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S.1.a Total Economy - Current Account

Billions of dollars

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

 

 1 Gross value added 12283.5 13129.2 14073.2 14460.1 14619.2 14343.4 14915.2 15556.3 16372.3 16980.0 1

 (income approach)

 2 Less: Consumption of fixed capital 1831.7 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2450.6 2530.2 2627.2 2

 3 Equals: Net value added 10451.8 11147.2 11937.2 12195.8 12255.8 11975.0 12533.6 13105.6 13842.1 14352.7 3

 4 Compensation of employees (paid) 6748.8 7097.9 7513.7 7908.8 8090.0 7795.7 7969.5 8277.1 8614.9 8853.6 4

 5 Wages and salaries 5431.2 5703.1 6068.8 6405.7 6543.6 6260.1 6385.6 6641.2 6940.5 7133.6 5

 6 Employers’ social contributions 1317.6 1394.8 1444.9 1503.1 1546.4 1535.6 1583.9 1635.9 1674.4 1720.1 6

 7 Taxes on production and imports less subsidies 817.6 873.6 940.5 980.0 989.4 967.8 1001.2 1042.6 1074.0 1102.3 7

 8 Operating surplus, net 2885.5 3175.7 3483.0 3307.0 3176.5 3211.6 3562.8 3785.9 4153.2 4396.8 8

 9 Plus: Income receipts from the rest of the world 451.4 575.8 724.2 875.7 856.9 648.9 720.0 792.6 793.8 810.4 9

10 Less: Income payments to the rest of the world 362.3 483.2 656.6 750.1 684.9 497.8 514.1 546.0 566.5 586.1 10

11 Equals: Net national income/Balance of primary incomes, net 10540.9 11239.8 12004.8 12321.4 12427.8 12126.1 12739.5 13352.3 14069.5 14577.1 11

12 Operating surplus, net 2885.5 3175.7 3483.0 3307.0 3176.5 3211.6 3562.8 3785.9 4153.2 4396.8 12

13 Compensation of employees (received) 6739.5 7086.8 7502.3 7898.3 8078.3 7787.0 7961.4 8269.0 8606.5 8844.8 13

14 Wages and salaries 5421.9 5692.0 6057.4 6395.2 6531.9 6251.4 6377.5 6633.2 6932.1 7124.7 14

15 Employers’ social contributions 1317.6 1394.8 1444.9 1503.1 1546.4 1535.6 1583.9 1635.9 1674.4 1720.1 15

16 Taxes on production and imports, receivable 863.9 934.5 991.9 1034.6 1041.9 1026.1 1057.1 1102.6 1132.0 1162.4 16

17 Subsidies paid -46.4 -60.9 -51.5 -54.6 -52.6 -58.3 -55.9 -60.1 -58.0 -60.2 17

18 Property income (received) 4880.3 5624.9 6618.0 7291.8 6916.9 5815.3 5752.9 6011.3 6276.1 6425.3 18

19 Interest 2828.3 3420.9 4150.9 4706.7 4234.7 3464.1 3230.4 3233.2 3179.1 3098.0 19

20 Distributed income of corporations 1842.3 2164.3 2199.1 2300.9 2390.7 2072.0 2166.7 2410.7 2751.8 2935.3 20

21 Dividends 809.8 1109.8 1067.3 1234.4 1255.5 989.3 1007.3 1118.0 1324.8 1424.2 21

22 Withdrawals from income of quasi-corporations 1032.5 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1292.8 1427.0 1511.1 22

23 Reinvested earnings on U.S. direct investment abroad 192.5 20.4 247.8 261.4 265.6 260.9 336.6 345.7 322.7 370.2 23

24 Rents on land and natural resources 17.1 19.4 20.3 22.6 25.9 18.3 19.2 21.7 22.5 21.7 24

25 Less: Uses of property income (paid) 4781.9 5521.3 6539.1 7155.7 6733.1 5655.5 5538.8 5756.6 6040.3 6192.1 25

26 Interest 2935.0 3556.3 4328.1 4924.0 4457.7 3661.6 3411.5 3400.4 3345.1 3267.9 26

27 Distributed income of corporations 1779.9 1903.4 2121.2 2160.5 2210.1 1953.8 2045.3 2255.8 2574.9 2802.4 27

28 Dividends 747.5 848.9 989.4 1093.9 1075.0 871.2 885.9 963.1 1147.9 1291.3 28

29 Withdrawals from income of quasi-corporations 1032.5 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1292.8 1427.0 1511.1 29

30 Reinvested earnings on foreign direct investment 49.8 42.1 69.5 48.5 39.4 21.9 62.8 78.7 97.7 100.1 30

31 Rents on land and natural resources 17.1 19.4 20.3 22.6 25.9 18.3 19.2 21.7 22.5 21.7 31

32 Net national income/Balance of primary incomes, net 10540.9 11239.8 12004.8 12321.4 12427.8 12126.1 12739.5 13352.3 14069.5 14577.1 32

33 Plus: Current taxes on income, wealth, etc. (received) 1347.9 1616.5 1821.0 1923.9 1735.1 1405.8 1553.5 1766.9 1944.4 2121.1 33

34 Less: Current taxes on income, wealth, etc. (paid) 1352.1 1620.9 1825.5 1933.4 1744.3 1414.4 1562.0 1779.7 1958.5 2136.0 34

35 Plus: Social benefits (received) 2233.5 2364.3 2515.3 2658.3 2840.4 3070.9 3223.0 3179.9 3263.4 3482.1 35

36 Less: Social contributions (paid) 2239.7 2370.9 2523.2 2666.9 2851.1 3081.9 3234.6 3192.6 3276.9 3495.6 36

37 Plus: Other current transfers (received) 468.2 494.1 497.2 532.5 560.9 668.8 719.3 697.4 649.3 672.7 37

38 Less: Other current transfers (paid) 554.3 597.4 585.5 639.1 676.1 782.0 840.4 819.1 763.0 782.5 38

39 Equals: Disposable income, net 10444.5 11125.6 11904.1 12196.7 12292.8 11993.2 12598.3 13205.1 13928.2 14438.8 39

40 Less: Final consumption expenditures 10129.0 10774.2 11393.8 11960.2 12382.2 12289.0 12724.4 13220.2 13632.9 14031.9 40

41 Equals: Net saving 315.6 351.4 510.2 236.5 -89.5 -295.8 -126.1 -15.1 295.4 406.8 41

 Addendum:

42 Gross value added (line 1) 12283.5 13129.2 14073.2 14460.1 14619.2 14343.4 14915.2 15556.3 16372.3 16980.0 42

43 Plus statistical discrepancy (NIPA) -8.6 -35.5 -217.3 17.5 99.4 75.3 49.2 -38.3 -209.2 -211.9 43

44 Equals: GDP (NIPA, expenditure approach) 12274.9 13093.7 13855.9 14477.6 14718.6 14418.7 14964.4 15517.9 16163.1 16768.0 44
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S.2.a Selected Aggregates for Total Economy and Sectors 

Billions of dollars

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

 

 1 Gross value added 12283.5 13129.2 14073.2 14460.1 14619.2 14343.4 14915.2 15556.3 16372.3 16980.0 1

 2 Households and nonprofit institutions serving households 1510.9 1599.5 1689.4 1749.6 1855.3 1913.6 1928.8 1974.4 2023.9 2094.6 2

 3 Nonfinancial noncorporate business 2079.1 2218.8 2440.1 2513.9 2632.4 2466.4 2546.2 2751.6 2926.1 3055.2 3

 4 Nonfinancial corporate business 6107.9 6532.1 6988.0 7203.9 7256.8 6859.8 7238.7 7592.3 8030.3 8287.0 4

 5 Financial business 922.1 1034.3 1127.6 1068.8 851.9 1015.4 1042.8 1045.8 1178.3 1307.1 5

 6 Federal government 525.8 552.7 577.6 605.4 637.6 668.8 704.5 720.9 722.7 711.3 6

 7 State and local government 1137.7 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1471.4 1491.0 1524.8 7

 8 Net saving 315.6 351.4 510.2 236.5 -89.5 -295.8 -126.1 -15.1 295.4 406.8 8

 9 Households and nonprofit institutions serving households 410.0 237.9 329.5 310.3 542.2 672.0 628.0 711.1 896.2 608.1 9

10 Nonfinancial corporate business 312.7 411.7 386.5 313.1 296.7 381.0 603.5 584.2 563.7 571.3 10

11 Financial business 100.5 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 147.2 101.7 11

12 Federal government -399.2 -304.7 -227.0 -265.6 -634.0 -1248.8 -1328.7 -1244.1 -1079.1 -649.1 12

13 State and local government -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -232.6 -225.1 13

 Net capital transfers

14 Households and nonprofit institutions serving households 1.4 -21.9 16.6 6.8 7.7 -28.4 -20.6 2.0 -5.0 19.7 14

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

16 Nonfinancial corporate business -6.7 -15.5 -0.0 -0.0 -3.7 38.3 20.9 -6.4 -16.7 -5.7 16

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

18 Federal government 39.3 60.3 43.2 53.0 117.6 186.3 126.3 113.9 84.7 58.4 18

19 State and local government -48.0 -50.4 -57.8 -59.3 -63.2 -67.7 -76.7 -73.8 -74.2 -71.6 19

20 Rest of the world 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.5 -0.8 20

21 Gross fixed capital formation 2701.3 2981.2 3166.0 3201.5 3091.4 2672.7 2691.1 2836.0 3033.7 3170.2 21

22 Households and nonprofit institutions serving households 765.9 865.0 860.1 736.1 580.4 468.1 452.4 451.9 502.9 569.4 22

23 Nonfinancial noncorporate business 260.3 289.2 305.0 313.5 307.5 248.8 243.1 274.8 300.7 320.6 23

24 Nonfinancial corporate business 1010.1 1133.4 1259.9 1348.2 1372.7 1141.9 1181.0 1303.9 1420.5 1482.5 24

25 Financial business (nonresidential) 176.5 180.0 188.7 211.5 196.2 166.9 162.8 167.5 190.2 201.5 25

26 Federal government 211.0 222.9 238.0 251.4 275.8 284.0 300.0 297.4 287.8 268.5 26

27 State and local government 277.5 290.8 314.3 340.8 358.8 363.0 351.9 340.5 331.6 327.8 27

28 Consumption of fixed capital 1831.7 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2450.6 2530.2 2627.2 28

29 Households and nonprofit institutions serving households 323.4 362.1 396.2 413.7 414.6 403.3 400.5 398.2 404.5 427.1 29

30 Nonfinancial noncorporate business 196.4 214.4 232.6 245.6 254.5 253.0 251.8 265.0 271.7 281.7 30

31 Nonfinancial corporate business 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1139.2 1183.8 1229.8 31

32 Financial business (nonresidential) 139.3 148.9 156.8 165.4 173.9 177.4 176.7 168.6 174.1 182.2 32

33 Federal government 178.6 189.4 200.7 212.8 226.3 234.5 245.3 257.4 264.1 268.0 33

34 State and local government 143.8 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.8 238.4 34

35 Change in inventories 63.9 59.6 67.0 34.5 -32.0 -147.6 61.5 41.8 64.9 74.1 35

36 Nonfinancial noncorporate business 13.5 7.1 5.3 3.3 -2.3 -16.8 3.6 6.8 3.0 17.4 36

37 Nonfinancial corporate business 50.3 52.5 61.7 31.2 -29.7 -130.8 57.9 34.9 61.8 56.7 37

38 Net lending (+) or net borrowing (-) (capital account) -615.1 -694.5 -588.8 -735.0 -780.1 -453.2 -497.8 -443.8 -266.5 -211.1 38

39 Households and nonprofit institutions serving households -25.2 -234.0 -140.8 -7.7 379.7 645.2 605.2 663.3 810.5 454.0 39

40 Nonfinancial noncorporate business -72.4 -68.8 -77.7 -71.1 -47.5 27.0 12.8 -15.1 -27.1 -56.2 40

41 Nonfinancial corporate business 111.0 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 280.9 266.2 41

42 Financial business 47.1 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 121.5 82.5 42

43 Federal government -470.1 -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1185.6 -705.6 43

44 State and local government -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -266.9 -252.0 44

 Addendum:

45 Statistical discrepancy (NIPA) -8.6 -35.5 -217.3 17.5 99.4 75.3 49.2 -38.3 -209.2 -211.9 45

46 Rest of the world 623.7 730.0 806.1 717.5 680.7 377.8 448.6 482.1 475.7 423.0 46

47 Net lending (+) or net borrowing (-) (financial account) -413.2 -434.4 -637.7 -346.7 -1151.3 -526.9 -644.3 -908.7 -816.4 -261.2 47

48 Households and nonprofit institutions serving households 133.1 -296.1 -364.3 242.8 1080.4 599.6 896.8 1126.1 922.0 806.2 48

49 Nonfinancial noncorporate business -59.1 -54.0 -63.9 -57.0 -37.1 44.8 29.5 -15.1 -27.0 -56.2 49

50 Nonfinancial corporate business 165.0 -20.9 -139.0 -208.2 -947.7 548.5 145.2 -400.9 -478.9 -221.2 50

51 Financial business -17.8 336.8 244.1 126.0 -136.5 17.0 7.8 48.7 119.1 145.7 51

52 Federal government -474.1 -422.8 -310.4 -390.6 -789.0 -1298.2 -1414.9 -1352.4 -1117.2 -662.9 52

53 State and local government -160.3 22.6 -4.2 -59.7 -321.4 -438.5 -308.6 -315.2 -234.4 -272.8 53

 Addendum:

54 Rest of the world 452.1 698.5 529.8 151.5 765.2 28.0 268.2 416.7 446.6 371.9 54

 Total other volume changes

55 Households and nonprofit institutions serving households 1441.0 270.4 496.5 600.4 814.8 582.1 1198.1 456.9 535.1 782.1 55

56 Nonfinancial noncorporate business 68.0 -76.1 1.3 -48.7 -315.4 -96.6 178.0 -47.0 -10.1 -38.3 56

57 Nonfinancial corporate business 267.2 288.5 576.9 685.6 -740.1 173.6 383.7 -56.1 -180.2 259.8 57

58 Financial business -391.5 29.4 -433.3 -68.2 1252.4 -1079.1 -834.0 -104.0 -432.4 -1024.4 58

59 Federal government -28.2 -47.0 30.2 9.7 86.7 121.5 -32.0 46.4 41.3 27.3 59

60 State and local government -697.2 215.7 324.2 231.5 -974.6 358.9 36.5 -45.3 358.9 676.7 60

61 Rest of the world -179.0 -34.9 -145.3 -537.5 75.3 -335.3 -181.8 -69.6 -34.8 -45.4 61

 Holding gains/losses

62 Households and nonprofit institutions serving households 5073.1 5362.7 3685.4 -489.4 -11603.3 465.3 2368.3 47.1 4399.6 7984.1 62

63 Nonfinancial noncorporate business 1148.7 1178.2 429.7 132.5 -1133.9 -1146.2 446.7 525.6 663.5 980.7 63

64 Nonfinancial corporate business 56.5 87.2 -1389.5 -247.0 4188.1 -5022.8 -1374.3 385.1 -1388.3 -3773.1 64

65 Financial business 96.2 120.7 15.4 1328.2 487.6 442.0 127.8 238.6 -13.9 -61.3 65

66 Federal government 115.7 115.3 116.8 93.3 1.2 -157.9 18.5 36.4 37.0 59.0 66

67 State and local government 516.3 478.9 621.8 466.0 350.4 -71.7 197.3 394.7 246.1 264.2 67

68 Rest of the world -363.6 -708.1 -565.2 -761.7 1154.7 -900.5 -192.9 876.2 -288.5 294.6 68
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S.2.a Selected Aggregates for Total Economy and Sectors 

Billions of dollars

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

 

 Change in net worth

69 Households and nonprofit institutions serving households 6922.7 5892.9 4494.8 414.4 -10253.9 1747.8 4215.1 1213.2 5835.9 9354.6 69

70 Nonfinancial noncorporate business 1221.8 1115.0 429.9 83.6 -1446.3 -1237.8 632.3 479.4 658.4 942.2 70

71 Nonfinancial corporate business 643.1 802.9 -426.0 751.7 3748.3 -4506.5 -408.1 919.6 -988.2 -2936.3 71

72 Financial business -211.0 195.5 -357.2 1211.6 1671.1 -343.2 -456.3 316.7 -308.6 -983.9 72

73 Federal government -351.1 -296.8 -123.3 -215.6 -663.7 -1471.5 -1468.5 -1275.3 -1085.6 -621.3 73

74 State and local government -241.3 678.4 964.4 684.1 -726.1 83.0 73.2 207.3 446.6 787.4 74

75 Rest of the world 81.0 -13.0 95.6 -581.7 1910.8 -857.9 73.9 1288.7 152.3 672.2 75
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Z.1, December 11, 2014 141

S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

 

 Current account

 1 Gross value added 1510.9 1599.5 1689.4 1749.6 1855.3 1913.6 1928.8 1974.4 2023.9 2094.6 1

 2 Less: Consumption of fixed capital 323.4 362.1 396.2 413.7 414.6 403.3 400.5 398.2 404.5 427.1 2

 3 Equals: Net value added 1187.5 1237.5 1293.2 1335.9 1440.7 1510.3 1528.3 1576.1 1619.4 1667.5 3

 4 Compensation paid by households and NPISHs 545.6 563.4 590.9 616.8 658.2 686.6 696.4 723.9 752.0 776.1 4

 5 Wages and salaries 452.2 466.2 490.9 516.0 549.9 566.1 577.3 597.0 622.3 641.3 5

 6 Employers’ social contributions 93.4 97.1 100.0 100.8 108.3 120.5 119.1 126.9 129.7 134.8 6

 7 Taxes on production and imports less subsidies 114.7 120.7 130.8 135.1 143.2 152.4 152.8 154.9 156.6 157.2 7

 8 Operating surplus, net 527.2 553.4 571.5 584.0 639.3 671.3 679.1 697.2 710.7 734.2 8

 9 Net national income/Balance of primary incomes, net 9244.8 9733.1 10437.5 10936.7 11247.7 10643.4 10889.5 11566.0 12255.9 12617.9 9

