nipa_1929_1974

UNITED STATES DEPARTMENT OF COMMERCE/BUREAU OF ECONOMIC ANALYSIS

THE NATIONAL INCOME ANDPRODUCT ACCOUNTS OF THE

UNITED STATES, 1929-74Statistical Tables

A SUPPLEMENT TO THESURVEY OF CURRENT BUSINESS

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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THE NATIONAL INCOME ANDPRODUCT ACCOUNTS OF THE

UNITED STATES, 1929-74Statistical Tables

A Supplement to theSURVEY OF CURRENT BUSINESS

U.S. DEPARTMENT OF COMMERCEElliot L Richardson, Secretary

Edward 0. Vetter, Under SecretaryJohn W. Kendrick, Chief Economist

for the Department of Commerce

BUREAU OF ECONOMIC ANALYSISGeorge Jaszi, Director


CONTENTS

Introduction.

Definitions Underlying the National Income and Product Accounts vii

Summary National Income and Product Accounts, 1974 xii

National Income and Product Tables

1 . Gross National Product Net National Product and National Income

THE NATIONAL INCOME ANDPRODUCT ACCOUNTS OF THEUNITED STATES, 1929-74

Statistical Tables

1.1 Gross National Product: Annually and Seasonally Adjusted Quarterly Totalsat Annual Rates

Annually and quarterly, 1946-74 2Annually, 1929-45 324

1.2 Gross National Product in Constant Dollars: Annually and Seasonally AdjustedQuarterly Totals at Annual Rates

Annually, 1946-74 6Quarterly, 1947-74 6Annually, 1929-45 324

1.3 Gross National Product by Major Type of Product: Annually and Seasonally AdiustedQuarterly Totals at Annual Rates

Annually, 1946-74 10Quarterly, 1947-74 irjAnnually, 1929-45 325

Gross National Product by Major Type of Product and Purchaser:Annually, 1947-74 12

Gross National Product by Major Type of Product in Constant Dollars: Annuallyand Seasonally Adjusted Quarterly Totals at Annual Rates


Gross National Product by Major Type of Product and Purchaser in ConstantDollars: Annually, 1947-74 16

Gross National Product by Sector and Industry: Annually and Seasonally AdjustedQuarterly Totals at Annual Rates


1.8 Gross National Product by Sector and Industry in Constant Dollars: Annually andSeasonally Adjusted Quarterly Totals at Annual Rates


1.9 Relation of Gross National Product Net National Product National Income, andPersonal Income: Annually and Seasonally Adjusted Quarterly Totals

Annual RatesAnnually and quarterly, 1946-74 22Annually, 1929-45 327


1.10 Relation of Gross National Product, Net National Product and National Income inConstant Dollars: Annually and Seasonally Adjusted Quarterly Totalsat Annual Rates


1.11 Net National Product and National Income by Sector and Industry: Annually andSeasonally Adjusted Quarterly Totals at Annual Rates


1.12 Net National Product and National Income by Sector and Industry in ConstantDollars: Annually and Seasonally Adjusted Quarterly Totals at Annual Rates

Annually, 1946-74 32Quarterly. 1947-74 32Annually, 1929-45 328

1.13 National Income by Type of Income: Annually and Seasonally AdjustedQuarterly Totals at Annual Rates


1.14 National Income by Sector, Legal Form of Organization, and Type ofIncome: Annually

1946-74 441929-45 330

1.15 Gross Domestic Product of Corporate Business: Annually and SeasonallyAdjusted Quarterly Totals at Annual Rates


1.16 Auto Output: Annually and Seasonally Adjusted Quarterly Totals atAnnual Rates, 1947-74 52

1.17 Auto Output in Constant Dollars: Annually and Seasonally Adjusted QuarterlyTotals at Annual Rates, 1947-74 56

1.18 Farm Output, Gross Product, and Income: Annually1946-74 581929-45 332

1.19 Farm Output, Gross Product, and Income in Constant Dollars: Annually1946-74 601929-45 332

1.20 Housing Output, Gross Product, and Income: Annually1946-74 601929-45 333

1.21 Housing Output, Gross Product, and Income in Constant Dollars: Annually1946-74 621929-45 333

1.22 Gross National Product: Quarterly Totals Not Seasonally Adjusted, 1946-74 621.23 Gross National Product Originating in Government Farm, and All Other Industries.

in Current and Constant Dollars: Annually, 1909-28 64

2. Personal Income and Outlay

2.1 Personal Income and Its Disposition: Annually and Seasonally AdjustedQuarterly Totals at Annual Rates


2.2 Personal Income: Annually and Seasonally Adjusted Monthly Totals atAnnual Rates, 1946-74 74

2.3 Personal Consumption Expenditures by Major Type of Product: Annuallyand Seasonally Adjusted Quarterly Totals at Annual Rates


2.4 Personal Consumption Expenditures by Major Type of Product in ConstantDollars: Annually and Seasonally Adjusted Quarterly Totals at Annual Rates


2.5 Personal Consumption Expenditures by Major Type of Product: QuarterlyTotals Not Seasonally Adjusted, 1946-74 86

2.6 Personal Consumption Expenditures by Type of Expenditure: Annually1946-74 881929-45 336

2.7 Personal Consumption Expenditures by Type of Product in Constant Dollars: Annually1946-74 921929-45 338

3. Government Receipts and Expenditures

3.1 Government Receipts and Expenditures: Annually1946-74 941929-45 339

3.2 Federal Government Receipts and Expenditures: Annually and SeasonallyAdjusted Quarterly Totals at Annual Rates


3.3 Federal Government Receipts and Expenditures: Quarterly Totals NotSeasonally Adjusted, 1946-74 104

3.4 State and Local Government Receipts and Expenditures: Annually andSeasonally Adjusted Quarterly Totals at Annual Rates


3.5 State and Local Government Receipts and Expenditures: Quarterly TotalsNot Seasonally Adjusted, 1946-74 116

3.6 Government Purchases of Goods and Services by Broad Function and Type:Annually, 1952-74 118

3.7 Government Purchases of Goods and Services by Type: Annually andSeasonally Adjusted Quarterly Totals at Annual Rates

Annually, 1946-74 118Quarterly, 1947-74 118

3.8 Government Purchases of Goods and Services by Type in Constant Dollars:Annually and Seasonally Adjusted Quarterly Totals at Annual Rates

Annually, 1946-74 120Quarterly, 1947-74 122

3.9 Government Gross Fixed Capital Formation: Annually1946-74 1241929-45 342

3.10 Social Insurance Funds Receipts and Expenditures: Annually1946-74 1241929-45 342

3.11 Contributions for Social Insurance: Annually1946-74 1261929-45 343

3.12 Government Transfer Payments to Persons: Annually1946-74 1281929-45 .., 343

3.13 Subsidies Less Current Surplus of Government Enterprises: Annually, 1960-74 1283.14 Government Expenditures by Type of Function: Annually, 1952-74 1303.15 Relation of Federal Government Receipts and Expenditures in the

National Income and Product Accounts to the:A. Consolidated Cash Statement: Fiscal Years, 1952-67 145B. Unified Budget: Fiscal Years, 1968-74 149


3.16 Relation of National Defense Purchases in the National Income and ProductAccounts to National Defense Outlays in the Unified Budget: Annually, 1960-74 . 152

3.17 Relation of Commodity Credit Corporation (CCC) Expenditures in theNational Income and Product Accounts to CCC Outlays in the Unified Budget:Annually, 1960-74 152

3.18 Relation of State and Local Government Receipts and Expenditures in tneNational Income and Product Accounts to Bureau of Census GovernmentalFinances Data: Fiscal Years, 1958-74 153

5.9 Inventories and Final Sales of Business: Seasonally Adjusted QuarterlyTotals, 1946-74

5.10 Inventories and Final Sales of Business in Constant Dollars: SeasonallyAdjusted Quarterly Totals, 1947-74

174

176

6. Product Income, and Employment by Industry

4. Foreign Transactions

4.1 Foreign Transactions in the National Income and Product Accounts: Annuallyand Seasonally Adjusted Quarterly Totals at Annual Rates


4.2 Foreign Transactions in the National Income and Product Accounts: QuarterlyTotals Not Seasonally Adjusted, 1946-74 156

4.3 Relation of Foreign Transactions in the National Income and ProductAccounts (NIPA's) to the Corresponding Items in the Balance of PaymentsAccounts (BPA's): Annually, 1946-74 158

5. Saving and Investment

5.1 Gross Saving and Investment: Annually and Seasonally Adjusted QuarterlyTotals at Annual Rates


5.2 Gross Private Domestic Investment, Capital Consumption Allowances WithCapital Consumption Adjustment, and Net Private Domestic Investment by MajorType of Investment: Annually

1946-74 1621929-45 345

5.3 Gross Private Domestic Investment, Capital Consumption Allowances With CapitalConsumption Adjustment, and Net Private Domestic Investment by Major Type ofInvestment in Constant Dollars: Annually

1946-74 1641929-45 345

5.4 Purchases of Structures by Type: Annually1946-74 1661929-45 346

5.5 Purchases of Structures by Type in Constant Dollars: Annually1946-74 1681929-45 347

5.6 Private Purchases of Producers' Durable Equipment by Type: Annually1946-74 1701929-45 348

5.7 Private Purchases of Producers' Durable Equipment by Type in ConstantDollars: Annually

1946-74 1701929-45 348

5.8 Change in Nonfarm Business Inventories by Legal Form of Organization andby Industry: Annually

1946-74 1721929-45 349

6.1 Gross National Product and Its Components by Industry: Annually, 1947-74 1786.2 Gross National Product by Industry in Constant Dollars: Annually, 1947-74 1846.3 National Income Without Capital Consumption Adjustment by Industry :

Annually, 1929-74 1866.4 National Income Without Capital Consumption Adjustment by Industry:

Annually and Seasonally Adjusted Quarterly Totals at Annual RatesAnnually, 1929-74 190Quarterly, 1946-74 190

6.5 Compensation of Employees by Industry: Annually, 1929-74 1946.6 Wages and Salaries by Industry: Annually, 1929-74 1986.7 Full-Time and Part-Time Employees by Industry: Annually, 1929-74 2026.8 Full-Time Equivalent Employees by Industry: Annually, 1929-74 2066.9 Wages and Salaries Per Full-Time Equivalent Employee by Industry:

