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S.1.a Total Economy - Current Account

Billions of dollars

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 1 Gross value added 13129.2 14073.2 14460.1 14619.2 14343.4 14915.2 15556.3 16358.5 16840.8 17560.1 1

 (income approach)

 2 Less: Consumption of fixed capital 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2450.6 2534.2 2632.8 2746.7 2

 3 Equals: Net value added 11147.2 11937.2 12195.8 12255.8 11975.0 12533.6 13105.6 13824.3 14208.0 14813.4 3

 4 Compensation of employees (paid) 7097.9 7513.7 7908.8 8090.0 7795.7 7969.5 8277.1 8618.5 8848.7 9258.4 4

 5 Wages and salaries 5703.1 6068.8 6405.7 6543.6 6260.1 6385.6 6641.2 6938.9 7123.5 7487.2 5

 6 Employers’ social contributions 1394.8 1444.9 1503.1 1546.4 1535.6 1583.9 1635.9 1679.6 1725.3 1771.2 6

 7 Taxes on production and imports less subsidies 873.6 940.5 980.0 989.4 967.8 1001.2 1042.6 1074.0 1118.6 1155.8 7

 8 Operating surplus, net 3175.7 3483.0 3307.0 3176.5 3211.6 3562.8 3785.9 4131.7 4240.6 4399.2 8

 9 Plus: Income receipts from the rest of the world 575.8 724.2 875.7 856.9 648.9 720.0 792.6 801.5 826.2 854.3 9

10 Less: Income payments to the rest of the world 483.2 656.6 750.1 684.9 497.8 514.1 546.0 563.9 575.8 591.2 10

11 Equals: Net national income/Balance of primary incomes, net 11239.8 12004.8 12321.4 12427.8 12126.1 12739.5 13352.3 14061.9 14458.3 15076.5 11

12 Operating surplus, net 3175.7 3483.0 3307.0 3176.5 3211.6 3562.8 3785.9 4131.7 4240.6 4399.2 12

13 Compensation of employees (received) 7086.8 7502.3 7898.3 8078.3 7787.0 7961.4 8269.0 8609.9 8839.7 9248.9 13

14 Wages and salaries 5692.0 6057.4 6395.2 6531.9 6251.4 6377.5 6633.2 6930.3 7114.4 7477.8 14

15 Employers’ social contributions 1394.8 1444.9 1503.1 1546.4 1535.6 1583.9 1635.9 1679.6 1725.3 1771.2 15

16 Taxes on production and imports, receivable 934.5 991.9 1034.6 1041.9 1026.1 1057.1 1102.6 1132.1 1178.0 1213.7 16

17 Subsidies paid -60.9 -51.5 -54.6 -52.6 -58.3 -55.9 -60.1 -58.0 -59.4 -57.9 17

18 Property income (received) 5624.9 6618.0 7291.8 6916.9 5815.3 5752.9 6011.3 6248.7 6324.1 6436.2 18

19 Interest 3420.9 4150.9 4706.7 4234.7 3464.1 3230.4 3233.2 3179.8 3054.8 3072.0 19

20 Distributed income of corporations 2164.3 2199.1 2300.9 2390.7 2072.0 2166.7 2410.7 2727.7 2894.3 2958.7 20

21 Dividends 1109.8 1067.3 1234.4 1255.5 989.3 1007.3 1118.0 1326.0 1449.3 1444.4 21

22 Withdrawals from income of quasi-corporations 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1292.8 1401.7 1445.0 1514.3 22

23 Reinvested earnings on U.S. direct investment abroad 20.4 247.8 261.4 265.6 260.9 336.6 345.7 318.7 353.3 381.7 23

24 Rents on land and natural resources 19.4 20.3 22.6 25.9 18.3 19.2 21.7 22.5 21.7 23.8 24

25 Less: Uses of property income (paid) 5521.3 6539.1 7155.7 6733.1 5655.5 5538.8 5756.6 6002.5 6064.7 6163.6 25

26 Interest 3556.3 4328.1 4924.0 4457.7 3661.6 3411.5 3400.4 3343.9 3210.1 3217.7 26

27 Distributed income of corporations 1903.4 2121.2 2160.5 2210.1 1953.8 2045.3 2255.8 2548.4 2748.0 2823.0 27

28 Dividends 848.9 989.4 1093.9 1075.0 871.2 885.9 963.1 1146.7 1303.0 1308.8 28

29 Withdrawals from income of quasi-corporations 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1292.8 1401.7 1445.0 1514.3 29

30 Reinvested earnings on foreign direct investment 42.1 69.5 48.5 39.4 21.9 62.8 78.7 87.6 84.9 99.1 30

31 Rents on land and natural resources 19.4 20.3 22.6 25.9 18.3 19.2 21.7 22.5 21.7 23.8 31

32 Net national income/Balance of primary incomes, net 11239.8 12004.8 12321.4 12427.8 12126.1 12739.5 13352.3 14061.9 14458.3 15076.5 32

33 Plus: Current taxes on income, wealth, etc. (received) 1621.3 1825.9 1929.2 1807.7 1413.1 1601.3 1819.5 1945.2 2126.8 2278.2 33

34 Less: Current taxes on income, wealth, etc. (paid) 1625.6 1830.4 1938.7 1816.9 1421.7 1609.8 1832.3 1959.0 2141.7 2294.1 34

35 Plus: Social benefits (received) 2369.0 2520.3 2663.6 2913.0 3078.2 3270.8 3232.4 3279.8 3497.4 3651.2 35

36 Less: Social contributions (paid) 2375.6 2528.1 2672.2 2923.7 3089.3 3282.4 3245.1 3293.1 3511.1 3665.6 36

37 Plus: Other current transfers (received) 494.8 498.3 533.6 564.1 672.0 723.0 699.4 656.8 683.5 744.1 37

38 Less: Other current transfers (paid) 592.9 584.7 640.6 684.9 789.8 842.2 822.1 769.7 792.6 848.0 38

39 Equals: Disposable income, net 11130.7 11905.9 12196.2 12287.2 11988.6 12600.3 13204.1 13921.8 14320.6 14942.3 39

40 Less: Final consumption expenditures 10774.2 11393.8 11960.2 12382.2 12289.0 12724.4 13220.2 13594.8 13914.3 14422.2 40

41 Equals: Net saving 356.6 512.1 236.0 -95.0 -300.4 -124.1 -16.1 327.0 406.3 520.1 41

 Addendum:

42 Gross value added (line 1) 13129.2 14073.2 14460.1 14619.2 14343.4 14915.2 15556.3 16358.5 16840.8 17560.1 42

43 Plus statistical discrepancy (NIPA) -35.5 -217.3 17.5 99.4 75.3 49.2 -38.3 -203.3 -177.6 -212.0 43

44 Equals: GDP (NIPA, expenditure approach) 13093.7 13855.9 14477.6 14718.6 14418.7 14964.4 15517.9 16155.3 16663.2 17348.1 44

45 Average of GDP and GDI 13111.5 13964.5 14468.9 14668.9 14381.1 14939.8 15537.1 16256.9 16752.0 17454.1 45

46 Statistical discrepancy as a percentage of GDP -0.27 -1.57 0.12 0.68 0.52 0.33 -0.25 -1.26 -1.07 -1.22 46
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S.2.a Selected Aggregates for Total Economy and Sectors 

Billions of dollars

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 1 Gross value added 13129.2 14073.2 14460.1 14619.2 14343.4 14915.2 15556.3 16358.5 16840.8 17560.1 1

 2 Households and nonprofit institutions serving households 1599.5 1689.4 1749.6 1855.3 1913.6 1928.8 1974.4 2029.4 2086.4 2172.3 2

 3 Nonfinancial noncorporate business 2218.8 2440.1 2513.9 2632.4 2466.4 2546.2 2751.6 2909.8 3015.6 3146.9 3

 4 Nonfinancial corporate business 6532.1 6988.0 7203.9 7256.8 6859.8 7238.7 7592.3 8011.9 8316.8 8641.0 4

 5 Financial business 1034.3 1127.6 1068.8 851.9 1015.4 1042.8 1045.8 1187.3 1173.3 1301.6 5

 6 Federal government 552.7 577.6 605.4 637.6 668.8 704.5 720.9 723.7 715.1 723.9 6

 7 State and local government 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1471.4 1496.5 1533.6 1574.5 7

 8 Net saving 356.6 512.1 236.0 -95.0 -300.4 -124.1 -16.1 327.0 406.3 520.1 8

 9 Households and nonprofit institutions serving households 243.1 331.4 309.8 536.7 667.4 630.0 710.1 946.7 589.9 620.2 9

10 Nonfinancial corporate business 411.7 386.5 313.1 296.7 381.0 603.5 584.2 556.3 650.7 618.5 10

11 Financial business 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 134.8 -6.3 80.5 11

12 Federal government -304.7 -227.0 -265.6 -634.0 -1248.8 -1328.7 -1244.1 -1090.1 -640.9 -631.5 12

13 State and local government -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -220.8 -187.1 -167.7 13

 Net capital transfers

14 Households and nonprofit institutions serving households -21.9 16.6 6.8 7.7 -28.4 -20.6 2.0 -5.1 19.8 9.3 14

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

16 Nonfinancial corporate business -15.5 -0.0 -0.0 -3.7 38.3 20.9 -6.4 -17.0 -5.7 -6.7 16

17 Financial business 27.7 0.0 0.0 -60.5 -121.9 -41.5 -32.4 9.6 0.0 10.0 17

18 Federal government 60.3 43.2 53.0 117.6 186.3 126.3 113.9 85.0 58.1 58.8 18

19 State and local government -50.4 -57.8 -59.3 -63.2 -67.7 -76.7 -73.8 -74.2 -71.4 -71.0 19

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

21 Gross fixed capital formation 2981.2 3166.0 3201.5 3091.4 2672.7 2691.1 2836.0 3064.3 3185.5 3378.7 21

22 Households and nonprofit institutions serving households 865.0 860.1 736.1 580.4 468.1 452.4 451.9 505.3 558.4 596.2 22

23 Nonfinancial noncorporate business 289.2 305.0 313.5 307.5 248.8 243.1 274.8 312.6 330.8 353.7 23

24 Nonfinancial corporate business 1133.4 1259.9 1348.2 1372.7 1141.9 1181.0 1303.9 1439.9 1498.0 1610.4 24

25 Financial business (nonresidential) 180.0 188.7 211.5 196.2 166.9 162.8 167.5 192.1 206.1 222.6 25

26 Federal government 222.9 238.0 251.4 275.8 284.0 300.0 297.4 284.7 269.4 264.6 26

27 State and local government 290.8 314.3 340.8 358.8 363.0 351.9 340.5 329.7 322.9 331.3 27

28 Consumption of fixed capital 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2450.6 2534.2 2632.8 2746.7 28

29 Households and nonprofit institutions serving households 362.1 396.2 413.7 414.6 403.3 400.5 398.2 404.6 427.2 454.8 29

30 Nonfinancial noncorporate business 214.4 232.6 245.6 254.5 253.0 251.8 265.0 273.0 284.5 297.5 30

31 Nonfinancial corporate business 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1139.2 1186.2 1232.2 1285.7 31

32 Financial business (nonresidential) 148.9 156.8 165.4 173.9 177.4 176.7 168.6 174.2 182.7 192.0 32

33 Federal government 189.4 200.7 212.8 226.3 234.5 245.3 257.4 264.3 267.7 270.7 33

34 State and local government 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.9 238.5 246.1 34

35 Change in inventories 59.6 67.0 34.5 -32.0 -147.6 61.5 41.8 61.8 71.8 77.1 35

36 Nonfinancial noncorporate business 7.1 5.3 3.3 -2.3 -16.8 3.6 6.8 -4.0 16.6 13.9 36

37 Nonfinancial corporate business 52.5 61.7 31.2 -29.7 -130.8 57.9 34.9 65.8 55.2 63.2 37

38 Net lending (+) or net borrowing (-) (capital account) -689.3 -586.9 -735.5 -785.6 -457.8 -495.8 -444.8 -258.4 -219.0 -189.5 38

39 Households and nonprofit institutions serving households -228.8 -139.0 -8.2 374.2 640.6 607.2 662.3 858.9 447.1 477.8 39

40 Nonfinancial noncorporate business -68.8 -77.7 -71.1 -47.5 27.0 12.9 -15.1 -30.7 -62.8 -70.2 40

41 Nonfinancial corporate business 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 253.0 334.5 236.2 41

42 Financial business 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 107.4 -29.7 39.9 42

43 Federal government -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1193.4 -698.3 -681.4 43

44 State and local government -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -253.6 -209.7 -191.8 44

 Addendum:

45 Statistical discrepancy (NIPA) -35.5 -217.3 17.5 99.4 75.3 49.2 -38.3 -203.3 -177.6 -212.0 45

46 Rest of the world 724.8 804.2 718.0 686.2 382.5 446.6 483.2 461.7 396.6 401.6 46

47 Net lending (+) or net borrowing (-) (financial account) -445.1 -644.4 -349.8 -1096.6 -528.3 -629.0 -656.8 -815.4 275.0 -112.6 47

48 Households and nonprofit institutions serving households -283.2 -346.4 248.2 1131.3 606.4 883.3 1365.6 1015.7 1017.1 729.9 48

49 Nonfinancial noncorporate business -54.0 -63.9 -57.0 -37.1 44.8 29.5 -15.1 -30.7 -62.8 -70.1 49

50 Nonfinancial corporate business -20.9 -139.0 -208.2 -947.7 548.5 145.2 -397.5 -479.1 63.2 10.7 50

51 Financial business 330.7 243.2 124.7 -102.7 5.9 5.1 73.4 81.9 172.8 26.8 51

52 Federal government -422.8 -310.4 -370.8 -789.1 -1298.2 -1414.9 -1352.4 -1123.2 -658.5 -634.6 52

53 State and local government 5.2 -27.9 -86.6 -351.3 -435.6 -277.2 -330.9 -280.1 -256.7 -175.3 53

 Addendum:

54 Rest of the world 698.5 529.8 151.5 765.2 28.0 268.2 416.7 462.8 373.4 323.8 54

 Total other volume changes

55 Households and nonprofit institutions serving households 280.4 513.1 626.3 871.3 593.5 1179.7 695.3 615.3 1065.9 577.5 55

56 Nonfinancial noncorporate business -76.1 1.3 -48.7 -315.4 -96.6 181.4 241.8 81.9 183.3 25.2 56

57 Nonfinancial corporate business 288.5 576.9 678.9 -744.2 172.3 379.3 -54.9 -221.2 435.7 561.0 57

58 Financial business 34.3 -411.2 -78.2 1209.3 -1027.8 -801.9 -73.0 -380.0 -950.5 -387.9 58

59 Federal government -47.0 30.2 9.3 86.7 121.5 -29.0 48.5 50.5 26.2 83.0 59

60 State and local government 185.0 277.4 207.6 -946.7 334.8 44.8 -66.5 249.3 577.1 276.8 60

61 Rest of the world -29.8 -143.4 -538.0 69.8 -339.9 -179.9 -70.6 -4.6 -17.4 -77.8 61

 Holding gains/losses

62 Households and nonprofit institutions serving households 5370.3 3496.6 -466.0 -11777.1 617.0 2379.4 -255.9 4588.7 8175.4 3610.5 62

63 Nonfinancial noncorporate business 1171.5 429.9 139.5 -1124.8 -1149.5 449.8 386.9 697.3 1016.9 629.5 63

64 Nonfinancial corporate business 65.4 -1178.4 -228.6 4344.2 -5140.6 -1288.5 468.9 -1419.5 -3965.5 -1560.1 64

65 Financial business 104.8 -8.1 1331.4 564.1 388.6 50.9 292.6 -113.4 -4.2 -190.8 65

66 Federal government 115.3 116.8 93.3 1.2 -157.9 18.5 36.4 45.3 67.6 56.6 66

67 State and local government 478.9 621.8 466.0 350.4 -71.7 197.4 394.6 244.3 287.1 189.8 67

68 Rest of the world -708.1 -565.2 -761.7 1154.7 -900.5 -192.9 876.2 -351.0 286.9 1012.0 68
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Z.1, March 10, 2016 145

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

Billions of dollars

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 Change in net worth

69 Households and nonprofit institutions serving households 5915.7 4324.5 463.3 -10376.7 1906.4 4209.7 1147.5 6155.7 9811.4 4798.9 69

70 Nonfinancial noncorporate business 1108.2 430.1 90.6 -1437.2 -1241.1 638.8 629.6 784.3 1200.0 654.7 70

71 Nonfinancial corporate business 781.1 -215.0 763.4 3900.4 -4625.6 -326.7 1004.6 -1067.4 -2873.3 -373.9 71

72 Financial business 184.5 -358.6 1204.7 1704.5 -345.3 -501.1 401.7 -368.1 -960.9 -508.2 72

73 Federal government -296.8 -123.3 -216.0 -663.6 -1471.5 -1465.5 -1273.2 -1079.3 -605.4 -550.6 73

74 State and local government 647.7 917.6 660.3 -698.1 58.9 81.6 186.0 347.0 748.4 369.9 74

75 Rest of the world -13.0 95.6 -581.7 1910.8 -857.9 73.9 1288.7 106.1 666.1 1335.8 75

 Net worth

76 Households and nonprofit institutions serving households 61748.2 66072.6 66536.0 56159.2 58065.6 62275.3 63422.8 69578.6 79389.9 84188.9 76

77 Nonfinancial noncorporate business 8401.5 8831.6 8922.2 7485.0 6243.9 6882.8 7512.3 8296.6 9496.6 10151.3 77

78 Nonfinancial corporate business 2232.9 2017.9 2781.3 6681.7 2056.1 1729.4 2734.0 1666.6 -1206.7 -1580.5 78

79 Financial business -1148.8 -1507.3 -302.7 1401.8 1056.5 555.4 957.1 589.0 -371.9 -880.0 79

80 Federal government -4300.1 -4423.4 -4639.4 -5303.0 -6774.5 -8240.0 -9513.2 -10592.5 -11197.8 -11748.5 80

81 State and local government 5149.6 6067.3 6727.5 6029.4 6088.3 6169.9 6355.9 6703.0 7451.4 7821.2 81

82 Rest of the world 1650.7 1746.3 1164.7 3075.4 2217.5 2291.3 3580.1 3686.2 4352.3 5688.1 82
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S.3.a Households and Nonprofit Institutions Serving Households

Billions of dollars

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 Current account

 1 Gross value added 1599.5 1689.4 1749.6 1855.3 1913.6 1928.8 1974.4 2029.4 2086.4 2172.3 1

 2 Less: Consumption of fixed capital 362.1 396.2 413.7 414.6 403.3 400.5 398.2 404.6 427.2 454.8 2

 3 Equals: Net value added 1237.5 1293.2 1335.9 1440.7 1510.3 1528.3 1576.1 1624.8 1659.2 1717.6 3

 4 Compensation paid by households and NPISHs 563.4 590.9 616.8 658.2 686.6 696.4 723.9 759.2 780.3 810.0 4

 5 Wages and salaries 466.2 490.9 516.0 549.9 566.1 577.3 597.0 624.7 642.0 667.7 5

 6 Employers’ social contributions 97.1 100.0 100.8 108.3 120.5 119.1 126.9 134.4 138.3 142.2 6

 7 Taxes on production and imports less subsidies 120.7 130.8 135.1 143.2 152.4 152.8 154.9 156.0 158.0 160.2 7

 8 Operating surplus, net 553.4 571.5 584.0 639.3 671.3 679.1 697.2 709.6 720.9 747.4 8

 9 Net national income/Balance of primary incomes, net 9733.1 10437.5 10936.7 11247.7 10643.4 10889.5 11566.0 12269.0 12517.3 13076.8 9

10 Operating surplus, net 553.4 571.5 584.0 639.3 671.3 679.1 697.2 709.6 720.9 747.4 10

11 Compensation of employees (received) 7086.8 7502.3 7898.3 8078.3 7787.0 7961.4 8269.0 8609.9 8839.7 9248.9 11

12 Wages and salaries 5692.0 6057.4 6395.2 6531.9 6251.4 6377.5 6633.2 6930.3 7114.4 7477.8 12

13 Employers’ social contributions 1394.8 1444.9 1503.1 1546.4 1535.6 1583.9 1635.9 1679.6 1725.3 1771.2 13

14 Property income (received) 2722.2 3071.6 3234.6 3303.6 2901.9 2900.2 3207.9 3526.7 3506.8 3633.2 14

15 Interest 1089.4 1216.1 1351.5 1363.0 1265.5 1196.2 1232.9 1290.1 1272.7 1303.4 15

16 Distributed income of corporations 1632.8 1855.5 1883.1 1940.6 1636.4 1704.0 1975.0 2236.6 2234.1 2329.8 16

17 Dividends 578.3 723.7 816.5 805.4 553.7 544.6 682.2 834.9 789.0 815.5 17

18 Withdrawals from income of quasi-corporations (1) 1054.5 1131.8 1066.6 1135.2 1082.6 1159.4 1292.8 1401.7 1445.0 1514.3 18

19 Less: Uses of property income (interest paid) 629.3 707.9 780.2 773.5 716.8 651.2 608.2 577.3 550.1 552.6 19

20 Net national income/Balance of primary incomes, net 9733.1 10437.5 10936.7 11247.7 10643.4 10889.5 11566.0 12269.0 12517.3 13076.8 20

21 Less: Current taxes on income, wealth, etc. (paid) 1213.2 1357.1 1493.2 1507.8 1152.3 1239.3 1453.2 1511.4 1672.8 1780.2 21

22 Plus: Social benefits (received) 1491.0 1593.1 1697.5 1920.0 2108.8 2281.7 2310.2 2323.6 2385.5 2487.2 22

23 Less: Social contributions (paid) 873.3 922.6 961.4 988.2 964.4 984.1 917.8 951.6 1106.8 1159.0 23

24 Plus: Other current transfers (received) 25.7 21.5 30.6 36.6 38.7 43.0 50.2 42.7 41.2 42.0 24

25 Less: Other current transfers (paid) 126.1 137.0 149.8 157.8 159.8 158.7 156.1 175.0 182.1 180.7 25

26 Equals: Disposable income, net 9037.2 9635.4 10060.3 10550.4 10514.4 10832.2 11399.4 11997.3 11982.2 12486.1 26

27 Less: Final consumption expenditures 8794.1 9304.0 9750.5 10013.6 9847.0 10202.2 10689.3 11050.6 11392.3 11865.9 27

28 Equals: Net saving 243.1 331.4 309.8 536.7 667.4 630.0 710.1 946.7 589.9 620.2 28

 Capital account

29 Net saving less capital transfers 265.0 314.8 303.0 529.0 695.8 650.6 708.1 951.8 570.1 610.9 29

30 Net saving 243.1 331.4 309.8 536.7 667.4 630.0 710.1 946.7 589.9 620.2 30

31 Less: Capital transfers paid (net) -21.9 16.6 6.8 7.7 -28.4 -20.6 2.0 -5.1 19.8 9.3 31

32 Capital formation, net 493.8 453.8 311.2 154.9 55.2 43.4 45.8 92.9 123.0 133.1 32

33 Gross fixed capital formation, excluding consumer durables 865.0 860.1 736.1 580.4 468.1 452.4 451.9 505.3 558.4 596.2 33

34 Residential 738.9 722.7 582.3 425.3 321.1 318.3 321.1 367.9 424.6 456.6 34

35 Nonresidential (nonprofit organizations) 126.1 137.4 153.9 155.1 147.1 134.1 130.8 137.4 133.7 139.7 35

36 Less: Consumption of fixed capital 362.1 396.2 413.7 414.6 403.3 400.5 398.2 404.6 427.2 454.8 36

37 Acquisition of nonproduced nonfinancial assets -9.1 -10.1 -11.2 -11.0 -9.7 -8.5 -7.8 -7.9 -8.2 -8.4 37

38 Net lending (+) or borrowing (-), capital account (lines 29-32) -228.8 -139.0 -8.2 374.2 640.6 607.2 662.3 858.9 447.1 477.8 38

 Financial account

39 Net lending (+) or borrowing (-) (line 38) -228.8 -139.0 -8.2 374.2 640.6 607.2 662.3 858.9 447.1 477.8 39

40 Net acquisition of financial assets 876.0 928.6 1210.4 1141.3 682.7 783.5 1295.7 1279.3 1252.8 1153.1 40

41 Currency and deposits 369.7 452.7 426.1 420.0 199.7 206.3 659.8 581.0 346.4 569.1 41

42 Currency and transferable deposits -113.9 -40.0 -75.3 176.8 101.0 38.9 300.3 177.0 134.2 141.2 42

43 Time and savings deposits 481.5 486.5 483.6 261.0 105.9 162.8 369.3 411.9 209.9 434.3 43

44 Foreign deposits 2.1 6.1 17.8 -17.8 -7.2 4.5 -9.9 -7.9 2.3 -6.4 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 64.8 -82.2 499.4 586.6 63.4 -60.5 -230.1 -212.1 -627.8 -479.1 46

47 Open market paper 14.7 19.0 -10.2 -101.3 16.7 -1.5 -1.8 -0.6 -3.8 -0.1 47

48 Treasury securities -119.6 -92.1 -39.9 141.3 532.2 316.4 -230.8 195.1 -140.5 -57.0 48

49 Agency- and GSE-backed securities (2) 151.3 -21.9 341.3 240.3 -672.5 -3.3 40.3 -50.3 -46.2 -174.7 49

50 Municipal securities 77.7 34.7 38.0 47.3 107.0 43.5 -65.8 -144.7 -53.3 -67.3 50

51 Corporate and foreign bonds -59.3 -22.0 170.2 259.0 80.0 -415.6 27.9 -211.6 -384.0 -180.0 51

52 Loans -0.9 70.8 220.4 -159.2 -47.6 1.6 -5.0 12.6 51.4 51.5 52

53 Short term -9.0 87.9 233.3 -160.4 -46.8 12.5 -5.9 30.7 57.1 46.1 53

54 Long term (mortgages) 8.1 -17.1 -12.9 1.1 -0.9 -10.9 0.9 -18.1 -5.8 5.4 54
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55 Equity and investment fund shares -218.8 -199.0 -571.0 -277.1 -129.9 -39.6 187.6 350.4 873.8 431.5 55

56 Corporate equities -408.1 -594.5 -1045.7 -305.6 -20.3 -192.2 -282.2 -214.3 158.2 30.4 56

57 Mutual fund shares 197.3 182.4 281.7 100.2 264.5 164.6 258.6 471.8 514.3 418.1 57

58 Money market fund shares 44.9 218.6 239.7 234.3 -267.7 -183.2 -21.1 2.5 28.1 -41.6 58

59 Equity in noncorporate business -52.8 -5.5 -46.7 -306.1 -107.6 167.3 231.5 90.3 173.2 24.7 59

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

61 Insurance, pension and standardized guarantee schemes 661.2 686.4 635.5 571.0 597.1 675.7 683.5 547.4 609.0 580.1 61

62 Insurance receivables due from property-casualty insurance companies 25.6 4.6 6.7 11.0 8.7 -35.2 27.6 -17.7 37.7 -8.4 62