10 Operating surplus, net 527.2 553.4 571.5 584.0 639.3 671.3 679.1 697.2 710.7 734.2 10

11 Compensation of employees (received) 6739.5 7086.8 7502.3 7898.3 8078.3 7787.0 7961.4 8269.0 8606.5 8844.8 11

12 Wages and salaries 5421.9 5692.0 6057.4 6395.2 6531.9 6251.4 6377.5 6633.2 6932.1 7124.7 12

13 Employers’ social contributions 1317.6 1394.8 1444.9 1503.1 1546.4 1535.6 1583.9 1635.9 1674.4 1720.1 13

14 Property income (received) 2537.5 2722.2 3071.6 3234.6 3303.6 2901.9 2900.2 3207.9 3516.9 3592.1 14

15 Interest 942.9 1089.4 1216.1 1351.5 1363.0 1265.5 1196.2 1232.9 1257.2 1256.5 15

16 Distributed income of corporations 1594.5 1632.8 1855.5 1883.1 1940.6 1636.4 1704.0 1975.0 2259.7 2335.6 16

17 Dividends 562.1 578.3 723.7 816.5 805.4 553.7 544.6 682.2 832.7 824.5 17

18 Withdrawals from income of quasi-corporations (1) 1032.5 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1292.8 1427.0 1511.1 18

19 Less: Uses of property income (interest paid) 559.5 629.3 707.9 780.2 773.5 716.8 651.2 608.2 578.2 553.2 19

20 Net national income/Balance of primary incomes, net 9244.8 9733.1 10437.5 10936.7 11247.7 10643.4 10889.5 11566.0 12255.9 12617.9 20

21 Less: Current taxes on income, wealth, etc. (paid) 1046.0 1208.5 1352.1 1487.9 1435.2 1144.9 1191.5 1400.6 1503.7 1661.8 21

22 Plus: Social benefits (received) 1399.9 1486.3 1588.2 1692.2 1847.3 2101.5 2234.0 2257.7 2307.6 2372.2 22

23 Less: Social contributions (paid) 829.2 873.3 922.6 961.4 988.2 964.4 984.1 917.8 951.2 1104.5 23

24 Plus: Other current transfers (received) 16.8 25.7 21.5 30.6 36.6 38.7 43.0 50.2 43.1 42.3 24

25 Less: Other current transfers (paid) 116.3 131.2 138.9 149.3 152.3 155.2 160.6 155.1 172.4 173.8 25

26 Equals: Disposable income, net 8670.0 9032.0 9633.5 10060.8 10555.9 10519.0 10830.2 11400.4 11979.3 12092.4 26

27 Less: Final consumption expenditures 8260.0 8794.1 9304.0 9750.5 10013.6 9847.0 10202.2 10689.3 11083.1 11484.3 27

28 Equals: Net saving 410.0 237.9 329.5 310.3 542.2 672.0 628.0 711.1 896.2 608.1 28

 Capital account

29 Net saving less capital transfers 408.6 259.8 313.0 303.5 534.6 700.4 648.6 709.1 901.2 588.4 29

30 Net saving 410.0 237.9 329.5 310.3 542.2 672.0 628.0 711.1 896.2 608.1 30

31 Less: Capital transfers paid (net) 1.4 -21.9 16.6 6.8 7.7 -28.4 -20.6 2.0 -5.0 19.7 31

32 Capital formation, net 433.8 493.8 453.8 311.2 154.9 55.2 43.4 45.8 90.7 134.4 32

33 Gross fixed capital formation, excluding consumer durables 765.9 865.0 860.1 736.1 580.4 468.1 452.4 451.9 502.9 569.4 33

34 Residential 643.8 738.9 722.7 582.3 425.3 321.0 318.3 321.1 368.0 433.4 34

35 Nonresidential (nonprofit organizations) 122.1 126.1 137.4 153.9 155.1 147.1 134.1 130.8 134.9 136.0 35

36 Less: Consumption of fixed capital 323.4 362.1 396.2 413.7 414.6 403.3 400.5 398.2 404.5 427.1 36

37 Acquisition of nonproduced nonfinancial assets -8.7 -9.1 -10.1 -11.2 -11.0 -9.7 -8.5 -7.8 -7.7 -7.9 37

38 Net lending (+) or borrowing (-), capital account (lines 29-32) -25.2 -234.0 -140.8 -7.7 379.7 645.2 605.2 663.3 810.5 454.0 38

 Financial account

39 Net lending (+) or borrowing (-) (line 38) -25.2 -234.0 -140.8 -7.7 379.7 645.2 605.2 663.3 810.5 454.0 39

40 Net acquisition of financial assets 1284.5 863.3 910.7 1205.1 1090.7 675.2 790.7 1059.6 1194.8 1042.4 40

41 Currency and deposits 405.1 369.7 452.7 426.1 420.0 199.7 206.3 690.0 591.9 398.1 41

42 Currency and transferable deposits -58.2 -113.9 -40.0 -75.3 176.8 101.0 38.9 328.5 182.6 190.4 42

43 Time and savings deposits 454.4 481.5 486.5 483.6 261.0 105.9 162.8 371.4 417.0 204.9 43

44 Foreign deposits 8.9 2.1 6.1 17.8 -17.8 -7.2 4.5 -9.9 -7.7 2.8 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 108.2 48.2 -97.1 478.9 577.5 83.8 -69.0 -220.8 -238.0 -530.1 46

47 Open market paper 6.4 14.7 19.0 -10.2 -101.3 16.7 -1.5 -1.8 -0.6 -3.8 47

48 Treasury securities -11.0 -121.3 -103.7 -37.9 146.1 533.1 320.4 -229.7 210.9 -191.8 48

49 Agency- and GSE-backed securities (2) 133.0 148.4 -23.3 339.6 239.9 -670.9 -9.9 -10.9 -136.4 -90.7 49

50 Municipal securities 118.5 77.8 34.7 37.9 47.3 107.1 43.6 -65.6 -143.8 -44.0 50

51 Corporate and foreign bonds -138.7 -71.4 -23.9 149.5 245.5 97.7 -421.6 87.2 -168.1 -199.8 51

52 Loans 127.4 -0.9 70.8 220.4 -159.2 -47.6 1.6 -5.1 16.8 46.1 52

53 Short term 117.0 -9.0 87.9 233.3 -160.4 -46.8 12.5 -5.9 30.7 56.9 53

54 Long term (mortgages) 10.4 8.1 -17.1 -12.9 1.1 -0.9 -10.9 0.7 -13.9 -10.9 54
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55 Equity and investment fund shares -80.3 -224.4 -213.8 -625.2 -413.6 -17.1 44.9 -46.2 359.2 561.6 55

56 Corporate equities -274.8 -412.6 -608.2 -1065.5 -321.2 -19.0 -220.9 -308.8 -241.4 -55.2 56

57 Mutual fund shares 180.1 196.6 182.0 247.7 -20.9 375.6 281.0 334.4 607.0 638.0 57

58 Money market fund shares -56.2 44.4 218.0 239.3 234.5 -267.3 -183.0 -15.2 -4.8 25.4 58

59 Equity in noncorporate business 70.5 -52.8 -5.5 -46.7 -306.1 -107.6 163.8 -57.3 -1.7 -46.6 59

60 Equity investment under Public-Private Inv. Program (3) 0.0 0.0 0.0 0.0 0.0 1.2 4.0 0.7 0.0 0.0 60

61 Insurance, pension and standardized guarantee schemes 724.1 670.8 698.1 704.9 666.0 456.5 607.0 641.8 464.9 566.8 61

62 Insurance receivables due from property-casualty insurance companies 23.6 25.6 4.6 6.7 11.0 8.7 -35.2 36.7 -17.7 39.7 62

63 Life insurance reserves 33.1 15.1 57.8 18.2 59.9 24.6 6.2 73.5 -26.6 19.2 63

64 Pension entitlements (4) 638.6 597.7 603.0 620.6 551.0 398.2 596.4 498.3 497.6 495.3 64

65 Non-life insurance reserves at life insurance companies 11.4 9.5 14.8 15.5 17.6 8.4 17.1 14.8 -1.8 0.4 65

66 Retiree Health Care Funds 17.4 23.0 18.1 43.9 26.5 16.6 22.5 18.5 13.3 12.2 66

67 Net incurrence of liabilities 1151.3 1159.4 1275.1 962.3 10.3 75.6 -106.0 -66.5 272.8 236.2 67

68 Debt securities (municipals) 14.7 15.1 16.4 21.1 9.3 5.9 -2.2 -7.8 -14.5 -13.1 68

69 Loans 1118.6 1130.3 1244.6 925.5 -24.3 33.2 -77.1 -59.5 282.7 245.4 69

70 Short term 179.0 69.2 229.1 178.8 -114.9 -36.6 102.4 16.2 346.6 241.8 70

71 Consumer credit 117.2 100.4 120.5 151.3 34.9 -103.6 -25.3 108.5 169.7 174.3 71

72 Depository institution loans n.e.c. -20.0 0.3 44.2 -9.1 4.6 28.3 50.1 -54.9 110.8 30.0 72

73 Other loans and advances 0.3 0.0 4.8 3.2 6.2 0.5 2.4 1.9 1.2 2.0 73

74 Security credit 81.5 -31.6 59.7 33.4 -160.7 38.1 75.2 -39.3 64.9 35.4 74

75 Long term (mortgages) 939.7 1061.1 1015.4 746.8 90.6 69.8 -179.5 -75.7 -64.0 3.6 75

76 Insurance, pension and standardized guarantee schemes 1.6 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 3.0 76

77 Other accounts payable (trade debt) 16.5 13.0 13.6 14.6 22.2 41.4 -29.4 1.2 4.0 1.0 77

 Addendum:

78 Net lending (+) or borrowing (-), financial account (lines 40-67) 133.1 -296.1 -364.3 242.8 1080.4 599.6 896.8 1126.1 922.0 806.2 78

 Other changes in volume account

79 Total other volume changes 1441.0 270.4 496.5 600.4 814.8 582.1 1198.1 456.9 535.1 782.1 79

80 Net investment in consumer durable goods 254.8 252.4 239.6 231.1 134.6 50.3 86.9 119.0 158.4 194.3 80

81 Disaster losses -12.0 -50.4 0.0 0.0 -8.3 0.0 0.0 0.0 -20.9 0.0 81

82 Other volume changes 1039.9 130.5 480.4 118.7 -12.1 577.5 819.7 -124.8 286.1 235.6 82

83 Less: Statistical discrepancy (lines 38-78) (5) -158.3 62.1 223.5 -250.5 -700.7 45.6 -291.6 -462.8 -111.5 -352.2 83

 Revaluation account

84 Nonfinancial assets 2400.9 2827.8 267.7 -1861.5 -3676.5 -1194.4 -482.2 -130.3 1476.8 2273.7 84

85 Real estate 2438.5 2874.5 316.0 -1802.5 -3642.0 -1146.9 -391.0 -152.7 1515.7 2364.8 85

86 Consumer durable goods -34.5 -44.1 -46.9 -55.6 -32.0 -40.8 -88.3 17.7 -41.5 -92.2 86

87 Equipment -2.0 -2.6 -0.6 -3.1 -1.3 -4.7 -2.4 2.5 -0.1 -0.3 87

88 Intellectual property products -1.1 -0.1 -0.8 -0.3 -1.2 -2.0 -0.4 2.2 2.8 1.4 88

89 Financial assets 2672.1 2535.0 3417.7 1372.1 -7926.8 1659.6 2850.5 177.5 2922.7 5710.4 89

90 Corporate equities 967.4 1031.9 2209.5 851.2 -3830.5 1514.2 1645.4 55.9 1389.4 2889.4 90

91 Mutual fund shares 316.4 38.7 334.8 269.4 -1311.2 465.4 254.9 -268.6 326.6 803.1 91

92 Equity in noncorporate business 1156.2 1192.8 433.3 131.6 -1144.4 -1137.7 454.6 525.2 667.2 984.7 92

93 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.0 -0.3 -1.0 -0.2 -0.1 0.0 93

94 Insurance, pension and standardized guarantee schemes 232.2 271.6 440.1 119.8 -1640.6 817.9 496.7 -134.8 539.7 1033.1 94

95 Changes in net worth due to nominal holding gains/losses 5073.1 5362.7 3685.4 -489.4 -11603.3 465.3 2368.3 47.1 4399.6 7984.1 95

 Changes in balance sheet account

96 Change in net worth (lines 32+38+79+95) 6922.7 5892.9 4494.8 414.4 -10253.9 1747.8 4215.1 1213.2 5835.9 9354.6 96

 Balance sheet account (end of period)

97 Total assets 66955.3 74006.6 79800.6 81149.2 70779.4 72310.5 76244.6 77250.1 83156.7 92659.7 97

98 Nonfinancial assets 25006.6 28531.8 29494.1 28175.6 24780.9 23693.0 23338.9 23371.1 25073.7 27673.6 98

99 Real estate 20842.2 24138.4 24884.8 23366.2 19846.6 18736.5 18370.4 18245.5 19816.1 22300.3 99

100 Consumer durable goods 3899.5 4107.8 4300.5 4476.0 4578.6 4588.1 4586.7 4723.3 4840.1 4942.2 100

101 Equipment 189.4 206.1 226.0 245.8 264.0 271.9 280.1 293.0 299.7 306.9 101

102 Intellectual property products 75.5 79.5 82.8 87.6 91.6 96.4 101.8 109.4 117.7 124.1 102
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103 Financial assets 41948.8 45474.8 50306.4 52973.6 45998.6 48617.5 52905.7 53879.0 58083.0 64986.2 103

104 Currency and deposits 4944.8 5314.8 5793.7 6214.7 6599.7 6784.9 6941.8 7631.7 8165.1 8563.9 104

105 Currency and transferable deposits 399.8 285.9 239.7 153.3 295.2 396.1 423.7 752.2 921.1 1111.6 105

106 Foreign deposits 61.8 63.8 69.9 87.7 69.9 62.7 67.3 57.4 49.7 52.5 106

107 Time and savings deposits 4483.2 4965.0 5484.1 5973.6 6234.6 6326.0 6450.8 6822.2 7194.2 7399.9 107

108 Postal savings system deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 108

109 Debt securities 3145.2 3311.4 3256.5 3782.4 4230.6 4611.0 4717.0 4184.5 4004.8 3691.5 109

110 Open market paper 83.7 98.4 117.5 107.3 6.0 22.7 21.1 19.4 18.8 15.0 110

111 Treasury securities 472.7 425.7 325.8 202.9 184.1 854.1 1126.5 706.6 928.1 944.1 111

112 Agency- and GSE-backed securities (2) 443.7 587.4 613.4 874.0 1056.6 357.4 335.5 300.7 153.5 102.5 112

113 Municipal securities 1522.9 1600.6 1635.7 1673.5 1720.8 1827.9 1871.5 1805.9 1662.1 1618.2 113

114 Corporate and foreign bonds 622.2 599.3 564.1 924.6 1263.2 1549.0 1362.3 1352.0 1242.3 1011.7 114

115 Loans 773.8 772.9 912.5 1132.9 973.6 928.3 929.9 924.7 930.5 976.5 115

116 Short term 641.1 632.1 788.9 1022.1 861.8 817.4 829.8 824.0 843.6 900.5 116

117 Long term (mortgages) 132.6 140.8 123.6 110.7 111.8 110.9 100.1 100.8 86.9 76.0 117

118 Equity and investment fund shares 18899.8 20914.2 24158.8 24787.4 18089.9 18926.0 21339.7 21616.9 24467.4 29710.8 118

119 Corporate equities 7406.7 8026.0 10126.8 9912.5 5760.8 7256.0 8680.5 8475.1 9623.1 12457.3 119

120 Mutual fund shares 3287.1 3522.4 4074.5 4591.5 3259.4 4100.5 4636.3 4658.2 5701.8 7142.9 120

121 Money market fund shares 898.3 942.7 1106.6 1345.9 1580.5 1313.1 1130.1 1114.9 1110.1 1135.4 121

122 Equity in noncorporate business 7307.7 8423.1 8851.0 8937.5 7489.2 6255.5 6889.0 7364.3 8028.1 8970.7 122

123 Equity investment under Public-Private Inv. Program (3) 0.0 0.0 0.0 0.0 0.0 0.9 3.8 4.4 4.4 4.4 123

124 Insurance, pension and standardized guarantee schemes 14185.2 15161.5 16185.0 17056.2 16104.7 17367.4 18977.3 19521.2 20515.2 22043.5 124

125 Insurance receivables due from property-casualty insurance companies 290.4 316.0 320.5 327.3 337.3 346.0 310.8 347.5 329.8 369.5 125

126 Life insurance reserves 1060.4 1082.6 1055.2 1076.8 1049.8 1109.2 1137.2 1199.0 1186.1 1232.8 126

127 Pension entitlements (4) 12571.1 13470.3 14483.7 15267.2 14288.6 15458.1 17035.7 17447.7 18460.8 19890.1 127

128 Non-life insurance reserves at life insurance companies 211.0 217.3 232.1 247.6 265.2 273.6 290.7 305.5 303.7 304.2 128

