USA Kuznets (1961) data Kuznets Spliced Series Kendrick (1961) Data GNP GNP GNP GNP Gross Gross Gross Gross Net Net Net Net Net Net GNP Gross Current Net Gross Gross Private Changes in Net Foreign 5 Yr MA 5 Yr MA Unraveled Capital Capital Capital Capital Change in Change in Change in Change in Change in Change in Capital Account Change National Domestic Business Investment Variant III Variant I Formation Formation Formation Formation Inventories Inventories Inventories Claims Against Claims Against Foreigners Claims Against Foreigners Formation in Product Investment Inventories 5 Yr MA 5 Yr MA Unraveled 5 Yr MA Unraveled Foreigners 5 Yr MA Foreigners Inventories Excluding Foreign Claims Unraveled $bn $bn $bn $bn $bn $bn $bn $bn $bn $bn $bn $bn $bn $bn $bn $bn $bn $bn $m $m $m $m 1850 1851 1852 1853 1854 1855 1856 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 5.9 1.13 0.35 -0.184 5.9 1.314 -0.184 0.35 7409 1030 361 -94 1870 5.8 1.08 0.12 -0.188 5.8 1.268 -0.188 0.12 7409 1030 361 -94 1871 6.71 6.64 6.3 1.34 1.52 0.93 0.35 0.45 -0.18 -0.125 6.3 1.055 -0.125 0.45 7409 1030 361 -94 1872 6.96 6.88 7.4 1.4 1.56 1.73 0.35 0.45 -0.16 -0.261 7.4 1.991 -0.261 0.45 7409 1030 361 -94 1873 7.25 7.17 8.15 1.47 1.62 1.83 0.37 0.38 -0.15 -0.142 8.15 1.972 -0.142 0.38 7409 1030 361 -94 1874 7.53 7.44 7.15 1.59 1.7 1.43 0.39 0.35 -0.11 -0.084 7.15 1.514 -0.084 0.35 7409 1030 361 -94 1875 7.63 7.53 7.25 1.55 1.61 1.43 0.37 0.22 -0.06 -0.138 7.25 1.568 -0.138 0.22 7409 1030 361 -94 1876 7.7 7.58 7.7 1.52 1.53 1.53 0.37 0.55 -0.01 0.075 7.7 1.455 0.075 0.55 7409 1030 361 -94 1877 7.91 7.78 7.9 1.58 1.55 1.53 0.4 0.35 0.03 -0.011 7.9 1.541 -0.011 0.35 7409 1030 361 -94 1878 8.58 8.44 8.5 1.72 1.66 1.68 0.45 0.38 0.06 0.108 8.5 1.572 0.108 0.38 7409 1030 361 -94 1879 9.18 9.04 8.2 1.86 1.8 1.73 0.44 0.5 0.06 0.116 8.2 1.614 0.116 0.5 11211 1685 349 -40 1880 9.92 9.77 10.6 2.01 1.97 2.13 0.45 0.47 0.04 0.012 10.6 2.118 0.012 0.47 11211 1685 349 -40 1881 10.6 10.5 10.7 2.13 2.12 2.23 0.43 0.5 0.01 0.075 10.7 2.155 0.075 0.5 11211 1685 349 -40 1882 11.2 11 11.6 2.22 2.24 2.28 0.4 0.4 -0.02 -0.111 11.6 2.391 -0.111 0.4 11211 1685 349 -40 1883 11.2 11 11.9 2.18 2.21 2.28 0.34 0.28 -0.03 -0.042 11.9 