63 Life insurance reserves 15.1 57.8 18.6 59.9 24.6 6.2 73.5 -26.6 19.2 45.3 63

64 Pension entitlements (4) 588.0 591.2 570.9 456.0 538.8 665.1 549.2 580.1 539.5 527.0 64

65 Non-life insurance reserves at life insurance companies 9.5 14.8 15.5 17.6 8.4 17.1 14.8 -1.8 0.4 5.8 65

66 Retiree Health Care Funds 23.0 18.1 23.8 26.5 16.6 22.5 18.5 13.3 12.2 10.4 66

67 Net incurrence of liabilities 1159.2 1275.1 962.3 10.0 76.3 -99.7 -69.9 263.6 235.7 423.2 67

68 Debt securities (municipals) 15.1 16.4 21.1 9.3 5.9 -2.2 -7.8 -14.5 -13.1 -4.8 68

69 Loans 1130.0 1244.6 925.5 -24.7 33.8 -70.8 -62.9 273.5 244.8 423.6 69

70 Short term 69.2 229.1 178.8 -114.9 -36.6 102.4 16.3 346.4 243.4 371.8 70

71 Consumer credit 100.4 120.4 151.3 34.9 -103.6 -25.3 108.6 169.4 175.9 218.4 71

72 Depository institution loans n.e.c. 0.3 44.2 -9.1 4.6 28.3 50.1 -54.9 110.8 30.0 120.2 72

73 Other loans and advances -31.5 64.4 36.6 -154.5 38.7 77.6 -37.4 66.1 37.4 33.2 73

74 Long term (mortgages) 1060.8 1015.5 746.7 90.3 70.4 -173.2 -79.2 -72.9 1.4 51.8 74

75 Insurance, pension and standardized guarantee schemes 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 3.0 1.2 75

76 Other accounts payable (trade debt) 13.0 13.6 14.6 22.2 41.4 -29.4 1.2 4.0 1.0 3.1 76

 Addendum:

77 Net lending (+) or borrowing (-), financial account (lines 40-67) -283.2 -346.4 248.2 1131.3 606.4 883.3 1365.6 1015.7 1017.1 729.9 77

 Other changes in volume account

78 Total other volume changes 280.4 513.1 626.3 871.3 593.5 1179.7 695.3 615.3 1065.9 577.5 78

79 Net investment in consumer durable goods 252.4 239.6 231.1 134.6 50.3 86.9 119.0 167.1 181.5 202.2 79

80 Disaster losses -50.4 0.0 0.0 -8.3 0.0 0.0 0.0 -20.9 0.0 0.0 80

81 Other volume changes 132.7 480.9 138.8 -12.1 577.5 816.8 -127.0 312.3 314.4 123.2 81

82 Less: Statistical discrepancy (lines 38-77) (5) 54.4 207.5 -256.4 -757.1 34.2 -276.1 -703.3 -156.9 -570.0 -252.1 82

 Revaluation account

83 Nonfinancial assets 2804.6 266.2 -1823.9 -3627.1 -1210.3 -465.3 -112.6 1460.5 2262.9 1149.1 83

84 Real estate 2851.4 314.5 -1764.9 -3592.6 -1162.9 -374.2 -135.0 1501.4 2353.3 1249.7 84

85 Consumer durable goods -44.1 -46.9 -55.6 -32.0 -40.8 -88.3 17.7 -41.5 -92.6 -102.1 85

86 Equipment -2.6 -0.6 -3.1 -1.3 -4.7 -2.4 2.5 -0.7 -0.1 1.0 86

87 Intellectual property products -0.1 -0.8 -0.3 -1.2 -2.0 -0.4 2.2 1.2 2.4 0.6 87

88 Financial assets 2565.7 3230.4 1357.9 -8149.9 1827.3 2844.7 -143.3 3128.2 5912.5 2461.4 88

89 Corporate equities 1069.3 2012.2 840.6 -4013.6 1647.7 1608.5 -146.2 1545.9 2985.6 1307.5 89

90 Mutual fund shares 38.7 344.5 230.9 -1451.2 612.4 338.5 -214.2 423.6 956.3 280.2 90

91 Equity in noncorporate business 1186.0 433.6 138.7 -1135.3 -1140.9 457.6 386.6 701.1 1021.0 629.0 91

92 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 -0.3 -1.0 -0.2 -0.1 0.0 0.0 92

93 Insurance, pension and standardized guarantee schemes 271.7 440.2 147.7 -1549.8 708.4 441.1 -169.2 457.7 949.6 244.7 93

94 Changes in net worth due to nominal holding gains/losses 5370.3 3496.6 -466.0 -11777.1 617.0 2379.4 -255.9 4588.7 8175.4 3610.5 94

 Changes in balance sheet account

95 Change in net worth (lines 32+38+78+94) 5915.7 4324.5 463.3 -10376.7 1906.4 4209.7 1147.5 6155.7 9811.4 4798.9 95

 Balance sheet account (end of period)

96 Total assets 73910.4 79533.5 80931.0 70438.0 72128.2 76063.1 76999.6 83216.7 93176.0 98353.2 96

97 Nonfinancial assets 28508.2 29469.1 28188.2 24842.8 23738.9 23401.8 23451.7 25149.1 27714.9 29197.1 97

98 Real estate 24114.8 24859.7 23378.7 19908.6 18782.5 18433.2 18326.0 19882.5 22346.6 23713.4 98

99 Consumer durable goods 4107.8 4300.5 4476.0 4578.6 4588.1 4586.7 4723.3 4848.9 4937.8 5037.8 99

100 Equipment 206.1 226.0 245.8 264.0 271.9 280.1 293.0 301.8 309.1 320.0 100

101 Intellectual property products 79.5 82.8 87.6 91.6 96.4 101.8 109.4 115.9 121.5 125.9 101

102 Financial assets 45402.2 50064.4 52742.8 45595.2 48389.2 52661.4 53547.9 58067.7 65461.1 69156.0 102

103 Currency and deposits 5314.8 5793.7 6214.7 6599.7 6784.9 6941.8 7601.5 8124.0 8471.0 9103.0 103

104 Currency and transferable deposits 285.9 239.7 153.3 295.2 396.1 423.7 724.1 887.4 1021.6 1162.8 104

105 Foreign deposits 63.8 69.9 87.7 69.9 62.7 67.3 57.4 49.5 51.7 45.3 105

106 Time and savings deposits 4965.0 5484.1 5973.6 6234.6 6326.0 6450.8 6820.0 7187.1 7397.7 7894.9 106

107 Postal savings system deposits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 107
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108 Debt securities 3409.5 3369.4 3915.8 4373.2 4733.1 4847.5 4305.7 4151.9 3749.3 3244.4 108

109 Open market paper 98.4 117.5 107.3 6.0 22.7 21.1 19.4 18.8 15.0 14.9 109

110 Treasury securities 428.3 340.1 215.3 191.7 860.7 1129.2 708.2 913.8 975.9 874.0 110

111 Agency- and GSE-backed securities (2) 590.5 617.9 880.1 1063.1 362.3 347.0 363.4 302.3 298.4 99.7 111

112 Municipal securities 1600.6 1635.6 1673.5 1720.8 1827.9 1871.4 1805.6 1660.9 1607.7 1540.4 112

113 Corporate and foreign bonds 691.7 658.4 1039.6 1391.6 1659.6 1478.8 1409.1 1256.0 852.3 715.5 113

114 Loans 772.9 912.5 1132.9 973.6 928.3 929.9 924.9 926.4 977.8 1029.3 114

115 Short term 632.1 788.9 1022.1 861.8 817.4 829.8 824.0 843.6 900.7 946.8 115

116 Long term (mortgages) 140.8 123.6 110.7 111.8 110.9 100.1 100.9 82.8 77.1 82.5 116

117 Equity and investment fund shares 20895.5 23967.5 24608.2 17733.2 18733.8 21113.0 21337.6 24466.8 30307.9 32958.7 117

118 Corporate equities 8014.0 9931.2 9726.1 5406.9 7034.3 8450.7 8069.9 9401.4 12545.3 13883.1 118

119 Mutual fund shares 3524.8 4087.0 4599.7 3248.7 4125.6 4628.8 4629.3 5634.7 7105.3 7803.6 119

120 Money market fund shares 943.4 1107.9 1347.6 1581.9 1314.2 1131.0 1109.8 1112.4 1140.5 1098.9 120

121 Equity in noncorporate business 8413.3 8841.3 8934.9 7495.7 6258.7 6898.7 7524.2 8313.9 9512.5 10168.8 121

122 Equity investment under Public-Private Inv. Program (3) 0.0 0.0 0.0 0.0 0.9 3.8 4.4 4.4 4.4 4.4 122

123 Insurance, pension and standardized guarantee schemes 15009.6 16021.4 16871.2 15915.5 17209.2 18829.2 19378.3 20398.6 21955.0 22820.6 123

124 Insurance receivables due from property-casualty insurance companies 316.0 320.5 327.3 337.3 346.0 310.8 338.4 320.7 358.4 350.0 124

125 Life insurance reserves 1082.6 1055.2 1077.2 1050.2 1109.5 1137.5 1199.3 1186.4 1233.0 1282.8 125

126 Pension entitlements (4) 13318.3 14320.1 15081.9 14099.0 15299.6 16887.3 17313.8 18353.1 19812.5 20620.6 126

127 Non-life insurance reserves at life insurance companies 217.3 232.1 247.6 265.2 273.6 290.7 305.5 303.7 304.2 310.0 127

128 Retiree Health Care Funds 75.4 93.5 137.3 163.8 180.4 202.9 221.4 234.8 246.9 257.3 128

129 Total liabilities and net worth 73910.4 79533.5 80931.0 70438.0 72128.2 76063.1 76999.6 83216.7 93176.0 98353.2 129

130 Liabilities 12162.2 13460.8 14395.0 14278.7 14062.6 13787.8 13576.8 13638.2 13786.1 14164.3 130

131 Debt securities (municipals) 212.7 229.1 250.2 259.5 265.4 263.2 255.5 241.0 227.8 223.1 131

132 Loans 11740.9 13009.0 13906.4 13755.5 13496.9 13251.1 13047.0 13118.3 13275.3 13654.0 132

133 Short term 2655.5 2908.1 3089.4 2974.5 2873.1 3122.2 3143.9 3428.6 3672.0 4043.8 133

134 Consumer credit 2320.6 2461.3 2615.1 2650.0 2552.3 2646.9 2755.4 2922.9 3098.8 3317.2 134

135 Depository institution loans n.e.c. -16.5 30.9 21.8 26.4 -15.9 61.0 11.5 62.6 92.7 212.9 135

136 Other loans and advances 351.5 415.9 452.5 298.0 336.7 414.3 376.9 443.1 480.5 513.7 136

137 Long term (mortgages) 9085.4 10100.9 10817.0 10781.0 10623.8 10128.8 9903.1 9689.7 9603.3 9610.2 137

138 Insurance, pension and standardized guarantee schemes 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 27.9 29.1 138

139 Other accounts payable (trade debt) 186.3 199.9 214.5 236.7 278.2 248.8 250.0 254.0 255.0 258.1 139

140 Net worth 61748.2 66072.6 66536.0 56159.2 58065.6 62275.3 63422.8 69578.6 79389.9 84188.9 140

(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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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 Current account

 1 Gross value added 2218.8 2440.1 2513.9 2632.4 2466.4 2546.2 2751.6 2909.8 3015.6 3146.9 1

 2 Less: Consumption of fixed capital 214.4 232.6 245.6 254.5 253.0 251.8 265.0 273.0 284.5 297.5 2

 3 Equals: Net value added 2004.4 2207.5 2268.3 2378.0 2213.4 2294.4 2486.6 2636.8 2731.1 2849.4 3

 4 Compensation of employees (paid) 664.7 747.4 827.5 843.4 805.4 816.6 845.9 892.6 919.6 971.8 4

 5 Wages and salaries 557.9 631.2 701.8 712.1 675.0 684.6 713.1 752.7 774.8 822.0 5

 6 Employers’ social contributions 106.8 116.3 125.7 131.3 130.4 131.9 132.8 139.9 144.8 149.8 6

 7 Taxes on production and imports less subsidies 130.2 147.0 157.6 157.9 145.4 150.7 158.7 167.5 175.8 180.6 7

 8 Operating surplus, net 1209.4 1313.0 1283.2 1376.7 1262.6 1327.1 1482.0 1576.7 1635.7 1697.1 8

 9 Net national income/Balance of primary incomes, net 21.8 22.7 19.8 15.0 21.0 23.0 25.5 27.3 29.3 26.6 9

10 Operating surplus, net 1209.4 1313.0 1283.2 1376.7 1262.6 1327.1 1482.0 1576.7 1635.7 1697.1 10

11 Property income (interest received) 18.1 19.1 17.7 13.6 9.4 8.4 9.1 10.6 9.6 12.1 11

12 Less: Uses of property income (paid) 1205.7 1309.5 1281.1 1375.3 1251.0 1312.5 1465.5 1560.1 1616.0 1682.6 12

13 Interest 198.8 227.6 254.2 263.1 242.7 237.9 226.9 226.1 219.1 219.7 13

14 Withdrawals from income of quasi-corporations (1) 1006.8 1081.8 1026.8 1112.2 1008.3 1074.5 1238.4 1333.8 1396.7 1462.6 14

15 Reinvested earnings on foreign direct investment 0.1 0.1 0.1 0.1 0.0 0.1 0.2 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 21.8 22.7 19.8 15.0 21.0 23.0 25.5 27.3 29.3 26.6 17

18 Less: Other current transfers (paid) 21.8 22.7 19.8 15.0 21.0 23.0 25.5 27.3 29.3 26.6 18

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

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

 Capital account

21 Net saving less capital transfers 13.1 0.0 0.0 3.3 6.0 7.8 1.6 4.9 0.0 -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) -13.1 0.0 0.0 -3.3 -6.0 -7.8 -1.6 -4.9 -0.0 0.0 23

24 Capital formation, net 81.9 77.7 71.1 50.8 -21.0 -5.1 16.7 35.6 62.9 70.2 24

25 Gross fixed capital formation 289.2 305.0 313.5 307.5 248.8 243.1 274.8 312.6 330.8 353.7 25

26 Nonresidential 180.5 198.9 215.0 223.8 182.9 184.9 214.6 243.7 252.8 268.1 26

27 Residential 108.7 106.2 98.5 83.7 65.8 58.3 60.2 68.9 78.0 85.6 27

28 Less: Consumption of fixed capital 214.4 232.6 245.6 254.5 253.0 251.8 265.0 273.0 284.5 297.5 28

29 Change in private inventories 7.1 5.3 3.3 -2.3 -16.8 3.6 6.8 -4.0 16.6 13.9 29

30 Net lending (+) or borrowing (-), capital account (lines 21-24) -68.8 -77.7 -71.1 -47.5 27.0 12.9 -15.1 -30.7 -62.8 -70.2 30

 Financial account

31 Net lending (+) or borrowing (-) (line 30) -68.8 -77.7 -71.1 -47.5 27.0 12.9 -15.1 -30.7 -62.8 -70.2 31

32 Net acquisition of financial assets 437.3 519.9 479.5 97.3 -117.1 152.0 196.9 301.1 304.7 243.5 32

33 Currency and deposits 100.2 95.0 81.8 2.5 10.1 0.2 30.6 69.3 23.6 61.9 33

34 Currency and transferable deposits 76.7 74.7 66.9 3.8 14.9 -2.7 24.6 59.3 12.0 35.7 34

35 Time and savings deposits 23.5 20.3 14.9 -1.2 -4.8 2.9 6.0 10.1 11.5 26.2 35

36 Debt securities 6.1 1.5 2.5 -7.9 -5.5 2.5 1.1 4.2 0.5 2.9 36

37 Treasury securities 6.0 0.2 3.0 -7.5 -5.7 1.9 0.8 4.0 2.2 2.7 37

38 Municipal securities 0.1 1.3 -0.5 -0.4 0.2 0.5 0.3 0.2 -1.7 0.2 38

39 Loans 5.3 -1.5 7.4 -3.0 -1.2 4.2 -5.8 -2.4 1.0 1.7 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) 5.3 -1.5 7.4 -3.0 -1.2 4.2 -5.8 -2.4 1.0 1.7 41

42 Equity and investment fund shares 2.4 3.3 2.9 2.2 -1.7 3.5 1.1 3.2 2.6 4.8 42

43 Money market mutual fund shares 2.4 3.2 2.2 1.0 -1.7 3.1 0.8 3.0 2.0 4.0 43

44 Equity in government-sponsored enterprises (2) -0.1 0.2 0.7 1.2 -0.0 0.4 0.3 0.1 0.6 0.8 44

45 Insurance, pension and standardized guarantee schemes (3) 5.5 4.4 3.7 3.4 -9.8 29.9 -4.7 15.4 -26.0 12.9 45

46 Other accounts receivable 317.8 417.2 381.1 100.0 -109.0 111.8 174.5 211.4 303.0 159.3 46

47 Trade receivables 66.6 40.0 54.7 -3.0 -26.3 37.0 61.0 4.6 48.8 31.6 47

48 Other (miscellaneous assets) 251.2 377.2 326.4 102.9 -82.7 74.7 113.5 206.9 254.1 127.7 48

49 Net incurrence of liabilities 491.3 583.8 536.5 134.4 -161.8 122.4 211.9 331.8 367.5 313.7 49

50 Loans 341.8 415.4 463.2 325.5 -97.1 -19.4 -56.8 175.1 109.1 212.1 50

51 Short term 164.3 132.1 154.5 131.8 -107.3 -12.1 -25.9 73.8 38.5 73.6 51

52 Depository institution loans n.e.c. 157.9 115.3 140.9 119.6 -102.0 -16.8 -26.5 64.6 32.4 64.2 52

53 Other loans and advances 6.4 16.8 13.7 12.3 -5.3 4.7 0.6 9.2 6.1 9.4 53

54 Long term (mortgages) 177.5 283.3 308.7 193.7 10.2 -7.4 -30.9 101.3 70.7 138.5 54
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55 Equity and investment fund shares -51.6 0.4 -50.5 -317.9 -108.0 166.7 234.4 84.0 179.4 23.5 55

56 Equity in noncorporate business -51.6 1.3 -50.3 -317.7 -108.2 166.4 234.4 83.6 178.8 22.7 56

57 Foreign direct investment in the United States 0.1 -0.9 -0.2 -0.2 0.1 0.3 0.0 0.4 0.6 0.8 57

58 Other accounts payable 201.0 168.0 123.7 126.8 43.3 -24.8 34.4 72.7 79.0 78.1 58

59 Trade payables 49.7 14.3 26.0 5.8 16.9 30.3 54.8 13.3 34.0 36.0 59

60 Taxes payable 8.7 9.0 3.8 6.7 -6.3 -0.7 0.6 7.6 3.2 3.9 60

61 Other (miscellaneous liabilities) 142.7 144.6 93.9 114.3 32.6 -54.3 -21.0 51.8 41.8 38.3 61

 Addendum:

62 Net lending (+) or borrowing (-), financial account (lines 32-49) -54.0 -63.9 -57.0 -37.1 44.8 29.5 -15.1 -30.7 -62.8 -70.1 62

 Other changes in volume account

63 Total other volume changes -76.1 1.3 -48.7 -315.4 -96.6 181.4 241.8 81.9 183.3 25.2 63

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

65 Other volume changes -51.6 1.3 -48.7 -311.0 -96.6 181.4 241.8 90.5 183.3 25.2 65

 Revaluation account

66 Nonfinancial assets 1171.5 429.9 139.5 -1124.8 -1149.5 449.8 386.9 697.3 1016.9 629.5 66

67 Real estate 1136.1 394.0 85.6 -1160.4 -1175.4 390.3 340.5 686.7 1027.0 621.0 67

68 Residential 794.2 62.6 -361.2 -798.3 -473.1 159.0 207.7 386.2 572.1 279.5 68

69 Nonresidential 341.9 331.4 446.7 -362.1 -702.2 231.4 132.8 300.6 454.9 341.5 69

70 Equipment 22.8 28.4 24.2 34.6 18.7 21.6 16.5 6.5 5.1 5.0 70

71 Residential 1.1 0.7 -0.5 0.1 -2.7 -2.3 1.0 -0.3 -2.1 -2.5 71

72 Nonresidential 21.8 27.7 24.7 34.4 21.4 23.9 15.6 6.8 7.2 7.5 72

73 Intellectual property products 7.5 8.5 8.6 6.4 7.5 7.2 2.3 2.2 3.6 1.2 73

74 Inventories 5.0 -0.9 21.2 -5.4 -0.3 30.7 27.6 2.0 -18.8 2.3 74

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

76 Changes in net worth due to nominal holding gains/losses 1171.2 428.8 139.3 -1125.1 -1150.5 449.6 386.2 697.5 1016.7 629.5 76

 Changes in balance sheet account

77 Change in net worth (lines 24+30+63+76) 1108.2 430.1 90.6 -1437.2 -1241.1 638.8 629.6 784.3 1200.0 654.7 77

 Balance sheet account (end of period)

78 Total assets 12582.0 13595.7 14271.7 13280.2 11974.9 12554.9 13155.4 14180.9 15565.3 16508.4 78

79 Nonfinancial assets 9985.2 10479.1 10675.6 9586.9 8398.6 8826.6 9230.2 9954.6 11034.3 11733.9 79

80 Real estate 9044.7 9476.2 9598.8 8469.0 7296.5 7670.7 8001.5 8687.9 9727.7 10369.1 80

81 Residential (4) 5806.2 5896.9 5554.1 4756.7 4273.6 4415.5 4608.7 4981.0 5552.3 5834.8 81

82 Nonresidential 3238.5 3579.3 4044.7 3712.3 3023.0 3255.2 3392.8 3706.9 4175.4 4534.3 82

83 Equipment 574.4 620.5 659.4 699.6 696.3 709.2 740.7 772.6 804.9 838.2 83

84 Residential 41.7 44.4 45.5 46.6 44.0 42.2 43.9 44.4 43.5 42.3 84

85 Nonresidential 532.7 576.1 613.9 653.0 652.4 667.0 696.8 728.3 761.5 795.9 85

86 Intellectual property products 147.6 159.5 170.1 178.6 183.2 189.9 196.6 204.7 214.6 223.3 86

87 Inventories 218.4 222.8 247.3 239.6 222.5 256.9 291.3 289.3 287.1 303.3 87

88 Financial assets 2596.8 3116.6 3596.1 3693.4 3576.3 3728.3 3925.1 4226.3 4531.0 4774.5 88

89 Currency and deposits 698.3 793.2 875.0 877.6 887.7 887.9 918.5 987.8 1011.4 1073.3 89

90 Currency and transferable deposits 374.2 448.8 515.7 519.5 534.4 531.6 556.3 615.5 627.6 663.2 90

91 Time and savings deposits 324.1 344.4 359.3 358.1 353.3 356.2 362.2 372.3 383.8 410.1 91

92 Debt securities 60.6 62.1 64.6 56.7 51.2 53.7 54.8 59.0 59.5 62.4 92

93 Treasury securities 56.2 56.3 59.3 51.8 46.1 48.1 48.9 52.9 55.2 57.9 93

94 Municipal securities 4.4 5.8 5.3 4.9 5.1 5.6 5.9 6.1 4.4 4.6 94

95 Loans 36.2 34.6 42.1 39.1 37.9 42.1 36.3 33.9 34.8 36.5 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) 36.2 34.6 42.1 39.1 37.9 42.1 36.3 33.9 34.8 36.5 97

98 Equity and investment fund shares 73.1 76.5 79.3 81.7 80.1 83.5 84.7 87.8 90.4 95.2 98

99 Money market mutual fund shares 69.0 72.2 74.3 75.4 73.7 76.8 77.7 80.7 82.7 86.7 99

100 Equity in government-sponsored enterprises (2) 4.1 4.3 5.0 6.4 6.3 6.7 7.0 7.2 7.7 8.5 100

101 Insurance, pension and standardized guarantee schemes (3) 99.3 103.7 107.4 111.6 101.8 131.7 127.0 142.5 116.5 129.4 101

102 Other accounts receivable 1629.3 2046.5 2427.6 2526.6 2417.6 2529.4 2703.9 2915.3 3218.3 3377.6 102

103 Trade receivables 430.9 470.9 525.6 522.7 496.3 533.4 594.4 598.9 647.8 679.4 103

104 Other (miscellaneous assets) 1198.4 1575.6 1902.0 2003.9 1921.3 1996.0 2109.5 2316.4 2570.5 2698.2 104
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

105 Total liabilities and net worth 12582.0 13595.7 14271.7 13280.2 11974.9 12554.9 13155.4 14180.9 15565.3 16508.4 105

106 Liabilities 4180.5 4764.1 5349.5 5795.2 5731.0 5672.2 5643.0 5884.3 6068.7 6357.1 106

107 Loans 2898.0 3313.4 3775.1 4094.0 3985.4 3950.9 3886.6 4057.3 4162.0 4371.5 107

108 Short term 805.2 937.3 1091.8 1223.7 1116.4 1098.2 1072.3 1148.6 1187.0 1260.6 108

109 Depository institution loans n.e.c. 670.5 785.8 926.7 1046.2 944.2 927.4 900.9 968.0 1000.4 1064.6 109

110 Other loans and advances 134.6 151.5 165.2 177.4 172.1 170.8 171.3 180.6 186.6 196.1 110

111 Long term (mortgages) 2092.9 2376.1 2683.3 2870.3 2869.0 2852.7 2814.3 2908.8 2975.0 3110.9 111

112 Equity and investment fund shares (direct investment in the U.S.) 3.3 3.6 3.6 3.7 4.8 5.3 6.1 6.3 7.1 7.9 112

113 Other accounts payable 1279.1 1447.1 1570.8 1697.6 1740.8 1716.0 1750.4 1820.6 1899.6 1977.7 113

114 Trade payables 334.5 348.9 374.9 380.7 397.6 427.8 482.7 493.5 527.5 563.5 114

115 Taxes payable 86.7 95.7 99.5 106.2 99.9 99.2 99.7 107.4 110.5 114.4 115

116 Other (miscellaneous liabilities) 857.9 1002.5 1096.4 1210.7 1243.3 1189.0 1168.0 1219.7 1261.5 1299.8 116

117 Net worth 8401.5 8831.6 8922.2 7485.0 6243.9 6882.8 7512.3 8296.6 9496.6 10151.3 117

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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Billions of dollars

