National Income Accounting

Discipline Courses-I
Semester-I
Paper I: Principales of Economics(POE)
Unit-III
Lesson: National Income Accounting
Lesson Developer: Rakhi Arora and Vaishali Kapoor
College/Department: Rajdhani College, University of Delhi

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Table of Contents:

1. Learning outcomes

2. Introduction

3. What is macroeconomics?

4. Measurement of GDP

a. Various concepts of National Income

b. The Circular Flow

c. Expenditure approach to calculate GDP

d. Income approach to calculate GDP

5. Real Vs Nominal GDP

6. Price Indexes

7. Summary

8. Exercises

9. Glossary

10. References

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Learning outcomes:

After you have read this chapter, you should be able to:-

a) Understand the various issues in an economy

b) Define National Income

c) List the various concepts of National Income

d) Understand the flow of money in the economy

e) Compute National Income through Expenditure and Income approach

f) Differentiate between Real and Nominal GDP

g) Acquaint with the GDP deflator and Consumer Price Index

INTRODUCTION

Newspapers, these days, are full of headlines symptomatic of the worsened conditions of
the global economy; which suggest that policy makers and economists have been worried
about what form the ongoing global financial crisis will take, how all economies would be
affected and whether all economies would emerge as gainers and take the lead? One needs
to know, how economists predict these crises & their repercussions;how economists study
the symptoms of any disturbance in the economy and provide the cure.

Economists & researchers keep studying every economy with the help of various economic
variables & economic tools at hand & economic data that is widely released in various
newspapers journals & articles mostly produced by government. These data /statistics are
used to study the economy & policy makers use them to monitor the ongoing development
processes in the economy &to formulate policies.

This chapter broadly covers the macroeconomic issues and the macroeconomic
variablesin Section one. It discusses in Section two the Gross Domestic Product, GDP,
an indicator of the health of an economy and in Section three, it explains the meaning of
Consumer Price Index,CPI, which represents the overall prices. This chapter largely
focuses on the accounting of National Income.

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WHAT IS MACROCONOMICS?

Macro Economics is the study of the structure and performance of national economies and
of the policies that governments use to try to affect economic performance.

The various macroeconomic issues are as follows:

(i) Long Run Economic Growth

This issue addresses why do some nations economies grow rapidly, providing their
citizens with fast improving living standards, while other nations economies remain
stagnant. For Instance, in 1870 per capita income was smaller in Norway then in
Argentine, but today per capita income is three times as high in Norway as in
Argentina. Indias GDP has been growing since 1950 as represented in figure1 and it
has been impressive since 1990s because of the policy reforms adopted by Indian
government.

National Income of India*( Rs. Cr)

8000000
7000000
6000000
5000000
4000000
3000000 National income of
2000000 India Rs. Cr
1000000
0
1950-51

2011-12
1960-61
1970-71
1980-81
1990-91
2000-01
2000-02
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11

Figure 1: National income of India from 1950 to 2012

Source: Statistical Outline of India 2012-13, TATA services ltd.
*national income is calculated at factor cost with new base year of 2004-05

(i) Business Cycle

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Instead of growing at an ever rate at all times, economies tend to experience

short-term ups & downs in their performance technically described as Business
cycle. Why do economies experience such business cycles recession for
instance (fall in output) in 1990 and then exhibited recovery (rise in output), the
longest period of uninterrupted economic growth in US economic history but
economic performance in 2000 was much weaker. A mild recession in 2001 was
followed by weak recovery that lasted only with December 2007. The recession
that began at the end of 2007 was worsened by financial crisis in 2008, which
contributed to a sharp decline in output at the end of 2008 and in early 2009.
(ii) Unemployment

The important aspect of recessions is that they are usually accompanied by an

increase inunemployment, which is measured by the key indicator of the
economys health- the unemployment rate. One needs to figure out the reason
for high unemployment rates; sometimes even during relative prosperity times?