Annually, 1929-74 2106.10 Hours Worked by Full-Time and Part-Time Employees by Industry:

Annually, 1948-74 2146.11 Hours Worked by Persons Engaged in Production by Industry: Annually, 1948-74... 2166.12 Employer Contributions for Social Insurance by Industry: Annually, 1948-74 2166.13 Other Labor Income by Industry and by Type: Annually, 1948-74 2186.14 Nonfarm Proprietors' Income Without Inventory Valuation and Capital Consumption

Adjustments by Legal Form of Organization and Industry: Annually, 1929-74 2206.15 Capital Consumption Allowances of Noncorporate Business by Legal Form

of Organization and Industry: Annually, 1929-74 2226.16 Inventory Valuation Adjustment to Nonfarm Incomes by Legal Form of

Organization and Industry: Annually, 1929-74 2246.17 Net Interest by Industry: Annually, 1929-74 2266.18 Corporate Profits by Industry: Annually and Seasonally Adjusted Quarterly

Totals at Annual RatesAnnually, 1929-74 228Quarterly, 1946-74 232

6.19 Corporate Profits Before Tax by Industry: Annually, 1929-74 2406.20 Federal, State, and Local Corporate Profits Tax Liability by Industry:

Annually, 1929-74 2446.21 Corporate Profits After Tax by Industry: Annually, 1929-74 2486.22 Net Corporate Dividend Payments by Industry: Annually, 1929-74 2526.23 Undistributed Corporate Profits by Industry: Annually, 1929-74 2566.24 Corporate Capital Consumption Allowances by Industry: Annually, 1929-74 260

7. Implicit Price Deflators and Price Indexes

7.1 Implicit Price Deflators for Gross National Product: Annually andQuarterly Seasonally Adjusted


7.2 Fixed-Weighted Price Indexes for Gross National Product, 1972 Weights:Annually and Quarterly Seasonally Adjusted, 1958-74 268


7.3 Implicit Price Deflators for Gross National Product by Major Type ofProduct: Annually and Quarterly Seasonally Adjusted

Annually, 1946-74 270Quarterly, 1947-74 270Annually. 1929-45 350

7.4 Implicit Price Deflators for Gross National Product by Major Type ofProduct and Purchaser: Annually, 1947-74 272

7.5 Implicit Price Deflators for Gross National Product by Sector and Industry:Annually and Quarterly Seasonally Adjusted

Annually, 1946-74 272Quarterly, 1947-74 274Annually. 1929-45 350

7.6 Implicit Price Deflators for the Relation of Gross National Product, NetNational Product, and National Income: Annually and Quarterly SeasonallyAdjusted


7.7 Implicit Price Deflators for Net National Product and National Income by Sectorand Industry: Annually and Quarterly Seasonally Adjusted


7.8 Current-Dollar Cost and Profit Per Unit of Constant-Dollar Gross DomesticProduct of Nonfinancial Corporate Business: Annually and QuarterlySeasonally Adjusted.1948-74 282

7.9 Implicit Price Deflators for Auto Output: Annually and Quarterly SeasonallyAdjusted, 1947-74 286

7.10 Implicit Price Deflators for Farm Output, Gross Product, and Income: Annually1946-74 2881929-45 351

7.11 Implicit Price Deflators for Personal Consumption Expenditures by MajorType of Product: Annually and Quarterly Seasonally Adjusted


7.12 Implicit Price Deflators for Personal Consumption Expenditures byType of Product: Annually

1946-74 2921929-45 352

7.13 Implicit Price Deflators for Purchases of Structures by Type: Annually1946-74 '. 2941929-45 353

7.14 Implicit Price Deflators for Private Purchases of Producers' DurableEquipment by Type: Annually

1946-74 2961929-45 353

7.15 Implicit Price Deflators for Gross National Product, by Industry: Annually, 1947-74 . 296

8.4 Corporate Profits with Inventory Valuation Adjustment and Without CapitalConsumption Adjustment: Quarterly Totals Not Seasonally Adjusted, 1946-74 ... 306

8.5 Relation of Corporate Profits, Taxes, and Dividends in the National Incomeand Product Accounts (NIPA's) to Corresponding Totals as Published by theInternal Revenue Service (IRS): Annually

1946-72 3081929-45 358

8.6 Relation of Nonfarm Proprietors' Income Without Inventory Valuation and CapitalConsumption Adjustments of Sole Proprietorships and Partnerships in the NationalIncome and Product Accounts (NIPA's) to Corresponding Totals as Published bythe Internal Revenue Service (IRS): Annually, 1959-72 308

8.7 Relation of Capital Consumption Allowances in the National Income and ProductAccounts (NIPA's) to Depreciation and Amortization as Published by the InternalRevenue Service (IRS): Annually

1946-74 3101929-45 359

8.8 Selected Per Capita Income and Product Series in Current and Constant Dollarsand Population of the United States: Annually, 1929-74 312

8.9 Percent Change from Preceding Period in Gross National Product in Currentand Constant Dollars, Implicit Price Deflators, and Price Indexes: Annuallyand Quarterly Seasonally Adjusted at Annual Rates

Annually, 1947-74 312Quarterly. 1947-74 316Annually, 1929-46 359

8. Supplementary Tables

8.1 Gross National Product: Receipts and Expenditures by Major EconomicGroup: Annually

1946-74 2981929-45 354

8.2 Monetary and Imputed Interest Flows: Annually, 1946-74 3028.3 Imputations in the National Income and Product Accounts: Annually

1946-74 3041929-45 356


INTRODUCTION

This report presents the full set of estimates that resulted from acomprehensive benchmark revision of the national income and pro-duct accounts (NIPA's)of the United States that was completed inJanuary 1976.

Definitions of the entries in the NIPA's and of the sectors of theeconomy are provided in this report. A discussion of the conceptualframework of the NIPA's and of the statistical sources and estimatingmethods used to derive the estimates appears in the followingpublications: National Income, 1954 Edition, a Supplement to theSURVEY OF CURRENT BUSINESS; U.S. Income and Output (1958), aSupplement to the SURVEY OF CURRENT BUSINESS; "The NationalIncome and Product Accounts of the United States: RevisedEstimates, 1929-64," SURVEY OF CURRENT BUSINESS, August 1965;and "The National Income and Product Accounts of the UnitedStates: Revised Estimates, 1929-74," SURVEY OF CURRENT BUSINESS.January 1976, Part I. Selections from this material are included inReadings in Concepts and Methods of National Income Statistics,.This publication is available from the National Technical InformationService, Springfield, Virginia 2 2 1 6 1 , accession number PB 251 329,$10.00 per copy.

ACKNOWLEDGMENTS

To Allan H. Young, Chief of the National Income and Wealth Divi-sion, goes the major credit for planning and carrying through thisbenchmark revision of the national income and product accounts ofthe United States. Second in command of this formidable undertak-ing was John A . Gorman, Associate Chief of the National Income andWealth Division until his recent change of assignment. Charles A.Waite, Chief of the Government Division, directed a major part of thework. Martin L Marimont, Associate Director for National EconomicAccounts, provided guidance.

The detailed statistical work of building up the revised estimateswas done in the National Income and Wealth and the GovernmentDivisions. Robert P. Parker, Assistant Chief of the National Incomeand Wealth Division, and Joseph C. Wakefield, Assistant Chief of theGovernment Division, supervised major segments of this work.

BEA staff that made significant contributions to the revisions islisted below.

Personal consumption expendituresJAMES C. BYRNES.GoodsLeo M. Bernstein, Moses J. Branch, Thomas B. Petska.ServicesAnne L Probst, Ellen B. Arroyo.

Investment GERALD F. DONAHOE. Fixed investment StephenP. Baldwin, Ann H. Cravens, Larry R. Moran, Teresa L Weadock.InventoriesJohn C. Hinrichs, Anthony D. Eckman, Mary K.Osinalde.

Personal incomeMARY HOOK. Wages and salariesPaulineM. Cypert, F. Beatrice Coleman. Other labor incomeChester F.Michewicz. Rental income of personsFrank A. Szumilo. InterestJeanette M. Honsa. Employment and hoursRobert T. Clucas. Othercontributors to the personal income estimates were Ross H. Arnett,Beulah B. Davis, Bonnie S. Lawrence, Imogene C. Petersen, Mary V.Pitts, and Mark S. Rees.

Business incomeJACQUELIN BAUMAN, Willie J. Abney,Dorothy G. Collins, V. May Hargreaves, David E. Henderson, RobertM. Lipovsky, Kenneth A. Petrick, Jerry L. Stone, Conrad M. Terry.

Farm outputSHELBY W. HERMAN.Price indexes and capital consumption adjustmentJOHN C.

MUSGRAVE, Gerald Silverstein.Federal Government transactionsJOSEPH C. WAKEFIELD.

National defenseWalter H. Bennett, Robert J. Shue. Transfer pay-ments and supplementsDavid T. Dobbs, Robert Boyd.NondefenseSarah A. Hulsey, Stephen C. Lehman, Robert S. Luke,Steven M. Nunes, Deloris T. Tolson. Constant dollar estimatesJohn N. Wells, Hermione A. Anglin.

State and local government transactions DAVID J. LEVIN.ExpendituresPaul Schneiderman, Barbara G. Hobson. ReceiptsDonald L Peters.

Gross national product by industryJACK GOTTSEGEN, MarilynE. Baker, William Gullickson, Vesta C. Jones, Kwok Lee, Sherlene K.S. Lum.

Computer servicesNorman E. Bakka, Alexie M. Malcolm, Lou L.Pai.

SecretarialNancy C. Beltz, Eunice V. Blue, Linda M. Brown,Ruby J. Gore, Lula M. Thompson, June P. Trammell, Evelyn Waltz,Teresa A. Williams, Dorothy A. Wilson.

Layout and graphicsBILLY JO HURLEY, Sybella G'Schwend,Judith A. Hefford, Charles W. Robinson.