129 Retiree Health Care Funds 52.4 75.4 93.5 137.3 163.8 180.4 202.9 221.4 234.8 246.9 129

130 Total liabilities and net worth 66955.3 74006.6 79800.6 81149.2 70779.4 72310.5 76244.6 77250.1 83156.7 92659.7 130

131 Liabilities 11004.1 12162.4 13461.5 14395.8 14279.9 14063.2 13782.2 13574.5 13645.1 13793.6 131

132 Debt securities (municipals) 197.6 212.7 229.1 250.2 259.5 265.4 263.2 255.5 241.0 227.8 132

133 Loans 10610.8 11741.1 13009.7 13907.2 13756.6 13497.5 13245.5 13044.7 13125.2 13282.8 133

134 Short term 2586.3 2655.5 2908.7 3090.1 2975.1 2873.6 3122.8 3144.4 3429.3 3671.1 134

135 Consumer credit 2220.1 2320.6 2461.9 2615.7 2650.6 2552.8 2647.4 2755.9 2923.6 3097.9 135

136 Depository institution loans n.e.c. -16.8 -16.5 30.9 21.8 26.4 -15.9 61.0 11.5 62.6 92.7 136

137 Other loans and advances 119.0 119.0 123.8 127.0 133.2 133.7 136.1 138.1 139.3 141.3 137

138 Security credit 264.0 232.4 292.1 325.5 164.8 203.0 278.2 238.9 303.7 339.2 138

139 Long term (mortgages) 8024.5 9085.5 10101.0 10817.1 10781.5 10623.9 10122.7 9900.3 9695.9 9611.7 139

140 Insurance, pension and standardized guarantee schemes 22.5 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 27.9 140

141 Other accounts payable (trade debt) 173.3 186.3 199.9 214.5 236.7 278.2 248.8 250.0 254.0 255.0 141

142 Net worth 55951.3 61844.2 66339.0 66753.5 56499.6 58247.3 62462.4 63675.6 69511.6 78866.2 142

(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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 Current account

 1 Gross value added 2079.1 2218.8 2440.1 2513.9 2632.4 2466.4 2546.2 2751.6 2926.1 3055.2 1

 2 Less: Consumption of fixed capital 196.4 214.4 232.6 245.6 254.5 253.0 251.8 265.0 271.7 281.7 2

 3 Equals: Net value added 1882.7 2004.4 2207.5 2268.3 2378.0 2213.4 2294.4 2486.6 2654.4 2773.5 3

 4 Compensation of employees (paid) 599.1 664.7 747.4 827.5 843.4 805.4 816.6 845.9 895.8 926.6 4

 5 Wages and salaries 503.5 557.9 631.2 701.8 712.1 675.0 684.6 713.1 756.0 781.4 5

 6 Employers’ social contributions 95.6 106.8 116.3 125.7 131.3 130.4 131.9 132.8 139.9 145.2 6

 7 Taxes on production and imports less subsidies 125.4 130.2 147.0 157.6 157.9 145.4 150.7 158.7 163.9 167.1 7

 8 Operating surplus, net 1158.3 1209.4 1313.0 1283.2 1376.7 1262.6 1327.1 1482.0 1594.6 1679.9 8

 9 Net national income/Balance of primary incomes, net 20.1 21.8 22.7 19.8 15.0 21.0 23.0 25.5 26.5 24.8 9

10 Operating surplus, net 1158.3 1209.4 1313.0 1283.2 1376.7 1262.6 1327.1 1482.0 1594.6 1679.9 10

11 Property income (interest received) 17.3 18.1 19.1 17.7 13.6 9.4 8.4 9.1 10.6 9.4 11

12 Less: Uses of property income (paid) 1155.5 1205.7 1309.5 1281.1 1375.3 1251.0 1312.5 1465.5 1578.7 1664.5 12

13 Interest 170.3 198.8 227.6 254.2 263.1 242.7 237.9 226.9 225.7 231.7 13

14 Withdrawals from income of quasi-corporations (1) 985.1 1006.8 1081.8 1026.8 1112.2 1008.3 1074.5 1238.4 1352.8 1432.6 14

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

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

17 Net national income/Balance of primary incomes, net 20.1 21.8 22.7 19.8 15.0 21.0 23.0 25.5 26.5 24.8 17

18 Less: Other current transfers (paid) 20.1 21.8 22.7 19.8 15.0 21.0 23.0 25.5 26.5 24.8 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 5.0 13.1 0.0 0.0 3.3 6.0 7.8 1.6 4.9 0.0 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) -5.0 -13.1 0.0 0.0 -3.3 -6.0 -7.8 -1.6 -4.9 -0.0 23

24 Capital formation, net 77.4 81.9 77.7 71.1 50.8 -21.0 -5.1 16.7 32.0 56.3 24

25 Gross fixed capital formation 260.3 289.2 305.0 313.5 307.5 248.8 243.1 274.8 300.7 320.6 25

26 Nonresidential 162.2 180.5 198.9 215.0 223.8 182.9 184.9 214.6 231.8 240.7 26

27 Residential 98.1 108.7 106.2 98.5 83.7 65.8 58.3 60.2 68.9 79.9 27

28 Less: Consumption of fixed capital 196.4 214.4 232.6 245.6 254.5 253.0 251.8 265.0 271.7 281.7 28

29 Change in private inventories 13.5 7.1 5.3 3.3 -2.3 -16.8 3.6 6.8 3.0 17.4 29

30 Net lending (+) or borrowing (-), capital account (lines 21-24) -72.4 -68.8 -77.7 -71.1 -47.5 27.0 12.8 -15.1 -27.1 -56.2 30

 Financial account

31 Net lending (+) or borrowing (-) (line 30) -72.4 -68.8 -77.7 -71.1 -47.5 27.0 12.8 -15.1 -27.1 -56.2 31

32 Net acquisition of financial assets 370.8 437.3 519.9 479.5 97.3 -117.1 152.0 16.6 74.5 37.1 32

33 Currency and deposits 93.7 100.2 95.0 81.8 2.5 10.1 0.2 1.5 20.0 4.3 33

34 Currency and transferable deposits 106.9 76.7 74.7 66.9 3.8 14.9 -2.7 -2.4 15.0 -3.4 34

35 Time and savings deposits -13.2 23.5 20.3 14.9 -1.2 -4.8 2.9 3.9 5.0 7.8 35

36 Debt securities 7.0 6.1 1.5 2.5 -7.9 -5.5 2.5 0.6 0.8 1.2 36

37 Treasury securities 5.3 6.0 0.2 3.0 -7.5 -5.7 1.9 0.5 0.7 1.0 37

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

39 Loans 4.6 5.3 -1.5 7.4 -3.0 -1.2 4.2 0.5 0.6 0.9 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) 4.6 5.3 -1.5 7.4 -3.0 -1.2 4.2 0.5 0.6 0.9 41

42 Equity and investment fund shares 3.0 2.4 3.3 2.9 2.2 -1.7 3.5 1.1 1.2 2.3 42

43 Money market mutual fund shares 2.9 2.4 3.2 2.2 1.0 -1.7 3.1 0.8 1.1 1.7 43

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

45 Insurance, pension and standardized guarantee schemes (3) 4.6 5.5 4.4 3.7 3.4 -9.8 29.9 -11.6 15.9 -27.4 45

46 Other accounts receivable 258.1 317.8 417.2 381.1 100.0 -109.0 111.8 24.6 36.1 55.8 46

47 Trade receivables 26.6 66.6 40.0 54.7 -3.0 -26.3 37.0 5.8 7.5 11.6 47

48 Other (miscellaneous assets) 231.4 251.2 377.2 326.4 102.9 -82.7 74.7 18.8 28.6 44.2 48

49 Net incurrence of liabilities 430.0 491.3 583.8 536.5 134.4 -161.8 122.4 31.7 101.6 93.4 49

50 Loans 254.7 341.8 415.4 463.2 325.5 -97.1 -19.4 42.7 88.4 119.2 50

51 Short term 34.1 164.3 132.1 154.5 131.8 -107.3 -12.1 57.3 95.0 55.7 51

52 Depository institution loans n.e.c. 33.0 157.9 115.3 140.9 119.6 -102.0 -16.8 56.7 85.7 49.5 52

53 Other loans and advances 1.2 6.4 16.8 13.7 12.3 -5.3 4.7 0.6 9.3 6.2 53

54 Long term (mortgages) 220.6 177.5 283.3 308.7 193.7 10.2 -7.4 -14.6 -6.6 63.5 54
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55 Equity and investment fund shares 74.4 -51.5 0.4 -50.5 -317.9 -108.0 163.3 -54.5 -7.8 -42.2 55

56 Equity in noncorporate business 74.6 -51.6 1.3 -50.3 -317.7 -108.1 163.0 -54.5 -8.4 -42.7 56

57 Foreign direct investment in the United States -0.2 0.1 -0.9 -0.2 -0.2 0.1 0.3 0.0 0.6 0.5 57

58 Other accounts payable 100.8 201.0 168.0 123.7 126.8 43.3 -21.4 43.4 20.9 16.4 58

59 Trade payables 23.7 49.7 14.3 26.0 5.8 16.9 30.3 7.9 1.2 7.5 59

60 Taxes payable 8.4 8.7 9.0 3.8 6.7 -6.3 -0.7 1.2 2.0 3.2 60

61 Other (miscellaneous liabilities) 68.8 142.7 144.6 93.9 114.3 32.6 -50.9 34.4 17.6 5.8 61

 Addendum:

62 Net lending (+) or borrowing (-), financial account (lines 32-49) -59.1 -54.0 -63.9 -57.0 -37.1 44.8 29.5 -15.1 -27.0 -56.2 62

 Other changes in volume account

63 Total other volume changes 68.0 -76.1 1.3 -48.7 -315.4 -96.6 178.0 -47.0 -10.1 -38.3 63

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

65 Other volume changes 74.6 -51.6 1.3 -48.7 -311.0 -96.6 178.0 -47.0 -1.5 -38.3 65

 Revaluation account

66 Nonfinancial assets 1148.7 1178.2 429.7 132.5 -1133.9 -1146.2 446.7 525.6 663.5 980.7 66

67 Real estate 1123.1 1142.8 393.7 78.5 -1169.5 -1172.1 387.3 479.2 646.6 992.3 67

68 Residential 665.0 801.3 62.9 -367.9 -807.6 -470.4 156.0 204.3 389.2 522.1 68

69 Nonresidential 458.2 341.5 330.8 446.4 -361.8 -701.7 231.2 274.9 257.4 470.2 69

70 Equipment 23.9 22.8 28.4 24.2 34.6 18.7 21.6 16.5 8.8 4.3 70

71 Residential -0.5 1.1 0.7 -0.5 0.1 -2.7 -2.3 1.0 -0.4 -2.1 71

72 Nonresidential 24.3 21.8 27.7 24.7 34.4 21.4 23.9 15.6 9.1 6.4 72

73 Intellectual property products 5.1 7.5 8.5 8.6 6.4 7.5 7.2 2.3 4.0 2.6 73

74 Inventories -3.4 5.0 -0.9 21.2 -5.4 -0.3 30.7 27.6 4.1 -18.5 74

75 Liabilities (direct investment in the U.S.) -0.0 0.2 1.2 0.2 0.3 1.0 0.2 0.8 -0.1 0.2 75

76 Changes in net worth due to nominal holding gains/losses 1148.7 1178.0 428.6 132.3 -1134.2 -1147.2 446.5 524.8 663.6 980.5 76

 Changes in balance sheet account

77 Change in net worth (lines 24+30+63+76) 1221.8 1115.0 429.9 83.6 -1446.3 -1237.8 632.3 479.4 658.4 942.2 77

 Balance sheet account (end of period)

78 Total assets 10933.8 12591.9 13605.4 14274.4 13273.8 11971.7 12548.6 13107.5 13868.9 14942.9 78

79 Nonfinancial assets 8774.3 9995.1 10488.7 10678.3 9580.4 8395.4 8820.4 9362.6 10049.5 11086.4 79

80 Real estate 7896.7 9054.6 9485.9 9601.5 8462.5 7293.3 7664.5 8133.9 8781.4 9789.3 80

81 Residential (4) 5000.9 5817.4 5908.4 5558.9 4752.1 4271.7 4410.7 4600.5 4976.1 5499.9 81

82 Nonresidential 2895.8 3237.2 3577.4 4042.6 3710.4 3021.6 3253.7 3533.4 3805.3 4289.3 82

83 Equipment 536.0 574.4 620.5 659.4 699.6 696.3 709.2 740.7 763.2 784.9 83

84 Residential 38.5 41.7 44.4 45.5 46.6 44.0 42.2 43.9 44.3 43.3 84

85 Nonresidential 497.5 532.7 576.1 613.9 653.0 652.4 667.0 696.8 718.9 741.5 85

86 Intellectual property products 135.3 147.6 159.5 170.1 178.6 183.2 189.9 196.6 206.4 214.9 86

87 Inventories 206.3 218.4 222.8 247.3 239.6 222.5 256.9 291.3 298.5 297.3 87

88 Financial assets 2159.5 2596.8 3116.6 3596.1 3693.4 3576.3 3728.3 3744.9 3819.4 3856.5 88

89 Currency and deposits 598.1 698.3 793.2 875.0 877.6 887.7 887.9 889.4 909.4 913.7 89

90 Currency and transferable deposits 297.5 374.2 448.8 515.7 519.5 534.4 531.6 529.3 544.2 540.8 90

91 Time and savings deposits 300.6 324.1 344.4 359.3 358.1 353.3 356.2 360.1 365.2 372.9 91

92 Debt securities 54.5 60.6 62.1 64.6 56.7 51.2 53.7 54.3 55.0 56.2 92

93 Treasury securities 50.2 56.2 56.3 59.3 51.8 46.1 48.1 48.6 49.3 50.3 93

94 Municipal securities 4.3 4.4 5.8 5.3 4.9 5.1 5.6 5.7 5.8 5.9 94

95 Loans 30.8 36.2 34.6 42.1 39.1 37.9 42.1 42.5 43.1 44.0 95

96 Short term (consumer credit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 96

97 Long term (mortgages) 30.8 36.2 34.6 42.1 39.1 37.9 42.1 42.5 43.1 44.0 97

98 Equity and investment fund shares 70.8 73.1 76.5 79.3 81.7 80.1 83.5 84.7 85.9 88.2 98

99 Money market mutual fund shares 66.5 69.0 72.2 74.3 75.4 73.7 76.8 77.7 78.7 80.4 99

100 Equity in government-sponsored enterprises (2) 4.2 4.1 4.3 5.0 6.4 6.3 6.7 7.0 7.2 7.8 100

101 Insurance, pension and standardized guarantee schemes (3) 93.8 99.3 103.7 107.4 111.6 101.8 131.7 120.1 135.9 108.5 101

102 Other accounts receivable 1311.5 1629.3 2046.5 2427.6 2526.6 2417.6 2529.4 2553.9 2590.1 2645.9 102

103 Trade receivables 364.3 430.9 470.9 525.6 522.7 496.3 533.4 539.2 546.7 558.3 103

104 Other (miscellaneous assets) 947.1 1198.4 1575.6 1902.0 2003.9 1921.3 1996.0 2014.8 2043.3 2087.5 104
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

 

105 Total liabilities and net worth 10933.8 12591.9 13605.4 14274.4 13273.8 11971.7 12548.6 13107.5 13868.9 14942.9 105

106 Liabilities 3637.4 4180.5 4764.1 5349.5 5795.2 5731.0 5675.6 5755.0 5858.0 5989.8 106

107 Loans 2556.2 2898.0 3313.4 3775.1 4094.0 3985.4 3950.9 3986.1 4070.1 4184.9 107

108 Short term 640.9 805.2 937.3 1091.8 1223.7 1116.4 1098.2 1155.5 1252.9 1308.6 108

109 Depository institution loans n.e.c. 512.6 670.5 785.8 926.7 1046.2 944.2 927.4 984.2 1072.2 1121.8 109

110 Other loans and advances 128.3 134.6 151.5 165.2 177.4 172.1 170.8 171.3 180.7 186.9 110

111 Long term (mortgages) 1915.3 2092.9 2376.1 2683.3 2870.3 2869.0 2852.7 2830.6 2817.2 2876.2 111

112 Equity and investment fund shares (direct investment in the U.S.) 3.0 3.3 3.6 3.6 3.7 4.8 5.3 6.1 6.6 7.3 112

113 Other accounts payable 1078.1 1279.1 1447.1 1570.8 1697.6 1740.8 1719.4 1762.9 1781.3 1797.7 113

114 Trade payables 284.9 334.5 348.9 374.9 380.7 397.6 427.8 435.7 434.5 442.0 114

115 Taxes payable 78.0 86.7 95.7 99.5 106.2 99.9 99.2 100.3 102.4 105.5 115

116 Other (miscellaneous liabilities) 715.2 857.9 1002.5 1096.4 1210.7 1243.3 1192.4 1226.8 1244.4 1250.2 116

117 Net worth 7296.5 8411.4 8841.3 8924.9 7478.6 6240.7 6873.1 7352.5 8010.9 8953.1 117

Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Financial Accounts of the United States.

