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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 -0.3 -1.6 0.1 0.7 0.5 0.3 -0.2 -1.3 -1.1 -1.2 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) -442.7 -639.8 -337.2 -1094.5 -557.8 -653.9 -700.2 -749.8 181.2 -359.0 47

48 Households and nonprofit institutions serving households -280.8 -341.8 260.2 1130.8 581.6 862.1 1325.5 1068.0 896.2 731.9 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 -479.0 64.3 -246.3 50

51 Financial business 330.7 243.1 125.4 -100.0 1.2 1.3 70.7 69.3 173.6 31.6 51

52 Federal government -422.8 -310.4 -370.8 -789.1 -1298.2 -1414.9 -1352.4 -1123.2 -659.5 -630.8 52

53 State and local government 5.2 -27.9 -86.6 -351.3 -435.6 -277.2 -331.4 -254.4 -230.6 -175.3 53

 Addendum:

54 Rest of the world 698.5 529.8 151.5 765.2 28.0 268.2 416.7 462.8 373.4 323.5 54

 Total other volume changes

55 Households and nonprofit institutions serving households 280.4 517.7 638.3 870.8 568.7 1158.6 655.1 667.6 944.4 579.8 55

56 Nonfinancial noncorporate business -76.1 1.3 -48.7 -315.4 -96.6 181.4 181.8 132.0 86.6 39.6 56

57 Nonfinancial corporate business 288.5 576.9 678.9 -744.2 172.3 379.3 -54.9 -221.2 443.0 298.9 57

58 Financial business 36.5 -411.2 -77.5 1211.9 -1034.0 -805.7 -75.7 -392.5 -949.7 -383.4 58

59 Federal government -47.0 30.2 9.3 86.7 121.5 -29.0 48.5 50.5 25.2 86.8 59

60 State and local government 185.0 277.4 207.6 -946.7 334.8 44.8 -66.7 276.2 603.8 274.5 60

61 Rest of the world -29.8 -143.4 -538.0 69.8 -339.9 -179.9 -70.6 -4.6 -17.4 -78.1 61

 Holding gains/losses

62 Households and nonprofit institutions serving households 5378.0 3660.4 -486.1 -11647.4 536.1 2374.9 -98.2 4462.9 7934.4 2864.0 62

63 Nonfinancial noncorporate business 1177.6 423.3 135.1 -1129.4 -1143.0 445.6 383.0 702.6 1017.5 593.9 63

64 Nonfinancial corporate business 87.2 -1389.8 -240.2 4192.4 -5021.3 -1354.9 345.9 -1320.9 -3700.0 -1022.3 64

65 Financial business 107.5 -7.6 1337.0 564.5 392.3 92.7 233.6 -67.6 -20.8 -143.3 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 -71.7 197.4 394.6 244.3 287.9 190.1 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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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 5923.5 4492.9 455.1 -10247.5 1800.6 4184.1 1265.0 6082.3 9448.9 4054.7 69

70 Nonfinancial noncorporate business 1114.4 423.4 86.2 -1441.8 -1234.6 634.6 565.7 839.7 1104.0 633.6 70

71 Nonfinancial corporate business 802.9 -426.3 751.8 3748.6 -4506.3 -393.1 881.5 -968.8 -2600.5 -98.2 71

72 Financial business 189.5 -358.2 1210.9 1707.6 -347.9 -463.1 340.1 -334.8 -976.8 -456.2 72

73 Federal government -296.8 -123.3 -216.0 -663.6 -1471.5 -1465.5 -1273.2 -1079.3 -606.3 -546.8 73

74 State and local government 647.7 917.6 660.3 -698.1 58.9 81.6 185.8 373.9 776.0 367.9 74

75 Rest of the world -13.0 95.6 -581.7 1910.8 -857.9 73.9 1288.7 106.1 666.1 1335.5 75

 Net worth

76 Households and nonprofit institutions serving households 61889.6 66382.5 66837.6 56590.1 58390.8 62574.8 63839.8 69922.1 79371.0 83425.7 76

77 Nonfinancial noncorporate business 8410.5 8833.9 8920.1 7478.4 6243.7 6878.4 7444.0 8283.8 9387.7 10021.3 77

78 Nonfinancial corporate business 2200.0 1773.6 2525.5 6274.0 1767.7 1374.7 2256.2 1287.4 -1313.1 -1411.3 78

79 Financial business -1148.8 -1506.9 -296.0 1411.6 1063.7 600.5 940.6 605.7 -371.1 -827.2 79

80 Federal government -4300.1 -4423.4 -4639.4 -5303.0 -6774.5 -8240.0 -9513.2 -10592.5 -11198.8 -11745.6 80

81 State and local government 5149.6 6067.3 6727.5 6029.4 6088.3 6169.9 6355.7 6729.6 7505.5 7873.5 81

82 Rest of the world 1650.7 1746.3 1164.7 3075.4 2217.5 2291.3 3580.1 3686.2 4352.3 5687.8 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 878.3 933.3 1222.4 1140.8 658.0 756.5 1255.4 1333.6 1140.2 1149.8 40

41 Currency and deposits 369.7 452.7 426.1 420.0 199.7 206.3 659.8 581.0 328.5 509.2 41

42 Currency and transferable deposits -113.9 -40.0 -75.3 176.8 101.0 38.9 300.3 177.0 120.7 107.6 42

43 Time and savings deposits 481.5 486.5 483.6 261.0 105.9 162.8 369.3 411.9 205.5 408.0 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 56.6 -88.3 485.7 576.8 83.0 -75.4 -202.1 -218.3 -614.5 -464.4 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 -119.9 -101.9 -36.9 144.4 534.9 316.3 -229.7 190.9 -151.1 -19.8 48

49 Agency- and GSE-backed securities (2) 151.3 -21.9 341.3 240.3 -672.5 -10.0 40.4 -57.8 -53.7 -200.1 49

50 Municipal securities 77.8 34.7 38.0 47.3 107.0 43.6 -65.8 -144.7 -55.8 -67.2 50

51 Corporate and foreign bonds -67.3 -18.2 153.5 246.1 97.0 -423.8 54.7 -206.0 -350.1 -177.2 51

52 Loans -0.9 70.8 220.4 -159.2 -47.6 1.6 -5.0 12.8 51.2 54.1 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 -17.9 -6.0 8.0 54
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55 Equity and investment fund shares -218.8 -199.0 -571.0 -277.1 -128.2 -37.6 128.9 409.4 776.7 464.7 55

