PIKETTY-ZUCMAN WEALTH-INCOME DATA SET

This database supports our paper "Capital is Back: Wealth-Income Ratios in Rich Countries, 1700-2010"

Germany, 1870-2010
Last update: June 4, 2013

Summary Macro Variables

Table DE.1: National income and private wealth in Germany, 1870-2011 (annual series)
Table DE.2: National income and private wealth in Germany, 1870-2010 (decennial averages)
Table DE.3: Economic growth, population growth and price deflators in Germany (changing boundaries), 1870-2010
Table DE.3b: Economic and population growth in Germany, 1870-2011: Corrections for frontier changes
Table DE.3c: Economic growth, population growth and price deflators in Germany (fixed boundaries), 1870-2010
Table DE.3d: Summary macro variables, 1870-2011 (annual series)
Table DE.3e: Summary macro variables, 1870-2010 (decennial averages)
Wealth Accumulation
Table DE.4a: Sources of private wealth accumulation in Germany, 1870-2010 - Additive decomposition
Table DE.4b: Sources of private wealth accumulation in Germany, 1870-2010 - Multiplicative decomposition
Table DE.4c: Sources of market value national wealth accumulation in Germany, 1870-2010
Table DE.4e: Sources of government wealth accumulation in Germany, 1870-2010
Table DE.4f: Sources of foreign wealth accumulation in Germany, 1870-2010
Table DE.4g: Sources of book value national wealth accumulation in Germany, 1970-2010
Table DE.5a: Accumulation equation for private wealth in Germany, 1870-2010 (annual series)
Table DE.5b: Accumulation equation for national wealth in Germany, 1870-2010 (annual series)
Table DE.5c: Accumulation equation for government wealth in Germany, 1870-2010 (annual series)
Structure of National Wealth
Table DE.6a: Structure of national wealth in Germany, 1870-2011: private wealth vs government wealth
Table DE.6b: Structure of national wealth in Germany, 1870-2011: corporate wealth and net foreign asset position
Table DE.6c: Composition of private wealth in Germany, 1950-2011, % of national income
Table DE.6d: Composition of private wealth in Germany, 1950-2011, % of private wealth
Table DE.6e: The structure of national wealth in Germany, 1870-2010 (decenial averages)
Table DE.6f: The changing nature of national wealth in Germany, 1870-2010
Table DE.6g: Assets and liabilities in Eastern Germany as of 1991 and 1998
Structure of National Income
Table DE.8: Structure of national income in Germany, 1950-2011: national income vs gross domestic product
Table DE.9: Structure of national income in Germany, 1950-2011: decomposition by production sectors
Table DE.10: Structure of national income in Germany, 1980-2011: profits & wages in the corporate sector
Table DE.11a: Structure of national income in Germany, 1950-2010: capital & labor shares in national income
Table DE.11b: Structure of national income in Germany, 1950-2011: capital & labor shares in factor-price national income
Table DE.12: Structure of national income in Germany, 1950-2010: disposable income & savings
Table DE12b: Structure of national income in Germany, 1870-2010: savings, investment and external balance
Table DE12c: Structure of national income in Germany, 1870-2010: private vs government saving, investment, and depreciation
Table DE.13: Structure of national income in Germany, 1950-2010: taxes & transfers
Prices & Returns
Table DE.15a: Price indices in Germany, 1870-2011 (annual series)

Back to index

Table DE.1: National income and private wealth in Germany, 1870-2011 (annual series)
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[20]

Boundaries: 1870-1944: German Empire (including Alsace-Lorraine from 1871 on, excluding territories lost in the wake of World War 1 from 1919-1923 on, including Saarland from 1935 on, and including annexed territories in 1938-1944);
1945-1949: territory occupied by the Allied powers and USSR; 1950-1990: West Germany (including Saarland & West Berlin); 1991-onwards: reunified Germany.
(1850-1949: current bn
marks; 1950-onwards:
current bn euros)

(2010 billions euros)

(1850-1949: current bn marks; 1950-onwards:

current bn euros)

Per
Per
National Private capita
capita
income wealth national private
National Private
Yt
Wt
income wealth
income wealth
Yt
Wt
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902