DEFINITIONS UNDERLYING THE NATIONALINCOME AND PRODUCT ACCOUNTS

Definitions of NIPA Entries

Income and product aggregates are defined below, and theirdefinitions are amplified by definitions of their components. Aspectsof the aggregates and their components that are not apparent fromtheir titles are emphasized.

The definitions are presented in the framework of the five-accountsummary of the national income and product accounts (NIPA's)shown in table A. Entries in a given account have counterentnes inanother. The parenthetical numbers that follow entries identify thesecounterentries by account and line number. In general, entries aredefined below in the sequence in which they appear in the accounts.Their definition is not repeated when the counterentries appear, but across-reference is made to the place of their first appearance. Thedefinitions of GNP, national income, and some other productionaggregates can be found in the first two sections, which define theentries in the NIP account. Definitions of personal income and dis-posable personal income can be found in the section that defines theentries in the personal income and outlay account.

Gross private domestic investment (1-30) is fixed capital goodspurchased by private business and nonprofit institutions, and thevalue of the change in the physical volume of inventories held byprivate business. The former include all private purchases of dwell-ings, whether purchased for tenant or owner occupancy. Netpurchases of used goods are also included.

Net exports of goods and services (1 -38) and (1 -39) is exports lessimports of goods and services. Exports are part of national produc-tion. Imports are not, but are included in the components of GNP, andare therefore deducted. There are differences between the NIPAmeasures of exports and imports and those in the detailed balance ofpayments accounts.

Government purchases of goods and services (1-40) is the com-pensation of government employees and purchases from businessand from abroad. It excludes transfer payments, interest paid bygovernment, and subsidies. It includes gross investment by govern-ment enterprises, but excludes their current outlays. It includes netpurchases of used goods, and excludes sales and purchases of landand financial assets.

NIP account: gross national product

GNP is the market value of the goods and services produced bylabor and property supplied by residents of the United States, beforededuction of depreciation charges and other allowances for businessand institutional consumption of fixed capital goods. Other productscharged to expense by business are deducted. GNP comprises thepurchases of goods and services by persons and government, grossprivate domestic investment (including the change in business inven-tories), and net exports (exports less imports).

Persona/ consumption expenditures (1-26) is goods and servicespurchased by individuals, operating expenses of nonprofit institutions,and the value of food, fuel, clothing, rent of dwellings, and financialservices received in kind by individuals. Net purchases of used goodsare also included. All private purchases of dwellings are classified asgross private domestic investment.

NIP account: charges against gross national product

Charges against GNP is the costs incurred and the profits earned inthe production of GNP. Accordingly, it equals GNP, except for thestatistical discrepancy. Inthe NIPA's, these charges are arranged intwo groups. The first of thesecompensation of employees,proprietors' income, rental income of persons, corporate profits, andnet interest are factor charges, because they represent the incomesof the factors of production (labor and property). The total of factorincomes is called the national income. The second group consists ofnonfactor charges. Addition of business transfers, indirect businesstaxes, and current surplus of government enterprises less subsidieswhich are included in this groupto national income equals chargesagainst net national product (and net national product). Addition ofcapital consumption allowancesthe remaining item in the nonfac-tor cost groupto charges against net national product equals, inprinciple, charges against GNP (and GNP). In practice, a statisticaldiscrepancy is also entered to secure balance between GNP and the

^factor and nonfactor charges against it.

VII


The aggregates that have been enumerated so far differ from eachother because of distinctions that are made between market valueand factor cost concepts, and gross and net concepts. GNP as derivedabove is a gross market value measure; national income is a net fac-tor cost measure; and net national product is a net market valuemeasure. In principle, four measures of production can be derivedfrom these two distinctions. In the United States, the following threehave been found most useful: GNP, which has already been defined,and net national product and national income, which are definedbelow.

Net national product is the net market value of the goods and ser-vices produced by labor and property supplied by residents of theUnited States. Net national product equals GNP less capital con-sumption allowances, which are deducted from gross privatedomestic fixed investment to express it on a net basis.

National income is the incomes that originate in the production ofgoods and services attributable to labor and property supplied by resi-dents of the United States. Thus, it measures the factorcostsof goodsand services produced. Incomes are recorded in the forms in whichthey accrue to residents, and are measured before deduction of taxeson those incomes. They consist of the compensation of employees,proprietors' income, rental income of persons, corporate profits, andnet interest.

Compensation of employees is the income accruing to employeesas remuneration for their work. It is the sum of wages and salariesand supplements to wages and salaries.

Wages and salaries consists of the monetary remuneration ofemployees, including the compensation of corporate officers; com-missions, tips, and bonuses; and receipts in kind that represent in-come to the recipients. It consists of disbursements (1-3) and wageaccruals less disbursements (1-4). Disbursements is wages andsalaries as just defined except that retroactive wages are countedwhen paid rather than when earned.

Supplements to wages and salaries consists of employer, con-tributions for social insurance and of other labor income. Employercontributions for social insurance (1-6) includes employer paymentsunder the following programs: Federal old-age, survivors, disability,and hospital insurance; State unemployment insurance; railroadretirement and unemployment insurance; government retirement;and publicly administered workman's compensation. Other labor in-come (1-7) includes employer contributions to private pension andwelfare funds, and directors' fees.

Proprietors' income with inventory valuation and capital consump-tion adjustments (1-8) is the monetary income and income in kind ofsole proprietorships and partnerships, including the independentprofessions, and of producers' cooperatives. Interest and dividend in-come received by proprietors, and rental incomes received by personswho are not primarily engaged in the real estate business are ex-cluded. The inventory valuation adjustment is described under cor-porate profits and the capital consumption adjustment under capitalconsumption allowances.

Rental income of persons with capital consumption adjustment (1 -9) is the monetary income of persons from the rental of real property.

except the income of persons primarily engaged in the real estatebusiness; the imputed net rental income of owner-occupants of non-farm dwellings; and the royalties received by persons from patents,copyrights, and rights to natural resources. The capital consumptionadjustment is described under capital consumption allowances.

Corporate profits with inventory valuation and capital consumptionadjustments is the income of corporations organized for profit and ofmutual financial institutions that accrues to residents, measuredbefore profits taxes, before deduction of depletion charges, after ex-clusion of capital gains and losses, and net of dividends received fromdomestic corporations. In addition to profits earned in domesticoperations, corporate profits includes net receipts of dividends andbranch profits from abroad. In other major respects,profits are definedin accordance with Federal income tax regulations. The capital con-sumption adjustment is described under capital consumptionallowances.

Profits before tax is corporate profits without inventory valua-tion and capital consumption adjustments.

Profits tax liability (1 -12) is Federal, State, and local taxes oncorporate income.

Profits after tax is profits before tax less profits tax liability. Divi-dends (1-14) is cash dividents paid by corporations organized forprofit to stockholders who are U.S. persons. Undistributed profits(1 -15) is corporate profits before tax less corporate profits tax liabilityand less dividends. It equals the change in corporate net worth stem-ming from current operations. It may also be viewed as the sum ofpurchases of fixed assets, the change in the book value of corporateinventories, and the net acquisition of financial assets, less the sum ofcapital consumption allowances, net borrowing, and net stock issues.

Inventory valuation adjustment (1-16) is the change in thebusiness inventories component of GNP (CBI), which is measured asthe change in the physical volume of inventories valued in prices of thecurrent period, less the change in the value of inventories reported bybusiness (book value). The IVA is required because, according to theinventory accounting methods used by business, the change in bookvalues generally differs from the CBI. Measurement of inventorychange as physical volume change valued in prices of the currentperiod conforms its treatment to that of all other components of GNP.An alternative definition of the IVA as the excess of the replacementcost of inventories used up over their historical acquisition cost isoften helpful. That this definition is equivalent to the definition statedabove follows from the fact that, according to all methods of inven-tory valuation used by business, inventory purchases in an accountingperiod are reflected in book values in the prices of that accountingperiod. To make the measurement of charges against GNP consistentwith GNP, the IVA must be applied to reported corporate profits andproprietors' income, because these are based on the same accountingmethods that underlie the book value of inventories.

Net interest (1-18) is interest paid by domestic business less in-terest received by it, plus net interest received from abroad. In addi-tion to monetary interest flows, net interest includes flows of interestin kind (imputed interest). The latter have their counterparts in similarservice charges. The portion of the imputed interest flows that isallocated to consumers and government is a component of net in-

viii


terest and the associated service charges are included in PCE andgovernment purchases.

Business transfer payments (1-20) includes corporate gifts to non-profit institutions and bad debts incurred by consumers. Most of PCEis stated before deduction of consumer bad debts; corporate profitsand proprietors' income are stated after allowance for bad debts. Ac-cordingly bad debts have to be entered explicitly among the chargesagainst GNP. They are entered as a component of businesses transferpayments because, like gifts, they fit into the general category oftransfer payments, which are defined as payments to persons forwhich the latter do not perform current services.

Indirect business tax and nontax liability (1-21) consists of taxliabilities (except employer contributions for social insurance) that arechargeable to business expense in the calculation of profit-type in-comes, and of certain other business liabilities to general governmentthat it is convenient to treat like taxes. Indirect business taxes in-cludes sales, excise, and property taxes. Taxes on corporate incomeare excluded because such taxes cannot be calculated until profits areknown, and in that sense, are not a business expense. Nontaxes in-cludes regulatory and inspection fees, special assessments, fines andpenalties, rents, and royalties, and donations. Nontaxes generally ex-cludes business purchases from government of goods and servicesthat are similar to business purchases of intermediate products fromother businesses. Government receipts from the sale of such productsare netted against government purchases so that they do not appearin GNP and other measures of production.

Subsidies less current surplus of government enterprises (1-22).Subsidies is the monetary grants paid by government to business, in-cluding government enterprises at another level of government. Thecurrent surplus of government enterprises is their sales receipts lesstheir current outlays. In the calculation of their current surplus, nodeduction is made for depreciation charges and net interest paid.Subsidies and current surplus are often combined because govern-ment enterprises may incur deficits by selling goods to businesses atlower than market prices in lieu of giving them subsidies. This is alsothe major reason for not counting the current surplus of governmententerprises as a profit-type income and, accordingly, as part of factorcharges.