2.322 -0.042 0.28 11211 1685 349 -40 1884 11.3 11.1 11.2 2.21 2.27 2.18 0.33 0.35 -0.06 -0.034 11.2 2.214 -0.034 0.35 11211 1685 349 -40 1885 11.3 11.1 10.6 2.24 2.3 1.93 0.29 0.17 -0.06 -0.038 10.6 1.968 -0.038 0.17 11211 1685 349 -40 1886 11.3 11.1 11.2 2.26 2.35 2.38 0.27 0.45 -0.09 -0.075 11.2 2.455 -0.075 0.45 11211 1685 349 -40 1887 11.5 11.3 11.6 2.31 2.41 2.43 0.25 0.2 -0.1 -0.111 11.6 2.541 -0.111 0.2 11211 1685 349 -40 1888 11.9 11.7 11.9 2.56 2.67 2.38 0.26 0.18 -0.11 -0.192 11.9 2.572 -0.192 0.18 11211 1685 349 -40 1889 12.2 12.3 12.1 12.2 2.43 2.69 2.79 2.43 0.24 0.25 -0.1 -0.084 12.2 2.514 -0.084 0.25 12485 2027 231 -90 1890 12.6 12.7 12.5 12.6 3.18 2.92 3.01 3.18 0.25 0.22 -0.09 -0.088 12.6 3.268 -0.088 0.22 13129 2788 283 -115 1891 13.2 13.1 12.8 13.2 3.03 3.04 3.1 3.03 0.24 0.35 -0.06 -0.025 13.2 3.055 -0.025 0.35 13530 2537 257 -26 1892 13.6 13.1 12.8 13.6 3.58 3.1 3.15 3.58 0.21 0.25 -0.05 -0.061 13.6 3.641 -0.061 0.25 14273 3128 310 -53 1893 13.5 13.2 13 13.5 2.94 3.06 3.11 2.94 0.24 0.13 -0.05 -0.042 13.5 2.982 -0.042 0.13 13849 2574 113 -41 1894 12.3 13.1 12.9 12.3 2.72 3.01 3.04 2.72 0.22 0.1 -0.03 -0.034 12.3 2.754 -0.034 0.1 12619 2356 91 2 1895 13.2 13.2 12.9 13.2 2.98 2.91 2.9 2.98 0.23 0.37 0.01 -0.088 13.2 3.068 -0.088 0.37 13928 2508 403 -126 1896 13.2 13.5 13.2 13.2 2.82 3 2.9 2.82 0.27 0.25 0.1 0.075 13.2 2.745 0.075 0.25 13295 2209 173 86 1897 14.2 14.4 14.1 14.2 3.2 3.22 3.06 3.2 0.37 0.3 0.139 0.16 0.139 14.2 3.061 0.139 0.3 14617 2392 391 139 1898 15.1 15.3 15 15.1 3.42 3.48 3.22 3.42 0.38 0.33 0.408 0.26 0.408 15.1 3.012 0.408 0.33 15388 2347 284 408 1899 16.7 16.8 16.4 16.7 3.82 3.89 3.58 3.82 0.47 0.6 0.266 0.31 0.266 16.7 3.554 0.266 0.6 17356 2583 612 266 1900 18.3 18.1 17.7 18.3 4.41 4.23 3.91 4.41 0.47 0.42 0.412 0.32 0.412 18.3 3.998 0.412 0.42 18684 3092 426 412 1901 19.9 19.6 19.2 19.9 4.71 4.56 4.28 4.71 0.5 0.7 0.334 0.28 0.334 19.9 4.376 0.334 0.7 20668 3337 658 334 1902 20.9 20.7 20.2 20.9 4.87 4.71 4.45 4.87 0.42 0.3 0.153 0.26 0.153 20.9 4.717 0.153 0.3 21554 3860 391 153 1903 22.1 21.9 21.4 22.1 5.03 4.91 4.7 5.03 0.44 0.48 0.225 0.21 0.225 22.1 4.805 0.225 0.48 22864 3822 431 225 1904 22.2 23.5 22.9 22.2 4.54 5.29 5.12 4.54 0.47 