(iii) Inflation

Many efforts have been devoted by the economists to identify the costs &
consequences of even the moderate inflation. The key questions that need to be
addressed are: who are Gainers & losers from inflation? What costs does inflation
impose on society and their severity? What are the causes of inflation? What are the
best ways to curb it? Figure 2 shows the behavior of consumer goods prices over
time in India. They have been rising since 1950 and have doubled in the last decade
owing to droughts, US crisis and recession.

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Consumer Price Index(2001 =100) CPI

250

200

150

100 Consumer Price

Index(2001 =100) CPI
50

0
1970-71

2011-12
1950-51
1960-61

1980-81
1990-91
2000-01
2000-02
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11

Figure 2: Consumer Price Index of India from 1950 to 2012

Source: Statistical Outline of India 2012-13, TATA services ltd.

(iv) International Economy

This issue focuses on the economic links among nations international trade &
borrowings etc. that affect the performance of individual economies & world
economy as a whole. The recent crisis affected the entire globe even when it
originated in US as Sub Prime crisis. This shows that countries are linked by
international trade and more so by financial flows.

(v) Macroeconomic Policy

How should economic policy be conducted so as to keep the economys output,

inflation, unemployment rate & other variables as stable as possible to avoid the
major fluctuations which could risk the smooth functioning of the economy? The
bailout package given to banks in US to lessen the impact or spread of crisis is one
such example. The ongoing inflation in India is a matter of concern for RBI and they
have been framing policies to keep the inflation low.

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MEASUREMENT OF GDP

The national income accounts are an accounting framework used in measuring current
economic activity. National Income Accounts are set up in a way that mirrors the structure
of the economy. Working through these accounts is a first important step towards
understanding how the macro economy works.

The economic activity that occurs during a period of time can be measured in the following
3 ways:

1. The total output produced in the economy.

2. Income received by the producer of the output.
3. Total expenditure incurred by final consumers.

All three approaches portray the identical picture of the economy. The money value
computed from either of the above ways is technically known as National income of the
economy.

VARIANTS OF GDP

Several variants of measuring economic activity are as follows:-

1. Gross Domestic Product (GDP)

GDP is the market value of all final goods and services produced by normal residents
as well as non-residents in the domestic territory of a country in a year. It includes
the market value of only final goods and ignores intermediate goods to avoid the
problem of double counting (i.e.) to count all goods and services produced in any
given year only once.

GDP= C+I+G+NX

Where,

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C= Value of final consumer goods and services produced in a year and consumed by
households.

I= Purchase of capital goods by Producing sector (Addition to physical stock of

capital or stock)

G= Net expenditure made by Government (Government purchase of goods and

services)
X-M= Net Exports i.e. the difference between foreign spending on domestic goods
and domestic spending on foreign goods (i.e.)

NX=Exports-Imports

2. Gross National Product (GNP)

It is defined as the total market value of all final goods and services produced in a
year by normal residents of a country. These residents may be national or non-
national companies having their set up plants in India.

It is calculated by adding net factor income from abroad in GDP.

GNP=GDP+NFIA

Where,

NFIA is the difference between factor income received from abroad by normal
residents of India for rendering factor services in other countries and the factor
incomes paid to the foreign residents for factor services rendered by them in the
domestic territory of India.

3. Net Domestic Product (NDP)

The capital goods wear out or fall in value as a result of its consumption or use in
the production process. This consumption of fixed capital or fall in the value of fixed
capital due to wear and tear is called depreciation. So this depreciation is to be
deducted from GDP to get NDP. Therefore,NDP is the net market value i.e. after
providing for depreciation, all final goods and services produced by normal residents
as well as non-residents in the domestic territory of a country in a year. Therefore,

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NDP= GDP-Depreciation

Exhibit 1: Relation between various measures of economic activity

4. Net National Product (NNP)

It refers to the market value of goods and services produced by normal residents of
a country in a year after providing for depreciation.
It is also known as National income at market price.
NNP= GNP-Depreciation
Or
NNP= GDP-Depreciation+ NFIA