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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 Current account

 1 Gross value added 6107.9 6532.1 6988.0 7203.9 7256.8 6859.8 7238.7 7592.3 8030.3 8287.0 1

 2 Less: Consumption of fixed capital 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1139.2 1183.8 1229.8 2

 3 Equals: Net value added 5257.7 5622.2 6008.7 6163.6 6162.8 5767.8 6144.2 6453.1 6846.5 7057.2 3

 4 Compensation of employees (paid) 3762.8 3930.3 4129.3 4305.3 4358.0 4088.4 4158.7 4363.4 4592.9 4749.4 4

 5 Wages and salaries 3099.9 3238.0 3420.9 3572.1 3619.5 3377.5 3446.1 3622.9 3826.5 3956.0 5

 6 Employers’ social contributions 662.9 692.3 708.5 733.3 738.5 710.9 712.6 740.4 766.4 793.3 6

 7 Taxes on production and imports less subsidies 530.9 573.2 610.1 632.5 632.7 605.9 633.0 670.6 692.2 715.2 7

 8 Operating surplus, net 964.1 1118.7 1269.3 1225.8 1172.2 1073.5 1352.5 1419.1 1561.3 1592.6 8

 9 Net national income/Balance of primary incomes, net 561.7 757.8 764.6 669.1 574.5 630.6 907.3 903.4 927.5 985.7 9

10 Operating surplus, net 964.1 1118.7 1269.3 1225.8 1172.2 1073.5 1352.5 1419.1 1561.3 1592.6 10

11 Property income (received) 480.6 614.6 644.1 687.4 626.9 563.8 580.3 549.6 534.8 563.0 11

12 Interest 251.9 296.9 357.6 379.4 302.8 214.6 177.5 176.3 163.7 166.3 12

13 Distributed income of corporations (dividends) 66.3 300.3 79.7 92.3 108.0 139.0 134.4 94.8 106.3 91.9 13

14 Reinvested earnings on U.S. direct investment abroad 162.4 17.4 206.9 215.7 216.1 210.2 268.3 278.5 264.8 304.7 14

15 Less: Uses of property income (paid) 883.0 975.6 1148.8 1244.1 1224.6 1006.8 1025.4 1065.3 1168.6 1169.9 15

16 Interest 394.6 451.0 521.1 605.7 584.5 480.0 444.5 444.3 440.6 438.4 16

17 Distributed income of corporations (dividends) 430.8 471.1 550.8 576.9 582.2 490.4 509.9 535.8 626.9 628.8 17

18 Reinvested earnings on foreign direct investment 40.5 34.0 56.6 38.9 32.1 18.1 51.8 63.5 78.6 81.0 18

19 Rent 17.1 19.4 20.3 22.6 25.9 18.2 19.2 21.7 22.5 21.7 19

20 Net national income/Balance of primary incomes, net 561.7 757.8 764.6 669.1 574.5 630.6 907.3 903.4 927.5 985.7 20

21 Less: Current taxes on income, wealth, etc. (paid) 187.0 271.9 307.7 293.8 227.4 177.8 220.6 228.8 271.4 329.3 21

22 Less: Other current transfers (paid) 62.0 74.2 70.4 62.2 50.3 71.8 83.3 90.4 92.4 85.0 22

23 Equals: Disposable income, net 312.7 411.7 386.5 313.1 296.7 381.0 603.5 584.2 563.7 571.3 23

24 Equals: Net saving 312.7 411.7 386.5 313.1 296.7 381.0 603.5 584.2 563.7 571.3 24

 Capital account

25 Net saving less capital transfers 319.3 427.2 386.5 313.1 300.4 342.7 582.5 590.6 580.4 577.0 25

26 Net saving 312.7 411.7 386.5 313.1 296.7 381.0 603.5 584.2 563.7 571.3 26

27 Less: Capital transfers paid (net) -6.7 -15.5 -0.0 -0.0 -3.7 38.3 20.9 -6.4 -16.7 -5.7 27

28 Capital formation, net 208.4 277.0 355.8 339.5 266.6 -74.6 143.3 199.1 299.5 310.7 28

 Gross fixed capital formation (acquisition of

29 produced nonfinancial assets) 1010.1 1133.4 1259.9 1348.2 1372.7 1141.9 1181.0 1303.9 1420.5 1482.5 29

30 Less: Consumption of fixed capital 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1139.2 1183.8 1229.8 30

31 Acquisition of nonproduced nonfinancial assets -1.8 1.0 13.6 0.4 17.6 6.3 -1.1 -0.5 0.9 1.3 31

32 Change in private inventories 50.3 52.5 61.7 31.2 -29.7 -130.8 57.9 34.9 61.8 56.7 32

33 Net lending (+) or borrowing (-), capital account (lines 25-28) 111.0 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 280.9 266.2 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) 111.0 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 280.9 266.2 34

35 Net acquisition of financial assets 779.1 944.5 700.1 1072.8 -608.8 299.8 632.7 493.4 506.2 897.9 35

36 Currency and deposits 56.2 120.6 -84.8 -62.4 -214.0 254.5 148.6 37.1 27.0 123.0 36

37 Currency and transferable deposits 3.0 60.8 -117.2 -7.6 -59.0 70.8 79.6 29.7 -6.8 22.1 37

38 Time and savings deposits 37.7 49.9 46.6 -55.7 -129.4 176.9 59.9 13.2 33.3 49.7 38

39 Foreign deposits 15.6 9.9 -14.2 0.9 -25.5 6.8 9.1 -5.8 0.6 51.2 39

40 Debt securities 16.2 40.4 -1.2 -61.7 -25.7 16.3 15.6 -8.5 -12.5 -36.5 40

41 Open market paper 19.3 16.0 11.7 -53.2 -12.2 -1.3 12.0 -0.1 -8.4 -21.8 41

42 Treasury securities 0.3 18.1 -6.7 -7.1 -7.9 12.5 5.1 -5.1 -3.5 0.5 42

43 Agency- and GSE-backed securities (1) 0.1 6.0 -2.2 -2.4 -2.6 4.2 1.7 -1.7 -1.2 -3.8 43

44 Municipal securities -3.6 0.3 -4.0 1.1 -3.0 0.9 -3.2 -1.6 0.6 -11.4 44

45 Loans 15.4 10.2 -14.0 -21.6 -9.8 -5.5 -8.7 1.8 -3.0 -8.5 45

46 Short term (security repos and consumer credit) 0.6 8.5 -5.5 -3.2 -2.0 -1.4 -7.1 2.4 -1.1 -6.6 46

47 Long term (mortgages) 14.8 1.7 -8.4 -18.4 -7.7 -4.1 -1.6 -0.6 -1.9 -1.9 47

48 Equity and investment fund shares 284.1 142.5 334.9 374.6 423.5 224.3 183.5 364.0 336.6 373.7 48

49 Money market fund shares 10.3 52.7 69.1 127.2 178.5 -71.4 -157.7 -35.4 18.2 40.6 49

50 Mutual fund shares -1.3 0.7 23.6 -4.9 -16.5 35.3 11.1 -12.8 -0.1 0.9 50

51 U.S. direct investment abroad 272.4 24.7 219.2 307.0 262.6 269.7 303.3 403.9 315.9 317.4 51

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

53 Investment in finance company subsidiaries 2.6 64.4 22.9 -54.8 -1.1 -9.3 26.7 8.4 2.6 14.7 53

54 Insurance, pension and standardized guarantee schemes (2) 19.7 21.2 7.6 8.3 10.9 -4.0 11.7 10.1 7.6 -6.6 54
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55 Other accounts receivable 387.4 609.6 457.6 835.5 -793.8 -185.9 282.0 88.9 150.4 452.8 55

56 Trade receivables 128.8 277.6 -13.8 159.8 -169.6 -31.2 105.7 83.8 51.8 140.0 56

57 Other (miscellaneous assets) 258.6 332.0 471.4 675.7 -624.3 -154.7 176.3 5.1 98.6 312.9 57

58 Net incurrence of liabilities 614.1 965.4 839.1 1281.0 338.9 -248.7 487.6 894.3 985.1 1119.1 58

59 Debt securities 13.6 -7.1 150.4 199.5 190.2 179.7 237.1 203.7 353.5 301.9 59

60 Open market paper 15.3 -7.7 22.4 11.3 7.7 -73.1 24.5 33.4 14.0 14.2 60

61 Municipal securities 10.6 41.9 53.3 68.4 66.0 37.2 33.2 8.5 15.2 9.3 61

62 Corporate bonds -12.2 -41.3 74.6 119.9 116.5 215.6 179.4 161.7 324.2 278.3 62

63 Loans 129.8 274.1 237.7 453.0 72.1 -538.5 -308.3 56.8 50.9 125.3 63

64 Short term 55.0 83.0 149.9 383.8 132.1 -394.8 -177.5 129.1 46.8 100.3 64

65 Depository institution loans n.e.c. 4.0 -27.1 22.0 96.3 64.2 -234.0 -87.0 68.9 80.4 46.6 65

66 Other loans and advances 51.1 110.1 127.9 287.5 68.0 -160.8 -90.4 60.2 -33.7 53.7 66

67 Long term (mortgages) 74.7 191.1 87.8 69.2 -60.1 -143.7 -130.9 -72.3 4.2 25.1 67

68 Equity and investment fund shares 2.5 -201.5 -304.9 -500.9 -130.1 52.2 -98.1 -264.0 -189.4 -165.5 68

69 Corporate equities -93.4 -300.2 -496.9 -713.0 -319.6 -52.5 -255.1 -456.7 -359.5 -372.6 69

70 Foreign direct investment in the United States 96.0 98.7 192.0 212.1 189.6 104.6 157.0 192.7 170.1 207.1 70

71 Insurance, pension and standardized guarantee schemes 81.2 91.2 146.4 -0.4 138.2 74.2 -5.3 -13.8 -4.0 11.5 71

72 Pension fund contributions payable -3.1 -1.9 -2.0 4.5 14.7 -8.6 15.4 3.0 -12.3 -0.6 72

73 Claim of pension fund on sponsor 84.3 93.0 148.4 -5.0 123.4 82.8 -20.7 -16.8 8.4 12.1 73

74 Other accounts payable 386.9 808.8 609.4 1129.8 68.5 -16.3 662.1 911.7 774.1 846.0 74

75 Trade payables 97.7 199.0 109.1 85.1 -225.2 -82.6 156.3 25.2 66.2 113.7 75

76 Taxes payable 6.8 -1.8 -0.8 -49.6 3.1 -3.3 7.2 8.8 2.3 -9.0 76

77 Miscellaneous liabilities 282.5 611.6 501.2 1094.3 290.6 69.6 498.6 877.7 705.6 741.3 77

 Addendum:

78 Net lending (+) or borrowing (-), financial account (lines 35-58) 165.0 -20.9 -139.0 -208.2 -947.7 548.5 145.2 -400.9 -478.9 -221.2 78

 Other changes in volume account

79 Total other volume changes 267.2 288.5 576.9 685.6 -740.1 173.6 383.7 -56.1 -180.2 259.8 79

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

81 Other volume changes 182.9 450.2 711.0 827.8 210.2 49.0 636.8 667.9 577.0 750.5 81

82 Less: Statistical discrepancy (lines 33-78) (3) -54.0 171.2 169.7 181.7 981.5 -131.2 294.1 792.3 759.8 487.4 82

83 Less: Inventory valuation adjustment -39.5 -32.1 -35.7 -39.5 -37.0 6.7 -41.0 -68.3 -9.5 3.3 83

 Revaluation account

84 Nonfinancial assets 1316.0 931.9 973.4 1466.7 -1108.0 -2628.0 857.3 823.1 564.5 1360.7 84

85 Real estate 1198.7 811.3 872.8 1343.5 -1152.7 -2646.5 724.6 684.9 478.1 1326.3 85

86 Equipment 64.9 45.0 70.9 22.6 99.9 -16.1 41.1 76.6 30.1 8.6 86

87 Intellectual property products 10.9 27.9 20.5 30.2 13.2 3.1 22.5 27.9 43.5 26.1 87

88 Inventories 41.4 47.7 9.2 70.4 -68.4 31.6 69.1 33.7 12.7 -0.3 88

89 Financial assets 89.2 94.5 31.0 154.8 -199.6 -15.3 -131.9 -55.7 20.2 2.0 89

90 Mutual fund shares 11.9 8.1 15.2 9.7 -55.2 20.4 13.6 -8.1 14.3 30.5 90

91 Direct investment abroad 77.2 86.3 15.9 145.1 -144.4 -35.7 -145.6 -47.6 5.9 -28.4 91

92 Liabilities 1348.6 939.1 2393.9 1868.5 -5495.7 2379.6 2099.7 382.2 1973.0 5135.8 92

93 Corporate equity 1336.8 898.2 2412.7 1841.4 -5394.5 2548.1 2114.5 472.9 1964.9 5141.5 93

94 Foreign direct investment in the United States 11.8 41.0 -18.8 27.1 -101.2 -168.5 -14.8 -90.7 8.1 -5.7 94

95 Changes in net worth due to nominal holding gains/losses 56.5 87.2 -1389.5 -247.0 4188.1 -5022.8 -1374.3 385.1 -1388.3 -3773.1 95

 Changes in balance sheet account

96 Change in net worth (lines 28+33+79+95) (4) 643.1 802.9 -426.0 751.7 3748.3 -4506.5 -408.1 919.6 -988.2 -2936.3 96

 Balance sheet account (end of period)

97 Total assets 23867.4 26068.4 28197.4 31172.0 29515.0 27183.4 28957.8 30545.3 31979.4 34708.0 97

98 Nonfinancial assets (5) 12930.1 14167.8 15538.0 17419.2 16591.8 13865.9 14941.1 16039.7 16894.5 18542.2 98

99 Real estate 7050.9 7924.1 8892.7 10381.8 9360.0 6767.5 7545.7 8275.3 8823.5 10217.0 99

100 Equipment 3145.4 3297.8 3513.6 3673.4 3857.2 3793.1 3853.6 4008.0 4138.0 4261.7 100

101 Intellectual property products 1242.2 1322.0 1401.1 1492.3 1564.1 1600.7 1669.1 1746.9 1839.4 1916.9 101

102 Inventories 1491.6 1623.9 1730.5 1871.7 1810.5 1704.6 1872.7 2009.6 2093.6 2146.6 102

103 Financial assets 10937.3 11900.6 12659.5 13752.8 12923.2 13317.5 14016.8 14505.6 15084.9 16165.8 103

104 Currency and deposits 661.3 781.9 697.1 634.7 420.7 675.2 823.8 860.9 887.9 1010.9 104

105 Currency and transferable deposits 207.2 268.0 150.7 143.1 84.2 154.9 234.5 264.2 257.3 279.4 105

106 Time and savings deposits 400.5 450.4 497.0 441.3 311.9 488.8 548.7 561.9 595.2 644.9 106

107 Foreign deposits 53.7 63.6 49.3 50.3 24.7 31.5 40.6 34.8 35.4 86.6 107
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

 

108 Debt securities 172.2 212.6 211.4 149.7 124.1 140.4 155.9 147.4 135.0 98.5 108

109 Open market paper 95.0 111.0 122.7 69.5 57.3 56.0 68.0 67.9 59.5 37.7 109

110 Treasury securities 34.0 52.1 45.5 38.3 30.5 43.0 48.0 43.0 39.4 39.9 110

111 Agency- and GSE-backed securities (1) 11.3 17.4 15.2 12.8 10.2 14.3 16.0 14.3 13.1 9.3 111

112 Municipal securities 31.8 32.1 28.1 29.2 26.2 27.1 23.9 22.3 22.9 11.5 112

113 Loans 132.2 142.4 127.5 105.8 96.1 90.6 85.6 87.4 84.4 75.9 113

114 Short term 65.6 74.1 67.7 64.5 62.4 61.0 57.6 60.0 58.9 52.2 114

115 Security repurchases 6.4 14.6 15.5 8.1 7.2 7.9 12.1 12.6 9.7 8.7 115

116 Consumer credit 59.2 59.6 52.1 56.4 55.2 53.2 45.5 47.4 49.2 43.5 116

117 Long term (mortgages) 66.6 68.3 59.8 41.4 33.6 29.5 28.0 27.4 25.5 23.7 117

118 Equity and investment fund shares 2543.9 2809.9 3175.9 3701.6 3925.3 4134.3 4148.8 4457.1 4813.9 5189.6 118

119 Money market fund shares 299.6 352.2 421.3 548.5 727.0 655.5 497.8 462.4 480.6 521.1 119

120 Mutual fund shares 125.6 134.4 173.2 178.0 106.3 162.0 186.8 165.9 180.1 211.4 120

121 U.S. direct investment abroad 2094.7 2205.7 2440.7 2892.9 3011.1 3245.1 3402.9 3759.2 4081.0 4370.0 121

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

123 Investment in finance company subsidiaries 23.6 117.0 140.1 81.5 80.5 71.2 60.7 69.1 71.7 86.4 123

124 Insurance, pension and standardized guarantee schemes (2) 262.7 283.9 291.5 299.8 310.9 307.0 318.7 328.8 336.4 329.8 124

125 Other accounts receivable 7165.0 7670.0 8156.1 8861.1 8046.1 7970.0 8483.9 8623.9 8827.2 9461.0 125

126 Trade receivables 1830.6 2108.2 2095.4 2255.2 2085.7 2054.5 2156.5 2240.3 2292.1 2432.1 126

127 Other (miscellaneous assets) 5334.3 5561.7 6060.7 6605.8 5960.5 5915.5 6327.4 6383.6 6535.1 7028.9 127

128 Total liabilities and net worth 23867.4 26068.4 28197.4 31172.0 29515.0 27183.4 28957.8 30545.3 31979.4 34708.0 128

129 Liabilities 22470.2 23868.3 26423.4 28646.2 23240.9 25415.8 27598.3 28266.1 30688.4 36353.3 129

130 Debt securities 2995.1 2987.9 3138.3 3337.9 3528.0 3707.8 3944.9 4148.6 4502.0 4803.9 130

131 Open market paper 97.8 90.1 112.5 123.8 131.5 58.4 82.9 116.3 130.3 144.5 131

132 Municipal securities 185.4 227.3 280.6 349.0 415.0 452.2 485.4 493.9 509.1 518.5 132

133 Corporate bonds 2711.8 2670.5 2745.2 2865.0 2981.5 3197.2 3376.6 3538.3 3862.6 4140.9 133

134 Loans 2006.6 2280.7 2539.2 2998.7 3065.8 2443.2 2068.0 2124.8 2219.3 2317.7 134

135 Short term 1411.3 1494.3 1641.4 2031.7 2163.8 1684.8 1425.3 1554.4 1644.6 1718.0 135

136 Depository institution loans n.e.c. 618.0 590.9 612.9 715.7 779.9 545.8 477.1 546.0 607.9 654.4 136

137 Other loans and advances 793.3 903.4 1028.4 1316.0 1383.9 1139.0 948.1 1008.3 1036.8 1063.6 137

138 Long term (mortgages) 595.3 786.4 897.9 967.0 902.0 758.3 642.7 570.4 574.6 599.7 138

139 Equity and investment fund shares 13498.4 14236.0 16325.1 17692.7 12066.9 14498.6 16500.3 16618.5 18402.0 23372.3 139

140 Corporate equity 12088.6 12686.6 14602.3 15730.7 10016.6 12512.2 14371.6 14387.7 15993.1 20762.0 140

141 Foreign direct investment in the United States 1409.8 1549.4 1722.7 1961.9 2050.3 1986.4 2128.7 2230.7 2408.9 2610.3 141

142 Insurance, pension and standardized guarantee schemes 80.9 14.6 35.9 48.5 761.4 573.0 537.4 611.0 471.2 212.2 142

143 Pension fund contributions payable 46.6 44.8 64.7 69.3 84.0 75.4 90.8 93.8 81.4 80.9 143

144 Claim of pension fund on sponsor 34.3 -30.1 -28.8 -20.8 677.4 497.6 446.5 517.2 389.8 131.4 144

145 Other accounts payable 3889.2 4349.0 4384.9 4568.4 3818.8 4193.3 4547.7 4763.3 5093.9 5647.2 145

146 Trade payables 1501.5 1700.5 1812.9 1897.9 1672.7 1590.1 1746.4 1771.6 1837.8 1951.5 146

147 Taxes payable 88.0 86.2 85.4 35.8 39.0 35.7 42.9 51.7 54.0 45.0 147

148 Miscellaneous liabilities 2299.6 2562.3 2486.6 2634.6 2107.1 2567.5 2758.5 2940.1 3202.1 3650.7 148

149 Net worth 1397.1 2200.1 1774.1 2525.8 6274.1 1767.6 1359.6 2279.2 1291.0 -1645.3 149

Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Financial Accounts of the United States.