Statistical discrepancy (1-23) is GNP less charges against GNPother than the statistical discrepancy. It arises because GNP andcharges against GNP are estimated independently by a methodologythat is subject to error.

Capital consumption allowances with capital consumption adjust-ment (1-25). Capital consumption allowances consists of deprecia-tion charges and accidental damage to fixed business capital. Fornonfarm business, they are as reported on Federal income taxreturns. For farms, nonprofit institutions, and owner-occupiedhouses, depreciation charges are not based on income tax returns,but instead are NIP calculations. Capital consumption adjustment ( 1 -17) is the tax return-based capital consumption allowances lesscapital consumption allowances that are based on estimates ofeconomic service lives, straight-line depreciation, and replacementcost.

Personal income and outlay account

Personal income is the income received by persons from allsources, that is, from participation in production, from transfer pay-ments from government and business, and from government interest,which is treated like a transfer payment. Persons consist of in-dividuals, nonprofit institutions, private noninsured welfare funds, andprivate trust funds. Proprietors' income is treated in its entirety asreceived by individuals. Life insurance carriers and private noninsuredpension funds are not counted as persons, but their saving is creditedto persons. Personal income is the sum of wage and salary disburse-ments, other labor income, proprietors' income, rental income ofpersons, dividends, personal interest income, and transfer payments,less personal contributions for social insurance.

Disposable personal income is personal income less personal taxand nontax payments. It is the income available to persons forspending or saving.

Wage and salary disbursements (see 1-3).Other labor income (see 1-7).

Proprietors' income with inventory valuation and capital consump-tion adjustments (see 1-8).

Rental income of persons with capital consumption adjustment(see 1-9).

Dividends (see 1-14).

Personal interest income is the interest income of persons from allsources. It is the sum of net interest (see 1-18), plus interest paid bygovernment to persons and business (2-14) less interest received bygovernment (2-15) plus interest paid by consumers to business (2-16). The last item consists of all interest paid by individuals in theircapacity as consumers, and accordingly excludes interest paymentson mortgages and home improvement loans, because homeownersare treated as businesses in the NIPA's. The derivation of personal in-terest income can be explained as follows. Net interest equals in-terest paid by producers (that is, business and U.S. residents supply-ing labor and property services to abroad) to persons and governmentless interest received by producers from consumers and government.It therefore falls short of interest received by persons from producersby the amount of interest received by producers from consumers andgovernment, and exceeds interest received by persons fromproducers by the amount of interest received by government fromproducers. Accordingly, the former is added to net interest, and thelatter is deducted, to obtain personal interest income.

Transfer payments to persons is income payments to persons,generally in monetary form, for which they do not render current ser-vices. It consists of business transfer payments (see 1-20) andgovernment transfer payments (2-19). Government transfer pay-ments include payments under the following programs: Federal old-age, survivors, disability, and hospital insurance; supplementarymedical insurance; State unemployment insurance; railroad retire-ment and unemployment insurance; government retirement;workmen's compensation; veterans, including veterans life insurance;

IX


food stamp; black lung; supplemental security income; and directrelief. Government payments to nonprofit institutions, other than forwork under research and development contracts, is also included.

Personal contributions for social insurance (2-20) includes pay-ments by employees, self-employed, and other individuals who par-ticipate in the following programs: Federal old-age, survivors, dis-ability, and hospital insurance; supplementary medical insurance;State unemployment insurance; railroad retirement insurance;government retirement; and veterans life insurance.

Personal tax and nontax payments (2-1) is tax payments (net ofrefunds) by persons (except personal contributions for social in-surance) that are not chargeable to business expense, and of certainother personal payments to general government that it is convenientto treat like taxes. Personal taxes includes income, estate and gift,and personal property taxes. Nontaxes includes passport fees, finesand penalties, donations, and tuitions and fees paid to schools andhospitals operated mainly by government. Nontaxes generally ex-cludes purchases by persons from government of goods and servicesthat are similar to goods and services purchased by persons frombusiness.

Personal outlays is personal consumption expenditures (see 1-26),interest paid by consumers to business (see 2-16) and Personaltransfer payments to foreigners, net (2-5). The last item is personalremittances in cash and in kind to abroad less such remittances fromabroad.

Personal saving (2-6) is personal income less the sum of personaloutlays and personal tax and nontax payments. It is the current savingof individuals (including proprietors), nonprofit institutions, privatenoninsured welfare funds, and private trust funds. Personal savingequals the change in the net worth of persons, which may also beviewed as the sum of net acquisition of financial assets (such as cashand deposits, securities, and the net equity of individuals in life in-surance and in private noninsured pension funds) and physical assetsless the sum of net borrowing and of capital consumption allowances.

persons and business (see 2-14) and interest paid to foreigners (3-8).Interest paid to foreigners is interest paid by the U.S. Government toforeign businesses, governments, and persons.

Subsidies less current surplus of government enterprises (see 1 -22).

Wage accruals less disbursements (see 1 -4).

Surplus or deficit (-), national income and product accounts (3-12)is government expenditures less government receipts as defined inthe NI PA's. It may also be viewed as the net acquisition of financialassets by general government and government enterprises, and netgovernment purchases of land and of rights to Government-ownedland including oil resources.

Gross saving and investment account

Personal saving (see 2-6).Wage accruals less disbursements (see 1 -4).Undistributed corporate profits with inventory valuation and

capital consumption adjustments (see 1-15, 1-16, and 1-17).

Capital consumption allowances with capital consumption adjust-ment (see 1-25).

Government surplus or deficit (-), national income and product ac-counts (see 3-12).

Capital grants received by the United States, net (see 4-2).Statistical discrepancy (see 1-23).Gross private domestic investment (see 1-30).Net foreign investment (see 4-8).

Government receipts and expenditures account

Personal tax and nontax payments (see 2-1).Corporate profits tax liability (see 1-12).Indirect business tax and nontax liability (see 1-21).Contributions for social insurance (see 1-6 and 2-20).Purchases of goods and services (see 1-40).

Transfer payments is transfer payments to persons (see 2-19) andtransfer payments to foreigners, net (3-4). The latter is U.S. Govern-ment nonmilitary grants to foreign governments in cash and in kind,and of U.S. Government transfer payments, mainly retirementbenefits, to former residents of the United States.

Net interest paid is interest paid by government less interestreceived by government (see 2-15). The former is interest paid to

Foreign transactions account

Imports of goods and services (see 1 -39).Transfer payments to foreigners (see 2-5 and 3-4).Interest paid by government to foreigners (see 3-8).

Net foreign investment (4-8) is U.S. exports of goods and servicesand capital grants received by the United States, net (see below), lessimports of goods and services by the United States, transfer pay-ments to foreigners (net), and U.S. Government interest paid to foreigners. It may also be viewed as the acquisition of foreign assets byU.S. residents less the acquisition of U.S. assets by foreign residents.It includes the errors and omissions item in the detailed balance ofpayments accounts.

Exports of goods and services (see 1-38).Capital grants received by the United States, net (4-2) is mainly

the allocation of special drawing rights to the United States.


Definitions of Sectors

In addition to the breakdown of GNP that appears in the five-account summary of the NIPA's, GNP can be broken down bysectorsbusiness, households and institutions, government and therest of the world.

Business consists of all organizations that produce goods and ser-vices for sale at a price intended at least to approximate costs ofproduction. In the main, it covers private enterprises organized forprofit, both corporate and noncorporate, including farm operators, theindependent professions, and lessors of real property. Mutual finan-cial institutions, private noninsured pension funds, cooperatives, non-profit organizations serving business, Federal Reserve banks, andfederally sponsored credit agencies are also included, as well asgovernment enterprises. Owner-occupied dwellings and buildingsowned by nonprofit institutions serving individuals are considered tobe business establishments selling their current services to theirowners.

The business sector accounts for the bulk of GNP, and like GNP,can be measured either in terms of the value of the goods and ser-vices it produces or in terms of the costs incurred and the profitsearned in its production.

Households and institutions consists of households of families andunrelated individuals; nonprofit institutions serving individuals;private trust funds; and private noninsured welfare funds. Its produc-tion is measured by the compensation of its employees.

Government consists of all Federal and State and local govern-ment agencies except government enterprises. Its production ismeasured by the compensation of its employees.

Rest of the world consists of foreigners as transactors with U.S.residents. Its production is measured by its net payments of labor andproperty incomes to the United States.

For some purposes it is useful to have a measure of productionthat excludes rest-of-the-world production. This is the gross domesticproduct which is the market value of the goods and servicesproduced by labor and property located in the United States.

XI


Table A1.National Income and Product Account

[Billions of dollars]

Line

Compensation of employees 873.0Wagesand salaries 763.1

Disbursements (2-7) 763.6Wage accruals less disbursements (3-11)+(5-4) - . 5

Supplements to wages and salaries 110.0Employer contributions for social insurance (3-19) 55.5Other labor income (2-8) 54.5

Proprietors' income with inventory valuation and capital consumptionadjustments (2-9) 85.1

21.0

91.3.. 132.1

52.679.531.148.4

Inventory valuation adjustment (5-7) -38.5Capital consumption adjustment (5-8) -2.3

Rental income of persons with capital consumption adjustment (2-10).Corporate profits with inventory valuation and capital consumptionadjustments

Profits before taxProfits tax liability (3-16)Prof its after tax

Dividends (2-11)Undistributed profits (5-6)

Net interest (2-13). 70.7NATIONAL INCOME 1.141.1

Business transfer payments (2-18) 5.8Indirect business tax and nontax liability (3-17) 127.3Less: Subsidies less current surplus of government enterprises (3-10) .7Statistical discrepancy (5-12) - . 6CHARGES AGAINST NET NATIONAL PRODUCT 1,272.9

Capital consumption allowances with capital consumption adjustment (5-9) .... 134.0CHARGES AGAINST GROSS NATIONAL PRODUCT 1,406.9

26272829

30313233343536

373839

4041424344

Personal consumption expenditures (2-3).Durable goodsNondurable goodsServices

Gross private domestic investment (5-1).Fixed investment

NonresidentialStructuresProducers' durable equipment...