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 Current account

 1 Gross value added 6532.1 6988.0 7203.9 7256.8 6859.8 7238.7 7592.3 8011.9 8316.8 8641.0 1

 2 Less: Consumption of fixed capital 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1139.2 1186.2 1232.2 1285.7 2

 3 Equals: Net value added 5622.2 6008.7 6163.6 6162.8 5767.8 6144.2 6453.1 6825.7 7084.6 7355.2 3

 4 Compensation of employees (paid) 3930.3 4129.3 4305.3 4358.0 4088.4 4158.7 4363.4 4593.3 4747.4 4995.8 4

 5 Wages and salaries 3238.0 3420.9 3572.1 3619.5 3377.5 3446.1 3622.9 3826.4 3953.5 4178.9 5

 6 Employers’ social contributions 692.3 708.5 733.3 738.5 710.9 712.6 740.4 766.9 793.9 816.9 6

 7 Taxes on production and imports less subsidies 573.2 610.1 632.5 632.7 605.9 633.0 670.6 690.4 724.9 745.2 7

 8 Operating surplus, net 1118.7 1269.3 1225.8 1172.2 1073.5 1352.5 1419.1 1542.0 1612.3 1614.3 8

 9 Net national income/Balance of primary incomes, net 757.8 764.6 669.1 574.5 630.6 907.3 903.4 916.9 1030.4 1019.9 9

10 Operating surplus, net 1118.7 1269.3 1225.8 1172.2 1073.5 1352.5 1419.1 1542.0 1612.3 1614.3 10

11 Property income (received) 614.6 644.1 687.4 626.9 563.8 580.3 549.6 531.0 549.9 590.8 11

12 Interest 296.9 357.6 379.4 302.8 214.6 177.5 176.3 162.2 152.1 168.8 12

13 Distributed income of corporations (dividends) 300.3 79.7 92.3 108.0 139.0 134.4 94.8 106.9 105.5 103.1 13

14 Reinvested earnings on U.S. direct investment abroad 17.4 206.9 215.7 216.1 210.2 268.3 278.5 261.8 292.3 318.9 14

15 Less: Uses of property income (paid) 975.6 1148.8 1244.1 1224.6 1006.8 1025.4 1065.3 1156.1 1131.8 1185.2 15

16 Interest 451.0 521.1 605.7 584.5 480.0 444.5 444.3 438.2 410.9 403.1 16

17 Distributed income of corporations (dividends) 471.1 550.8 576.9 582.2 490.4 509.9 535.8 624.8 630.7 676.9 17

18 Reinvested earnings on foreign direct investment 34.0 56.6 38.9 32.1 18.1 51.8 63.5 70.6 68.5 81.4 18

19 Rent 19.4 20.3 22.6 25.9 18.2 19.2 21.7 22.5 21.7 23.8 19

20 Net national income/Balance of primary incomes, net 757.8 764.6 669.1 574.5 630.6 907.3 903.4 916.9 1030.4 1019.9 20

21 Less: Current taxes on income, wealth, etc. (paid) 271.9 307.7 293.8 227.4 177.8 220.6 228.8 266.7 284.6 316.2 21

22 Less: Other current transfers (paid) 74.2 70.4 62.2 50.3 71.8 83.3 90.4 93.9 95.1 85.1 22

23 Equals: Disposable income, net 411.7 386.5 313.1 296.7 381.0 603.5 584.2 556.3 650.7 618.5 23

24 Equals: Net saving 411.7 386.5 313.1 296.7 381.0 603.5 584.2 556.3 650.7 618.5 24

 Capital account

25 Net saving less capital transfers 427.2 386.5 313.1 300.4 342.7 582.5 590.6 573.3 656.5 625.2 25

26 Net saving 411.7 386.5 313.1 296.7 381.0 603.5 584.2 556.3 650.7 618.5 26

27 Less: Capital transfers paid (net) -15.5 -0.0 -0.0 -3.7 38.3 20.9 -6.4 -17.0 -5.7 -6.7 27

28 Capital formation, net 277.0 355.8 339.5 266.6 -74.6 143.3 199.1 320.3 322.0 389.0 28

 Gross fixed capital formation (acquisition of

29 produced nonfinancial assets) 1133.4 1259.9 1348.2 1372.7 1141.9 1181.0 1303.9 1439.9 1498.0 1610.4 29

30 Less: Consumption of fixed capital 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1139.2 1186.2 1232.2 1285.7 30

31 Acquisition of nonproduced nonfinancial assets 1.0 13.6 0.4 17.6 6.3 -1.1 -0.5 0.8 1.0 1.2 31

32 Change in private inventories 52.5 61.7 31.2 -29.7 -130.8 57.9 34.9 65.8 55.2 63.2 32

33 Net lending (+) or borrowing (-), capital account (lines 25-28) 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 253.0 334.5 236.2 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 253.0 334.5 236.2 34

35 Net acquisition of financial assets 944.5 700.1 1072.8 -608.8 299.8 632.7 496.8 506.3 989.5 809.8 35

36 Currency and deposits 120.6 -84.8 -62.4 -214.0 254.5 148.6 38.3 -11.7 141.5 6.3 36

37 Currency and transferable deposits 60.8 -117.2 -7.6 -59.0 70.8 79.6 30.8 -45.5 63.5 36.7 37

38 Time and savings deposits 49.9 46.6 -55.7 -129.4 176.9 59.9 13.2 33.3 35.8 -15.7 38

39 Foreign deposits 9.9 -14.2 0.9 -25.5 6.8 9.1 -5.8 0.6 42.1 -14.7 39

40 Debt securities 40.4 -1.2 -61.7 -25.7 16.3 15.6 -8.5 -12.5 -13.2 -8.6 40

41 Open market paper 16.0 11.7 -53.2 -12.2 -1.3 12.0 -0.1 -8.4 -6.6 0.7 41

42 Treasury securities 18.1 -6.7 -7.1 -7.9 12.5 5.1 -5.1 -3.5 -0.6 -3.6 42

43 Agency- and GSE-backed securities (1) 6.0 -2.2 -2.4 -2.6 4.2 1.7 -1.7 -1.2 -4.2 2.8 43

44 Municipal securities 0.3 -4.0 1.1 -3.0 0.9 -3.2 -1.6 0.6 -1.7 -8.4 44

45 Loans 10.2 -17.1 -24.4 -11.1 -7.2 0.2 1.9 -3.3 -3.6 12.8 45

46 Short term (security repos and consumer credit) 8.5 -8.6 -6.0 -3.4 -3.1 1.7 2.4 -1.4 -5.1 11.2 46

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

48 Equity and investment fund shares 142.5 334.9 374.6 423.5 224.3 183.5 364.0 377.2 360.7 361.7 48

49 Money market fund shares 52.7 69.1 127.2 178.5 -71.4 -157.7 -35.4 57.1 39.7 21.0 49

50 Mutual fund shares 0.7 23.6 -4.9 -16.5 35.3 11.1 -12.8 -1.7 1.2 15.5 50

51 U.S. direct investment abroad 24.7 219.2 307.0 262.6 269.7 303.3 403.9 319.2 305.0 311.0 51

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

53 Investment in finance company subsidiaries 64.4 22.9 -54.8 -1.1 -9.3 26.7 8.4 2.6 14.7 14.1 53

54 Insurance, pension and standardized guarantee schemes (2) 21.2 7.6 8.3 10.9 -4.0 11.7 12.3 8.0 -6.0 10.2 54
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

55 Other accounts receivable 609.6 460.7 838.3 -792.5 -184.2 273.2 88.9 148.5 510.2 427.5 55

56 Trade receivables 277.6 -10.7 162.6 -168.2 -29.5 96.9 83.7 52.0 261.2 109.9 56

57 Other (miscellaneous assets) 332.0 471.4 675.7 -624.3 -154.7 176.3 5.2 96.5 249.0 317.6 57

58 Net incurrence of liabilities 965.4 839.1 1281.0 338.9 -248.7 487.6 894.3 985.4 926.3 799.0 58

59 Debt securities -7.1 150.0 199.6 190.4 179.3 237.2 203.6 352.7 302.8 304.0 59

60 Open market paper -7.7 22.4 11.3 7.7 -73.1 24.5 33.4 14.0 14.2 37.5 60

61 Municipal securities 41.9 53.3 68.4 66.0 37.2 33.2 8.5 15.2 9.3 -0.1 61

62 Corporate bonds -41.3 74.2 119.9 116.8 215.2 179.5 161.6 323.5 279.2 266.6 62

63 Loans 266.9 232.2 453.2 87.5 -523.6 -288.4 131.9 -47.5 121.1 191.2 63

64 Short term 83.0 149.9 383.8 132.1 -394.8 -177.5 212.3 67.9 116.8 175.3 64

65 Depository institution loans n.e.c. -27.1 22.0 96.3 64.2 -234.0 -87.0 152.1 101.5 63.7 92.8 65

66 Other loans and advances 110.1 127.9 287.5 68.0 -160.8 -90.4 60.2 -33.5 53.1 82.5 66

67 Long term (mortgages) 183.9 82.3 69.4 -44.6 -128.8 -110.9 -80.4 -115.4 4.4 15.9 67

68 Equity and investment fund shares -201.5 -304.9 -494.2 -126.0 53.5 -93.6 -261.9 -156.6 -168.0 -295.1 68

69 Corporate equities -300.2 -496.9 -706.3 -315.6 -51.2 -250.7 -454.6 -344.9 -352.9 -392.2 69

70 Foreign direct investment in the United States 98.7 192.0 212.1 189.6 104.6 157.0 192.7 188.3 184.9 97.1 70

71 Insurance, pension and standardized guarantee schemes 91.2 146.4 4.4 155.8 54.3 -16.7 -16.5 -23.9 108.4 53.1 71

72 Pension fund contributions payable -1.9 -2.0 4.5 14.7 -8.6 15.4 3.0 -12.3 -2.5 -1.1 72

73 Claim of pension fund on sponsor 93.0 148.4 -0.2 141.0 63.0 -32.1 -19.5 -11.6 110.9 54.2 73

74 Other accounts payable 815.9 615.4 1118.0 31.2 -12.2 649.1 837.3 860.7 562.0 545.8 74

75 Trade payables 199.0 109.1 85.1 -225.2 -82.6 156.3 25.2 65.4 101.3 66.2 75

76 Taxes payable -1.8 -0.8 -49.6 3.1 -3.3 7.2 8.8 2.3 -9.1 -0.3 76

77 Miscellaneous liabilities 618.7 507.1 1082.5 253.3 73.7 485.6 803.3 793.0 469.8 479.9 77

 Addendum:

78 Net lending (+) or borrowing (-), financial account (lines 35-58) -20.9 -139.0 -208.2 -947.7 548.5 145.2 -397.5 -479.1 63.2 10.7 78

 Other changes in volume account

79 Total other volume changes 288.5 576.9 678.9 -744.2 172.3 379.3 -54.9 -221.2 435.7 561.0 79

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

81 Other volume changes 450.2 711.0 821.2 206.1 47.7 632.4 665.8 503.6 710.3 783.6 81

82 Less: Statistical discrepancy (lines 33-78) (3) 171.2 169.7 181.7 981.5 -131.2 294.1 789.0 732.1 271.3 225.5 82

83 Less: Inventory valuation adjustment -32.1 -35.7 -39.5 -37.0 6.7 -41.0 -68.3 -14.2 3.2 -2.9 83

 Revaluation account

84 Nonfinancial assets 931.5 973.4 1467.0 -1107.6 -2628.1 857.5 778.5 544.8 1388.1 1058.3 84

85 Real estate 811.0 872.7 1343.8 -1152.2 -2646.6 724.8 640.4 500.9 1335.4 1034.3 85

86 Equipment 45.0 70.9 22.6 99.9 -16.1 41.1 76.6 13.5 12.9 32.5 86

87 Intellectual property products 27.9 20.5 30.2 13.2 3.1 22.5 27.9 19.9 39.0 12.7 87

88 Inventories 47.7 9.2 70.4 -68.4 31.6 69.1 33.7 10.5 0.9 -21.3 88

89 Financial assets 94.5 31.0 154.8 -199.6 -15.3 -131.9 -55.7 71.3 37.9 -57.8 89

90 Mutual fund shares 8.1 15.2 9.7 -55.2 20.4 13.6 -8.1 15.4 30.2 8.4 90

91 Direct investment abroad 86.3 15.9 145.1 -144.4 -35.7 -145.6 -47.6 56.0 7.6 -66.1 91

92 Liabilities 960.7 2182.9 1850.5 -5651.4 2497.2 2014.1 253.9 2035.6 5391.5 2560.6 92

93 Corporate equity 919.7 2201.6 1823.4 -5550.2 2665.7 2028.8 344.6 2037.5 5380.7 2510.3 93

94 Foreign direct investment in the United States 41.0 -18.8 27.1 -101.2 -168.5 -14.8 -90.7 -1.9 10.8 50.3 94

95 Changes in net worth due to nominal holding gains/losses 65.4 -1178.4 -228.6 4344.2 -5140.6 -1288.5 468.9 -1419.5 -3965.5 -1560.1 95

 Changes in balance sheet account

96 Change in net worth (lines 28+33+79+95) (4) 781.1 -215.0 763.4 3900.4 -4625.6 -326.7 1004.6 -1067.4 -2873.3 -373.9 96

 Balance sheet account (end of period)

97 Total assets 26067.9 28196.9 31171.8 29515.3 27183.6 28958.1 30504.4 31946.7 34802.3 37141.0 97

98 Nonfinancial assets (5) 14167.3 15537.5 17419.0 16592.1 13866.1 14941.4 15995.5 16858.3 18541.8 19981.9 98

99 Real estate 7923.6 8892.2 10381.6 9360.3 6767.6 7546.0 8231.0 8799.4 10199.3 11338.7 99

100 Equipment 3297.8 3513.6 3673.4 3857.2 3793.1 3853.6 4008.0 4139.4 4269.8 4442.8 100

101 Intellectual property products 1322.0 1401.1 1492.3 1564.1 1600.7 1669.1 1746.9 1819.4 1920.0 2002.7 101

102 Inventories 1623.9 1730.5 1871.7 1810.5 1704.6 1872.7 2009.6 2100.0 2152.9 2197.7 102

103 Financial assets 11900.6 12659.5 13752.8 12923.2 13317.5 14016.8 14508.9 15088.4 16260.5 17159.1 103

104 Currency and deposits 781.9 697.1 634.7 420.7 675.2 823.8 862.1 850.4 991.8 998.1 104

105 Currency and transferable deposits 268.0 150.7 143.1 84.2 154.9 234.5 265.3 219.8 283.3 319.9 105

106 Time and savings deposits 450.4 497.0 441.3 311.9 488.8 548.7 561.9 595.2 631.1 615.4 106

107 Foreign deposits 63.6 49.3 50.3 24.7 31.5 40.6 34.8 35.4 77.5 62.8 107
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

108 Debt securities 212.6 211.4 149.7 124.1 140.4 155.9 147.4 135.0 121.8 113.2 108

109 Open market paper 111.0 122.7 69.5 57.3 56.0 68.0 67.9 59.5 52.9 53.6 109

110 Treasury securities 52.1 45.5 38.3 30.5 43.0 48.0 43.0 39.4 38.8 35.2 110

111 Agency- and GSE-backed securities (1) 17.4 15.2 12.8 10.2 14.3 16.0 14.3 13.1 8.9 11.7 111

112 Municipal securities 32.1 28.1 29.2 26.2 27.1 23.9 22.3 22.9 21.2 12.7 112

113 Loans 142.4 123.8 99.5 88.3 81.2 85.1 86.9 83.7 80.1 92.9 113

114 Short term 74.1 64.0 58.1 54.7 51.6 57.1 59.5 58.1 53.0 64.2 114

115 Security repurchases 14.6 15.5 8.1 7.2 7.9 12.1 12.6 9.7 8.7 21.3 115

116 Consumer credit 59.6 48.5 50.0 47.5 43.8 45.0 46.9 48.4 44.2 43.0 116

117 Long term (mortgages) 68.3 59.8 41.4 33.6 29.5 28.0 27.4 25.5 27.1 28.7 117

118 Equity and investment fund shares 2809.9 3175.9 3701.6 3925.3 4134.3 4148.8 4457.1 4905.6 5304.2 5608.0 118

119 Money market fund shares 352.2 421.3 548.5 727.0 655.5 497.8 462.4 519.4 559.1 580.2 119

120 Mutual fund shares 134.4 173.2 178.0 106.3 162.0 186.8 165.9 179.6 211.0 234.9 120

121 U.S. direct investment abroad 2205.7 2440.7 2892.9 3011.1 3245.1 3402.9 3759.2 4134.4 4447.0 4691.8 121

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

123 Investment in finance company subsidiaries 117.0 140.1 81.5 80.5 71.2 60.7 69.1 71.7 86.4 100.5 123

124 Insurance, pension and standardized guarantee schemes (2) 283.9 291.5 299.8 310.9 307.0 318.7 331.0 339.0 333.0 343.2 124

125 Other accounts receivable 7670.0 8159.7 8867.4 8053.9 7979.4 8484.4 8624.4 8774.7 9429.6 10003.7 125

126 Trade receivables 2108.2 2099.0 2261.6 2093.4 2063.9 2157.1 2240.8 2292.8 2554.0 2663.8 126

127 Other (miscellaneous assets) 5561.7 6060.7 6605.8 5960.5 5915.5 6327.4 6383.6 6481.9 6875.6 7339.8 127

128 Total liabilities and net worth 26067.9 28196.9 31171.8 29515.3 27183.6 28958.1 30504.4 31946.7 34802.3 37141.0 128

129 Liabilities 23835.0 26179.0 28390.4 22833.6 25127.4 27228.7 27770.4 30280.1 36009.0 38721.5 129

130 Debt securities 2987.9 3137.9 3337.5 3527.9 3707.2 3944.4 4148.0 4500.7 4803.4 5107.4 130

131 Open market paper 90.1 112.5 123.8 131.5 58.4 82.9 116.3 130.3 144.5 182.0 131

132 Municipal securities 227.3 280.6 349.0 415.0 452.2 485.4 493.9 509.1 518.5 518.4 132

133 Corporate bonds 2670.5 2744.8 2864.7 2981.4 3196.6 3376.1 3537.7 3861.2 4140.4 4407.1 133

134 Loans 2266.0 2519.0 2978.7 3061.3 2453.5 2098.3 2230.1 2226.1 2320.4 2512.0 134

135 Short term 1494.3 1641.4 2031.7 2163.8 1684.8 1425.3 1637.6 1749.0 1838.9 2014.0 135

136 Depository institution loans n.e.c. 590.9 612.9 715.7 779.9 545.8 477.1 629.2 712.1 775.8 868.5 136

137 Other loans and advances 903.4 1028.4 1316.0 1383.9 1139.0 948.1 1008.3 1036.9 1063.1 1145.6 137

138 Long term (mortgages) 771.7 877.6 947.0 897.4 768.7 673.0 592.6 477.1 481.5 498.0 138

139 Equity and investment fund shares 14202.7 16080.7 17437.0 11659.6 14210.3 16130.7 16122.7 18001.7 23225.2 25490.7 139

140 Corporate equity 12653.2 14358.0 15475.0 9609.3 12223.8 14002.0 13892.0 15584.6 20612.3 22730.4 140

141 Foreign direct investment in the United States 1549.4 1722.7 1961.9 2050.3 1986.4 2128.7 2230.7 2417.2 2612.8 2760.3 141

142 Insurance, pension and standardized guarantee schemes 14.6 35.9 47.7 759.1 574.8 539.4 611.4 472.5 260.7 244.2 142

143 Pension fund contributions payable 44.8 64.7 69.3 84.0 75.4 90.8 93.8 81.4 79.0 77.9 143

144 Claim of pension fund on sponsor -30.1 -28.8 -21.6 675.1 499.4 448.6 517.7 391.0 181.7 166.3 144

145 Other accounts payable 4363.7 4405.5 4589.5 3825.7 4181.7 4515.9 4658.1 5079.1 5399.3 5367.2 145

146 Trade payables 1700.5 1812.9 1897.9 1672.7 1590.1 1746.4 1771.6 1837.0 1938.3 2004.5 146

147 Taxes payable 86.2 85.4 35.8 39.0 35.7 42.9 51.7 54.0 44.9 44.6 147

148 Miscellaneous liabilities 2577.0 2507.2 2655.8 2114.1 2555.9 2726.7 2834.9 3188.1 3416.1 3318.1 148

149 Net worth 2232.9 2017.9 2781.3 6681.7 2056.1 1729.4 2734.0 1666.6 -1206.7 -1580.5 149

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 1034.3 1127.6 1068.8 851.9 1015.4 1042.8 1045.8 1187.3 1173.3 1301.6 1

 2 Less: Consumption of fixed capital 148.9 156.8 165.4 173.9 177.4 176.7 168.6 174.2 182.7 192.0 2

 3 Equals: Net value added 885.5 970.9 903.4 678.1 838.0 866.1 877.2 1013.1 990.6 1109.6 3

 4 Compensation of employees (paid) 535.4 579.8 618.2 612.9 549.0 574.3 606.8 630.2 640.2 681.0 4

 5 Wages and salaries 449.4 490.8 527.1 517.9 466.2 486.4 513.5 536.8 545.6 581.4 5

 6 Employers’ social contributions 86.0 89.0 91.1 95.0 82.8 87.9 93.3 93.3 94.6 99.7 6

 7 Taxes on production and imports less subsidies 49.5 52.5 54.7 55.6 64.2 64.8 58.3 60.2 59.9 69.8 7

 8 Operating surplus, net 300.6 338.5 230.5 9.5 224.8 227.1 212.1 322.7 290.4 358.8 8

 9 Net national income/Balance of primary incomes, net 200.3 205.2 110.7 -2.1 290.1 376.8 320.0 290.0 160.1 286.6 9

10 Operating surplus, net 300.6 338.5 230.5 9.5 224.8 227.1 212.1 322.7 290.4 358.8 10

11 Property income (received) 2154.2 2747.1 3200.8 2833.1 2203.8 2126.7 2109.1 2052.3 2020.3 2049.6 11

12 Interest 1922.3 2444.6 2831.9 2444.8 1877.4 1749.5 1722.4 1635.7 1539.5 1505.5 12

13 Distributed income of corporations (dividends) 229.0 261.6 323.1 338.8 275.7 308.9 319.5 359.8 419.8 481.3 13

14 Reinvested earnings on U.S. direct investment abroad 2.9 40.9 45.7 49.5 50.7 68.3 67.2 56.8 61.0 62.8 14

15 Less: Uses of property income (paid) 2254.5 2880.4 3320.6 2844.7 2138.6 1977.0 2001.2 2084.9 2150.6 2121.7 15

16 Interest 1820.9 2379.0 2754.2 2321.6 1679.7 1505.2 1504.6 1478.3 1413.9 1420.8 16

17 Distributed income of corporations 425.5 488.6 556.9 515.8 455.1 460.8 481.5 589.8 720.6 683.5 17

18 Dividends 377.9 438.6 517.0 492.8 380.8 376.0 427.2 521.9 672.3 631.8 18

19 Withdrawals from income of quasi-corporations (1) 47.7 50.0 39.8 23.0 74.4 84.9 54.3 67.9 48.3 51.7 19

20 Reinvested earnings on foreign direct investment 8.0 12.8 9.5 7.3 3.7 10.9 15.1 16.9 16.1 17.4 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 200.3 205.2 110.7 -2.1 290.1 376.8 320.0 290.0 160.1 286.6 22

23 Less: Current taxes on income, wealth, etc. (paid) 140.5 165.7 151.7 81.7 91.6 150.0 150.3 180.9 184.3 197.6 23

24 Less: Other current transfers (paid) -13.4 -21.1 7.5 45.6 26.5 18.4 20.0 -25.7 -17.9 8.5 24

25 Equals: Disposable income, net 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 134.8 -6.3 80.5 25

26 Equals: Net saving 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 134.8 -6.3 80.5 26

 Capital account

27 Net saving less capital transfers 45.4 60.7 -48.5 -68.9 293.9 249.9 182.1 125.2 -6.3 70.5 27

28 Net saving 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 134.8 -6.3 80.5 28

29 Less: Capital transfers paid (net) 27.7 0.0 0.0 -60.5 -121.9 -41.5 -32.4 9.6 0.0 10.0 29

30 Capital formation, net 31.1 31.9 46.1 22.3 -10.5 -13.9 -1.2 17.9 23.4 30.6 30

31 Gross fixed capital formation (nonresidential) 180.0 188.7 211.5 196.2 166.9 162.8 167.5 192.1 206.1 222.6 31

32 Less: Consumption of fixed capital 148.9 156.8 165.4 173.9 177.4 176.7 168.6 174.2 182.7 192.0 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 107.4 -29.7 39.9 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 107.4 -29.7 39.9 34

35 Net acquisition of financial assets 3771.5 4611.6 5481.5 3780.4 -1229.6 98.9 2200.6 1829.4 3525.2 3080.6 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 2.7 86.1 183.8 1004.1 194.1 -153.6 519.7 -47.3 817.7 124.8 37

38 Debt securities 634.6 1080.6 978.7 845.0 723.0 787.7 1269.2 1094.9 1530.9 1234.2 38

39 Open market paper 194.0 232.6 -120.4 6.2 -390.6 -93.5 -75.0 0.0 20.7 -22.4 39

40 Treasury securities 90.8 108.7 71.7 512.2 426.7 572.7 1051.7 352.8 589.4 439.3 40

41 Agency- and GSE-backed securities (2) -252.1 94.8 282.0 728.5 679.0 51.6 113.9 152.4 401.5 341.4 41

42 Municipal securities 115.7 131.2 184.6 42.2 38.4 44.3 13.5 139.4 9.3 52.0 42

43 Corporate and foreign bonds 486.2 513.3 560.9 -444.1 -30.5 212.7 165.0 450.3 510.0 423.9 43

44 Loans 2057.7 2107.8 2698.5 1472.7 -2928.6 -492.9 128.9 433.4 133.8 834.4 44

45 Short term 653.2 713.2 1566.1 1225.7 -2876.0 -201.8 303.7 499.5 50.3 631.5 45

46 Long term (mortgages) 1404.5 1394.6 1132.4 247.0 -52.7 -291.0 -174.8 -66.1 83.5 202.9 46

47 Equity and investment fund shares 538.3 498.4 1197.5 719.7 136.4 -42.3 -18.8 116.1 202.7 461.4 47

48 Corporate equities 285.2 171.4 417.7 212.5 155.3 58.1 -84.8 5.9 -4.0 115.0 48

49 Mutual fund shares 53.2 104.1 67.5 -65.9 175.9 133.1 18.1 64.5 142.6 128.3 49

50 Money market mutual fund shares 11.6 -7.4 330.8 284.4 -175.9 -172.8 -63.8 -82.4 -53.5 14.0 50

51 Equity in government-sponsored enterprises (2) 2.0 -0.0 8.3 -5.3 0.0 -3.2 -6.2 -2.0 -0.2 0.3 51

52 U.S. direct investment abroad 11.5 25.8 107.0 66.4 40.7 -2.3 15.2 20.5 23.6 26.0 52

53 Stock in Federal Reserve Banks 1.6 1.8 3.1 2.6 4.6 0.9 0.4 0.5 0.1 1.1 53

54 Investment in subsidiaries 173.2 202.8 263.1 225.0 -64.1 -56.0 102.4 109.1 94.0 176.7 54

55 Insurance, pension and standardized guarantee schemes 224.9 304.3 249.3 292.3 495.0 276.2 339.3 354.9 346.0 316.2 55

56 Other accounts receivable 313.4 534.4 173.6 -553.4 150.5 -276.3 -37.7 -122.6 494.2 109.5 56
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57 Net incurrence of liabilities 3440.8 4368.4 5356.8 3883.1 -1235.4 93.8 2127.1 1747.5 3352.4 3053.7 57