56 Corporate equities -408.1 -594.5 -1045.7 -305.6 -18.6 -190.3 -279.5 -202.7 160.8 54.4 56

57 Mutual fund shares 197.3 182.4 281.7 100.2 264.5 164.7 257.3 471.3 513.8 404.8 57

58 Money market fund shares 44.9 218.6 239.7 234.3 -267.7 -183.2 -21.1 0.3 25.5 -33.6 58

59 Equity in noncorporate business -52.8 -5.5 -46.7 -306.1 -107.6 167.2 171.5 140.5 76.5 39.1 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 671.7 697.1 661.2 580.3 551.1 661.6 673.8 548.6 598.4 586.1 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 36.8 -7.7 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) 598.6 601.9 596.6 465.4 492.8 651.1 539.5 581.3 529.9 532.3 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 76.5 -105.7 -70.1 265.5 244.0 417.8 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 34.0 -76.7 -63.2 275.4 253.2 418.2 69

70 Short term 69.2 229.1 178.8 -114.9 -36.6 102.4 16.3 346.4 243.4 366.5 70

71 Consumer credit 100.4 120.4 151.3 34.9 -103.6 -25.3 108.6 169.4 175.9 213.1 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 70.6 -179.1 -79.5 -71.0 9.7 51.7 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) -280.8 -341.8 260.2 1130.8 581.6 862.1 1325.5 1068.0 896.2 731.9 77

 Other changes in volume account

78 Total other volume changes 280.4 517.7 638.3 870.8 568.7 1158.6 655.1 667.6 944.4 579.8 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 130.5 480.9 138.8 -12.1 577.5 816.8 -127.1 312.3 313.8 123.5 81

82 Less: Statistical discrepancy (lines 38-77) (5) 52.0 202.8 -268.4 -756.6 59.1 -255.0 -663.2 -209.2 -449.1 -254.2 82

 Revaluation account

83 Nonfinancial assets 2830.4 226.0 -1845.5 -3644.0 -1175.1 -490.1 -132.8 1475.5 2278.1 1097.0 83

84 Real estate 2877.2 274.3 -1786.4 -3609.5 -1127.7 -398.9 -155.1 1516.4 2368.4 1197.6 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 2547.6 3434.4 1359.3 -8003.4 1711.2 2864.9 34.6 2987.4 5656.3 1767.0 88

89 Corporate equities 1045.0 2222.8 846.4 -3862.4 1526.7 1633.0 35.5 1399.8 2720.9 626.3 89

90 Mutual fund shares 38.7 344.5 230.9 -1451.2 612.4 338.4 -214.1 423.5 963.8 285.1 90

91 Equity in noncorporate business 1192.2 426.9 134.3 -1139.9 -1134.4 453.4 382.6 706.4 1021.6 593.5 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 -1549.8 706.8 441.1 -169.4 457.8 950.1 262.1 93

94 Changes in net worth due to nominal holding gains/losses 5378.0 3660.4 -486.1 -11647.4 536.1 2374.9 -98.2 4462.9 7934.4 2864.0 94

 Changes in balance sheet account

95 Change in net worth (lines 32+38+78+94) 5923.5 4492.9 455.1 -10247.5 1800.6 4184.1 1265.0 6082.3 9448.9 4054.7 95

 Balance sheet account (end of period)

96 Total assets 74051.9 79843.3 81232.7 70868.9 72453.5 76356.9 77410.7 83556.3 93161.4 97589.0 96

97 Nonfinancial assets 28540.1 29460.8 28158.3 24796.1 23727.4 23365.5 23395.2 25107.6 27688.0 29118.3 97

98 Real estate 24146.7 24851.4 23348.9 19861.9 18771.0 18397.0 18269.6 19841.0 22319.6 23634.6 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 45511.8 50382.6 53074.3 46072.8 48726.1 52991.4 54015.5 58448.7 65473.4 68470.7 102

103 Currency and deposits 5314.8 5793.7 6214.7 6599.7 6784.9 6941.8 7601.5 8124.0 8453.1 9025.3 103

104 Currency and transferable deposits 285.9 239.7 153.3 295.2 396.1 423.7 724.1 887.4 1008.1 1115.7 104

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 6820.1 7187.1 7393.2 7864.2 106

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 3321.6 3275.5 3808.1 4255.6 4635.2 4734.7 4220.8 4060.9 3671.6 3181.5 108

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 427.6 329.6 207.7 187.1 858.8 1127.3 707.3 908.7 960.3 895.5 110

111 Agency- and GSE-backed securities (2) 590.5 617.9 880.1 1063.1 362.3 340.3 356.7 288.2 276.7 52.6 111

112 Municipal securities 1600.6 1635.6 1673.6 1720.9 1827.9 1871.5 1805.8 1661.0 1605.2 1538.0 112

113 Corporate and foreign bonds 604.5 575.0 939.5 1278.5 1563.5 1374.5 1331.7 1184.2 814.4 680.4 113

114 Loans 772.9 912.5 1132.9 973.6 928.3 929.9 924.9 926.6 977.7 1031.8 114

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 83.0 77.0 85.0 116

117 Equity and investment fund shares 20939.9 24215.9 24858.0 18129.6 19017.4 21418.7 21762.6 24810.0 30297.4 32269.6 117

118 Corporate equities 8049.5 10177.3 9978.0 5810.0 7318.1 8760.8 8564.4 9761.6 12643.3 13323.9 118

119 Mutual fund shares 3524.8 4087.0 4599.7 3248.7 4125.6 4628.8 4628.1 5632.9 7110.5 7800.4 119

120 Money market fund shares 943.4 1107.9 1347.6 1581.9 1314.2 1131.0 1109.9 1110.2 1135.7 1102.1 120

121 Equity in noncorporate business 8422.2 8843.6 8932.7 7489.0 6258.5 6894.3 7455.9 8301.0 9403.6 10038.8 121

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 15162.6 16185.0 17060.6 16114.2 17360.4 18966.4 19505.7 20527.2 22073.6 22962.5 123

124 Insurance receivables due from property-casualty insurance companies 316.0 320.5 327.3 337.3 346.0 310.8 338.4 320.7 357.4 349.8 124

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) 13471.4 14483.8 15271.2 14297.8 15450.8 17024.5 17441.1 18481.7 19932.0 20762.7 126

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 74051.9 79843.3 81232.7 70868.9 72453.5 76356.9 77410.7 83556.3 93161.4 97589.0 129

130 Liabilities 12162.2 13460.8 14395.0 14278.7 14062.8 13782.1 13570.9 13634.2 13790.5 14163.3 130

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 13497.1 13245.4 13041.1 13114.4 13279.7 13653.0 132