5. Net National Product at Factor Cost (NNP fc)

Conceptually NNP at MP and NNP at FC are supposed to be identical - as the value of

final goods and services at market price is nothing but the sum total of factor cost
involved in their production as production process is the combined efforts of various
factors of production namely land, labour, capital and enterprise. NNPfc is also called
National Income, as it is the sum of all incomes earned by factors of production for
their contribution of land, labour, capital and entrepreneurial ability in the years net

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production. It is calculated by deducting indirect taxes and adding subsidies to the

national income at market price as indirect taxes lead to increase the market price as
compared to factor cost and subsidies lead to decrease the market price as
compared to the factor cost.
NNP fc= NNPmp- Net Indirect Taxes
Net Indirect Taxes= Indirect taxes-Subsidies

THE CIRCULAR FLOW DIAGRAM

A useful way to study the economic interactions among the four sectors in the economy is
through a circular flow diagram, which shows the income received and payments made by
each sector. The phenomenon of three methods of measurement of national income giving
identical results can be shown diagrammatically through the circular flow of money in the
economy.

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Exhibit 2: Circular Flow Diagram

Lets analyze the circular flow step by step. Households provide their services to the firms
and government and in return they get wages. The circular flow diagram above shows the
flow of wages in the household sector as a compensation for their services. Interest on
corporate and government bonds and dividends from firms is another receipt of the
households. Social security benefits, veterans benefits, and welfare payments are also
received by some of the households from the government. These kinds of payments from
the government for which the recipient does not supply any good/service/labor are called as
Transfer Payments. All these receipts constitute the total income received by the
households.

Households pay out by purchasing goods/services from the firms and by giving taxes to the
government. These components constitute the total payments by the households. The

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gap between the total receipts and total payments of the households is whatthey save/dis-
save. Savings are categorized as a leakage from the circular flow as they withdraw the
current income/purchasing power from the system.

Goods/services are sold to the households and the government by the firms. Revenues are
generated by these sales which are shown as a flow into the firm sector in the diagram
above. Wages, interest and dividends are paid by the firms to the households and taxes are
paid by the firms to the government. These expenses are shown as flows out of the firm
sector.

Taxes are collected by the government from the households and the firms. Government
makes payments also by purchasing goods /services from the firms, paying wages and
interest to the households, and by making transfer payments to the households. Households
expend part of their income on imports and rest on domestically produced goods/services.

THE EXPENDITURE APPROACH TO MEASURING GDP

GDP can be obtained by adding up the four major categories of expenditures of national
income accounts- Consumption, Investment, Government purchases of goods/services, net
exports of goods/services. According to the expenditure approach, GDP is measured as the
total spending on the final goods/services produced in the nation during a specified period
of time of the national income.

Symbolically,

GDP can also be obtained by

Y= GDP=total production (or output)

= total income

=total expenditure;

C= consumption;

I= investment;

G= Government purchases of goods and services;

NX = net exports of goods and services.

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With these symbols, we express the expenditure approach to measuring GDP as

Y=C+1+G+NX.

1. Consumption.

The expenditure on the final goods/services by the domestic households including on

those produced abroad is called as Consumption. It happens to be the principal
component of expenditure and it accounted for 56% of the Indian GDP in 2010. The
expenditures on consumption can be broadly categorized as follows:

a) Consumer durables, which are long-lived consumer items such as cars,

televisions, furniture, and major appliances (but not houses, which are
classified under investment)
b) Non-Durable goods, which are shorter lived items such as food, clothing,
and fuel; and
c) Services, such as education, health care, financial services, and
transportation etc.

2. Investment

Investment includes both spending for new capital goods, called fixed investment,
and increases in firms, inventory holding, called inventory investment. Investment,
in India, accounted for 37% of GDP in 2010. Fixed investment in turn has two major
components.

a) The expenditure by the businesses on equipments such as vehicles, computers,

machines and furniture, structuressuch as office building, warehouses and factories
and software by the businesses is called as Business fixed investment.
b) The expenditure on the construction of new houses and apartment building is usually
called as the Residential investment. These apartment buildings and houses are
considered as the capital goods as they provide shelter (service) over a long period
of time.