58 Currency and deposits 624.0 632.6 562.0 2139.9 229.1 324.4 1448.9 594.6 1859.3 986.9 58

59 Debt securities 1047.8 1316.7 1540.4 454.4 -973.2 -679.8 -354.5 -316.3 70.0 175.0 59

60 Agency- and GSE-backed securities (2) 80.4 328.2 905.7 768.7 -60.1 -39.5 -22.1 -23.8 238.3 150.3 60

61 Corporate bonds 753.2 792.1 746.2 -189.0 -465.1 -538.0 -264.2 -233.7 -119.4 62.0 61

62 Commercial paper 214.2 196.4 -111.5 -125.4 -448.1 -102.2 -68.2 -58.8 -48.9 -37.3 62

63 Loans 548.8 590.9 880.8 -160.2 -1644.3 -59.6 202.2 128.4 -208.2 160.9 63

64 Short term 534.6 584.3 876.2 -166.9 -1656.1 -60.5 188.7 123.5 -216.0 147.2 64

65 Long term (mortgages) 14.1 6.6 4.7 6.8 11.8 0.8 13.5 4.8 7.8 13.8 65

66 Equity and investment fund shares 698.0 931.5 1469.0 1717.3 268.8 71.9 503.6 961.2 977.1 1048.0 66

67 Money market mutual fund shares 125.1 303.1 736.8 724.2 -498.7 -503.2 -112.8 7.1 28.9 9.6 67

68 Corporate equity issues 78.4 60.0 179.6 639.2 314.1 189.5 161.6 155.5 158.3 218.3 68

69 Mutual fund shares 260.2 336.8 361.5 -9.9 497.1 370.1 338.4 624.9 638.2 596.8 69

70 Equity in government-sponsored enterprises (2) 1.9 0.2 9.1 -4.2 0.0 -2.7 -5.9 -1.8 0.5 1.2 70

71 Foreign direct investment in the United States 13.9 52.0 9.3 120.7 45.7 48.5 43.4 5.1 31.1 13.6 71

72 Equity in noncorporate business -1.2 -6.8 3.6 11.6 0.6 0.9 -2.9 6.7 -5.6 2.0 72

73 Investment by parent 218.1 184.4 166.1 233.0 -94.5 -32.0 81.5 163.3 125.6 205.4 73

74 Stock in Federal Reserve Banks 1.6 1.8 3.1 2.6 4.6 0.9 0.4 0.5 0.1 1.1 74

75 Insurance, pension and standardized guarantee schemes 680.6 688.7 675.1 488.3 682.0 714.9 690.5 573.0 564.0 594.1 75

76 Other accounts payable -158.3 208.0 229.4 -756.7 202.3 -278.0 -363.6 -193.2 90.2 88.8 76

 Addendum:

77 Net lending (+) or borrowing (-), financial account (lines 35-57) 330.7 243.2 124.7 -102.7 5.9 5.1 73.4 81.9 172.8 26.8 77

 Other changes in volume account

78 Total other volume changes 34.3 -411.2 -78.2 1209.3 -1027.8 -801.9 -73.0 -380.0 -950.5 -387.9 78

79 Disaster losses -1.7 0.0 0.0 -0.6 0.0 0.0 0.0 -2.0 0.0 0.0 79

80 Other volume changes -280.3 -625.6 -297.5 1221.4 -729.3 -543.2 36.9 -352.5 -1153.0 -374.9 80

81 Less: Statistical discrepancy (lines 33-77) (3) -316.3 -214.4 -219.3 11.5 298.5 258.7 109.8 25.5 -202.5 13.0 81

 Revaluation account

82 Nonfinancial assets 72.6 63.8 28.6 55.7 -61.9 -2.7 42.2 18.4 34.4 29.7 82

83 Structures (nonresidential) 72.1 62.7 34.0 54.2 -50.2 -0.3 33.2 15.3 30.2 24.8 83

84 Equipment 0.6 0.8 -4.9 3.0 -5.6 1.2 8.3 2.9 2.5 5.6 84

85 Intellectual property products -0.1 0.3 -0.5 -1.5 -6.1 -3.6 0.6 0.2 1.7 -0.7 85

86 Financial assets 925.5 1779.3 806.1 -5916.0 2569.4 1655.5 -673.5 1780.9 3763.7 1128.5 86

87 Corporate equities 600.0 1444.6 618.4 -5091.6 2148.4 1411.3 -517.6 1518.9 3282.2 1021.9 87

88 Mutual fund shares 294.8 299.1 141.9 -835.1 366.8 203.6 -110.4 239.6 495.5 141.3 88

89 U.S. direct investment abroad 30.7 35.7 45.8 10.8 54.2 40.7 -45.5 22.4 -14.0 -34.6 89

90 Liabilities 893.3 1851.2 -496.7 -6424.4 2118.9 1601.9 -923.9 1912.7 3802.3 1349.0 90

91 Corporate equity issues 265.1 716.6 -979.8 -2365.5 388.8 568.1 -449.0 739.2 1355.6 641.3 91

92 Mutual fund shares 352.4 682.6 396.0 -2424.7 1035.6 582.2 -340.4 720.3 1571.0 456.5 92

93 Foreign direct investment in the United States 9.4 22.5 -56.7 -157.6 17.9 34.1 28.9 15.9 -50.6 11.4 93

94 Equity in noncorporate business 1.7 4.8 -0.6 -13.6 3.6 0.3 -1.2 -1.3 4.2 -0.5 94

95 Pension fund reserves 264.5 424.6 144.4 -1462.9 673.6 419.3 -161.8 438.8 922.1 240.3 95

96 Investment by parent 0.0 0.0 0.0 0.0 -0.6 -2.0 -0.3 -0.1 0.0 0.0 96

97 Changes in net worth due to nominal holding gains/losses 104.8 -8.1 1331.4 564.1 388.6 50.9 292.6 -113.4 -4.2 -190.8 97

 Changes in balance sheet account

98 Change in net worth (lines 30+33+78+97) 184.5 -358.6 1204.7 1704.5 -345.3 -501.1 401.7 -368.1 -960.9 -508.2 98

 Balance sheet account (end of period)

99 Total assets 57592.1 63455.5 69680.2 69156.8 70099.3 71223.6 72847.6 76984.6 82843.9 86782.9 99

100 Nonfinancial assets (4) 1383.7 1484.5 1564.8 1649.4 1586.3 1580.2 1621.2 1655.5 1713.2 1773.6 100

101 Structures (nonresidential) 824.1 895.9 946.7 1015.8 971.3 963.9 986.3 992.0 1013.0 1031.9 101

102 Equipment 449.9 473.3 492.8 498.6 470.3 471.9 485.5 506.0 535.7 570.7 102

103 Intellectual property products 109.7 115.3 125.3 134.9 144.7 144.3 149.4 157.4 164.5 170.9 103

104 Financial assets 56208.4 61971.0 68115.4 67507.5 68513.0 69643.4 71226.4 75329.2 81130.7 85009.3 104

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

106 Currency and deposits 866.6 927.7 1113.5 2154.9 2362.5 2254.6 2774.4 2751.4 3567.7 3689.7 106
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

107 Debt securities 14745.7 15738.3 16720.6 17569.9 18315.4 18528.4 19797.4 20984.5 22428.4 23663.6 107

108 Open market paper 1124.8 1352.8 1235.9 1243.6 852.9 763.7 688.8 688.6 709.1 687.7 108

109 Treasury securities 2527.9 2641.2 2712.9 3225.2 3651.9 4224.6 5276.3 5641.1 6230.5 6669.9 109

110 Agency- and GSE-backed securities (2) 4137.5 4148.0 4430.0 5158.5 5892.0 5480.8 5594.7 5761.2 6154.3 6495.6 110

111 Municipal securities 1346.2 1477.1 1661.7 1703.9 1742.3 1786.5 1800.0 1939.4 1948.7 2000.7 111

112 Corporate and foreign bonds 5609.3 6119.2 6680.1 6238.8 6176.4 6272.9 6437.6 6954.1 7385.9 7809.8 112

113 Loans 19766.9 21811.6 24467.9 25804.3 22587.4 21852.9 21830.1 22291.2 22306.9 23102.8 113

114 Short term 8152.1 8778.5 10334.2 11559.7 8631.1 8503.7 8807.4 9479.9 9503.3 10134.7 114

115 Long term (mortgages) 11614.9 13033.0 14133.7 14244.6 13956.3 13349.2 13022.7 12811.3 12803.6 12968.1 115

116 Equity and investment fund shares 15513.3 17343.4 19347.0 14150.8 17532.7 19146.0 18453.7 20777.3 24692.7 26282.7 116

117 Corporate equities 10352.3 11468.8 12504.9 7625.8 9929.6 11398.9 10796.5 12321.4 15599.6 16736.5 117

118 Mutual fund shares 2183.0 2550.9 2760.3 1859.2 2402.0 2738.7 2646.3 2950.4 3588.5 3858.0 118

119 Money market fund shares 515.8 562.4 893.3 1177.7 1001.7 828.9 765.1 682.7 629.2 643.2 119

120 Equity in government-sponsored enterprises (2) 42.0 42.0 50.3 45.0 45.0 41.7 35.5 33.5 33.4 33.7 120

121 U.S. direct investment abroad 446.0 507.4 660.2 737.4 832.3 870.7 840.3 883.2 892.8 884.2 121

122 Stock in Federal Reserve Banks 13.5 15.3 18.5 21.1 25.6 26.5 26.9 27.4 27.5 28.6 122

123 Investment in subsidiaries 1960.6 2196.5 2459.6 2684.6 3296.6 3240.6 3343.0 3878.8 3921.7 4098.5 123

124 Insurance, pension and standardized guarantee schemes 2346.7 2460.5 2593.6 4233.7 4146.0 4508.3 4922.0 4896.7 4311.1 4297.1 124

125 Other accounts receivable 2958.1 3678.4 3861.7 3583.0 3558.0 3342.2 3437.8 3617.1 3812.7 3962.3 125

126 Total liabilities and net worth 57592.1 63455.5 69680.2 69156.8 70099.3 71223.6 72847.6 76984.6 82843.9 86782.9 126

127 Liabilities 58740.8 64962.8 69982.9 67755.0 69042.8 70668.2 71890.5 76395.6 83215.8 87662.9 127

128 Currency and deposits 8185.1 8817.7 9379.7 11519.6 11748.7 12069.0 13517.8 14084.6 15943.9 16930.8 128

129 Debt securities 12051.7 13338.6 14989.8 15364.1 14594.5 13544.8 13117.6 12923.9 12926.8 13074.5 129

130 Agency- and GSE-backed securities (2) 6140.7 6468.9 7374.6 8143.4 8083.3 7581.3 7559.2 7535.4 7773.7 7924.0 130

131 Corporate bonds 4740.8 5506.1 6363.1 6094.4 5833.0 5387.4 5050.5 4939.4 4752.9 4787.6 131

132 Commercial paper 1170.2 1363.5 1252.1 1126.3 678.2 576.0 507.9 449.1 400.2 362.9 132

133 Loans 5033.8 5621.4 6502.3 6342.1 4768.4 4720.7 4917.5 5108.6 4900.4 5069.2 133

134 Short term 4888.3 5469.4 6345.5 6178.6 4593.2 4544.6 4728.0 4914.2 4698.2 4845.4 134

135 Long term (mortgages) 145.5 152.1 156.7 163.5 175.3 176.1 189.5 194.4 202.2 223.8 135

136 Equity and investment fund shares 15144.0 17535.3 18359.5 15115.4 17505.6 18723.0 18464.5 21436.2 25242.5 27399.2 136

137 Money market fund shares 1993.1 2296.3 3033.0 3757.3 3258.6 2755.4 2642.5 2649.6 2678.5 2688.1 137

138 Corporate equity issues 4629.7 5406.2 4606.0 2879.7 3582.6 4340.2 4052.7 4947.4 6461.4 7320.9 138

139 Mutual fund shares 6045.6 7065.0 7822.6 5388.0 6920.7 7873.0 7870.9 9326.1 11535.2 12588.5 139

140 Equity in government-sponsored enterprises (2) 46.7 46.9 56.0 51.8 51.8 49.0 43.1 41.2 41.7 42.9 140

141 Foreign direct investment in the United States 353.2 427.8 380.4 343.5 407.0 489.6 561.9 582.8 563.3 588.3 141

142 Equity in noncorporate business 11.7 9.7 12.6 10.7 14.8 15.9 11.9 17.3 15.9 17.5 142

143 Investment by parent 2050.4 2268.1 2430.5 2663.5 3244.5 3173.4 3254.6 3844.4 3919.0 4124.4 143

144 Stock in Federal Reserve Banks 13.5 15.3 18.5 21.1 25.6 26.5 26.9 27.4 27.5 28.6 144

145 Insurance, pension and standardized guarantee schemes 15807.9 16935.7 17807.7 16706.4 18109.6 19786.6 20340.9 21407.5 22946.2 23829.3 145

146 Other accounts payable 2518.4 2714.1 2943.9 2707.4 2315.9 1824.1 1532.0 1434.8 1256.1 1360.0 146

147 Net worth -1148.8 -1507.3 -302.7 1401.8 1056.5 555.4 957.1 589.0 -371.9 -880.0 147

Notes. Financial business includes depository institutions, insurance companies, 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.
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 Current account

 1 Gross value added 2.1 2.0 2.0 3.4 2.5 2.5 2.8 2.6 3.3 3.4 1

 2 Less: Consumption of fixed capital 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 2

 3 Equals: Net value added 1.3 1.2 1.2 2.6 1.7 1.7 2.0 1.8 2.5 2.6 3

 4 Compensation of employees (paid) 1.5 1.6 1.7 1.9 2.1 2.1 2.0 2.0 2.2 2.2 4

 5 Wages and salaries 1.3 1.4 1.5 1.7 1.8 1.8 1.8 1.8 1.9 1.9 5

 6 Employers’ social contributions 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 6

 7 Taxes on production and imports less subsidies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Operating surplus, net -0.2 -0.4 -0.6 0.6 -0.3 -0.4 -0.1 -0.2 0.3 0.4 8

 9 Net national income/Balance of primary incomes, net 26.4 33.1 36.6 35.2 47.3 71.7 76.6 72.4 80.6 104.4 9

10 Operating surplus, net -0.2 -0.4 -0.6 0.6 -0.3 -0.4 -0.1 -0.2 0.3 0.4 10

11 Property income (received) 29.2 36.8 40.9 38.9 53.3 78.5 84.5 80.9 90.5 115.9 11

12 Interest 29.2 36.8 40.9 38.9 53.3 78.5 84.5 80.9 90.5 115.9 12

13 Distributed income of corporations (dividends) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Reinvested earnings on U.S. direct investment abroad 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Less: Uses of property income (paid) 2.6 3.3 3.8 4.4 5.7 6.4 7.9 8.4 10.2 12.0 15

16 Interest 1.8 2.4 2.8 3.2 4.3 4.8 6.3 6.7 8.6 10.3 16

17 Distributed income of corporations 0.8 0.9 1.0 1.2 1.4 1.6 1.6 1.6 1.6 1.7 17

18 Dividends 0.8 0.9 1.0 1.2 1.4 1.6 1.6 1.6 1.6 1.7 18

19 Withdrawals from income of quasi-corporations (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Reinvested earnings on foreign direct investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 26.4 33.1 36.6 35.2 47.3 71.7 76.6 72.4 80.6 104.4 22

23 Less: Current taxes on income, wealth, etc. (paid) 21.5 29.1 34.6 31.7 47.4 79.3 75.4 88.4 79.6 96.9 23

24 Less: Other current transfers (paid) 0.7 0.8 0.9 0.9 0.9 1.1 1.4 1.6 1.8 1.9 24

25 Equals: Disposable income, net 4.2 3.3 1.1 2.6 -1.1 -8.7 -0.3 -17.6 -0.9 5.6 25

26 Equals: Net saving 4.2 3.3 1.1 2.6 -1.1 -8.7 -0.3 -17.6 -0.9 5.6 26

 Capital account

27 Net saving less capital transfers 4.2 3.3 1.1 2.6 -1.1 -8.7 -0.3 -17.6 -0.9 5.6 27

28 Net saving 4.2 3.3 1.1 2.6 -1.1 -8.7 -0.3 -17.6 -0.9 5.6 28

29 Less: Capital transfers paid (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

30 Capital formation, net -0.3 -0.0 0.1 -0.2 -0.0 -0.2 -0.2 0.0 -0.2 -0.2 30

31 Gross fixed capital formation (nonresidential) 0.6 0.8 0.9 0.7 0.8 0.7 0.6 0.8 0.6 0.7 31

32 Less: Consumption of fixed capital 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) 4.5 3.3 1.0 2.8 -1.0 -8.5 -0.0 -17.7 -0.7 5.8 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) 4.5 3.3 1.0 2.8 -1.0 -8.5 -0.0 -17.7 -0.7 5.8 34

35 Net acquisition of financial assets 37.4 29.6 42.7 1319.8 -4.5 185.5 493.6 9.7 1118.8 481.6 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 0.4 0.8 1.3 -0.8 3.7 1.8 1.1 0.9 0.4 1.4 37

38 Debt securities 26.4 34.7 -38.3 -245.0 1349.2 316.3 444.0 64.5 1086.6 480.7 38

39 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Treasury securities 26.4 34.7 -38.3 -264.7 300.7 244.9 642.0 2.7 542.6 252.6 40

41 Agency- and GSE-backed securities (2) 0.0 0.0 0.0 19.7 1048.5 71.4 -197.9 61.8 543.9 228.1 41

42 Loans (short term) 13.8 -6.0 78.3 1564.7 -1434.1 -151.4 32.2 -121.0 -9.1 1.2 42

43 Equity shares 0.0 0.0 0.0 0.0 25.1 1.3 -26.4 0.0 0.0 0.0 43

44 Other accounts receivable -3.2 0.1 1.4 0.9 51.5 17.5 42.7 65.3 40.9 -1.8 44

45 Net incurrence of liabilities 36.1 27.2 39.6 1317.2 -9.1 184.6 493.2 9.3 1118.7 480.6 45

46 Currency and deposits 33.6 24.8 23.1 1270.2 -3.4 173.9 480.2 -2.0 900.1 283.2 46

47 Loans -0.3 -0.9 14.4 44.4 -10.6 -18.0 40.2 7.3 208.7 193.9 47

48 Equity shares (stock in Federal Reserve Banks) 1.6 1.8 3.1 2.6 4.6 0.9 0.4 0.5 0.1 1.1 48

49 Other accounts payable 1.1 1.4 -1.0 0.0 0.4 27.8 -27.5 3.5 9.7 2.4 49

 Addendum:

50 Net lending (+) or borrowing (-), financial account (lines 35-45) 1.3 2.4 3.1 2.6 4.6 0.9 0.4 0.5 0.1 1.1 50

 Other changes in volume account

51 Total other volume changes -3.2 -0.9 2.1 -0.2 5.6 9.4 0.4 18.1 0.8 -4.7 51

52 Other volume changes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 52

53 Less: Statistical discrepancy (lines 33-50) (3) 3.2 0.9 -2.1 0.2 -5.6 -9.4 -0.4 -18.1 -0.8 4.7 53
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 Revaluation account

54 Nonfinancial assets 0.7 0.6 0.3 0.6 -0.4 0.0 0.3 0.1 0.2 0.2 54

55 Structures (nonresidential) 0.6 0.6 0.3 0.5 -0.3 0.0 0.3 0.1 0.2 0.2 55

56 Equipment 0.0 0.0 0.0 0.1 -0.0 0.0 0.0 0.0 0.0 0.0 56

57 Intellectual property products 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 -0.0 57

58 Changes in net worth due to nominal holding gains/losses 0.7 0.6 0.3 0.6 -0.4 0.0 0.3 0.1 0.2 0.2 58

 Changes in balance sheet account

59 Change in net worth (lines 30+33+51+58) 1.7 3.0 3.6 3.0 4.2 0.8 0.5 0.6 0.2 1.1 59

 Balance sheet account (end of period)

60 Total assets 888.2 918.4 961.5 2281.7 2276.8 2462.1 2955.8 2965.6 4084.5 4566.1 60

61 Nonfinancial assets (4) 9.5 10.1 10.6 11.0 10.6 10.5 10.6 10.7 10.7 10.7 61

62 Structures (nonresidential) 6.6 7.2 7.7 8.2 7.8 7.7 7.8 7.8 7.9 8.0 62

63 Equipment 2.4 2.3 2.2 2.1 2.0 2.0 2.0 2.0 2.0 2.0 63

64 Intellectual property products 0.6 0.6 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 64

65 Financial assets 878.7 908.2 950.9 2270.7 2266.2 2451.7 2945.2 2955.0 4073.8 4555.4 65

66 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 66

67 Currency and deposits 56.2 58.2 61.5 62.9 65.7 68.1 69.3 69.0 68.1 66.7 67

68 Debt securities 744.2 778.9 740.6 495.6 1844.8 2161.1 2605.1 2669.6 3756.2 4236.9 68

69 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 69

70 Treasury securities 744.2 778.9 740.6 475.9 776.6 1021.5 1663.4 1666.1 2208.8 2461.4 70

71 Agency- and GSE-backed securities (2) 0.0 0.0 0.0 19.7 1068.3 1139.6 941.7 1003.4 1547.4 1775.5 71

72 Loans (short term) 46.8 40.8 119.1 1683.8 249.7 98.4 130.5 9.5 0.4 1.7 72

73 Equity shares 0.0 0.0 0.0 0.0 25.1 26.4 0.0 0.0 0.0 0.0 73

74 Other accounts receivable 20.3 19.2 18.7 17.3 69.8 86.7 129.2 195.8 238.0 239.1 74

75 Total liabilities and net worth 888.2 918.4 961.5 2281.7 2276.8 2462.1 2955.8 2965.6 4084.5 4566.1 75

76 Liabilities 865.7 892.9 932.5 2249.7 2240.6 2425.1 2918.3 2927.6 4046.3 4526.8 76

77 Currency and deposits 819.9 844.8 867.9 2138.1 2134.6 2308.6 2788.7 2786.7 3686.8 3970.0 77

78 Loans 30.5 29.6 44.0 88.4 77.7 59.7 99.9 107.2 315.9 509.8 78

79 Equity shares (stock in Federal Reserve Banks) 13.5 15.3 18.5 21.1 25.6 26.5 26.9 27.4 27.5 28.6 79

80 Other accounts payable 1.8 3.2 2.2 2.2 2.5 30.4 2.8 6.3 16.0 18.4 80

81 Net worth 22.5 25.5 29.0 32.1 36.2 37.0 37.5 38.0 38.2 39.3 81

(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.
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 Current account

 1 Gross value added 271.0 300.0 312.6 304.4 282.1 261.2 238.5 274.2 289.7 300.2 1

 2 Less: Consumption of fixed capital 30.3 31.1 31.6 31.9 32.1 31.8 31.8 32.3 32.6 32.8 2

 3 Equals: Net value added 240.7 268.9 281.0 272.5 250.0 229.4 206.8 241.9 257.0 267.4 3

 4 Compensation of employees (paid) 128.5 133.8 139.8 132.9 147.3 151.0 158.8 167.5 170.8 169.6 4

 5 Wages and salaries 108.4 113.6 118.7 111.7 125.3 128.3 134.3 143.1 146.1 144.8 5

 6 Employers’ social contributions 20.1 20.2 21.1 21.2 22.0 22.7 24.5 24.4 24.7 24.8 6

 7 Taxes on production and imports less subsidies 6.3 6.6 7.0 8.4 9.4 9.4 9.6 10.0 10.4 11.1 7

 8 Operating surplus, net 105.9 128.5 134.1 131.2 93.4 68.9 38.4 64.4 75.9 86.7 8

 9 Net national income/Balance of primary incomes, net 78.6 78.6 64.6 132.6 178.7 180.7 124.7 117.5 132.6 120.5 9

10 Operating surplus, net 105.9 128.5 134.1 131.2 93.4 68.9 38.4 64.4 75.9 86.7 10

11 Property income (received) 375.1 452.8 487.4 408.2 410.6 412.5 380.9 346.9 320.4 309.6 11

12 Interest 372.0 441.3 474.6 392.9 393.7 388.7 357.1 326.6 299.3 288.4 12

13 Distributed income of corporations (dividends) 2.3 2.8 3.1 2.8 1.9 2.1 2.1 2.2 2.4 2.7 13

14 Reinvested earnings on U.S. direct investment abroad 0.7 8.6 9.6 12.5 15.0 21.7 21.7 18.1 18.7 18.4 14

15 Less: Uses of property income (paid) 402.4 502.6 556.9 406.8 325.2 300.7 294.6 293.8 263.6 275.7 15

16 Interest 326.5 405.1 447.1 354.3 277.0 243.9 212.4 191.9 173.7 179.3 16

17 Distributed income of corporations 72.9 93.2 107.1 50.9 47.3 54.1 77.9 96.2 84.0 89.8 17

18 Dividends 72.8 93.1 107.0 50.6 47.1 53.9 77.8 96.0 83.9 89.8 18

19 Withdrawals from income of quasi-corporations (1) 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.2 0.1 0.1 19

20 Reinvested earnings on foreign direct investment 3.0 4.3 2.7 1.7 0.9 2.8 4.3 5.7 6.0 6.6 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 78.6 78.6 64.6 132.6 178.7 180.7 124.7 117.5 132.6 120.5 22

23 Less: Current taxes on income, wealth, etc. (paid) 55.0 54.2 41.1 15.8 2.7 18.7 23.5 30.5 27.1 25.6 23

24 Less: Other current transfers (paid) 3.8 4.0 4.1 4.2 4.3 4.5 5.6 6.2 6.5 6.8 24

25 Equals: Disposable income, net 19.7 20.4 19.4 112.6 171.7 157.5 95.6 80.8 99.1 88.0 25

26 Equals: Net saving 19.7 20.4 19.4 112.6 171.7 157.5 95.6 80.8 99.1 88.0 26

 Capital account

27 Net saving less capital transfers 19.7 20.4 19.4 155.4 189.8 157.5 95.9 80.8 99.1 88.0 27

28 Net saving 19.7 20.4 19.4 112.6 171.7 157.5 95.6 80.8 99.1 88.0 28

29 Less: Capital transfers paid (net) 0.0 0.0 0.0 -42.8 -18.0 0.0 -0.3 0.0 0.0 0.0 29

30 Capital formation, net 0.8 5.2 2.5 3.8 -0.1 -4.6 -5.0 -3.6 -6.1 -4.3 30

31 Gross fixed capital formation (nonresidential) 31.1 36.3 34.1 35.6 32.0 27.2 26.8 28.8 26.5 28.5 31

32 Less: Consumption of fixed capital 30.3 31.1 31.6 31.9 32.1 31.8 31.8 32.3 32.6 32.8 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) 18.9 15.3 16.9 151.6 189.8 162.2 100.9 84.4 105.2 92.4 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) 18.9 15.3 16.9 151.6 189.8 162.2 100.9 84.4 105.2 92.4 34

