Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

March 30, 2022 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line

image text in transcribedimage text in transcribed
March 30, 2022 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2019 2020 2021" 2020 2021 Line 04 01 02 03 1 Gross domestic product (GDP) 21 372 6 20,893.7 22,996.1 21,477.6 22 038 2 22,741.0 23,202.3 24,002.8 2 Plus: Income receipts from the rest of the world 1,160.3 992.9 1,145.0 1,043.2 10816 1,112.4 1,184.1 1,202.0 2 3 Less Income payments to the rest of the world 893 9 770.6 892.5 792.5 846.7 882.0 916.4 925.1 4 Equals: Gross national product 21 6390 21,116.1 23,248.5 21,728 2 22 273.1 22,971.4 23,470.0 24,279.7 5 Less Consumption of fixed capital 3,435.6 3,575.9 3,847.9 3,6394 3.6960 3,787.9 3,895.8 4,0118 Less: Statistical discrepancy -69.7 -170.6 -519.5 -4950 -509.7 -391.7 -630.9 -545.8 Equals: National income 18.273.1 17,710.7 19,920.2 18,583.8 19,0868 19,575.1 20,205.0 20.813.7 Compensation of employees 11.447.7 11,572.2 12,580.9 11,9642 120889 12,416.6 12,756.5 13,061.4 Wages and salaries 9.323.5 9,444.1 10,327.1 9,7830 9879.2 10,180.4 10,487.2 10,7616 10 Supplements to wages and salaries 2,124 2 2,128.0 2,253.7 2,181.1 22097 2,236.2 2,269.3 2,299.8 10 11 Proprietors' income with inventory valuation and capital consumption adjustments 1,598.9 1,650.0 1,821.9 1,7300 1,714.0 1,848.2 1,867.0 1,8585 11 12 Rental income of persons with capital consumption adjustment 692.1 711.6 726.4 710.0 716.9 716.3 729 0 7436 12 13 Corporate profits with inventory valuation and capital consumption adjustments 2367.8 2,243.8 2,805.8 24275 2.551.4 2,819.2 2,916.1 2,9365 13 14 Net interest and miscellaneous payments 558.2 618.8 686.1 666.1 695.2 693.6 680.3 675.1 14 15 Taxes on production and imports less subsidies 1.459.4 773.3 1,148.1 9378 1,1738 930.7 1,099.6 1,388.1 15 16 Business current transfer payments (ne() 162.3 158.6 164.0 166.3 165.8 166.0 162.5 161.7 16 17 Current surplus of goverment enterprises -13.3 -17.5 -12.9 -18.1 -19.3 -15.4 -5.8 -11.2 17 Addenda: 18 Gross domestic income (GDI) 21 442 2 21,064.3 23,515.6 21,9726 22.5479 23,132.7 23,833.2 24,548.6 18 19 Average of GOP and GDI 21407 4 20,979.0 23,255.8 21,725.1 22 293.1 22,936.8 23,517.8 24,275.7 19 20 Statistical discrepancy as a percentage of GOP 03 -0.8 -2.3 23 23 -1.7 -2.7 -23 20 r Rovtoxod Source: ULS. Bureau of Economic AnalysisMarch 30, 2022 Table 8. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2019 2020 2021' 2020 2021 Line 04 01 02 03 04' 1 Personal income 18,424.4 19,627.6 21,077 2 19,542.0 21,867.3 20,669.9 20,8238 20,947.7 2 Compensation of employees 11,447.7 11,572.2 125809 11,964.2 12,088.9 12,416.6 12,7565 13.061.4 2 Wages and salaries 9,323.5 9,444.1 10.327.1 9,783.0 9,879.2 10,180.4 10.487 2 10,761.6 4 Supplements to wages and salaries 2,124.2 2,128.0 2 2537 2,181.1 2,209.7 2,236.2 2,2693 2.2998 4 5 Proprietors' income with inventory valuation and capital consumption adjustments 1,598.9 1,6500 18219 1,730.0 1,714.0 1,848.2 1,8670 1,858.5 5 6 Farm 38.4 70.2 97.8 108.5 73.0 1194 1106 BB.0 6 Nonfarm 1,560.5 1,579 9 1,724.1 1,621.5 1,640.9 1,728.7 1,7563 1,770.5 7 Rental income of persons with capital consumption adjustment 692.1 7116 7264 710.0 716.9 716.3 729.0 743.6 9 Personal income receipts on assets 2,968.0 2.912.1 29413 2909.6 2,898.8 2,932.1 2,9452 2.9592 9 10 Personal Interest income 1,652.0 1,614.4 1,6407 1.610.3 1,630.2 1,639.4 1,6363 1,6568 10 11 Personal dividend income 1,316.0 1,297.8 1,300.7 1.299.2 1,268.7 1,292.8 1,3068 1,3324 11 12 Personal current transfer receipts 3,139.1 4,241.1 4,597 8 3,729.5 5,982.5 4,329.0 4,1375 39422 12 13 Less: Contributions for government social insurance, domesic 1,421.4 1,4595 1,591.1 1,501.3 1,533.8 1,572.2 16113 16472 13 14 Less: Personal current taxes 2,205.1 2,195.6 25826 2.259.8 2,412.1 2,5325 2,641.1 2744.9 14 15 Equals: Disposable personal income 16,219.3 17,432.0 18,4945 17 282.2 19,455.3 18,137.4 18,1827 18 2028 15 16 Less: Personal outlays 14,981.5 14,544.5 16 2263 14.936.8 15,475.6 16,165.0 16,4562 16.808.4 16 17 Equals: Personal saving 1,237.8 2,887.5 2 2682 2,345.5 3,979.7 1,972.4 1,7264 1,394.4 17 18 Personal saving as a percentage of disposable personal income 7.6 16 6 123 13.6 20.5 10.9 9.5 7.7 18 Addenda: 19 Personal income excluding current transfer receipts, billions of chained (2012) dollars 13,905.6 13,833.7 14.263.3 14,129.7 14,061.1 14,240.1 143529 14,403.8 19 20 Disposable personal income, billions of chained (2012) dollars 14,755.2 15.672.8 16.0075 15,443.0 17,221.6 15,805.6 15.640.0 15,418.0 20 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, took on production and imports less subsidies, contributions for goverment social Insurance, not interest and miscellaneous payments, business current transtar payments [nett, and cument surplus of government enterprises plums personal income thoulots on assets, and personal current transtar noceipis. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Souron: U.S. Bureau of Economic Analysis

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Economics questions