12.9
14.0
16.6
18.0
19.5
18.2
17.9
17.4
17.9
16.7
16.9
17.4
17.5
18.1
18.6
18.7
18.9
19.3
20.7
22.2
23.6
22.6
24.0
24.3
24.1
25.2
27.0
28.7
30.9
31.6
32.3
31.4
31.9

90.6
96.6
104.7
113.6
117.5
116.5
114.2
111.6
109.9
108.4
109.3
111.4
113.7
115.7
116.7
119.6
123.4
128.0
134.2
141.0
147.1
147.7
145.1
144.0
144.5
146.9
152.7
161.6
171.9
184.5
198.5
203.4
202.2

94.8
98.7
109.1
111.8
121.0
119.5
118.3
117.6
123.8
120.3
116.8
121.8
122.0
129.1
134.2
138.5
140.9
142.6
150.1
156.5
162.1
155.8
165.1
177.6
178.2
185.8
195.5
203.1
217.9
214.5
212.1
210.6
213.5

667.3
680.9
687.2
707.6
727.6
762.9
753.8
753.5
761.0
782.1
754.8
781.1
792.4
827.2
843.0
884.5
918.5
947.9
973.3
991.9
1,008.4
1,020.2
996.2
1,050.9
1,068.7
1,081.8
1,107.0
1,144.5
1,211.1
1,251.5
1,303.0
1,363.5
1,353.9

328
342
404
432
466
429
416
399
405
374
375
382
383
392
401
401
402
404
430
457
480
453
478
480
469
485
511
535
568
572
577
552
552

2,310
2,358
2,542
2,736
2,799
2,740
2,652
2,559
2,491
2,428
2,423
2,453
2,488
2,514
2,518
2,561
2,619
2,688
2,787
2,894
2,986
2,968
2,887
2,837
2,815
2,825
2,894
3,018
3,160
3,339
3,542
3,576
3,500

(2010 euros)

Per
Per
Per
Per
adult
adult
capita
capita
national private national private
income wealth income wealth
yt
wt
581
605
712
760
816
750
725
694
702
646
646
659
660
676
692
692
693
697
741
787
827
780
823
824
806
832
875
916
971
977
983
944
947

4,087
4,172
4,484
4,813
4,908
4,791
4,622
4,448
4,316
4,196
4,175
4,227
4,288
4,334
4,343
4,418
4,516
4,636
4,804
4,988
5,147
5,109
4,964
4,873
4,831
4,842
4,954
5,161
5,398
5,698
6,037
6,116
6,004

2,417
2,408
2,650
2,691
2,883
2,810
2,747
2,696
2,805
2,696
2,591
2,680
2,668
2,805
2,897
2,966
2,990
2,994
3,117
3,213
3,291
3,131
3,285
3,500
3,471
3,574
3,706
3,791
4,004
3,883
3,785
3,702
3,696

17,010
16,609
16,685
17,037
17,332
17,946
17,507
17,278
17,246
17,521
16,738
17,196
17,332
17,977
18,194
18,937
19,488
19,902
20,208
20,361
20,480
20,502
19,819
20,704
20,816
20,804
20,985
21,364
22,261
22,652
23,248
23,974
23,437

Ratio
(private
wealth)/
Per
Per
(national
adult
adult income)
national private
t =
income wealth
Wt/Yt
yt
wt
4,277
4,261
4,675
4,733
5,055
4,914
4,788
4,686
4,861
4,658
4,464
4,619
4,600
4,837
4,996
5,116
5,156
5,162
5,373
5,537
5,672
5,389
5,648
6,011
5,956
6,126
6,345
6,483
6,841
6,626
6,452
6,331
6,341

30,099
29,388
29,435
29,967
30,394
31,378
30,519
30,031
29,889
30,275
28,837
29,633
29,877
30,996
31,378
32,667
33,611
34,318
34,839
35,095
35,294
35,293
34,080
35,563
35,717
35,657
35,928
36,539
38,030
38,657
39,632
40,998
40,206

704%
690%
630%
633%
601%
639%
637%
641%
615%
650%
646%
642%
650%
641%
628%
639%
652%
665%
648%
634%
622%
655%
603%
592%
600%
582%
566%
564%
556%
583%
614%
648%
634%

memo: memo:
Ratio
Per
(dispos.
adult
income)/ dispos.
(national income
income) (2010 )