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 Financial Accounts of the United States.

(5) Excludes nonproduced nonfinancial assets.

n.e.c. Not elsewhere classified
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 Current account

 1 Gross value added 922.1 1034.3 1127.6 1068.8 851.9 1015.4 1042.8 1045.8 1178.3 1307.1 1

 2 Less: Consumption of fixed capital 139.3 148.9 156.8 165.4 173.9 177.4 176.7 168.6 174.1 182.2 2

 3 Equals: Net value added 782.8 885.5 970.9 903.4 678.1 838.0 866.1 877.2 1004.1 1124.9 3

 4 Compensation of employees (paid) 498.5 535.4 579.8 618.2 612.9 549.0 574.3 606.8 631.1 642.3 4

 5 Wages and salaries 423.0 449.4 490.8 527.1 517.9 466.2 486.4 513.5 537.5 546.7 5

 6 Employers’ social contributions 75.5 86.0 89.0 91.1 95.0 82.8 87.9 93.3 93.7 95.5 6

 7 Taxes on production and imports less subsidies 46.6 49.5 52.5 54.7 55.6 64.2 64.8 58.3 61.2 62.8 7

 8 Operating surplus, net 237.7 300.6 338.5 230.5 9.5 224.8 227.1 212.1 311.8 419.8 8

 9 Net national income/Balance of primary incomes, net 213.1 200.3 205.2 110.7 -2.1 290.1 376.8 320.0 309.0 249.3 9

10 Operating surplus, net 237.7 300.6 338.5 230.5 9.5 224.8 227.1 212.1 311.8 419.8 10

11 Property income (received) 1742.7 2154.2 2747.1 3200.8 2833.1 2203.8 2126.7 2109.1 2081.6 2016.3 11

12 Interest 1533.2 1922.3 2444.6 2831.9 2444.8 1877.4 1749.5 1722.4 1662.3 1578.1 12

13 Distributed income of corporations (dividends) 179.4 229.0 261.6 323.1 338.8 275.7 308.9 319.5 361.3 372.7 13

14 Reinvested earnings on U.S. direct investment abroad 30.1 2.9 40.9 45.7 49.5 50.7 68.3 67.2 57.9 65.5 14

15 Less: Uses of property income (paid) 1767.3 2254.5 2880.4 3320.6 2844.7 2138.6 1977.0 2001.2 2084.4 2186.8 15

16 Interest 1394.0 1820.9 2379.0 2754.2 2321.6 1679.7 1505.2 1504.6 1470.2 1426.9 16

17 Distributed income of corporations 364.1 425.5 488.6 556.9 515.8 455.1 460.8 481.5 595.2 741.0 17

18 Dividends 316.7 377.9 438.6 517.0 492.8 380.8 376.0 427.2 521.0 662.5 18

19 Withdrawals from income of quasi-corporations (1) 47.4 47.7 50.0 39.8 23.0 74.4 84.9 54.3 74.2 78.5 19

20 Reinvested earnings on foreign direct investment 9.3 8.0 12.8 9.5 7.3 3.7 10.9 15.1 18.9 18.9 20

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

22 Net national income/Balance of primary incomes, net 213.1 200.3 205.2 110.7 -2.1 290.1 376.8 320.0 309.0 249.3 22

23 Less: Current taxes on income, wealth, etc. (paid) 119.1 140.5 165.7 151.7 81.7 91.6 150.0 150.3 183.4 144.9 23

24 Less: Other current transfers (paid) -6.5 -13.4 -21.1 7.5 45.6 26.5 18.4 20.0 -21.6 2.7 24

25 Equals: Disposable income, net 100.5 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 147.2 101.7 25

26 Equals: Net saving 100.5 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 147.2 101.7 26

 Capital account

27 Net saving less capital transfers 84.3 45.4 60.7 -48.5 -68.9 293.9 249.9 182.1 137.6 101.7 27

28 Net saving 100.5 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 147.2 101.7 28

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

30 Capital formation, net 37.2 31.1 31.9 46.1 22.3 -10.5 -13.9 -1.2 16.1 19.2 30

31 Gross fixed capital formation (nonresidential) 176.5 180.0 188.7 211.5 196.2 166.9 162.8 167.5 190.2 201.5 31

32 Less: Consumption of fixed capital 139.3 148.9 156.8 165.4 173.9 177.4 176.7 168.6 174.1 182.2 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) 47.1 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 121.5 82.5 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) 47.1 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 121.5 82.5 34

35 Net acquisition of financial assets 3799.1 3766.2 4616.4 5491.4 3820.5 -1290.0 35.6 2154.3 1838.5 3541.9 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 43.8 -12.2 74.7 170.6 1009.7 228.2 -143.6 528.7 -44.2 827.7 37

38 Debt securities 485.5 641.7 1101.4 982.2 836.4 730.1 783.3 1275.0 1100.2 1485.9 38

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

40 Open market paper 61.1 193.8 232.9 -120.5 5.7 -389.8 -93.3 -76.0 -1.9 34.4 40

41 Treasury securities -42.3 52.1 85.2 36.4 442.6 366.2 504.0 977.6 296.3 533.0 41

42 Agency- and GSE-backed securities (2) -209.6 -249.9 97.2 283.5 726.9 680.6 52.1 158.3 221.5 432.6 42

43 Municipal securities 79.5 115.7 131.2 184.7 42.2 38.4 44.2 13.4 138.3 7.5 43

44 Corporate and foreign bonds 555.9 490.1 519.3 564.8 -444.2 -30.2 210.6 130.9 405.7 380.3 44

45 Nonmarketable government securities 40.9 40.0 35.8 33.3 63.3 61.9 65.7 70.8 40.4 98.2 45

46 Loans 1879.5 2064.8 2110.7 2695.5 1455.4 -2944.6 -509.7 151.6 440.2 158.2 46

47 Short term 665.4 653.2 710.3 1563.4 1224.3 -2877.7 -192.9 306.9 497.7 54.6 47

48 Long term (mortgages) 1214.1 1411.6 1400.4 1132.1 231.1 -66.9 -316.8 -155.3 -57.4 103.7 48

49 Equity and investment fund shares 665.9 543.6 513.7 1245.0 851.1 25.8 -131.9 -76.6 50.0 290.9 49

50 Corporate equities 332.5 289.5 185.4 430.8 223.6 155.1 84.5 -58.8 36.7 202.6 50

51 Mutual fund shares 102.6 53.8 104.6 101.5 55.0 65.0 16.8 -58.1 -73.4 22.3 51

52 Money market mutual fund shares -110.3 12.0 -6.6 331.2 283.6 -175.4 -172.6 -71.3 -38.0 -60.0 52

53 Equity in government-sponsored enterprises (2) 2.4 2.0 -0.0 8.3 -5.3 0.0 -3.2 -6.2 -2.0 -0.2 53

54 U.S. direct investment abroad 43.8 11.5 25.8 107.0 66.4 40.7 -2.3 15.2 17.1 32.1 54

55 Stock in Federal Reserve Banks 3.1 1.6 1.8 3.1 2.6 4.6 0.9 0.4 0.5 0.1 55

56 Investment in subsidiaries 291.9 173.2 202.8 263.1 225.0 -64.1 -56.0 102.4 109.1 94.0 56
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57 Insurance, pension and standardized guarantee schemes 266.1 209.3 277.0 217.8 252.4 505.9 315.2 340.8 359.8 325.5 57

58 Other accounts receivable 458.2 319.1 538.9 180.2 -584.5 164.6 -277.7 -65.2 -67.4 453.6 58

59 Net incurrence of liabilities 3816.9 3429.5 4372.3 5365.4 3957.0 -1307.0 27.8 2105.6 1719.4 3396.2 59

60 Currency and deposits 601.8 608.9 620.6 548.7 2146.1 262.3 334.1 1457.3 595.0 1867.7 60

61 Debt securities 805.8 1039.8 1320.1 1523.7 441.7 -956.7 -695.5 -327.4 -306.4 106.2 61

62 Agency- and GSE-backed securities (2) 115.8 80.4 328.2 905.7 768.7 -60.1 -46.9 -21.9 -22.4 239.9 62

63 Corporate bonds 668.3 745.2 795.5 729.5 -201.7 -448.6 -546.4 -237.4 -225.2 -84.8 63

64 Commercial paper 21.7 214.2 196.4 -111.5 -125.4 -448.1 -102.2 -68.2 -58.8 -48.9 64

65 Loans 609.9 547.3 589.9 882.8 -155.5 -1646.0 -59.6 197.7 130.7 -217.7 65

66 Short term 584.4 533.2 583.4 878.1 -162.3 -1657.8 -60.5 184.3 125.8 -225.5 66

67 Long term (mortgages) 25.5 14.1 6.6 4.7 6.8 11.8 0.8 13.5 4.8 7.8 67

68 Equity and investment fund shares 649.7 698.0 931.5 1469.0 1717.3 270.5 73.8 506.1 973.5 981.0 68

69 Money market mutual fund shares -136.4 125.1 303.1 736.8 724.2 -498.7 -503.2 -112.8 7.1 28.7 69

70 Corporate equity issues 118.1 78.4 60.0 179.6 639.2 315.9 191.4 164.1 168.3 162.5 70

71 Mutual fund shares 296.3 260.2 336.8 361.5 -9.9 497.1 370.1 338.4 624.9 638.7 71

72 Equity in government-sponsored enterprises (2) 2.5 1.9 0.2 9.1 -4.2 0.0 -2.7 -5.9 -1.8 0.5 72

73 Foreign direct investment in the United States 50.2 13.9 52.0 9.3 120.7 45.7 48.5 43.4 4.5 28.7 73

74 Equity in noncorporate business -4.2 -1.2 -6.8 3.6 11.6 0.6 0.9 -2.9 6.7 -3.9 74

75 Investment by parent 320.1 218.1 184.4 166.1 233.0 -94.5 -32.0 81.5 163.3 125.7 75

76 Stock in Federal Reserve Banks 3.1 1.6 1.8 3.1 2.6 4.6 0.9 0.4 0.5 0.1 76

77 Insurance, pension and standardized guarantee schemes 748.3 689.8 700.9 724.8 582.7 542.2 647.3 638.0 487.6 548.3 77

78 Other accounts payable 401.5 -154.3 209.1 216.5 -775.3 220.7 -272.3 -366.1 -160.9 110.7 78

 Addendum:

79 Net lending (+) or borrowing (-), financial account (lines 35-59) -17.8 336.8 244.1 126.0 -136.5 17.0 7.8 48.7 119.1 145.7 79

 Other changes in volume account

80 Total other volume changes -391.5 29.4 -433.3 -68.2 1252.4 -1079.1 -834.0 -104.0 -432.4 -1024.4 80

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

82 Other volume changes -325.0 -291.4 -648.6 -288.8 1298.3 -791.7 -578.0 30.6 -428.0 -1087.6 82

83 Less: Statistical discrepancy (lines 33-79) (3) 64.8 -322.5 -215.3 -220.6 45.3 287.4 256.0 134.6 2.4 -63.2 83

 Revaluation account

84 Nonfinancial assets 66.5 72.6 63.8 28.6 55.7 -61.9 -2.7 42.2 20.2 34.8 84

85 Structures (nonresidential) 61.3 72.1 62.7 34.0 54.2 -50.2 -0.3 33.2 15.7 31.2 85

86 Equipment 6.6 0.6 0.8 -4.9 3.0 -5.6 1.2 8.3 4.2 2.2 86

87 Intellectual property products -1.4 -0.1 0.3 -0.5 -1.5 -6.1 -3.6 0.6 0.3 1.4 87

88 Financial assets 1197.1 938.6 1802.3 769.4 -6083.7 2730.2 1745.9 -632.8 1910.3 3817.0 88

89 Corporate equities 1007.1 613.1 1457.8 620.2 -5119.4 2162.2 1418.0 -531.2 1538.0 3170.7 89

90 Mutual fund shares 139.4 294.8 308.8 103.4 -975.1 513.9 287.2 -56.1 337.7 656.3 90

91 U.S. direct investment abroad 50.6 30.7 35.7 45.8 10.8 54.2 40.7 -45.5 34.5 -10.0 91

92 Liabilities 1167.4 890.5 1850.7 -530.2 -6515.6 2226.4 1615.4 -829.2 1944.4 3913.2 92

93 Corporate equity issues 459.1 262.4 716.1 -985.4 -2366.0 386.8 525.9 -388.8 692.3 1372.0 93

94 Mutual fund shares 483.8 352.4 682.6 396.0 -2424.7 1035.6 582.2 -340.4 720.3 1579.6 94

95 Foreign direct investment in the United States 4.0 9.4 22.5 -56.7 -157.6 17.9 34.1 28.9 12.5 -48.2 95

96 Equity in noncorporate business 2.4 1.7 4.8 -0.6 -13.6 3.6 0.3 -1.2 -1.3 4.2 96

97 Pension fund reserves 218.1 264.5 424.6 116.4 -1553.8 783.1 474.9 -127.4 520.8 1005.6 97

98 Investment by parent 0.0 0.0 0.0 0.0 0.0 -0.6 -2.0 -0.3 -0.1 0.0 98

99 Changes in net worth due to nominal holding gains/losses 96.2 120.7 15.4 1328.2 487.6 442.0 127.8 238.6 -13.9 -61.3 99

 Changes in balance sheet account

100 Change in net worth (lines 30+33+80+99) -211.0 195.5 -357.2 1211.6 1671.1 -343.2 -456.3 316.7 -308.6 -983.9 100

 Balance sheet account (end of period)

101 Total assets 53015.4 57480.5 63348.6 69555.4 68981.4 69963.7 71083.6 72697.8 76871.0 82789.5 101

102 Nonfinancial assets (4) 1277.0 1383.7 1484.5 1564.8 1649.4 1586.3 1580.2 1621.2 1655.5 1709.6 102

103 Structures (nonresidential) 743.3 824.1 895.9 946.7 1015.8 971.3 963.9 986.3 992.7 1017.3 103

104 Equipment 429.2 449.9 473.3 492.8 498.6 470.3 471.9 485.5 504.9 525.8 104

105 Intellectual property products 104.5 109.7 115.3 125.3 134.9 144.7 144.3 149.4 157.9 166.4 105
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106 Financial assets 51738.4 56096.8 61864.1 67990.6 67332.1 68377.4 69503.4 71076.6 75215.5 81080.0 106

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 779.8 764.8 814.5 987.4 2032.9 2275.7 2177.8 2706.6 2686.7 3513.1 108

109 Debt securities 14133.9 14758.1 15771.6 16757.4 17598.1 18350.7 18559.3 19834.2 21026.5 22425.4 109

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

111 Open market paper 929.2 1124.7 1353.0 1236.1 1243.2 853.2 764.2 688.4 686.2 720.2 111

112 Treasury securities 1595.3 1647.4 1737.2 1773.6 2216.3 2582.5 3086.6 4064.1 4372.4 4905.4 112

113 Agency- and GSE-backed securities (2) 4390.1 4140.2 4153.0 4436.6 5163.4 5898.5 5487.8 5646.1 5881.8 6305.9 113

114 Municipal securities 1230.5 1346.1 1477.0 1661.7 1703.9 1742.3 1786.5 1799.9 1938.1 1945.6 114

115 Corporate and foreign bonds 5130.7 5614.5 6130.5 6695.3 6253.9 6191.7 6286.2 6416.8 6888.7 7190.7 115

116 Nonmarketable government securities 855.9 882.9 918.7 952.0 1015.3 1077.2 1142.9 1213.7 1254.1 1352.3 116

117 Loans 17716.9 19781.7 21829.2 24482.6 25801.7 22569.0 21817.8 21817.6 22285.5 22325.8 117

118 Short term 7498.9 8152.1 8775.6 10328.6 11552.6 8622.4 8503.8 8810.8 9481.4 9509.1 118

119 Long term (mortgages) 10218.0 11629.6 13053.6 14154.0 14249.1 13946.6 13313.9 13006.9 12804.1 12816.7 119

120 Equity and investment fund shares 14057.5 15539.7 17408.1 19422.5 14189.9 17622.1 19236.1 18526.7 20913.6 24970.5 120

