[Economic Report of the President (1999)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]



NATIONAL INCOME OR EXPENDITURE


[[Page 364]]


Table B-32.--Gross saving and investment, 1959-98
[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                                                                        grants
Total           Per-               Undis-     and non-                                Current                       Current  received
Total   sonal            trib- uted- corporate   Total           Consumption                   Consumption             by the
saving  Total\1\     corpo-    consump-           Total     of  fixed  surplus   Total    of  fixed  surplus   United
rate      tion of                      capital       or              capital       or     States
profits\2\    fixed                                  deficit                       deficit  (net)\3\
capital                                    (-)                           (-)
--------------------------------------------------------------------------------------------------------------------------------------------------------
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   210.9    398.7       52.5       346.2     -5.3    -92.8       41.9     -134.7    87.5       36.2       51.3       0
1983............   589.0   618.4   169.7    448.7       83.6       365.2    -29.4   -131.8       42.6     -174.4   102.4       37.5       64.9       0
1984............   750.7   736.7   241.5    495.2      116.8       378.4     14.0   -111.9       44.1     -156.0   125.9       39.0       86.9       0
1985............   745.6   730.5   207.4    523.1      123.6       399.4     15.2   -116.9       46.1     -162.9   132.0       41.0       91.0       0
1986............   719.8   708.9   188.6    520.3       95.9       424.4     10.8   -127.9       49.6     -177.5   138.8       43.9       94.9       0
1987............   779.6   726.0   168.9    557.1      110.0       447.1     53.6    -77.2       51.7     -128.9   130.8       47.1       83.8       0
1988............   876.0   807.2   195.2    612.0      134.0       478.0     68.8    -67.0       54.3     -121.3   135.8       49.9       85.9       0
1989............   906.3   814.3   194.8    619.5      104.3       515.1     92.0    -56.4       57.0     -113.4   148.4       53.3       95.1       0

1990............   903.1   860.3   213.3    647.0      112.7       534.3     42.7    -94.0       60.7     -154.7   136.7       56.6       80.1       0
1991............   934.0   930.6   243.5    687.1      130.8       556.4      3.3   -132.2       63.9     -196.0   135.5       59.6       75.8       0
1992............   904.3   970.7   264.1    706.6      137.1       585.4    -66.5   -215.0       65.9     -280.9   148.6       62.3       86.3       0
1993............   949.5   979.3   210.3    769.0      170.1       594.5    -29.8   -182.7       67.9     -250.7   152.9       65.5       87.4       0
1994............  1,079.
2  1,030.
2   176.8    853.4      201.4       638.6     49.0   -117.2       69.5     -186.7   166.2       69.4       96.8       0
1995............  1,187.
4  1,106.
2   179.8    926.4      256.1       657.0     81.2   -103.7       70.7     -174.4   184.8       73.2      111.7       0
1996............  1,274.
5  1,114.
5   158.5    956.0      262.4       684.3    160.0    -39.6       70.6     -110.3   199.6       77.1      122.6       0
1997............  1,406.
3  1,141.
6   121.0  1,020.6      296.7       720.1    264.7     49.5       70.6      -21.1   215.2       81.1      134.1       0

1993:I..........   932.0  1,001.
1   181.2    819.9      159.2       590.5    -69.1   -211.2       67.0     -278.2   142.1       64.3       77.8       0
II..........   942.1   977.3   231.0    746.3      158.3       588.0    -35.2   -181.7       67.5     -249.2   146.5       65.2       81.3       0
III.........   943.8   973.3   200.5    772.8      171.8       601.1    -29.4   -182.2       68.4     -250.6   152.7       65.8       86.9       0
IV..........   980.1   965.6   228.7    736.9      191.0       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   132.3    916.3      178.7       685.2     13.8   -139.9       69.1     -209.0   153.7       69.0       84.7       0
II..........  1,065.
5   995.7   179.3    816.4      201.2       614.9     69.7    -93.6       69.6     -163.2   163.3       68.5       94.8       0
III.........  1,071.
0  1,021.
2   188.1    833.1      209.5       623.3     49.7   -118.3       69.3     -187.6   168.0       69.6       98.4       0
IV..........  1,118.
0  1,055.
3   207.5    847.8      216.2       631.2     62.7   -117.0       69.8     -186.8   179.7       70.4      109.3       0

1995:I..........  1,161.
5  1,098.
7   214.9    883.8      229.3       641.1     62.8   -119.4       70.3     -189.6   182.1       71.7      110.4       0
II..........  1,153.
8  1,075.
8   164.0    911.8      247.3       651.1     78.0   -107.2       70.7     -177.9   185.2       72.6      112.6       0
III.........  1,190.
4  1,110.
0   162.4    947.6      275.0       659.2     80.4   -106.2       70.7     -176.9   186.6       73.6      113.0       0
IV..........  1,224.
0  1,140.
5   178.0    962.5      272.7       676.4    103.5    -82.0       71.0     -153.0   185.4       74.7      110.7       0

1996:I..........  1,233.
0  1,119.
4   173.5    945.9      264.4       672.2    113.6    -79.4       70.7     -150.1   193.0       75.7      117.3       0
II..........  1,255.
3  1,091.
6   140.5    951.1      262.6       679.2    163.7    -41.9       70.7     -112.6   205.6       76.5      129.1       0
III.........  1,298.
8  1,128.
6   172.2    956.4      258.7       688.5    170.2    -29.6       70.5     -100.1   199.8       77.5      122.3       0
IV..........  1,311.
0  1,118.
4   147.6    970.8      264.2       697.3    192.5     -7.6       70.7      -78.3   200.2       78.5      121.7       0

