.8 35

36 Less: Consumption of fixed capital 290.8 323.4 362.1 396.2 413.7 414.6 403.3 400.5 402.9 409.9 36

37 Acquisition of nonproduced nonfinancial assets -8.5 -8.7 -9.1 -10.1 -11.2 -11.0 -9.7 -8.5 -8.3 -8.4 37

38 Net lending (+) or borrowing (-), capital account (lines 29-32) 43.1 -22.0 -229.3 -133.4 -0.8 388.8 643.9 611.4 620.6 612.7 38

 Financial account

39 Net lending (+) or borrowing (-), capital account (line 38) 43.1 -22.0 -229.3 -133.4 -0.8 388.8 643.9 611.4 620.6 612.7 39

40 Net acquisition of financial assets 1142.3 1386.6 975.3 942.2 1179.8 704.9 640.5 889.3 1118.2 1018.4 40

41 Currency and deposits 265.6 394.8 372.8 446.5 410.9 413.5 206.7 186.9 675.3 489.9 41

42 Currency and transferable deposits -31.2 -58.2 -113.9 -40.0 -75.4 246.7 35.7 35.9 324.0 82.0 42

43 Time and savings deposits 294.6 447.6 484.3 481.3 471.0 190.5 177.6 151.5 354.1 409.6 43

44 Foreign deposits 2.2 5.4 2.4 5.2 15.4 -23.7 -6.6 -0.6 -2.8 -1.8 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 39.3 241.7 171.5 88.3 526.8 166.8 45.6 31.1 -140.6 19.3 46

47 Open market paper -4.9 6.4 14.7 19.0 -10.2 -101.3 16.7 -1.5 -1.8 -0.3 47

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

49 Treasury securities 13.7 -3.8 -115.2 -104.8 -45.4 167.3 540.9 403.5 -199.7 272.8 49

50 Agency- and GSE-backed securities (2) 132.7 97.1 151.8 -25.8 347.3 218.9 -674.6 -81.8 0.9 -141.9 50

51 Municipal securities 15.8 118.5 77.8 34.7 37.9 47.3 107.0 43.7 -64.8 -149.8 51

52 Corporate and foreign bonds -126.9 22.9 41.7 167.9 203.2 -162.9 58.4 -329.6 127.6 41.3 52

53 Loans 68.0 116.2 7.8 73.9 214.6 -103.5 -88.1 0.9 45.7 -4.1 53

54 Short term 63.0 105.8 -0.3 91.1 227.6 -104.5 -85.1 14.6 48.9 16.3 54

55 Long term (mortgages) 5.0 10.4 8.1 -17.3 -13.0 1.1 -3.0 -13.7 -3.2 -20.4 55
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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

56 Equity and investment fund shares 99.3 -91.1 -247.3 -308.0 -655.3 -426.8 -8.5 44.8 -91.7 48.5 56

57 Corporate equities -110.6 -282.6 -422.9 -652.8 -1102.5 -303.0 -8.5 -187.4 -288.2 -363.0 57

58 Mutual fund shares 260.3 166.5 176.9 171.6 232.9 -38.1 334.5 227.6 217.7 419.2 58

59 Money market fund shares -113.0 -54.9 40.4 170.5 247.9 201.4 -265.9 -186.8 32.9 -8.9 59

60 Equity in noncorporate business 62.5 79.9 -41.8 2.7 -33.6 -287.1 -69.8 187.4 -54.9 1.1 60

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

62 Insurance, pension and standardized guarantee schemes 670.2 725.0 670.5 641.5 682.7 654.8 484.8 625.8 629.5 464.9 62

63 Insurance receivables due from property-casualty insurance companies 22.9 23.6 25.6 4.6 6.7 11.0 8.7 -35.2 36.7 -16.7 63

64 Life insurance reserves 66.8 33.1 16.1 57.8 18.0 61.7 23.7 9.0 86.9 -26.3 64

65 Pension entitlements (4) 547.0 639.4 596.4 546.3 598.6 538.0 427.4 614.7 473.0 497.1 65

66 Non-life insurance reserves at life insurance companies 13.9 11.4 9.5 14.8 15.5 17.6 8.4 14.8 14.4 -2.4 66

67 Retiree Health Care Funds 19.6 17.4 23.0 18.1 43.9 26.5 16.6 22.5 18.5 13.3 67

68 Net incurrence of liabilities 1032.6 1151.3 1166.6 1240.3 912.6 -141.6 -179.3 -243.2 -210.9 94.4 68

69 Debt securities (municipals) 13.8 14.7 15.1 16.4 21.1 9.3 5.9 -2.2 -7.8 -14.5 69

70 Loans 1013.0 1118.6 1137.5 1209.8 875.9 -176.2 -196.3 -265.0 -216.8 106.8 70

71 Short term 135.3 179.4 77.1 198.4 178.7 -115.0 -32.1 104.7 17.8 346.8 71

72 Consumer credit 105.9 117.2 100.4 121.9 151.3 34.8 -103.7 -25.3 109.1 169.1 72

73 Depository institution loans n.e.c. -3.4 -19.6 8.2 12.0 -9.1 4.6 33.0 52.4 -53.9 111.5 73

74 Other loans and advances -1.5 0.3 0.0 4.8 3.2 6.2 0.5 2.4 1.9 1.2 74

75 Security credit 34.3 81.5 -31.6 59.7 33.4 -160.7 38.1 75.2 -39.3 64.9 75

76 Long term (mortgages) 877.7 939.2 1060.3 1011.5 697.1 -61.2 -164.2 -369.7 -234.6 -240.0 76

77 Insurance, pension and standardized guarantee schemes 0.9 1.6 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 77

78 Other accounts payable (trade debt) 4.8 16.5 13.0 13.6 14.6 22.2 16.0 21.4 14.0 1.5 78

 Addendum:

79 Net lending (+) or borrowing (-), financial account (lines 40-68) 109.7 235.3 -191.3 -298.1 267.2 846.5 819.7 1132.5 1329.1 924.0 79

 Other changes in volume account

80 Total other volume changes 517.2 1300.6 345.9 117.2 587.7 471.7 650.5 803.0 534.3 572.9 80

81 Net investment in consumer durable goods 239.7 254.8 252.4 239.6 231.1 134.6 50.3 86.9 121.9 160.4 81

82 Disaster losses 0.0 12.0 50.4 0.0 0.0 8.3 0.0 0.0 0.0 20.9 82

83 Other volume changes 210.9 776.4 5.2 42.3 88.6 -128.8 424.3 195.0 -296.0 80.3 83

84 Less: Statistical discrepancy (lines 38-[40-68]) (5) -66.7 -257.3 -37.9 164.6 -268.0 -457.7 -175.9 -521.1 -708.5 -311.3 84

 Revaluation account

85 Nonfinancial assets 1292.2 2390.3 2873.5 343.2 -1886.4 -3717.7 -1276.7 -461.6 -232.2 1467.0 85

86 Real estate 1378.8 2422.7 2915.1 387.0 -1833.4 -3690.9 -1235.7 -376.3 -254.4 1502.0 86

87 Consumer durable goods -88.0 -34.5 -44.1 -46.9 -55.6 -32.0 -40.8 -88.3 17.9 -38.8 87

88 Equipment -0.3 1.1 0.4 1.5 0.1 3.9 -0.5 1.4 2.0 0.6 88

89 Intellectual property products 1.6 1.0 2.1 1.5 2.6 1.2 0.3 1.5 2.3 3.2 89

90 Financial assets 3202.4 2968.1 2728.1 3819.2 1520.6 -8002.2 1633.1 3391.5 420.8 3211.8 90

91 Corporate equities 1723.1 1003.4 1076.6 2789.1 929.0 -3886.6 1572.1 1690.2 343.7 1639.2 91

92 Mutual fund shares 427.3 328.1 45.2 381.3 274.9 -1336.0 471.7 250.8 -363.7 444.4 92

93 Equity in noncorporate business 539.1 1134.8 1320.0 304.8 161.4 -1258.0 -1162.4 507.6 564.2 656.7 93

94 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 -0.3 -1.0 -0.2 -0.1 94

95 Insurance, pension and standardized guarantee schemes 512.9 501.9 286.2 344.0 155.2 -1521.6 752.0 943.8 -123.2 471.5 95

96 Changes in net worth due to nominal holding gains/losses 4494.6 5358.4 5601.6 4162.4 -365.8 -11719.9 356.4 2929.8 188.7 4678.7 96

 Changes in balance sheet account

97 Change in net worth (lines 32+38+80+96) 5409.5 7070.8 6212.0 4600.0 532.3 -10704.5 1705.9 4387.6 1389.1 5944.1 97

 Balance sheet account (end of period)

98 Total assets 59327.2 67569.3 74946.9 80842.2 82289.6 71448.5 72931.6 77081.5 78265.0 84238.9 98

99 Nonfinancial assets 21950.9 25015.0 28583.2 29618.1 28271.6 24831.9 23657.3 23319.2 23251.3 24934.3 99

100 Real estate 18016.3 20838.0 24177.1 24995.8 23448.6 19879.5 18679.7 18326.8 18096.7 19638.8 100

101 Consumer durable goods 3679.2 3899.5 4107.8 4300.5 4476.0 4578.6 4588.1 4586.7 4726.4 4848.0 101

102 Equipment 173.1 190.6 206.9 226.3 246.1 268.5 279.5 290.6 304.6 315.1 102

103 Intellectual property products 82.4 86.8 91.4 95.5 100.9 105.4 110.0 115.0 123.6 132.4 103
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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

104 Financial assets 37376.3 42554.4 46363.7 51224.1 54018.1 46616.5 49274.3 53762.3 55013.7 59304.6 104

105 Currency and deposits 4481.5 4901.8 5274.5 5747.3 6158.2 6536.8 6728.9 6870.7 7546.0 7980.2 105

106 Currency and transferable deposits 458.0 399.8 285.8 239.6 153.2 364.9 400.6 425.2 749.2 820.8 106

107 Foreign deposits 52.1 57.5 59.9 65.2 80.5 56.9 50.2 49.7 46.9 45.1 107

108 Time and savings deposits 3971.5 4444.5 4928.8 5442.5 5924.5 6115.0 6278.1 6395.8 6749.9 7114.3 108

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 2737.7 3777.4 4058.1 4204.4 4824.8 4923.4 5365.4 5648.8 5281.1 5416.7 110

111 Open market paper 77.3 83.7 98.4 117.5 107.3 6.0 22.7 21.1 19.4 19.0 111

112 U.S. savings bonds 203.8 204.4 205.1 202.4 196.4 194.0 191.2 187.9 185.2 182.4 112

113 Treasury securities 206.4 269.5 228.6 127.7 -2.6 -0.3 677.3 1033.0 643.0 926.5 113

114 Agency- and GSE-backed securities (2) 391.6 427.0 575.4 607.2 884.5 1050.2 347.1 264.2 227.0 75.1 114

115 Municipal securities 687.2 1522.9 1600.7 1635.6 1673.6 1720.9 1827.9 1871.7 1806.8 1657.0 115

116 Corporate and foreign bonds 1171.3 1269.9 1349.9 1513.9 1965.7 1952.7 2299.2 2270.8 2399.6 2556.6 116

117 Loans 600.1 716.3 724.1 866.8 1081.4 977.9 892.2 893.0 938.7 934.6 117

118 Short term 478.5 584.3 584.0 744.0 971.6 867.0 784.2 798.8 847.7 864.0 118

119 Long term (mortgages) 121.6 132.0 140.1 122.9 109.9 110.9 108.0 94.2 91.0 70.5 119

120 Equity and investment fund shares 16815.2 19190.3 21384.8 24498.0 25208.0 18300.5 19173.1 21665.5 22057.3 24846.0 120

121 Corporate equities 6776.1 7496.9 8150.6 10286.8 10113.4 5923.7 7487.4 8990.2 9045.8 10322.0 121

122 Mutual fund shares 2910.5 3405.0 3627.2 4180.1 4687.9 3313.7 4119.9 4598.3 4452.3 5315.9 122

123 Money market fund shares 955.4 900.5 941.0 1057.4 1305.4 1506.8 1240.8 1054.1 1026.4 1017.6 123

124 Equity in noncorporate business 6173.2 7387.9 8666.0 8973.6 9101.4 7556.4 6324.1 7019.1 7528.4 8186.3 124

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

126 Insurance, pension and standardized guarantee schemes 12741.8 13968.6 14922.2 15907.7 16745.6 15877.9 17114.7 18684.3 19190.6 20127.0 126

127 Insurance receivables due from property-casualty insurance companies 266.8 290.4 316.0 320.5 327.3 337.3 346.0 310.8 347.5 330.8 127

128 Life insurance reserves 1013.2 1060.4 1082.6 1055.2 1076.8 1049.8 1109.2 1137.2 1203.6 1186.1 128

129 Pension entitlements (4) 11227.3 12354.5 13230.9 14206.4 14956.6 14061.8 15205.4 16745.0 17115.2 18075.1 129

130 Non-life insurance reserves at life insurance companies 199.5 211.0 217.3 232.1 247.6 265.2 273.6 288.4 302.8 300.3 130

131 Retiree Health Care Funds 35.0 52.4 75.4 93.5 137.3 163.8 180.4 202.9 221.4 234.8 131

132 Total liabilities and net worth 59327.2 67569.3 74946.9 80842.2 82289.6 71448.5 72931.6 77081.5 78265.0 84238.9 132

133 Liabilities 9823.7 10995.1 12160.6 13455.9 14371.1 14234.4 14011.7 13773.9 13568.3 13598.0 133

134 Debt securities (municipals) 177.7 197.6 212.7 229.1 250.2 259.5 265.4 263.2 255.5 241.0 134

135 Loans 9468.3 10601.8 11739.2 13004.1 13882.5 13711.2 13471.4 13211.8 13000.4 13042.5 135

136 Short term 2399.7 2579.1 2656.2 2909.6 3090.9 2975.9 2900.3 3123.4 3146.6 3433.6 136

137 Consumer credit 2102.9 2220.1 2320.6 2462.8 2616.6 2651.4 2553.5 2648.1 2757.2 2924.3 137

138 Depository institution loans n.e.c. -4.4 -24.0 -15.8 30.9 21.8 26.4 10.2 61.0 12.4 66.3 138

139 Other loans and advances 118.7 119.0 119.0 123.8 127.0 133.2 133.7 136.1 138.1 139.3 139

140 Security credit 182.5 264.0 232.4 292.1 325.5 164.8 203.0 278.2 238.9 303.7 140

141 Long term (mortgages) 7068.6 8022.7 9083.0 10094.5 10791.6 10735.3 10571.1 10088.4 9853.8 9608.8 141

142 Insurance, pension and standardized guarantee schemes 20.9 22.5 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 142

143 Other accounts payable (trade debt) 156.8 173.3 186.3 199.9 214.5 236.7 252.7 274.1 288.2 289.7 143

144 Net worth 49503.4 56574.3 62786.3 67386.3 67918.6 57214.1 58920.0 63307.6 64696.7 70640.8 144

(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) Includes variable annuities, including those in IRAs, at life insurance companies.

