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National income and output (billions of dollars) Period ending 2003 Gross national product: 11,063.3 Net U.S. income receipts from rest of the world: 55.2 U.S. income receipts: 329.1 U.S. income payments-273.9 Gross domestic product: 11,008.1 Private consumption of fixed capital: 1,135.9 Government consumption of fixed capital
As a method, the subject is termed national accounting or, more generally, social accounting. [1] Stated otherwise, national accounts as systems may be distinguished from the economic data associated with those systems. [2] While sharing many common principles with business accounting, national accounts are based on economic concepts. [3]
National income and product accounts publications available on FRASER; The Nigerian Bureau of Economic Analysis,'A Guide to the National Income and Product Accounts of N Very helpful in understanding the accounts; also contains historical information and is an important source of information for this article.
The gross national income (GNI), previously known as gross national product (GNP), is the total amount of factor incomes earned by the residents of a country. It is equal to gross domestic product (GDP), plus factor incomes received from non-resident by residents, minus factor income paid by residents to non-resident.
Net national income is defined as gross domestic product plus net receipts of wages, salaries and property income from abroad, minus the depreciation of fixed capital assets (dwellings, buildings, machinery, transport equipment and physical infrastructure) through wear and tear and obsolescence. [2] It can be expressed as [3]
Government spending or expenditure includes all government consumption, investment, and transfer payments. [1] [2] In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure.
Adding net factor incomes from abroad to GDP produces gross national income (GNI), which measures total income of all residents in the economy. In most countries, the difference between GDP and GNI are modest so that GDP can approximately be treated as total income of all the inhabitants as well, but in some countries, e.g. countries with very ...
The System of National Accounts (often abbreviated as SNA; formerly the United Nations System of National Accounts or UNSNA) is an international standard system of national accounts, the first international standard being published in 1953. [1] Handbooks have been released for the 1968 revision, the 1993 revision, and the 2008 revision. [2]