ResidentialChange in business inventories

Net exports of goods and services.Exports (4-1)Imports (4-3)

Government purchases of goods and services (3-1).Federal

National defenseNondefense

State and local

885.9121.9375.7388.3

212.2202.5147.954.493.554.69.7

7.7144.2136.5

301.1111.777.434.3

189.4

GROSS NATIONAL PRODUCT. 1.406.9

2.Personal Income and Outlay Account

Personal tax and nontax payments (3-15) 171.2909.5885.9

22.61.0

Personal outlaysPersonal consumption expenditures (1-26)Interest paid by consumers to business (2-16)Personal transfer payments to foreigners (net) (4-5).

Personal saving (5-3) 74.0

PERSONAL TAXES. OUTLAYS. AND SAVING 1.154.7

7

8

9

10

11

1213141516

171819

20

Wage and salary disbursements (1-3).Other labor income (1-7)Proprietors' income with inventory valuation and capital consumptionadjustments (1-8)

Rental income of persons with capital consumption adjustment (1-9).Dividends (1-14)Personal interest income

Net interest (1-18)Interest paid by government to persons and business (3-7)Less: Interest received by government (3-9)Interest paid by consumers to business (2-4)

Transfer payments to personsFrom business (1-20) ,From government (3-3)

Less: Personal contributions for social insurance (3-20)

763.6

54.5

85.1

21.0

31.1

106.570.729.216.022.6

140.45.8

134.5

47.4

PERSONAL INCOME 1,154.7


Summary National Income and Product Accounts, 19743.Go nt Receipts and Expenditures Account

[Billions of dollars]

Line

Purchases of goods and services (1-40) 301.1Transfer payments 137.7

To persons {2-19) 134.5To foreigners (net) (4-6) 3.2

Net interest paidInterest paid

To persons and business (2-14)To foreigners (4-7)

Less: Interest received by government (2-15)Subsidies less current surplus of government enterprises (1-22).Less: Wage accruals less disbursementsSurplus or deficit (), national income and product accounts (5-10).

FederalState and local

GOVERNMENT EXPENDITURES AND SURPLUS

17.533.529.24.3

16.0

.7

- . 5

-3.6-11.7

8.1

453.9

15

16

17

181920

Personal tax and nontax payments (2-1)Corporate profits tax liability (1-12)Indirect business tax and nontax liability (1-21).Contributions for social insurance .

Employer (1-6)Personal (2-20)

171.2

52.6

127.3

102.955.547.4

GOVERNMENT RECEIPTS 453.9

4.Foreign Tn

Exports of goods and services (1-38)Capital grants received by the United States (net) (5-11).

144.2

-2.0

RECEIPTS FROM FOREIGNERS. 142.2

456

7

8

Imports of goods and services (1-39) 136.54,21.03.2

Transfer payments to foreigners (net).From persons (net) (2-5)From government (net) (3-4)

Interest paid by government to foreigners (3-8).Net foreign investment (5-2)

PAYMENTS TO FOREIGNERS

4.3

-2.8

142.2

5.Gross Saving and Investn

Gross private domestic investment (1-30).Net foreign investment (4-8)

212.2

-2.8

GROSS INVESTMENT . 209.5

3

4

5

678

9

10

11

12

Personal saving (2-6)Wage accruals less disbursements

Undistributed corporate profits with inventory valuation and capitalconsumption adjustments

Undistributed corporate profits (1-15)Inventory valuation adjustment (1-16)Capital consumption adjustment (1-17)

74.0

.0

7.648.4

-38.5-2.3

Capital consumption allowances with capital consumption adjustment (1 -25).. 134.0Government surplus or deficit (), national income and product accounts

(3-12)Capital grants received by the United States (net) (4-2).Statistical discrepancy (1-23)

GROSS SAVING AND STATISTICAL DISCREPANCY .

-3.6

-2.0

-.6

209.5

1. Numbers in parentheses indicate accounts and items of counterentry in the accounts. Revised es-timates for 1974 will be shown in the July 1976 SURVEY OF CURRENT BUSINESS. Further revisions will beshown in the July 1977 SURVEY OF CURRENT BUSINESS.


THE NATIONAL INCOME AND PRODUCT ACCOUNTS

1. Gross National Product, Net National Product, and National Income, 1946-74

Table 1.1.Gross National Product: Annually, 1946-74, and[Millions of

Line 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957

21

Gross national product.Personal consumption expenditures

Durable goodsNondurable goods..Services..

Gross private domestic investment..

Fixed investmentNonresidential.

StructuresProducers' durable equipment.

ResidentialNonfarm structuresFarm structuresProducers' durable equipment.

Change in business inventoriesNonfarmF a r m . .

209,579143,808

15,75682,72845,32430,65124 27216[7686,8239,9457,5046,808

519177

6,3796,350

Net exports of goods and services-Exports..Imports-

Government purchases of goods andservices.

FederalNational defense.Nondefense

State and local

7,572

14,8117,239

27,548

17,61714,7892,8289,931

232,757

161,742

20,43190,87950,432

33,952

34,41422,8897,57315,31611,52510,527

697301

4621,298

-1,760

11,610

19,8378,227

25,453

12,6989,0483,65012,755

259,079

174,749

22,85596,58255,312

45,855

41,14726,178

17,28014,96913,766

873330

4,7082,9761,732

6,511

16,88210,371

31,964

16,70010,6686,03215,264

258,023

178,135

25,04794,85558,233

35,277

38,35224,2838,55115,73214,06912,933

837299

3,075-2,209

6,219

15,8599,640

38,392

20,41013,1877,22317,982

286,172

191,966

30,75498,22662,98653,815

47,02627,1379,338

,17,79919,88918,729

785375

6,7896,000789

1,898

13,91412,016

38,493

18,72413,9954,72919,769

330,183

207,066

29, 814108,77368,479

59,180

48,88431,14011,26619,87417,74416,557

816371

10,2969,0571,239

3,838

18,93215,094

60,099

38,32233,4874,83521,777

347,178

217,093

29,148113,89974,046

52,109

48,97631,20211,50819,69417,77416,639

767368

3,1332,146987

2,394

18,20415,810

75,582

52,36545,8386,52723,217

366,129

229,665

32,499116,53080,636

53,349

52.90234,30112,77021,53118,60117,450

765386447

1,068-621

591

17,14516,554

82,524

57,53048,5948,93624,994

366,306

235,841

31,840117,95186,050

52,715

54,25833,97813,16620,81220,28019,178

711391

1,543-2,129

586

1,990

18,00116,011

75,760

47,93341,1126,82127,827

399,266

253,665

38,621122,93392,111

68,377

62,42438,31714,42923,88824,10723,041

634432

5,9535,486467

2,218

20,04517,82775,006

44,45538,4466,00930,551

420,691

266,007

37,887128,90099,220

71,022

66,32743,72017,37726,34322,60721,449

700458

4,6955,075-380

4,270

23,86019,590

79,392

45,90240,1565,74633,490

442,755

280,409

39,334135,154105,921

69,188

67,85346,67418,11328,56121,17920,043

681455

1,335801534

6,072

26,72420,652

87,086

49,96444,0175,94737,122

[Billions of

Line

1o

345g

789

1011121314151617

18192021

22232425

Gross national product -Personal consumption expenditures

Durable goodsNondurable goods . - -Services . . . _.

Gross nrivate domestic investment

Fixed investment .Nonresidential

StructuresProducers' durable equipmentResidentialNonfarm structuresFarm structures - - . .Producers' durable equipment

C hange in business inventoriesNonfarm _. --Farm - -- - -

Net exnorts of foods and services

Exports - -Imports.. .- --

Government purchases of goods andservices.

Federal -National defenseNondefense . .

State and local

1946

I

197.4134.512.678.943.0

24.518.613.05.67.35.75.1.5.1

5.96.0

.1

6.913.76.8

31.6

22.620.42.28.9

II

205.0139.614.780.644.4

31.522.715.56.98.67.26.5.5.2

8.88.7.1

7.7

14.97.2

26.2

16.814.42.39.4

III

215.3148.4

17.185.146.2

32.626.518.210.88.37.6.5.2

6.15.9.2

8.916.27.3

25.5

15.312.03.3

10.2

IV

220.4152.718.786.347.7

34.0

29.320.413.08.98.0.6.2

4.74.8

.16.9

14.57.6

26.9

15.812.33.5

11.1

1947

I

224.9156.019.487.748.8

32.732.322.314.910.09.0.6.3.4

1.51.1

11.619.47.8

24.6

12.69.43.2

12.0

II

229.1159.920.090.149.931.632.622.615.210.09.0.7.3

1.01.5

2.512.1

20.68.5

25.4

13.18.94.2

12.4

III

233.3

163.520.392.151.131.8

34.522.7

15.011.810.7

.7

.32.7.3

2.412.620.57.9

25.5

12.68.64.0

12.9

IV

243.6167.622.093.652.039.738.323.916.114.413.3

.8

.31.42.4

1.010.2

18.88.7

26.1

12.69.33.3

13.6

1948

I

249.6170.3

22.095.153.243.3

40.025.58.2

17.314.513.4

.8

.33.32.31.08.3

18.29.9

27.7

13.79.83.9

14.0

II

257.1174.022.497.054.646.141.025.48.7

16.715.614.4

.9

.35.12.92.26.2

16.610.330.7

15.910.35.6

14.8

III

264.0176.923.797.056.247.941.826.417.115.414.2

.9

.36.13.92.26.0

16.810.833.2

17.610.67.0

15.7

IV

265.5177.823.397.357.246.1

41.827.4

18.014.413.1

.9

.44.32.81.55.6

16.010.436.0

19.712.07.7

16.3

1949

I

260.1176.622.896.357.539.339.325.99.1

16.813.412.3

.9

.3

.0

.6.67.5

17.510.036.7

19.812.77.0

16.9

I I

256.6178.2

24.895.358.132.738.024.88.7

16.113.212.1

.8

.35.34.11.2

7.317.19.8

38.4

20.713.47.4

17.7

III

258.6177.625.893.558.335.737.423.58.3

15.214.012.9

.8

.31.7.6

1.1

6.215.59.3

39.1

20.713.67.0

18.5

IV

256.5180.1

26.894.359.033.438.623.08.1

14.915.714.6

.8

.35.34.7.53.9

13.39.5

39.2

20.513.17.4

18.7

Revised estimates for 1973 and 1974 will be shown in the July 1976 SURVEY OF CURRENTBUSINESS. Further revisions to the 1974 estimates will be shown in the July 1977 SURVEY OFCURRENT BUSINESS.