133 Short term 2655.5 2908.1 3089.4 2974.5 2873.1 3122.2 3143.9 3428.6 3672.0 4038.5 133

134 Consumer credit 2320.6 2461.3 2615.1 2650.0 2552.3 2646.9 2755.4 2922.9 3098.8 3311.9 134

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 10624.0 10123.1 9897.2 9685.8 9607.7 9614.5 137

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 61889.6 66382.5 66837.6 56590.1 58390.8 62574.8 63839.8 69922.1 79371.0 83425.7 140

(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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 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 80.2 231.2 32

33 Currency and deposits 100.2 95.0 81.8 2.5 10.1 0.2 30.6 69.3 14.3 61.1 33

34 Currency and transferable deposits 76.7 74.7 66.9 3.8 14.9 -2.7 24.6 59.3 3.5 34.9 34

35 Time and savings deposits 23.5 20.3 14.9 -1.2 -4.8 2.9 6.0 10.1 10.8 26.2 35

36 Debt securities 6.1 1.5 2.5 -7.9 -5.5 2.5 1.1 4.2 1.7 3.0 36

37 Treasury securities 6.0 0.2 3.0 -7.5 -5.7 1.9 0.8 4.0 1.5 2.7 37

38 Municipal securities 0.1 1.3 -0.5 -0.4 0.2 0.5 0.3 0.2 0.2 0.3 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 2.9 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 2.3 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 -25.3 12.4 45

46 Other accounts receivable 317.8 417.2 381.1 100.0 -109.0 111.8 174.5 211.4 85.6 148.3 46

47 Trade receivables 66.6 40.0 54.7 -3.0 -26.3 37.0 61.0 4.6 17.3 30.0 47

48 Other (miscellaneous assets) 251.2 377.2 326.4 102.9 -82.7 74.7 113.5 206.9 68.3 118.3 48

49 Net incurrence of liabilities 491.3 583.8 536.5 134.4 -161.8 122.4 211.9 331.8 143.0 301.4 49

50 Loans 341.8 415.4 463.2 325.5 -97.1 -19.4 3.2 125.2 122.1 217.9 50

51 Short term 164.3 132.1 154.5 131.8 -107.3 -12.1 34.1 67.3 52.0 80.5 51

52 Depository institution loans n.e.c. 157.9 115.3 140.9 119.6 -102.0 -16.8 33.5 58.1 45.9 71.1 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 -7.3 -30.9 58.0 70.1 137.4 54
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55 Equity and investment fund shares -51.6 0.4 -50.5 -317.9 -108.0 166.7 174.4 134.2 82.7 37.9 55

56 Equity in noncorporate business -51.6 1.3 -50.3 -317.7 -108.2 166.4 174.4 133.7 82.1 37.1 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 72.4 -61.8 45.5 58

59 Trade payables 49.7 14.3 26.0 5.8 16.9 30.3 54.8 13.1 19.9 33.8 59

60 Taxes payable 8.7 9.0 3.8 6.7 -6.3 -0.7 0.6 7.6 3.6 6.2 60

61 Other (miscellaneous liabilities) 142.7 144.6 93.9 114.3 32.6 -54.3 -21.0 51.8 -85.3 5.6 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 -96.6 181.4 181.8 132.0 86.6 39.6 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 -96.6 181.4 181.8 140.6 86.6 39.6 65

 Revaluation account

66 Nonfinancial assets 1177.6 423.3 135.1 -1129.4 -1143.0 445.6 383.0 702.6 1017.5 593.9 66

67 Real estate 1142.3 387.3 81.1 -1164.9 -1168.9 386.1 336.6 692.0 1027.6 585.4 67

68 Residential 800.4 55.9 -365.6 -802.9 -466.6 154.7 203.8 389.9 566.4 260.7 68

69 Nonresidential 341.9 331.4 446.7 -362.1 -702.2 231.4 132.8 302.2 461.2 324.7 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 1177.4 422.1 134.9 -1129.6 -1144.0 445.4 382.3 702.8 1017.3 593.9 76

 Changes in balance sheet account

77 Change in net worth (lines 24+30+63+76) 1114.4 423.4 86.2 -1441.8 -1234.6 634.6 565.7 839.7 1104.0 633.6 77

 Balance sheet account (end of period)

78 Total assets 12591.0 13598.0 14269.6 13273.6 11974.7 12550.5 13147.1 14177.9 15338.4 16233.7 78

79 Nonfinancial assets 9994.2 10481.4 10673.5 9580.2 8398.4 8822.2 9221.9 9951.6 11031.9 11696.0 79

80 Real estate 9053.7 9478.5 9596.7 8462.3 7296.4 7666.3 7993.2 8684.9 9725.3 10331.2 80

81 Residential (4) 5815.2 5899.2 5552.0 4750.0 4273.4 4411.2 4600.4 4976.4 5541.9 5805.7 81

82 Nonresidential 3238.5 3579.3 4044.7 3712.3 3023.0 3255.2 3392.8 3708.5 4183.4 4525.4 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 4306.5 4537.7 88

89 Currency and deposits 698.3 793.2 875.0 877.6 887.7 887.9 918.5 987.8 1002.1 1063.2 89

90 Currency and transferable deposits 374.2 448.8 515.7 519.5 534.4 531.6 556.3 615.5 619.0 653.9 90

91 Time and savings deposits 324.1 344.4 359.3 358.1 353.3 356.2 362.2 372.3 383.1 409.2 91

92 Debt securities 60.6 62.1 64.6 56.7 51.2 53.7 54.8 59.0 60.7 63.7 92

93 Treasury securities 56.2 56.3 59.3 51.8 46.1 48.1 48.9 52.9 54.5 57.1 93

94 Municipal securities 4.4 5.8 5.3 4.9 5.1 5.6 5.9 6.1 6.3 6.6 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 90.8 95.5 98

99 Money market mutual fund shares 69.0 72.2 74.3 75.4 73.7 76.8 77.7 80.7 83.0 87.1 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) 99.3 103.7 107.4 111.6 101.8 131.7 127.0 142.5 117.2 129.6 101

102 Other accounts receivable 1629.3 2046.5 2427.6 2526.6 2417.6 2529.4 2703.9 2915.3 3000.9 3149.2 102

103 Trade receivables 430.9 470.9 525.6 522.7 496.3 533.4 594.4 598.9 616.2 646.3 103

104 Other (miscellaneous assets) 1198.4 1575.6 1902.0 2003.9 1921.3 1996.0 2109.5 2316.4 2384.6 2503.0 104
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