(5) 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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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 1911.9 2079.1 2218.8 2440.1 2513.9 2632.7 2466.7 2545.9 2766.5 2906.4 1

 2 Less: Consumption of fixed capital 183.6 196.4 214.4 232.6 245.6 254.5 253.0 251.8 256.8 264.5 2

 3 Equals: Net value added 1728.3 1882.7 2004.4 2207.5 2268.3 2378.3 2213.6 2294.1 2509.7 2641.9 3

 4 Compensation of employees (paid) 532.2 599.1 664.7 747.4 827.5 843.4 805.4 816.2 851.4 895.2 4

 5 Wages and salaries 447.5 503.5 557.9 631.2 701.8 712.1 675.0 684.6 716.7 ND 5

 6 Employers’ social contributions 84.8 95.6 106.8 116.3 125.7 131.3 130.4 131.6 134.6 ND 6

 7 Taxes on production and imports less subsidies 111.4 125.4 130.2 147.0 157.6 157.9 145.4 150.7 157.8 162.7 7

 8 Operating surplus, net 1084.6 1158.3 1209.4 1313.0 1283.2 1377.1 1262.8 1327.2 1500.5 1584.0 8

 9 Net national income/Balance of primary incomes, net 19.8 20.1 21.8 22.7 19.8 15.3 21.3 23.1 25.2 26.5 9

10 Operating surplus, net 1084.6 1158.3 1209.4 1313.0 1283.2 1377.1 1262.8 1327.2 1500.5 1584.0 10

11 Property income (interest received) 16.7 17.3 18.1 19.1 17.7 13.6 9.4 8.4 1.2 5.0 11

12 Less: Uses of property income (paid) 1081.5 1155.5 1205.7 1309.5 1281.1 1375.4 1251.0 1312.6 1476.5 ND 12

13 Interest 163.5 170.3 198.8 227.6 254.2 263.1 242.7 237.9 227.4 ND 13

14 Withdrawals from income of quasi-corporations (1) 917.9 985.1 1006.8 1081.8 1026.8 1112.2 1008.3 1074.5 1249.0 ND 14

15 Reinvested earnings on foreign direct investment 0.0 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.2 ND 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 ND 16

17 Net national income/Balance of primary incomes, net 19.8 20.1 21.8 22.7 19.8 15.3 21.3 23.1 25.2 26.5 17

18 Less: Other current transfers (paid) 19.8 20.1 21.8 22.7 19.8 15.3 21.3 23.1 25.2 26.5 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 5.0 13.1 0.0 0.0 3.3 6.0 7.8 1.6 4.9 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 -5.0 -13.1 0.0 0.0 -3.3 -6.0 -7.8 -1.6 -4.9 23

24 Capital formation, net 55.6 73.9 78.0 73.0 69.1 52.6 -12.8 -10.8 -0.9 9.3 24

25 Gross fixed capital formation 238.3 260.3 289.2 305.0 313.5 307.5 248.8 243.1 258.5 278.7 25

26 Nonresidential 150.1 162.2 180.5 198.9 215.0 223.8 182.9 184.9 199.1 212.5 26

27 Residential 88.1 98.1 108.7 106.2 98.5 83.7 65.8 58.3 59.5 66.2 27

28 Less: Consumption of fixed capital 183.6 196.4 214.4 232.6 245.6 254.5 253.0 251.8 256.8 264.5 28

29 Change in private inventories 1.0 10.0 3.2 0.6 1.2 -0.4 -8.5 -2.2 -2.7 -4.9 29

30 Net lending (+) or borrowing (-), capital account (lines 21-24) -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 30

 Financial account

31 Net lending (+) or borrowing (-) (line 30) -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 31

32 Net acquisition of financial assets 80.5 370.8 437.2 519.8 479.4 97.2 -117.0 151.7 19.3 65.8 32

33 Currency and deposits 50.8 93.7 100.1 94.9 81.8 2.5 10.1 0.1 2.2 17.8 33

34 Currency and transferable deposits 6.1 106.9 76.6 74.6 66.9 3.8 14.9 -2.8 -2.0 13.5 34

35 Time and savings deposits 44.7 -13.2 23.5 20.3 14.9 -1.2 -4.8 2.9 4.1 4.3 35

36 Debt securities 1.4 7.0 6.1 1.5 2.5 -7.9 -5.5 2.5 0.6 0.6 36

37 Treasury securities 2.1 5.3 6.0 0.2 3.0 -7.5 -5.7 1.9 0.6 0.6 37

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

39 Loans 0.1 4.6 5.3 -1.5 7.4 -3.0 -1.2 4.2 0.5 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) 0.1 4.6 5.3 -1.5 7.4 -3.0 -1.2 4.2 0.5 0.5 41

42 Equity and investment fund shares 2.9 3.0 2.4 3.3 2.9 2.2 -1.7 3.5 1.2 1.1 42

43 Money market mutual fund shares 2.3 2.9 2.4 3.2 2.2 1.0 -1.7 3.1 0.9 0.9 43

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

45 Insurance, pension and standardized guarantee schemes (3) 4.7 4.6 5.5 4.4 3.7 3.4 -9.8 29.7 -11.6 15.1 45

46 Other accounts receivable 20.6 258.1 317.8 417.2 381.1 100.0 -109.0 111.8 26.4 30.7 46

47 Trade receivables -25.1 26.6 66.6 40.0 54.7 -3.0 -26.3 37.0 6.2 6.4 47

48 Other (miscellaneous assets) 45.8 231.4 251.2 377.2 326.4 102.9 -82.7 74.7 20.3 24.3 48

49 Net incurrence of liabilities 136.1 439.7 502.1 592.8 548.5 146.6 -135.8 133.1 16.8 70.1 49

50 Loans 73.9 254.7 341.6 415.2 461.6 318.7 -108.7 -32.1 25.1 65.7 50

51 Short term 9.7 34.1 164.2 132.0 154.5 131.8 -107.3 -15.7 57.3 97.2 51

52 Depository institution loans n.e.c. 10.4 32.9 157.8 115.2 140.8 119.5 -102.0 -20.3 56.7 87.8 52

53 Other loans and advances -0.6 1.2 6.3 16.8 13.7 12.3 -5.3 4.7 0.6 9.5 53

54 Long term (mortgages) 64.1 220.6 177.4 283.2 307.1 186.9 -1.4 -16.5 -32.2 -31.5 54
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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

55 Equity and investment fund shares 65.5 84.2 -40.5 9.7 -36.8 -298.9 -70.3 186.6 -52.9 -5.2 55

56 Equity in noncorporate business 65.9 84.1 -40.6 9.5 -37.2 -298.7 -70.4 186.5 -53.2 -5.3 56

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

58 Other accounts payable -3.3 100.8 201.0 168.0 123.7 126.7 43.2 -21.4 44.6 9.5 58

59 Trade payables -26.2 23.7 49.6 14.4 26.0 5.7 16.8 30.3 8.1 0.7 59

60 Taxes payable -0.5 8.4 8.7 9.0 3.8 6.7 -6.3 -0.7 1.2 1.3 60

61 Other (miscellaneous liabilities) 23.4 68.8 142.7 144.6 93.9 114.3 32.6 -50.9 35.3 7.6 61

 Addendum:

62 Net lending (+) or borrowing (-), financial account (lines 32-49) -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 62

 Other changes in volume account

63 Total other volume changes 66.3 77.9 -65.3 9.4 -36.8 -303.3 -71.4 192.2 -53.5 -14.3 63

64 Disaster losses 0.0 6.6 24.5 0.0 0.0 4.4 0.0 0.0 0.0 8.6 64

65 Other volume changes 66.3 71.3 -89.7 9.4 -36.8 -307.7 -71.4 192.2 -53.5 -22.8 65

 Revaluation account

66 Nonfinancial assets 527.4 1133.6 1329.9 300.0 161.9 -1243.1 -1170.9 493.9 564.1 661.7 66

67 Real estate 511.9 1119.4 1308.1 279.8 127.9 -1259.3 -1166.0 449.2 513.7 635.5 67

68 Residential 368.5 677.4 948.6 -47.4 -373.3 -900.6 -387.2 143.6 197.2 383.2 68

69 Nonresidential 143.4 442.0 359.5 327.2 501.2 -358.7 -778.9 305.5 316.5 252.4 69

70 Equipment 1.8 13.1 10.3 14.0 8.1 22.1 3.4 6.5 16.9 12.3 70

71 Residential -1.4 -0.5 1.1 0.7 -0.5 0.1 -2.7 -2.3 1.3 1.0 71

72 Nonresidential 3.2 13.5 9.2 13.3 8.6 21.9 6.2 8.8 15.6 11.3 72

73 Intellectual property products 1.6 1.1 2.6 2.7 2.8 1.5 0.2 2.0 2.4 4.6 73

74 Inventories 12.1 0.0 8.8 3.6 23.1 -7.3 -8.6 36.2 31.1 9.3 74

75 Changes in net worth due to nominal holding gains/losses 527.4 1133.6 1329.9 300.0 161.9 -1243.1 -1170.9 493.9 564.1 661.7 75

 Changes in balance sheet account

76 Change in net worth (lines 24+30+63+75) 593.7 1216.4 1277.7 309.4 125.0 -1543.1 -1236.4 693.8 512.2 652.4 76

 Balance sheet account (end of period)

77 Total assets 9442.3 11013.9 12834.5 13727.4 14437.7 13340.1 12039.3 12674.1 13256.6 13984.7 77

78 Nonfinancial assets 7653.6 8854.5 10237.8 10610.9 10841.8 9647.0 8463.2 8946.3 9509.5 10171.9 78

79 Real estate 6846.4 7997.5 9322.7 9640.7 9805.3 8573.6 7408.5 7840.0 8340.4 8968.4 79

80 Residential (4) 4352.2 5057.2 6021.0 6001.7 5646.8 4747.0 4349.9 4476.5 4659.1 5027.4 80

81 Nonresidential 2494.2 2940.3 3301.7 3638.9 4158.5 3826.6 3058.6 3363.4 3681.2 3940.9 81

82 Equipment 489.9 521.0 555.8 595.8 627.3 663.3 657.1 667.4 693.7 712.9 82

83 Residential 37.0 38.5 41.7 44.4 45.5 46.6 44.0 42.2 43.7 44.1 83

84 Nonresidential 452.9 482.5 514.0 551.4 581.8 616.8 613.1 625.2 650.0 668.8 84

85 Intellectual property products 121.1 129.7 141.2 152.0 162.4 171.0 175.8 183.0 191.0 201.8 85

86 Inventories 196.2 206.2 218.2 222.4 246.8 239.0 221.9 256.0 284.4 288.8 86

87 Financial assets 1788.6 2159.4 2596.7 3116.5 3595.9 3693.1 3576.1 3727.8 3747.1 3812.9 87

88 Currency and deposits 504.4 598.1 698.2 793.2 875.0 877.5 887.6 887.7 889.9 907.7 88

89 Currency and transferable deposits 190.6 297.5 374.1 448.8 515.6 519.4 534.3 531.5 529.5 543.0 89

90 Time and savings deposits 313.8 300.6 324.1 344.4 359.3 358.1 353.3 356.2 360.4 364.7 90

91 Debt securities 47.6 54.5 60.6 62.1 64.6 56.7 51.2 53.7 54.3 55.0 91

92 Treasury securities 44.9 50.2 56.2 56.3 59.3 51.8 46.1 48.1 48.6 49.2 92

93 Municipal securities 2.7 4.3 4.4 5.8 5.3 4.9 5.1 5.6 5.7 5.8 93

94 Loans 26.3 30.8 36.2 34.6 42.1 39.1 37.9 42.1 42.6 43.1 94

95 Short term (consumer credit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 95

96 Long term (mortgages) 26.3 30.8 36.2 34.6 42.1 39.1 37.9 42.1 42.6 43.1 96

97 Equity and investment fund shares 67.8 70.7 73.1 76.4 79.3 81.7 80.0 83.5 84.7 85.8 97

98 Money market mutual fund shares 63.6 66.5 69.0 72.2 74.3 75.4 73.7 76.8 77.7 78.6 98

99 Equity in government-sponsored enterprises (2) 4.2 4.2 4.1 4.3 5.0 6.4 6.3 6.7 7.0 7.2 99

100 Insurance, pension and standardized guarantee schemes (3) 89.2 93.7 99.2 103.6 107.3 111.5 101.7 131.4 119.8 134.9 100

101 Other accounts receivable 1053.4 1311.5 1629.3 2046.5 2427.6 2526.6 2417.6 2529.4 2555.8 2586.5 101

102 Trade receivables 337.7 364.3 430.9 470.9 525.6 522.7 496.3 533.4 539.6 546.0 102

103 Other (miscellaneous assets) 715.7 947.1 1198.4 1575.6 1902.0 2003.9 1921.3 1996.0 2016.3 2040.5 103
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S.4.a Nonfinancial Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

104 Total liabilities and net worth 9442.3 11013.9 12834.5 13727.4 14437.7 13340.1 12039.3 12674.1 13256.6 13984.7 104

105 Liabilities 3282.0 3637.2 4180.2 4763.6 5348.9 5794.4 5730.0 5670.9 5741.2 5817.0 105

106 Loans 2301.5 2556.1 2897.7 3312.9 3774.5 4093.2 3984.5 3946.3 3971.4 4039.6 106

107 Short term 606.8 640.9 805.0 937.1 1091.5 1223.4 1116.1 1094.3 1151.6 1251.3 107

108 Depository institution loans n.e.c. 479.7 512.6 670.4 785.7 926.5 1046.1 944.0 923.7 980.4 1070.6 108

109 Other loans and advances 127.1 128.3 134.6 151.4 165.0 177.3 172.0 170.6 171.2 180.6 109

110 Long term (mortgages) 1694.7 1915.3 2092.7 2375.9 2683.0 2869.9 2868.5 2852.0 2819.9 2788.4 110

111 Equity and investment fund shares (direct investment in the U.S.) 3.3 3.0 3.3 3.6 3.6 3.6 4.8 5.3 5.9 6.4 111

112 Other accounts payable 977.3 1078.1 1279.1 1447.1 1570.8 1697.5 1740.7 1719.3 1763.9 1771.0 112

113 Trade payables 261.2 284.9 334.5 348.9 374.9 380.6 397.4 427.7 435.8 434.1 113

114 Taxes payable 69.7 78.0 86.7 95.7 99.5 106.2 99.9 99.2 100.4 101.6 114

115 Other (miscellaneous liabilities) 646.5 715.2 857.9 1002.5 1096.4 1210.7 1243.3 1192.4 1227.7 1235.3 115

116 Net worth 6160.2 7376.7 8654.3 8963.8 9088.8 7545.7 6309.3 7003.2 7515.3 8167.7 116

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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S.5.a Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 5724.4 6107.9 6532.1 6988.0 7203.9 7258.1 6861.4 7243.1 7636.4 8030.8 1