0.2 0.152 0.17 0.152 22.2 4.388 0.152 0.2 22850 3614 199 152 1905 24.2 25.2 24.6 24.2 5.33 5.67 5.51 5.33 0.49 0.52 0.165 0.16 0.165 24.2 5.165 0.165 0.52 25116 4074 516 165 1906 27.5 26.1 25.4 27.5 6.54 5.69 5.53 6.54 0.35 0.85 0.149 0.16 0.149 27.5 6.391 0.149 0.85 28720 4963 831 149 1907 29.4 27.9 27.2 29.4 6.77 6.14 6.04 6.77 0.5 0.4 0.119 0.1 0.119 29.4 6.651 0.119 0.4 30404 5389 453 119 1908 27.1 29.5 28.7 27.1 5.24 6.42 6.38 5.24 0.53 -0.22 0.235 0.04 0.235 27.1 5.005 0.235 -0.22 27699 4393 -264 235 1909 31.3 30.4 29.6 31.3 6.81 6.35 6.33 6.81 0.46 0.95 -0.161 0.02 -0.161 31.3 6.971 -0.161 0.95 32166 5177 989 -161 1910 32.4 31.7 30.9 32.4 6.77 6.48 6.48 6.77 0.54 0.67 -0.158 0 -0.158 32.4 6.928 -0.158 0.67 33360 5377 647 -158 1911 32.2 34 33.1 32.2 6.19 7.11 7.12 6.19 0.76 0.5 0.05 -0.01 0.05 32.2 6.14 0.05 0.5 34268 4877 481 50 1912 33.9 34.7 33.8 33.9 7.04 6.84 6.84 7.04 0.57 0.8 0.045 0 0.045 33.9 6.995 0.045 0.8 37311 5591 840 45 1913 36.1 35.7 34.7 36.1 7.89 6.94 6.59 7.89 0.47 0.88 0.167 0.35 0.167 36.1 7.723 0.167 0.88 39067 6199 848 167 1914 35.7 38.9 37.7 35.7 5.53 8.05 7.12 5.53 0.67 0 -0.114 0.93 -0.114 35.7 5.644 -0.114 0 36424 4405 19 -114 1915 39.6 43.4 42.2 39.6 7.75 9.22 7.64 7.75 0.63 0.17 1.598 1.58 1.598 39.6 6.152 1.598 0.17 38738 4329 167 1598 1916 48.6 49.2 48 48.6 11.9 10.5 8.52 11.9 0.6 1.5 2.952 1.98 2.952 48.6 8.948 2.952 1.5 49768 5922 1495 2952 1917 60.4 57.2 56 60.4 13.8 13.5 10.73 13.8 1.39 0.6 3.295 2.77 3.295 60.4 10.505 3.295 0.6 59945 6431 599 3295 1918 66.7 67.1 65.9 66.7 14.6 16.7 13.68 14.6 2.81 0.73 2.19 3.02 2.19 66.7 12.41 2.19 0.73 76176 6360 729 2190 1919 75 71.6 70.2 75 20.4 16.7 13.95 20.4 3.95 2.54 3.95 3.82 2.75 3.82 75 16.58 3.82 3.95 78907 8313 4054 3824 1920 86.8 74.3 72.6 86.8 23.1 16.7 14.48 23.1 7.27 2.54 7.27 2.84 2.22 2.84 86.8 20.26 2.84 7.27 88856 10123 7361 2844 1921 71.1 77.7 75.8 71.1 12.2 17.6 15.72 12.2 0.15 3.01 0.15 1.61 1.88 1.61 71.1 10.59 1.61 0.15 73938 7753 63 1613 1922 71.8 79.7 77.3 71.8 13.4 16.8 15.49 13.4 0.6 2.04 0.6 0.64 1.31 0.64 71.8 12.76 0.64 0.6 73990 9547 530 645 1923 83.7 80 77.5 83.7 19.1 16.2 15.32 19.1 3.05 0.93 3.05 0.48 0.88 0.48 83.7 18.62 0.48 3.05 86115 12693 2992 477 1924 85 84.8 82.1 85 