105 Total liabilities and net worth 12591.0 13598.0 14269.6 13273.6 11974.7 12550.5 13147.1 14177.9 15338.4 16233.7 105

106 Liabilities 4180.5 4764.1 5349.5 5795.2 5731.0 5672.2 5703.0 5894.1 5950.7 6212.4 106

107 Loans 2898.0 3313.4 3775.1 4094.0 3985.4 3950.9 3946.6 4067.4 4185.1 4400.4 107

108 Short term 805.2 937.3 1091.8 1223.7 1116.4 1098.2 1132.3 1202.0 1254.0 1334.6 108

109 Depository institution loans n.e.c. 670.5 785.8 926.7 1046.2 944.2 927.4 960.9 1021.4 1067.4 1138.5 109

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 2865.4 2931.0 3065.9 111

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 1820.4 1758.6 1804.1 113

114 Trade payables 334.5 348.9 374.9 380.7 397.6 427.8 482.7 493.3 513.2 547.0 114

115 Taxes payable 86.7 95.7 99.5 106.2 99.9 99.2 99.7 107.4 110.9 117.1 115

116 Other (miscellaneous liabilities) 857.9 1002.5 1096.4 1210.7 1243.3 1189.0 1168.0 1219.7 1134.5 1140.0 116

117 Net worth 8410.5 8833.9 8920.1 7478.4 6243.7 6878.4 7444.0 8283.8 9387.7 10021.3 117

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 1069.0 672.7 35

36 Currency and deposits 120.6 -84.8 -62.4 -214.0 254.5 148.6 38.3 -11.7 169.2 74.9 36

37 Currency and transferable deposits 60.8 -117.2 -7.6 -59.0 70.8 79.6 30.8 -45.5 85.5 71.1 37

38 Time and savings deposits 49.9 46.6 -55.7 -129.4 176.9 59.9 13.2 33.3 41.0 10.5 38

39 Foreign deposits 9.9 -14.2 0.9 -25.5 6.8 9.1 -5.8 0.6 42.7 -6.7 39

40 Debt securities 40.4 -1.2 -61.7 -25.7 16.3 15.6 -8.5 -12.5 -22.0 -17.5 40

41 Open market paper 16.0 11.7 -53.2 -12.2 -1.3 12.0 -0.1 -8.4 -21.3 -6.6 41

42 Treasury securities 18.1 -6.7 -7.1 -7.9 12.5 5.1 -5.1 -3.5 3.3 -4.7 42

43 Agency- and GSE-backed securities (1) 6.0 -2.2 -2.4 -2.6 4.2 1.7 -1.7 -1.2 -2.9 2.4 43

44 Municipal securities 0.3 -4.0 1.1 -3.0 0.9 -3.2 -1.6 0.6 -1.1 -8.6 44

45 Loans 10.2 -17.1 -24.4 -11.1 -7.2 0.2 1.9 -3.3 -3.3 5.2 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 3.4 46

47 Long term (mortgages) 1.7 -8.4 -18.4 -7.7 -4.1 -1.6 -0.6 -1.9 1.8 1.8 47

48 Equity and investment fund shares 142.5 334.9 374.6 423.5 224.3 183.5 364.0 377.2 360.5 346.5 48

49 Money market fund shares 52.7 69.1 127.2 178.5 -71.4 -157.7 -35.4 57.1 39.7 6.0 49

50 Mutual fund shares 0.7 23.6 -4.9 -16.5 35.3 11.1 -12.8 -1.7 1.0 15.4 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 -5.8 10.0 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 88.9 148.5 570.4 253.5 55

56 Trade receivables 277.6 -10.7 162.6 -168.2 -29.5 96.9 83.7 52.0 277.2 108.8 56

57 Other (miscellaneous assets) 332.0 471.4 675.7 -624.3 -154.7 176.3 5.2 96.5 293.2 144.7 57

58 Net incurrence of liabilities 965.4 839.1 1281.0 338.9 -248.7 487.6 894.3 985.3 1004.7 919.0 58

59 Debt securities -7.1 150.4 199.5 190.2 179.6 237.3 203.6 352.3 302.8 303.0 59

60 Open market paper -7.7 22.4 11.3 7.7 -73.1 24.5 33.4 14.0 14.2 37.9 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 74.6 119.9 116.5 215.5 179.6 161.6 323.0 279.3 265.1 62

63 Loans 273.8 237.7 453.0 71.7 -537.8 -308.0 91.0 11.8 129.5 186.2 63

64 Short term 83.0 149.9 383.8 132.1 -394.8 -177.5 152.3 74.5 103.2 167.9 64

65 Depository institution loans n.e.c. -27.1 22.0 96.3 64.2 -234.0 -87.0 92.1 108.0 50.1 85.9 65

66 Other loans and advances 110.1 127.9 287.5 68.0 -160.8 -90.4 60.2 -33.5 53.1 82.0 66

67 Long term (mortgages) 190.8 87.8 69.2 -60.4 -143.0 -130.6 -61.3 -62.7 26.3 18.3 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 -290.4 68

69 Corporate equities -300.2 -496.9 -706.3 -315.6 -51.2 -250.7 -454.6 -344.9 -352.9 -387.5 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 53.4 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 54.4 73

74 Other accounts payable 809.1 609.4 1118.3 47.2 1.7 668.7 878.1 801.8 631.9 666.9 74

75 Trade payables 199.0 109.1 85.1 -225.2 -82.6 156.3 25.2 65.4 106.7 87.6 75

76 Taxes payable -1.8 -0.8 -49.6 3.1 -3.3 7.2 8.8 2.3 -9.1 0.1 76

77 Miscellaneous liabilities 611.9 501.2 1082.8 269.3 87.5 505.2 844.1 734.2 534.3 579.2 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 -479.0 64.3 -246.3 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 -221.2 443.0 298.9 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 47.7 632.4 665.8 503.6 716.4 778.5 81

82 Less: Statistical discrepancy (lines 33-78) (3) 171.2 169.7 181.7 981.5 -131.2 294.1 789.0 732.0 270.1 482.5 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 931.8 973.1 1466.8 -1107.8 -2627.8 857.2 778.3 543.0 1380.9 985.0 84

85 Real estate 811.2 872.4 1343.6 -1152.4 -2646.3 724.6 640.2 499.1 1328.2 961.1 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 38.1 -57.6 89