3. Government purchases of goods and services

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The third major component of expenditure is the governments spending on currently

produced goods/services- Foreign as well as domestic. It accounted for 11% of
Indian GDP in 2010. Government also makes payments in the form of transfers,
which are not made in exchange for current goods/services. Transfers can take the
forms of social security and Medicare benefits, unemployment insurance welfare
payments, and so on. Transfers are not counted in GDP according to the expenditure
method as they are excluded from the government purchases category. In the
similar way, interest payments on national debt are also expelled from the
government purchases category.

Much like the distinction between private-sector consumption and investment some
part of government purchases accounts for current needs (such as employee
salaries) as some is devoted to acquiring capital goods (such as office buildings).

Exhibit 3: Components of Total Spending

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4. Net Exports

Net exports are exports minus imports. Exports are the goods and services produced
within a country that are purchased by foreigners. . It is about 22% of GDP in 2010
in India.

Imports are the goods and service produced abroad that are purchased by a
countrys residents, which was about 26% of GDP in 2010 in India. Net exports are
positive if exports are greater than imports and negative if imports exceed exports.

Exports are added to total spending because they represent spending (by foreigners)
on final goods and services produced in a country. Imports are subtracted from total
spending because consumption, investment, and government purchases are defined
to include imported goods and service. Subtracting imports ensures that total
spending C+I+G+NX, reflects spending only on output produced in the country.

THE INCOME APPROACH TO MEASURING GDP

According to the Income Approach, National Income is the summation of eight types of
income. It totals the income received by the producers inclusive of the profits and the taxes
payment to the government. The eight components are as follows:

1. Compensation of employees-The income of the workers excluding the self

employed and including the wages, salaries, employee benefits (inclusive of the
contributions by employers to pension plans) and employer contributions to social
security constitute the Compensation of Employees. Compensation of employees
happens to be the principal component of national income, which accounted for
55.7% of GDP in 2008.

2. Proprietors income- Proprietors income is the income of the unincorporated self-

employed. Because many self-employed people own some capital (for example, a
farmers tractor or a dentists X-ray machine), proprietors income includes both
labor income and capital income. Proprietors income was 7.7% of GDP in 2008.

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3. Rental income of persons-It is basically the income earned by the individuals

owning land/ structures that they rent to others. It is an insignificant component of
income and broadly covers various miscellaneous incomes such as royalty income
paid to authors, recording artists and others. Rental income of persons was about
1.5% of GDP in 2008.

4. Corporate profits-The earnings of the corporations are called as the corporate

profits. It represents the residue of the corporate revenue after the payments of
wages, interests, rents and other costs. These corporate profits are used to pay
corporate income tax and dividends to the shareholders. The remaining corporate
profits after these two payments are called as the retained earnings and are kept
by the corporations.

5. Net interest-Net interest is interest earned by individuals from businesses and

foreign sources minus interest paid by individuals. Net interest has varied from 4%
to 8% of GDP each year over the past 25 years.

6. Taxes on production and imports-It includes indirect business taxes such as sales
tax and excise taxes that are paid by businesses central to state, and local
governments, as well as customs duties and taxes on residential real estate and
motor vehicle licenses paid by households. These taxes have averaged about 7% of
GDP for the past 25 years.

7. Business current transfer payments (net)- Business current transfer payments

are payments made by businesses to individuals or governments or foreigners, but
not for wages or taxes or as payment for services. Instead such transactions as
charitable donations insurance payments are covered by this category of income.
Business current transfer payments have been between 0.5% and 0.9% of GDP each
year for the past 25 years.

8. Current surplus of government enterprises- Current surplus of government

enterprises is essentially the profit of businesses that are owned by governments.

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In addition to the eight components of national income just described, three other items
need to be accounted for to obtain GDP:

Statistical discrepancy;
Depreciation; and
Net factor payments.