35 Net acquisition of financial assets 962.4 932.4 1091.2 1198.4 -699.2 -193.2 840.5 500.1 993.4 972.1 35

36 Currency and deposits 4.3 1.1 7.3 836.6 114.6 -12.6 600.4 -63.0 757.4 129.5 36

37 Vault cash 8.6 1.6 3.3 2.7 -2.8 -2.2 8.1 7.1 2.6 2.0 37

38 Reserves at the Federal Reserve -5.0 -0.3 2.1 839.2 117.0 -8.9 594.2 -71.2 758.0 128.9 38

39 Deposits at Federal Home Loan Banks 0.8 -0.2 1.9 -5.4 0.4 -1.5 -1.8 1.2 -3.2 -1.5 39

40 Debt securities 202.4 151.4 139.6 117.7 117.2 146.1 138.0 190.4 46.3 216.7 40

41 Open market paper -0.0 0.2 -0.5 15.3 -15.7 0.0 0.0 0.0 0.0 0.0 41

42 Treasury securities -7.0 0.6 10.4 -20.8 94.7 103.0 -46.7 86.6 -35.1 195.4 42

43 Agency- and GSE-backed securities (2) 46.0 18.7 -115.8 142.2 172.6 138.5 133.6 49.7 42.4 26.2 43

44 Municipal securities 18.5 25.1 12.6 20.4 3.4 29.3 46.8 68.0 55.1 31.0 44

45 Corporate and foreign bonds 145.0 106.9 232.9 -39.3 -137.8 -124.7 4.3 -13.8 -16.2 -35.9 45

46 Loans 710.2 780.5 853.0 179.5 -969.8 -258.5 165.4 389.2 162.8 589.4 46

47 Short term 225.0 386.2 557.5 141.3 -790.4 -101.3 271.3 367.5 173.8 439.5 47

48 Long term (mortgages) 485.2 394.3 295.4 38.3 -179.4 -157.2 -105.8 21.7 -11.0 149.9 48

49 Equity and investment fund shares 0.6 3.5 48.6 16.1 24.5 -7.0 -10.7 -14.4 1.6 5.7 49

50 Corporate equities -0.9 -0.4 1.4 0.9 6.3 -1.7 0.9 -10.5 0.8 0.7 50

51 Mutual fund shares -2.8 3.8 3.6 1.3 14.1 -5.6 -0.5 -0.7 1.5 -0.8 51

52 Equity in government-sponsored enterprises (2) 2.1 -0.1 7.6 -6.2 0.3 -3.2 -5.4 -2.1 -1.1 -0.0 52

53 U.S. direct investment abroad 0.5 -1.7 32.8 17.6 -0.8 2.7 -6.2 -1.6 0.3 4.7 53

54 Stock in Federal Reserve Banks 1.6 1.8 3.1 2.6 4.6 0.9 0.4 0.5 0.1 1.1 54

55 Insurance, pension and standardized guarantee schemes 0.0 8.2 10.9 6.4 0.8 4.5 5.2 7.4 5.7 5.9 55

56 Other accounts receivable 44.9 -12.2 31.9 42.0 13.5 -65.6 -57.9 -9.6 19.6 24.9 56
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57 Net incurrence of liabilities 777.9 819.4 995.1 1116.2 -384.8 -169.2 854.6 570.3 947.8 1095.6 57

58 Currency and deposits 574.5 596.0 523.6 881.3 265.4 161.7 979.0 595.8 970.8 696.0 58

59 Checkable deposits -25.6 -43.5 18.9 140.2 109.7 81.3 356.7 205.6 193.1 198.8 59

60 Other deposits 600.1 639.5 504.7 741.1 155.7 80.4 622.3 390.2 777.7 497.1 60

61 Debt securities 13.5 29.3 24.7 0.1 -28.3 -69.3 10.0 -115.4 -102.7 -17.2 61

62 Corporate bonds 13.5 29.6 24.8 0.1 -28.5 -49.2 2.4 -82.3 -74.9 -12.0 62

63 Commercial paper 0.0 -0.2 -0.1 0.0 0.1 -20.1 7.6 -33.1 -27.8 -5.2 63

64 Loans (short term) 128.6 103.7 292.4 350.7 -875.5 -239.0 -89.8 -26.6 -17.6 92.0 64

65 Equity and investment fund shares 66.7 129.8 164.4 186.1 121.4 26.1 74.8 89.1 68.5 179.0 65

66 Corporate equity issues 8.4 10.2 7.5 12.1 11.6 11.9 6.4 1.6 2.2 2.7 66

67 Foreign direct investment in the United States 9.4 13.8 -0.8 24.8 16.6 12.4 26.0 -1.9 9.5 0.7 67

68 Investment by parent 48.9 105.8 157.7 149.3 93.2 1.8 42.4 89.4 56.7 175.6 68

69 Other accounts payable -5.4 -39.4 -10.1 -302.1 132.2 -48.7 -119.4 27.4 28.9 145.8 69

 Addendum:

70 Net lending (+) or borrowing (-), financial account (lines 35-57) 184.5 113.0 96.0 82.2 -314.4 -23.9 -14.1 -70.3 45.6 -123.6 70

 Other changes in volume account

71 Total other volume changes 154.1 7.5 50.3 -68.3 -711.0 -219.5 -144.3 -303.0 -98.1 -214.9 71

72 Disaster losses -0.7 0.0 0.0 -0.3 0.0 0.0 0.0 -0.5 0.0 0.0 72

73 Other volume changes -10.8 -90.2 -28.9 1.4 -206.8 -33.4 -29.3 -147.9 -38.5 1.1 73

74 Less: Statistical discrepancy (lines 33-70) (3) -165.6 -97.7 -79.2 69.4 504.2 186.1 115.0 154.6 59.6 215.9 74

 Revaluation account

75 Nonfinancial assets 14.2 10.2 -0.1 8.3 -29.1 -8.7 9.8 3.6 8.3 6.9 75

76 Structures (nonresidential) 17.5 14.5 6.5 11.8 -16.2 -1.5 9.1 3.8 7.8 6.2 76

77 Equipment -1.8 -2.5 -4.2 -1.1 -7.5 -3.6 0.8 -0.1 0.4 0.9 77

78 Intellectual property products -1.5 -1.8 -2.3 -2.5 -5.4 -3.5 -0.0 -0.1 0.1 -0.2 78

79 Financial assets 18.2 13.3 30.5 -33.5 96.2 32.2 -11.2 25.8 30.9 -11.4 79

80 Corporate equities 6.3 17.3 7.5 -55.8 23.5 11.7 -7.2 14.4 29.1 6.5 80

81 Mutual fund shares 1.0 3.3 1.4 -11.3 11.7 4.7 -2.6 5.2 10.5 2.5 81

82 U.S. direct investment abroad 10.9 -7.3 21.6 33.6 61.0 15.7 -1.4 6.1 -8.7 -20.4 82

83 Liabilities -19.6 167.2 -459.1 -561.6 5.6 59.5 -138.8 190.6 210.8 86.8 83

84 Corporate equity issues -17.8 175.8 -418.7 -514.3 -13.8 59.5 -169.3 157.6 212.2 84.0 84

85 Foreign direct investment in the United States -1.8 -8.6 -40.4 -47.3 19.5 -0.1 30.5 33.0 -1.4 2.8 85

86 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 86

87 Changes in net worth due to nominal holding gains/losses 52.0 -143.8 489.5 536.3 61.4 -35.9 137.4 -161.1 -171.6 -91.3 87

 Changes in balance sheet account

88 Change in net worth (lines 30+33+71+87) 225.9 -115.8 559.2 623.4 -459.9 -97.8 89.0 -383.4 -170.6 -218.1 88

 Balance sheet account (end of period)

89 Total assets 11410.5 12346.5 13510.1 14849.4 13928.4 14068.8 14957.0 15363.1 16300.7 17281.3 89

90 Nonfinancial assets (4) 326.5 352.2 365.5 387.8 374.2 371.4 376.7 377.4 380.2 383.5 90

91 Structures (nonresidential) 211.2 235.2 250.9 273.1 262.7 261.3 267.9 269.0 273.9 278.1 91

92 Equipment 98.3 98.8 95.9 96.0 92.1 90.9 89.4 87.8 85.9 84.7 92

93 Intellectual property products 17.0 18.3 18.6 18.7 19.5 19.1 19.4 20.6 20.5 20.6 93

94 Financial assets 11083.9 11994.3 13144.7 14461.6 13554.2 13697.4 14580.2 14985.6 15920.5 16897.9 94

95 Currency and deposits 88.3 89.4 96.7 933.2 1047.8 1035.2 1635.6 1575.8 2333.2 2462.7 95

96 Vault cash 50.1 51.7 55.0 57.7 54.9 52.7 60.8 71.1 73.6 75.7 96

97 Reserves at the Federal Reserve 19.0 18.7 20.8 860.0 977.0 968.1 1562.3 1491.0 2249.1 2378.0 97

98 Deposits at Federal Home Loan Banks 19.2 19.0 20.9 15.5 15.9 14.4 12.6 13.7 10.6 9.1 98

99 Debt securities 2425.1 2569.4 2709.0 2829.5 2944.4 3070.7 3208.7 3399.1 3445.3 3662.1 99

100 Open market paper 0.8 1.0 0.4 15.7 0.0 0.0 0.0 0.0 0.0 0.0 100

101 Treasury securities 116.0 112.3 122.7 101.9 196.6 299.6 252.9 339.5 304.4 499.8 101

102 Agency- and GSE-backed securities (2) 1357.1 1373.9 1258.2 1400.3 1579.9 1718.1 1851.7 1901.3 1943.8 1970.0 102

103 Municipal securities 166.6 191.4 204.0 224.4 227.8 257.1 303.9 371.9 427.0 458.0 103

104 Corporate and foreign bonds 784.6 890.8 1123.7 1087.2 940.0 795.9 800.2 786.3 770.2 734.2 104

105 Loans 7488.2 8235.1 9065.9 9202.4 8172.6 8292.5 8416.9 8768.6 8912.0 9490.4 105

106 Short term 3151.3 3502.8 4047.3 4188.2 3403.7 3709.4 3980.7 4346.2 4519.9 4959.3 106

107 Long term (mortgages) 4336.9 4732.3 5018.6 5014.2 4768.9 4583.0 4436.2 4422.4 4392.1 4531.1 107
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

108 Equity and investment fund shares 241.3 258.1 337.2 319.7 440.4 465.6 443.7 455.1 487.6 481.9 108

109 Corporate equities 62.9 79.8 88.8 33.8 63.6 73.6 67.4 71.3 101.3 108.5 109

110 Mutual fund shares 19.5 26.6 31.6 21.6 47.4 46.5 43.5 48.1 60.1 61.8 110

111 Equity in government-sponsored enterprises (2) 40.5 40.4 48.0 41.8 42.1 38.9 33.4 31.3 30.2 30.2 111

112 U.S. direct investment abroad 104.9 95.9 150.3 201.5 261.7 280.1 272.5 277.0 268.5 252.9 112

113 Stock in Federal Reserve Banks 13.5 15.3 18.5 21.1 25.6 26.5 26.9 27.4 27.5 28.6 113

114 Insurance, pension and standardized guarantee schemes 0.0 93.4 104.3 110.7 111.5 116.0 125.5 138.0 143.8 149.6 114

115 Other accounts receivable 841.0 749.0 831.7 1066.0 837.5 717.4 749.9 649.0 598.4 651.0 115

116 Total liabilities and net worth 11410.5 12346.5 13510.1 14849.4 13928.4 14068.8 14957.0 15363.1 16300.7 17281.3 116

117 Liabilities 12434.4 13486.2 14090.7 14806.5 14345.3 14583.6 15382.8 16172.3 17280.5 18479.3 117

118 Currency and deposits 7243.8 7839.8 8363.4 9244.7 9510.1 9667.6 10646.6 11214.6 12185.3 12881.3 118

119 Checkable deposits 776.4 732.9 740.8 881.0 990.7 1072.0 1428.6 1629.2 1822.3 2021.2 119

120 Other deposits 6467.4 7106.9 7622.6 8363.8 8519.4 8595.6 9218.0 9585.4 10363.0 10860.2 120

121 Debt securities 134.5 160.8 185.5 185.3 177.0 490.1 500.1 383.4 280.7 263.5 121

122 Corporate bonds 130.4 159.9 184.8 184.8 176.3 377.1 379.4 295.9 221.0 209.0 122

123 Commercial paper 4.1 0.9 0.8 0.5 0.6 113.0 120.6 87.5 59.7 54.5 123

124 Loans (short term) 1520.8 1624.5 1917.0 2267.7 1392.2 1153.2 1063.3 1036.8 1019.2 1111.2 124

125 Equity and investment fund shares 2603.8 2956.8 2662.1 2286.7 2475.9 2561.5 2497.6 2856.2 3124.3 3390.1 125

126 Corporate equity issues 1295.2 1481.2 1070.0 567.8 565.6 637.1 474.1 633.3 847.7 934.4 126

127 Foreign direct investment in the United States 130.2 135.4 94.2 71.7 107.7 120.0 176.6 207.7 215.9 219.3 127

128 Investment by parent 1178.4 1340.2 1497.9 1647.2 1802.6 1804.4 1846.8 2015.2 2060.8 2236.4 128

129 Other accounts payable 931.5 904.3 962.6 822.1 790.2 711.3 675.2 681.3 671.0 833.1 129

130 Net worth -1023.9 -1139.7 -580.5 42.9 -417.0 -514.8 -425.8 -809.2 -979.9 -1197.9 130

(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.
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 Current account

 1 Gross value added 269.9 286.7 308.8 258.2 285.7 269.2 253.2 268.7 263.7 328.1 1

 2 Less: Consumption of fixed capital 24.7 25.2 25.6 26.7 27.6 27.4 27.0 27.7 29.5 31.7 2

 3 Equals: Net value added 245.3 261.6 283.2 231.6 258.1 241.9 226.2 241.0 234.2 296.4 3

 4 Compensation of employees (paid) 108.3 113.9 118.2 119.5 116.0 118.7 127.2 132.2 133.6 137.7 4

 5 Wages and salaries 89.8 95.3 99.1 99.3 97.4 99.5 107.1 112.1 113.3 117.0 5

 6 Employers’ social contributions 18.5 18.7 19.1 20.2 18.6 19.1 20.1 20.1 20.3 20.7 6

 7 Taxes on production and imports less subsidies 19.7 20.4 21.1 21.4 22.1 22.3 23.1 23.7 25.3 34.5 7

 8 Operating surplus, net 117.2 127.2 144.0 90.6 120.0 100.9 75.8 85.1 75.3 124.2 8

 9 Net national income/Balance of primary incomes, net 61.0 58.0 73.8 27.9 55.6 65.2 23.3 12.9 6.4 23.7 9

10 Operating surplus, net 117.2 127.2 144.0 90.6 120.0 100.9 75.8 85.1 75.3 124.2 10

11 Property income (received) 233.4 265.6 295.0 301.5 273.1 287.3 266.3 264.4 271.3 260.3 11

12 Interest 220.2 240.2 267.4 273.8 251.5 248.0 241.7 238.1 243.0 229.1 12

13 Distributed income of corporations (dividends) 12.5 15.3 17.4 19.2 12.2 27.9 13.0 15.5 16.2 18.4 13

14 Reinvested earnings on U.S. direct investment abroad 0.8 10.1 10.2 8.6 9.3 11.4 11.5 10.8 12.1 12.8 14

15 Less: Uses of property income (paid) 289.6 334.8 365.2 364.3 337.5 323.1 318.8 336.7 340.2 360.7 15

16 Interest 264.7 309.0 339.3 342.0 325.7 304.6 302.8 311.3 321.4 329.9 16

17 Distributed income of corporations 23.7 23.6 24.5 21.5 11.3 17.1 13.6 22.6 16.7 28.4 17

18 Dividends 17.1 17.2 18.1 15.5 5.4 13.5 10.8 19.1 11.8 23.7 18

19 Withdrawals from income of quasi-corporations (1) 6.6 6.4 6.4 6.1 5.9 3.7 2.8 3.5 4.9 4.7 19

20 Reinvested earnings on foreign direct investment 1.2 2.2 1.3 0.7 0.4 1.3 2.4 2.9 2.1 2.5 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 61.0 58.0 73.8 27.9 55.6 65.2 23.3 12.9 6.4 23.7 22

23 Less: Current taxes on income, wealth, etc. (paid) 32.6 45.3 42.4 20.7 25.0 28.9 23.0 29.1 33.2 31.8 23

24 Less: Other current transfers (paid) -21.3 -39.9 -7.6 31.5 -4.9 -8.4 -13.9 -67.8 -63.8 -42.9 24

25 Equals: Disposable income, net 49.8 52.6 38.9 -24.4 35.4 44.7 14.3 51.5 37.0 34.9 25

26 Equals: Net saving 49.8 52.6 38.9 -24.4 35.4 44.7 14.3 51.5 37.0 34.9 26

 Capital account

27 Net saving less capital transfers 22.1 52.6 38.9 -21.6 40.9 44.7 14.3 37.1 37.0 34.9 27

28 Net saving 49.8 52.6 38.9 -24.4 35.4 44.7 14.3 51.5 37.0 34.9 28

29 Less: Capital transfers paid (net) 27.7 0.0 0.0 -2.8 -5.5 0.0 0.0 14.3 0.0 0.0 29

30 Capital formation, net -0.3 -1.0 0.4 0.8 0.1 -4.3 -2.4 -0.2 3.0 3.1 30

31 Gross fixed capital formation (nonresidential) 24.3 24.2 26.0 27.4 27.7 23.1 24.7 27.5 32.5 34.8 31

32 Less: Consumption of fixed capital 24.7 25.2 25.6 26.7 27.6 27.4 27.0 27.7 29.5 31.7 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) 22.4 53.6 38.5 -22.3 40.8 49.0 16.6 37.3 34.0 31.7 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) 22.4 53.6 38.5 -22.3 40.8 49.0 16.6 37.3 34.0 31.7 34

35 Net acquisition of financial assets 249.3 289.4 283.5 191.1 156.5 143.2 256.4 153.4 142.9 246.7 35

36 Currency and deposits -10.4 17.2 15.1 9.6 -32.4 6.0 -6.5 15.0 -16.0 9.5 36

37 Debt securities 171.6 83.4 53.1 -41.0 202.5 164.6 137.9 60.9 83.7 84.0 37

38 Open market paper 0.5 4.9 9.9 2.4 2.2 -10.8 -10.4 12.5 3.8 -4.7 38

39 Treasury securities 13.9 -4.5 -56.0 29.5 50.7 26.4 23.4 -1.2 -5.8 20.2 39

40 Agency- and GSE-backed securities (2) 17.2 12.9 9.3 -28.2 7.7 3.6 5.3 -21.8 -11.7 -19.2 40

41 Municipal securities 47.8 26.1 40.9 16.3 13.5 18.2 -7.9 6.8 8.4 1.5 41

42 Corporate and foreign bonds 92.2 43.9 49.0 -60.9 128.4 127.3 127.5 64.6 88.9 86.2 42

43 Loans 17.1 28.1 38.8 42.7 -27.1 -9.2 17.6 15.8 19.3 31.8 43

44 Short term 4.7 9.0 15.1 26.3 -10.3 -0.3 1.8 3.2 -1.8 8.2 44

45 Long term (mortgages) 12.4 19.1 23.7 16.4 -16.8 -8.9 15.8 12.6 21.1 23.6 45

46 Equity and investment fund shares 57.9 115.5 144.9 147.9 39.9 -11.5 47.0 30.2 25.4 43.9 46

47 Corporate equities 59.6 69.5 86.0 117.2 30.6 -8.2 36.1 20.8 17.4 30.7 47

48 Mutual fund shares -9.4 31.6 29.3 -11.4 0.5 33.8 4.9 2.2 2.1 2.7 48

49 Money market mutual fund shares -4.4 10.5 5.5 29.7 -8.7 -16.6 2.3 0.9 -8.0 4.3 49

50 Equity in government-sponsored enterprises (2) -0.1 0.0 0.6 1.0 -0.3 -0.1 -0.8 0.1 0.9 0.1 50

51 U.S. direct investment abroad 12.2 3.9 23.4 11.5 17.9 -20.4 4.4 6.3 13.1 6.2 51

52 Insurance, pension and standardized guarantee schemes 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 3.0 1.2 52

53 Other accounts receivable 12.1 44.8 30.6 28.7 -21.6 -9.4 60.9 31.0 27.5 76.2 53

54 Net incurrence of liabilities 207.3 243.3 207.7 168.8 27.4 146.5 223.4 69.8 110.1 173.4 54

55 Currency and deposits (funding agreements) 15.1 12.0 13.4 -6.2 -33.3 -9.7 -8.5 -0.4 -8.4 9.2 55

56 Loans (short term) 8.0 2.9 12.7 19.6 -6.6 -4.8 5.1 4.9 8.7 2.5 56
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57 Equity and investment fund shares -0.9 11.7 -32.5 4.6 16.6 13.9 -20.5 -26.8 -7.0 -25.6 57

58 Corporate equity issues -10.8 -28.5 -43.9 -10.3 -6.2 -17.5 -22.3 -24.5 -16.8 -31.8 58

59 Foreign direct investment in the United States 0.2 37.5 6.1 27.4 13.5 9.1 -7.5 -5.8 12.4 5.3 59

60 Investment by parent 9.7 2.7 5.3 -12.5 9.3 22.2 9.3 3.5 -2.7 0.9 60

61 Insurance, pension and standardized guarantee schemes 201.9 182.7 185.3 191.5 111.6 137.0 236.3 69.2 101.0 159.8 61

62 Other accounts payable -16.8 34.1 28.8 -40.6 -60.9 10.2 10.9 22.9 15.8 27.5 62

 Addendum:

63 Net lending (+) or borrowing (-), financial account (lines 35-54) 42.0 46.1 75.8 22.4 129.1 -3.4 33.0 83.7 32.8 73.2 63

 Other changes in volume account

64 Total other volume changes 1.5 -44.5 30.6 179.9 24.3 -99.0 49.7 -15.2 -74.8 42.6 64

65 Disaster losses -0.2 0.0 0.0 -0.1 0.0 0.0 0.0 -0.1 0.0 0.0 65

66 Other volume changes -17.8 -36.9 -6.7 135.3 -64.0 -46.7 33.3 -61.4 -73.5 1.1 66

67 Less: Statistical discrepancy (lines 33-63) (3) -19.6 7.5 -37.2 -44.7 -88.3 52.4 -16.4 -46.4 1.2 -41.5 67

 Revaluation account

68 Nonfinancial assets 11.6 11.2 5.7 10.3 -8.4 0.2 5.7 2.1 5.1 3.6 68

69 Structures (nonresidential) 11.6 10.3 6.0 9.2 -7.3 0.2 5.1 2.2 4.6 3.5 69

70 Equipment -0.3 0.3 -0.6 0.9 -0.7 0.2 0.5 -0.0 0.2 0.5 70

71 Intellectual property products 0.2 0.6 0.3 0.2 -0.4 -0.2 0.0 -0.1 0.3 -0.4 71

72 Financial assets 59.4 134.7 30.9 -712.0 230.1 196.3 -59.4 192.2 313.5 45.3 72

73 Corporate equities 50.9 121.5 24.1 -621.3 201.7 170.5 -46.1 157.8 281.5 39.4 73

74 Mutual fund shares 4.8 14.0 9.0 -60.1 21.2 12.7 -7.8 17.5 35.0 9.9 74

75 U.S. direct investment abroad 3.6 -0.8 -2.2 -30.6 7.2 13.1 -5.4 16.9 -3.0 -4.0 75

76 Liabilities 61.2 221.4 -209.3 -857.4 233.2 177.1 -75.3 183.0 281.7 98.9 76

77 Corporate equity issues 29.6 139.8 -192.8 -386.4 49.4 42.5 -61.5 79.5 122.2 59.1 77

78 Foreign direct investment in the United States -2.3 7.8 -32.0 -61.3 9.1 11.9 30.0 -8.3 -43.6 11.8 78

79 Pension fund reserves 34.0 73.7 15.5 -409.8 174.7 122.7 -43.9 111.8 203.1 28.1 79

80 Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 80

81 Changes in net worth due to nominal holding gains/losses 9.8 -75.5 245.9 155.7 -11.5 19.5 21.6 11.3 36.9 -50.1 81

 Changes in balance sheet account

82 Change in net worth (lines 30+33+64+81) 33.4 -67.3 315.3 314.0 53.7 -34.8 85.6 33.2 -0.8 27.4 82

 Balance sheet account (end of period)

83 Total assets 5818.4 6253.1 6574.6 6070.2 6445.9 6765.5 6961.1 7300.2 7763.9 8064.1 83

84 Nonfinancial assets (4) 221.3 232.0 238.9 250.1 241.6 237.2 240.3 242.9 250.4 256.9 84

85 Structures (nonresidential) 134.2 144.3 150.8 159.4 151.7 149.6 152.3 152.1 155.0 157.4 85

86 Equipment 49.8 49.7 48.9 49.5 47.3 46.3 46.2 46.4 47.3 48.5 86

87 Intellectual property products 37.3 38.0 39.2 41.2 42.6 41.3 41.8 44.4 48.1 51.0 87

88 Financial assets 5597.1 6021.1 6335.7 5820.1 6204.3 6528.3 6720.8 7057.4 7513.5 7807.2 88

89 Currency and deposits 68.8 86.0 101.0 110.7 78.3 84.3 77.8 92.8 76.9 86.4 89

90 Debt securities 3162.2 3210.6 3263.7 3222.8 3437.9 3602.5 3740.4 3801.2 3884.9 3968.9 90

91 Open market paper 40.2 45.1 55.0 57.4 59.6 48.8 38.5 50.9 54.8 50.1 91

92 Treasury securities 202.3 197.9 141.9 171.4 222.0 248.4 271.8 270.6 264.7 284.9 92

93 Agency- and GSE-backed securities (2) 486.5 499.4 508.7 480.5 488.2 491.7 497.0 475.2 463.6 444.4 93

94 Municipal securities 345.7 371.8 412.7 429.0 442.5 460.7 452.8 459.6 468.0 469.5 94

95 Corporate and foreign bonds 2087.6 2096.5 2145.5 2084.6 2225.5 2352.8 2480.3 2544.9 2633.8 2720.1 95

96 Loans 416.3 444.3 483.1 525.8 486.2 477.0 494.6 510.4 529.7 561.5 96

97 Short term 128.1 137.1 152.2 178.5 155.7 155.4 157.2 160.3 158.5 166.8 97

98 Long term (mortgages) 288.2 307.3 330.9 347.4 330.5 321.6 337.4 350.0 371.1 394.7 98

99 Equity and investment fund shares 1626.2 1911.4 2087.2 1523.1 1793.1 1977.9 1965.5 2187.9 2526.7 2616.0 99

100 Corporate equities 1359.9 1585.8 1695.9 1191.8 1424.0 1586.3 1576.3 1754.9 2053.7 2123.8 100

101 Mutual fund shares 116.2 161.8 200.1 128.6 150.3 196.8 193.9 213.6 250.6 263.3 101

102 Money market fund shares 26.3 36.8 42.3 72.0 63.2 46.6 48.9 49.8 41.7 46.0 102

103 Equity in government-sponsored enterprises (2) 1.6 1.6 2.2 3.2 2.9 2.8 2.0 2.1 3.0 3.1 103

104 U.S. direct investment abroad 122.3 125.4 146.7 127.6 152.7 145.4 144.4 167.6 177.7 179.9 104

105 Insurance, pension and standardized guarantee schemes 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 27.9 29.1 105

106 Other accounts receivable 301.2 346.0 376.7 410.7 386.8 361.9 418.3 440.2 467.5 545.3 106
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

107 Total liabilities and net worth 5818.4 6253.1 6574.6 6070.2 6445.9 6765.5 6961.1 7300.2 7763.9 8064.1 107

108 Liabilities 5723.0 6225.1 6231.2 5412.7 5734.8 6089.2 6199.1 6505.1 6969.6 7242.3 108

109 Currency and deposits (funding agreements) 102.2 114.1 127.5 121.3 88.1 78.4 70.0 69.6 61.1 70.4 109

110 Loans (short term) 32.1 35.0 47.7 67.3 60.7 55.9 61.0 65.9 74.6 77.0 110

111 Equity and investment fund shares 1036.4 1195.7 938.4 495.4 570.5 638.7 586.8 584.1 645.8 691.0 111

112 Corporate equity issues 874.8 986.1 749.4 352.7 396.0 420.9 337.2 392.2 497.6 524.9 112

113 Foreign direct investment in the United States 125.9 171.2 145.3 111.4 134.1 155.0 177.5 163.4 132.2 149.3 113

114 Investment by parent 35.6 38.3 43.7 31.2 40.5 62.7 72.0 28.4 15.9 16.8 114

115 Insurance, pension and standardized guarantee schemes 4339.1 4624.1 4830.9 4461.9 4807.6 5106.8 5285.8 5501.2 5860.1 6056.1 115