90 Mutual fund shares 8.1 15.2 9.7 -55.2 20.4 13.6 -8.1 15.4 30.4 8.5 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 939.1 2393.9 1861.9 -5499.8 2378.3 2080.2 376.8 1935.3 5119.0 1949.7 92

93 Corporate equity 898.2 2412.7 1834.7 -5398.6 2546.8 2095.0 467.5 1937.1 5108.3 1899.3 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 87.2 -1389.8 -240.2 4192.4 -5021.3 -1354.9 345.9 -1320.9 -3700.0 -1022.3 95

 Changes in balance sheet account

96 Change in net worth (lines 28+33+79+95) (4) 802.9 -426.3 751.8 3748.6 -4506.3 -393.1 881.5 -968.8 -2600.5 -98.2 96

 Balance sheet account (end of period)

97 Total assets 26068.3 28197.0 31171.6 29515.0 27183.5 28957.9 30504.0 31944.5 34878.8 37004.6 97

98 Nonfinancial assets (5) 14167.7 15537.6 17418.9 16591.7 13866.1 14941.1 15995.0 16856.1 18538.8 19903.1 98

99 Real estate 7924.0 8892.3 10381.5 9359.9 6767.6 7545.7 8230.6 8797.2 10196.2 11259.9 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 16340.0 17101.5 103

104 Currency and deposits 781.9 697.1 634.7 420.7 675.2 823.8 862.1 850.4 1019.6 1094.5 104

105 Currency and transferable deposits 268.0 150.7 143.1 84.2 154.9 234.5 265.3 219.8 305.3 376.3 105

106 Time and savings deposits 450.4 497.0 441.3 311.9 488.8 548.7 561.9 595.2 636.2 646.8 106

107 Foreign deposits 63.6 49.3 50.3 24.7 31.5 40.6 34.8 35.4 78.1 71.4 107
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

108 Debt securities 212.6 211.4 149.7 124.1 140.4 155.9 147.4 135.0 113.0 95.5 108

109 Open market paper 111.0 122.7 69.5 57.3 56.0 68.0 67.9 59.5 38.2 31.6 109

110 Treasury securities 52.1 45.5 38.3 30.5 43.0 48.0 43.0 39.4 42.8 38.0 110

111 Agency- and GSE-backed securities (1) 17.4 15.2 12.8 10.2 14.3 16.0 14.3 13.1 10.3 12.7 111

112 Municipal securities 32.1 28.1 29.2 26.2 27.1 23.9 22.3 22.9 21.8 13.2 112

113 Loans 142.4 123.8 99.5 88.3 81.2 85.1 86.9 83.7 80.4 85.6 113

114 Short term 74.1 64.0 58.1 54.7 51.6 57.1 59.5 58.1 53.1 56.4 114

115 Security repurchases 14.6 15.5 8.1 7.2 7.9 12.1 12.6 9.7 8.8 13.5 115

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 27.4 29.2 117

118 Equity and investment fund shares 2809.9 3175.9 3701.6 3925.3 4134.3 4148.8 4457.1 4905.6 5304.2 5593.0 118

119 Money market fund shares 352.2 421.3 548.5 727.0 655.5 497.8 462.4 519.4 559.1 565.2 119

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) 283.9 291.5 299.8 310.9 307.0 318.7 331.0 339.0 333.2 343.2 124

125 Other accounts receivable 7670.0 8159.7 8867.4 8053.9 7979.4 8484.4 8624.4 8774.7 9489.6 9889.7 125

126 Trade receivables 2108.2 2099.0 2261.6 2093.4 2063.9 2157.1 2240.8 2292.8 2570.0 2678.9 126

127 Other (miscellaneous assets) 5561.7 6060.7 6605.8 5960.5 5915.5 6327.4 6383.6 6481.9 6919.6 7210.8 127

128 Total liabilities and net worth 26068.3 28197.0 31171.6 29515.0 27183.5 28957.9 30504.0 31944.5 34878.8 37004.6 128

129 Liabilities 23868.3 26423.4 28646.2 23240.9 25415.8 27583.2 28247.8 30657.1 36191.9 38415.9 129

130 Debt securities 2987.8 3138.2 3337.7 3527.8 3707.5 3944.7 4148.3 4500.6 4803.4 5106.4 130

131 Open market paper 90.1 112.5 123.8 131.5 58.4 82.9 116.3 130.3 144.5 182.4 131

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 2670.4 2745.0 2864.9 2981.4 3196.9 3376.4 3538.1 3861.1 4140.4 4405.5 133

134 Loans 2280.5 2539.0 2998.4 3065.1 2443.2 2068.3 2159.3 2214.7 2317.3 2504.0 134

135 Short term 1494.3 1641.4 2031.7 2163.8 1684.8 1425.3 1577.6 1695.6 1771.9 1939.6 135

136 Depository institution loans n.e.c. 590.9 612.9 715.7 779.9 545.8 477.1 569.2 658.7 708.8 794.5 136

137 Other loans and advances 903.4 1028.4 1316.0 1383.9 1139.0 948.1 1008.3 1036.9 1063.1 1145.1 137

138 Long term (mortgages) 786.1 897.6 966.7 901.3 758.3 643.0 581.8 519.1 545.4 564.3 138

139 Equity and investment fund shares 14236.0 16325.1 17692.7 12066.9 14498.6 16485.2 16600.1 18378.8 23329.8 24989.0 139

140 Corporate equity 12686.6 14602.3 15730.7 10016.6 12512.2 14356.5 14369.4 15961.6 20717.0 22228.7 140

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 4349.5 4385.3 4569.7 3821.9 4191.7 4545.5 4728.6 5090.6 5480.7 5572.4 145

146 Trade payables 1700.5 1812.9 1897.9 1672.7 1590.1 1746.4 1771.6 1836.9 1943.6 2031.2 146

147 Taxes payable 86.2 85.4 35.8 39.0 35.7 42.9 51.7 54.0 44.9 45.0 147

148 Miscellaneous liabilities 2562.7 2487.0 2635.9 2110.3 2566.0 2756.3 2905.4 3199.7 3492.2 3496.2 148

149 Net worth 2200.0 1773.6 2525.5 6274.0 1767.7 1374.7 2256.2 1287.4 -1313.1 -1411.3 149

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

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

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

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

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

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

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

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

(5) Excludes nonproduced nonfinancial assets.

n.e.c. Not elsewhere classified
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 Current account

 1 Gross value added 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 3763.5 4615.0 5464.8 3767.7 -1213.0 82.2 2229.0 1836.7 3576.9 3087.6 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 -12.4 74.1 170.4 1010.3 227.3 -144.0 528.1 -46.9 826.1 115.6 37