96%
96%
96%
96%
96%
96%
96%
96%
96%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
95%
94%
94%

4,088
4,078
4,503
4,532
4,861
4,715
4,587
4,486
4,652
4,427
4,241
4,382
4,361
4,604
4,763
4,884
4,887
4,911
5,101
5,235
5,381
5,099
5,374
5,721
5,646
5,821
6,019
6,156
6,489
6,280
6,105
5,979
5,991

Population
Adult
memo: (thousands population Employed
Ratio , mid-year) (20-yr+) population
(private
wealth)/
(dispos.
income)
20+

Nt

736%
721%
654%
661%
625%
666%
665%
670%
642%
684%
680%
676%
685%
673%
659%
669%
688%
699%
683%
670%
656%
692%
634%
622%
633%
613%
597%
594%
586%
616%
649%
686%
671%

39,231
40,995
41,185
41,532
41,983
42,510
43,057
43,608
44,127
44,639
45,093
45,426
45,717
46,014
46,335
46,705
47,132
47,628
48,166
48,716
49,239
49,762
50,266
50,757
51,340
52,001
52,754
53,569
54,406
55,248
56,046
56,874
57,767

Nt

22,171
23,168
23,345
23,613
23,940
24,313
24,699
25,089
25,462
25,834
26,173
26,360
26,522
26,688
26,867
27,075
27,328
27,621
27,939
28,263
28,572
28,907
29,232
29,550
29,921
30,340
30,812
31,322
31,846
32,374
32,877
33,258
33,673

Land
area
(1000
km2)

Lt

17,046
17,337
17,664
17,990
18,317
18,643
18,891
19,108
19,277
19,554
19,638
19,745
19,958
20,188
20,430
20,577
20,973
21,265
21,606
22,090
22,372
22,485
22,588
22,738
23,070
23,405
23,891
24,290
24,719
25,082
25,548
25,617
25,869

533.1
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.6

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[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

[18]

[19]

[20]

Boundaries: 1870-1944: German Empire (including Alsace-Lorraine from 1871 on, excluding territories lost in the wake of World War 1 from 1919-1923 on, including Saarland from 1935 on, and including annexed territories in 1938-1944);
1945-1949: territory occupied by the Allied powers and USSR; 1950-1990: West Germany (including Saarland & West Berlin); 1991-onwards: reunified Germany.
(1850-1949: current bn
marks; 1950-onwards:
current bn euros)

(2010 billions euros)

(1850-1949: current bn marks; 1950-onwards:

current bn euros)

Per
Per
National Private capita
capita
income wealth national private
National Private
Yt
Wt
income wealth
income wealth
Yt
Wt
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940

34.2
206.5
35.9
214.8
38.7
226.6
40.3
242.4
43.0
257.4
42.1
263.5
44.3
266.9
45.6
277.2
47.9
289.8
51.4
307.1
52.1
324.7
49.6
295.8
57.0
325.3
70.9
381.6
103.1
521.3
120.3
569.8
146.7
647.7
402.7
1,343.9
561
1,603
10,728 25,382
2.6E+12 6.4E+12
55.1
121.9
65.5
150.8
67.8
181.1
76.4
209.9
81.8
228.9
81.5
248.3
75.1
240.6
61.6
207.3
49.7
173.3
51.2
169.6
57.9
176.6
64.8
188.2
72.2
200.1
81.2
216.9
90.9
240.7
109.8
309.3
135.6
389.4

228.2
238.3
249.0
247.4
261.8
260.5
267.8
266.0
280.5
293.5
295.9
273.2
250.9
239.3
233.6
227.3
202.2
226.2
239.8
254.1
221.0
246.2
267.9
269.8
297.2
307.1
300.8
277.7
241.2
220.0
237.2
267.5
300.6
336.3
375.5
450.5
535.5
621.9

(2010 euros)

Per
Per
Per
Per
adult
adult
capita
capita
national private national private
income wealth income wealth
yt
wt