121 Corporate equities 9473.1 10375.7 11519.5 12570.6 7674.8 9992.1 11494.6 10904.5 12479.3 15852.5 121

122 Mutual fund shares 1836.9 2185.4 2563.5 2768.5 1848.4 2427.3 2731.4 2617.2 2881.5 3560.1 122

123 Money market fund shares 504.4 516.4 563.9 895.0 1178.6 1003.2 830.6 759.3 721.3 661.3 123

124 Equity in government-sponsored enterprises (2) 40.1 42.0 42.0 50.3 45.0 45.0 41.7 35.5 33.5 33.4 124

125 U.S. direct investment abroad 403.8 446.0 507.4 660.2 737.4 832.3 870.7 840.3 891.9 914.0 125

126 Stock in Federal Reserve Banks 11.9 13.5 15.3 18.5 21.1 25.6 26.5 26.9 27.4 27.5 126

127 Investment in subsidiaries 1787.3 1960.6 2196.5 2459.6 2684.6 3296.6 3240.6 3343.0 3878.8 3921.7 127

128 Insurance, pension and standardized guarantee schemes 2286.7 2306.6 2370.0 2480.4 4157.6 4031.4 4401.2 4812.0 4729.8 4104.0 128

129 Other accounts receivable 2752.6 2934.9 3659.7 3849.2 3540.9 3517.5 3300.2 3368.4 3562.2 3730.1 129

130 Total liabilities and net worth 53015.4 57480.5 63348.6 69555.4 68981.4 69963.7 71083.6 72697.8 76871.0 82789.5 130

131 Liabilities 54378.2 58647.7 64873.0 69868.2 67623.2 68948.7 70524.9 71822.3 76304.2 83206.6 131

132 Currency and deposits 7474.0 8082.9 8703.5 9252.2 11398.3 11660.6 11990.6 13447.9 14015.0 15882.7 132

133 Debt securities 10979.4 11964.7 13255.0 14889.6 15251.2 14498.2 13432.9 13032.8 12849.1 12888.2 133

134 Agency- and GSE-backed securities (2) 6060.3 6140.7 6468.9 7374.6 8143.4 8083.3 7574.0 7552.1 7529.7 7769.7 134

135 Corporate bonds 3963.1 4653.8 5422.5 6262.9 5981.5 5736.7 5282.9 4972.8 4870.3 4718.3 135

136 Commercial paper 956.0 1170.2 1363.5 1252.1 1126.3 678.2 576.0 507.9 449.1 400.2 136

137 Loans 4482.5 5029.8 5616.5 6499.3 6343.8 4768.4 4720.7 4913.1 5106.5 4888.8 137

138 Short term 4351.1 4884.3 5464.5 6342.6 6180.3 4593.2 4544.6 4723.5 4912.1 4686.6 138

139 Long term (mortgages) 131.4 145.5 152.1 156.7 163.5 175.3 176.1 189.5 194.4 202.2 139

140 Equity and investment fund shares 13793.2 15146.2 17537.1 18355.7 15111.2 17501.1 18678.2 18482.5 21416.2 25253.8 140

141 Money market fund shares 1868.0 1993.1 2296.3 3033.0 3757.3 3258.6 2755.4 2642.5 2649.6 2678.3 141

142 Corporate equity issues 4291.1 4631.9 5408.0 4602.2 2875.4 3578.1 4295.4 4070.7 4931.3 6465.8 142

143 Mutual fund shares 5433.0 6045.6 7065.0 7822.6 5388.0 6920.7 7873.0 7870.9 9326.1 11544.4 143

144 Equity in government-sponsored enterprises (2) 44.8 46.7 46.9 56.0 51.8 51.8 49.0 43.1 41.2 41.7 144

145 Foreign direct investment in the United States 329.9 353.2 427.8 380.4 343.5 407.0 489.6 561.9 578.9 559.3 145

146 Equity in noncorporate business 11.2 11.7 9.7 12.6 10.7 14.8 15.9 11.9 17.3 17.6 146

147 Investment by parent 1803.4 2050.4 2268.1 2430.5 2663.5 3244.5 3173.4 3254.6 3844.4 3919.1 147

148 Stock in Federal Reserve Banks 11.9 13.5 15.3 18.5 21.1 25.6 26.5 26.9 27.4 27.5 148

149 Insurance, pension and standardized guarantee schemes 14955.4 15959.4 17099.3 17993.0 16895.5 18270.1 19938.3 20476.6 21514.3 23052.3 149

150 Other accounts payable 2693.6 2464.7 2661.6 2878.4 2623.3 2250.2 1764.2 1469.5 1403.1 1240.9 150

151 Net worth -1362.7 -1167.2 -1524.4 -312.8 1358.2 1015.0 558.7 875.5 566.9 -417.1 151

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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 Current account

 1 Gross value added 525.8 552.7 577.6 605.4 637.6 668.8 704.5 720.9 722.7 711.3 1

 2 Less: Consumption of fixed capital 178.6 189.4 200.7 212.8 226.3 234.5 245.3 257.4 264.1 268.0 2

 3 Equals: Net value added 347.2 363.3 376.9 392.6 411.3 434.3 459.1 463.5 458.6 443.3 3

 4 Compensation of employees (paid) 342.3 362.4 375.1 390.5 410.4 433.5 462.2 470.6 467.8 458.6 4

 5 Wages and salaries 249.9 263.5 271.7 283.3 296.7 312.2 328.5 331.7 327.1 320.6 5

 6 Employers’ social contributions 92.4 98.9 103.5 107.3 113.7 121.3 133.7 138.9 140.7 138.1 6

 7 Operating surplus, net 4.9 0.9 1.8 2.0 0.8 0.7 -3.1 -7.1 -9.1 -15.3 7

 8 Net national income/Balance of primary incomes, net -226.6 -277.4 -293.5 -325.6 -308.9 -269.9 -286.6 -327.3 -321.8 -206.8 8

 9 Operating surplus, net 4.9 0.9 1.8 2.0 0.8 0.7 -3.1 -7.1 -9.1 -15.3 9

10 Taxes on production and imports, receivable 95.2 99.4 99.2 94.6 94.0 91.4 96.8 108.6 115.0 120.9 10

11 Subsidies (paid) -46.0 -60.5 -51.1 -47.5 -49.6 -56.9 -54.3 -59.5 -57.6 -59.7 11

12 Property income (received) 25.3 27.2 29.0 33.4 33.9 48.5 54.6 56.4 53.6 164.7 12

13 Interest 16.6 17.3 18.8 22.1 19.5 22.8 29.5 27.7 22.3 24.4 13

14 Distributed income of corporations (dividends) 0.1 0.2 0.3 0.2 0.6 18.7 17.0 18.8 21.1 131.3 14

15 Rents on land and natural resources 8.7 9.7 9.9 11.1 13.8 7.0 8.0 9.9 10.2 9.0 15

16 Less: Uses of property income (interest paid) 306.1 344.4 372.3 408.2 388.0 353.6 380.6 425.7 423.8 417.4 16

17 Net national income/Balance of primary incomes, net -226.6 -277.4 -293.5 -325.6 -308.9 -269.9 -286.6 -327.3 -321.8 -206.8 17

18 Plus: Current taxes on income, wealth, etc. (received) 1058.8 1285.2 1459.2 1542.5 1354.1 1072.4 1208.2 1392.7 1536.5 1690.9 18

19 Plus: Social benefits (received) 808.9 853.4 905.7 947.2 974.4 950.8 970.9 904.0 938.1 1092.3 19

20 Less: Social contributions (paid) 1025.5 1090.9 1196.7 1272.2 1407.4 1624.9 1726.6 1744.4 1785.1 1825.6 20

21 Plus: Other current transfers (received) 29.0 32.0 36.8 41.0 46.5 64.0 64.4 65.0 49.9 59.5 21

22 Less: Other current transfers (paid) 362.4 383.5 374.7 400.2 412.9 507.5 555.0 528.0 493.2 496.3 22

23 Equals: Disposable income, net 282.2 418.7 536.9 532.7 245.8 -315.1 -324.8 -238.1 -75.5 313.9 23

24 Less: Final consumption expenditures 681.4 723.4 763.9 798.4 879.8 933.7 1003.9 1006.1 1003.6 963.0 24

25 Equals: Net saving -399.2 -304.7 -227.0 -265.6 -634.0 -1248.8 -1328.7 -1244.1 -1079.1 -649.1 25

 Capital account

26 Net saving less capital transfers -438.6 -365.1 -270.2 -318.6 -751.6 -1435.1 -1455.0 -1358.0 -1163.9 -707.5 26

27 Net saving -399.2 -304.7 -227.0 -265.6 -634.0 -1248.8 -1328.7 -1244.1 -1079.1 -649.1 27

28 Less: Capital transfers paid (net) 39.3 60.3 43.2 53.0 117.6 186.3 126.3 113.9 84.7 58.4 28

29 Capital formation, net 31.6 31.5 22.9 35.3 29.1 40.6 53.7 39.1 21.7 -2.0 29

 Gross fixed capital formation (acquisition of

30 produced nonfinancial assets) 211.0 222.9 238.0 251.4 275.8 284.0 300.0 297.4 287.8 268.5 30

31 Less: Consumption of fixed capital 178.6 189.4 200.7 212.8 226.3 234.5 245.3 257.4 264.1 268.0 31

32 Acquisition of nonproduced nonfinancial assets -0.8 -2.0 -14.4 -3.3 -20.4 -8.9 -1.0 -0.9 -1.9 -2.4 32

33 Net lending (+) or borrowing (-), capital account (lines 26-29) -470.1 -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1185.6 -705.6 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) -470.1 -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1185.6 -705.6 34

35 Net acquisition of financial assets 5.3 30.8 -14.4 0.6 580.0 237.8 281.9 -150.7 132.4 217.4 35

36 Monetary gold and SDRs 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 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 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 0.0 38

39 Currency and deposits -34.5 1.3 -5.4 25.8 316.0 -170.2 150.5 -239.9 11.1 65.8 39

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

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

42 Currency and transferable deposits -31.0 12.2 -2.7 25.1 313.1 -174.2 148.9 -257.6 6.7 69.6 42

43 Time and savings deposits -0.0 -1.0 0.2 1.2 -1.3 0.3 0.1 -0.3 0.2 -0.5 43

44 Nonofficial foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 44

45 Debt securities 0.0 0.0 0.0 0.0 54.4 142.5 -46.9 -118.2 -31.3 -0.1 45

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

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

48 Loans 2.3 -3.1 5.9 6.8 39.0 166.7 131.4 136.5 136.2 124.2 48

49 Short term 0.7 -5.5 2.2 4.7 25.5 154.1 136.8 133.2 134.5 120.3 49

50 Consumer credit 3.7 3.7 1.6 7.0 19.5 87.9 133.1 128.5 132.1 113.1 50

51 Other loans and advances -3.0 -9.2 0.5 -2.3 6.1 66.2 3.6 4.8 2.4 7.2 51

52 Long term (mortgages) 1.6 2.4 3.7 2.1 13.5 12.6 -5.4 3.3 1.6 4.0 52

53 Equity and investment fund shares 2.0 1.3 2.0 1.7 257.7 3.4 30.4 43.5 -10.7 -2.6 53

54 Corporate equities 0.0 0.0 0.0 0.0 256.3 0.6 24.1 40.3 -13.2 -4.8 54

55 Equity in international organizations 2.0 1.3 2.0 1.7 1.4 1.7 2.3 2.6 2.4 2.2 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 1.2 4.0 0.7 0.0 0.0 57
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58 Other accounts receivable 35.1 35.8 -17.1 -33.8 -87.2 47.1 16.5 29.1 27.1 30.0 58

59 Trade receivables 10.5 9.2 -11.6 1.2 4.2 -21.1 -0.7 4.8 2.6 -1.5 59

60 Taxes receivable 23.3 26.0 -6.5 -35.4 -62.0 35.9 27.1 25.6 27.9 27.8 60

61 Other (miscellaneous assets) 1.4 0.6 1.0 0.4 -29.4 32.3 -9.8 -1.3 -3.5 3.7 61

62 Net incurrence of liabilities 479.4 453.6 296.0 391.2 1369.0 1536.0 1696.8 1201.7 1249.6 880.3 62

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

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

65 Debt securities 402.8 346.9 219.1 270.4 1302.5 1508.8 1645.9 1138.7 1180.6 857.3 65

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

67 Treasury securities including savings bonds 362.5 307.3 183.7 237.5 1239.0 1443.7 1579.6 1066.8 1140.6 759.5 67

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

69 Nonmarketable securities held by pension plans 40.9 40.0 35.8 33.3 63.3 61.9 65.7 70.8 40.4 98.2 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 59.5 67.2 64.5 92.7 45.1 33.3 43.5 40.6 63.9 5.6 71

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

73 Retiree Health Care Funds 17.4 23.0 18.1 43.9 26.5 16.6 22.5 18.5 13.3 12.2 73

74 Claims of pension fund on sponsor 41.0 43.1 44.9 47.7 17.6 15.6 20.2 20.8 50.3 -6.8 74

75 Other accounts payable 16.4 38.7 11.8 28.7 22.2 -53.3 7.6 22.4 5.1 17.8 75

76 Trade payables 15.4 33.7 6.2 29.3 22.6 -56.2 5.2 8.8 13.4 16.5 76

77 Other (miscellaneous liabilities) 1.0 5.0 5.6 -0.6 -0.3 2.9 2.4 13.6 -8.3 1.3 77

 Addendum:

78 Net lending (+) or borrowing (-), financial account (lines 35-62) -474.1 -422.8 -310.4 -390.6 -789.0 -1298.2 -1414.9 -1352.4 -1117.2 -662.9 78

 Other changes in volume account

79 Total other volume changes -28.2 -47.0 30.2 9.7 86.7 121.5 -32.0 46.4 41.3 27.3 79

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

81 Other volume changes -24.2 -20.3 47.4 46.4 95.0 -56.0 -125.8 1.7 -27.1 -15.4 81

82 Less: Statistical discrepancy (lines 33-78) (2) 4.0 26.2 17.2 36.7 8.3 -177.5 -93.8 -44.7 -68.3 -42.6 82

 Revaluation account

83 Nonfinancial assets 114.8 116.8 116.4 93.0 69.0 -36.0 61.3 69.3 41.8 58.9 83

84 Structures 91.6 94.1 95.2 60.7 44.0 -48.4 18.1 49.4 36.2 41.1 84

85 Equipment 10.9 7.3 10.4 7.6 11.8 8.6 5.0 12.2 0.9 3.3 85

86 Intellectual property products 12.2 15.4 10.8 24.8 13.2 3.8 38.2 7.7 4.7 14.5 86

87 Financial assets 1.3 -2.1 0.8 0.7 -67.9 -121.6 -43.7 -33.2 -4.7 0.1 87

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

89 Currency and deposits 0.8 -1.2 0.3 0.2 -0.0 0.3 -0.2 -0.5 0.0 0.0 89

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

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

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

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

94 Changes in net worth due to nominal holding gains/losses 115.7 115.3 116.8 93.3 1.2 -157.9 18.5 36.4 37.0 59.0 94

 Changes in balance sheet account

95 Change in net worth (lines 29+33+79+94) -351.1 -296.8 -123.3 -215.6 -663.7 -1471.5 -1468.5 -1275.3 -1085.6 -621.3 95

 Balance sheet account (end of period)

96 Total assets 2917.7 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4649.1 4905.4 96

97 Nonfinancial assets (3) 2277.1 2426.5 2579.8 2711.3 2829.2 2842.1 2957.5 3066.8 3132.3 3191.7 97

98 Structures 1088.2 1176.5 1266.6 1325.4 1369.8 1326.1 1352.5 1406.9 1439.7 1472.1 98

99 Equipment 498.3 520.7 550.7 576.7 616.2 649.8 680.9 711.0 725.2 732.2 99

100 Intellectual property products 690.6 729.3 762.4 809.3 843.2 866.2 924.1 948.9 967.4 987.4 100

101 Financial assets 640.6 643.7 658.3 703.8 1292.3 1387.1 1612.2 1411.3 1516.9 1713.7 101

102 Monetary gold and SDRs 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 55.2 102

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 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 55.2 104
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

 

105 Currency and deposits 67.9 68.0 62.8 88.9 404.8 234.9 385.2 144.8 155.9 221.8 105

106 Official foreign currencies 21.1 18.7 20.2 22.2 24.5 25.0 25.7 25.6 24.7 23.6 106

107 Reserve position in IMF (net) 19.6 8.1 5.2 4.4 7.8 11.5 12.6 30.3 34.4 31.0 107

108 Currency and transferable deposits 22.2 37.0 33.2 56.9 368.3 193.9 342.3 84.6 92.2 163.0 108

109 Time and savings deposits 2.4 1.4 1.7 2.8 1.6 1.9 2.0 1.7 2.0 1.5 109

110 Nonofficial foreign currencies 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 110

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

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

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

114 Loans 274.8 271.7 294.8 301.6 340.6 507.3 642.3 778.8 915.0 1039.2 114

115 Short term 200.7 195.2 214.6 219.3 244.8 398.9 535.7 668.9 803.5 923.7 115

116 Consumer credit 86.1 89.8 108.7 115.7 135.1 223.1 356.2 484.7 616.8 729.8 116

117 Other loans and advances 114.6 105.3 105.9 103.6 109.7 175.9 179.5 184.3 186.7 193.9 117

118 Long term (mortgages) 74.2 76.6 80.3 82.4 95.8 108.4 106.6 109.9 111.5 115.5 118

119 Equity and investment fund shares 42.0 43.2 45.3 46.9 237.0 118.2 106.1 117.0 101.5 98.9 119

120 Corporate equities 0.0 0.0 0.0 0.0 188.7 67.4 49.9 57.8 39.9 35.1 120

121 Equity in international organizations 42.0 43.2 45.3 46.9 48.3 50.0 52.3 54.9 57.3 59.5 121

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 0.9 3.8 4.4 4.4 4.4 123

124 Other accounts receivable 242.3 252.5 246.5 257.0 246.2 271.8 271.7 283.7 288.7 298.1 124

125 Trade receivables 61.8 71.0 59.4 60.6 64.7 43.6 42.9 47.7 50.3 48.8 125

126 Taxes receivable 91.2 91.6 96.1 105.0 119.4 133.9 144.3 152.8 158.6 165.8 126

127 Other (miscellaneous assets) 89.3 89.9 91.0 91.4 62.0 94.3 84.5 83.2 79.8 83.4 127

128 Total liabilities and net worth 2917.7 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4649.1 4905.4 128

129 Liabilities 6921.1 7370.3 7661.5 8054.1 9424.2 11003.4 12812.4 13996.0 15252.6 16130.3 129

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

131 Currency and deposits 26.7 27.5 28.1 27.4 26.6 26.2 25.9 25.9 25.9 25.6 131

132 Debt securities 5253.1 5587.0 5806.1 6076.5 7379.0 8887.8 10533.8 11672.5 12853.0 13710.3 132

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

134 Treasury securities including savings bonds 4370.7 4678.0 4861.7 5099.2 6338.2 7781.9 9361.5 10428.3 11568.9 12328.3 134