16.3 18 17.35 16.3 -0.89 1.21 -0.89 0.99 0.65 0.99 85 15.31 0.99 -0.89 87561 13167 -936 987 1925 88.5 89.1 86.3 88.5 20.3 19.2 18.54 20.3 1.75 1.18 1.75 0.68 0.66 0.68 88.5 19.62 0.68 1.75 91308 14409 1752 684 1926 95 91.5 88.5 95 21 19.2 18.43 21 1.55 0.5 1.55 0.44 0.77 0.44 95 20.56 0.44 1.55 97694 15481 1523 445 1927 93.4 94.8 91.8 93.4 19.5 20.2 19.47 19.5 0.45 1.02 0.45 0.72 0.73 0.72 93.4 18.78 0.72 0.45 96279 14690 407 716 1928 95.5 94.6 92.2 95.5 19 19.2 18.47 19 -0.34 0.6 -0.34 1.01 0.73 1.01 95.5 17.99 1.01 -0.34 98164 14456 -379 1012 1929 101.5 89.9 87.8 101.5 21.1 16.8 16.12 21.1 1.7 0.04 1.7 0.77 0.68 0.77 101.5 20.33 0.77 1.7 104436 14557 1674 771 1930 87.5 81.9 80 87.5 15.1 13.6 13.03 15.1 -0.35 -0.55 -0.35 0.69 0.57 0.69 87.5 14.41 0.69 -0.35 1931 71.5 73 71.7 71.5 9.32 10.6 10.2 9.32 -1.24 -0.78 -1.24 0.2 0.4 0.2 71.5 9.12 0.2 -1.24 1932 53.4 64.6 63.7 53.4 3.48 7.72 7.39 3.48 -2.51 -1.31 -2.51 0.17 0.33 0.17 53.4 3.31 0.17 -2.51 1933 51 60.5 58.9 51 3.89 6.68 6.5 3.89 -1.52 -0.98 -1.52 0.15 0.18 0.15 51 3.74 0.15 -1.52 1934 59.5 61.8 59.4 59.5 6.77 7.6 7.48 6.77 -0.93 -0.47 -0.93 0.43 0.12 0.43 59.5 6.34 0.43 -0.93 1935 67.3 68.3 65.3 67.3 9.93 10.2 10.1 9.93 1.28 0.51 1.28 -0.05 0.1 -0.05 67.3 9.98 -0.05 1.28 1936 77.9 74.1 70.5 77.9 13.9 12.1 11.81 13.9 1.35 0.7 1.35 -0.09 0.29 -0.09 77.9 13.99 -0.09 1.35 1937 85.8 79.2 75.3 85.8 16.5 13.9 13.52 16.5 2.37 1 2.37 0.06 0.38 0.06 85.8 16.44 0.06 2.37 1938 79.9 84.5 80.7 79.9 13.2 15.9 15.2 13.2 -0.59 1.23 -0.59 1.11 0.7 1.11 79.9 12.09 1.11 -0.59 1939 85.1 91.4 88.1 85.1 15.9 18.8 17.83 15.9 0.62 1.9 0.62 0.89 0.97 0.89 85.1 15.01 0.89 0.62 1940 93.6 98.8 95.9 93.6 19.9 21.7 20.73 19.9 2.4 1.77 2.4 1.51 0.97 1.51 93.6 18.39 1.51 2.4 1941 112.5 109.4 106.6 112.5 28.6 25 24.62 28.6 4.69 1.69 4.69 1.27 0.38 1.27 112.5 27.33 1.27 4.69 1942 123 120.7 117.9 123 30.9 27.7 27.84 30.9 1.72 1.34 1.72 0.08 -0.14 0.08 123 30.82 0.08 1.72 1943 132.8 131.9 129.1 132.8 29.6 28.7 29.36 29.6 -0.96 0.6 -0.96 -1.87 -0.66 -1.87 132.8 31.47 -1.87 -0.96 1944 141.9 147 143.9 141.9 29.3 30.5 30.44 29.3 -1.16 0.85 -1.16 -1.69 0.06 -1.69 141.9 30.99 -1.69 -1.16 1945 149.6 161.8 149.6 24.9 24.9 -1.28 -1.28 -1.07 -1.07 149.6 25.97 -1.07 -1.28