1,377.8
583
3,522
1,004
6,061
1,426.7
603
3,612
1,041
6,236
1,458.5
641
3,756
1,111
6,506
1,486.3
660
3,964
1,146
6,887
1,568.2
693
4,151
1,208
7,235
1,629.9
670
4,192
1,171
7,330
1,614.3
695
4,190
1,219
7,350
1,617.4
706
4,292
1,242
7,555
1,696.6
733
4,434
1,291
7,805
1,754.6
777
4,643
1,367
8,173
1,843.7
778
4,848
1,369
8,533
1,629.6
731
4,364
1,275
7,604
1,430.9
840
4,792
1,450
8,268
1,288.1 1,047
5,635
1,789
9,628
1,181.3 1,530
7,738
2,589
13,095
1,077.0 1,800
8,528
3,017
14,293
892.8
2,332 10,298
3,871
17,097
754.9
6,593 21,999 10,843 36,181
684.6
9,090 25,949 14,810 42,281
601.3 174,976 4.1E+05 282,480 6.7E+05
531.2 4.3E+13 1.0E+14 6.9E+13 1.6E+14
545.0
887
1,962
1,405
3,111
616.4
1,050
2,416
1,649
3,795
720.8
1,078
2,880
1,676
4,477
816.6
1,208
3,318
1,858
5,104
859.7
1,286
3,599
1,957
5,478
916.2
1,274
3,882
1,920
5,848
889.9
1,167
3,742
1,741
5,579
811.9
953
3,208
1,407
4,735
767.1
766
2,670
1,119
3,902
785.6
785
2,601
1,136
3,763
815.7
888
2,707
1,284
3,916
873.2
969
2,815
1,402
4,072
932.2
1,072
2,970
1,550
4,296
1,002.7 1,197
3,198
1,731
4,624
1,192.8 1,206
3,193
1,743
4,616
1,508.2 1,264
3,559
1,827
5,144
1,786.3 1,381
3,966
1,996
5,732

3,892
4,006
4,129
4,046
4,222
4,144
4,203
4,120
4,292
4,437
4,417
4,030
3,697
3,534
3,467
3,403
3,214
3,703
3,883
4,145
3,581
3,965
4,292
4,291
4,699
4,827
4,702
4,318
3,732
3,390
3,636
4,101
4,495
4,993
5,535
5,975
6,162
6,334

23,501
23,988
24,182
24,305
25,288
25,928
25,335
25,050
25,957
26,526
27,527
24,039
21,079
19,023
17,535
16,120
14,194
12,357
11,086
9,806
8,607
8,775
9,876
11,465
12,910
13,513
14,324
13,841
12,562
11,817
12,045
12,502
13,058
13,841
14,783
15,820
17,354
18,195

Ratio
(private
wealth)/
Per
Per
(national
adult
adult income)
national private
t =
income wealth
W
/Yt
t
yt
wt
6,698
6,916
7,151
7,029
7,359
7,246
7,374
7,251
7,555
7,810
7,775
7,022
6,379
6,039
5,867
5,703
5,336
6,090
6,327
6,691
5,728
6,285
6,743
6,670
7,227
7,347
7,084
6,439
5,508
4,954
5,261
5,933
6,502
7,221
8,004
8,638
8,907
9,155

40,445
41,414
41,883
42,231
44,080
45,341
44,448
44,090
45,688
46,688
48,450
41,891
36,372
32,504
29,673
27,018
23,566
20,322
18,063
15,831
13,768
13,910
15,516
17,821
19,856
20,568
21,578
20,639
18,542
17,269
17,428
18,087
18,888
20,018
21,376
22,872
25,086
26,297

604%
599%
586%
601%
599%
626%
603%
608%
605%
598%
623%
597%
570%
538%
506%
474%
442%
334%
285%
237%
240%
221%
230%
267%
275%
280%
305%
321%
337%
349%
331%
305%
290%
277%
267%
265%
282%
287%

memo: memo:
Ratio
Per
(dispos.
adult
income)/ dispos.
(national income
income) (2010 )

95%
95%
95%
95%
94%
94%
94%
93%
93%
93%
93%

87%
90%
87%
87%
88%
89%
90%
91%
90%
88%
87%
85%
82%
80%
80%

6,348
6,565
6,775
6,651
6,953
6,830
6,905
6,759
7,016
7,261
7,211

5,888
6,003
6,300
6,423
6,245
5,708
4,968
4,525
4,731
5,218
5,642
6,120
6,584
6,947
7,164

