[Economic Report of the President (1998)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]



Table B-32.--Gross saving and investment, 1959-97
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Gross saving
---------------------------------------------------------------------------------------------------------------------------------------
Gross private saving                                     Gross government saving
----------------------------------------------------------------------------------------------------------------------
Gross business saving                          Federal                    State and local          Capi-
---------------------------------        -------------------------------------------------------------    tal
Year or  quarter                                                Corporate                                Current                       Current   grants
Total           Per-               Undis-     and non-                                                                       received
Total   sonal            trib- uted- corporate   Total           Consumption  surplus          Consumption  surplus    by the
saving    Total      corpo-    consump-           Total     of  fixed     or     Total    of  fixed     or     United
\1\       rate      tion of                      capital    deficit            capital    deficit   States
profits     fixed                                     (-)                           (-)     (net)
\2\      capital                                  (NIPA)                        (NIPA)     \3\
--------------------------------------------------------------------------------------------------------------------------------------------------------
1959............   108.5    82.3    25.2     57.1       16.5        40.5     26.2     12.8       10.2        2.6    13.5        3.9        9.6  ........

1960............   113.4    81.6    24.2     57.4       15.3        42.1     31.8     17.8       10.5        7.4    14.0        4.0        9.9  ........
1961............   116.3    88.0    29.2     58.8       15.7        43.1     28.3     13.6       10.7        2.9    14.7        4.3       10.4  ........
1962............   126.8    96.5    30.4     66.1       21.5        44.6     30.3     14.0       11.2        2.8    16.3        4.6       11.7  ........
1963............   134.9    99.8    29.5     70.2       24.0        46.2     35.1     17.2       11.8        5.4    17.9        4.9       13.0  ........
1964............   145.3   112.3    36.4     75.9       27.3        48.7     32.9     13.0       12.1         .9    19.9        5.2       14.7  ........
1965............   160.4   123.8    38.7     85.1       33.1        52.0     36.6     15.9       12.5        3.4    20.8        5.7       15.1  ........
1966............   171.1   131.9    40.1     91.9       35.2        56.7     39.2     15.6       13.0        2.6    23.5        6.3       17.3  ........
1967............   173.8   144.1    49.9     94.2       32.7        61.5     29.7      5.6       13.9       -8.3    24.1        6.8       17.3  ........
1968............   185.1   145.4    47.8     97.6       30.2        67.3     39.7     12.0       14.9       -2.8    27.6        7.6       20.0  ........
1969............   202.1   148.2    47.9    100.3       26.0        74.2     53.9     24.3       15.6        8.7    29.6        8.5       21.1  ........

1970............   197.3   163.8    62.0    101.8       20.7        81.2     32.6      2.2       16.2      -14.1    30.4        9.6       20.8       0.9
1971............   214.3   189.7    69.9    119.8       30.5        88.9     23.9     -8.5       16.9      -25.3    32.4       10.7       21.7        .7
1972............   243.9   201.7    65.2    136.5       39.0        97.8     41.5     -2.4       18.2      -20.5    43.9       11.7       32.2        .7
1973............   296.4   241.3    91.5    149.7       42.7       107.1     55.1      8.7       19.9      -11.1    46.4       13.0       33.4       0
1974............   301.2   251.7   100.2    151.5       27.0       124.5     51.5      5.1       22.0      -16.9    46.5       16.0       30.5   \6\-2.0
1975............   297.3   301.2   107.8    193.5       47.2       146.3     -3.9    -49.9       24.0      -73.9    46.0       18.4       27.6       0
1976............   340.0   316.5   100.4    216.1       54.8       161.3     23.5    -31.9       25.4      -57.2    55.3       19.4       35.9       0
1977............   394.7   348.6    97.2    251.4       70.5       181.0     46.1    -19.3       27.0      -46.3    65.4       20.7       44.7       0
1978............   476.9   404.5   118.2    286.3       79.5       206.8     72.4     -2.8       28.9      -31.7    75.1       22.5       52.6       0
1979............   540.6   448.8   136.2    312.5       72.6       239.9     90.7     13.0       31.5      -18.4    77.7       25.4       52.3       1.1