REAL VS NOMINAL GDP

GDP, measured in rupee terms, is sum of value of the output produced in the economy, i.e.
sum of product of prices of different commodities produced and their respective quantities.
Nominal GDP = piqi
Where,
pi= price of the ithcommodity
qi= quantity of the ithcommodity

The value of goods/services measured at current prices is usually called as nominal GDP by
the economists. Nominal GDP is not capable of reflecting accurately as to how well an
economy is able to satisfy the demands of households, firms and the government. If only all
the prices double and the quantities remain unchanged, then accordingly GDP would double.
But it would be misleading to state that the ability of the economy to satisfy the demands
has doubled as the quantities of every good-produced remains unchanged.

A better and more reliable measure to monitor the economys well-being would be one that
would not be influenced by the changes in prices. Henceforth, real GDP is used by the
economists. Real GDP is the measurement of the value of goods/services using a constant
set of prices, i.e., it would tell us the affect on expenditure on output when only quantities
change and prices dont.

A real variable is an economic variable that is measured by the base year prices. The
physical quantity of the economic activity is measured by the real economic variables. Real
GDP measures the physical volume of an economys final production, using the base year
prices. Nominal GDP measures the value of an economys final output, using the current
market prices.

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PRICE INDEXES

A measure of the average level of prices for some specified set of goods/services relative to
the prices in a specified base year is called as the Price Index. For instance, a GDP deflator
is a price index, which measures the overall level of goods/services included in GDP. It is
defined as follows:

Real GDP= nominal GDP/ (GDP deflator/100)

The GDP deflator (divided by 100) is the amount by which nominal GDP must be divided,
or deflated to obtain real GDP. In our example, we have already computed nominal GDP
and real GDP, so we can now calculate the GDP deflator by rewriting the preceding formula
as:

GDP deflator = 100X nominal GDP/real GDP.

The Consumer price Index

GDP deflator deals with the average level of prices of goods/services that are included in
GDP. The CPI, Consumer Price Index, is available monthly. The Bureau of labor Statistics
constructs the CPI by sending people out each month to find the current prices of a fixed
list, or basket of consumer goods and services, including many specific items of food,
clothing, housing, and fuel. The CPI for the month is then computed as:

100*(Current cost of a basket of consumer items)/ (cost of the same basket of items in
reference base period).

SUMMARY

Macroeconomics deals with understanding and providing solutions to inflation, high

unemployment, long run economic growth, business cycles and dynamics of
international economy.

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National income of the economy can be computed by either adding the expenditure
incurred by the residents in a year or by adding everybodys income. Either of the
two sums will yield same result as income of one person is expenditure of the other
and vice a versa.
Computations could be made easy by remembering following equations:
1. Net + CFC = Gross
2. EC+ NIT = MKT Price
3. Domestic + NFIA = National
In expenditure method, national income is computed by adding consumption (C),
government expenditure (G), investment (I) and net exports (NX) in a given
accounting year.
While calculating national income by income method, following components are
added:Compensation of employees, Proprietors income, Rental income of persons,
corporate profits, Net interest, Taxes on production and imports, Current surplus of
government enterprises, and Business current transfer payments (net).
Real economic variables deal with the physical quantity of the economic activity
using base year prices. For example, real GDP is at constant prices i.e. it measures
physical production of this year at base year prices. In contrast, nominal GDP is
current rupee- GDP i.e. rupee value of an economys final output, measured at
current market prices.
A price indexmeasures theaverage level of prices of a basket of goods/services
relative to the prices of the same basket in a specified base year.

EXERCISES

SHORT ANSWER QUESTIONS

Q1. Which of the following items will be included while calculating GDP of India? Why and
why not?

a. Mohan purchased a computer worth Rs.30, 000.

b. Shyam bought a second hand scooter worth Rs. 25,000.
c. Sunita bought furniture manufactured in Hongkong worth Rs. 1, 00,000.

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Q2. Fill in the blanks:

a. NNPfc+ ....= NNPmp

b. NNPmp - ...........= NDPmp
c. GNPfc + NIT CFC =

LONG ANSWER QUESTIONS

Q1. What are major macroeconomic issues that each economy has to deal with? Explain it
with reference to Indian scenario.