1997:I..........  1,353.
9  1,126.
3   135.4    990.9      281.4       705.8    227.5     19.6       70.8      -51.2   207.9       79.5      128.4       0
II..........  1,416.
3  1,169.
5   151.9  1,017.6      299.0       715.0    246.9     36.1       70.9      -34.8   210.7       80.6      130.1       0
III.........  1,427.
0  1,139.
0    98.5  1,040.5      311.5       725.2    288.0     70.0       70.3        -.3   218.0       81.4      136.6       0
IV..........  1,428.
0  1,131.
6    98.2  1,033.4      295.0       734.7    296.4     72.3       70.2        2.2   224.1       82.7      141.4       0

1998:I..........  1,482.
5  1,130.
1    73.0  1,057.1      312.0       741.1    352.4    128.7       69.9       58.8   223.7       83.5      140.2       0
II..........  1,448.
5  1,079.
0    25.6  1,053.4      300.9       748.5    369.4    143.9       69.5       74.4   225.6       84.3      141.3       0
III.........  1,474.
5  1,078.
7    12.6  1,066.1      304.8       757.3    395.7    161.6       69.6       92.0   234.2       85.4      148.7       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.


[[Page 365]]


Table B-32.--Gross saving and investment, 1959-98--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\4\  investment\5\               of gross  disposable
investment                                             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        9.0
1983.............................................................     626.2      547.1         116.5          -37.3         37.1        16.6        6.7
1984.............................................................     755.7      715.6         131.7          -91.5          5.0        19.1        8.6
1985.............................................................     748.0      715.1         149.9         -116.9          2.4        17.7        6.9
1986.............................................................     743.1      722.5         163.5         -142.9         23.3        16.2        5.9
1987.............................................................     764.2      747.2         173.5         -156.4        -15.4        16.6        5.0
1988.............................................................     828.7      773.9         172.9         -118.1        -47.3        17.3        5.4
1989.............................................................     919.5      829.2         182.7          -92.4         13.2        16.6        5.0

1990.............................................................     920.5      799.7         199.4          -78.6         17.4        15.7        5.1
1991.............................................................     944.0      736.2         200.5            7.3         10.1        15.7        5.6
1992.............................................................     949.1      790.4         209.1          -50.5         44.8        14.5        5.7
1993.............................................................   1,002.1      876.2         204.5          -78.6         52.6        14.4        4.4
1994.............................................................   1,093.8    1,007.9         205.9         -120.0         14.6        15.5        3.5
1995.............................................................   1,160.9    1,043.2         218.3         -100.6        -26.5        16.3        3.4
1996.............................................................   1,242.3    1,131.9         229.7         -119.2        -32.2        16.6        2.9
1997.............................................................   1,350.5    1,256.0         235.4         -140.9        -55.8        17.4        2.1

1993:I...........................................................   1,003.0      854.3         202.9          -54.2         71.0        14.4        3.9
II...........................................................     989.0      857.4         206.5          -74.9         46.9        14.4        4.8
III..........................................................     991.3      872.8         203.4          -84.9         47.5        14.3        4.2
IV...........................................................   1,025.1      920.3         205.2         -100.4         45.0        14.6        4.7

1994:I...........................................................   1,068.7      963.4         197.0          -91.6          6.3        15.6        2.7
II...........................................................   1,107.8    1,017.9         202.4         -112.5         42.4        15.4        3.6
III..........................................................   1,086.2    1,007.1         213.2         -134.2         15.2        15.3        3.7
IV...........................................................   1,112.6    1,043.1         211.2         -141.8         -5.4        15.8        4.0

1995:I...........................................................   1,164.6    1,058.9         216.3         -110.7          3.1        16.2        4.1
II...........................................................   1,131.1    1,029.6         219.6         -118.0        -22.7        16.0        3.1
III..........................................................   1,147.3    1,030.6         216.8         -100.1        -43.0        16.3        3.1
IV...........................................................   1,200.8    1,053.6         220.7          -73.5        -43.2        16.8        3.3

1996:I...........................................................   1,206.7    1,075.3         229.2          -97.8        -26.3        16.4        3.2
II...........................................................   1,234.7    1,118.3         231.3         -114.9        -20.6        16.4        2.6
III..........................................................   1,249.5    1,167.9         227.9         -146.2        -49.3        16.8        3.1
IV...........................................................   1,278.3    1,166.0         230.3         -118.0        -32.6        16.7        2.6

1997:I...........................................................   1,310.8    1,206.4         235.3         -130.9        -43.1        17.0        2.4
II...........................................................   1,368.6    1,259.9         232.6         -123.9        -47.7        17.6        2.6
III..........................................................   1,361.9    1,265.7         237.3         -141.0        -65.1        17.5        1.7
IV...........................................................   1,360.7    1,292.0         236.5         -167.8        -67.3        17.3        1.7

1998:I...........................................................   1,428.4    1,366.6         237.4         -175.6        -54.1        17.7        1.2
II...........................................................   1,362.7    1,345.0         232.5         -214.8        -85.7        17.2         .4
III..........................................................   1,372.5    1,364.4         239.7         -231.6       -102.0        17.3         .2
--------------------------------------------------------------------------------------------------------------------------------------------------------
\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.