116 Other accounts payable 213.2 256.2 286.6 266.9 207.9 209.4 195.6 284.4 327.9 347.9 116

117 Net worth 95.4 28.1 343.4 657.5 711.1 676.3 761.9 795.1 794.3 821.8 117

(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.
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S.64.a Pension Funds

Billions of dollars

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 Current account

 1 Gross value added 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Equals: Net value added 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Compensation of employees (paid) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Wages and salaries 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Employers’ social contributions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Taxes on production and imports less subsidies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Operating surplus, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8

 9 Net national income/Balance of primary incomes, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Operating surplus, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Property income (received) 369.7 390.5 417.9 465.1 489.3 476.5 482.6 504.7 519.0 523.3 11

12 Interest 279.0 284.9 296.0 335.4 371.3 360.9 366.2 375.4 374.0 361.4 12

13 Distributed income of corporations (dividends) 90.7 105.6 121.9 129.7 118.0 115.6 116.4 129.3 145.0 161.9 13

14 Reinvested earnings on U.S. direct investment abroad 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Less: Uses of property income (paid) 369.7 390.5 417.9 465.1 489.3 476.5 482.6 504.7 519.0 523.3 15

16 Interest 279.0 284.9 296.0 335.4 371.3 360.9 366.2 375.4 374.0 361.4 16

17 Distributed income of corporations 90.7 105.6 121.9 129.7 118.0 115.6 116.4 129.3 145.0 161.9 17

18 Dividends 90.7 105.6 121.9 129.7 118.0 115.6 116.4 129.3 145.0 161.9 18

19 Withdrawals from income of quasi-corporations (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Reinvested earnings on foreign direct investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Less: Current taxes on income, wealth, etc. (paid) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Plus: Other current transfers received, net 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 24

25 Equals: Disposable income, net 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 25

26 Equals: Net saving 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 26

 Capital account

27 Net saving less capital transfers 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 27

28 Net saving 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 28

29 Less: Capital transfers (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29

30 Capital formation, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 Gross fixed capital formation (nonresidential) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 33

 Addenda:

34 Other current transfers received, net (line 24) 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 34

35 Contributions received 955.3 1018.6 1087.2 1162.5 1183.2 1206.2 1227.0 1269.9 1299.6 1325.6 35

36 Claims to pension benefits 587.9 630.6 672.0 700.2 697.2 734.2 749.2 770.3 786.2 808.6 36

37 Actual employer contributions 347.4 370.3 389.5 453.3 467.0 503.5 525.8 539.1 546.5 554.1 37

38 Imputed employer contributions 36.1 34.9 39.2 -5.8 -22.9 -30.1 -51.5 -59.1 -60.1 -60.2 38

39 Actual household contributions 222.9 247.3 267.2 273.3 271.0 280.5 295.2 311.9 322.3 337.7 39

40 Less: pension service charges for defined benefit (DB) plans 18.5 21.9 23.9 20.6 17.9 19.7 20.3 21.6 22.5 23.0 40

41 Household pension contribution supplements 369.7 390.5 418.0 465.1 489.4 476.5 482.6 504.7 519.1 523.2 41

42 Less: pension service charge for defined contribution (DC) plans 2.3 2.5 2.8 2.8 3.4 4.5 4.8 5.1 5.7 6.2 42

43 Less: benefit payments and withdrawals 628.5 706.9 772.9 766.4 762.2 831.7 864.7 945.5 1009.6 1068.8 43

44 Less: net change in benefit entitlements from DB plans 200.5 186.8 187.1 211.9 231.4 221.7 207.2 177.2 131.6 87.8 44

45 Less: net change in assets from current transaction for DC plans 126.2 124.9 127.3 184.1 189.6 152.7 155.1 147.2 158.3 169.0 45

 Financial account

46 Net lending (+) or borrowing (-) (line 33) 0.1 0.0 -0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.0 46

47 Net acquisition of financial assets 478.5 505.9 489.5 296.8 570.4 578.0 454.3 503.6 462.7 433.9 47

48 Currency and deposits 9.2 6.8 8.8 -8.1 -0.1 7.0 9.5 -8.7 6.9 5.8 48

49 Currency and transferable deposits -6.5 -2.4 1.7 -5.4 -3.2 2.6 6.0 -1.7 -0.5 1.2 49

50 Time and savings deposits 15.6 9.2 7.1 -2.7 3.1 4.4 3.5 -7.0 7.4 4.6 50

51 Debt securities 125.7 183.2 110.0 76.9 -5.7 220.7 181.3 200.3 284.8 154.5 51

52 Open market paper -1.6 1.2 4.9 -4.8 0.1 2.1 4.3 -8.5 8.9 6.0 52

53 Treasury securities 55.0 55.7 36.7 83.0 122.8 118.1 144.3 129.3 119.7 87.4 53

54 Agency- and GSE-backed securities (2) -33.0 24.1 0.5 -27.2 -11.8 9.4 -35.9 -21.7 -4.7 -15.6 54

55 Municipal securities -0.8 -0.0 -0.2 -0.1 0.1 0.8 -0.5 0.3 1.5 1.1 55

56 Corporate and foreign bonds 106.1 102.1 68.2 26.1 -116.9 90.2 69.2 100.9 159.4 75.5 56
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57 Loans -9.6 -1.3 4.6 -11.9 -5.1 2.6 -5.0 -0.4 -0.6 0.4 57

58 Short term -7.8 -2.9 0.4 -1.1 -0.0 0.1 0.1 -0.6 0.6 0.5 58

59 Long term (mortgages) -1.8 1.6 4.2 -10.8 -5.1 2.5 -5.2 0.2 -1.2 -0.1 59

60 Equity and investment fund shares 91.8 -16.0 99.5 -26.7 67.1 52.9 -108.5 -58.2 -199.0 -62.0 60

61 Corporate equities 8.4 -99.3 57.5 28.0 -80.7 -44.0 -139.4 -100.3 -354.0 -184.5 61

62 Mutual fund shares 65.4 68.7 34.6 -55.8 161.3 105.0 13.7 62.9 139.0 126.4 62

63 Money market mutual fund shares 18.1 14.6 7.4 1.2 -13.5 -8.1 17.2 -20.8 16.0 -3.8 63

64 Insurance, pension and standardized guarantee schemes 223.9 296.0 232.1 283.8 497.2 265.3 332.1 339.6 332.2 304.1 64

65 Other accounts receivable 37.5 37.4 34.5 -17.3 17.1 29.6 45.0 30.9 38.5 31.1 65

66 Net incurrence of liabilities (pension entitlements) 478.7 506.0 489.8 296.8 570.4 577.9 454.2 503.7 462.9 434.3 66

 Addendum:

67 Net lending (+) or borrowing (-), financial account (lines 47-66) -0.2 -0.1 -0.3 -0.0 0.1 0.1 0.1 -0.2 -0.2 -0.3 67

 Other changes in volume account

68 Total other volume changes -225.2 -493.7 -162.6 1323.6 -570.7 -417.2 31.0 -405.7 -929.6 -370.9 68

69 Disaster losses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 69

70 Other volume changes -224.9 -493.6 -162.4 1323.7 -570.7 -417.1 30.9 -405.6 -929.2 -370.6 70

71 Less: Statistical discrepancy (lines 33-67) (3) 0.3 0.1 0.2 0.1 -0.1 0.0 -0.1 0.2 0.3 0.3 71

 Revaluation account

72 Nonfinancial assets 0.5 0.4 0.2 0.4 -0.3 0.0 0.2 0.1 0.2 0.2 72

73 Structures (nonresidential) 0.5 0.4 0.2 0.4 -0.3 0.0 0.2 0.1 0.2 0.2 73

74 Equipment 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 74

75 Intellectual property products 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 75

76 Financial assets 448.6 814.3 270.1 -2360.8 1057.8 711.7 -153.3 719.6 1626.7 570.1 76

77 Corporate equities 159.7 532.4 138.6 -1597.0 723.9 525.6 -53.2 502.7 1176.7 441.2 77

78 Mutual fund shares 288.9 281.8 131.5 -763.8 333.9 186.1 -100.1 216.9 450.0 128.9 78

79 Liabilities (pension entitlements) 230.5 350.9 128.8 -1053.2 498.9 296.6 -117.9 327.0 718.9 212.2 79

80 Changes in net worth due to nominal holding gains/losses 218.6 463.8 141.5 -1307.3 558.6 415.1 -35.1 392.7 907.9 358.0 80

 Changes in balance sheet account

81 Change in net worth (lines 30+33+68+80) -6.5 -30.0 -21.2 16.5 -12.1 -2.0 -4.1 -13.1 -21.5 -12.9 81

 Balance sheet account (end of period)

82 Total assets 11380.7 12193.6 12837.5 12121.7 13167.2 14542.9 14914.2 15752.2 16910.5 17584.8 82

83 Nonfinancial assets (4) 5.1 5.7 6.2 6.6 6.2 6.2 6.3 6.6 7.0 7.5 83

84 Structures (nonresidential) 5.0 5.6 6.1 6.5 6.1 6.1 6.2 6.4 6.8 7.3 84

85 Equipment 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 85

86 Intellectual property products 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 86

87 Financial assets 11375.6 12187.9 12831.4 12115.1 13160.9 14536.8 14907.9 15745.7 16903.5 17577.3 87

88 Currency and deposits 94.0 74.4 83.2 75.1 75.0 82.0 91.5 82.8 89.7 95.5 88

89 Currency and transferable deposits 16.9 20.8 22.4 17.0 13.8 16.5 22.5 20.8 20.3 21.6 89

90 Time and savings deposits 77.1 53.6 60.7 58.1 61.1 65.5 69.0 62.0 69.4 73.9 90

91 Debt securities 2352.1 2510.1 2620.1 2697.0 2691.3 2912.0 3093.3 3293.6 3578.3 3732.8 91

92 Open market paper 60.9 78.2 83.1 78.2 78.3 80.5 84.7 76.2 85.1 91.0 92

93 Treasury securities 1221.6 1286.3 1323.0 1406.0 1528.7 1646.9 1791.1 1920.4 2040.1 2127.5 93

94 Agency- and GSE-backed securities (2) 441.8 383.4 383.9 356.8 344.9 354.3 318.4 296.8 292.0 276.5 94

95 Municipal securities 1.7 1.7 1.5 1.4 1.5 2.3 1.8 2.1 3.6 4.8 95

96 Corporate and foreign bonds 626.0 760.4 828.6 854.7 737.8 828.0 897.2 998.1 1157.5 1233.1 96

97 Loans 52.3 53.8 58.4 46.4 41.4 43.9 38.9 38.5 37.9 38.3 97

98 Short term 29.0 6.5 6.9 5.8 5.8 5.9 6.0 5.5 6.1 6.6 98

99 Long term (mortgages) 23.3 47.3 51.5 40.6 35.6 38.0 32.9 33.1 31.8 31.7 99

100 Equity and investment fund shares 6374.8 6657.4 7027.0 4639.5 5764.5 6529.0 6267.2 6928.6 8356.3 8864.4 100

101 Corporate equities 4204.8 4103.6 4299.7 2730.7 3373.9 3855.5 3662.9 4065.2 4887.9 5144.5 101

102 Mutual fund shares 2047.3 2362.5 2528.6 1709.0 2204.2 2495.3 2408.9 2688.7 3277.7 3533.0 102

103 Money market fund shares 122.7 191.3 198.7 199.9 186.4 178.2 195.5 174.6 190.7 186.9 103

104 Insurance, pension and standardized guarantee schemes 2324.3 2329.1 2445.0 4076.7 3991.0 4342.5 4744.6 4698.9 4099.5 4073.5 104

105 Other accounts receivable 178.1 563.2 597.7 580.4 597.8 627.4 672.4 703.3 741.8 772.9 105
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

106 Total liabilities and net worth 11380.7 12193.6 12837.5 12121.7 13167.2 14542.9 14914.2 15752.2 16910.5 17584.8 106

107 Liabilities (pension entitlements) 11468.8 12311.7 12976.8 12244.5 13302.0 14679.8 15055.2 15906.3 17086.0 17773.2 107

108 Net worth -88.1 -118.0 -139.2 -122.8 -134.9 -136.9 -141.0 -154.0 -175.6 -188.4 108

(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.
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Billions of dollars

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 Current account

 1 Gross value added 491.2 538.9 445.4 285.9 445.0 509.9 551.2 641.7 616.6 669.9 1

 2 Less: Consumption of fixed capital 93.0 99.7 107.3 114.5 116.9 116.7 109.0 113.3 119.7 126.6 2

 3 Equals: Net value added 398.2 439.2 338.1 171.4 328.2 393.2 442.3 528.3 496.9 543.3 3

 4 Compensation of employees (paid) 297.0 330.4 358.5 358.6 283.7 302.5 318.8 328.4 333.7 371.5 4

 5 Wages and salaries 249.8 280.5 307.7 305.3 241.8 256.7 270.3 279.8 284.3 317.7 5

 6 Employers’ social contributions 47.2 49.9 50.8 53.3 41.9 45.8 48.5 48.6 49.4 53.8 6

 7 Taxes on production and imports less subsidies 23.5 25.5 26.6 25.8 32.7 33.1 25.6 26.5 24.3 24.3 7

 8 Operating surplus, net 77.7 83.3 -47.1 -212.9 11.8 57.6 97.9 173.4 139.0 147.5 8

 9 Net national income/Balance of primary incomes, net 34.2 35.5 -64.3 -197.7 8.5 59.3 95.4 87.3 -59.5 38.0 9

10 Operating surplus, net 77.7 83.3 -47.1 -212.9 11.8 57.6 97.9 173.4 139.0 147.5 10

11 Property income (received) 1146.7 1601.4 1959.6 1619.3 977.6 871.9 894.8 855.3 819.1 840.5 11

12 Interest 1021.8 1441.4 1753.0 1403.8 807.6 673.4 672.8 614.7 532.7 510.7 12

13 Distributed income of corporations (dividends) 123.5 137.9 180.7 187.1 143.5 163.3 188.0 212.7 256.2 298.2 13

14 Reinvested earnings on U.S. direct investment abroad 1.4 22.2 25.9 28.5 26.5 35.2 34.0 27.9 30.1 31.6 14

15 Less: Uses of property income (paid) 1190.2 1649.2 1976.8 1604.1 980.9 870.2 897.3 941.4 1017.5 950.0 15

16 Interest 948.9 1377.6 1669.0 1286.7 701.4 591.0 616.8 592.9 536.2 539.9 16

17 Distributed income of corporations 237.4 265.4 302.3 312.5 277.1 272.4 272.0 340.1 473.3 401.7 17

18 Dividends 196.5 221.8 269.0 295.8 208.9 191.4 220.6 275.9 429.9 354.8 18

19 Withdrawals from income of quasi-corporations (1) 40.9 43.5 33.3 16.7 68.2 81.0 51.4 64.2 43.4 46.9 19

20 Reinvested earnings on foreign direct investment 3.9 6.3 5.5 4.9 2.4 6.8 8.5 8.4 8.0 8.4 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 34.2 35.5 -64.3 -197.7 8.5 59.3 95.4 87.3 -59.5 38.0 22

23 Less: Current taxes on income, wealth, etc. (paid) 31.4 37.1 33.5 13.5 16.5 23.2 28.4 32.9 44.4 43.3 23

24 Less: Other current transfers (paid) 3.5 14.1 10.0 9.2 26.2 21.3 26.9 34.2 37.6 42.7 24

25 Equals: Disposable income, net -0.7 -15.7 -107.8 -220.3 -34.2 14.8 40.1 20.2 -141.6 -48.0 25

26 Equals: Net saving -0.7 -15.7 -107.8 -220.3 -34.2 14.8 40.1 20.2 -141.6 -48.0 26

 Capital account

27 Net saving less capital transfers -0.7 -15.7 -107.8 -205.4 64.2 56.3 72.2 24.9 -141.6 -58.0 27

28 Net saving -0.7 -15.7 -107.8 -220.3 -34.2 14.8 40.1 20.2 -141.6 -48.0 28

29 Less: Capital transfers paid (net) 0.0 0.0 0.0 -14.9 -98.4 -41.5 -32.1 -4.7 0.0 10.0 29

30 Capital formation, net 30.9 27.7 43.1 17.9 -10.6 -4.8 6.4 21.6 26.7 32.0 30

31 Gross fixed capital formation (nonresidential) 123.9 127.4 150.4 132.4 106.3 111.9 115.4 134.9 146.4 158.6 31

32 Less: Consumption of fixed capital 93.0 99.7 107.3 114.5 116.9 116.7 109.0 113.3 119.7 126.6 32

33 Net lending (+) or borrowing (-), capital account (lines 27-30) -31.6 -43.4 -150.9 -223.3 74.8 61.1 65.8 3.4 -168.3 -90.0 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) -31.6 -43.4 -150.9 -223.3 74.8 61.1 65.8 3.4 -168.3 -90.0 34

35 Net acquisition of financial assets 2043.9 2854.3 3574.6 774.4 -1252.8 -614.6 155.8 662.6 807.4 946.3 35

36 Currency and deposits -0.9 60.2 151.4 166.8 108.2 -155.8 -84.8 8.4 68.9 -21.4 36

37 Debt securities 108.6 627.9 714.3 936.4 -940.3 -60.0 368.0 578.8 29.6 298.3 37

38 Open market paper 195.1 226.3 -134.7 -6.6 -377.3 -84.8 -68.9 -4.0 8.0 -23.7 38

39 Treasury securities 2.5 22.1 118.9 685.3 -142.1 80.3 288.8 135.4 -31.9 -116.3 39

40 Agency- and GSE-backed securities (2) -282.3 39.1 387.9 622.0 -538.0 -171.2 208.8 84.4 -168.4 121.8 40

41 Municipal securities 50.3 80.0 131.3 5.6 21.4 -4.1 -24.7 64.3 -55.8 18.4 41

42 Corporate and foreign bonds 142.9 260.4 210.8 -369.9 95.7 119.9 -36.0 298.7 277.8 298.0 42

43 Loans 1326.2 1306.6 1723.9 -302.3 -492.6 -76.3 -81.2 149.8 -38.6 211.5 43

44 Short term 417.6 326.9 914.8 -505.4 -641.2 51.1 -1.6 250.4 -113.3 182.1 44

45 Long term (mortgages) 908.6 979.7 809.1 203.1 148.6 -127.4 -79.6 -100.6 74.7 29.5 45

46 Equity and investment fund shares 387.9 395.6 904.5 582.4 -20.2 -77.8 79.8 158.5 374.7 473.8 46

47 Corporate equities 218.1 201.7 272.7 66.4 174.1 110.7 43.9 95.9 331.8 268.3 47

48 Money market mutual fund shares -2.1 -32.4 317.9 253.6 -153.7 -148.0 -83.4 -62.4 -61.5 13.4 48

49 Equity in government-sponsored enterprises (2) 0.0 0.0 0.0 0.0 0.0 0.1 -0.0 0.0 0.1 0.3 49

50 U.S. direct investment abroad -1.2 23.5 50.8 37.4 23.5 15.4 16.9 15.8 10.3 15.1 50

51 Investment in subsidiaries 173.2 202.8 263.1 225.0 -64.1 -56.0 102.4 109.1 94.0 176.7 51

52 Insurance, pension and standardized guarantee schemes 0.0 -0.4 5.3 -1.2 2.1 3.8 2.4 7.3 5.1 5.0 52

53 Other accounts receivable 222.1 464.4 75.3 -607.7 90.1 -248.4 -128.4 -240.3 367.8 -20.9 53

54 Net incurrence of liabilities 1940.8 2772.5 3624.6 984.1 -1439.3 -646.0 101.7 594.4 712.9 869.9 54

55 Currency and deposits 0.8 -0.2 1.9 -5.4 0.4 -1.5 -1.8 1.2 -3.2 -1.5 55
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

56 Debt securities 1034.2 1287.4 1515.6 454.3 -944.9 -610.5 -364.5 -200.8 172.7 192.2 56

57 Agency- and GSE-backed securities (2) 80.4 328.2 905.7 768.7 -60.1 -39.5 -22.1 -23.8 238.3 150.3 57

58 Corporate bonds 739.7 762.5 721.4 -189.0 -436.6 -488.9 -266.6 -151.4 -44.5 74.1 58

59 Commercial paper 214.2 196.6 -111.4 -125.4 -448.2 -82.1 -75.8 -25.6 -21.1 -32.1 59

60 Loans 412.4 485.2 561.3 -574.9 -751.6 202.3 246.7 142.8 -408.1 -127.5 60

61 Short term 398.3 478.6 556.6 -581.6 -763.4 201.4 233.2 137.9 -415.8 -141.3 61

62 Long term (mortgages) 14.1 6.6 4.7 6.8 11.8 0.8 13.5 4.8 7.8 13.8 62

63 Equity and investment fund shares 630.5 788.3 1334.0 1524.0 126.2 31.0 448.9 898.4 915.4 893.6 63

64 Money market mutual fund shares 125.1 303.1 736.8 724.2 -498.7 -503.2 -112.8 7.1 28.9 9.6 64

65 Corporate equity issues 80.8 78.4 215.9 637.4 308.7 195.1 177.5 178.3 172.8 247.4 65

66 Mutual fund shares 260.2 336.8 361.5 -9.9 497.1 370.1 338.4 624.9 638.2 596.8 66

67 Equity in government-sponsored enterprises (2) 1.9 0.2 9.1 -4.2 0.0 -2.7 -5.9 -1.8 0.5 1.2 67

68 Foreign direct investment in the United States 4.3 0.7 4.0 68.6 15.6 27.0 24.9 12.8 9.1 7.7 68

69 Equity in noncorporate business -1.2 -6.8 3.6 11.6 0.6 0.9 -2.9 6.7 -5.6 2.0 69

70 Investment by parent 159.4 76.0 3.1 96.3 -197.0 -56.1 29.8 70.4 71.5 28.9 70

71 Other accounts payable -137.1 211.8 211.8 -414.0 130.6 -267.3 -227.5 -247.1 35.9 -86.9 71

 Addendum:

72 Net lending (+) or borrowing (-), financial account (lines 35-53) 103.1 81.8 -50.0 -209.8 186.5 31.4 54.1 68.2 94.5 76.4 72

 Other changes in volume account

73 Total other volume changes 107.1 120.4 1.4 -225.8 224.0 -75.7 -9.7 325.9 151.1 159.9 73

74 Disaster losses -0.8 0.0 0.0 -0.3 0.0 0.0 0.0 -1.3 0.0 0.0 74

75 Other volume changes -26.8 -4.8 -99.5 -239.1 112.3 -46.0 2.0 262.4 -111.7 -6.5 75

76 Less: Statistical discrepancy (lines 33-71) (3) -134.7 -125.2 -100.9 -13.6 -111.8 29.7 11.7 -64.8 -262.8 -166.4 76

 Revaluation account

77 Nonfinancial assets 45.6 41.4 22.4 36.2 -23.7 5.7 26.2 12.5 20.6 18.9 77

78 Structures (nonresidential) 41.8 36.9 21.0 32.3 -26.1 0.9 18.5 9.2 17.5 14.7 78

79 Equipment 2.7 2.9 -0.1 3.1 2.7 4.6 7.1 3.0 1.9 4.2 79

80 Intellectual property products 1.1 1.6 1.6 0.8 -0.3 0.2 0.6 0.3 1.2 -0.0 80

81 Financial assets 399.3 817.0 474.5 -2809.6 1185.3 715.3 -449.7 843.4 1792.6 524.5 81

82 Corporate equities 383.1 773.3 448.2 -2817.4 1199.3 703.5 -411.0 844.0 1794.9 534.7 82

83 U.S. direct investment abroad 16.2 43.7 26.3 7.7 -14.0 11.9 -38.7 -0.7 -2.3 -10.2 83

84 Liabilities 621.1 1111.6 42.8 -3952.2 1381.1 1068.8 -591.9 1212.2 2590.9 951.1 84

85 Corporate equity issues 253.4 400.9 -368.3 -1464.9 353.2 466.0 -218.2 502.2 1021.3 498.2 85

86 Mutual fund shares 352.4 682.6 396.0 -2424.7 1035.6 582.2 -340.4 720.3 1571.0 456.5 86

87 Foreign direct investment in the United States 13.6 23.3 15.7 -49.1 -10.7 22.4 -31.7 -8.8 -5.6 -3.1 87

88 Equity in noncorporate business 1.7 4.8 -0.6 -13.6 3.6 0.3 -1.2 -1.3 4.2 -0.5 88

89 Investment by parent 0.0 0.0 0.0 0.0 -0.6 -2.0 -0.3 -0.1 0.0 0.0 89

90 Changes in net worth due to nominal holding gains/losses -176.3 -253.2 454.2 1178.8 -219.5 -347.8 168.3 -356.3 -777.7 -407.7 90

 Changes in balance sheet account

91 Change in net worth (lines 30+33+72+89) -69.8 -148.5 347.8 747.6 68.7 -367.2 230.8 -5.5 -768.1 -305.7 91

 Balance sheet account (end of period)

92 Total assets 28094.3 31743.9 35796.5 33833.8 34281.1 33384.2 33059.6 35603.5 37784.4 39286.6 92

93 Nonfinancial assets (4) 821.2 884.5 943.8 993.9 953.7 954.9 987.3 1017.9 1065.0 1115.0 93

94 Structures (nonresidential) 467.1 503.6 531.2 568.7 543.0 539.3 552.0 556.6 569.3 581.2 94

95 Equipment 299.4 322.5 345.7 350.9 328.8 332.5 347.9 369.8 400.5 435.4 95

96 Intellectual property products 54.8 58.4 66.8 74.3 81.8 83.1 87.4 91.5 95.2 98.4 96

97 Financial assets 27273.0 30859.4 34852.7 32839.9 33327.4 32429.3 32072.2 34585.5 36719.4 38171.6 97

98 Currency and deposits 559.4 619.8 771.1 972.9 1095.7 985.0 900.2 931.0 999.8 978.4 98

99 Debt securities 6062.1 6669.3 7387.2 8325.0 7397.0 6782.1 7150.0 7821.0 7763.7 8063.0 99

100 Open market paper 1022.9 1228.6 1097.4 1092.3 714.9 634.4 565.6 561.5 569.2 546.6 100

101 Treasury securities 243.8 265.8 384.8 1070.0 928.0 1008.2 1297.0 1444.5 1412.5 1296.2 101

102 Agency- and GSE-backed securities (2) 1852.1 1891.3 2279.2 2901.2 2410.8 1777.0 1985.9 2084.4 1907.5 2029.3 102

103 Municipal securities 832.2 912.2 1043.5 1049.1 1070.4 1066.3 1041.6 1105.8 1050.1 1068.4 103

104 Corporate and foreign bonds 2111.1 2371.5 2582.3 2212.4 2273.0 2296.1 2259.9 2624.8 2824.4 3122.4 104

105 Loans 11763.3 13037.6 14741.4 14345.7 13637.5 12941.1 12749.2 12964.2 12826.9 13010.9 105

106 Short term 4796.8 5091.4 6008.8 5503.3 4816.3 4534.6 4533.0 4958.5 4818.3 5000.3 106

107 Long term (mortgages) 6966.5 7946.2 8732.6 8842.4 8821.2 8406.5 8216.2 8005.7 8008.6 8010.6 107
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108 Equity and investment fund shares 7270.9 8516.6 9895.6 7668.4 9509.7 10147.2 9777.3 11205.8 13322.1 14320.3 108