 2 Less: Consumption of fixed capital 818.0 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1135.8 1188.2 2

 3 Equals: Net value added 4906.5 5257.7 5622.2 6008.7 6163.6 6164.2 5769.4 6148.6 6500.6 6842.7 3

 4 Compensation of employees (paid) 3595.7 3762.8 3930.3 4129.3 4305.3 4358.0 4088.4 4168.0 4374.3 4600.8 4

 5 Wages and salaries 2962.2 3099.9 3238.0 3420.9 3572.1 3619.5 3377.5 3446.1 3624.7 3824.8 5

 6 Employers’ social contributions 633.4 662.9 692.3 708.5 733.3 738.5 710.9 721.9 749.6 776.0 6

 7 Taxes on production and imports less subsidies 495.8 530.9 573.2 610.1 632.5 632.7 605.9 633.0 664.2 685.3 7

 8 Operating surplus, net 815.1 964.1 1118.7 1269.3 1225.8 1173.5 1075.1 1347.6 1462.1 1556.5 8

 9 Net national income/Balance of primary incomes, net 467.9 561.7 757.8 764.6 669.1 575.9 633.3 902.4 960.4 997.2 9

10 Operating surplus, net 815.1 964.1 1118.7 1269.3 1225.8 1173.5 1075.1 1347.6 1462.1 1556.5 10

11 Property income (received) 420.2 480.6 614.6 644.1 687.4 626.9 565.0 580.3 568.2 ND 11

12 Interest 236.4 251.9 296.9 357.6 379.4 302.8 214.6 177.5 180.0 ND 12

13 Distributed income of corporations (dividends) 55.8 66.3 300.3 79.7 92.3 108.0 138.7 134.4 96.8 ND 13

14 Reinvested earnings on U.S. direct investment abroad 128.0 162.4 17.4 206.9 215.7 216.1 211.7 268.3 291.5 ND 14

15 Less: Uses of property income (paid) 767.4 883.0 975.6 1148.8 1244.1 1224.6 1006.8 1025.4 1069.9 ND 15

16 Interest 391.6 394.6 451.0 521.1 605.7 584.5 480.0 444.5 445.6 ND 16

17 Distributed income of corporations (dividends) 349.2 430.8 471.1 550.8 576.9 582.2 490.4 509.9 537.1 ND 17

18 Reinvested earnings on foreign direct investment 12.0 40.5 34.0 56.6 38.9 32.1 18.1 51.8 65.7 ND 18

19 Rent 14.7 17.1 19.4 20.3 22.6 25.9 18.2 19.2 21.6 ND 19

20 Net national income/Balance of primary incomes, net 467.9 561.7 757.8 764.6 669.1 575.9 633.3 902.4 960.4 997.2 20

21 Less: Current taxes on income, wealth, etc. (paid) 132.9 187.0 271.9 307.7 293.8 227.4 177.8 220.6 222.3 256.9 21

22 Less: Other current transfers (paid) 61.8 62.0 74.2 70.4 62.2 51.7 73.4 83.2 89.3 92.5 22

23 Equals: Disposable income, net 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 23

24 Equals: Net saving 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 24

 Capital account

25 Net saving less capital transfers 273.3 319.3 427.2 386.5 313.1 300.4 343.8 577.7 655.2 664.5 25

26 Net saving 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 26

27 Less: Capital transfers paid (net) -0.1 -6.7 -15.5 -0.0 -0.0 -3.7 38.3 20.9 -6.4 -16.7 27

28 Capital formation, net 158.2 211.9 280.9 360.4 341.6 264.7 -82.8 149.0 207.7 321.3 28

 Gross fixed capital formation (acquisition of

29 produced nonfinancial assets) 960.0 1010.1 1133.4 1259.9 1348.2 1372.7 1141.9 1181.0 1305.3 1438.9 29

30 Less: Consumption of fixed capital 818.0 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1135.8 1188.2 30

31 Acquisition of nonproduced nonfinancial assets -2.1 -1.8 1.0 13.6 0.4 17.6 6.3 -1.1 -0.9 -0.4 31

32 Change in private inventories 18.3 53.9 56.4 66.3 33.3 -31.6 -139.0 63.7 39.1 71.0 32

33 Net lending (+) or borrowing (-), capital account (lines 25-28) 115.1 107.4 146.3 26.1 -28.5 35.7 426.6 428.7 447.5 343.2 33

 Financial account

34 Net lending (+) or borrowing (-), capital account (line 33) 115.1 107.4 146.3 26.1 -28.5 35.7 426.6 428.7 447.5 343.2 34

35 Net acquisition of financial assets 87.6 780.2 945.7 700.7 1074.6 -604.2 302.4 633.2 513.2 891.5 35

36 Currency and deposits 133.0 56.2 120.6 -84.8 -62.3 -214.0 254.5 148.7 42.7 94.9 36

37 Currency and transferable deposits 44.0 3.0 60.8 -117.2 -7.6 -129.0 140.7 79.7 34.3 94.5 37

38 Time and savings deposits 71.5 37.7 49.9 46.6 -55.7 -59.4 106.9 59.9 14.3 21.9 38

39 Foreign deposits 17.6 15.6 9.9 -14.2 0.9 -25.5 6.8 9.1 -5.8 -21.5 39

40 Debt securities 10.8 16.2 40.4 -1.2 -61.7 -25.7 16.3 15.6 -7.8 9.3 40

41 Open market paper 10.9 19.3 16.0 11.7 -53.2 -12.2 -1.3 12.0 0.1 -7.6 41

42 Treasury securities 2.3 0.3 18.1 -6.7 -7.1 -7.9 12.5 5.1 -4.8 7.2 42

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

44 Municipal securities 3.3 -3.6 0.3 -4.0 1.1 -3.0 0.9 -3.2 -1.4 12.3 44

45 Loans -13.7 15.4 10.2 -12.5 -21.7 -9.8 -5.6 -8.7 3.0 -2.0 45

46 Short term (security RPs and consumer credit) -15.9 0.6 8.5 -4.1 -3.2 -2.1 -1.5 -7.1 2.8 -2.2 46

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

48 Equity and investment fund shares 103.3 284.1 142.5 334.9 374.6 423.5 224.3 183.6 359.9 359.7 48

49 Money market fund shares -30.4 10.3 52.7 69.1 127.2 178.5 -71.4 -157.7 -35.4 -4.1 49

50 Mutual fund shares 5.8 -1.3 0.7 23.6 -4.9 -16.5 35.3 11.1 -12.8 -1.6 50

51 U.S. direct investment abroad 125.3 272.4 24.7 219.2 307.0 262.6 269.7 303.3 399.8 365.8 51

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

53 Investment in finance company subsidiaries 2.6 2.6 64.4 22.9 -54.8 -1.1 -9.3 26.7 8.4 -0.4 53

54 Insurance, pension and standardized guarantee schemes (2) 19.1 19.7 21.3 7.6 8.3 11.0 -4.0 11.9 10.0 7.4 54
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S.5.a Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

55 Other accounts receivable -164.9 388.6 610.8 456.6 837.3 -789.2 -183.1 282.2 105.4 422.2 55

56 Trade receivables -17.7 128.8 277.6 -15.2 159.8 -169.5 -31.1 105.7 82.2 89.5 56

57 Other (miscellaneous assets) -147.1 259.8 333.2 471.9 677.5 -619.7 -152.0 176.5 23.2 332.7 57

58 Net incurrence of liabilities 13.5 614.2 965.6 839.3 1281.1 339.1 -248.5 487.8 457.8 697.5 58

59 Debt securities 124.4 119.5 97.6 294.5 402.6 299.1 375.8 496.3 452.7 608.8 59

60 Open market paper -37.3 15.3 -7.7 22.4 11.3 7.7 -73.1 24.5 33.4 14.0 60

61 Municipal securities 3.3 10.6 41.9 53.3 68.4 66.0 37.2 33.2 8.5 15.2 61

62 Corporate bonds 158.4 93.6 63.5 218.8 323.0 225.4 411.7 438.6 410.8 579.6 62

63 Loans -35.8 125.9 278.7 241.2 452.7 75.1 -522.7 -294.6 65.0 43.6 63

64 Short term -84.0 55.1 83.1 150.0 383.9 132.1 -394.8 -173.9 128.7 47.9 64

65 Depository institution loans n.e.c. -91.4 4.0 -27.1 22.1 96.3 64.2 -234.0 -83.5 68.9 78.3 65

66 Other loans and advances 7.3 51.1 110.2 127.9 287.6 67.9 -160.8 -90.4 59.8 -30.4 66

67 Long term (mortgages) 48.2 70.8 195.6 91.2 68.8 -57.0 -127.9 -120.7 -63.7 -4.3 67

68 Equity and investment fund shares 0.7 -27.0 -243.1 -374.7 -575.3 -146.4 40.1 -120.7 -277.3 -234.5 68

69 Corporate equities -39.6 -122.7 -341.8 -565.7 -786.8 -336.0 -64.6 -278.0 -472.5 -400.0 69

70 Foreign direct investment in the United States 40.2 95.7 98.7 191.0 211.6 189.5 104.7 157.3 195.1 165.5 70

71 Insurance, pension and standardized guarantee schemes 75.8 86.9 98.6 103.6 -0.2 124.1 80.2 5.5 -8.7 52.1 71

72 Pension fund contributions payable -0.2 -3.1 -1.9 -2.0 4.5 14.7 -8.4 15.4 3.0 -2.1 72

73 Claim of pension fund on sponsor 76.0 90.1 100.4 105.6 -4.8 109.3 88.6 -9.9 -11.6 54.1 73

74 Other accounts payable -151.5 308.8 733.8 574.7 1001.2 -12.8 -221.9 401.2 226.1 227.6 74

75 Trade payables -54.7 97.7 199.0 109.0 85.1 -225.2 -82.6 156.3 18.9 122.6 75

76 Taxes payable -11.7 6.8 -1.8 -0.8 -49.6 3.1 -3.3 7.2 8.8 5.3 76

77 Miscellaneous liabilities -85.1 204.4 536.6 466.5 965.8 209.3 -136.1 237.7 198.4 99.6 77

 Addendum:

78 Net lending (+) or borrowing (-), financial account (lines 35-58) 74.1 166.1 -19.9 -138.6 -206.5 -943.3 551.0 145.5 55.4 194.0 78

 Other changes in volume account

79 Total other volume changes 131.6 294.6 327.3 645.4 757.3 -720.6 175.5 415.2 389.6 481.5 79

80 Disaster losses 0.0 9.2 22.7 0.0 0.0 5.8 0.0 0.0 0.0 6.9 80

81 Other volume changes 163.0 187.3 438.7 774.5 895.8 215.6 57.8 657.4 725.7 613.8 81

82 Less: Statistical discrepancy (lines 33-[35-58]) (3) 40.9 -58.6 166.2 164.7 178.0 979.0 -124.3 283.2 392.1 149.2 82

83 Less: Inventory valuation adjustment -9.6 -39.5 -32.1 -35.7 -39.5 -37.0 6.7 -41.0 -56.0 -10.0 83

 Revaluation account

84 Nonfinancial assets 283.7 1251.1 998.3 962.6 1660.3 -1072.3 -2862.9 966.7 890.6 480.5 84

85 Real estate 261.4 1130.3 872.1 854.7 1526.8 -1123.4 -2895.7 832.5 758.3 406.8 85

86 Equipment -20.1 71.0 53.0 80.9 33.8 104.8 -10.1 48.4 62.2 21.1 86

87 Intellectual property products 22.0 11.8 29.3 22.2 31.2 12.8 3.0 22.2 27.6 45.2 87

88 Inventories 20.4 38.0 43.9 4.7 68.5 -66.5 39.9 63.6 42.5 7.4 88

89 Financial assets 26.1 89.2 94.5 31.0 154.8 -199.6 -15.3 -131.9 -15.2 -7.5 89

90 Mutual fund shares 18.2 11.9 8.1 15.2 9.7 -55.2 20.4 13.6 -8.1 17.4 90

91 Direct investment abroad 7.9 77.2 86.3 15.9 145.1 -144.4 -35.7 -145.6 -7.1 -24.9 91

92 Liabilities 2681.7 1378.2 980.7 2463.8 1942.9 -5479.4 2391.6 2121.5 591.5 2014.0 92

93 Corporate equity 2672.5 1366.1 939.8 2481.5 1915.2 -5378.2 2560.2 2136.5 602.1 2018.5 93

94 Foreign direct investment in the United States 9.2 12.1 41.0 -17.7 27.7 -101.2 -168.5 -15.0 -10.6 -4.4 94

95 Changes in net worth due to nominal holding gains/losses -2372.0 -37.9 112.0 -1470.1 -127.8 4207.5 -5269.8 -1286.7 283.9 -1541.0 95

 Changes in balance sheet account

96 Change in net worth (lines 28+33+79+95) (4) -1967.1 576.0 866.5 -438.2 942.6 3787.3 -4750.5 -293.9 1328.8 -395.0 96

 Balance sheet account (end of period)

97 Total assets 21645.4 23951.8 26216.7 28333.7 31499.3 29881.5 27306.1 29194.1 30867.7 32622.9 97

98 Nonfinancial assets (5) 11522.0 13007.1 14307.8 15666.1 17737.7 16944.7 13972.3 15160.4 16325.4 17121.8 98

99 Real estate 5961.3 7127.5 8059.7 9009.3 10681.4 9700.0 6868.1 7759.8 8570.6 9056.2 99

100 Equipment 3018.8 3161.2 3318.5 3541.7 3710.5 3894.2 3826.9 3887.7 4023.7 4146.9 100

101 Intellectual property products 1181.5 1226.6 1305.5 1384.3 1473.6 1539.3 1572.1 1639.3 1719.8 1819.1 101

102 Inventories 1360.4 1491.7 1624.2 1730.9 1872.2 1811.1 1705.3 1873.6 2011.2 2099.6 102

103 Financial assets 10123.4 10944.8 11908.9 12667.6 13761.6 12936.9 13333.8 14033.7 14542.3 15501.1 103

104 Currency and deposits 605.1 661.3 781.9 697.1 634.8 420.8 675.3 824.0 866.7 961.6 104

105 Currency and transferable deposits 204.2 207.2 268.0 150.8 143.2 14.2 155.0 234.6 269.0 363.4 105

106 Time and savings deposits 362.8 400.5 450.4 497.0 441.3 381.9 488.8 548.7 563.0 584.9 106

107 Foreign deposits 38.1 53.7 63.6 49.3 50.3 24.7 31.5 40.6 34.8 13.3 107
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Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

108 Debt securities 156.0 172.2 212.6 211.4 149.7 124.1 140.4 155.9 148.1 157.5 108

109 Open market paper 75.7 95.0 111.0 122.7 69.5 57.3 56.0 68.0 68.0 60.5 109

110 Treasury securities 33.7 34.0 52.1 45.5 38.3 30.5 43.0 48.0 43.2 50.4 110

111 Agency- and GSE-backed securities (1) 11.2 11.3 17.4 15.2 12.8 10.2 14.3 16.0 14.4 11.8 111

112 Municipal securities 35.4 31.8 32.1 28.1 29.2 26.2 27.1 23.9 22.5 34.8 112

113 Loans 116.8 132.2 142.4 128.3 106.7 96.8 91.2 86.3 89.3 87.3 113

114 Short term 65.1 65.6 74.1 68.5 65.3 63.2 61.7 58.3 61.1 58.9 114

115 Security repurchases 6.0 6.4 14.6 15.5 8.1 7.2 7.9 12.1 12.6 10.4 115

116 Consumer credit 59.1 59.2 59.6 53.0 57.2 56.0 53.8 46.2 48.5 48.5 116

117 Long term (mortgages) 51.8 66.6 68.3 59.8 41.4 33.6 29.5 28.0 28.2 28.4 117

118 Equity and investment fund shares 2170.6 2543.9 2809.9 3175.9 3701.6 3925.3 4134.3 4148.8 4493.5 4845.7 118

119 Money market fund shares 289.3 299.6 352.2 421.3 548.5 727.0 655.5 497.8 462.4 458.3 119

120 Mutual fund shares 114.9 125.6 134.4 173.2 178.0 106.3 162.0 186.8 165.9 181.7 120

121 U.S. direct investment abroad 1745.1 2094.7 2205.7 2440.7 2892.9 3011.1 3245.1 3402.9 3795.6 4136.4 121

122 Equity in government-sponsored enterprises (1) 0.4 0.5 0.5 0.6 0.7 0.4 0.5 0.6 0.5 0.6 122

123 Investment in finance company subsidiaries 21.0 23.6 117.0 140.1 81.5 80.5 71.2 60.7 69.1 68.7 123

124 Insurance, pension and standardized guarantee schemes (2) 243.0 262.7 284.0 291.6 300.0 311.1 307.1 319.0 329.0 336.5 124