1980............   547.2   489.2   169.1    320.1       44.1       276.0     56.8    -26.8       34.1      -61.0    83.6       29.2       54.4       1.2
1981............   650.8   581.7   207.2    374.4       56.4       318.1     68.1    -20.6       37.1      -57.8    88.7       33.3       55.4       1.1
1982............   604.3   609.6   214.0    395.6       49.4       346.2     -5.3    -92.8       41.9     -134.7    87.5       36.2       51.3       0
1983............   589.0   618.4   176.1    442.4       77.2       365.2    -29.4   -131.8       42.6     -174.4   102.4       37.5       64.9       0
1984............   750.7   736.7   245.5    491.2      112.8       378.4     14.0   -111.9       44.1     -156.0   125.9       39.0       86.9       0
1985............   745.6   730.5   216.4    514.1      114.7       399.4     15.2   -116.9       46.1     -162.9   132.0       41.0       91.0       0
1986............   719.8   708.9   207.4    501.5       77.1       424.4     10.8   -127.9       49.6     -177.5   138.8       43.9       94.9       0
1987............   779.6   726.0   179.9    546.1       99.1       447.1     53.6    -77.2       51.7     -128.9   130.8       47.1       83.8       0
1988............   876.0   807.2   200.9    606.3      128.3       478.0     68.8    -67.0       54.3     -121.3   135.8       49.9       85.9       0
1989............   906.3   814.3   199.4    614.8       99.7       515.1     92.0    -56.4       57.0     -113.4   148.4       53.3       95.1       0

1990............   903.1   860.3   221.3    639.0      104.7       534.3     42.7    -94.0       60.7     -154.7   136.7       56.6       80.1       0
1991............   934.0   930.6   259.5    671.2      114.8       556.4      3.3   -132.2       63.9     -196.0   135.5       59.6       75.8       0
1992............   904.3   970.7   285.6    685.1      115.5       585.4    -66.5   -215.0       65.9     -280.9   148.6       62.3       86.3       0
1993............   949.5   979.3   248.5    730.8      131.9       594.5    -29.8   -182.7       67.9     -250.7   152.9       65.5       87.4       0
1994............  1,079.
2  1,030.
2   210.6    819.6      167.6       638.6     49.0   -117.2       69.5     -186.7   166.2       69.4       96.8       0
1995............  1,165.
5  1,093.
1   254.6    838.5      172.4       653.0     72.4   -103.6       70.9     -174.4   176.0       72.9      103.1       0
1996............  1,267.
8  1,125.
5   239.6    885.9      202.1       682.8    142.3    -39.2       71.2     -110.5   181.5       76.2      105.3       0
1997 ..       0

1992: I.........   920.3   976.6   277.5    699.1      138.2       560.9    -56.3   -202.2       65.2     -267.4   145.9       61.1       84.8       0
II........   914.0   979.3   292.9    686.4      121.7       564.7    -65.3   -213.9       65.8     -279.6   148.5       62.0       86.6       0
III.......   899.9   986.7   267.6    719.1       77.6       641.5    -86.9   -231.5       66.0     -297.5   144.6       62.7       82.0       0
IV........   883.0   940.3   304.5    635.8      124.5       574.3    -57.3   -212.5       66.5     -279.0   155.2       63.5       91.7       0

1993: I.........   932.0  1,001.
1   218.6    782.5      121.9       590.5    -69.1   -211.2       67.0     -278.2   142.1       64.3       77.8       0
II........   942.1   977.3   269.0    708.3      120.3       588.0    -35.2   -181.7       67.5     -249.2   146.5       65.2       81.3       0
III.......   943.8   973.3   239.0    734.3      133.2       601.1    -29.4   -182.2       68.4     -250.6   152.7       65.8       86.9       0
IV........   980.1   965.6   267.6    698.0      152.1       598.1     14.5   -155.8       68.8     -224.6   170.4       66.6      103.7       0

1994: I.........  1,062.
4  1,048.
6   165.2    883.4      145.8       685.2     13.8   -139.9       69.1     -209.0   153.7       69.0       84.7       0
II........  1,065.
5   995.7   212.8    782.9      167.7       614.9     69.7    -93.6       69.6     -163.2   163.3       68.5       94.8       0
III.......  1,071.
0  1,021.
2   222.1    799.1      175.5       623.3     49.7   -118.3       69.3     -187.6   168.0       69.6       98.4       0
IV........  1,118.
0  1,055.
3   242.4    812.9      181.3       631.2     62.7   -117.0       69.8     -186.8   179.7       70.4      109.3       0