Q2. What are the approaches to measuring economic activity? Why do they give same
answer?

Q3. List all the components of total spending. Why imports are subtracted when GDP is
computed in the expenditure method?

Q4. For assessing growth performance of an economy real GDP is a better measure.
Comment.

NUMERICALS

Q1. Calculate national income from expenditure method and gross domestic product at
factor cost by income method:

a. Government final consumption expenditure 100

b. Gross fixed capital formation 310

c. Operation surplus 800

d. Change in stock 50

e. Exports 40

f. Net factor income from abroad -10

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g. Subsidies 20

h. Consumption of fixed capital 20

i. Imports 50

j. Compensation of employees 300

k. Mixed income of self employed 30

l. Indirect taxes 120

m. Private final consumption expenditure 800

Q2. Calculate Gross National Product at market prices from the following data?

a. Consumption of fixed capital 10

b. Value of output in primary sector 100

c. Value of output in secondary sector 150

d. Gross value added at market prices in the tertiary sector 150

e. Net exports 10

f. Net indirect taxes 10

g. Value of intermediate consumption in

(i) Primary sector 40

(ii) Secondary sector 50
(iii) Tertiary sector 60

h. Net factor income from abroad -5

Q3. Calculate national income and GDPmp from given data?

a. Mixed income 64,448

b. Gross profit 12,000

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c. Consumption of fixed capital 8,868

d. Compensation of employees 53,452

e. Indirect taxes 15,456

f. Interest 4,000

g. Rent 4,176

h. Net factor income from abroad -1,136

i. Subsidies 1,348

Q4. From the following data, calculate national income and gross domestic product:

a. Compensation of employees 680

b. Depreciation 136
c. Employers contribution to social security 120

d. Profit 100

e. Interest 80

f. Rent 40

g. Royalty 20

h. Net indirect taxes 152

i. Net factor income from abroad -12

Q5. Consider a three good economy and for this economy then, calculate nominal GDP for
year 1 and year 2 and real GDP for year 2 from the following given information:

PRODUCTION PRICE PER UNIT

YEAR1 (Q1) YEAR 2 YEAR 1 YEAR 2(P2)
(Q2) (Rs) (Rs)
GOOD A 6 11 5 4
GOOD B 7 4 3 10
GOOD C 10 12 7 9

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Also calculate, GDP deflator.

GLOSSARY

Macroeconomics: Macro Economics is the study of the structure and performance of

national economies and of the policies that governments use to try to affect
economic performance.
National Income: National Income is the sum of all incomes earned by factors of
production for their contribution of land, labour, capital and entrepreneurial ability in
the years net production.
Consumption of Fixed capital: The capital goods wear out or fall in value as a result
of its consumption or use in the production process is known as Consumption of
Fixed Capital.
Net Factor Income from Abroad:NFIAis the difference between factor income
received from abroad by normal residents of India for rendering factor services in
other countries and the factor incomes paid to the foreign residents for factor
services rendered by them in the domestic territory of India.
Real GDP:Real GDP is the physical quantity produced in an economy in a given
accounting year measured as (production of current year) x (prices of a base year).
Nominal GDP:Nominal GDP is the value of production in an economy in a given
accounting year measured as (production of current year) x (prices of current year).
GDP Deflator:The GDP deflator (divided by 100) is the amount by which nominal GDP
must be divided, or deflated to obtain real GDP.
CPI:CPI measuresthe current cost of the basket of consumer items divided by the
cost of the same basket of items in the reference base period.

Refernces

1. N. Gregory Mankiw, Economics: Principles and Applications, India edition by South

Western, a part of Cengage Learning, Cengage Learning India Private Limited, 4th edition,
2007.

2. Andrew B. Abel and Ben S. Bernanke, Macroeconomics, Pearson Education, Inc.7th

edition, 2011.

3. http://data.worldbank.org/indicator/NE.CON.PETC.ZS

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4. Statistical Outline of India 2012-13, TATA services ltd.

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