125 Other accounts receivable 6831.8 7172.4 7678.1 8163.2 8868.8 8058.8 7985.4 8499.6 8615.6 9112.6 125

126 Trade receivables 1701.8 1830.6 2108.2 2094.6 2254.4 2084.9 2053.9 2155.8 2238.0 2327.5 126

127 Other (miscellaneous assets) 5130.0 5341.8 5569.9 6068.6 6614.4 5973.8 5931.6 6343.8 6377.6 6785.1 127

128 Total liabilities and net worth 21645.4 23951.8 26216.7 28333.7 31499.3 29881.5 27306.1 29194.1 30867.7 32622.9 128

129 Liabilities 20739.9 22470.4 23868.7 26423.9 28646.8 23241.7 25416.8 27598.6 27943.4 30093.6 129

130 Debt securities 3276.6 3407.1 3504.7 3799.2 4201.9 4501.0 4876.8 5373.1 5825.8 6434.6 130

131 Open market paper 82.5 97.8 90.1 112.5 123.8 131.5 58.4 82.9 116.3 130.3 131

132 Municipal securities 163.9 185.4 227.3 280.6 349.0 415.0 452.2 485.4 493.9 509.1 132

133 Corporate bonds 3030.2 3123.8 3187.3 3406.1 3729.1 3954.5 4366.2 4804.8 5215.6 5795.2 133

134 Loans 1876.4 2002.3 2281.0 2542.9 3002.1 3072.3 2465.4 2100.2 2165.2 2252.3 134

135 Short term 1356.3 1411.4 1494.5 1641.6 2032.0 2164.1 1685.2 1429.2 1557.9 1649.3 135

136 Depository institution loans n.e.c. 614.1 618.0 591.0 613.1 715.9 780.1 546.0 480.9 549.8 609.5 136

137 Other loans and advances 742.2 793.3 903.5 1028.5 1316.1 1384.0 1139.1 948.3 1008.1 1039.8 137

138 Long term (mortgages) 520.1 590.9 786.5 901.3 970.2 908.2 780.3 671.0 607.3 603.0 138

139 Equity and investment fund shares 12147.2 13498.4 14236.0 16325.1 17692.7 12066.9 14498.6 16499.4 16813.6 18593.2 139

140 Corporate equity 10845.2 12088.6 12686.6 14602.3 15730.7 10016.6 12512.2 14370.7 14500.3 16118.8 140

141 Foreign direct investment in the United States 1302.0 1409.8 1549.4 1722.7 1961.9 2050.3 1986.4 2128.7 2313.3 2474.4 141

142 Insurance, pension and standardized guarantee schemes 78.0 80.9 14.6 35.7 48.6 762.0 572.8 537.1 580.8 532.3 142

143 Pension fund contributions payable 49.8 46.6 44.8 64.7 69.3 84.0 75.6 91.1 94.0 92.0 143

144 Claim of pension fund on sponsor 28.2 34.3 -30.1 -29.0 -20.7 678.0 497.2 446.1 486.8 440.3 144

145 Other accounts payable 3361.7 3481.7 3832.3 3720.9 3701.5 2839.5 3003.1 3088.8 2558.0 2281.2 145

146 Trade payables 1403.9 1501.6 1700.6 1812.9 1897.9 1672.7 1590.2 1746.5 1765.4 1888.0 146

147 Taxes payable 81.2 88.0 86.2 85.4 35.8 39.0 35.7 42.9 51.7 57.0 147

148 Miscellaneous liabilities 1876.6 1892.1 2045.5 1822.6 1767.8 1127.8 1377.2 1299.4 740.9 336.3 148

149 Net worth 905.5 1481.5 2348.0 1909.9 2852.5 6639.8 1889.3 1595.5 2924.3 2529.3 149

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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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 885.6 922.1 1034.3 1127.6 1068.8 852.3 1015.7 1039.9 1025.1 1090.3 1

 2 Less: Consumption of fixed capital 130.0 139.3 148.9 156.8 165.4 173.9 177.4 176.7 179.0 186.6 2

 3 Equals: Net value added 755.6 782.8 885.5 970.8 903.4 678.4 838.4 863.3 846.0 903.7 3

 4 Compensation of employees (paid) 460.5 498.5 535.4 579.8 618.2 612.9 549.0 572.5 610.1 633.6 4

 5 Wages and salaries 390.6 423.0 449.4 490.8 527.1 517.9 466.2 486.4 514.3 ND 5

 6 Employers’ social contributions 69.9 75.5 86.0 89.0 91.1 95.0 82.8 86.1 95.9 ND 6

 7 Taxes on production and imports less subsidies 42.9 46.6 49.5 52.5 54.7 55.6 64.2 64.8 61.0 61.5 7

 8 Operating surplus, net 252.2 237.7 300.6 338.5 230.5 9.9 225.2 226.0 174.9 208.6 8

 9 Net national income/Balance of primary incomes, net 206.6 213.1 200.3 205.2 110.7 -1.7 290.8 375.8 324.9 322.4 9

10 Operating surplus, net 252.2 237.7 300.6 338.5 230.5 9.9 225.2 226.0 174.9 208.6 10

11 Property income (received) 1439.2 1675.2 2078.1 2657.4 3096.1 2718.3 2096.6 2027.0 2040.0 1990.3 11

12 Interest 1304.9 1499.9 1886.6 2403.6 2786.6 2398.5 1834.4 1714.0 1709.2 1625.8 12

13 Distributed income of corporations (dividends) 113.2 145.2 188.6 212.9 263.7 270.3 211.1 244.8 261.1 297.2 13

14 Reinvested earnings on U.S. direct investment abroad 21.1 30.1 2.9 40.9 45.7 49.5 51.1 68.3 69.6 67.3 14

15 Less: Uses of property income (paid) 1484.8 1699.7 2178.4 2790.8 3215.8 2729.9 2031.0 1877.3 1890.0 ND 15

16 Interest 1210.4 1360.7 1785.2 2338.0 2708.9 2275.4 1636.7 1469.7 1455.2 ND 16

17 Distributed income of corporations 271.9 329.8 385.1 440.0 497.4 447.2 390.6 396.7 419.7 ND 17

18 Dividends 221.8 282.4 337.5 390.0 457.6 424.2 316.2 311.8 366.0 ND 18

19 Withdrawals from income of quasi-corporations (1) 50.1 47.4 47.7 50.0 39.8 23.0 74.4 84.9 53.8 ND 19

20 Reinvested earnings on foreign direct investment 2.5 9.3 8.0 12.8 9.5 7.3 3.7 10.9 15.1 ND 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 ND 21

22 Net national income/Balance of primary incomes, net 206.6 213.1 200.3 205.2 110.7 -1.7 290.8 375.8 324.9 322.4 22

23 Less: Current taxes on income, wealth, etc. (paid) 110.9 119.1 140.5 165.7 151.7 81.7 91.6 150.0 151.9 177.8 23

24 Less: Other current transfers (paid) -9.7 -6.5 -13.4 -21.1 7.5 46.0 26.9 18.4 19.8 -12.0 24

25 Equals: Disposable income, net 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 25

26 Equals: Net saving 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 26

 Capital account

27 Net saving less capital transfers 105.5 84.3 45.4 60.6 -48.5 -68.9 294.2 248.9 185.5 146.9 27

28 Net saving 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 28

29 Less: Capital transfers paid (net) 0.0 16.2 27.7 0.0 0.0 -60.5 -121.9 -41.5 -32.4 9.6 29

30 Capital formation, net 26.5 37.2 31.1 31.9 46.1 22.3 -10.5 -13.9 -3.8 6.8 30

31 Gross fixed capital formation (nonresidential) 156.5 176.5 180.0 188.7 211.5 196.2 166.9 162.8 175.2 193.4 31

32 Less: Consumption of fixed capital 130.0 139.3 148.9 156.8 165.4 173.9 177.4 176.7 179.0 186.6 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) 78.9 47.1 14.3 28.8 -94.6 -91.2 304.7 262.8 189.3 140.2 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) 78.9 47.1 14.3 28.8 -94.6 -91.2 304.7 262.8 189.3 140.2 34

35 Net acquisition of financial assets 3022.7 3251.7 3610.4 4418.7 5177.3 4982.5 -1286.0 -348.1 2133.0 1807.9 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 -47.3 43.9 -12.3 74.7 170.2 1008.9 224.4 -139.8 528.3 -36.9 37

38 Debt securities 1078.5 467.0 650.2 1110.5 1049.5 1237.6 807.2 844.9 1335.8 1125.3 38

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

40 Open market paper -153.6 40.6 204.9 241.1 -95.4 -8.5 -396.7 -103.3 -76.3 -7.3 40

41 Treasury securities 87.8 -50.2 45.6 89.0 50.5 423.3 361.7 425.3 962.2 284.9 41

42 Agency- and GSE-backed securities (2) 432.3 -197.4 -247.2 92.9 267.4 743.7 684.8 131.0 153.6 252.8 42

43 Municipal securities 110.7 79.5 115.6 131.2 184.7 42.1 38.5 44.1 14.8 138.2 43

44 Corporate and foreign bonds 576.6 553.6 491.3 520.4 609.1 -26.4 54.0 282.1 210.7 416.2 44

45 Nonmarketable government securities 24.7 40.9 40.0 35.8 33.3 63.3 61.9 65.7 70.8 40.4 45

46 Loans 1105.0 1567.9 1954.8 2022.0 2343.8 1621.2 -2808.8 -948.7 -153.5 196.6 46

47 Short term 115.9 358.3 539.2 622.2 1262.4 1544.1 -2509.4 -445.1 164.4 427.5 47

48 Long term (mortgages) 989.0 1209.6 1415.6 1399.9 1081.4 77.0 -299.4 -503.6 -317.9 -230.9 48

49 Equity and investment fund shares 329.7 656.9 536.2 547.4 1214.8 866.6 43.7 -130.6 -54.3 366.1 49

50 Corporate equities 257.6 332.4 285.0 183.7 420.5 213.2 170.8 81.4 -87.0 165.7 50

51 Mutual fund shares -2.6 94.9 46.8 92.5 90.1 48.0 68.4 17.1 -13.2 66.5 51

52 Money market mutual fund shares -79.0 -111.6 16.0 40.9 322.7 316.6 -176.7 -168.5 -59.9 -7.4 52

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

54 U.S. direct investment abroad 24.3 43.8 11.5 25.8 107.0 66.4 40.7 -2.3 9.2 22.5 54

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

56 Investment in subsidiaries 126.4 291.9 173.2 202.8 263.1 225.0 -64.1 -56.0 102.4 120.3 56
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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

57 Insurance, pension and standardized guarantee schemes 232.3 214.5 198.4 234.2 202.1 407.8 419.3 260.4 316.8 286.1 57

58 Other accounts receivable 324.5 301.6 283.2 429.9 196.9 -159.5 28.1 -234.3 160.0 -129.2 58

59 Net incurrence of liabilities 2813.7 3236.9 3303.4 4144.9 5056.9 5265.3 -1326.0 -144.1 2261.7 1749.7 59

60 Currency and deposits 465.7 612.5 617.7 616.2 536.5 2209.1 240.1 344.4 1450.0 577.1 60

61 Debt securities 1010.0 805.9 1039.5 1319.9 1503.7 360.4 -1094.1 -724.2 -414.7 -289.1 61

62 Agency- and GSE-backed securities (2) 586.2 115.8 80.4 328.2 905.7 768.7 -60.1 -46.9 -21.9 -22.4 62

63 Corporate bonds 487.3 668.5 744.9 795.3 709.5 -282.9 -585.9 -575.1 -324.7 -207.9 63

64 Commercial paper -63.5 21.7 214.2 196.4 -111.5 -125.4 -448.1 -102.2 -68.2 -58.8 64

65 Loans 365.2 308.9 424.8 571.2 602.0 -77.7 -1079.8 -452.6 -15.6 5.0 65

66 Short term 356.3 283.4 410.7 564.6 597.3 -84.5 -1083.1 -452.8 -24.7 -10.7 66

67 Long term (mortgages) 8.9 25.5 14.1 6.6 4.7 6.8 3.4 0.2 9.1 15.6 67

68 Equity and investment fund shares 250.5 649.7 698.0 931.6 1469.0 1717.4 271.1 73.6 498.7 965.2 68

69 Money market mutual fund shares -212.6 -136.4 125.1 303.1 736.8 724.2 -498.7 -503.2 -112.8 7.1 69

70 Corporate equity issues 66.0 118.1 78.4 60.0 179.6 639.3 316.4 191.2 164.0 155.1 70

71 Mutual fund shares 288.1 296.3 260.2 336.8 361.5 -9.9 497.1 370.1 338.4 625.7 71

72 Equity in government-sponsored enterprises (2) 3.2 2.5 1.9 0.2 9.1 -4.2 0.0 -2.7 -5.9 -1.8 72

73 Foreign direct investment in the United States 23.9 50.2 13.9 52.0 9.3 120.7 45.7 48.5 34.9 0.8 73

74 Equity in noncorporate business -3.4 -4.2 -1.2 -6.8 3.6 11.6 0.6 0.9 -1.7 6.5 74

75 Investment by parent 84.9 320.1 218.1 184.4 166.1 233.0 -94.5 -32.0 81.5 171.5 75

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

77 Insurance, pension and standardized guarantee schemes 655.1 695.5 671.7 640.3 680.0 728.1 488.8 606.7 627.9 492.0 77

78 Other accounts payable 67.2 164.3 -148.3 65.7 265.6 328.0 -152.1 8.0 115.4 -0.5 78

 Addendum:

79 Net lending (+) or borrowing (-), financial account (lines 35-59) 209.0 14.9 307.0 273.8 120.4 -282.9 39.9 -204.1 -128.7 58.2 79