135 Federal agency securities 24.3 23.8 23.5 23.1 23.3 23.5 24.2 25.3 24.9 24.5 135

136 Nonmarketable securities held by pension plans 855.9 882.9 918.7 952.0 1015.3 1077.2 1142.9 1213.7 1254.1 1352.3 136

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 1459.1 1540.9 1606.0 1699.5 1746.1 1825.5 1985.0 2021.8 2084.8 2089.3 138

139 Insurance reserves 41.6 42.7 44.2 45.4 46.4 47.5 48.4 49.7 50.0 50.3 139

140 Retiree Health Care Funds 52.4 75.4 93.5 137.3 163.8 180.4 202.9 221.4 234.8 246.9 140

141 Claims of pension fund on sponsor 1365.2 1422.8 1468.3 1516.8 1535.8 1597.6 1733.7 1750.7 1800.0 1792.1 141

142 Other accounts payable 174.6 208.0 213.9 243.0 265.0 208.5 213.3 221.7 234.6 250.6 142

143 Trade payables 169.0 202.6 208.8 238.2 260.7 204.5 209.7 218.5 231.9 248.4 143

144 Other (miscellaneous liabilities) 5.6 5.4 5.1 4.9 4.3 4.0 3.6 3.2 2.8 2.3 144

145 Net worth -4003.4 -4300.1 -4423.4 -4639.0 -5302.7 -6774.2 -8242.7 -9518.0 -10603.5 -11224.8 145

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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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

 

 Current account

 1 Gross value added 1137.7 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1471.4 1491.0 1524.8 1

 2 Less: Consumption of fixed capital 143.8 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.8 238.4 2

 3 Equals: Net value added 993.9 1034.4 1080.0 1131.9 1185.0 1211.3 1241.5 1249.2 1259.1 1286.4 3

 4 Compensation of employees (paid) 1000.6 1041.8 1091.1 1150.4 1207.1 1232.6 1261.3 1266.5 1275.3 1300.7 4

 5 Wages and salaries 702.7 728.0 763.3 805.6 847.4 862.9 862.6 863.1 871.2 887.5 5

 6 Employers’ social contributions 297.9 313.7 327.8 344.9 359.7 369.7 398.7 403.5 404.1 413.2 6

 7 Operating surplus, net -6.7 -7.3 -11.1 -18.5 -22.0 -21.4 -19.8 -17.4 -16.2 -14.3 7

 8 Net national income/Balance of primary incomes, net 728.0 804.2 868.3 910.7 901.6 811.0 829.5 864.6 872.4 906.2 8

 9 Operating surplus, net -6.7 -7.3 -11.1 -18.5 -22.0 -21.4 -19.8 -17.4 -16.2 -14.3 9

10 Taxes on production and imports, receivable 768.7 835.1 892.7 940.0 947.9 934.8 960.4 994.0 1017.0 1041.6 10

11 Subsidies (paid) -0.4 -0.4 -0.4 -7.1 -3.0 -1.4 -1.6 -0.5 -0.5 -0.5 11

12 Property income (received) 76.8 88.6 107.2 117.9 105.7 87.8 82.6 79.2 78.6 79.7 12

13 Interest 66.4 76.8 94.7 104.2 91.0 74.4 69.1 64.8 63.0 63.2 13

14 Distributed income of corporations (dividends) 2.0 2.0 2.1 2.2 2.6 2.1 2.3 2.6 3.4 3.7 14

15 Rents on land and natural resources 8.5 9.8 10.4 11.5 12.1 11.2 11.2 11.7 12.3 12.7 15

16 Less: Uses of property income (interest paid) 110.5 111.8 120.1 121.5 127.0 188.8 192.1 190.7 206.6 200.3 16

17 Net national income/Balance of primary incomes, net 728.0 804.2 868.3 910.7 901.6 811.0 829.5 864.6 872.4 906.2 17

18 Plus: Current taxes on income, wealth, etc. (received) 289.2 331.4 361.7 381.4 381.0 333.4 345.3 374.3 407.8 430.2 18

19 Plus: Social benefits (received) 24.7 24.6 21.5 18.9 18.7 18.6 18.1 18.2 17.7 17.7 19

20 Less: Social contributions (paid) 385.0 406.6 403.9 433.3 455.4 492.6 523.8 530.4 540.6 565.4 20

21 Plus: Other current transfers (received) 422.4 436.4 438.9 460.9 477.8 566.1 612.0 582.1 556.2 570.8 21

22 Equals: Disposable income, net 1079.2 1190.0 1286.5 1338.6 1323.7 1236.4 1281.0 1308.9 1313.6 1359.4 22

23 Less: Final consumption expenditures 1187.6 1256.6 1325.9 1411.4 1488.7 1508.4 1518.3 1524.8 1546.1 1584.5 23

24 Equals: Net saving -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -232.6 -225.1 24

 Capital account

25 Net saving less capital transfers -60.4 -16.2 18.4 -13.4 -101.8 -204.2 -160.6 -142.1 -158.3 -153.5 25

26 Net saving -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -232.6 -225.1 26

27 Less: Capital transfers paid (net) -48.0 -50.4 -57.8 -59.3 -63.2 -67.7 -76.7 -73.8 -74.2 -71.6 27

28 Capital formation, net 145.0 143.5 155.0 167.9 172.5 167.2 149.7 127.6 108.5 98.4 28

 Gross fixed capital formation (acquisition of

29 produced nonfinancial assets) 277.5 290.8 314.3 340.8 358.8 363.0 351.9 340.5 331.6 327.8 29

30 Less: Consumption of fixed capital 143.8 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.8 238.4 30

31 Acquisition of nonproduced nonfinancial assets 11.3 10.0 11.0 13.6 13.8 12.3 10.6 9.2 8.7 9.0 31

32 Net lending (+) or borrowing (-), capital account (lines 25-28) -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -266.9 -252.0 32

 Financial account

33 Net lending (+) or borrowing (-) (line 32) -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -266.9 -252.0 33

34 Net acquisition of financial assets 172.4 253.9 205.8 240.4 -101.1 17.4 74.9 -12.9 99.2 17.9 34

35 Currency and deposits 4.4 18.7 22.5 32.4 26.1 29.5 -0.2 32.2 10.2 19.1 35

36 Currency and transferable deposits -3.5 15.8 5.5 -0.4 8.3 19.6 5.7 16.6 -9.4 6.7 36

37 Time and savings deposits 7.9 3.0 17.1 32.8 17.8 10.0 -5.9 15.6 19.6 12.4 37

38 Debt securities 96.4 155.7 110.3 137.0 -90.5 -41.1 53.8 -49.8 45.1 -33.9 38

39 Open market paper 2.9 -0.1 -1.4 -2.2 -21.9 -39.0 13.2 -11.1 -5.9 -8.1 39

40 Treasury securities 43.3 107.3 58.4 77.8 -46.0 -16.9 7.8 -31.8 46.5 -14.5 40

41 Agency- and GSE-backed securities (1) 37.1 35.7 39.1 45.0 -17.7 10.3 23.7 -6.8 -2.1 -13.8 41

42 Municipal securities 1.1 1.2 1.4 1.7 0.4 1.0 1.4 0.4 0.5 0.2 42

43 Corporate and foreign bonds 11.9 11.5 12.7 14.6 -5.4 3.5 7.8 -0.5 6.1 2.4 43

44 Loans 22.2 20.3 21.9 25.4 -15.9 4.5 12.4 -1.2 16.3 8.3 44

45 Short term 7.2 5.7 5.7 6.4 -11.9 -4.1 -1.1 -3.4 6.8 4.2 45

46 Long term (mortgages) 15.0 14.6 16.1 19.0 -4.0 8.6 13.5 2.2 9.5 4.1 46

47 Equity and investment fund shares 21.6 21.5 23.8 27.6 -5.5 9.4 17.0 1.6 12.9 6.6 47

48 Money market fund shares 12.8 13.6 15.4 18.0 2.8 10.0 14.1 3.7 8.0 4.7 48

49 Corporate equities 5.4 4.4 4.5 5.1 -7.7 -2.2 -0.0 -2.5 3.2 1.3 49

50 Mutual fund shares 3.5 3.5 3.9 4.5 -0.6 1.7 2.9 0.3 1.7 0.7 50

51 Other accounts receivable 27.9 37.7 27.4 18.1 -15.3 14.9 -8.1 4.3 14.8 17.7 51

52 Trade receivables 8.5 17.4 8.9 7.8 -15.4 -4.6 13.1 2.3 4.5 8.4 52

53 Taxes receivable 12.9 14.3 12.1 3.0 5.2 -5.8 1.0 2.1 2.0 3.2 53

54 Other (miscellaneous assets) 6.5 6.0 6.4 7.3 -5.2 25.3 -22.2 -0.1 8.2 6.2 54
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55 Net incurrence of liabilities 332.7 231.2 210.0 300.1 220.2 455.9 383.5 302.3 333.6 290.7 55

56 Debt securities (municipals) 178.5 141.1 100.3 146.0 17.1 112.2 68.7 -53.6 -5.7 -39.4 56

57 Short term 22.2 -1.7 -8.2 16.8 4.6 7.8 -0.7 -10.6 3.8 -10.9 57

58 Other 156.3 142.8 108.5 129.2 12.5 104.4 69.3 -42.9 -9.4 -28.6 58

59 Loans (short term) 0.3 0.6 0.6 0.7 0.8 0.8 0.9 0.9 0.4 0.5 59

60 Insurance, pension and standardized guarantee schemes 124.0 57.6 74.8 116.6 163.7 304.0 275.5 316.6 300.1 289.9 60

 (Claim of pension funds on sponsor)

61 Other accounts payable (trade payables) 30.0 31.9 34.3 36.7 38.6 38.9 38.5 38.4 38.8 39.6 61

 Addendum:

62 Net lending (+) or borrowing (-), financial account (lines 34-55) -160.3 22.6 -4.2 -59.7 -321.4 -438.5 -308.6 -315.2 -234.4 -272.8 62

 Other changes in volume account

63 Total other volume changes -697.2 215.7 324.2 231.5 -974.6 358.9 36.5 -45.3 358.9 676.7 63

64 Disaster losses 0.0 -10.7 0.0 0.0 0.0 0.0 0.0 0.0 -7.6 0.0 64

65 Other volume changes -742.3 44.1 191.8 109.9 -927.6 426.1 34.8 0.2 334.0 697.5 65

66 Less: Statistical discrepancy (lines 32-62) (2) -45.1 -182.4 -132.4 -121.5 47.0 67.2 -1.7 45.5 -32.5 20.8 66

 Revaluation account

67 Nonfinancial assets 504.5 473.4 605.0 460.9 411.4 -105.1 175.7 392.7 227.5 225.3 67

68 Structures 501.0 472.2 602.7 457.9 403.0 -104.3 171.9 389.2 224.8 222.7 68

69 Equipment 2.6 0.4 1.1 0.6 6.6 -1.1 2.4 1.6 1.5 1.3 69

70 Intellectual property products 0.9 0.8 1.1 2.4 1.8 0.3 1.4 1.9 1.2 1.3 70

71 Equity and investment fund shares 11.8 5.5 16.9 5.2 -61.1 33.5 21.6 2.0 18.6 38.9 71

72 Changes in net worth due to nominal holding gains/losses 516.3 478.9 621.8 466.0 350.4 -71.7 197.3 394.7 246.1 264.2 72

 Changes in balance sheet account

73 Change in net worth (lines 28+32+63+72) -241.3 678.4 964.4 684.1 -726.1 83.0 73.2 207.3 446.6 787.4 73

 Balance sheet account (end of period)

74 Total assets 7720.6 8576.2 9547.9 10408.1 10814.7 10911.6 11319.3 11817.2 12271.3 12641.2 74

75 Nonfinancial assets (3) 5662.8 6259.0 7008.0 7623.1 8193.3 8243.0 8557.5 9068.6 9388.3 9703.2 75

76 Structures 5388.1 5976.8 6715.1 7314.8 7863.3 7903.6 8207.7 8711.9 9026.8 9335.6 76

77 Equipment 203.3 206.9 212.7 221.5 236.4 240.9 245.4 246.5 246.5 247.6 77

78 Intellectual property products 71.4 75.3 80.2 86.9 93.6 98.5 104.4 110.2 115.1 120.0 78

79 Financial assets 2057.9 2317.2 2539.9 2785.0 2621.4 2668.6 2761.8 2748.6 2883.0 2938.1 79

80 Currency and deposits 216.1 234.8 257.4 289.8 315.9 345.4 345.2 377.4 406.7 425.8 80

81 Currency and transferable deposits 50.3 66.0 71.5 71.1 79.4 99.0 104.6 121.2 117.2 123.9 81

82 Time and savings deposits 165.8 168.8 185.9 218.6 236.5 246.4 240.6 256.2 289.5 301.9 82

83 Debt securities 1061.8 1217.4 1327.7 1464.7 1374.1 1333.0 1386.9 1337.1 1382.2 1348.3 83

84 Open market paper 153.4 153.3 152.0 149.8 127.9 88.9 102.1 91.0 85.1 77.0 84

85 Treasury securities 405.0 512.3 570.7 648.5 602.6 585.6 593.5 561.7 608.2 593.6 85

86 Agency- and GSE-backed securities (1) 377.7 413.4 452.6 497.6 479.9 490.2 513.9 507.0 505.0 491.2 86

87 Municipal securities 5.7 6.9 8.3 10.0 10.4 11.5 12.9 13.2 13.7 13.9 87

88 Corporate and foreign bonds 120.0 131.5 144.1 158.7 153.3 156.8 164.6 164.1 170.2 172.6 88

89 Loans 268.6 288.9 310.8 335.7 318.1 319.1 328.5 325.0 339.3 346.5 89

90 Short term 124.3 130.0 135.7 142.1 130.2 126.1 125.0 121.6 128.4 132.6 90

91 Long term (mortgages) 144.3 158.9 175.0 193.6 187.9 193.0 203.5 203.4 210.9 214.0 91

92 Equity and investment fund shares 219.7 246.6 287.3 320.0 253.4 296.3 334.9 338.5 370.0 415.6 92

93 Money market fund shares 76.3 89.9 105.3 123.3 126.1 136.1 150.2 154.0 162.0 166.7 93

94 Corporate equities 107.6 116.0 132.9 141.7 91.0 111.8 126.3 125.2 140.7 167.7 94

95 Mutual fund shares 35.8 40.7 49.1 55.0 36.3 48.5 58.4 59.3 67.3 81.2 95

96 Other accounts receivable 291.7 329.4 356.7 374.8 359.9 374.7 366.3 370.7 384.8 401.8 96

97 Trade receivables 125.0 142.5 151.3 159.1 143.7 139.1 152.2 154.5 159.1 167.5 97

98 Taxes receivable 88.0 102.3 114.4 117.4 123.0 117.1 117.8 120.0 121.3 123.8 98

99 Other (miscellaneous assets) 78.6 84.6 91.0 98.3 93.2 118.5 96.3 96.2 104.4 110.6 99

100 Total liabilities and net worth 7720.6 8576.2 9547.9 10408.1 10814.7 10911.6 11319.3 11817.2 12271.3 12641.2 100

101 Liabilities 3208.7 3385.9 3393.2 3569.4 4702.0 4715.8 5050.4 5341.0 5348.4 4931.0 101
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102 Debt securities (municipals) 2438.2 2579.2 2679.6 2825.6 2842.7 2954.9 3023.6 2970.0 2964.3 2924.9 102

103 Short term 44.2 42.5 34.3 51.2 55.8 63.6 63.0 52.3 56.1 45.3 103

104 Other 2393.9 2536.7 2645.2 2774.4 2786.9 2891.3 2960.6 2917.6 2908.2 2879.6 104

105 Loans (short term) 10.0 10.6 11.2 11.9 12.7 13.5 14.4 15.3 15.7 16.2 105

106 Insurance, pension and standardized guarantee schemes 310.5 314.0 186.2 178.9 1254.9 1116.9 1343.4 1648.3 1622.2 1204.1 106

 (Claim of pension funds on sponsor)

107 Other accounts payable (trade payables) 450.1 482.0 516.2 553.0 591.6 630.5 669.0 707.4 746.2 785.8 107

108 Net worth 4511.9 5190.3 6154.7 6838.8 6112.7 6195.7 6268.9 6476.3 6922.9 7710.2 108

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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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

 

