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 tablethat containsthe following information for
Q1 of 2020
Q2 of 2020
The last available quarter.
Omit the intermediate lines found in Tables 7 and 8 on the web site.
Grossdomesticproduct
Grossnationalproduct
Netnationalproduct (you should calculate it as Grossnationalproduct minus Consumption of fixed capital)
Nationalincome
Personalincome
Personal Disposable Income
Personal Savings
January 28, 2021 Table 7. Relation ofGross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2018 2019 2020 2019 2020 Line Q4 Q1 02 Q3 Q4 1 Gross domestic product (GDP) 20,611.9 21,433.2 20,932.8 21,747.4 21,561.1 19,520.1 21,170.3 21,4795 1 2 Plus: Income receipts fromthe rest ofthe world 1,142.9 1,169.8 1,165.9 1,054.6 866.0 973.0 2 3 Less: Income payments to the rest ofthe world 858.2 900.2 .. 884.8 811.4 714.2 761.7 3 4 Equals: Gross national product 20,8966 21,7029 ............... 22,028.5 21,804.3 19,672.0 21,381.6 4 5 Less: Consumption ofxed capital 3,265.0 3,420.9 3,559.1 3,474.4 3,509.0 3,534.4 3,572.3 3,620.6 5 6 Less: Statistical discrepancy -58.0 12.8 .. 26.2 -1102 -13.4 296.1 6 7 Equals: National income 17,6896 18,2691 .. ..... 18,527.8 18,405.5 16,151.0 17,513.2 ....... 7 8 Compensation of employees 10,950.1 11,432.4 11,489.0 11,5648 11,6744 10,949.5 11,537.3 11,7947 8 9 Wages and salaries 8,894.2 9,309.3 9,368.8 9,422.5 9,526.1 8,908.8 9,409.9 9,630.7 9 10 Supplements to wages and salaries 2,055.9 2,123.1 2,120.1 2,142.4 2,148.3 2,040.7 2,127.4 2,164.0 10 11 Proprietors' income with inventory valuation and capital consumption adjustments 1,585.9 1,657.7 1,695.3 1,697.7 1,706.0 1,511.9 1,803.0 1,760.4 11 12 Rental income of persons with capital consumption adjustment 759.3 787.1 802.4 795.5 802.3 796.1 804.4 807.0 12 13 Corporate prots with inventory valuation and capital consumption adjustments 2,243.0 2,250.5 ............. 2,311.3 2,035.0 1,826.1 2,325.7 ............... 13 14 Net interest and miscellaneous payments 619.1 573.4 616.8 586.0 588.9 619.3 617.2 641.8 14 15 Taxes on production and imports less subsidies 1,381.5 1,417.5 733.3 1,428.5 1,454.9 309.2 275.8 893.1 15 16 Business current transfer payments (net) 156.6 158.0 164.4 152.0 156.8 160.4 169.3 171.2 16 17 Current surplus of government enterprises 58 -7.6 -18.3 -7.9 -12.8 -21.4 -19.5 -19.7 17 Addenda: 18 Gross domestic income (GDI) 20,669.9 21,420.4 21,7212 21,671.3 19,533.5 20,8742 18 19 Average ofGDP and GDI 20,640.9 21,426.8 .. . 21,7343 21,6162 19,5268 21,0222 19 20 Statistical discrepancy as a percentage ofGDP -0.3 0.1 -0.5 -0.1 1.4 ....... 20 Source U 8 Bureau of Economic Analysis -16- January 28, 2021 Table 8. Personal Income and Its Disposition Billions of dollars] Seasonally adjusted at annual rates Line 20 18 2019 2020 2019 2020 Line Q4 Q1 Q2 Q3 Q4 1 Personal income 17,851.8 18,551.5 19,725.1 18,760.8 18,951.0 20,457.3 19,915.8 19,576.1 1 Compensation of employees 10,950.1 11,432.4 11,489.0 11,564.8 11,674.4 10,949.5 11,537.3 11,794.7 N Wages and salaries 8,894.2 9,309.3 9,368.8 9,422.5 9,526.1 8,908.8 9,409.9 9,630.7 A Supplements to wages and salaries 2,055.9 2, 123.1 2, 120.1 2, 142.4 2, 148.3 2,040.7 2,127.4 2, 164.0 Proprietors' income with inventory valuation and capital consumption adjustments 1,585.9 1,657.7 1,695.3 1,697.7 1,706.0 1,511.9 1,803.0 1,760.4 5 6 Farm 43.0 49.7 64.8 58.7 56.4 38.9 62.8 101.1 6 Nonfarm 1,542.9 1,608.0 1,649.6 1,473.0 1,740.2 1,659.3 7 8 Rental income of persons with capital consumption adjustment 759.3 787.1 802.4 795.5 802.3 796.1 804.4 807.0 8 9 Personal income receipts on assets 2,946.7 2,967.9 2,911.1 2,980.4 2,984.3 2,910.2 2,852.3 2,897.4 9 10 Personal interest income 1,641.6 1,677.4 1,638.7 1,693.4 1,679.7 1,637.0 1,619.8 1,618.5 10 11 Personal dividend income 1,305.1 1,290.4 1,272.3 1,287.0 1,304.6 1,273.2 1,232.6 1,279.0 11 2 Personal current transfer receipts 2,970.3 3,125.2 4,268.2 3,155.2 3,235.5 5,678.0 4,369.3 3,790.0 12 13 Less: Contributions for government social insurance, domestic 1, 360.4 1,418.8 1,440.9 1,432.9 1,451.5 1,388.4 1,450.4 1,473.5 13 14 Less: Personal current taxes 2,085.3 2,202.9 2, 192.4 2,221.2 2,252.4 2,096.5 2, 193.9 2,226.7 14 15 Equals: Disposable personal income 15,766.5 16,348.6 17,532.7 16,539.6 16,698.6 18,360.8 17,721.9 17,349.4 15 16 Less: Personal outlays 29.2 15,117.4 14,651.0 15,335.8 15, 103.3 13,590.0 14,887.1 15,023.8 16 17 Equals: Personal saving 1,237.3 1,231.2 2,881.6 1,203.8 1,595.3 4,770.8 2,834.7 2,325.6 17 18 Personal saving as a percentage of disposable personal income 7.8 7.5 16.4 7.3 9.6 26.0 16.0 13.4 18 Addenda: 19 Personal income excluding current transfer receipts, billions of chained (2012) dollars 13,748.8 14,042.9 13,905.0 14,119.5 14,173.6 13,383.3 13,952.3 14,114.1 19 20 Disposable personal income, billions of chained (2012) dollars 14,566.4 14,882.5 15,772.4 14,964.5 15,060.3 16,626.5 15,904.6 15,511.8 20 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Source: U.S. Bureau of Economic Analysis - 17