Population

Adult

memo: (thousands population Employed

Ratio , mid-year) (20-yr+) population
(private
wealth)/
(dispos.
income)
20+

Nt

637%
631%
618%
635%
634%
664%
644%
652%
651%
643%
672%

264%
297%
315%
320%
346%
362%
373%
382%
368%
347%
335%
327%
325%
329%
350%

58,629
59,475
60,314
61,153
62,013
62,863
63,717
64,568
65,359
66,146
66,978
67,790
67,883
67,715
67,368
66,811
62,897
61,090
61,757
61,313
61,718
62,107
62,410
62,867
63,253
63,618
63,958
64,295
64,631
64,912
65,225
65,243
66,871
67,349
67,831
75,396
86,910
98,173

Nt

34,067
34,449
34,824
35,195
35,576
35,948
36,318
36,684
37,134
37,581
38,054
38,901
39,341
39,630
39,810
39,862
37,885
37,145
37,902
37,979
38,582
39,179
39,725
40,445
41,125
41,797
42,457
43,119
43,786
44,419
45,079
45,098
46,231
46,569
46,910
52,150
60,123
67,925

Land
area
(1000
km2)

Lt

26,349
26,834
27,221
27,734
28,166
28,350
28,762
29,420
30,034
30,549
30,968

31,033
29,852
31,963
32,531
32,266
30,483
28,115
26,113
26,687
28,811
30,086
31,409
32,739

540.6
540.6
540.6
540.6
540.6
540.6
540.6
540.9
540.9
540.9
540.9
540.9
540.9
540.9
540.9
540.9

468.7
468.7
468.7
468.7
468.7
468.7
468.7
468.7
468.7
468.7
468.8
468.8
470.4
470.7
470.7
583.3
680.7
729.8

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

[18]

[19]

[20]

Boundaries: 1870-1944: German Empire (including Alsace-Lorraine from 1871 on, excluding territories lost in the wake of World War 1 from 1919-1923 on, including Saarland from 1935 on, and including annexed territories in 1938-1944);
1945-1949: territory occupied by the Allied powers and USSR; 1950-1990: West Germany (including Saarland & West Berlin); 1991-onwards: reunified Germany.
(1850-1949: current bn
marks; 1950-onwards:
current bn euros)

(2010 billions euros)

(1850-1949: current bn marks; 1950-onwards:

current bn euros)

Per
Per
National Private capita
capita
income wealth national private
National Private
Yt
Wt
income wealth
income wealth
Yt
Wt
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978

147.8
154.0
166.3
160.2
50.9
49.3
62.1
85.3
109.3
50.8
62.2
71.1
76.4
81.8
93.7
103.4
112.5
120.4
131.6
147.6
160.8
174.0
183.4
201.1
219.3
232.3
234.0
253.7
284.7
321.1
354.5
385.4
429.5
462.4
482.6
524.8
558.2
596.7

389.1
415.2
463.5
474.4
132.6
116.0
133.2
169.7
200.1
91.9
107.3
120.3
128.5
139.3
150.1
159.4
173.1
194.1
218.4
254.4
297.6
334.8
372.7
414.2
456.2
501.1
552.8
609.4
667.1
722.6
780.0
854.8
938.5
1,017.8
1,107.4
1,200.2
1,319.8
1,466.4

710.4
750.6
798.5
730.7
204.1
176.4
208.8
248.1
298.1
279.7
307.0
335.2
365.6
392.8
441.0
473.8
500.6
520.2
559.8
608.4
632.7
658.5
673.1
716.3
752.8
770.6
764.5
809.1
872.9
914.3
938.0
975.5
1,022.7
1,026.2
1,013.7
1,067.1
1,100.7
1,136.4

1,869.7
2,023.8
2,225.5
2,164.4
531.6
414.7
447.9
493.3
545.7
506.5
529.9
567.4
614.6
668.6
706.5
730.4
770.0
838.4
928.8
1,048.3
1,171.1
1,267.4
1,367.9
1,475.0
1,565.9
1,661.9
1,805.7
1,943.5
2,045.1
2,057.5
2,063.6
2,163.5
2,234.4
2,259.0
2,326.2
2,440.3
2,602.7
2,792.8