1995: I.........  1,136.
8  1,078.
7   279.2    799.5      148.1       638.2     58.0   -121.2       70.3     -191.5   179.2       71.5      107.7       0
II........  1,133.
4  1,064.
0   245.4    818.6      158.1       647.4     69.4   -108.6       70.9     -179.5   178.0       72.4      105.6       0
III.......  1,167.
7  1,098.
8   243.8    855.0      187.2       654.7     68.9   -105.5       71.0     -176.5   174.5       73.3      101.1       0
IV........  1,224.
0  1,130.
7   249.9    880.8      196.0       671.7     93.3    -78.9       71.3     -150.2   172.1       74.3       97.8       0

1996: I.........  1,215.
9  1,119.
3   258.1    861.2      190.8       669.2     96.7    -82.6       71.0     -153.6   179.3       75.2      104.1       0
II........  1,256.
3  1,106.
3   225.7    880.5      202.6       676.8    150.0    -40.2       71.4     -111.6   190.2       75.8      114.4       0
III.......  1,295.
9  1,145.
1   254.0    891.1      202.3       687.7    150.8    -28.3       71.2      -99.5   179.1       76.5      102.6       0
IV........  1,303.
0  1,131.
4   220.4    911.0      212.6       697.2    171.6     -5.9       71.3      -77.1   177.5       77.2      100.4       0

1997: I.........  1,332.
9  1,134.
0   215.9    918.1      211.5       705.4    198.9     15.9       71.4      -55.5   182.9       78.2      104.7       0
II........  1,396.
9  1,178.
1   247.0    931.1      217.6       712.3    218.8     34.7       71.5      -36.8   184.1       79.2      104.9       0
III.......  1,411.
6  1,159.
6   208.2    951.4      230.0       720.4    251.9     60.8       71.6      -10.8   191.1       79.7      111.4       0
IV .     729.9   ......  .......       71.9    .......  ......       80.8    .......       0
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Includes private wage accruals less disbursements not shown separately.
\2\ With inventory valuation and capital consumption adjustments.
\3\ Consists mainly of allocations of special drawing rights (SDRs).

See next page for continuation of table.


Table B-32.--Gross saving and investment, 1959-97--Continued
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Gross investment                                      Addenda:
----------------------------------------------------             ---------------------
Gross    Personal
Statistical   saving    saving as
Year or quarter                                        Gross        Gross                                    as a    a  percent
Total     private     government    Net  foreign  discrepancy   percent      of
domestic     investment     investment                of gross  disposable
investment       \4\            \5\                    national    personal
product    income
--------------------------------------------------------------------------------------------------------------------------------------------------------
1959.............................................................     106.9       78.8          29.3           -1.2         -1.6        21.3        7.2

1960.............................................................     110.2       78.8          28.2            3.2         -3.2        21.4        6.6
1961.............................................................     113.5       77.9          31.3            4.3         -2.8        21.2        7.7
1962.............................................................     125.0       87.9          33.2            3.9         -1.8        21.5        7.6
1963.............................................................     131.9       93.4          33.5            5.0         -3.0        21.7        7.0
1964.............................................................     143.8      101.7          34.5            7.5         -1.5        21.7        7.9
1965.............................................................     159.6      118.0          35.4            6.2          -.8        22.1        7.8
1966.............................................................     174.4      130.4          40.1            3.9          3.3        21.6        7.5
1967.............................................................     175.1      128.0          43.5            3.5          1.3        20.7        8.7
1968.............................................................     186.0      139.9          44.3            1.7           .9        20.2        7.7
1969.............................................................     200.7      155.0          43.9            1.8         -1.5        20.5        7.2

1970.............................................................     199.1      150.2          44.0            4.9          1.9        18.9        8.5
1971.............................................................     220.4      176.0          43.1            1.3          6.1        18.9        8.8
1972.............................................................     248.1      205.6          45.4           -2.9          4.3        19.6        7.6
1973.............................................................     299.9      242.9          48.3            8.7          3.4        21.2        9.5
1974.............................................................     306.7      245.6          56.0            5.1          5.5        19.9        9.5
1975.............................................................     309.5      225.4          62.7           21.4         12.1        18.1        9.3
1976.............................................................     359.9      286.6          64.4            8.9         19.9        18.5        7.9
1977.............................................................     413.0      356.6          65.4           -9.0         18.2        19.3        6.9
1978.............................................................     494.9      430.8          74.6          -10.4         18.1        20.6        7.5
1979.............................................................     568.7      480.9          85.3            2.6         28.2        20.9        7.7