38 Debt securities 634.9 1090.4 975.8 842.0 720.3 787.1 1268.5 1093.8 1546.7 1233.3 38

39 Open market paper 194.0 232.6 -120.4 6.2 -390.6 -93.5 -75.0 -1.2 34.5 -14.8 39

40 Treasury securities 91.1 118.5 68.7 509.2 424.0 572.7 1050.7 350.8 589.7 403.5 40

41 Agency- and GSE-backed securities (2) -252.1 94.8 282.0 728.5 679.0 50.9 114.2 154.5 403.2 369.0 41

42 Municipal securities 115.7 131.2 184.6 42.2 38.4 44.2 13.5 139.2 9.1 51.9 42

43 Corporate and foreign bonds 486.2 513.3 560.9 -444.1 -30.5 212.7 165.1 450.5 510.2 423.7 43

44 Loans 2064.5 2113.3 2698.2 1456.9 -2942.6 -518.4 147.9 441.7 160.7 833.2 44

45 Short term 653.2 713.2 1566.1 1225.7 -2876.0 -201.8 303.7 499.5 50.4 631.6 45

46 Long term (mortgages) 1411.4 1400.1 1132.1 231.2 -66.7 -316.6 -155.8 -57.8 110.3 201.7 46

47 Equity and investment fund shares 538.3 498.4 1197.5 719.7 136.4 -42.3 -17.7 116.0 203.2 462.7 47

48 Corporate equities 285.2 171.4 417.7 212.5 155.3 58.1 -85.0 5.9 -4.1 111.6 48

49 Mutual fund shares 53.2 104.1 67.5 -65.9 175.9 133.0 19.4 64.4 143.3 125.7 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 21.1 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 94.0 176.9 54

55 Insurance, pension and standardized guarantee schemes 224.9 304.3 249.3 292.3 493.4 276.0 339.9 354.7 346.0 333.7 55

56 Other accounts receivable 313.4 534.4 173.6 -553.4 152.1 -276.2 -37.7 -122.6 494.1 109.0 56
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57 Net incurrence of liabilities 3432.8 4371.9 5339.4 3867.7 -1214.2 80.9 2158.3 1767.3 3403.3 3055.9 57

58 Currency and deposits 608.9 620.6 548.7 2146.1 262.3 334.1 1457.3 595.0 1867.7 977.7 58

59 Debt securities 1039.8 1320.1 1523.7 441.8 -956.6 -695.4 -327.4 -306.4 108.1 178.6 59

60 Agency- and GSE-backed securities (2) 80.4 328.2 905.7 768.7 -60.1 -46.9 -21.9 -22.4 239.9 150.6 60

61 Corporate bonds 745.2 795.5 729.5 -201.6 -448.5 -546.3 -237.4 -225.2 -82.9 64.6 61

62 Commercial paper 214.2 196.4 -111.5 -125.4 -448.1 -102.2 -68.2 -58.8 -48.9 -36.6 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 1717.3 270.5 73.8 506.1 974.1 981.5 1047.8 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 60.0 179.6 639.2 315.9 191.4 164.1 168.4 162.5 219.5 68

69 Mutual fund shares 260.2 336.8 361.5 -9.9 497.1 370.1 338.4 624.9 638.4 595.2 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 81.5 163.3 125.6 205.6 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 691.2 699.4 700.8 497.6 634.4 700.7 681.3 573.9 554.4 616.6 75

76 Other accounts payable -153.8 209.4 216.4 -774.9 219.5 -272.6 -361.2 -197.6 99.8 74.3 76

 Addendum:

77 Net lending (+) or borrowing (-), financial account (lines 35-57) 330.7 243.1 125.4 -100.0 1.2 1.3 70.7 69.3 173.6 31.6 77

 Other changes in volume account

78 Total other volume changes 36.5 -411.2 -77.5 1211.9 -1034.0 -805.7 -75.7 -392.5 -949.7 -383.4 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 -278.2 -625.6 -297.5 1221.4 -730.9 -543.2 36.9 -352.5 -1153.0 -375.1 80

81 Less: Statistical discrepancy (lines 33-77) (3) -316.4 -214.4 -220.0 8.9 303.2 262.5 112.5 38.1 -203.3 8.2 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 1655.6 -673.6 1781.0 3773.1 1153.7 86

87 Corporate equities 600.0 1444.6 618.4 -5091.6 2148.4 1411.3 -517.5 1518.9 3291.1 1045.2 87

88 Mutual fund shares 294.8 299.1 141.9 -835.1 366.8 203.7 -110.6 239.7 496.0 143.1 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 890.5 1850.7 -502.3 -6424.8 2115.3 1560.2 -865.1 1867.0 3828.3 1326.7 90

91 Corporate equity issues 262.4 716.1 -985.4 -2366.0 386.8 526.3 -390.1 693.4 1372.3 594.1 91

92 Mutual fund shares 352.4 682.6 396.0 -2424.7 1035.6 582.2 -340.4 720.3 1579.9 464.0 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 -1462.9 672.1 419.4 -161.9 438.9 922.6 257.7 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 107.5 -7.6 1337.0 564.5 392.3 92.7 233.6 -67.6 -20.8 -143.3 97

 Changes in balance sheet account

98 Change in net worth (lines 30+33+78+97) 189.5 -358.2 1210.9 1707.6 -347.9 -463.1 340.1 -334.8 -976.8 -456.2 98

 Balance sheet account (end of period)

99 Total assets 57505.0 63371.8 69579.8 69043.8 70002.9 71110.8 72763.0 76907.6 82828.2 86799.7 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 56121.2 61887.3 68015.0 67394.4 68416.6 69530.6 71141.8 75252.2 81114.9 85026.1 104

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 764.5 813.6 986.0 2033.5 2274.4 2176.2 2704.4 2681.8 3506.6 3619.3 106
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107 Debt securities 14746.4 15748.9 16728.2 17574.5 18317.3 18529.7 19798.0 20984.0 22443.7 23678.1 107