1,497
1,555
1,680
1,618
806
760
938
1,256
1,591
1,000
1,215
1,376
1,465
1,553
1,760
1,936
2,096
2,214
2,394
2,655
2,857
3,057
3,186
3,455
3,721
3,902
3,909
4,214
4,681
5,256
5,788
6,251
6,933
7,452
7,807
8,528
9,091
9,729

3,939
4,194
4,682
4,792
2,098
1,788
2,012
2,497
2,912
1,811
2,097
2,329
2,463
2,644
2,820
2,984
3,223
3,568
3,972
4,574
5,288
5,883
6,475
7,113
7,740
8,415
9,233
10,122
10,966
11,827
12,734
13,865
15,147
16,404
17,914
19,501
21,497
23,908

(2010 euros)

Per
Per
Per
Per
adult
adult
capita
capita
national private national private
income wealth income wealth
yt
wt
2,163
2,247
2,427
2,337
1,163
1,098
1,355
1,813
2,296
1,439
1,743
1,968
2,089
2,208
2,495
2,736
2,953
3,111
3,353
3,708
3,998
4,284
4,474
4,860
5,244
5,509
5,530
5,972
6,646
7,476
8,195
8,810
9,725
10,405
10,851
11,798
12,521
13,338

5,692
6,060
6,764
6,922
3,030
2,582
2,905
3,604
4,203
2,606
3,008
3,331
3,512
3,758
3,997
4,217
4,542
5,013
5,564
6,389
7,399
8,246
9,092
10,008
10,910
11,882
13,061
14,345
15,570
16,824
18,029
19,539
21,247
22,904
24,898
26,980
29,606
32,778

7,191
7,581
8,066
7,381
3,229
2,719
3,156
3,651
4,338
5,512
5,997
6,490
7,010
7,454
8,285
8,869
9,322
9,564
10,180
10,942
11,243
11,570
11,695
12,302
12,771
12,941
12,769
13,440
14,351
14,965
15,314
15,822
16,507
16,540
16,399
17,340
17,928
18,528

18,926
20,443
22,480
21,863
8,412
6,393
6,768
7,259
7,942
9,981
10,350
10,986
11,783
12,687
13,272
13,670
14,339
15,414
16,891
18,851
20,810
22,266
23,766
25,332
26,568
27,910
30,160
32,281
33,621
33,675
33,690
35,090
36,065
36,408
37,629
39,652
42,391
45,532

Ratio
(private
wealth)/
Per
Per
(national
adult
adult income)
national private
t =
income wealth
W
/Yt
t
yt
wt
10,392
10,954
11,652
10,661
4,664
3,926
4,556
5,271
6,261
7,930
8,602
9,282
9,995
10,596
11,743
12,534
13,135
13,436
14,260
15,281
15,731
16,217
16,423
17,307
18,001
18,273
18,063
19,047
20,376
21,287
21,682
22,297
23,155
23,093
22,792
23,990
24,691
25,401

27,350
29,536
32,474
31,578
12,149
9,232
9,771
10,478
11,463
14,362
14,847
15,712
16,802
18,036
18,812
19,319
20,204
21,655
23,660
26,329
29,118
31,212
33,374
35,639
37,445
39,410
42,665
45,749
47,736
47,902
47,700
49,451
50,589
50,835
52,299
54,859
58,382
62,424

263%
270%
279%
296%
260%
235%
214%
199%
183%
181%
173%
169%
168%
170%
160%
154%
154%
161%
166%
172%
185%
192%
203%
206%
208%
216%
236%
240%
234%
225%
220%
222%
218%
220%
229%
229%
236%
246%

memo: memo:
Ratio
Per
(dispos.
adult
income)/ dispos.
(national income
income) (2010 )

84%
81%
80%
80%
80%
81%
80%
81%
82%
81%
80%
78%
78%
77%
78%
79%
79%
80%
78%
76%
76%
76%
77%
75%
76%
79%
78%
77%
77%

6,635
6,967
7,439
7,979
8,446
9,471
10,089
10,690
11,032
11,532
12,168
12,299
12,606
12,727
13,490
14,297
14,421
14,374
14,910
15,572
16,254
16,480
17,101
17,288
17,437
18,047
18,610
18,909
19,510