 Other changes in volume account

80 Total other volume changes -692.1 -48.3 49.2 210.8 -75.5 1181.3 -265.8 -509.7 -172.7 134.4 80

81 Disaster losses 0.0 1.7 1.7 0.0 0.0 0.6 0.0 0.0 0.0 2.0 81

82 Other volume changes -822.2 -17.8 -245.2 -34.3 -290.6 1372.4 -0.9 -42.8 145.3 214.4 82

83 Less: Statistical discrepancy (lines 33-[35-59]) (3) -130.1 32.2 -292.7 -245.0 -215.0 191.7 264.8 466.9 318.0 82.0 83

 Revaluation account

84 Nonfinancial assets 12.4 71.7 78.4 71.9 36.4 65.6 -48.7 6.3 41.9 26.2 84

85 Structures (nonresidential) 17.2 63.9 75.1 66.9 38.1 59.0 -47.0 1.4 35.0 15.8 85

86 Equipment -3.4 8.1 2.0 2.9 -3.1 5.3 -0.6 5.0 6.0 6.6 86

87 Intellectual property products -1.5 -0.3 1.2 2.1 1.4 1.3 -1.0 -0.0 0.9 3.7 87

88 Financial assets 2145.3 1178.7 928.9 1245.0 759.9 -5986.6 2677.7 1726.4 -579.7 1811.8 88

89 Corporate equities 1862.7 1004.2 614.6 957.3 622.7 -5098.0 2141.7 1413.3 -523.9 1481.1 89

90 Mutual fund shares 252.6 123.9 283.7 252.0 91.5 -899.4 481.8 272.5 -43.5 279.5 90

91 U.S. direct investment abroad 30.0 50.6 30.7 35.7 45.8 10.8 54.2 40.7 -12.3 51.2 91

92 Liabilities 2029.8 1437.1 935.1 1888.6 -498.9 -6394.8 2835.1 2027.5 -781.4 2425.7 92

93 Corporate equity issues 795.9 459.1 262.4 716.1 -985.4 -2366.0 386.2 525.2 -372.6 694.9 93

94 Mutual fund shares 726.8 483.8 352.4 682.6 396.0 -2424.7 1035.6 582.2 -340.4 827.0 94

95 Foreign direct investment in the United States 8.4 4.0 9.4 22.5 -56.7 -157.6 17.9 34.1 35.9 15.5 95

96 Equity in noncorporate business 11.4 2.4 1.7 4.9 -0.8 -13.6 3.6 0.3 -1.1 -1.0 96

97 Pension fund reserves 487.4 487.8 280.1 429.2 151.6 -1432.9 716.3 924.9 -102.8 462.8 97

98 Investment by parent -0.1 -0.0 29.0 33.2 -3.7 0.0 675.6 -39.1 -0.3 426.5 98

99 Changes in net worth due to nominal holding gains/losses 127.9 -186.7 72.3 -571.7 1295.2 473.8 -206.1 -294.7 243.6 -587.7 99

 Changes in balance sheet account

100 Change in net worth (lines 30+33+80+99) -458.7 -150.7 166.9 -300.3 1171.1 1586.2 -177.7 -555.5 256.4 -306.4 100

 Balance sheet account (end of period)

101 Total assets 46390.6 50833.2 55116.4 60823.5 66729.0 67473.1 68750.2 69655.0 71374.2 75637.6 101

102 Nonfinancial assets (4) 1194.4 1301.7 1409.5 1513.3 1595.7 1683.0 1623.8 1616.3 1654.4 1685.4 102

103 Structures (nonresidential) 690.2 759.9 841.3 916.3 969.3 1035.8 988.3 979.3 1001.8 1005.8 103

104 Equipment 400.4 427.4 447.3 469.8 487.8 493.6 468.4 469.3 479.9 497.0 104

105 Intellectual property products 103.9 114.4 120.8 127.1 138.5 153.7 167.1 167.7 172.7 182.5 105
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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

106 Financial assets 45196.2 49531.5 53706.9 59310.2 65133.2 65790.1 67126.4 68038.7 69719.9 73952.2 106

107 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 107

108 Currency and deposits 734.4 779.4 764.4 814.1 986.6 2031.3 2270.3 2176.3 2704.6 2692.0 108

109 Debt securities 13547.8 14034.7 14665.7 15689.8 16739.4 17979.5 18809.3 19075.2 20410.7 21628.3 109

110 SDR certificates 2.2 2.2 2.2 2.2 2.2 2.2 5.2 5.2 5.2 5.2 110

111 Open market paper 796.5 837.0 1041.9 1280.0 1184.6 1175.8 779.0 675.8 599.5 592.2 111

112 Treasury securities 1644.0 1593.8 1639.4 1733.1 1783.6 2206.9 2568.6 2993.9 3956.0 4253.0 112

113 Agency- and GSE-backed securities (2) 4570.2 4392.8 4145.5 4154.1 4421.5 5165.3 5904.6 5572.8 5726.4 5993.4 113

114 Municipal securities 1151.0 1230.5 1346.1 1477.0 1661.7 1703.8 1742.2 1786.4 1801.2 1939.4 114

115 Corporate and foreign bonds 4569.0 5122.6 5607.7 6124.7 6733.8 6710.3 6732.4 6898.3 7108.7 7591.1 115

116 Nonmarketable government securities 815.0 855.9 882.9 918.7 952.0 1015.3 1077.2 1142.9 1213.7 1254.1 116

117 Loans 14483.8 16066.5 18021.3 20011.7 22345.0 23965.9 21184.5 20180.2 20026.7 20393.4 117

118 Short term 5496.2 5854.4 6393.6 6960.6 8212.5 9756.3 7274.3 6875.3 7039.7 7642.2 118

119 Long term (mortgages) 8987.7 10212.1 11627.7 13051.2 14132.6 14209.6 13910.2 13304.9 12987.0 12751.1 119

120 Equity and investment fund shares 12011.3 13846.9 15312.0 17191.6 19166.3 14046.3 17443.8 19039.6 18405.6 21010.1 120

121 Corporate equities 8094.3 9430.8 10330.4 11471.4 12514.6 7629.8 9942.4 11437.0 10826.1 12472.9 121

122 Mutual fund shares 1452.0 1670.8 2001.4 2345.9 2527.4 1676.0 2226.2 2515.8 2459.1 2805.2 122

123 Money market fund shares 613.7 502.1 518.1 613.1 935.8 1252.4 1075.7 907.3 847.4 839.9 123

124 Equity in government-sponsored enterprises (2) 37.7 40.1 42.0 42.0 50.3 45.0 45.0 41.7 35.5 33.5 124

125 U.S. direct investment abroad 309.4 403.8 446.0 507.4 660.2 737.4 832.3 870.7 867.5 941.3 125

126 Stock in Federal Reserve Banks 8.8 11.9 13.5 15.3 18.5 21.1 25.6 26.5 26.9 27.4 126

127 Investment in subsidiaries 1495.4 1787.3 1960.6 2196.5 2459.6 2684.6 3296.6 3240.6 3343.0 3889.9 127

128 Insurance, pension and standardized guarantee schemes 1896.2 2107.5 2112.2 2156.2 2255.8 4010.1 3845.9 4173.2 4514.8 4461.8 128

129 Other accounts receivable 2511.7 2685.4 2820.3 3435.8 3629.1 3746.0 3561.6 3383.2 3646.4 3755.6 129

130 Total liabilities and net worth 46390.6 50833.2 55116.4 60823.5 66729.0 67473.1 68750.2 69655.0 71374.2 75637.6 130

131 Liabilities 47187.0 51780.3 55896.6 61904.0 66638.3 65796.3 67251.1 68711.4 70174.2 74743.9 131

132 Currency and deposits 6839.1 7477.1 8095.4 8712.3 9248.2 11420.9 11654.6 11995.6 13427.9 14015.2 132

133 Debt securities 10158.2 10979.0 11963.9 13254.1 14887.5 15247.6 14479.0 13471.8 13057.1 12965.2 133

134 Agency- and GSE-backed securities (2) 5944.5 6060.3 6140.7 6468.9 7374.6 8143.4 8083.3 7574.0 7552.1 7529.7 134

135 Corporate bonds 3279.3 3962.7 4653.0 5421.6 6260.9 5977.9 5717.5 5321.8 4997.1 4986.4 135

136 Commercial paper 934.4 956.0 1170.2 1363.5 1252.1 1126.3 678.2 576.0 507.9 449.1 136

137 Loans 2813.2 3122.1 3546.9 4114.9 4716.9 4639.2 3691.1 3226.8 3211.1 3278.8 137

138 Short term 2707.3 2990.7 3401.4 3962.9 4560.2 4475.7 3524.2 3059.7 3035.0 3087.0 138

139 Long term (mortgages) 105.9 131.4 145.5 152.1 156.7 163.5 166.9 167.1 176.2 191.8 139

140 Equity and investment fund shares 12194.3 13793.2 15146.2 17537.2 18355.7 15111.2 17501.1 18677.3 18497.4 21425.6 140

141 Money market fund shares 2004.4 1868.0 1993.1 2296.3 3033.0 3757.3 3258.6 2755.4 2642.5 2649.6 141

142 Corporate equity issues 3713.9 4291.1 4631.9 5408.0 4602.2 2875.4 3578.1 4294.5 4085.9 4936.0 142

143 Mutual fund shares 4652.9 5433.0 6045.6 7065.0 7822.6 5388.0 6920.7 7873.0 7870.9 9323.6 143

144 Equity in government-sponsored enterprises (2) 42.3 44.8 46.7 46.9 56.0 51.8 51.8 49.0 43.1 41.2 144

145 Foreign direct investment in the United States 275.7 329.9 353.2 427.8 380.4 343.5 407.0 489.6 560.4 576.6 145

146 Equity in noncorporate business 13.0 11.2 11.7 9.8 12.6 10.7 14.8 15.9 13.1 18.6 146

147 Investment by parent 1483.4 1803.4 2050.4 2268.1 2430.5 2663.5 3244.5 3173.4 3254.6 3852.6 147

148 Stock in Federal Reserve Banks 8.8 11.9 13.5 15.3 18.5 21.1 25.6 26.5 26.9 27.4 148

149 Insurance, pension and standardized guarantee schemes 13315.5 14559.6 15525.7 16603.8 17445.3 16499.2 17817.3 19423.6 19921.8 20941.1 149

150 Other accounts payable 1866.8 1849.3 1618.5 1681.8 1984.6 2878.2 2108.0 1916.3 2058.8 2118.0 150

151 Net worth -796.4 -947.1 -780.2 -1080.5 90.6 1676.8 1499.2 943.6 1200.0 893.7 151

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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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 498.1 525.8 552.7 577.6 605.4 637.6 668.8 704.5 719.7 716.7 1

 2 Less: Consumption of fixed capital 170.3 178.6 189.4 200.7 212.8 226.3 234.5 245.3 256.5 262.3 2

 3 Equals: Net value added 327.8 347.2 363.3 376.9 392.6 411.3 434.3 459.1 463.2 454.5 3

 4 Compensation of employees (paid) 321.1 342.3 362.4 375.1 390.5 410.4 433.5 462.2 470.5 467.9 4

 5 Wages and salaries 234.8 249.9 263.5 271.7 283.3 296.7 312.2 328.5 331.7 ND 5

 6 Employers’ social contributions 86.3 92.4 98.9 103.5 107.3 113.7 121.3 133.7 138.9 ND 6

 7 Operating surplus, net 6.7 4.9 0.9 1.8 2.0 0.8 0.7 -3.1 -7.3 -13.4 7

 8 Net national income/Balance of primary incomes, net -221.2 -226.6 -277.4 -293.5 -325.6 -308.9 -269.9 -286.6 -323.2 -320.0 8

 9 Operating surplus, net 6.7 4.9 0.9 1.8 2.0 0.8 0.7 -3.1 -7.3 -13.4 9

10 Taxes on production and imports, receivable 90.2 95.2 99.4 99.2 94.6 94.0 91.4 96.8 108.6 118.0 10

11 Subsidies (paid) -49.0 -46.0 -60.5 -51.1 -47.5 -49.6 -56.9 -54.3 -59.4 -56.8 11

12 Property income (received) 23.5 25.3 27.2 29.0 33.4 33.9 48.5 54.6 57.4 52.9 12

13 Interest 16.5 16.6 17.3 18.8 22.1 19.5 22.8 29.5 28.5 22.2 13

14 Distributed income of corporations (dividends) 0.0 0.1 0.2 0.3 0.2 0.6 18.7 17.0 18.8 21.1 14

15 Rents on land and natural resources 7.0 8.7 9.7 9.9 11.1 13.8 7.0 8.0 10.1 9.6 15

16 Less: Uses of property income (interest paid) 292.6 306.1 344.4 372.3 408.2 388.0 353.6 380.6 422.6 420.6 16

17 Net national income/Balance of primary incomes, net -221.2 -226.6 -277.4 -293.5 -325.6 -308.9 -269.9 -286.6 -323.2 -320.0 17

18 Plus: Current taxes on income, wealth, etc. (received) 980.8 1058.8 1285.2 1459.2 1542.5 1354.1 1072.4 1208.2 1387.5 1518.0 18

19 Plus: Social benefits (received) 763.2 808.9 853.4 905.7 947.2 974.4 950.8 970.9 904.3 937.8 19

20 Less: Social contributions (paid) 973.1 1025.5 1090.9 1196.7 1272.2 1407.4 1624.9 1726.6 1745.3 1790.5 20

21 Plus: Other current transfers (received) 25.5 29.0 32.0 36.8 41.0 48.6 66.2 64.4 66.1 49.7 21

22 Less: Other current transfers (paid) 350.3 363.0 384.2 375.8 401.3 416.0 510.7 555.9 529.0 493.1 22

23 Equals: Disposable income, net 224.9 281.6 418.0 535.8 531.6 244.7 -316.1 -325.6 -239.6 -98.0 23

24 Less: Final consumption expenditures 628.5 681.4 723.4 763.9 798.4 879.8 933.7 1003.9 1008.7 1011.7 24

25 Equals: Net saving -403.5 -399.8 -305.4 -228.1 -266.7 -635.1 -1249.8 -1329.5 -1248.3 -1109.7 25

 Capital account

26 Net saving less capital transfers -444.6 -439.1 -365.8 -271.3 -319.7 -752.7 -1436.1 -1455.9 -1362.0 -1194.3 26

27 Net saving -403.5 -399.8 -305.4 -228.1 -266.7 -635.1 -1249.8 -1329.5 -1248.3 -1109.7 27

28 Less: Capital transfers paid (net) 41.1 39.3 60.3 43.2 53.0 117.6 186.3 126.3 113.8 84.7 28

29 Capital formation, net 25.1 31.6 31.5 22.9 35.3 29.1 40.6 53.7 38.0 20.4 29

 Gross fixed capital formation (acquisition of

30 produced nonfinancial assets) 196.4 211.0 222.9 238.0 251.4 275.8 284.0 300.0 295.4 284.0 30

31 Less: Consumption of fixed capital 170.3 178.6 189.4 200.7 212.8 226.3 234.5 245.3 256.5 262.3 31

32 Acquisition of nonproduced nonfinancial assets -0.9 -0.8 -2.0 -14.4 -3.3 -20.4 -8.9 -1.0 -0.9 -1.4 32

33 Net lending (+) or borrowing (-), capital account (lines 26-29) -469.8 -470.7 -397.3 -294.2 -354.9 -781.8 -1476.7 -1509.5 -1400.1 -1214.8 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) -469.8 -470.7 -397.3 -294.2 -354.9 -781.8 -1476.7 -1509.5 -1400.1 -1214.8 34