108 Open market paper 1124.8 1352.8 1235.9 1243.6 852.9 763.7 688.8 687.5 721.7 707.9 108

109 Treasury securities 2528.6 2651.8 2720.5 3229.7 3653.8 4226.5 5277.2 5640.0 6229.7 6633.2 109

110 Agency- and GSE-backed securities (2) 4137.5 4148.0 4430.0 5158.5 5892.0 5480.1 5594.3 5762.9 6157.7 6526.7 110

111 Municipal securities 1346.2 1477.1 1661.6 1703.8 1742.2 1786.4 1799.9 1939.1 1948.2 2000.1 111

112 Corporate and foreign bonds 5609.3 6119.2 6680.1 6238.8 6176.4 6273.0 6437.7 6954.4 7386.4 7810.1 112

113 Loans 19781.3 21831.6 24487.6 25808.1 22577.3 21817.2 21813.4 22282.8 22325.5 23120.3 113

114 Short term 8152.1 8778.5 10334.2 11559.7 8631.1 8503.7 8807.4 9479.9 9503.4 10134.9 114

115 Long term (mortgages) 11629.3 13053.0 14153.4 14248.5 13946.2 13313.6 13006.0 12802.9 12822.1 12985.3 115

116 Equity and investment fund shares 15513.3 17343.4 19347.0 14150.8 17532.7 19146.0 18454.7 20778.4 24703.7 26320.1 116

117 Corporate equities 10352.3 11468.8 12504.9 7625.8 9929.6 11398.9 10796.4 12321.2 15608.2 16764.9 117

118 Mutual fund shares 2183.0 2550.9 2760.3 1859.2 2402.0 2738.7 2647.5 2951.6 3590.9 3859.7 118

119 Money market fund shares 515.8 562.4 893.3 1177.7 1001.7 828.9 765.1 682.7 629.2 650.4 119

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 4098.6 123

124 Insurance, pension and standardized guarantee schemes 2346.7 2460.5 2593.6 4233.7 4146.0 4508.3 4922.4 4897.1 4311.8 4315.2 124

125 Other accounts receivable 2958.0 3678.3 3861.6 3582.8 3557.9 3342.1 3437.8 3617.0 3812.6 3962.1 125

126 Total liabilities and net worth 57505.0 63371.8 69579.8 69043.8 70002.9 71110.8 72763.0 76907.6 82828.2 86799.7 126

127 Liabilities 58653.7 64878.7 69875.9 67632.2 68939.2 70510.2 71822.4 76301.9 83199.3 87627.0 127

128 Currency and deposits 8082.9 8703.5 9252.2 11398.3 11660.6 11990.6 13447.9 14015.0 15882.7 16860.4 128

129 Debt securities 11964.7 13255.0 14889.6 15251.2 14498.2 13432.9 13032.8 12849.1 12890.0 13041.3 129

130 Agency- and GSE-backed securities (2) 6140.7 6468.9 7374.6 8143.4 8083.3 7574.0 7552.1 7529.7 7769.7 7920.2 130

131 Corporate bonds 4653.8 5422.5 6262.9 5981.5 5736.7 5282.9 4972.8 4870.3 4720.2 4757.4 131

132 Commercial paper 1170.2 1363.5 1252.1 1126.3 678.2 576.0 507.9 449.1 400.2 363.6 132

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 15146.2 17537.1 18355.7 15111.2 17501.1 18678.6 18481.5 21420.4 25256.7 27373.5 136

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 4631.9 5408.0 4602.2 2875.4 3578.1 4295.7 4069.7 4931.6 6466.4 7280.0 138

139 Mutual fund shares 6045.6 7065.0 7822.6 5388.0 6920.7 7873.0 7870.9 9326.1 11544.4 12603.6 139

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 4124.5 143

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 15961.0 17099.4 17997.1 16905.2 18260.8 19923.8 20468.7 21536.5 23066.3 23989.4 145

146 Other accounts payable 2465.2 2662.3 2879.0 2624.3 2250.0 1763.7 1473.9 1372.3 1203.1 1293.1 146

147 Net worth -1148.8 -1506.9 -296.0 1411.6 1063.7 600.5 940.6 605.7 -371.1 -827.2 147

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

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

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

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

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

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

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

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

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

SDRs Special Drawing Rights
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 Current account

 1 Gross value added 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 -150.7 126.5 221.5 160.2 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 39.0 166.7 131.4 136.5 136.2 124.2 110.0 48

49 Short term -5.5 2.2 4.7 25.5 154.1 136.8 133.2 134.5 120.3 108.3 49

50 Consumer credit 3.7 1.6 7.0 19.5 87.9 133.1 128.5 132.1 113.1 105.7 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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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

58 Other accounts receivable 35.8 -17.1 -33.7 -87.4 47.1 16.5 29.1 21.2 34.1 -7.6 58

59 Trade receivables 9.2 -11.6 1.2 4.2 -21.1 -0.7 4.8 2.6 3.3 2.2 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 1249.7 881.0 791.0 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 21.0 21.4 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 19.7 18.4 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 -659.5 -630.8 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 25.2 86.8 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 -38.8 -50.6 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 -606.3 -546.8 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 5159.5 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 1900.9 100

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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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

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 1148.6 113

114 Short term 194.6 214.0 218.7 244.3 398.4 535.2 668.4 802.9 923.2 1031.4 114

115 Consumer credit 89.8 108.7 115.7 135.1 223.1 356.2 484.7 616.8 729.8 835.6 115

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 252.5 246.5 257.0 246.2 271.8 271.7 283.7 288.7 302.8 322.4 123

124 Trade receivables 71.0 59.4 60.6 64.7 43.6 42.9 47.7 50.3 53.6 55.8 124

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 5159.5 127

128 Liabilities 7370.3 7661.5 8054.5 9424.6 11003.7 12809.7 13991.3 15246.5 16123.7 16905.1 128

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 210.2 216.1 245.2 267.2 213.7 218.5 226.9 239.8 259.1 277.0 139

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 202.6 208.8 238.2 260.7 204.5 209.7 218.5 231.9 251.6 270.0 141

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 -11198.8 -11745.6 143

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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S.8.a State and Local Governments

Billions of dollars

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

 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 -29.4 90.6 13.0 87.0 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 15.6 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 -62.6 33.7 -41.1 18.9 39

