Part 2: Income Approach to Calculating GDP Use table 7 (Relation of Gross Domestic Product, Gross National Product, and National Income) and table 8 (Personal Income and its Disposition). 1. Create the table that contains the following information for the most recent quarter where data required for this exercise is available. ? Gross domestic product ? Gross national product ? Net national product (you should calculate it as Gross national product minus Consumption of fixed capital) ? National income ? Personal income ? Personal Disposable Income ? Personal Savings

Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2020 2021 2022 2022 2023 Line Q2 03 04 01 02" 1 Gross domestic product (GDP) 21,060.5 23,315.1 25,462.7 25,248.5 25,723.9 26,138.0 26,529.8 26,798.6 2 Plus: Income receipts from the rest of the world 971.3 1,087.0 1 256.2 1,231.3 1,292.1 1,354.6 1,402 8 1,459.6 2 3 Less: Income payments to the rest of the world 774.3 913.9 1,078 8 1,023.3 1,130.6 1,203.1 1,278.5 1,320.7 3 4 Equals: Gross national product 21,257.4 23,488.2 25,640.1 25,456.4 25,885.4 26,289.5 26,654.0 26,937.6 4 5 Less: Consumption of fixed capital 3,577.8 3,831.6 4,284.7 4,242.1 4,358.1 4,425.1 4,506.4 4,560.6 5 6 Less: Statistical discrepancy -214.9 -128.9 -162.6 -269.3 -243.7 139.5 392.5 498.4 6 7 Equals: National income 17,894.6 19,785.5 21,518.0 21,483.6 21,771.0 21,724.9 21,755.2 21,878.5 7 8 Compensation of employees 11,592.7 12,538.5 13,564.5 13,415.2 13,755.0 13,828.1 13,985.5 14,163.3 8 9 Wages and salaries 9,457.4 10,290.1 11,189.6 11,058.0 11,361.0 11,413.9 11,545.6 11,698.0 9 10 Supplements to wages and salaries 2,135.4 2,248.4 2,374.9 2,357.1 2,3940 2414.2 2,440.0 2,465.3 10 11 Proprietors' income with inventory valuation and capital consumption adjustments 1,643.1 1,753.6 1,848.3 1,835.4 1,863.5 1,882.9 1,909.5 1,908.7 11 12 Rental income of persons with capital consumption adjustment 719.8 723.8 781.9 775.9 794.9 811.8 845.0 863.7 12 13 Corporate profits with inventory valuation and capital consumption adjustments 2.260.1 2,771.1 2,952.6 3,001.3 3,000.0 2,939.5 2,818.1 2,807.5 13 14 Net interest and miscellaneous payments 665.8 644.1 542.1 608.2 515.7 414.5 329.7 264.5 14 15 Taxes on production and imports less subsidies 869 0 1,181.5 1.648.7 1,652.0 1,670.6 1,667.5 1,687.9 1,691.9 15 16 Business current transfer payments (net) 144.1 171.0 183.3 198.7 177.7 186.7 183.9 185.8 16 17 Current surplus of government enterprises -0.1 2.1 -3.4 -3.0 -6.4 -6.1 4.4 -7.0 17 Addenda: 18 Gross domestic income (GDD) 21 275.4 23,444.0 25,625.4 25,517.8 25,9676 25,998.5 26,137.3 26,300.2 18 19 Average of GDP and GDI 21,167.9 23,379.6 25,544.0 25,383.1 25,845.8 26,068.3 26,333.5 26,549.4 19 20 Statistical discrepancy as a percentage of GDP -1.0 0.6 0.6 -1.1 -0.9 0.5 1.5 1.9 20 Revised Source: U.S. Bureau of Economic AnalysisTable 8. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2020 2021 2022 2022 2023 Line 02 Q3 04 01 02 1 Personal income 19,832.3 21,294.8 21,777.2 21,578.3 21,969.5 22,241.3 22,519.2 22,751.3 2 Compensation of employees 11,5927 12,538.5 13,564.5 13,415.2 13,755.0 13,828.1 13,985.5 14,163.3 Wages and salaries 9,457.4 10,290.1 11,189.6 11,058.0 11,361.0 11,413.9 11,545.6 11,698.0 Supplements to wages and salaries 2,135.4 2,248.4 2,374.9 2,357.1 2,394.0 2,414.2 2,440.0 2,465.3 4 5 Proprietors' income with inventory valuation and capital consumption adjustments 1,643.1 1,753.6 1,848.3 1,835.4 1,863.5 1,882.9 1,909.5 1,908.7 6 Farm 45.2 51.3 91.7 95.7 95.9 100.9 96.7 85.2 6 Nonfarm 1,597.9 1,702.2 1,756.6 1,739.7 1,767.6 1,782.0 1,812.8 1,823.6 8 Rental income of persons with capital consumption adjustment 719.8 723.8 781.9 775.9 794.9 811.8 845.0 863.7 8 9 Personal income receipts on assets 3,095.4 3,202.4 3,343.9 3,323.0 3,358.8 3,424.0 3,452.6 3,486.3 9 Personal interest income 1,6473 1,658.6 1,726.6 1,708.6 1,738.1 1,789.0 1,808.1 1,826.1 10 11 Personal dividend income 1,448.1 1,543.9 1,617.3 1,614.4 1,620.7 1,635.0 1,644.5 1,660.2 11 12 Personal current transfer receipts 4 231 2 4,617.3 3,910.7 3,883.2 3,892 8 3,998.2 4,057.5 4,079.0 12 13 Less: Contributions for government social insurance, domestic 1,450.0 1,540.8 1,672.1 1,654.4 1,695.6 1,703.7 1,730.8 1,7498 13 14 Less: Personal current taxes 2,236.4 2.661.7 3,196.6 3,188.5 3,236.5 3,216.2 2,906.2 2,853.8 14 15 Equals: Disposable personal income 17,595.9 18,633.1 18,580.6 18,389.8 18,733.0 19,025.1 19,613.1 19,897.5 15 16 Less: Personal outlay's 14 603.6 16,389.8 17,9225 17,798.7 18,124.5 18,377.2 18,772 2 19,005.3 16 17 Equals: Personal saving 2,992.3 2,243.4 658.1 591.1 608.5 647.9 840.9 892.3 17 18 Personal saving as a percentage of disposable personal income 17.0 12.0 3.5 3.2 3.2 3.4 4.3 4.5 18 Addenda: 19 Personal income excluding current transfer receipts, billions of chained (2012) dollars 14,036.8 14,424.3 14,544.9 14,453.7 14,610.2 14,609.8 14,636.8 14,712.0 19 20 Disposable personal income, billions of chained (2012) dollars ? 15,831.6 16,115.7 15,126.3 15,021 2 15,140.6 15,236.1 15,549.6 15,677.3 20