109 Corporate equities 4724.7 5699.6 6420.6 3669.6 5043.0 5857.2 5490.0 6430.0 8556.7 9359.7 109

110 Money market fund shares 366.8 334.4 652.3 905.8 752.1 604.1 520.7 458.3 396.8 410.3 110

111 Equity in government-sponsored enterprises (2) 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.2 0.5 111

112 U.S. direct investment abroad 218.8 286.1 363.2 408.4 417.9 445.3 423.5 438.6 446.6 451.5 112

113 Investment in subsidiaries 1960.6 2196.5 2459.6 2684.6 3296.6 3240.6 3343.0 3878.8 3921.7 4098.5 113

114 Insurance, pension and standardized guarantee schemes 0.0 15.2 20.5 19.3 21.4 25.1 27.6 34.9 39.9 45.0 114

115 Other accounts receivable 1617.4 2001.0 2036.9 1508.6 1666.2 1548.8 1468.1 1628.8 1767.1 1753.9 115

116 Total liabilities and net worth 28094.3 31743.9 35796.5 33833.8 34281.1 33384.2 33059.6 35603.5 37784.4 39286.6 116

117 Liabilities 28248.9 32047.0 35751.8 33041.5 33420.1 32890.4 32335.0 34884.4 37833.4 39641.3 117

118 Currency and deposits 19.2 19.0 20.9 15.5 15.9 14.4 12.6 13.7 10.6 9.1 118

119 Debt securities 11917.2 13177.8 14804.2 15178.8 14417.6 13054.7 12617.5 12540.5 12646.1 12811.0 119

120 Agency- and GSE-backed securities (2) 6140.7 6468.9 7374.6 8143.4 8083.3 7581.3 7559.2 7535.4 7773.7 7924.0 120

121 Corporate bonds 4610.4 5346.2 6178.4 5909.6 5656.6 5010.3 4671.0 4643.5 4531.8 4578.6 121

122 Commercial paper 1166.1 1362.7 1251.3 1125.8 677.6 463.0 387.2 361.6 340.5 308.4 122

123 Loans 3450.3 3932.3 4493.6 3918.7 3237.8 3452.0 3693.3 3898.7 3490.7 3371.1 123

124 Short term 3304.9 3780.2 4336.9 3755.2 3062.5 3275.9 3503.7 3704.4 3288.5 3147.3 124

125 Long term (mortgages) 145.5 152.1 156.7 163.5 175.3 176.1 189.5 194.4 202.2 223.8 125

126 Equity and investment fund shares 11490.3 13367.5 14740.5 12312.3 14433.6 15496.3 15353.3 17968.6 21444.9 23289.5 126

127 Money market fund shares 1993.1 2296.3 3033.0 3757.3 3258.6 2755.4 2642.5 2649.6 2678.5 2688.1 127

128 Corporate equity issues 2459.7 2938.9 2786.5 1959.1 2621.0 3282.2 3241.4 3921.9 5116.0 5861.6 128

129 Mutual fund shares 6045.6 7065.0 7822.6 5388.0 6920.7 7873.0 7870.9 9326.1 11535.2 12588.5 129

130 Equity in government-sponsored enterprises (2) 46.7 46.9 56.0 51.8 51.8 49.0 43.1 41.2 41.7 42.9 130

131 Foreign direct investment in the United States 97.1 121.2 140.9 160.3 165.2 214.6 207.8 211.7 215.2 219.7 131

132 Equity in noncorporate business 11.7 9.7 12.6 10.7 14.8 15.9 11.9 17.3 15.9 17.5 132

133 Investment by parent 836.4 889.6 888.9 985.2 1401.5 1306.3 1335.8 1800.8 1842.3 1871.2 133

134 Other accounts payable 1371.9 1550.4 1692.5 1616.2 1315.3 873.1 658.4 462.8 241.2 160.7 134

135 Net worth -154.6 -303.1 44.7 792.2 861.0 493.8 724.6 719.1 -49.0 -354.7 135

(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.
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 Current account

 1 Gross value added 552.7 577.6 605.4 637.6 668.8 704.5 720.9 723.7 715.1 723.9 1

 2 Less: Consumption of fixed capital 189.4 200.7 212.8 226.3 234.5 245.3 257.4 264.3 267.7 270.7 2

 3 Equals: Net value added 363.3 376.9 392.6 411.3 434.3 459.1 463.5 459.4 447.3 453.2 3

 4 Compensation of employees (paid) 362.4 375.1 390.5 410.4 433.5 462.2 470.6 468.3 458.7 462.9 4

 5 Wages and salaries 263.5 271.7 283.3 296.7 312.2 328.5 331.7 327.7 320.4 324.0 5

 6 Employers’ social contributions 98.9 103.5 107.3 113.7 121.3 133.7 138.9 140.7 138.2 138.8 6

 7 Operating surplus, net 0.9 1.8 2.0 0.8 0.7 -3.1 -7.1 -8.9 -11.3 -9.7 7

 8 Net national income/Balance of primary incomes, net -277.4 -293.5 -325.6 -308.9 -269.9 -286.6 -327.3 -321.6 -197.2 -294.6 8

 9 Operating surplus, net 0.9 1.8 2.0 0.8 0.7 -3.1 -7.1 -8.9 -11.3 -9.7 9

10 Taxes on production and imports, receivable 99.4 99.2 94.6 94.0 91.4 96.8 108.6 115.1 125.8 137.8 10

11 Subsidies (paid) -60.5 -51.1 -47.5 -49.6 -56.9 -54.3 -59.5 -57.6 -58.9 -57.4 11

12 Property income (received) 27.2 29.0 33.4 33.9 48.5 54.6 56.4 52.6 163.2 74.8 12

13 Interest 17.3 18.8 22.1 19.5 22.8 29.5 27.7 21.3 22.8 23.4 13

14 Distributed income of corporations (dividends) 0.2 0.3 0.2 0.6 18.7 17.0 18.8 21.1 131.3 40.7 14

15 Rents on land and natural resources 9.7 9.9 11.1 13.8 7.0 8.0 9.9 10.2 9.1 10.6 15

16 Less: Uses of property income (interest paid) 344.4 372.3 408.2 388.0 353.6 380.6 425.7 422.9 416.1 440.1 16

17 Net national income/Balance of primary incomes, net -277.4 -293.5 -325.6 -308.9 -269.9 -286.6 -327.3 -321.6 -197.2 -294.6 17

18 Plus: Current taxes on income, wealth, etc. (received) 1289.9 1464.2 1547.8 1426.7 1079.7 1256.0 1445.2 1546.0 1699.1 1836.5 18

19 Plus: Social benefits (received) 853.4 905.7 947.2 974.4 950.8 970.9 904.0 938.1 1093.4 1145.2 19

20 Less: Social contributions (paid) 1095.6 1201.6 1277.5 1480.0 1632.2 1774.4 1796.9 1801.5 1842.0 1896.8 20

21 Plus: Other current transfers (received) 32.7 37.9 42.0 49.7 67.2 68.1 67.1 56.1 71.1 80.6 21

22 Less: Other current transfers (paid) 384.2 375.8 401.3 416.1 510.7 558.8 530.1 499.3 504.0 547.2 22

23 Equals: Disposable income, net 418.7 536.9 532.7 245.8 -315.1 -324.8 -238.1 -82.2 320.3 323.8 23

24 Less: Final consumption expenditures 723.4 763.9 798.4 879.8 933.7 1003.9 1006.1 1007.8 961.3 955.3 24

25 Equals: Net saving -304.7 -227.0 -265.6 -634.0 -1248.8 -1328.7 -1244.1 -1090.1 -640.9 -631.5 25

 Capital account

26 Net saving less capital transfers -365.1 -270.2 -318.6 -751.6 -1435.1 -1455.0 -1358.0 -1175.0 -699.1 -690.3 26

27 Net saving -304.7 -227.0 -265.6 -634.0 -1248.8 -1328.7 -1244.1 -1090.1 -640.9 -631.5 27

28 Less: Capital transfers paid (net) 60.3 43.2 53.0 117.6 186.3 126.3 113.9 85.0 58.1 58.8 28

29 Capital formation, net 31.5 22.9 35.3 29.1 40.6 53.7 39.1 18.4 -0.8 -8.8 29

 Gross fixed capital formation (acquisition of

30 produced nonfinancial assets) 222.9 238.0 251.4 275.8 284.0 300.0 297.4 284.7 269.4 264.6 30

31 Less: Consumption of fixed capital 189.4 200.7 212.8 226.3 234.5 245.3 257.4 264.3 267.7 270.7 31

32 Acquisition of nonproduced nonfinancial assets -2.0 -14.4 -3.3 -20.4 -8.9 -1.0 -0.9 -2.0 -2.4 -2.7 32

33 Net lending (+) or borrowing (-), capital account (lines 26-29) -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1193.4 -698.3 -681.4 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1193.4 -698.3 -681.4 34

35 Net acquisition of financial assets 30.8 -14.4 0.6 579.8 237.8 281.9 -150.7 126.5 221.5 155.3 35

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

39 Currency and deposits 1.3 -5.4 25.8 316.0 -170.2 150.5 -239.9 11.1 65.8 57.2 39

40 Official foreign currencies 0.3 0.4 0.5 0.6 0.3 0.3 -0.2 0.2 0.2 0.1 40

41 Reserve position in IMF (net) -10.2 -3.3 -1.0 3.5 3.4 1.3 18.2 4.0 -3.4 -3.9 41

42 Currency and transferable deposits 12.2 -2.7 25.1 313.1 -174.2 148.9 -257.6 6.7 69.6 60.8 42

43 Time and savings deposits -1.0 0.2 1.2 -1.3 0.3 0.1 -0.3 0.2 -0.5 0.2 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 54.4 142.5 -46.9 -118.2 -31.3 -0.1 -0.0 45

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

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

48 Loans -3.1 5.9 6.8 39.0 166.7 131.4 136.5 136.2 124.2 115.3 48

49 Short term -5.5 2.2 4.7 25.5 154.1 136.8 133.2 134.5 120.3 113.6 49

50 Consumer credit 3.7 1.6 7.0 19.5 87.9 133.1 128.5 132.1 113.1 111.1 50

51 Other loans and advances -9.2 0.5 -2.3 6.1 66.2 3.6 4.8 2.4 7.2 2.5 51

52 Long term (mortgages) 2.4 3.7 2.1 13.5 12.6 -5.4 3.3 1.6 4.0 1.7 52

53 Equity and investment fund shares 1.3 2.0 1.7 257.7 3.4 30.4 43.5 -10.7 -2.6 0.7 53

54 Corporate equities 0.0 0.0 0.0 256.3 0.6 24.1 40.3 -13.2 -4.8 -1.6 54

55 Equity in international organizations 1.3 2.0 1.7 1.4 1.7 2.3 2.6 2.4 2.2 2.3 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 1.2 4.0 0.7 0.0 0.0 0.0 57
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58 Other accounts receivable 35.8 -17.1 -33.7 -87.4 47.1 16.5 29.1 21.2 34.1 -17.8 58

59 Trade receivables 9.2 -11.6 1.2 4.2 -21.1 -0.7 4.8 2.6 3.3 -8.1 59

60 Taxes receivable 26.0 -6.5 -35.3 -62.2 35.9 27.1 25.6 22.0 27.2 -19.9 60

61 Other (miscellaneous assets) 0.6 1.0 0.4 -29.4 32.3 -9.8 -1.3 -3.5 3.7 10.2 61

62 Net incurrence of liabilities 453.6 296.0 371.5 1369.0 1536.0 1696.7 1201.7 1249.7 880.0 790.0 62

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

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

65 Debt securities 346.9 219.1 270.4 1302.5 1505.8 1645.9 1138.7 1180.6 857.3 735.9 65

66 Treasury securities 347.3 219.5 270.8 1302.3 1505.7 1645.3 1137.6 1181.0 857.7 736.0 66

67 Federal agency securities -0.4 -0.3 -0.4 0.2 0.1 0.7 1.1 -0.4 -0.4 -0.1 67

68 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 68

69 Insurance, pension and standardized guarantee schemes 67.2 64.5 73.0 45.1 33.2 43.5 40.6 64.0 3.1 33.9 69

70 Insurance reserves 1.1 1.5 1.6 1.0 1.1 0.9 1.3 0.3 0.2 0.8 70

71 Retiree Health Care Funds 23.0 18.1 23.8 26.5 16.6 22.5 18.5 13.3 12.2 10.4 71

72 Claims of pension fund on sponsor 43.1 44.9 47.7 17.6 15.6 20.2 20.8 50.4 -9.3 22.8 72

73 Other accounts payable 38.7 11.8 28.7 22.2 -50.3 7.6 22.4 5.1 20.0 20.4 73

74 SDR certificates 0.0 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 74

75 Trade payables 33.7 6.2 29.3 22.6 -56.2 5.2 8.8 13.4 18.8 17.3 75

76 Other (miscellaneous liabilities) 5.0 5.6 -0.6 -0.3 2.9 2.4 13.6 -8.3 1.3 3.0 76

 Addendum:

77 Net lending (+) or borrowing (-), financial account (lines 35-62) -422.8 -310.4 -370.8 -789.1 -1298.2 -1414.9 -1352.4 -1123.2 -658.5 -634.6 77

 Other changes in volume account

78 Total other volume changes -47.0 30.2 9.3 86.7 121.5 -29.0 48.5 50.5 26.2 83.0 78

79 Disaster losses -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 79

80 Other volume changes -20.3 47.4 26.3 95.2 -56.0 -122.8 3.8 -19.8 -13.6 36.2 80

81 Less: Statistical discrepancy (lines 33-77) (2) 26.2 17.2 17.0 8.5 -177.5 -93.8 -44.7 -70.2 -39.8 -46.8 81

 Revaluation account

82 Nonfinancial assets 116.8 116.4 93.0 69.0 -36.0 61.3 69.3 50.0 67.5 58.4 82

83 Structures 94.1 95.2 60.7 44.0 -48.4 18.1 49.4 36.2 49.1 37.1 83

84 Equipment 7.3 10.4 7.6 11.8 8.6 5.0 12.2 2.0 1.9 7.1 84

85 Intellectual property products 15.4 10.8 24.8 13.2 3.8 38.2 7.7 11.9 16.5 14.2 85

86 Financial assets -2.1 0.8 0.7 -67.9 -121.6 -43.7 -33.2 -4.7 0.1 -5.0 86

87 Monetary gold and SDRs -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 0.1 -3.3 87

88 Currency and deposits -1.2 0.3 0.2 -0.0 0.3 -0.2 -0.5 0.0 0.0 -1.7 88

89 Corporate equities 0.0 0.0 0.0 -67.7 -121.9 -41.5 -32.4 -4.7 0.0 0.0 89

90 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 -0.3 -1.0 -0.2 -0.1 0.0 0.0 90

91 Liabilities -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 0.1 -3.2 91

92 SDR allocations -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 0.1 -3.2 92

93 Changes in net worth due to nominal holding gains/losses 115.3 116.8 93.3 1.2 -157.9 18.5 36.4 45.3 67.6 56.6 93

 Changes in balance sheet account

94 Change in net worth (lines 29+33+78+93) -296.8 -123.3 -216.0 -663.6 -1471.5 -1465.5 -1273.2 -1079.3 -605.4 -550.6 94

 Balance sheet account (end of period)

95 Total assets 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4654.0 4924.9 5154.6 95

96 Nonfinancial assets (3) 2426.5 2579.8 2711.3 2829.2 2842.1 2957.5 3066.8 3137.2 3206.4 3258.6 96

97 Structures 1176.5 1266.6 1325.4 1369.8 1326.1 1352.5 1406.9 1439.8 1480.6 1507.9 97

98 Equipment 520.7 550.7 576.7 616.2 649.8 680.9 711.0 726.6 732.7 742.0 98

99 Intellectual property products 729.3 762.4 809.3 843.2 866.2 924.1 948.9 970.8 993.1 1008.7 99

100 Financial assets 643.7 658.3 703.8 1292.3 1387.1 1612.2 1411.3 1516.8 1718.5 1896.0 100

101 Monetary gold and SDRs 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 55.2 51.9 101

102 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 102

103 SDR holdings 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 55.2 51.9 103
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104 Currency and deposits 68.0 62.8 88.9 404.8 234.9 385.2 144.8 155.9 221.8 277.2 104

105 Official foreign currencies 18.7 20.2 22.5 23.4 25.0 25.7 25.6 24.7 23.6 20.7 105

106 Reserve position in IMF (net) 8.1 5.2 4.4 7.8 11.5 12.6 30.3 34.4 31.0 25.3 106

107 Currency and transferable deposits 37.0 33.2 56.5 369.4 193.9 342.3 84.6 92.2 163.0 226.8 107

108 Time and savings deposits 1.4 1.7 2.8 1.6 1.9 2.0 1.7 2.0 1.5 1.7 108

109 Nonofficial foreign currencies 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 109

110 Debt securities 0.0 0.0 0.0 54.4 197.0 150.1 31.9 0.6 0.6 0.5 110

111 Agency- and GSE-backed securities 0.0 0.0 0.0 54.4 196.4 149.2 31.1 0.0 0.0 0.0 111

112 Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.6 0.9 0.8 0.6 0.6 0.5 112

113 Loans 271.2 294.3 301.1 340.1 506.8 641.7 778.3 914.4 1038.7 1154.0 113

114 Short term 194.6 214.0 218.7 244.3 398.4 535.2 668.4 802.9 923.2 1036.8 114

115 Consumer credit 89.8 108.7 115.7 135.1 223.1 356.2 484.7 616.8 729.8 840.9 115

116 Other loans and advances 104.8 105.3 103.1 109.1 175.3 179.0 183.7 186.2 193.4 195.9 116

117 Long term (mortgages) 76.6 80.3 82.4 95.8 108.4 106.6 109.9 111.5 115.5 117.2 117

118 Equity and investment fund shares 43.8 45.8 47.5 237.5 118.7 106.6 117.6 102.1 99.5 100.2 118

119 Corporate equities 0.0 0.0 0.0 188.7 67.4 49.9 57.8 39.9 35.1 33.4 119

120 Equity in international organizations 43.8 45.8 47.5 48.8 50.5 52.8 55.4 57.8 60.0 62.4 120

121 Equity in government-sponsored enterprises (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 121

122 Equity investment under Public-Private Inv. Program 0.0 0.0 0.0 0.0 0.9 3.8 4.4 4.4 4.4 4.4 122

123 Other accounts receivable 252.5 246.5 257.0 246.2 271.8 271.7 283.7 288.7 302.8 312.1 123

124 Trade receivables 71.0 59.4 60.6 64.7 43.6 42.9 47.7 50.3 53.6 45.5 124

125 Taxes receivable 91.6 96.1 105.0 119.4 133.9 144.3 152.8 158.6 165.8 173.0 125

126 Other (miscellaneous assets) 89.9 91.0 91.4 62.0 94.3 84.5 83.2 79.8 83.4 93.6 126

127 Total liabilities and net worth 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4654.0 4924.9 5154.6 127

128 Liabilities 7370.3 7661.5 8054.5 9424.6 11003.7 12809.7 13991.3 15246.5 16122.7 16903.1 128

129 SDR allocations 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 54.4 51.2 129

130 Currency and deposits 27.5 28.1 27.4 26.6 26.2 25.9 25.9 25.9 25.6 25.3 130

131 Debt securities 5584.8 5803.9 6074.3 7376.8 8882.6 10528.6 11667.3 12847.8 13705.1 14441.1 131

132 Treasury securities 5560.9 5780.4 6051.2 7353.5 8859.2 10504.4 11642.0 12822.9 13680.6 14416.7 132

133 Federal agency securities 23.8 23.5 23.1 23.3 23.5 24.2 25.3 24.9 24.5 24.4 133

134 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 134

135 Insurance, pension and standardized guarantee schemes 1540.9 1606.0 1699.9 1746.4 1825.8 1982.4 2017.0 2078.6 2079.5 2110.6 135

136 Insurance reserves 42.7 44.2 45.8 46.7 47.8 48.7 50.0 50.3 50.5 51.3 136

137 Retiree Health Care Funds 75.4 93.5 137.3 163.8 180.4 202.9 221.4 234.8 246.9 257.3 137

138 Claims of pension fund on sponsor 1422.8 1468.3 1516.8 1535.8 1597.6 1730.8 1745.6 1793.6 1782.1 1802.0 138

139 Other accounts payable 210.2 216.1 245.2 267.2 213.7 218.5 226.9 239.8 258.1 274.9 139

140 SDR certificates 2.2 2.2 2.2 2.2 5.2 5.2 5.2 5.2 5.2 5.2 140

141 Trade payables 202.6 208.8 238.2 260.7 204.5 209.7 218.5 231.9 250.6 268.0 141

142 Other (miscellaneous liabilities) 5.4 5.1 4.9 4.3 4.0 3.6 3.2 2.8 2.3 1.8 142

143 Net worth -4300.1 -4423.4 -4639.4 -5303.0 -6774.5 -8240.0 -9513.2 -10592.5 -11197.8 -11748.5 143

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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 Current account

 1 Gross value added 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1471.4 1496.5 1533.6 1574.5 1

 2 Less: Consumption of fixed capital 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.9 238.5 246.1 2

 3 Equals: Net value added 1034.4 1080.0 1131.9 1185.0 1211.3 1241.5 1249.2 1264.6 1295.1 1328.4 3

 4 Compensation of employees (paid) 1041.8 1091.1 1150.4 1207.1 1232.6 1261.3 1266.5 1275.0 1302.6 1337.0 4

 5 Wages and salaries 728.0 763.3 805.6 847.4 862.9 862.6 863.1 870.6 887.2 913.2 5

 6 Employers’ social contributions 313.7 327.8 344.9 359.7 369.7 398.7 403.5 404.4 415.4 423.8 6

 7 Operating surplus, net -7.3 -11.1 -18.5 -22.0 -21.4 -19.8 -17.4 -10.4 -7.5 -8.6 7

 8 Net national income/Balance of primary incomes, net 804.2 868.3 910.7 901.6 811.0 829.5 864.6 880.3 918.4 961.2 8

 9 Operating surplus, net -7.3 -11.1 -18.5 -22.0 -21.4 -19.8 -17.4 -10.4 -7.5 -8.6 9

10 Taxes on production and imports, receivable 835.1 892.7 940.0 947.9 934.8 960.4 994.0 1016.9 1052.2 1075.9 10

11 Subsidies (paid) -0.4 -0.4 -7.1 -3.0 -1.4 -1.6 -0.5 -0.5 -0.5 -0.5 11

12 Property income (received) 88.6 107.2 117.9 105.7 87.8 82.6 79.2 75.4 74.3 75.7 12

13 Interest 76.8 94.7 104.2 91.0 74.4 69.1 64.8 59.8 58.0 58.7 13

14 Distributed income of corporations (dividends) 2.0 2.1 2.2 2.6 2.1 2.3 2.6 3.3 3.7 3.8 14

15 Rents on land and natural resources 9.8 10.4 11.5 12.1 11.2 11.2 11.7 12.3 12.6 13.2 15

16 Less: Uses of property income (interest paid) 111.8 120.1 121.5 127.0 188.8 192.1 190.7 201.2 200.1 181.4 16

17 Net national income/Balance of primary incomes, net 804.2 868.3 910.7 901.6 811.0 829.5 864.6 880.3 918.4 961.2 17

18 Plus: Current taxes on income, wealth, etc. (received) 331.4 361.7 381.4 381.0 333.4 345.3 374.3 399.2 427.6 441.6 18

19 Plus: Social benefits (received) 24.6 21.5 18.9 18.7 18.6 18.1 18.2 18.0 18.6 18.9 19

20 Less: Social contributions (paid) 406.6 403.9 433.3 455.4 492.6 523.8 530.4 540.0 562.3 609.9 20

21 Plus: Other current transfers (received) 436.4 438.9 460.9 477.8 566.1 612.0 582.1 558.0 571.2 621.5 21

22 Less: Other current transfers (paid) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Equals: Disposable income, net 1190.0 1286.5 1338.6 1323.7 1236.4 1281.0 1308.9 1315.5 1373.6 1433.3 23

24 Less: Final consumption expenditures 1256.6 1325.9 1411.4 1488.7 1508.4 1518.3 1524.8 1536.3 1560.7 1601.0 24

25 Equals: Net saving -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -220.8 -187.1 -167.7 25

 Capital account

26 Net saving less capital transfers -16.2 18.4 -13.4 -101.8 -204.2 -160.6 -142.1 -146.6 -115.7 -96.7 26

27 Net saving -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -220.8 -187.1 -167.7 27

28 Less: Capital transfers paid (net) -50.4 -57.8 -59.3 -63.2 -67.7 -76.7 -73.8 -74.2 -71.4 -71.0 28

29 Capital formation, net 143.5 155.0 167.9 172.5 167.2 149.7 127.6 107.0 94.0 95.1 29

 Gross fixed capital formation (acquisition of

30 produced nonfinancial assets) 290.8 314.3 340.8 358.8 363.0 351.9 340.5 329.7 322.9 331.3 30

31 Less: Consumption of fixed capital 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.9 238.5 246.1 31

32 Acquisition of nonproduced nonfinancial assets 10.0 11.0 13.6 13.8 12.3 10.6 9.2 9.1 9.6 9.9 32

33 Net lending (+) or borrowing (-), capital account (lines 26-29) -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -253.6 -209.7 -191.8 33

 Financial account

34 Net lending (+) or borrowing (-) (line 33) -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -253.6 -209.7 -191.8 34

35 Net acquisition of financial assets 251.6 209.9 240.1 -109.4 30.1 80.0 -28.9 64.9 -13.2 86.9 35

36 Currency and deposits 19.0 23.1 32.6 25.5 30.3 0.2 32.8 12.9 25.2 23.2 36

37 Currency and transferable deposits 15.8 5.5 -0.4 8.2 19.6 5.7 16.6 -9.2 7.3 15.7 37

38 Time and savings deposits 3.2 17.6 32.9 17.3 10.7 -5.5 16.2 22.1 17.9 7.6 38

39 Debt securities 154.1 112.5 136.7 -95.4 -33.6 56.8 -62.4 17.0 -57.8 21.3 39

40 Open market paper -0.4 -1.0 -2.2 -22.4 -38.2 13.4 -12.1 -7.8 -9.4 -7.0 40

41 Treasury securities 106.9 59.0 77.8 -47.5 -14.5 8.8 -34.4 42.9 -17.8 37.2 41

42 Agency- and GSE-backed securities (1) 35.0 40.1 44.9 -19.8 13.5 24.9 -13.9 -20.4 -29.6 -14.1 42

43 Municipal securities 1.2 1.4 1.7 0.4 1.1 1.4 0.2 0.2 -0.1 0.4 43

44 Corporate and foreign bonds 11.3 13.0 14.5 -6.1 4.5 8.2 -2.2 2.1 -1.0 4.9 44

45 Loans 19.8 22.5 25.3 -17.3 6.6 13.2 -4.7 8.4 1.4 12.7 45

46 Short term 5.5 6.0 6.3 -12.5 -3.3 -0.8 -4.7 3.8 1.5 6.0 46

47 Long term (mortgages) 14.4 16.5 19.0 -4.8 9.9 14.0 -0.0 4.6 -0.1 6.7 47

48 Equity and investment fund shares 21.1 24.3 27.5 -6.6 11.2 17.7 -1.5 6.0 0.5 10.9 48

49 Money market fund shares 13.4 15.6 18.0 2.3 10.8 14.5 2.1 4.3 1.3 7.0 49

50 Corporate equities 4.3 4.7 5.0 -8.1 -1.6 0.2 -3.4 1.1 -0.5 2.6 50

51 Mutual fund shares 3.4 4.0 4.5 -0.8 2.0 3.0 -0.2 0.6 -0.3 1.3 51

52 Other accounts receivable 37.5 27.6 18.0 -15.7 15.6 -7.9 6.9 20.6 17.5 18.7 52

53 Trade receivables 17.4 8.9 7.8 -15.4 -4.6 13.1 5.6 5.3 9.5 7.2 53

54 Taxes receivable 14.3 12.1 3.0 5.2 -5.8 1.0 2.4 9.5 4.1 3.9 54

55 Other (miscellaneous assets) 5.8 6.6 7.3 -5.6 25.9 -22.0 -1.1 5.8 3.9 7.7 55
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