40 Open market paper -0.4 -1.0 -2.2 -22.4 -38.2 13.4 -12.2 -6.6 -8.5 -7.4 40

41 Treasury securities 106.9 59.0 77.8 -47.5 -14.5 8.8 -34.4 49.1 -10.7 37.0 41

42 Agency- and GSE-backed securities (1) 35.0 40.1 44.9 -19.8 13.5 24.9 -14.0 -13.6 -23.4 -15.7 42

43 Municipal securities 1.2 1.4 1.7 0.4 1.1 1.4 0.2 0.4 0.1 0.4 43

44 Corporate and foreign bonds 11.3 13.0 14.5 -6.1 4.5 8.2 -2.2 4.5 1.4 4.6 44

45 Loans 19.8 22.5 25.3 -17.3 6.6 13.2 -4.9 13.1 6.2 12.2 45

46 Short term 5.5 6.0 6.3 -12.5 -3.3 -0.8 -4.7 5.6 3.4 5.9 46

47 Long term (mortgages) 14.4 16.5 19.0 -4.8 9.9 14.0 -0.1 7.5 2.9 6.3 47

48 Equity and investment fund shares 21.1 24.3 27.5 -6.6 11.2 17.7 -1.5 10.1 4.8 10.4 48

49 Money market fund shares 13.4 15.6 18.0 2.3 10.8 14.5 2.1 6.5 3.6 6.8 49

50 Corporate equities 4.3 4.7 5.0 -8.1 -1.6 0.2 -3.4 2.4 0.8 2.4 50

51 Mutual fund shares 3.4 4.0 4.5 -0.8 2.0 3.0 -0.2 1.2 0.4 1.3 51

52 Other accounts receivable 37.5 27.6 18.0 -15.7 15.6 -7.9 6.8 20.9 17.9 22.3 52

53 Trade receivables 17.4 8.9 7.8 -15.4 -4.6 13.1 5.6 5.3 8.9 8.5 53

54 Taxes receivable 14.3 12.1 3.0 5.2 -5.8 1.0 2.3 8.4 3.6 6.2 54

55 Other (miscellaneous assets) 5.8 6.6 7.3 -5.6 25.9 -22.0 -1.1 7.2 5.4 7.6 55
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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 -331.4 -254.4 -230.6 -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 -66.7 276.2 603.8 274.5 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 -5.0 284.5 624.6 258.0 66

67 Less: Statistical discrepancy (lines 33-63) (2) -164.9 -108.7 -94.6 77.0 64.3 -33.1 61.8 0.8 20.9 -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 18.4 38.2 14.0 72

73 Changes in net worth due to nominal holding gains/losses 478.9 621.8 466.0 350.4 -71.7 197.4 394.6 244.3 287.9 190.1 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 81.6 185.8 373.9 776.0 367.9 74

 Balance sheet account (end of period)

75 Total assets 8575.1 9550.9 10410.9 10809.2 10918.9 11331.7 11812.9 12248.3 12631.4 13000.3 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 2744.3 2863.5 2912.6 3020.1 80

81 Currency and deposits 235.2 258.2 290.8 316.3 346.7 346.9 379.6 411.6 436.8 460.0 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 169.1 186.6 219.6 236.9 247.6 242.1 258.2 294.1 312.0 319.5 83

84 Debt securities 1216.6 1329.1 1465.7 1370.4 1336.8 1393.5 1330.9 1364.6 1323.5 1342.4 84

85 Open market paper 153.2 152.1 149.9 127.5 89.3 102.7 90.5 83.9 75.4 68.0 85

86 Treasury securities 512.1 571.1 648.9 601.4 586.8 595.7 561.2 610.3 599.6 636.6 86

87 Agency- and GSE-backed securities (1) 413.1 453.1 498.1 478.3 491.8 516.7 502.7 489.1 465.7 450.0 87

88 Municipal securities 6.9 8.4 10.0 10.4 11.5 12.9 13.2 13.5 13.6 14.0 88

89 Corporate and foreign bonds 131.4 144.3 158.8 152.8 157.3 165.5 163.3 167.7 169.1 173.7 89

90 Loans 288.7 311.2 336.0 317.0 320.1 330.3 323.3 334.4 339.5 351.0 90

91 Short term 129.9 135.9 142.2 129.8 126.5 125.7 120.9 126.5 129.9 135.7 91

92 Long term (mortgages) 158.8 175.3 193.8 187.3 193.7 204.7 202.4 207.9 209.6 215.3 92

93 Equity and investment fund shares 246.4 287.6 320.3 252.7 297.3 336.7 337.0 365.6 408.6 432.9 93

94 Money market fund shares 89.8 105.4 123.4 125.7 136.6 151.1 153.2 159.7 163.3 170.0 94

95 Corporate equities 116.0 133.0 141.8 90.8 112.2 126.9 124.7 139.3 165.3 176.9 95

96 Mutual fund shares 40.7 49.2 55.1 36.2 48.6 58.7 59.1 66.6 80.0 86.0 96

97 Other accounts receivable 329.3 356.8 374.9 359.6 375.0 366.8 373.5 387.3 404.1 433.7 97

98 Trade receivables 142.5 151.3 159.1 143.7 139.1 152.2 157.8 163.1 172.0 180.5 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 95.7 102.9 108.3 116.0 100

101 Total liabilities and net worth 8575.1 9550.9 10410.9 10809.2 10918.9 11331.7 11812.9 12248.3 12631.4 13000.3 101

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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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 1377.1 107

 (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 6355.7 6729.6 7505.5 7873.5 109

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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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 1127.9 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 -29.9 415.5 157.3 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 47.0 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 31.1 155.4 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 50.1 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 -58.7 101.8 35

36 Mutual fund shares 5.6 22.7 12.7 -26.9 19.4 58.2 74.7 89.7 -20.0 48.1 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 -22.6 47

48 Bonds 54.8 178.9 304.1 -140.8 177.2 127.4 181.7 131.2 168.9 131.4 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 28.0 268.2 416.7 462.8 373.4 323.5 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 -78.1 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 78.1 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 1310.1 623.0 73

74 Mutual fund shares 9.4 19.3 12.1 -65.0 25.5 19.4 -8.3 35.4 76.6 22.5 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+89) -13.0 95.6 -581.7 1910.8 -857.9 73.9 1288.7 106.1 666.1 1335.5 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 22992.3 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 1607.7 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 223.2 257.2 298.9 372.4 299.2 308.2 355.6 393.4 445.1 491.8 97

98 Net interbank items due from U.S. banks 36.7 42.0 -67.5 287.9 86.0 24.2 238.1 102.1 414.2 444.9 98
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S.9.a Rest of the World 

Billions of dollars

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

 

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 1002.1 105

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 162.5 168.8 271.1 226.4 182.5 162.3 196.1 143.9 139.7 189.8 107

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 5929.2 110

111 Mutual fund shares 162.7 204.7 229.5 137.6 182.4 260.0 370.4 495.4 552.0 622.6 111

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 22992.3 114

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 384.0 482.3 413.0 342.0 401.3 398.6 345.1 373.0 407.0 384.3 123

124 Bonds 824.8 1024.3 1425.7 1091.2 1447.8 1677.6 1913.6 2193.1 2242.9 2401.5 124

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 5687.8 136

(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