35 Net acquisition of financial assets 35.1 5.3 30.8 -14.4 0.6 580.0 237.8 285.5 -152.1 114.0 35

36 Monetary gold and SDRs -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 36

37 Monetary gold 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37

38 SDR holdings -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 38

39 Currency and deposits -16.9 -34.6 -0.9 -5.5 25.7 316.0 -170.0 150.6 -240.0 11.0 39

40 Official foreign currencies 0.3 0.3 0.3 0.4 0.5 0.6 0.3 0.3 -0.2 0.2 40

41 Reserve position in IMF (net) -1.5 -3.8 -10.2 -3.3 -1.0 3.5 3.4 1.3 18.2 4.0 41

42 Currency and transferable deposits 9.3 -31.0 12.2 -2.7 25.1 313.1 -174.2 148.9 -257.6 6.7 42

43 Time and savings deposits -25.2 -0.0 -1.0 0.2 1.2 -1.3 0.3 0.1 -0.3 0.2 43

44 Nonofficial foreign currencies 0.2 -0.0 -2.2 -0.0 -0.1 0.0 0.2 0.1 -0.1 -0.1 44

45 Debt securities 0.0 0.0 0.0 0.0 0.0 54.4 142.5 -46.9 -118.2 -31.3 45

46 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 54.4 142.0 -47.2 -118.1 -31.1 46

47 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.3 -0.1 -0.2 47

48 Loans -2.6 2.3 -0.9 5.9 6.9 39.0 166.5 134.9 140.1 133.5 48

49 Short term -0.1 0.7 -3.3 2.2 4.8 25.5 154.0 136.7 136.0 131.8 49

50 Consumer credit 1.9 3.7 3.7 1.6 7.0 19.5 87.9 133.1 131.2 129.4 50

51 Other loans and advances -2.0 -3.0 -7.0 0.6 -2.2 6.0 66.0 3.5 4.8 2.5 51

52 Long term (mortgages) -2.5 1.6 2.4 3.7 2.1 13.5 12.6 -1.8 4.0 1.7 52

53 Equity and investment fund shares 1.4 2.0 1.3 2.0 1.7 257.7 3.4 30.4 43.5 -10.7 53

54 Corporate equities 0.0 0.0 0.0 0.0 0.0 256.3 0.6 24.1 40.3 -13.2 54

55 Equity in international organizations 1.4 2.0 1.3 2.0 1.7 1.4 1.7 2.3 2.6 2.4 55

56 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 56

57 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 1.2 4.0 0.7 0.0 57
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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

58 Other accounts receivable 53.8 35.1 35.8 -17.1 -33.8 -87.2 47.1 16.5 24.2 11.4 58

59 Trade receivables 19.1 10.5 9.2 -11.6 1.2 4.2 -21.1 -0.7 4.8 2.9 59

60 Taxes receivable 34.4 23.3 26.0 -6.5 -35.4 -62.0 35.9 27.1 20.8 11.9 60

61 Other (miscellaneous assets) 0.4 1.4 0.6 1.0 0.4 -29.4 32.3 -9.8 -1.3 -3.5 61

62 Net incurrence of liabilities 566.0 479.4 453.6 296.0 391.2 1369.0 1536.1 1697.8 1200.7 1242.5 62

63 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 63

64 Currency and deposits 0.6 0.7 0.8 0.6 -0.7 -0.8 -0.4 -0.3 0.0 0.0 64

65 Debt securities 420.7 402.8 346.9 219.1 270.4 1302.5 1508.8 1645.9 1138.7 1180.6 65

66 SDR certificates 0.0 0.0 0.0 0.0 0.0 0.0 3.0 0.0 0.0 0.0 66

67 Treasury securities including savings bonds 398.4 362.5 307.3 183.7 237.5 1239.0 1443.7 1579.6 1066.8 1140.6 67

68 Federal agency securities -2.4 -0.6 -0.4 -0.3 -0.4 0.2 0.1 0.7 1.1 -0.4 68

69 Nonmarketable securities held by pension plans 24.7 40.9 40.0 35.8 33.3 63.3 61.9 65.7 70.8 40.4 69

70 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70

71 Insurance, pension and standardized guarantee schemes 75.6 59.5 67.2 64.5 92.7 45.1 33.3 43.5 39.1 61.9 71

72 Insurance reserves 1.1 1.1 1.1 1.5 1.2 1.0 1.1 0.9 1.3 0.3 72

73 Retiree Health Care Funds 19.6 17.4 23.0 18.1 43.9 26.5 16.6 22.5 18.5 13.3 73

74 Claims of pension fund on sponsor 54.9 41.0 43.1 44.9 47.7 17.6 15.6 20.2 19.2 48.2 74

75 Other accounts payable 69.1 16.4 38.7 11.8 28.7 22.2 -53.2 8.7 22.9 0.0 75

76 Trade payables 71.7 15.4 33.7 6.2 29.3 22.6 -56.2 6.3 9.3 8.3 76

77 Other (miscellaneous liabilities) -2.6 1.0 5.0 5.6 -0.6 -0.3 2.9 2.4 13.6 -8.3 77

 Addendum:

78 Net lending (+) or borrowing (-), financial account (lines 35-62) -530.9 -474.1 -422.8 -310.4 -390.6 -789.0 -1298.3 -1412.4 -1352.7 -1128.5 78

 Other changes in volume account

79 Total other volume changes -94.4 -27.7 -46.3 31.3 10.8 87.8 122.4 -20.7 49.8 72.3 79

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

81 Other volume changes -33.3 -24.2 -21.2 47.4 46.5 95.0 -55.9 -117.9 2.5 -13.9 81

82 Less: Statistical discrepancy (lines 33-[35-62]) (2) 61.1 3.5 25.5 16.1 35.7 7.2 -178.4 -97.1 -47.3 -86.2 82

 Revaluation account

83 Nonfinancial assets 45.2 114.8 116.8 116.4 93.0 69.0 -36.0 61.3 63.3 41.2 83

84 Structures 25.3 91.6 94.1 95.2 60.7 44.0 -48.4 18.1 46.6 34.7 84

85 Equipment 4.0 10.9 7.3 10.4 7.6 11.8 8.6 5.0 11.0 5.5 85

86 Intellectual property products 16.0 12.2 15.4 10.8 24.8 13.2 3.8 38.2 5.7 0.9 86

87 Financial assets 3.1 1.3 -2.1 0.8 0.7 -67.9 -121.6 -43.7 -40.5 -9.0 87

88 Monetary gold and SDRs 1.1 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 88

89 Currency and deposits 2.1 0.8 -1.2 0.3 0.2 -0.0 0.3 -0.2 -7.8 -4.3 89

90 Corporate equities 0.0 0.0 0.0 0.0 0.0 -67.7 -121.9 -41.5 -32.4 -4.7 90

91 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 -0.3 -1.0 -0.2 -0.1 91

92 Liabilities 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 92

93 SDR allocations 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 93

94 Changes in net worth due to nominal holding gains/losses 47.7 115.7 115.3 116.8 93.3 1.2 -157.9 18.5 23.0 32.1 94

 Changes in balance sheet account

95 Change in net worth (lines 29+33+79+94) -491.3 -351.1 -296.8 -123.3 -215.6 -663.6 -1471.6 -1458.1 -1289.2 -1089.9 95

 Balance sheet account (end of period)

96 Total assets 2790.1 2917.7 3070.2 3238.1 3415.2 4121.6 4229.2 4569.8 4466.7 4627.5 96

97 Nonfinancial assets (3) 2130.4 2277.1 2426.5 2579.8 2711.3 2829.2 2842.1 2957.5 3059.2 3121.6 97

98 Structures 999.1 1088.2 1176.5 1266.6 1325.4 1369.8 1326.1 1352.5 1404.1 1435.6 98

99 Equipment 474.9 498.3 520.7 550.7 576.7 616.2 649.8 680.9 709.6 730.5 99

100 Intellectual property products 656.3 690.6 729.3 762.4 809.3 843.2 866.2 924.1 945.5 955.5 100

101 Financial assets 659.7 640.6 643.7 658.3 703.9 1292.4 1387.1 1612.3 1407.5 1505.9 101

102 Monetary gold and SDRs 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 102

103 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 103

104 SDR holdings 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 104
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S.7.a Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

105 Currency and deposits 101.8 68.0 65.9 60.8 86.7 402.7 233.0 383.4 135.6 142.4 105

106 Official foreign currencies 19.9 21.4 18.9 20.5 22.5 24.8 25.2 26.0 25.8 24.9 106

107 Reserve position in IMF (net) 22.7 19.6 8.1 5.2 4.4 7.8 11.5 12.6 23.0 22.8 107

108 Currency and transferable deposits 54.1 21.9 36.8 32.9 56.5 368.0 193.6 342.1 84.3 92.0 108

109 Time and savings deposits 2.4 2.4 1.4 1.7 2.8 1.6 1.9 2.0 1.7 2.0 109

110 Nonofficial foreign currencies 2.8 2.8 0.6 0.6 0.5 0.5 0.7 0.8 0.7 0.7 110

111 Debt securities 0.0 0.0 0.0 0.0 0.0 54.4 197.0 150.1 31.9 0.6 111

112 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 54.4 196.4 149.2 31.1 0.0 112

113 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.9 0.8 0.6 113

114 Loans 272.4 274.7 273.8 296.9 303.8 342.8 509.3 644.2 784.3 917.8 114

115 Short term 199.8 200.5 197.2 216.6 221.4 247.0 400.9 537.6 673.7 805.5 115

116 Consumer credit 82.4 86.1 89.8 108.7 115.7 135.1 223.1 356.2 487.4 616.8 116

117 Other loans and advances 117.5 114.4 107.4 108.0 105.8 111.8 177.9 181.4 186.3 188.7 117

118 Long term (mortgages) 72.6 74.2 76.6 80.3 82.4 95.8 108.4 106.6 110.6 112.3 118

119 Equity and investment fund shares 40.0 42.0 43.2 45.3 46.9 237.0 118.2 106.1 117.0 101.5 119

120 Corporate equities 0.0 0.0 0.0 0.0 0.0 188.7 67.4 49.9 57.8 39.9 120

121 Equity in international organizations 40.0 42.0 43.2 45.3 46.9 48.3 50.0 52.3 54.9 57.3 121

122 Equity in government-sponsored enterprises (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 122

123 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 0.0 0.9 3.8 4.4 4.4 123

124 Other accounts receivable 232.8 242.3 252.5 246.5 257.0 246.2 271.8 271.7 283.7 288.5 124

125 Trade receivables 51.3 61.8 71.0 59.4 60.6 64.7 43.6 42.9 47.7 50.6 125

126 Taxes receivable 93.7 91.2 91.6 96.1 105.0 119.4 133.9 144.3 152.8 158.1 126

127 Other (miscellaneous assets) 87.9 89.3 89.9 91.0 91.4 62.0 94.3 84.5 83.2 79.8 127

128 Total liabilities and net worth 2790.1 2917.7 3070.2 3238.1 3415.2 4121.6 4229.2 4569.8 4466.7 4627.5 128

129 Liabilities 6442.4 6921.2 7370.4 7661.6 8054.2 9424.3 11003.5 12802.1 13988.2 15238.9 129

130 SDR allocations 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 130

131 Currency and deposits 26.0 26.7 27.5 28.1 27.4 26.6 26.2 25.9 25.9 25.9 131

132 Debt securities 4850.2 5253.1 5587.0 5806.1 6076.5 7379.0 8887.8 10533.8 11672.5 12853.0 132

133 SDR certificates 2.2 2.2 2.2 2.2 2.2 2.2 5.2 5.2 5.2 5.2 133

134 Treasury securities including savings bonds 4008.2 4370.7 4678.0 4861.7 5099.2 6338.2 7781.9 9361.5 10428.3 11568.9 134

135 Federal agency securities 24.9 24.3 23.8 23.5 23.1 23.3 23.5 24.2 25.3 24.9 135

136 Nonmarketable securities held by pension plans 815.0 855.9 882.9 918.7 952.0 1015.3 1077.2 1142.9 1213.7 1254.1 136

137 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 137

138 Insurance, pension and standardized guarantee schemes 1399.4 1459.1 1540.9 1606.0 1699.5 1746.1 1825.5 1973.5 2012.2 2074.4 138

139 Insurance reserves 40.5 41.6 42.7 44.2 45.4 46.4 47.5 48.4 49.7 50.0 139

140 Retiree Health Care Funds 35.0 52.4 75.4 93.5 137.3 163.8 180.4 202.9 221.4 234.8 140

141 Claims of pension fund on sponsor 1324.0 1365.2 1422.8 1468.3 1516.8 1535.8 1597.6 1722.2 1741.1 1789.6 141

142 Other accounts payable 159.5 174.6 208.1 214.0 243.1 265.1 208.6 214.5 223.4 231.3 142

143 Trade payables 153.6 169.0 202.7 208.9 238.2 260.8 204.6 210.9 220.2 228.5 143

144 Other (miscellaneous liabilities) 5.8 5.6 5.4 5.1 4.9 4.3 4.0 3.6 3.2 2.8 144

145 Net worth -3652.3 -4003.4 -4300.2 -4423.5 -4639.0 -5302.7 -6774.2 -8232.3 -9521.5 -10611.4 145

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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Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Gross value added 1077.2 1137.7 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1468.0 1491.9 1

 2 Less: Consumption of fixed capital 134.5 143.8 157.3 170.3 186.6 200.2 208.2 212.7 221.7 231.4 2

 3 Equals: Net value added 942.6 993.9 1034.4 1080.0 1131.9 1185.0 1211.3 1241.5 1246.3 1260.6 3

 4 Compensation of employees (paid) 945.4 1000.6 1041.8 1091.1 1150.4 1207.1 1232.6 1261.3 1262.8 1274.8 4

 5 Wages and salaries 678.5 702.7 728.0 763.3 805.6 847.4 862.9 862.6 862.8 ND 5

 6 Employers’ social contributions 266.9 297.9 313.7 327.8 344.9 359.7 369.7 398.7 400.0 ND 6

 7 Operating surplus, net -2.8 -6.7 -7.3 -11.1 -18.5 -22.0 -21.4 -19.8 -16.5 -14.3 7

 8 Net national income/Balance of primary incomes, net 673.5 728.0 804.2 868.3 910.7 901.6 811.0 829.5 858.5 857.7 8

 9 Operating surplus, net -2.8 -6.7 -7.3 -11.1 -18.5 -22.0 -21.4 -19.8 -16.5 -14.3 9

10 Taxes on production and imports, receivable 717.8 768.7 835.1 892.7 940.0 947.9 934.8 960.4 988.5 1004.9 10

11 Subsidies (paid) -0.1 -0.4 -0.4 -0.4 -7.1 -3.0 -1.4 -1.6 -0.5 -0.5 11

12 Property income (received) 73.8 76.8 88.6 107.2 117.9 105.7 87.8 82.6 80.0 78.5 12

13 Interest 64.5 66.4 76.8 94.7 104.2 91.0 74.4 69.1 66.3 64.2 13

14 Distributed income of corporations (dividends) 1.7 2.0 2.0 2.1 2.2 2.6 2.1 2.3 2.3 2.4 14

15 Rents on land and natural resources 7.6 8.5 9.8 10.4 11.5 12.1 11.2 11.2 11.4 11.9 15

16 Less: Uses of property income (interest paid) 115.2 110.5 111.8 120.1 121.5 127.0 188.8 192.1 192.9 211.0 16

17 Net national income/Balance of primary incomes, net 673.5 728.0 804.2 868.3 910.7 901.6 811.0 829.5 858.5 857.7 17

18 Plus: Current taxes on income, wealth, etc. (received) 260.8 289.2 331.4 361.7 381.4 381.0 333.4 345.3 377.7 400.2 18

19 Plus: Social benefits (received) 19.9 24.7 24.6 21.5 18.9 18.7 18.6 18.1 18.3 17.5 19

20 Less: Social contributions (paid) 353.6 385.0 406.6 403.9 433.3 455.4 492.6 523.8 532.0 544.3 20

21 Plus: Other current transfers (received) 405.0 422.4 436.4 438.9 460.9 477.8 566.1 612.0 581.8 552.6 21

22 Equals: Disposable income, net 1005.7 1079.2 1190.0 1286.5 1338.6 1323.7 1236.4 1281.0 1304.3 1283.7 22

23 Less: Final consumption expenditures 1127.1 1187.6 1256.6 1325.9 1411.4 1488.7 1508.4 1518.3 1517.4 1536.4 23

24 Equals: Net saving -121.4 -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -213.1 -252.7 24

 Capital account

25 Net saving less capital transfers -69.5 -60.4 -16.2 18.4 -13.4 -101.8 -204.2 -160.6 -139.2 -178.6 25

26 Net saving -121.4 -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -213.1 -252.7 26

27 Less: Capital transfers paid (net) -52.0 -48.0 -50.4 -57.8 -59.3 -63.2 -67.7 -76.7 -73.9 -74.1 27

28 Capital formation, net 145.8 145.0 143.5 155.0 167.9 172.5 167.2 149.7 125.7 113.8 28

 Gross fixed capital formation (acquisition of

29 produced nonfinancial assets) 268.9 277.5 290.8 314.3 340.8 358.8 363.0 351.9 337.2 334.9 29