Seasonally Adjusted Quarterly Totals at Annual Rates, 1946-74dollars]

1958

448,881

289,461

36,846139,790112,825

61,916

63,40741,61916,74324,87621,78820,662

650476

-1,491-2,339

848

2,464

23,28620,822

95,040

53,90445,5658,33941,136

1959

486,465

310,768

42,436146,444121,888

77,552

72,32545,29717,04728,25027,02825,784

674570

5,2275,313-86

559

23,72523,166

97,586

53,89045,5978,29343,696

1960

505,978

324,903

43,109151,115130,679

76,444

72,68547,70318,17129,53224,98223,869

584529

3,7593,471288

4,372

27,59523,223

100,259

53,71144,4519,26046,548

1961

523,292

334,995

41,573155,286138,136

74,335

72,14347,09618,35628,74025,04723,823

703521

2,1921,918274

5,806

28,88223,076

108,156

57,37046,99510,37550,786

1962

563,817

355,217

46,703161,561146,953

85,188

78,68351,24819,42431,82427,43526,250

645540

6,5055,766739

5,378

30,60725,229

118,034

63,73851,05212,68654,296

1963

594,738

374,578

51,432167,067156,079

90,204

84,24153,59619,57834,01830,64529,398

655592

5,9635,172791

6,295

32,70926,414

123,661

64,63150,29614,33559,030

1964

635,743

400,381

56,320176,929167,132

96,604

90,80659,65521,46238,19331,15129,851

672628

5,7986,388-590

8,948

37,39328,445129,810

65,21849,04816,17064,592

1965

688,110

430,154

62,786188,626178,742

112,015

102,49671,25226,10945,14331,24429,949

608687

9,5198,4981,021

7,591

39,54831,957138,350

67,26849,44317,82571,082

1966

752,996

464,793

67,663204,685192,445

124,477

110,15781,41729,23752,18028,74027,375

673692

14,32014,480-160

5,060

42,77337,713158,666

78,83360,33018,50379,833

1967

796,312

490,358

69,646212,593208,119

120,829

110,73082,08329,49452,58928,64727,239

697711

10,0999,364735

4,937

45,56140,624180,188

90,92471,46219,46289,264

1968

868,465

535,932

79,995230,359225,578

131,526

123,82189,27231,59257,68034,54933,089

628832

7,7057,601104

2,280

49,93347,653198,727

98,01976,86821,151100,708

1969

935,541

579,711

85,478247,036247,197

146,200

136,82898,94935,66363,28637,87936,274

745860

9,3729,235137

1,753

54,69952,946207,877

97,46176,27221,189110,416

1970

982,419

618,796

84,931264,748269,117

140,814

137,039100,46137,66162,80036,57835,131

565882

3,7753,666109

3,946

62,46858,522218,863

95,64273,53722,105123,221

1971

1,063,436

668,171

97,087277,686293,398

159,969

153,615104,06039,33864,72249,55547,896

6521,0076,3545,0731,281

1,562

65,59564,033233,734

96,22070,23025,990137,514

1972

1,171,121

733,034

111,241299,347322,446

188,275

178,833116,82742,54374,28462,00660,281

6641,0619,4428,832610

-3,293

72,65675,949

253,105

102,12673,51328,613150,979

1973*

1,306,335

808,549

122,933334,354351,262

220,472

202,952136,47748,96487,51366,47564,659

6081,20817,52014,0513,469

7,368

101,51994,151

269,946

101,98173,37028,611167,965

1974*

1,406,911

885,862

121,938375,664388,260

212,218

202,471147,91654,40693,51054,55552,219

9921,3449,74711,609-1,862

7,746

144,224136,478

301,085

111, 69277,38034,312189,393

Line

1

2

345

6

g


Table 1.1.Gross National Product: Annually, 1946-74, and[Billions of

1966

III IV

1957

II III IV

1958

II III IV

1959

II III IV

Gross national productPersonal consumption expenditures

Durable goodsNondurable goodsServices

Gross private domestic investmentFixed investment

NonresidentialStructuresProducers' durable equipment

ResidentialNonfarm structures . . .Farm structuresProducers' durable equipment

Change in business inventoriesNonfarmFarm

Net exports of goods and servicesExportsImports

Government purchases of goods andservices.Federal

National defenseNondeft-nse

State and local

411.9261.437.6

127.296.5

70.864.842.016.625.422.721.6

.7

.56.06.6

- . 5

2.522.119.677.2

44.938.36.6

32.3

417.4

263.937.6

128.198.170.4

66.143.117.225.923.021.8

.7

.54.35.2

3.923.519.6

79.3

46.240.35.9

33.1

422.4

266.837.3

129.4100.171.3

67.244.617.826.822.621.4

.7

.54.14.4

4.6

24.519.979.7

45.840.25.6

33.9

430.9271.938.9

130.8102.1

71.667.345.218.027.222.121.0

.7

.44.34.1.2

6.125.319.281.3

46.741.94.8

34.6

438.9276.140.0

132.5103.6

69.867.846.118.028.221.620.4

.7

.52.12.0.1

6.827.620.8

86.2

50.343.37.0

35.9

441.0278.339.5

133.9104.9

69.867.546.318.228.121.220.0

.7

.52.32.0.3

6.427.320.9

49.943. 96.0

36.7

448.2282.839.1

137.2106.5

71.868.647.618.229.321.019.9

.7

.43.22.5.7

6.226.720.5

87.5

50.144.65.5

37.5

442.8284.438.8

136.9108.7

65.467.646.718.128.620.919.8

.7

.5- 2 . 2- 3 . 3

1.15.0

25.320.4

88.1

49.644.35.3

38.5

435.8284.036.8

137.6109.6

57.863.242.917.325.520.419.4

.7

.3- 5 . 4- 6 . 3

2.9

23.120.3

91.2

51.644.57.2

39.5

439.9286.836.0

138.9111.9

56.561.641.216.824.420.519.4

.6

.4- 5 . 1- 5 . 9

2.4

23.320.994.2

53.645.48.2

40.6

453.1291.736.7

140.8114.2

62.562.440.516.324.122.020.8

.6

.5

.1- . 8

.92.8

23.420.596.1

54.445.98.5

41.7

466.3295.438.0

141.9115.5

70.4

66.342.016.525.524.423.1

.7

.64.13.3.8

1.823.421.698.7

55.946.59.4

42.7

476.0303.541.2

144.3118.074.2

70.243.416.427.026.925.6

.6

.64.04.0.0.4

22.622.2

97.8

54.346.18.1

43.6

489.9309.143.0

145.6120.5

83.2

72.845.017.028.027.826.5

.7

.610.410.5- . 1

- . 4

22.923.498.0

54.345.58.8

43.7

486.5314.243.9

147.1123.2

73.673.646.417.429.027.226.0

.7

.5

.0

.2- . 11.2

24.923.797.5

53.745.68.1

43.8

493.5316.241.6

148.7125.979.2

72.746.417.429.026.325.1

.7

.56.56.7

- . 1

1.1

24.523.497.0

53.345.18.1

43.7

1966

II III IV

1967

II III IV

1968

II III IV

Gross national product..Personal consumption expenditures

Durable goodsNondurable goodsServices

Gross private domestic investment..Fixed investment

NonresidentialStructuresProducers' durable equipment

ResidentialNonfarm structuresFarm structures _Producers' durable equipment

Change in business inventoriesNonfarm..Farm

Net exports of goods and servicesExportsImports

Government purchases of goods andservices.Federal...

National defenseNondefense

State and local

733.7455.968.4

200.5187.0

121.8110.379.228.950.331.229.6

.8

.711.510.7

6.141.735.6

149.9

73.655.118.576.2

747.6460.365.7

203.9190.6126.7111.481.229.052.230.229.0

.4

.715.315.5

^ 2

5.342.036.7

155.2

76.858.418.378.5

759.0469.168.2

206.8194.1

123.7110.782.429.852.528.427.0

.7

.713.013.4- . 44.2

43.239.1

162.1

81.562.718.880.6

771.7473.968.4

207.4198.0

125.7108.282.929.253.725.323.9

.8

.717.518.3- . 94.6

44.239.5

167.5

83.565.018.484.0

777.5478.666.9

209.6202.2118.6106.381.229.651.625.023.6

.8

.712.312.2

.15.2

45.340.1

175.2

88.669.419.286.6

785.8487.670.2

211.2206.2

115.5109.481.629.152.527.826.5

.6

.76.15.4.7

5.244.939.7

177.5

89.470.418.988.2

803.1494.270.3

213.4210.5121.7

111.581.829.752.129.728.4

.6

.710.39.31.05.3

45.740.4

181.9

92.172.519.689.8

818.7501.171.2

216.2213.7

127.5115.883.729.654.132.130.5

.8

.811.710.61.14.0

46.442.4

186.2

93.773.520.292.5

837.3517.676.5

223.0218.2125.1119.886.831.255.633.031.5

.7

.85.35.1.2

1.7

47.145.4

192.9

96.276.120.096.7

861.8528.578.1

227.6222.8131.9121.487.131.255.834.333.0

.6

.810.510.4

.13.3

50.146.8

198.1

98.577.221.399.6

880.0544.582.3

233.9228.3132.3

124.389.731.258.534.633.1

.6

.88.07.9.1

3.152.449.3

200.2

98.676.721.9

101.6

894.7553.183.1

237.0233.0

136.8129.893.532.760.936.234.7

.6

.97.17.0.1

1.050.149.1

203.7

98.777.421.3

104.9



Seasonally Adjusted Quarterly Totals at Annual Rates, 1946-74Continueddollars]

