Table 2.—Revisions to Summary National Income and Product Accounts, 1929-96

[Billions of dollars]

1929 1947 1958 1959 1987 1992 1995 1996
Account 1.—National Income and Product Account
Proprietors' income with inventory valuation and capital consumption adjustments0.40.10.11.312.214.37.89.0
Farm.1.1.30-.8-.9-1.1-1.7
Nonfarm.30-.21.313.015.28.910.7
Rental income of persons with capital consumption adjustment.71.53.0-.5-.7-1.2-10.5-11.8
Corporate profits with inventory valuation and capital consumption adjustments.1.2.42.723.526.618.216.2
Other national income/1/00000000
National Income1.21.83.53.534.939.615.413.3
Business transfer payments, indirect business tax and nontax liability, less subsidies less current surplus of government enterprises.2.4.900000
Consumption of fixed capital-.38.89.8-4.0-36.1-40.7-14.8-12.8
Private-1.1-1.9-3.8-4.0-36.1-40.7-14.8-12.8
Government.810.713.600000
Gross national income.710.212.4-.5-1.2-1.2.6.5
Statistical discrepancy0.1.2.51.21.1-.6-.5
Gross national product.710.312.600000
Less: Receipts of factor income from the rest of the world00000000
Plus: Payments of factor income to the rest of the world00000000
GROSS DOMESTIC PRODUCT.710.312.600000
Government consumption expenditures and gross investment.710.312.600000
Federal.29.09.800000
State and local.51.32.800000
Other gross domestic product/2/00000000
GROSS DOMESTIC PRODUCT.710.312.600000
Account 2.—Personal Income and Outlay Account
Proprietors' income with inventory valuation and capital consumption adjustments0.40.10.11.312.214.37.89.0
Rental income of persons with capital consumption adjustment.71.53.0-.5-.7-1.2-10.5-11.8
Other personal income/3/00000000
PERSONAL INCOME1.01.73.1.911.413.0-2.7-2.8
Less: Personal tax and nontax payments00000000
Disposable personal income1.11.63.1.911.513.0-2.7-2.8
Less: Personal outlays00000000
Personal saving1.01.73.1.911.513.0-2.7-2.8
PERSONAL TAXES, OUTLAYS, AND SAVING1.01.73.1.911.513.0-2.7-2.8
Account 3.—Government Receipts and Expenditures Account
Consumption expenditures-2.15.7-13.800000
Subsidies less current surplus of government enterprises.1.4.900000
Other consumption expenditures/4/00000000
Current surplus or deficit (-), national income and product accounts2.0-6.112.900000
Federal0-7.43.000000
State and local00.39.900000
GOVERNMENT CURRENT EXPENDITURES AND SURPLUS-2.1.1000000
GOVERNMENT RECEIPTS00000000
Account 4.—Foreign Transactions Account
RECEIPTS FROM THE REST OF THE WORLD00000000
PAYMENTS TO THE REST OF THE WORLD00000000
Account 5.—Gross Saving and Investment Account
Gross private domestic investment00000000
Gross government investment2.84.626.500000
Net foreign investment00000000
GROSS INVESTMENT2.84.626.500000
Personal saving1.01.73.1.911.513.0-2.7-2.8
Undistributed corporate profits with inventory valuation and capital consumption adjustments.1.2.42.623.426.618.116.1
Consumption of fixed capital-.38.89.8-4.0-36.1-40.7-14.8-12.8
Private-1.1-1.9-3.8-4.0-36.1-40.7-14.8-12.8
Government.810.713.600000
Government current surplus or deficit, national income and product accounts2.0-6.112.900000
Other saving/5/00000000
Statistical discrepancy0.1.2.51.21.1-.6-.5
GROSS SAVING AND STATISTICAL DISCREPANCY2.84.626.500000

1. Consists of compensation of employees and net interest.

2. Consists of personal consumption expenditures, gross private domestic investment, and net export of goods and services.

3. Consists of wage and salary disbursements, other labor income, personal dividend income, personal interest income, and transfer payments to persons, less personal contributions for social insurance.

4. Consists of transfer payments and net interest paid, less dividends received by government and wage accruals less disbursements.

5. Consists of wage accruals less disbursements (private), and capital grants received by the United States (net).

NOTE.—The revised 1929-58 estimates reflect the definitional and statistical changes incorporated last year into the 1959-96 estimates including BEA's improved measures of output and prices, the change that recognizes investment, and an improved methodology for calculating depreciation. The 1959-96 estimates, which already had been revised in January 1996 to reflect these improvements, have now been revised primarily so that they will be consistent with the newly available wealth estimates presented beginning on page 69 of this issue of the Survey.

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