56 Net incurrence of liabilities 246.4 237.8 326.7 241.9 465.7 357.1 302.0 345.0 243.5 262.2 56

57 Debt securities (municipals) 141.1 100.3 146.0 17.1 112.2 68.7 -53.6 -5.7 -39.4 -14.0 57

58 Short term -1.7 -8.2 16.8 4.6 7.8 -0.7 -10.6 3.8 -10.9 -6.7 58

59 Other 142.8 108.5 129.2 12.5 104.4 69.3 -42.9 -9.4 -28.6 -7.4 59

60 Loans (short term) 0.6 0.6 0.7 0.8 0.8 0.9 0.9 0.4 0.5 0.4 60

61 Insurance, pension and standardized guarantee schemes 72.8 102.6 143.3 185.3 313.8 249.1 316.3 312.2 244.4 237.1 61

 (Claim of pension funds on sponsor)

62 Other accounts payable (trade payables) 31.9 34.3 36.7 38.6 38.9 38.5 38.4 38.1 38.0 38.8 62

 Addendum:

63 Net lending (+) or borrowing (-), financial account (lines 35-56) 5.2 -27.9 -86.6 -351.3 -435.6 -277.2 -330.9 -280.1 -256.7 -175.3 63

 Other changes in volume account

64 Total other volume changes 185.0 277.4 207.6 -946.7 334.8 44.8 -66.5 249.3 577.1 276.8 64

65 Disaster losses -10.7 0.0 0.0 0.0 0.0 0.0 0.0 -7.6 0.0 0.0 65

66 Other volume changes 30.9 168.7 113.0 -869.7 399.0 11.7 -5.2 283.4 624.1 260.3 66

67 Less: Statistical discrepancy (lines 33-63) (2) -164.9 -108.7 -94.6 77.0 64.3 -33.1 61.3 26.5 47.0 -16.5 67

 Revaluation account

68 Nonfinancial assets 473.4 605.0 460.9 411.4 -105.1 175.7 392.7 225.9 249.7 176.2 68

69 Structures 472.2 602.7 457.9 403.0 -104.3 171.9 389.2 222.6 246.0 171.7 69

70 Equipment 0.4 1.1 0.6 6.6 -1.1 2.4 1.6 1.9 1.8 3.0 70

71 Intellectual property products 0.8 1.1 2.4 1.8 0.3 1.4 1.9 1.4 1.9 1.5 71

72 Equity and investment fund shares 5.4 16.9 5.2 -61.0 33.5 21.6 1.9 18.5 37.4 13.6 72

73 Changes in net worth due to nominal holding gains/losses 478.9 621.8 466.0 350.4 -71.7 197.4 394.6 244.3 287.1 189.8 73

 Changes in balance sheet account

74 Change in net worth (lines 29+33+64+73) 647.7 917.6 660.3 -698.1 58.9 81.6 186.0 347.0 748.4 369.9 74

 Balance sheet account (end of period)

75 Total assets 8575.1 9550.9 10410.9 10809.2 10918.9 11331.7 11813.2 12221.7 12577.3 12948.1 75

76 Nonfinancial assets (3) 6259.0 7008.0 7623.1 8193.3 8243.0 8557.5 9068.6 9384.7 9718.9 9980.2 76

77 Structures 5976.8 6715.1 7314.8 7863.3 7903.6 8207.7 8711.9 9022.9 9350.3 9603.7 77

78 Equipment 206.9 212.7 221.5 236.4 240.9 245.4 246.5 246.7 248.4 252.1 78

79 Intellectual property products 75.3 80.2 86.9 93.6 98.5 104.4 110.2 115.2 120.1 124.4 79

80 Financial assets 2316.2 2542.9 2787.8 2615.9 2675.9 2774.2 2744.6 2836.9 2858.4 2967.8 80

81 Currency and deposits 235.2 258.2 290.8 316.3 346.7 346.9 379.6 411.6 436.8 460.1 81

82 Currency and transferable deposits 66.1 71.6 71.3 79.5 99.1 104.8 121.4 117.6 124.9 140.5 82

83 Time and savings deposits 169.1 186.6 219.6 236.9 247.6 242.1 258.2 294.1 312.0 319.6 83

84 Debt securities 1216.6 1329.1 1465.7 1370.4 1336.8 1393.5 1331.1 1348.1 1290.3 1311.6 84

85 Open market paper 153.2 152.1 149.9 127.5 89.3 102.7 90.5 82.7 73.3 66.3 85

86 Treasury securities 512.1 571.1 648.9 601.4 586.8 595.7 561.3 604.2 586.3 623.6 86

87 Agency- and GSE-backed securities (1) 413.1 453.1 498.1 478.3 491.8 516.7 502.8 482.4 452.9 438.7 87

88 Municipal securities 6.9 8.4 10.0 10.4 11.5 12.9 13.2 13.3 13.3 13.6 88

89 Corporate and foreign bonds 131.4 144.3 158.8 152.8 157.3 165.5 163.3 165.4 164.5 169.3 89

90 Loans 288.7 311.2 336.0 317.0 320.1 330.3 323.3 329.8 330.1 342.2 90

91 Short term 129.9 135.9 142.2 129.8 126.5 125.7 121.0 124.8 126.3 132.3 91

92 Long term (mortgages) 158.8 175.3 193.8 187.3 193.7 204.7 202.4 205.0 203.8 209.9 92

93 Equity and investment fund shares 246.4 287.6 320.3 252.7 297.3 336.7 337.1 361.5 399.4 423.9 93

94 Money market fund shares 89.8 105.4 123.4 125.7 136.6 151.1 153.2 157.5 158.8 165.8 94

95 Corporate equities 116.0 133.0 141.8 90.8 112.2 126.9 124.8 138.1 162.2 173.8 95

96 Mutual fund shares 40.7 49.2 55.1 36.2 48.6 58.7 59.1 66.0 78.4 84.4 96

97 Other accounts receivable 329.3 356.8 374.9 359.6 375.0 366.8 373.5 385.9 401.8 430.0 97

98 Trade receivables 142.5 151.3 159.1 143.7 139.1 152.2 157.8 163.1 172.6 179.8 98

99 Taxes receivable 102.3 114.4 117.4 123.0 117.1 117.8 120.0 121.3 123.8 137.2 99

100 Other (miscellaneous assets) 84.5 91.1 98.4 92.9 118.8 96.8 95.7 101.5 105.3 113.0 100

101 Total liabilities and net worth 8575.1 9550.9 10410.9 10809.2 10918.9 11331.7 11813.2 12221.7 12577.3 12948.1 101

102 Liabilities 3425.5 3483.7 3683.4 4779.8 4830.6 5161.8 5457.3 5518.7 5125.9 5126.8 102
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

103 Debt securities (municipals) 2579.2 2679.6 2825.6 2842.7 2954.9 3023.6 2970.0 2964.3 2924.9 2910.9 103

104 Short term 42.5 34.3 51.2 55.8 63.6 63.0 52.3 56.1 45.3 38.6 104

105 Other 2536.7 2645.2 2774.4 2786.9 2891.3 2960.6 2917.6 2908.2 2879.6 2872.3 105

106 Loans (short term) 10.6 11.2 11.9 12.7 13.5 14.4 15.3 15.7 16.2 16.6 106

107 Insurance, pension and standardized guarantee schemes 353.6 276.6 292.9 1332.8 1231.6 1454.8 1764.6 1793.3 1401.4 1377.2 107

 (Claim of pension funds on sponsor)

108 Other accounts payable (trade payables) 482.0 516.2 553.0 591.6 630.5 669.0 707.4 745.5 783.4 822.2 108

109 Net worth 5149.6 6067.3 6727.5 6029.4 6088.3 6169.9 6355.9 6703.0 7451.4 7821.2 109

Note. The state and local government accounts exclude state and local employee retirement funds.

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

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

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

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

(3) Excludes land and nonproduced nonfinancial assets.
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Billions of dollars

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 Current account

 1 Foreign income from U.S. 2692.0 3078.5 3334.4 3482.0 2712.0 3115.5 3485.8 3582.1 3616.9 3742.5 1

 2 U.S. imports of goods and services 2030.1 2247.3 2383.2 2565.0 1983.2 2365.0 2686.4 2763.8 2771.7 2871.9 2

 3 U.S. income payments to rest of world 483.2 656.6 750.1 684.9 497.8 514.1 546.0 563.9 575.8 591.2 3

 4 Current taxes and trans. payments to rest of world 178.7 174.6 201.2 232.0 231.0 236.4 253.4 254.3 269.5 279.4 4

 5 Less: Foreign outlays to U.S. 1954.3 2276.3 2616.3 2790.3 2330.1 2669.6 3004.2 3113.9 3221.2 3341.3 5

 6 U.S. exports of goods and services 1308.9 1476.3 1664.6 1841.9 1587.7 1852.3 2106.4 2198.2 2263.3 2341.9 6

 7 U.S. income receipts from rest of world 575.8 724.2 875.7 856.9 648.9 720.0 792.6 801.5 826.2 854.3 7

 8 Current taxes and trans. receipts from rest of world (1) 69.6 75.7 76.0 91.5 93.4 97.2 105.2 114.2 131.7 145.1 8

 9 Equals: Net saving (current external balance) 737.7 802.2 718.1 691.6 381.9 445.9 481.5 468.2 395.8 401.1 9

 Capital account

10 Net saving 737.7 802.2 718.1 691.6 381.9 445.9 481.5 468.2 395.8 401.1 10

11 Less: Net capital transfers 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.5 -0.8 -0.4 11

12 Less: Acquisition of nonproduced nonfinancial assets 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.0 -0.1 0.0 -0.0 12

13 Net lending (+) or borrowing (-), capital account (lines 10-11-12) 724.8 804.2 718.0 686.2 382.5 446.6 483.2 461.7 396.6 401.6 13

 Financial account

14 Net lending (+) or borrowing (-) (line 13) 724.8 804.2 718.0 686.2 382.5 446.6 483.2 461.7 396.6 401.6 14

15 Net acquisition of U.S. financial assets 1048.2 1479.7 1470.6 666.8 201.0 1087.5 1049.7 851.2 1155.8 1128.2 15

16 Monetary gold and SDRs 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 16

17 Monetary gold 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 SDR allocations 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 18

19 Currency and deposits 24.8 50.7 -78.3 492.9 -284.3 -27.5 343.1 -29.9 415.5 157.1 19

20 Currency 8.4 2.2 -10.7 29.2 12.6 28.3 55.0 57.1 37.7 66.3 20

21 Transferable deposits 6.4 9.2 5.2 34.8 -21.8 1.2 26.8 11.0 13.2 13.4 21

22 Time deposits 20.6 34.0 36.7 73.4 -73.3 4.9 47.3 38.0 52.5 46.9 22

23 Net interbank items due from U.S. banks -10.6 5.3 -109.5 355.4 -201.9 -61.8 213.9 -136.0 312.2 30.6 23

24 Debt securities 737.2 968.7 856.6 404.7 160.4 639.4 203.6 495.7 547.7 534.3 24

25 Open market paper 20.8 54.9 16.5 -59.0 -48.4 -10.7 0.7 -0.1 -1.7 7.6 25

26 Treasury securities 245.1 150.3 165.3 711.6 554.4 740.4 355.3 589.7 424.9 317.4 26

27 Agency- and GSE-backed securities (2) 139.8 217.1 239.5 -231.9 -226.0 -66.6 -41.6 -73.6 -83.7 -5.2 27

28 Municipal securities 3.0 5.4 10.7 5.9 7.7 13.1 0.6 -0.6 4.3 4.3 28

29 Corporate bonds 328.5 541.0 424.6 -21.8 -127.3 -36.8 -111.5 -19.7 203.9 210.1 29

30 Loans (short term) 72.7 66.0 174.9 -674.3 -98.7 72.2 126.5 -59.1 31.1 155.9 30

31 Security repurchases 41.4 59.7 72.6 -629.7 -54.8 92.4 92.6 -6.9 35.3 105.4 31

32 Loans to U.S. corporate business 31.3 6.2 102.3 -44.7 -44.0 -20.2 33.9 -52.2 -4.2 50.5 32

33 Equity and investment fund shares 201.9 388.6 496.8 436.9 369.7 384.8 359.4 432.9 149.1 266.7 33

34 Money market fund shares 0.1 4.1 19.0 23.7 7.2 -7.1 4.6 22.6 11.3 5.2 34

35 Corporate equities 83.6 118.7 243.9 130.0 192.7 127.8 44.0 126.8 -59.1 116.2 35

36 Mutual fund shares 5.6 22.7 12.7 -26.9 19.4 58.2 74.7 89.7 -19.6 33.6 36

37 Foreign direct investment in the United States 112.6 243.2 221.2 310.1 150.4 205.9 236.1 193.8 216.6 111.6 37

38 Other accounts receivable 11.6 5.7 20.6 6.7 6.3 18.6 17.1 11.6 12.3 14.3 38

39 Net incurrence of liabilities 349.7 949.8 1319.0 -98.4 173.0 819.3 633.0 388.3 782.4 804.4 39

40 SDR holdings -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 0.0 0.0 40

41 Currency and deposits 12.3 177.9 294.5 -326.3 -39.8 73.4 -197.3 -143.0 23.6 -117.9 41

42 Official foreign currencies 0.6 0.7 1.0 1.3 0.7 0.5 -0.5 0.4 0.3 0.2 42

43 Reserve position in IMF (net) -10.2 -3.3 -1.0 3.5 3.4 1.3 18.1 4.0 -3.4 -3.8 43

44 U.S. private deposits 21.9 180.5 294.5 -331.0 -43.9 71.6 -215.0 -147.5 26.7 -114.3 44

45 Nonofficial foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 45

46 Debt securities 93.4 277.2 234.8 -211.9 236.6 124.7 128.2 159.0 202.8 108.8 46

47 Commercial paper 38.6 98.4 -69.3 -71.0 59.4 -2.7 -53.5 27.9 34.0 -21.4 47

48 Bonds 54.8 178.9 304.1 -140.8 177.2 127.4 181.7 131.2 168.9 130.2 48

49 Loans (short term) 3.4 65.4 173.3 160.5 -471.8 222.0 240.7 -14.8 -52.1 59.0 49

50 Security repurchases -7.1 55.9 123.2 -382.8 86.0 207.9 96.4 40.2 -84.0 26.4 50

51 Other loans and advances -6.8 -7.4 -3.3 -1.5 0.5 0.3 1.4 5.6 1.4 2.8 51

52 Depository institution loans n.e.c. 17.3 16.9 29.4 15.1 -14.8 24.0 43.2 30.4 39.1 28.6 52

53 Nonoff. foreign currencies (swap lines) 0.0 0.0 24.0 529.7 -543.5 -10.2 99.7 -90.9 -8.6 1.3 53
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54 Equity and investment fund shares 243.8 425.6 605.7 282.8 399.3 393.1 459.2 386.3 598.3 761.2 54

55 Corporate equities 186.7 137.3 147.8 -38.6 63.7 79.2 7.0 95.8 284.3 436.5 55

56 U.S. government equity in IBRD, etc. 1.3 2.0 1.7 1.4 1.7 2.3 2.6 2.4 2.2 2.3 56

57 U.S. direct investment abroad 36.2 244.9 414.0 329.1 310.4 301.1 419.1 339.7 328.6 336.9 57

58 Investment by holding companies 19.6 41.3 42.2 -9.1 23.5 10.6 30.6 -51.5 -16.9 -14.6 58

59 Other accounts payable 1.3 3.5 10.7 -3.7 0.5 6.0 4.0 0.7 9.8 -6.8 59

 Addendum:

60 Net lending (+) or borrowing (-), financial account (lines 15-39) 698.5 529.8 151.5 765.2 28.0 268.2 416.7 462.8 373.4 323.8 60

 Other changes in volume account

61 Total other volume changes -29.8 -143.4 -538.0 69.8 -339.9 -179.9 -70.6 -4.6 -17.4 -77.8 61

62 Other volume changes -3.4 131.0 28.5 -9.2 14.5 -1.5 -4.2 -5.7 5.8 0.0 62

63 Less: Statistical discrepancy (lines 13-60) (3) 26.3 274.4 566.5 -79.0 354.4 178.4 66.5 -1.2 23.2 77.8 63

 Revaluation account

64 Financial assets -65.7 384.4 298.2 -1633.9 480.9 604.3 167.2 598.5 1026.0 727.9 64

65 Monetary gold and SDRs -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 0.1 -3.2 65

66 Currency and deposits -0.3 -0.0 5.1 0.0 0.0 4.2 0.1 -0.2 -0.7 -0.3 66

67 Debt securities -206.6 36.6 157.6 -148.8 64.0 132.3 293.5 120.5 -324.4 24.4 67

68 Open market paper -1.7 1.6 -3.6 -1.8 0.1 -4.3 -0.2 0.2 0.3 -1.0 68

69 Treasury securities -74.3 -8.5 85.0 164.9 -136.8 47.9 190.3 -22.6 -202.6 45.0 69

70 Agency- and GSE-backed securities 4.7 35.0 79.1 57.3 -26.2 12.4 23.9 -3.4 -33.8 24.0 70

71 Corporate bonds -135.3 8.5 -2.9 -369.3 226.9 76.3 79.4 146.3 -88.3 -43.5 71

72 Equity and investment fund shares 142.1 347.3 134.8 -1484.6 416.3 468.7 -126.1 478.2 1347.0 707.2 72

73 Corporate equities 82.1 323.1 152.1 -1161.0 540.5 429.8 -56.8 429.0 1310.5 623.5 73

74 Mutual fund shares 9.4 19.3 12.1 -65.0 25.5 19.4 -8.3 35.4 76.2 22.0 74

75 Foreign direct investment in the United States 50.6 4.9 -29.3 -258.6 -149.6 19.6 -61.0 13.8 -39.7 61.7 75

76 Other accounts receivable -0.3 0.2 0.3 -0.3 0.3 0.1 -0.1 0.0 3.9 -0.2 76

77 Liabilities 642.4 949.7 1059.8 -2788.6 1381.3 797.1 -709.0 949.5 739.0 -284.1 77

78 SDR holdings -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 0.1 -3.3 78

79 Currency and deposits -5.3 2.9 -0.4 0.2 -0.0 -25.2 -22.7 -1.8 -3.9 -17.0 79

80 Official foreign currencies -5.5 2.3 3.8 2.5 0.3 1.1 0.3 -2.3 -2.6 -5.9 80

81 Reserve position in IMF (net) -1.2 0.3 0.2 -0.0 0.3 -0.2 -0.5 0.0 0.0 -1.7 81

82 U.S. private deposits 1.4 0.2 -4.4 -2.3 -0.7 -26.1 -22.5 0.4 -1.3 -9.4 82

83 Nonofficial foreign currencies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 83

84 Debt securities (corporate bonds) -38.6 20.6 97.3 -193.7 179.3 102.5 54.2 148.4 -119.1 27.1 84

85 Loans (other loans and advances) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 85

86 Equity and investment fund shares 687.6 925.5 962.1 -2594.7 1201.6 720.9 -740.4 803.0 860.4 -290.5 86

87 Corporate equities 570.6 873.9 771.2 -2461.0 1183.2 825.8 -647.3 724.7 866.7 -189.7 87

88 U.S. direct investment abroad 117.0 51.5 190.9 -133.7 18.5 -104.9 -93.1 78.3 -6.3 -100.7 88

89 Other accounts payable -0.4 0.3 0.3 -0.3 0.1 -0.0 0.0 -0.1 1.5 -0.4 89

90 Changes in net worth due to nominal holding gains/losses -708.1 -565.2 -761.7 1154.7 -900.5 -192.9 876.2 -351.0 286.9 1012.0 90

 Changes in balance sheet account

91 Change in net worth (lines 13+61+90) -13.0 95.6 -581.7 1910.8 -857.9 73.9 1288.7 106.1 666.1 1335.8 91

 Financial balance sheet account (end of period) (4)

92 Total financial assets 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18962.6 21136.5 22992.6 92

93 SDR allocations 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 54.4 51.2 93

94 Currency and deposits 560.1 610.7 537.5 1030.4 746.1 722.8 1066.0 1035.9 1450.7 1607.5 94

95 Currency 280.4 282.6 272.0 301.1 313.8 342.1 397.1 454.2 491.9 558.2 95

96 Transferable deposits 19.7 28.9 34.2 69.0 47.2 48.4 75.2 86.2 99.4 112.8 96

97 Time deposits 223.2 257.2 298.9 372.4 299.2 308.2 355.6 393.4 445.1 491.7 97

98 Net interbank items due from U.S. banks 36.7 42.0 -67.5 287.9 86.0 24.2 238.1 102.1 414.2 444.8 98
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99 Debt securities 4980.2 5985.4 6999.6 7255.5 7479.9 8251.6 8748.7 9364.8 9588.1 10146.9 99

100 Open market paper 156.8 213.3 226.3 165.5 117.2 102.1 102.7 102.8 101.3 107.9 100

101 Treasury securities 1984.4 2126.2 2376.4 3253.0 3670.6 4458.8 5004.4 5571.5 5793.8 6156.2 101

102 Agency- and GSE-backed securities (2) 1006.1 1258.2 1576.8 1402.2 1150.0 1095.8 1078.2 1001.2 883.8 902.6 102

103 Municipal securities 29.0 34.4 45.1 51.0 58.7 71.7 72.4 71.8 76.1 80.4 103

104 Corporate bonds 1803.8 2353.3 2775.0 2383.9 2483.5 2523.1 2491.0 2617.6 2733.1 2899.7 104

105 Loans (short term) 867.6 1194.5 1369.5 789.6 671.9 744.0 874.6 815.5 846.6 1002.5 105

106 Security repurchases 705.0 1025.8 1098.4 563.2 489.4 581.8 678.5 671.6 706.9 812.3 106

107 Loans to U.S. corporate business 162.5 168.8 271.1 226.4 182.5 162.3 196.1 143.9 139.7 190.2 107

108 Equity and investment fund shares 4210.0 4946.0 5577.6 4529.8 5315.9 6169.4 6640.6 7551.7 9047.8 10021.7 108

109 Money market fund shares 23.0 27.0 46.0 69.7 76.9 69.8 74.4 96.9 108.2 113.4 109

110 Corporate equities 2118.4 2560.2 2956.2 1925.2 2658.4 3216.0 3397.2 3953.0 5204.4 5944.1 110

111 Mutual fund shares 162.7 204.7 229.5 137.6 182.4 260.0 370.4 495.4 552.0 607.7 111

112 Foreign direct investment in the United States 1906.0 2154.1 2345.9 2397.4 2398.2 2623.6 2798.7 3006.3 3183.2 3356.5 112

113 Other accounts receivable 53.3 59.2 80.0 86.5 93.1 111.8 128.8 140.5 148.8 162.9 113

114 Total liabilities and net worth 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18962.6 21136.5 22992.6 114

115 Total liabilities 9027.4 11056.9 13407.3 10624.0 12144.8 13762.7 13932.9 15276.4 16784.2 17304.5 115

116 SDR holdings 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 55.2 51.9 116

117 Currency and deposits 1213.8 1394.5 1688.6 1362.5 1322.7 1370.8 1150.8 1005.9 1025.6 890.6 117

118 Official foreign currencies 37.6 40.7 45.5 49.3 50.2 51.8 51.6 49.7 47.4 41.8 118

119 Reserve position in IMF (net) 8.0 5.0 4.2 7.7 11.4 12.5 30.1 34.2 30.8 25.2 119

120 U.S. private deposits 1165.5 1346.1 1636.2 1302.9 1258.4 1303.9 1066.4 919.4 944.8 821.1 120

121 Nonofficial foreign currencies 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 121

122 Debt securities 1208.8 1506.6 1838.7 1433.2 1849.1 2076.3 2258.7 2566.1 2649.9 2785.8 122

123 Commercial paper 384.0 482.3 413.0 342.0 401.3 398.6 345.1 373.0 407.0 385.6 123

124 Bonds 824.8 1024.3 1425.7 1091.2 1447.8 1677.6 1913.6 2193.1 2242.9 2400.2 124

125 Loans (short term) 522.8 718.2 863.0 1127.2 621.9 845.4 1090.7 1081.7 1029.5 1088.6 125

126 Security repurchases 381.0 566.9 681.1 402.3 454.8 663.7 764.7 804.9 720.9 747.3 126

127 Other loans and advances 31.4 23.9 20.7 18.9 19.3 19.6 21.0 30.2 31.6 34.5 127

128 Depository institution loans n.e.c. 110.4 127.4 137.3 152.4 137.5 162.0 205.2 237.7 276.7 305.3 128

129 Nonoff. foreign currencies (swap lines) 0.0 0.0 24.0 553.7 10.3 0.1 99.8 8.9 0.3 1.5 129

130 Equity and investment fund shares 6040.4 7391.4 8959.2 6647.3 8248.2 9362.3 9322.6 10511.9 11970.6 12441.4 130

131 Corporate equities 3317.7 4329.0 5248.0 2748.4 3995.3 4900.2 4501.4 5321.9 6472.9 6719.7 131

132 U.S. government equity in IBRD, etc. 43.8 45.8 47.5 48.8 50.5 52.8 55.4 57.8 60.0 62.4 132

133 U.S. direct investment abroad 2651.7 2948.2 3553.1 3748.5 4077.4 4273.6 4599.5 5017.5 5339.8 5576.0 133

134 Investment by holding companies 27.1 68.4 110.6 101.5 125.1 135.6 166.3 114.7 97.9 83.3 134

135 Other accounts payable 33.6 37.4 48.4 44.4 45.1 51.1 55.1 55.7 53.4 46.2 135

136 Net worth (external account) 1650.7 1746.3 1164.7 3075.4 2217.5 2291.3 3580.1 3686.2 4352.3 5688.1 136

(1) Prior to 1999, current taxes, contributions for government social insurance, and transfer receipts from the rest of the world (line 8) are not separately displayed, and line 4 includes

 current taxes and transfer payments to the rest of the world net of current taxes, contributions for government social insurance, and transfer receipts from the rest of the world.

(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 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