1980.............................................................     574.8      465.9          96.4           12.5         27.6        19.4        8.5
1981.............................................................     665.7      556.2         102.1            7.4         14.9        20.7        9.4
1982.............................................................     601.8      501.1         106.9           -6.1         -2.5        18.5        9.1
1983.............................................................     626.2      547.1         116.5          -37.3         37.1        16.6        7.0
1984.............................................................     755.7      715.6         131.7          -91.5          5.0        19.1        8.7
1985.............................................................     748.0      715.1         149.9         -116.9          2.4        17.7        7.2
1986.............................................................     743.1      722.5         163.5         -142.9         23.3        16.2        6.5
1987.............................................................     764.2      747.2         173.5         -156.4        -15.4        16.6        5.3
1988.............................................................     828.7      773.9         172.9         -118.1        -47.3        17.3        5.5
1989.............................................................     919.5      829.2         182.7          -92.4         13.2        16.6        5.1

1990.............................................................     920.5      799.7         199.4          -78.6         17.4        15.7        5.3
1991.............................................................     944.0      736.2         200.5            7.3         10.1        15.7        6.0
1992.............................................................     949.1      790.4         209.1          -50.5         44.8        14.5        6.2
1993.............................................................   1,002.1      876.2         204.5          -78.6         52.6        14.4        5.1
1994.............................................................   1,093.8    1,007.9         205.9         -120.0         14.6        15.5        4.2
1995.............................................................   1,137.2    1,038.2         213.4         -114.4        -28.2        16.0        4.8
1996.............................................................   1,207.9    1,116.5         224.3         -132.9        -59.9        16.6        4.3
1997 ...    1,237.6         226.9    .............  ...........  ........        3.8

1992: I..........................................................     944.8      755.2         209.5          -19.9         24.5        15.0        6.1
II.........................................................     951.3      790.7         209.3          -48.7         37.4        14.7        6.4
III........................................................     952.5      799.7         208.9          -56.0         52.7        14.3        5.8
IV.........................................................     947.7      816.1         208.8          -77.2         64.6        13.8        6.4

1993: I..........................................................   1,003.0      854.3         202.9          -54.2         71.0        14.4        4.6
II.........................................................     989.0      857.4         206.5          -74.9         46.9        14.4        5.6
III........................................................     991.3      872.8         203.4          -84.9         47.5        14.3        4.9
IV.........................................................   1,025.1      920.3         205.2         -100.4         45.0        14.6        5.4

1994: I..........................................................   1,068.7      963.4         197.0          -91.6          6.3        15.6        3.4
II.........................................................   1,107.8    1,017.9         202.4         -112.5         42.4        15.4        4.2
III........................................................   1,086.2    1,007.1         213.2         -134.2         15.2        15.3        4.4
IV.........................................................   1,112.6    1,043.1         211.2         -141.8         -5.4        15.8        4.7

1995: I..........................................................   1,138.0    1,050.8         213.0         -125.8          1.2        15.8        5.3
II.........................................................   1,113.2    1,024.0         215.8         -126.7        -20.2        15.7        4.6
III........................................................   1,122.7    1,028.8         210.8         -116.9        -45.0        16.0        4.5
IV.........................................................   1,175.1    1,049.1         214.1          -88.0        -48.9        16.6        4.6

1996: I..........................................................   1,165.6    1,060.5         222.0         -116.9        -50.3        16.3        4.7
II.........................................................   1,206.0    1,105.4         226.3         -125.6        -50.2        16.5        4.1
III........................................................   1,216.4    1,149.2         223.6         -156.4        -79.5        16.9        4.5
IV.........................................................   1,243.5    1,151.1         225.3         -132.9        -59.5        16.7        3.9

1997: I..........................................................   1,268.6    1,193.6         223.3         -148.4        -64.3        16.8        3.7
II.........................................................   1,323.4    1,242.0         227.4         -146.0        -73.5        17.4        4.2
III........................................................   1,308.4    1,250.2         227.1         -168.9       -103.2        17.4        3.5
IV ..  ........       3.9
--------------------------------------------------------------------------------------------------------------------------------------------------------
\4\ For details on government investment, see Table B-20.
\5\ Net exports of goods and services plus net receipts of factor income from rest of the world less net transfers plus net capital grants  received by
the United States. See also Table B-24.
\6\ Consists of a U.S. payment to India under the Agricultural Trade Development and Assistance Act. This payment is included in capital grants received
by the United States, net.

Source: Department of Commerce, Bureau of Economic Analysis.