 Current account

 1 Foreign income from U.S. 2259.4 2627.5 3004.6 3257.9 3385.0 2613.9 3020.3 3379.5 3470.2 3494.8 1

 2 U.S. imports of goods and services 1800.7 2030.1 2247.3 2383.2 2565.0 1983.2 2365.0 2686.4 2762.5 2770.4 2

 3 U.S. income payments to rest of world 362.3 483.2 656.6 750.1 684.9 497.8 514.1 546.0 566.5 586.1 3

 4 Current taxes and trans. payments to rest of world 96.4 114.2 100.7 124.7 135.1 132.9 141.2 147.2 141.3 138.3 4

 5 Less: Foreign outlays to U.S. 1633.0 1884.7 2200.6 2540.3 2698.9 2236.6 2572.4 2899.0 2988.0 3072.6 5

 6 U.S. exports of goods and services 1181.5 1308.9 1476.3 1664.6 1841.9 1587.7 1852.3 2106.4 2194.2 2262.2 6

 7 U.S. income receipts from rest of world 451.4 575.8 724.2 875.7 856.9 648.9 720.0 792.6 793.8 810.4 7

 8 Equals: Net saving (current external balance) 626.4 742.9 804.0 717.6 686.1 377.3 447.9 480.5 482.2 422.2 8

 Capital account

 9 Net saving 626.4 742.9 804.0 717.6 686.1 377.3 447.9 480.5 482.2 422.2 9

10 Less: Net capital transfers 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.5 -0.8 10

11 Less: Acquisition of nonproduced nonfinancial assets 0.0 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.0 -0.1 0.0 11

12 Net lending (+) or borrowing (-), capital account (lines 9-10-11) 623.7 730.0 806.1 717.5 680.7 377.8 448.6 482.1 475.7 423.0 12

 Financial account

13 Net lending (+) or borrowing (-) (line 12) 623.7 730.0 806.1 717.5 680.7 377.8 448.6 482.1 475.7 423.0 13

14 Net acquisition of U.S. financial assets 1227.1 1048.2 1479.7 1470.6 666.8 201.0 1087.5 1049.7 832.9 1191.5 14

15 Monetary gold and SDRs 0.0 0.0 0.0 0.0 0.0 47.6 0.0 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 47.6 0.0 0.0 0.0 0.0 17

18 Currency and deposits 16.6 24.8 50.7 -78.3 492.9 -284.3 -27.5 343.1 -29.9 415.5 18

19 Currency 13.3 8.4 2.2 -10.7 29.2 12.6 28.3 55.0 57.1 37.7 19

20 Transferable deposits 9.1 6.4 9.2 5.2 34.8 -21.8 1.2 26.8 11.0 13.2 20

21 Time deposits 22.8 20.6 34.0 36.7 73.4 -73.3 4.9 47.3 37.9 52.5 21

22 Net interbank items due from U.S. banks -28.6 -10.6 5.3 -109.5 355.4 -201.9 -61.8 213.9 -136.0 312.2 22

23 Debt securities 804.0 737.2 968.7 856.6 404.7 160.4 639.4 203.6 495.7 554.6 23

24 Open market paper 16.5 20.8 54.9 16.5 -59.0 -48.4 -10.7 0.7 -0.1 -1.4 24

25 Treasury securities 366.9 245.1 150.3 165.3 711.6 554.4 740.4 355.3 589.7 431.3 25

26 Agency- and GSE-backed securities (1) 154.6 139.8 217.1 239.5 -231.9 -226.0 -66.6 -41.6 -73.6 -84.7 26

27 Municipal securities 6.5 3.0 5.4 10.7 5.9 7.7 13.1 0.6 -0.6 4.3 27

28 Corporate bonds 259.5 328.5 541.0 424.6 -21.8 -127.3 -36.8 -111.5 -19.7 205.2 28

29 Loans (short term) 196.7 72.7 66.0 174.9 -674.3 -98.7 72.2 126.5 -58.8 58.7 29

30 Security repurchases 190.5 41.4 59.7 72.6 -629.7 -54.8 92.4 92.6 -6.6 62.1 30

31 Loans to U.S. corporate business 6.3 31.3 6.2 102.3 -44.7 -44.0 -20.2 33.9 -52.2 -3.5 31

32 Equity and investment fund shares 207.8 201.9 388.6 496.8 436.9 369.7 384.8 359.4 414.3 150.9 32

33 Money market fund shares 4.1 0.1 4.1 19.0 23.7 7.2 -7.1 4.6 22.6 16.4 33

34 Corporate equities 46.3 83.6 118.7 243.9 130.0 192.7 127.8 44.0 126.8 -78.7 34

35 Mutual fund shares 11.5 5.6 22.7 12.7 -26.9 19.4 58.2 74.7 89.7 -23.1 35

36 Foreign direct investment in the United States 146.0 112.6 243.2 221.2 310.1 150.4 205.9 236.1 175.2 236.3 36

37 Other accounts receivable 2.0 11.6 5.7 20.6 6.7 6.3 18.6 17.1 11.6 11.9 37

38 Net incurrence of liabilities 775.0 349.7 949.8 1319.0 -98.4 173.0 819.3 633.0 386.3 819.7 38

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

40 Currency and deposits 151.0 12.3 177.9 294.5 -326.3 -39.8 73.4 -197.3 -139.6 29.6 40

41 Official foreign currencies 0.6 0.6 0.7 1.0 1.3 0.7 0.5 -0.5 0.4 0.3 41

42 Reserve position in IMF (net) -3.8 -10.2 -3.3 -1.0 3.5 3.4 1.3 18.1 4.0 -3.4 42

43 U.S. private deposits 154.2 21.9 180.5 294.5 -331.0 -43.9 71.6 -215.0 -144.0 32.7 43

44 Nonofficial foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 44

45 Debt securities 101.7 93.4 277.2 234.8 -211.9 236.6 124.7 128.2 152.6 228.4 45

46 Commercial paper 69.2 38.6 98.4 -69.3 -71.0 59.4 -2.7 -53.5 27.9 34.0 46

47 Bonds 32.5 54.8 178.9 304.1 -140.8 177.2 127.4 181.7 124.7 194.4 47

48 Loans (short term) 145.6 3.4 65.4 173.3 160.5 -471.8 222.0 240.7 -14.5 -51.7 48

49 Security repurchases 148.2 -7.1 55.9 123.2 -382.8 86.0 207.9 96.4 40.4 -83.5 49

50 Other loans and advances -3.6 -6.8 -7.4 -3.3 -1.5 0.5 0.3 1.4 5.6 1.4 50

51 Depository institution loans n.e.c. 1.0 17.3 16.9 29.4 15.1 -14.8 24.0 43.2 30.4 39.1 51

52 Nonoff. foreign currencies (swap lines) 0.0 0.0 0.0 24.0 529.7 -543.5 -10.2 99.7 -90.9 -8.6 52
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53 Equity and investment fund shares 377.4 243.8 425.6 605.7 282.8 399.3 393.1 459.2 387.1 610.0 53

54 Corporate equities 84.8 186.7 137.3 147.8 -38.6 63.7 79.2 7.0 103.3 275.2 54

55 U.S. government equity in IBRD, etc. 2.0 1.3 2.0 1.7 1.4 1.7 2.3 2.6 2.4 2.2 55

56 U.S. direct investment abroad 316.2 36.2 244.9 414.0 329.1 310.4 301.1 419.1 333.0 349.5 56

57 Investment by holding companies -25.6 19.6 41.3 42.2 -9.1 23.5 10.6 30.6 -51.5 -17.0 57

58 Other accounts payable -1.1 1.3 3.5 10.7 -3.7 0.5 6.0 4.0 0.7 3.4 58

 Addendum:

59 Net lending (+) or borrowing (-), financial account (lines 14-38) 452.1 698.5 529.8 151.5 765.2 28.0 268.2 416.7 446.6 371.9 59

 Other changes in volume account

60 Total other volume changes -179.0 -34.9 -145.3 -537.5 75.3 -335.3 -181.8 -69.6 -34.8 -45.4 60

61 Other volume changes -7.5 -3.4 131.0 28.5 -9.2 14.5 -1.5 -4.2 -5.7 5.8 61

62 Less: Statistical discrepancy (lines 12-59) (2) 171.6 31.5 276.3 566.0 -84.5 349.8 180.3 65.5 29.1 51.1 62

 Revaluation account

63 Financial assets 228.1 -65.7 384.4 298.2 -1633.9 480.9 604.3 167.2 605.1 979.8 63

64 SDR allocations 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 0.1 64

65 Currency and deposits 12.4 -0.3 -0.0 5.1 0.0 0.0 4.2 0.1 -0.2 -0.7 65

66 Debt securities -22.5 -206.6 36.6 157.6 -148.8 64.0 132.3 293.5 120.4 -327.5 66

67 Open market paper -11.8 -1.7 1.6 -3.6 -1.8 0.1 -4.3 -0.2 0.2 0.4 67

68 Treasury securities -62.7 -74.3 -8.5 85.0 164.9 -136.8 47.9 190.3 -22.6 -207.8 68

69 Agency- and GSE-backed securities 46.0 4.7 35.0 79.1 57.3 -26.2 12.4 23.9 -3.4 -31.3 69

70 Corporate bonds 6.0 -135.3 8.5 -2.9 -369.3 226.9 76.3 79.4 146.3 -88.7 70

71 Equity and investment fund shares 237.7 142.1 347.3 134.8 -1484.6 416.3 468.7 -126.1 484.8 1307.8 71

72 Corporate equities 208.8 82.1 323.1 152.1 -1161.0 540.5 429.8 -56.8 429.1 1285.1 72

73 Mutual fund shares 13.1 9.4 19.3 12.1 -65.0 25.5 19.4 -8.3 35.4 76.4 73

74 Foreign direct investment in the United States 15.8 50.6 4.9 -29.3 -258.6 -149.6 19.6 -61.0 20.4 -53.7 74

75 Other accounts receivable 0.2 -0.3 0.2 0.3 -0.3 0.3 0.1 -0.1 0.0 0.0 75

76 Liabilities 591.7 642.4 949.7 1059.8 -2788.6 1381.3 797.1 -709.0 893.7 685.2 76

77 SDR holdings 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 0.1 77

78 Currency and deposits 37.3 -5.3 2.9 -0.4 0.2 -0.0 -25.2 -22.7 -1.8 -3.3 78

79 Official foreign currencies 2.3 -5.5 2.3 3.8 2.5 0.3 1.1 0.3 -2.3 -2.6 79

80 Reserve position in IMF (net) 0.8 -1.2 0.3 0.2 -0.0 0.3 -0.2 -0.5 0.0 0.0 80

81 U.S. private deposits 34.3 1.4 0.2 -4.4 -2.3 -0.7 -26.1 -22.5 0.4 -0.7 81

82 Nonofficial foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 82

83 Debt securities (corporate bonds) 29.6 -38.6 20.6 97.3 -193.7 179.3 102.5 54.2 148.2 -130.6 83

84 Equity and investment fund shares 524.1 687.6 925.5 962.1 -2594.7 1201.6 720.9 -740.4 747.3 819.1 84

85 Corporate equities 396.2 570.6 873.9 771.2 -2461.0 1183.2 825.8 -647.3 706.8 857.5 85

86 U.S. direct investment abroad 127.8 117.0 51.5 190.9 -133.7 18.5 -104.9 -93.1 40.4 -38.4 86

87 Other accounts payable 0.2 -0.4 0.3 0.3 -0.3 0.1 -0.0 0.0 -0.1 -0.1 87

88 Changes in net worth due to nominal holding gains/losses -363.6 -708.1 -565.2 -761.7 1154.7 -900.5 -192.9 876.2 -288.5 294.6 88

 Changes in balance sheet account

89 Change in net worth (lines 12+60+88) 81.0 -13.0 95.6 -581.7 1910.8 -857.9 73.9 1288.7 152.3 672.2 89

 Financial balance sheet account (end of period) (3)

90 Total financial assets 9699.1 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18951.0 21114.3 90

91 SDR allocations 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 54.4 91

92 Currency and deposits 535.5 560.1 610.7 537.5 1030.4 746.1 722.8 1066.0 1035.9 1450.7 92

93 Currency 272.0 280.4 282.6 272.0 301.1 313.8 342.1 397.1 454.2 491.9 93

94 Transferable deposits 13.3 19.7 28.9 34.2 69.0 47.2 48.4 75.2 86.2 99.4 94

95 Time deposits 202.9 223.2 257.2 298.9 372.4 299.2 308.2 355.6 393.4 445.1 95

96 Net interbank items due from U.S. banks 47.3 36.7 42.0 -67.5 287.9 86.0 24.2 238.1 102.1 414.2 96
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Z.1, December 11, 2014 161

S.9.a Rest of the World 

Billions of dollars

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

 

97 Debt securities 4449.6 4980.2 5985.4 6999.6 7255.5 7479.9 8251.6 8748.7 9364.8 9592.0 97

98 Open market paper 137.7 156.8 213.3 226.3 165.5 117.2 102.1 102.7 102.8 101.7 98

99 Treasury securities 1813.6 1984.4 2126.2 2376.4 3253.0 3670.6 4458.8 5004.4 5571.5 5794.9 99

100 Agency- and GSE-backed securities (1) 861.7 1006.1 1258.2 1576.8 1402.2 1150.0 1095.8 1078.2 1001.2 885.3 100

101 Municipal securities 26.0 29.0 34.4 45.1 51.0 58.7 71.7 72.4 71.8 76.1 101

102 Corporate bonds 1610.6 1803.8 2353.3 2775.0 2383.9 2483.5 2523.1 2491.0 2617.6 2734.0 102

103 Loans (short term) 794.9 867.6 1194.5 1369.5 789.6 671.9 744.0 874.6 815.8 874.5 103

104 Security repurchases 663.7 705.0 1025.8 1098.4 563.2 489.4 581.8 678.5 671.9 734.1 104

105 Loans to U.S. corporate business 131.2 162.5 168.8 271.1 226.4 182.5 162.3 196.1 143.9 140.4 105

106 Equity and investment fund shares 3866.0 4210.0 4946.0 5577.6 4529.8 5315.9 6169.4 6640.6 7539.7 8998.4 106

107 Money market fund shares 22.9 23.0 27.0 46.0 69.7 76.9 69.8 74.4 96.9 113.3 107

108 Corporate equities 1952.7 2118.4 2560.2 2956.2 1925.2 2658.4 3216.0 3397.2 3953.0 5159.4 108

109 Mutual fund shares 147.7 162.7 204.7 229.5 137.6 182.4 260.0 370.4 495.4 548.8 109

110 Foreign direct investment in the United States 1742.7 1906.0 2154.1 2345.9 2397.4 2398.2 2623.6 2798.7 2994.3 3176.9 110

111 Other accounts receivable 45.4 53.3 59.2 80.0 86.5 93.1 111.8 128.8 140.5 144.4 111

112 Total liabilities and net worth 9699.1 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18951.0 21114.3 112

113 Total liabilities 8035.3 9027.4 11056.9 13407.3 10624.0 12144.8 13762.7 13932.9 15218.6 16709.7 113

114 SDR holdings 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 55.2 114

115 Currency and deposits 1206.8 1213.8 1394.5 1688.6 1362.5 1322.7 1370.8 1150.8 1009.3 1035.6 115

116 Official foreign currencies 42.5 37.6 40.7 45.5 49.3 50.2 51.8 51.6 49.7 47.4 116

117 Reserve position in IMF (net) 19.5 8.0 5.0 4.2 7.7 11.4 12.5 30.1 34.2 30.8 117

118 U.S. private deposits 1142.2 1165.5 1346.1 1636.2 1302.9 1258.4 1303.9 1066.4 922.8 954.8 118

119 Nonofficial foreign currencies 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 119

120 Debt securities 1153.9 1208.8 1506.6 1838.7 1433.2 1849.1 2076.3 2258.7 2559.5 2657.3 120

121 Commercial paper 345.3 384.0 482.3 413.0 342.0 401.3 398.6 345.1 373.0 407.0 121

122 Bonds 808.6 824.8 1024.3 1425.7 1091.2 1447.8 1677.6 1913.6 2186.5 2250.4 122

123 Loans (short term) 519.9 523.3 718.7 863.5 1127.8 622.5 846.0 1091.3 1082.5 1030.8 123

124 Security repurchases 388.1 381.0 566.9 681.1 402.3 454.8 663.7 764.7 805.1 721.6 124

125 Other loans and advances 38.7 31.9 24.5 21.2 19.4 19.9 20.2 21.5 30.8 32.2 125

126 Depository institution loans n.e.c. 93.1 110.4 127.4 137.3 152.4 137.5 162.0 205.2 237.7 276.7 126

127 Nonoff. foreign currencies (swap lines) 0.0 0.0 0.0 24.0 553.7 10.3 0.1 99.8 8.9 0.3 127

128 Equity and investment fund shares 5108.4 6039.8 7390.8 8958.6 6646.8 8247.7 9361.7 9322.0 10456.4 11885.5 128

129 Corporate equities 2560.4 3317.7 4329.0 5248.0 2748.4 3995.3 4900.2 4501.4 5311.5 6444.2 129

130 U.S. government equity in IBRD, etc. 42.0 43.2 45.3 46.9 48.3 50.0 52.3 54.9 57.3 59.5 130

131 U.S. direct investment abroad 2498.5 2651.7 2948.2 3553.1 3748.5 4077.4 4273.6 4599.5 4972.9 5284.0 131

132 Investment by holding companies 7.5 27.1 68.4 110.6 101.5 125.1 135.6 166.3 114.7 97.8 132

133 Other accounts payable 32.7 33.6 37.4 48.4 44.4 45.1 51.1 55.1 55.7 45.3 133

134 Net worth (external account) 1663.7 1650.7 1746.3 1164.7 3075.4 2217.5 2291.3 3580.1 3732.4 4404.6 134

(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