30 Less: Consumption of fixed capital 134.5 143.8 157.3 170.3 186.6 200.2 208.2 212.7 221.7 231.4 30

31 Acquisition of nonproduced nonfinancial assets 11.4 11.3 10.0 11.0 13.6 13.8 12.3 10.6 10.1 10.2 31

32 Net lending (+) or borrowing (-), capital account (lines 25-28) -215.2 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -264.8 -292.4 32

 Financial account

33 Net lending (+) or borrowing (-) (line 32) -215.2 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -264.8 -292.4 33

34 Net acquisition of financial assets 70.6 171.0 253.3 204.5 237.2 -101.6 10.0 58.4 -58.7 -52.6 34

35 Currency and deposits 27.3 4.2 19.0 22.3 33.0 27.3 28.4 -1.3 31.1 11.3 35

36 Currency and transferable deposits 7.0 -3.5 15.8 5.4 -0.2 8.5 19.2 5.6 16.6 -8.9 36

37 Time and savings deposits 20.3 7.7 3.2 16.9 33.3 18.8 9.3 -6.9 14.4 20.3 37

38 Debt securities 23.3 96.5 154.4 110.0 134.9 -88.6 -42.2 50.7 -75.8 -54.9 38

39 Open market paper -0.6 2.9 -0.3 -1.4 -2.4 -21.6 -39.1 12.9 -11.1 -5.1 39

40 Treasury securities 7.2 43.4 107.0 58.3 77.2 -45.4 -17.3 6.8 -46.5 -11.8 40

41 Agency- and GSE-backed securities (1) 12.2 37.2 35.2 39.0 44.2 -16.9 9.8 22.3 -14.0 -28.2 41

42 Municipal securities 0.5 1.1 1.2 1.4 1.6 0.5 1.0 1.4 0.0 -0.7 42

43 Corporate and foreign bonds 4.0 12.0 11.4 12.6 14.3 -5.2 3.3 7.4 -4.4 -9.0 43

44 Loans 6.8 22.2 19.9 21.8 24.4 -17.1 0.7 8.6 -11.8 -17.9 44

45 Short term 1.7 7.2 5.5 5.7 6.1 -11.7 -4.3 -1.4 -6.8 -6.7 45

46 Long term (mortgages) 5.0 15.0 14.4 16.1 18.3 -5.4 5.0 10.0 -5.0 -11.2 46

47 Equity and investment fund shares -4.6 21.7 21.2 23.8 27.1 -5.1 9.2 16.2 -5.8 -15.7 47

48 Money market fund shares 4.9 12.8 13.5 15.4 17.8 3.0 9.8 13.7 -0.5 -8.5 48

49 Corporate equities -7.8 5.4 4.3 4.5 4.9 -7.6 -2.3 -0.3 -4.5 -4.8 49

50 Mutual fund shares -1.6 3.5 3.4 3.9 4.4 -0.5 1.7 2.8 -0.8 -2.5 50

51 Other accounts receivable 17.8 26.3 38.6 26.6 17.7 -18.2 13.9 -15.8 3.7 24.6 51

52 Trade receivables -1.9 8.5 17.4 8.9 7.8 -15.4 -4.6 13.1 1.9 8.5 52

53 Taxes receivable 0.8 12.9 14.3 12.1 3.0 5.6 -5.9 0.7 2.3 1.3 53

54 Other (miscellaneous assets) 18.9 4.9 6.9 5.7 6.9 -8.4 24.4 -29.6 -0.4 14.9 54
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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

55 Net incurrence of liabilities 268.1 329.0 230.8 214.0 306.7 233.1 445.0 377.3 272.7 200.8 55

56 Debt securities (municipals) 120.5 178.5 141.1 100.3 146.0 17.1 112.2 68.7 -53.6 -5.7 56

57 Short term 10.4 22.2 -1.7 -8.2 16.8 4.6 7.8 -0.7 -10.6 3.8 57

58 Other 110.1 156.3 142.8 108.5 129.2 12.5 104.4 69.3 -42.9 -9.4 58

59 Loans (short term) 0.1 0.3 0.6 0.6 0.7 0.8 0.8 0.9 0.9 0.4 59

60 Insurance, pension and standardized guarantee schemes 118.8 120.3 57.2 78.8 123.2 176.5 293.1 269.3 287.0 167.0 60

 (Claim of pension funds on sponsor)

61 Other accounts payable (trade payables) 28.8 30.0 31.9 34.3 36.7 38.6 38.9 38.5 38.4 39.1 61

 Addendum:

62 Net lending (+) or borrowing (-), financial account (lines 34-55) -197.5 -158.1 22.4 -9.5 -69.5 -334.6 -435.0 -318.9 -331.4 -253.4 62

 Other changes in volume account

63 Total other volume changes 339.6 -698.6 215.1 318.3 220.7 -982.4 361.7 32.5 -56.3 315.5 63

64 Disaster losses 0.0 0.0 10.7 0.0 0.0 0.0 0.0 0.0 0.0 7.6 64

65 Other volume changes 321.8 -746.0 22.2 191.1 109.0 -922.1 425.3 41.2 10.3 269.0 65

66 Less: Statistical discrepancy (lines 32-[34-55]) (2) -17.7 -47.4 -182.2 -127.1 -111.7 60.3 63.7 8.6 66.6 -39.0 66

 Revaluation account

67 Nonfinancial assets 91.5 504.5 473.4 605.0 460.9 411.4 -105.2 175.7 392.5 225.4 67

68 Structures 91.5 501.0 472.2 602.7 457.9 403.0 -104.3 171.9 386.1 225.3 68

69 Equipment -0.6 2.6 0.4 1.1 0.6 6.6 -1.1 2.4 4.6 -1.3 69

70 Intellectual property products 0.6 0.9 0.8 1.1 2.4 1.8 0.3 1.4 1.9 1.3 70

71 Equity and investment fund shares 29.0 11.8 5.4 16.9 5.2 -61.0 33.4 21.6 1.8 18.0 71

72 Changes in net worth due to nominal holding gains/losses 120.5 516.3 478.9 621.8 466.0 350.5 -71.7 197.3 394.3 243.4 72

 Changes in balance sheet account

73 Change in net worth (lines 28+32+63+72) 390.6 -242.7 677.7 958.4 673.4 -733.8 85.7 69.3 198.8 380.3 73

 Balance sheet account (end of period)

74 Total assets 6900.4 7721.5 8576.4 9546.8 10404.2 10811.9 10904.9 11299.5 11750.2 12036.8 74

75 Nonfinancial assets (3) 5024.4 5662.8 6259.0 7008.0 7623.1 8193.3 8243.0 8557.5 9065.2 9386.3 75

76 Structures 4760.4 5388.1 5976.8 6715.1 7314.8 7863.3 7903.6 8207.7 8703.7 9020.8 76

77 Equipment 196.6 203.3 206.9 212.7 221.5 236.4 240.9 245.4 250.8 249.8 77

78 Intellectual property products 67.5 71.4 75.3 80.2 86.9 93.6 98.5 104.4 110.7 115.7 78

79 Financial assets 1876.0 2058.8 2317.5 2538.8 2781.1 2618.6 2661.9 2741.9 2685.0 2650.4 79

80 Currency and deposits 212.8 217.0 236.1 258.4 291.4 318.8 347.2 345.9 377.0 407.4 80

81 Currency and transferable deposits 53.8 50.4 66.2 71.6 71.4 79.9 99.1 104.6 121.3 117.7 81

82 Time and savings deposits 159.0 166.7 169.9 186.8 220.0 238.9 248.1 241.3 255.7 289.8 82

83 Debt securities 966.3 1062.8 1217.2 1327.2 1462.2 1373.6 1331.4 1382.1 1306.3 1251.4 83

84 Open market paper 150.7 153.6 153.3 151.9 149.5 127.9 88.8 101.7 90.6 85.5 84

85 Treasury securities 361.9 405.3 512.3 570.6 647.8 602.4 585.1 591.9 545.4 533.6 85

86 Agency- and GSE-backed securities (1) 341.0 378.2 413.3 452.4 496.6 479.7 489.5 511.8 497.8 469.6 86

87 Municipal securities 4.5 5.7 6.9 8.3 10.0 10.4 11.5 12.8 12.9 12.1 87

88 Corporate and foreign bonds 108.1 120.1 131.5 144.1 158.4 153.2 156.5 163.9 159.5 150.5 88

89 Loans 246.7 268.9 288.9 310.7 335.0 317.9 318.6 327.2 315.4 297.5 89

90 Short term 117.3 124.5 130.0 135.7 141.8 130.1 125.9 124.5 117.6 111.0 90

91 Long term (mortgages) 129.4 144.5 158.9 175.0 193.2 187.8 192.8 202.7 197.8 186.6 91

92 Equity and investment fund shares 186.6 220.0 246.7 287.3 319.6 253.5 296.1 333.9 329.9 332.1 92

93 Money market fund shares 63.6 76.4 89.9 105.3 123.1 126.1 135.9 149.6 149.2 140.7 93

94 Corporate equities 93.5 107.8 116.1 132.9 141.6 91.1 111.8 126.0 122.7 129.7 94

95 Mutual fund shares 29.5 35.8 40.7 49.1 54.9 36.3 48.4 58.3 58.0 61.7 95

96 Other accounts receivable 263.6 290.0 328.6 355.2 372.9 354.7 368.6 352.8 356.5 362.0 96

97 Trade receivables 116.6 125.0 142.5 151.3 159.1 143.7 139.1 152.2 154.1 162.5 97

98 Taxes receivable 74.9 86.2 101.6 112.9 115.7 117.9 111.1 104.7 110.0 112.3 98

99 Other (miscellaneous assets) 72.2 78.7 84.6 91.0 98.1 93.1 118.4 95.9 92.4 87.2 99

100 Total liabilities and net worth 6900.4 7721.5 8576.4 9546.8 10404.2 10811.9 10904.9 11299.5 11750.2 12036.8 100

101 Liabilities 2144.8 3208.7 3385.8 3397.8 3581.8 4723.3 4730.6 5055.8 5307.8 5214.0 101
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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

102 Debt securities (municipals) 1558.8 2438.2 2579.2 2679.6 2825.6 2842.7 2954.9 3023.6 2970.0 2964.3 102

103 Short term 106.1 44.2 42.5 34.3 51.2 55.8 63.6 63.0 52.3 56.1 103

104 Other 1452.7 2393.9 2536.7 2645.2 2774.4 2786.9 2891.3 2960.6 2917.6 2908.2 104

105 Loans (short term) 9.7 10.0 10.6 11.2 11.9 12.7 13.5 14.4 15.3 15.7 105

106 Insurance, pension and standardized guarantee schemes 156.3 310.5 314.0 190.8 191.4 1276.3 1131.7 1348.9 1615.1 1487.5 106

 (Claim of pension funds on sponsor)

107 Other accounts payable (trade payables) 420.0 450.0 482.0 516.2 553.0 591.6 630.5 669.0 707.4 746.5 107

108 Net worth 4755.6 4512.8 5190.6 6149.0 6822.4 6088.6 6174.3 6243.6 6442.4 6822.7 108

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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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

 Current account

 1 Foreign income from U.S. 1913.0 2256.2 2623.3 2998.4 3250.3 3378.4 2608.7 3018.1 3360.9 3453.5 1

 2 U.S. imports of goods and services 1544.3 1797.9 2026.1 2240.9 2375.5 2556.4 1976.0 2362.0 2669.9 2743.1 2

 3 U.S. income payments to rest of world 288.1 361.4 482.3 655.7 749.1 683.8 496.5 514.1 542.1 565.7 3

 4 Current taxes and trans. payments to rest of world 80.7 96.9 114.9 101.7 125.7 138.3 136.1 142.0 149.0 144.6 4

 5 Less: Foreign outlays to U.S. 1399.5 1634.6 1886.1 2202.7 2541.3 2699.9 2227.5 2563.5 2904.0 3014.5 5

 6 U.S. exports of goods and services 1043.4 1183.1 1310.4 1478.5 1665.7 1843.1 1583.8 1843.5 2101.1 2195.9 6

 7 U.S. income receipts from rest of world 356.1 451.4 575.8 724.2 875.5 856.8 643.7 720.0 802.8 818.6 7

 8 Equals: Net saving (current external balance) 513.5 621.7 737.1 795.7 709.1 678.5 381.2 454.5 457.0 439.0 8

 Capital account

 9 Net saving 513.5 621.7 737.1 795.7 709.1 678.5 381.2 454.5 457.0 439.0 9

10 Less: Net capital transfers -2.2 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.6 10

11 Less: Acquisition of nonproduced nonfinancial assets 0.1 0.0 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.1 0.0 11

12 Net lending (+) or borrowing (-), capital account (lines 9-10-11) 515.7 618.9 724.3 797.8 709.0 673.1 381.7 455.2 458.6 432.4 12

 Financial account

13 Net lending (+) or borrowing (-) (line 12) 515.7 618.9 724.3 797.8 709.0 673.1 381.7 455.2 458.6 432.4 13

14 Net acquisition of U.S. financial assets 820.4 1398.6 1100.3 1854.1 1766.9 584.4 168.9 1173.7 1011.4 876.4 14

15 Monetary gold and SDRs 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 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 47.6 0.0 0.0 0.0 17