1960

I

506.6319.843.0

148.8128.0

86.875.548.318.330.027.226.0

75

11.311.1

1

2.8

26.423.797.3

52.343.98.4

44.9

II

506.5325.943.9

151.8130.2

77.7

73.448.617.930.724.823.5

55

4.34.0

3

3.6

27.423.999.3

53.143.89.3

46.2

III

506.2326.043.4

151.4131.2

73.571.247.217.929.324.022.8

6. 5

2.41.9.4

5.0

28.223.3

101.8

54.644.89.8

47.2

IV

504.6328.042.2

152.5133.367.770.746.818.628.223.922.8

.6

. 5- 2 . 9- 3 . 2

.36.2

28.322.1

102.7

54.845.39.5

47.9

1969

I

913.0563.884.8

240.8238.2144.0135.396.733.962.838.536.8

.9

.98.78.6

1

1.1

47.246.0

204.1

97.275.321.9

107.0

II

929.0574.1

85.3244.9243.9147.2

136.597.734.862.938.837.3

.5

. 910.710.5

1

. 9

56.055.1

206.7

97.175.621.5

109.7

III

946.9584.585.5

249.0249.9150.5138.6100.436.863.638.236.31.0.9

11.911.8

1

2.7

57.454.8

209.2

97.977.120.7

1U.4

IV

953.3596.486.2

253.4256.8143.2137.0100.937.163.836.134.7

.5

.86.26.1.1

2.3

58.255.9

211.4

97.877.020.7

113.6

1961

I

507.1328.539.7

153.9135.0

66.869.845.718.527.224.122.8

.7

. 5- 3 . 0- 3 . 2

.2

6.8

28.922.1

105.0

55.346.09.3

49.7

II

518.2333.140.7

154.7137.672.7

71.146.818.328.624.323.1

.6

. 51.61.4.2

5.6

27.922.3

106.8

56.946.710.349.9

III

527.2

335.741.9

155.2138.677.7

72.647.118.328.825.524.4

.5

. 55.14.8.3

5.3

29.023.7

108.4

57.746.810.850.8

IV

540.7342.744.0

157.4141.4

80.175.148.718.330.426.424.91.0. 5

5.04.7.3

5.5

29.824.2

112.3

59.648.511.152.7

1970

I

964.2606.484.8

259.0262.6138.6136.099.936.863.236.134.7

.6

. 82.52.4.1

3.9

61.357.3

215.3

97.975.822.1

117.4

II

976.5615.286.2

262.4266.6140.3136.2101.337.663.734.933.6

.4

.94.24.0.1

4.4

62.958.5

216.5

95.672.922.6

121.0

III

992.6625.186.7

266.4272.1

143.3137.5101.738.063.735.834.4

.5

.95.85.7.1

4.7

63.458.7

219.4

94.072.721.3

125.4

I V

996.3628.482.1

271.2275.1

141.0138.498.938.360.639.537.8

.7

.92.62.5.1

2.7

62.359.6

224.2

95.172.722.4

129.1

1962

I

553.0347.545.0

159.3143.2

84.676.349.818.631.226.525.4

.6

. 58.37.7.6

4.8

29.424.6

116.1

63.050.912.153.1

II

562.1353.046.3

160.6146.186.279.151.419.432.027.626.5

.6

. 57.16.4.7

6.1

31.225.2

116.8

63.051.311.753.8

III

567.8357.046.8

162.2148.086.480.052.120.132.027.826.6

.7

. 66.45.6.8

5.7

31.125.4

118.8

64.151.113.154.7

IV

572.3363.448.8

164.1150.5

83.679.451.719.732.027.726.5

.7

. 64.13.3.8

5.0

30.725.8

120.4

64.850.913.955.6

1971

I

1, 034.0648.692.8

272.4283.4152.7145.2102.338.763.642.941.4

.51 07.55.81.73.9

65.161.2

228.8

95.972.023.9

132.9

II

1, 056.2662.995.9

276.7290.3160.8151.2102.739.163.648.546.9

.61.09.68.41.21.4

66.665.3

231.1

94.970.124.8

136.2

III

1, 072.4674.197.7

278.9297.5161.0156.2104.139.764.452.150.3

.8i n4.83.51.31.9

68.266.3

235.5

96.468.927.6

139.0

IV

1, 091.2687.1102.0282.7302.4165.4

161.9107.139.867.454.853.0

71 13.52.6

q

- . 9

62.463.3

239.6

97.670.027.7

142.0

1963

I

580.2367.249.8

165.2152.1

86.080.151.418.832.628.827.5

.7

. 65.85.0.9

5.0

30.525.4

122.0

64.950.214.757.1

II

587.9371.2

51.1165.9154.1

88.983.652.919.733.230.829.4

.7

.>65. if4.4.9

6.6

32.726.2

121.3

63.350.512.858.0

III

600.5377.851.9

168.3157.7

92.385.154.319.834.530.829.7

.5

. 67.26.4.8

6.0

33.027.0

124.3

64.550.214.359.8

IV

610.4382.152.9

168.8160.4

93.688.155.920.035.832.230.9

.7

. 65.64.9.6

7.5

34.627.1

127.1

65.950.315.661.2

1972

I

1, 127.0705.9106.0287.6312.3176.7171.9112.241.670.659.758.0

71 04.74.0

7

- 4 . 669.173.7

249.0

103.174.723.5

145.9

II

1, 156.7724.7109.2296.4319.1184.9

174.8114.242.072.260.658.9

61.1

10.19.3.8

- 4 . 1

69.273.3

251.1

102.874.428.4

148.4

III

1, 181.4739.7112.2302.2325.3191.0178.8117.042.574.561.860.1

.71.0

12.111.7

.5

- 2 . 373.475.7

253.0

100.371.728.6

152.7

IV

1, 219.4

761.8117.6311.2333.0

200.5189.7123.844.079.965.964.2

fi1.1

10.810.3

ft

- 2 . 1

79.081.1

259.2

102.373.329.0

157.0

I

622.4390.555.0

172.7162. 9

94.089.456.920.236.732.431.0

.8

. 64.75.1

- . 4

9.5

36.927.3

128.3

65.949.816.062.4

I

1, 265.0785.7124.8321.4339.5211.7199.3131.046.384.868.266.4

71.2

12.410.1?. 32.0

89.487.4

265.7

104.174.030.1

161.6

1964

11 1

632.4397.856.3

175.7165.7

96.489.958.721.237.531.230.0

.6

. 66.47.0

- . 68.3

36.428.1

130.0

65.849.516.364.2

1973*

II

1, 287.8800.5124.4328.0348.2217.1

202.8134.547.786.768.366.6

51 ?

14.311.03 34.5

96.692.1

265.7

99.973.027.0

165.8

III

642.1405.758.1

179.1168.5

97.491.360.621.938.730.729.5

.6

. 66.06.8

- . 7

9.0

37.828.8

130.0

64.748.915.865.3

III

1, 319.7818.4123.7339.6355.2221.2

205.6138.550.388.267.065.2

.61.2

15.611.04.6

10.2105.295.0

270.0

100.072.327.6

170.0

IV

646.0407.556.0

180.1171.4

98.692.662.322.539.930.229.0

.6

. 66.16.7

- . 68.9

38.629.6

130.9

64.547.916.666.4

IV

1, 352.7829.5118.9348.5362.2231.9204.2141.851.590.462.460.4

.71.2

27.724.03.7

12.8114.9102.0278.4

104.074.229.8

174.5

1965

I

665.4417.761.4

182.6173.7109.298.166.823.842.931.329.9

.8

. 711.110.5

.66.8

35.528.7

131.7

63.947.116.967.8

II

678.7424.1

61.3186.0176.9110.1101.269.625.943.731.530.4

4. 7

9.08.01.08.8

41.132.4

135.7

65.848.317.569.9

III

695.1432.763.1

189.5180.1114.3103.872.526.446.231.329.9

77

10.49.11 38.1

40.732.6

140.1

67.649.318.272.5

IV

713.3446.165.3

196.5184.3114.5

106.976.128.347.830.829.6

57

7.66.41 2

6.7

40.834.1

146.0

71.853.118.774.1

1974*

I

1,370.9

849.5118.4359.8371.2218.4203.5145.953.492.557.655.31.01.3

14.914.1

.7

15.6133.1117.5287.5

106.174.831.4

181.4

II

1, 391.0877.8123.1371.9382.8212.7203.4146.654.192.456.954.6

.91.49.3

11.0 1.7

4.0

141.6137.6296.5

108.975.833.0

187.6

III

1, 424.4

907.7128.9383.9394.9207.6203.1148.154.094.155.052.7

.91.44.47.6

3 23.2

148.6145.5305.9

113.678.435.1

192.3

IV

1,441.3908.4117.3387.1404.0210.3199.8151.156.195.048.746.3

1 21.3

10.413.7

3 28.2

153.6145.3314.4

118.280.537.7

196.3

Line

1

2

3456

789

1011121314151617

18

192021

22232425

Line

1

2

345

6

789

1011121314151617

18

192021

22232425

216-143 O - 77 - 2Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Table 1.2.Gross National Product in Constant Dollars: Annually, 1946-74,[Billions of

Line

12345

7g9

101112131415161718

1920

21

2223

Line

12345

6

89

101112131415161718192021

2223

Gross national DroductPprsoniil consu motion exDGnditurcs

Durable goodsNondurable coods - -Services -

Gross orivate domestic investmentFixed investment - - -

NonresidentialStructures -Producers' durable equipment

ResidentialNonfarm structuresFarm structuresProducers' durable equipment

Change in business inventoriesNonfarm --Farm

Net exnorts of foods and services

Exports -Imports _

Government purchases of goods and serv-ices.

Federal -State and local '

Gross national productPersona] consumotion expenditures

Durable goodsNondurable coodsServices - -

Gross private domestic investmentFixed investment

NonresidentialStructures.Producers' durable equipment

ResidentialNonfarm structuresFarm structuresProducers' durable equipment

Change in business inventories . .Nonfarm -Farm_.

Net exports of goods and servicesExportsImports -

Government purchases of goods and serv-ices.FederalState and local-. -

1946

477.0301.4

25.8158.9116.771.058.842.018.823.216.815.5

1.1.2

12.212.5- . 311.626.114.693.1

58.434.8

1947

468.3306.230.6

154.8120.870.170.448.917.331.621.519.81.3.3

- . 21.7

- 1 . 916.630.213.675.4

36.139.3

1948

487.7312.833.1

155.0124.682.376.851.018.432.725.823.9

1.5.3

5.54.41.1

8.524.215.784.1

42.441.8

1947

I

464.0302.729.4

153.0120.369.769.649.817.632.219.818.21.3.3.1

1.3- 1 . 217.230.813.674.5

36.538.0

II

467.5&07.329.9

155.8121.666.667.648.817.331.518.717.21.3.3

- . 91.9

- 2 . 817.631.413.775.9

37.138.8

III

468.0307.630.3

156.3121.066.769.548.017.430.621.519.91.3.3

- 2 . 9- . 2

- 2 . 717.730.713.076.0

36.339.7

IV

473.7307.232.7

154.1120.477.5

74.749.017.032.025.724.11.4.3

2.73.8

- 1 . 013.827.713.975.2

34.940.4

1949

490.7

320.0

36.3157.4126.465.670.046.017.828.224.022.3

1.4.3

- 4 . 4- 3 . 9

- . 5

8.824.215.496.2

48.947.4

1950

533.5338.143.4

161.8132.893.783.250.019.130.933.231.5

1.3. 3

10.69.21.4

4.0

21.717.797.7

47.050.7

1951

576.5342.339.9

165.3137.194.180.452.920.632.327.525.9

1.3.3

13.712.1

1.6

7.4

25.918.5

132.7

81.351.3

1948

I

477.3309.332.7

154.0122.681.277.151.617.434.225.523.81.4.3

4.13.5

. 6

10.726.015.376.0

35.740.3

II

486.0312.532.7

155.624.283.077.450.418.232.127.025.21 5.3

5.64.21.3

8.023.615.682.5

41.241.3

III

490.8313.133.5

154.1125.583.576.650.418.831.626.224.31.6

.36.95.61.3

7.723.916.286.5

44.542.0

IV

495.9316.133.5

156.4126.281.476.151.819.132.824.222.41.6.3

5.34.31.0

7.523.215.690.9

47.943.0

1952

598.5350.938.9

171.2140.883.278.952.120.631.526.825.3

1.2. 3

4.33.11.2

4.9

24.920.0

159.5

107.052.5

1953

(

I

521.8

*64.2

43.1.75.7145.585.684.156.322.533.827.826.3

1.2.3

1.51.7

- . 2

2.023.821.8

170.0

114.655.4

1954

613.7370.943.5

177.0150.483.4

85.655.423.531.830.228.8

1.1.3

- 2 . 2- 3 . 1

. 9

4.5

25.320.8

154.9

95.259.7

1949

I

490.9316.533.0

157.2126.371.5

71.849.318.630.722.520.71.5.3

- . 3.0

- . 4

10.525.915.492.5

47.944.6

II

488.9320.536.3

157.5126.861.868.946.818.228.522.220.41.4. 3

- 7 . 1- 6 . 4- . 7

10.225.715.596.4

49.646.8

III

493.4320.037.5

156.3126.166.068.544.417.427.024.122.51.4.3

- 2 . 5- 1 . 8- . 79.0

24.115.198.4

49.948.5

IV

489.2323.138.3

158.4126.363.070.643.517.026.527.125 A1.4.3

-7.7-7.3- . 45.7

21.115.497.5

48.149.4

1955

654.8395.152.2

185.4157.5104.1

96.361.225.335.935.133.8

. 9

.47.77.3

. 4

4.7

27.923.2

150.9

86.964.0

1956

668.8406.349.8

191.6164.9102.997.165.228.137.131.930.4

1.0.4

5.86.6

- . 8

7.332.325.0

152.4

85.966.5

1957

680.9414.7

49.7194 9170 297.295 766 028 137.929.728 3

1.0.4

1.5.9.6

8.934.826.0

160.1

89.870.3

1950

I

511.5

328.339.6

160.1128.679.875.444.817.926.930.528.81.4.3

4.44.0

. 5

5.221.115.998.2

47.950.3

II

525.1

334.340.0

161.7132.690.082.348.918.730.233.431.71.3.4

7.76.61.1

5.121.616.595.8

45.150.7

III

542.4

348.949.9

164.4134.596.288.253.019.633.435.233.61.3.4

8.06.11.9

2.421.919.594.9

44.150.8

IV

554.6340.844.2

161.0135.6109.086.953.320.333.033.531.91.3.4

22.120.1

2.0

3.422.419.0

101.5

50.650.9

Revised estimates for 1973 and 1974 will be shown in the July 1976 SURVEY OF CURRENTBUSINESS. Further revisions to the 1974 estimates will be shown in the July 1977 SURVEY OFCURRENT BUSINESS.



and Seasonally Adjusted Quarterly Totals at Annual Rates, 1947-741972 dollars]

1958

679.5419.046.4

196.8175.887.789.658.926.432.530.629.2

.9

.5- 1 . 8- 2 . 9

1.0

3.5

30.727.2

169.3

92.876.4

1959

720.4

441.551.8

205.0184.7107.4

101.062.926.836.138.136.51.0.6

6.56.4.0

. 9

31.530.6

170.7

91.878.9

1960

736.8453.052.5

208.2192.3105.4101.066.028.837.235.033.7

.8

.54.44.0.3

5.5

35.830.3

172.9

90.882.0

1951

I

562.4346.5

45.2164.7136.6

96.883.451.820.331.431.630.01 3

313.411.91 64.1

23.419.4

115.1

64.650.5

II

573.2338.538.9

162.7137.0

100.3

80.353.021.131.927.325.71 3

319.918.41 56.8

25.518.7

127.7

76.351.3

III

584.7341.4

37.9166.0137.594.0

79.453.920.932.925.523.91 3

314.612.91 7

9.3

27.117.8

140.0

88.451.6

IV

585.7

342.837.8

167.7137.4

85.578.652.920.132.825.724.21 3

37.05.31 7

9.6

27.618.0

147.7

96.151.6

1961

755.3462.250.3

211.9200.0

103.6100.765.629.336.335.133.6

1.0.5

2.92.4.5

6.7

37.030.3

182.8

95.687.1

1962

799.1482.9

55.7218.5208.7117.4

109.370.930.840.138.436.9

.9

.68.16.91.3

5.8

39.633.9

193.1

103.190.0

1963

830.7501.460.7

223.0217.6124.5116.873.530.842.743.241.7

.9

.67.86.61.2

7.3

4 235.0

197.6

102.295.4

1952

I

591.3343.538.4

166.5138.6

86.6

79.353.120.233.026.224.71 2

37.35.81 58.7

27.919.1

152.4

100.452.0

II

592.1349.539.3

170.3139.977.6

80.353.720.433.326.625.21.1

3- 2 . 7- 3 . 9

I . 9

5.9

25.019.0

159.1

106.252.9

III

598.3351.036.8

172.8141.4

80.8

75.348.920.628.326.425.01.1

35.44.31.1

3.1

23.320.1

163.4

111.552.0

IV

612.5359.641.4

174. 9143.3

87.8

80.652.821.331.527.826.21.2. 4

7.26.21.02.0

23.721.7

163.1

110.053. C

1964

574.4528.765.7

233.3229.7132.1124.881.033.347.743.842 2~!57.37.9

- . 6

10.947.836.9

202.7

LOO. 6L02.1

1965

925.9558.173.4

244.0240.7150.1138.895.639.656.043.241.6

.8

.711.310.11.2

8.2

49.141.0

209.6

100.5109.1

1966

981.0586.179.0

255.5251.6161.3

144.6106.142.563.638.536.9

.9

.816.716.9.2

4.3

51.647.3

229.3

112.5116.8

1953

I

622.2363.743.2

176.1144.387.9

83.955.622.033.728.326.81.1

.43.94.2

- . 3

2.1

23.521.4

168.6

113.555.1

II

626.2

365.342.7

176.6146.0

89.384.265. 822.433.428.426.91.2

45.15.4

- . 3

1.5

24.022.5

170.1

115.954.2

III

622.4364.4

42.7175.2146.586.284.457.0oo 534.427.425.91.2. 3

1.92.1

- . 32.1

24.322.2

169.7

114. 255.5

IV

616.4

363.543.5

174.9145.2

78.8

83.856.623.033.727. 226!?1.2. 3

- 5 . 0- 5 . 0

.1

2.3

23.721.3

171.8

115.056.8

1967

1,007.7603.2

79.7259.5264.0152.7140.7103.541.162.437.235.5

.9

.812.011.2

.8

3.5

54.250.7

248.3

125.3123.1

1968

1,051.8633.488.2

270.2275.0159.5150.8108.042.066.142.841.1

.8

.98.78.5

# 2

- . 4

58.558.9

259.2

128.3130.9

1969

1,078.8655.491.9

276.4287.2168.0157.5114.344.070.343.241.5

.9

.910.610.3

.3- 1 . 362.263.5

256.7

121.8134.9

1954

I

608.1364.4

41.9175.8146.779.4

82.855.323.431.927.526.11.1. 3

- 3 . 4- 3 . 8

.4

2.8

23.220.4

161.4

102.958.5

II

605.6

367.142.5

175.0149.680.0

84.154.823.631.229.327.91.1. 3

- 4 . 1- 4 . 8

.8

4.3

25.921.6

154.3

95.458.9

III

614.4

372.7

43.5177.2152.084.2

87.055.923.632.331.129.71.1. 4

2.7- 3 . 8

1.04.8

25.420.5

152.6

Q9 266!4

I V

626.1

379.546.1

180.0153.390.088.555.523.631.933.031.61.0. 4

1.5- . 11.6

5.9

26.620.7

150.7

89.960.8

1970

1,075.3668.988.9

282.7297.3154.7150.4110.042.867.240.438.9

.6

.94.33.9.4

1.4

67.165.7

250.2

110.7139.5

1971

1,107.5691.998.1

287.5306.3166.8160.2108.041.766.352.250.5

.71.06.65.21.5

- . 6

67.968.5

249.4

103.9145.5

]L972

1,171.1

1955

I

641.1

386.249.2

181.4155.698.092.156.624.432.235.534.2

.9

. 45.95.2.7

5.9

27.721.8

151.0

87.963.1

II

650.8393.252.4

184.4156.4104.1

96.160.124.935.236.034.7

.9

. 48.07.8

0

3.7

26.923.2

149

nipa_1929_1974

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