18 Currency and deposits 53.8 39.7 28.9 54.8 -76.6 540.2 -322.7 -1.7 336.0 -36.7 18

19 Currency 10.6 13.3 8.4 2.2 -10.7 29.2 12.6 28.3 55.0 57.1 19

20 Transferable deposits 4.0 9.1 6.4 9.2 5.2 34.8 -21.8 1.2 26.8 11.0 20

21 Time deposits 5.2 34.1 6.7 11.5 40.3 65.5 -43.1 16.9 33.1 46.4 21

22 Net interbank items due from U.S. banks 34.0 -16.8 7.3 31.9 -111.4 410.8 -270.4 -48.2 221.1 -151.3 22

23 Debt securities 583.6 848.1 720.7 967.4 841.1 421.9 167.5 643.9 205.7 501.9 23

24 Open market paper 66.2 37.0 9.9 46.7 -8.3 -45.1 -41.4 -0.5 0.7 3.4 24

25 Treasury securities 276.4 366.9 245.1 150.3 165.3 711.6 554.4 740.4 357.9 589.5 25

26 Agency- and GSE-backed securities (1) 12.3 178.2 134.3 224.0 248.8 -228.6 -226.0 -72.3 -41.6 -71.8 26

27 Municipal securities 8.0 6.5 3.0 5.4 10.7 5.9 7.7 13.1 -1.4 -4.9 27

28 Corporate bonds 220.8 259.5 328.5 541.0 424.6 -21.8 -127.3 -36.8 -109.9 -14.4 28

29 Loans (short term) 86.0 76.5 76.8 8.6 67.1 -258.7 -190.3 -146.3 85.1 -89.8 29

30 Security repurchases (net) 86.9 70.3 45.5 2.4 -35.2 -214.0 -146.4 -126.1 51.2 -39.9 30

31 Loans to U.S. corporate business -0.8 6.3 31.3 6.2 102.3 -44.7 -44.0 -20.2 33.9 -49.9 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 97.7 207.8 201.9 388.6 496.8 436.9 369.7 384.8 363.9 398.5 33

34 Money market fund shares 2.6 4.1 0.1 4.1 19.0 23.7 7.2 -7.1 -50.8 35.0 34

35 Corporate equities 5.2 25.0 56.9 96.2 217.6 105.8 154.9 74.6 37.0 53.1 35

36 Mutual fund shares 26.2 32.7 32.3 45.2 39.1 -2.7 57.2 111.5 147.5 144.0 36

37 Foreign direct investment in the United States 63.8 146.0 112.6 243.2 221.2 310.1 150.4 205.9 230.2 166.4 37

38 Other accounts receivable -0.8 226.5 72.0 434.7 438.5 -555.9 97.1 293.1 20.7 102.5 38

39 Trade receivables 1.3 -1.1 7.9 5.9 20.8 6.5 6.6 19.8 17.7 11.5 39

40 Other (miscellaneous assets) -2.1 227.5 64.1 428.8 417.7 -562.4 90.5 273.3 3.0 91.1 40

41 Net incurrence of liabilities 289.4 863.2 386.5 1046.7 1149.3 -152.2 -62.0 735.8 460.9 430.1 41

42 SDR holdings -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 42

43 Currency and deposits 35.2 86.6 29.0 84.6 255.8 -389.5 -106.5 -7.4 -28.8 -25.8 43

44 Official foreign currencies 0.6 0.6 0.6 0.7 1.0 1.3 0.7 0.5 -0.5 0.4 44

45 Reserve position in IMF (net) -1.5 -3.8 -10.2 -3.3 -1.0 3.5 3.4 1.3 18.1 4.0 45

46 U.S. private deposits 36.0 89.9 40.8 87.2 256.0 -394.3 -110.7 -9.3 -46.3 -30.2 46

47 Nonofficial foreign currencies 0.2 -0.0 -2.2 -0.0 -0.1 0.0 0.2 0.1 -0.1 -0.1 47

48 Debt securities 47.6 155.0 103.1 326.2 149.4 -229.8 222.7 57.2 84.2 90.1 48

49 Commercial paper 18.9 69.2 38.6 98.4 -69.3 -71.0 59.4 -2.7 -53.5 27.9 49

50 Bonds 28.7 85.8 64.5 227.8 218.7 -158.8 163.3 59.9 137.7 62.2 50

51 Loans (short term) -4.6 0.2 9.9 6.4 44.9 533.3 -554.3 7.9 130.3 -66.1 51

52 Other loans and advances -2.1 -3.6 -4.6 -7.4 -3.2 -1.5 0.3 0.2 1.4 5.7 52

53 Depository institution loans n.e.c. -2.5 3.8 14.5 13.8 24.1 5.1 -11.2 17.9 29.2 19.2 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 24.0 529.7 -543.5 -10.2 99.7 -90.9 55
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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

56 Equity and investment fund shares 313.1 377.4 243.8 425.6 605.7 282.8 399.3 393.1 448.2 421.8 56

57 Corporate equities 118.0 84.8 186.7 137.3 147.8 -38.5 63.7 79.1 6.0 82.6 57

58 U.S. government equity in IBRD, etc. 1.4 2.0 1.3 2.0 1.7 1.4 1.7 2.3 2.6 2.4 58

59 U.S. direct investment abroad 149.6 316.2 36.2 244.9 414.0 329.1 310.4 301.1 409.0 388.3 59

60 Investment by holding companies 44.1 -25.6 19.6 41.3 42.2 -9.1 23.5 10.6 30.6 -51.5 60

61 Other accounts payable -101.3 243.5 5.1 203.7 93.3 -349.2 -71.3 284.9 -171.4 10.1 61

62 Trade payables 6.1 3.5 6.3 6.2 12.4 -9.9 6.1 25.8 -32.2 6.3 62

63 Other (miscellaneous liabilities) -107.4 240.0 -1.1 197.5 80.9 -339.3 -77.4 259.1 -139.2 3.8 63

 Addendum:

64 Net lending, financial account (lines 14-41) 531.1 535.4 713.8 807.4 617.6 736.6 230.9 437.9 550.5 446.3 64

 Other changes in volume account

65 Total other volume changes -115.2 -78.8 -271.2 77.0 -245.0 -284.3 -463.5 -203.5 242.3 64.3 65

66 Other volume changes -130.6 4.7 -260.7 67.4 -153.7 -347.8 -312.7 -186.2 150.4 50.4 66

67 Less: Statistical discrepancy (lines 12-[14-41]) (2) -15.4 83.5 10.4 -9.6 91.3 -63.4 150.8 17.3 -91.9 -13.9 67

 Revaluation account

68 Financial assets 438.0 182.2 -53.9 382.5 264.3 -1610.5 492.7 612.5 434.1 610.6 68

69 SDR allocations 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 69

70 Debt securities -49.7 -55.8 -195.4 34.8 129.1 -125.7 76.2 144.7 298.3 127.0 70

71 Treasury securities -48.4 -66.9 -74.3 -8.5 85.0 164.9 -136.8 47.9 190.2 -22.6 71

72 Agency- and GSE-backed securities 12.5 41.7 3.4 26.7 70.0 53.2 -26.0 1.4 38.1 -4.2 72

73 Corporate bonds -13.8 -30.7 -124.4 16.6 -26.0 -343.8 239.1 95.5 70.0 153.8 73

74 Equity and investment fund shares 487.0 237.7 142.1 347.3 134.8 -1484.6 416.3 468.7 136.0 483.5 74

75 Corporate equities 447.8 205.0 77.5 312.8 145.6 -1110.0 514.7 410.9 36.0 392.5 75

76 Mutual fund shares 21.9 17.0 14.0 29.6 18.5 -116.0 51.2 38.2 74.3 79.6 76

77 Foreign direct investment in the United States 17.3 15.8 50.6 4.9 -29.3 -258.6 -149.6 19.6 25.7 11.4 77

78 Liabilities 771.2 558.0 642.1 964.8 1059.5 -2783.4 1372.2 821.8 -361.1 964.8 78

79 SDR holdings 1.1 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 79

80 Currency and deposits 7.4 3.1 -6.7 2.7 4.1 2.5 0.6 0.9 -7.5 -6.6 80

81 Official foreign currencies 5.3 2.4 -5.5 2.4 3.9 2.5 0.3 1.0 0.3 -2.3 81

82 Reserve position in IMF (net) 2.1 0.8 -1.2 0.3 0.2 -0.0 0.3 -0.2 -7.8 -4.3 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) 137.5 30.2 -37.9 36.2 92.8 -191.0 169.7 101.0 70.9 138.5 85

86 Equity and investment fund shares 625.3 524.0 687.6 925.5 962.1 -2594.7 1201.6 720.9 -424.3 832.8 86

87 Corporate equities 587.4 396.2 570.6 873.9 771.2 -2461.0 1183.2 825.8 -404.8 806.5 87

88 U.S. direct investment abroad 37.9 127.8 117.0 51.5 190.9 -133.7 18.5 -104.9 -19.4 26.3 88

89 Changes in net worth due to nominal holding gains/losses -333.3 -375.8 -695.9 -582.3 -795.3 1173.0 -879.5 -209.3 795.1 -354.2 89

 Changes in balance sheet account

90 Change in net worth (lines 12+65+89) 67.2 164.4 -242.8 292.5 -331.3 1561.8 -961.3 42.4 1496.1 142.5 90

 Financial balance sheet account (end of period) (3)

91 Total financial assets 8851.6 10579.1 11599.4 14067.7 16037.6 15239.6 15806.9 17438.7 18953.8 20489.7 91

92 SDR allocations 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 92

93 Currency and deposits 520.6 560.3 589.2 644.0 567.4 1107.7 785.0 783.3 1119.3 1082.5 93

94 Currency 258.7 272.0 280.4 282.6 272.0 301.1 313.8 342.1 397.1 454.2 94

95 Transferable deposits 4.2 13.3 19.7 28.9 34.2 69.0 47.2 48.4 75.2 86.2 95

96 Time deposits 115.0 149.2 155.9 167.4 207.6 273.1 230.0 246.9 280.0 326.4 96

97 Net interbank items due from U.S. banks 142.7 125.9 133.2 165.1 53.7 464.5 194.0 145.9 367.0 215.7 97

98 Debt securities 3711.1 4503.4 5028.8 6030.9 7001.1 7297.3 7541.0 8329.6 8833.5 9462.4 98

99 Open market paper 192.8 229.8 239.6 286.3 278.1 232.9 191.5 191.0 191.7 195.2 99

100 Treasury securities 1513.5 1813.6 1984.4 2126.2 2376.4 3253.0 3670.6 4458.8 5006.9 5573.8 100

101 Agency- and GSE-backed securities (1) 655.3 875.2 1012.9 1263.6 1582.4 1406.9 1154.9 1084.0 1080.6 1004.7 101

102 Municipal securities 19.5 26.0 29.0 34.4 45.1 51.0 58.7 71.7 70.3 65.4 102

103 Corporate bonds 1330.0 1558.9 1762.9 2320.5 2719.1 2353.5 2465.3 2524.0 2484.0 2623.4 103
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Z.1, September 25, 2013 151

S.9.a Rest of the World 

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

 

104 Loans (short term) 240.4 316.9 393.8 533.4 609.5 341.3 213.5 66.2 151.3 61.5 104

105 Security repurchases (net) 115.4 185.7 231.2 364.6 338.4 114.9 31.0 -96.1 -44.9 -84.8 105

106 Loans to U.S. corporate business 125.0 131.2 162.5 168.8 271.1 226.4 182.5 162.3 196.1 146.2 106

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 3420.5 3866.0 4210.0 4946.0 5577.6 4529.8 5315.9 6169.4 6729.9 7611.8 108

109 Money market fund shares 18.8 22.9 23.0 27.0 46.0 69.7 76.9 69.8 79.5 114.5 109

110 Corporate equities 1674.6 1904.6 2039.1 2448.1 2811.3 1807.1 2476.7 2962.2 3035.3 3480.8 110

111 Mutual fund shares 146.1 195.8 242.0 316.8 374.3 255.6 364.1 513.8 735.6 959.2 111

112 Foreign direct investment in the United States 1581.0 1742.7 1906.0 2154.1 2345.9 2397.4 2398.2 2623.6 2879.5 3057.3 112

113 Other accounts receivable 951.7 1324.8 1370.7 1906.1 2274.2 1955.9 1896.2 2035.9 2065.6 2217.1 113

114 Trade receivables 50.1 49.0 56.9 62.8 83.6 90.1 96.7 116.4 134.2 145.6 114

115 Other (miscellaneous assets) 901.6 1275.8 1313.8 1843.3 2190.6 1865.9 1799.5 1919.5 1931.5 2071.5 115

116 Total liabilities and net worth 8851.6 10579.1 11599.4 14067.7 16037.6 15239.6 15806.9 17438.7 18953.8 20489.7 116

117 Total liabilities 6649.2 8212.3 9475.4 11651.2 13952.4 11592.7 13121.3 14710.8 14729.8 16123.2 117

118 SDR holdings 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 118

119 Currency and deposits 932.1 1021.9 1044.2 1131.5 1391.4 1004.4 898.5 891.9 855.6 823.2 119

120 Official foreign currencies 39.7 42.7 37.8 40.9 45.8 49.6 50.5 52.1 51.9 49.9 120

121 Reserve position in IMF (net) 22.5 19.5 8.0 5.0 4.2 7.7 11.4 12.5 22.8 22.6 121

122 U.S. private deposits 867.1 957.0 997.8 1085.0 1340.9 946.7 835.9 826.6 780.3 750.1 122

123 Nonofficial foreign currencies 2.8 2.8 0.6 0.6 0.5 0.5 0.7 0.8 0.7 0.7 123

124 Debt securities 1145.1 1330.3 1395.5 1757.8 2000.1 1579.3 1971.7 2129.9 2285.0 2513.7 124

125 Commercial paper 276.1 345.3 384.0 482.3 413.0 342.0 401.3 398.6 345.1 373.0 125

126 Bonds 868.9 985.0 1011.6 1275.5 1587.1 1237.3 1570.3 1731.3 1939.9 2140.7 126

127 Loans (short term) 108.2 108.5 118.4 124.8 150.2 683.3 128.9 137.3 267.6 207.2 127

128 Other loans and advances 42.2 38.6 34.0 26.6 23.4 21.6 21.9 22.1 23.5 32.8 128

129 Depository institution loans n.e.c. 66.1 69.9 84.4 98.3 102.8 107.9 96.8 115.1 144.3 165.5 129

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 24.0 553.7 10.3 0.1 99.8 8.9 131

132 Equity and investment fund shares 4207.0 5108.4 6039.8 7390.8 8958.6 6646.8 8247.7 9361.7 9385.7 10640.3 132

133 Corporate equities 2079.4 2560.4 3317.7 4329.0 5248.0 2748.4 3995.3 4900.2 4501.4 5390.5 133

134 U.S. government equity in IBRD, etc. 40.0 42.0 43.2 45.3 46.9 48.3 50.0 52.3 54.9 57.3 134

135 U.S. direct investment abroad 2054.5 2498.5 2651.7 2948.2 3553.1 3748.5 4077.4 4273.6 4663.1 5077.8 135

136 Investment by holding companies 33.1 7.5 27.1 68.4 110.6 101.5 125.1 135.6 166.3 114.7 136

137 Other accounts payable 244.1 629.6 869.3 1237.4 1442.6 1669.6 1816.7 2133.0 1880.8 1883.7 137

138 Trade payables 44.7 48.2 54.5 60.7 73.1 63.2 69.3 95.1 63.0 69.3 138

139 Other (miscellaneous liabilities) 199.4 581.4 814.8 1176.7 1369.5 1606.4 1747.3 2037.9 1817.8 1814.4 139

140 Net worth (external account) 2202.5 2366.8 2124.0 2416.5 2085.2 3646.9 2685.6 2728.0 4224.0 4366.5 140

(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