Population

Adult

memo: (thousands population Employed

Ratio , mid-year) (20-yr+) population
(private
wealth)/
(dispos.
income)
20+

Nt

216%
213%
211%
211%
214%
199%
191%
189%
196%
205%
216%
237%
248%
262%
264%
262%
273%
297%
307%
307%
295%
289%
289%
293%
292%
290%
295%
309%
320%

98,791
99,000
99,000
99,000
63,192
64,863
66,177
67,951
68,713
50,748
51,196
51,649
52,159
52,699
53,231
53,429
53,702
54,392
54,988
55,608
56,274
56,918
57,556
58,226
58,942
59,545
59,871
60,206
60,829
61,098
61,252
61,656
61,955
62,046
61,818
61,543
61,397
61,337

Nt

68,364
68,519
68,530
68,541
43,757
44,921
45,838
47,075
47,610
35,270
35,689
36,113
36,579
37,068
37,554
37,806
38,112
38,716
39,256
39,815
40,219
40,605
40,986
41,387
41,819
42,170
42,323
42,481
42,842
42,952
43,262
43,751
44,168
44,438
44,478
44,484
44,581
44,739

Land
area
(1000
km2)

Lt

20,727
21,279
21,735
22,320
22,952
23,830
24,523
25,083
25,307
25,600
26,053
26,421
26,518
26,585
26,613
26,768
26,688
25,818
25,843
26,251
26,589
26,710
26,857
27,181
26,924
26,248
26,139
26,198
26,457

729.8
729.8
729.8
729.8
357.0
357.0
357.0
357.0
357.0
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

[18]

[19]

[20]

Boundaries: 1870-1944: German Empire (including Alsace-Lorraine from 1871 on, excluding territories lost in the wake of World War 1 from 1919-1923 on, including Saarland from 1935 on, and including annexed territories in 1938-1944);
1945-1949: territory occupied by the Allied powers and USSR; 1950-1990: West Germany (including Saarland & West Berlin); 1991-onwards: reunified Germany.
(1850-1949: current bn
marks; 1950-onwards:
current bn euros)

(2010 billions euros)

(1850-1949: current bn marks; 1950-onwards:

current bn euros)

Per
Per
National Private capita
capita
income wealth national private
National Private
Yt
Wt
income wealth
income wealth
Yt
Wt
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

645.0
685.9
712.7
738.7
773.5
813.9
850.9
895.8
917.0
973.9
1,043.5
1,136.5
1,330.6
1,424.0
1,454.6
1,517.5
1,569.4
1,593.8
1,621.1
1,655.4
1,687.1
1,724.5
1,767.5
1,787.4
1,811.5
1,891.6
1,921.6
2,025.2
2,118.0
2,139.4
2,051.4
2,146.1
2,228.7

1,603.5
1,735.0
1,867.3
2,014.8
2,163.0
2,308.8
2,470.6
2,639.4
2,789.8
2,953.8
3,143.0
3,333.8
3,817.2
4,126.0
4,417.4
4,661.4
4,869.4
5,112.1
5,368.2
5,639.8
5,918.3
6,147.5
6,336.2
6,488.6
6,712.5
7,042.1
7,373.2
7,651.0
8,028.3
8,336.3
8,517.2
8,835.8
9,173.6

1,178.0
1,187.9
1,184.8
1,174.3
1,195.9
1,234.0
1,263.3
1,291.2
1,304.9
1,362.9
1,419.5
1,495.3
1,698.2
1,724.3
1,693.9
1,724.2
1,748.0
1,763.9
1,789.4
1,816.6
1,847.8
1,901.6
1,927.2
1,921.5
1,926.2
1,990.1
2,009.3
2,111.0
2,172.3
2,177.4
2,063.6
2,146.1
2,211.5

2,928.5
3,005.0
3,104.3
3,202.9
3,344.5
3,500.5
3,667.8
3,804.4
3,970.1
4,133.6
4,275.5
4,386.1
4,871.8
4,996.1
5,144.0
5,296.2
5,423.5
5,657.7
5,925.5
6,188.8
6,482.0
6,778.6
6,908.9
6,975.3
7,137.6
7,408.7
7,709.5
7,975.1
8,234.1
8,484.4
8,567.9
8,835.8
9,102.9

10,509
11,143
11,553
11,986
12,591
13,304
13,941
14,666
14,986
15,842
16,777
17,982
16,629
17,662
17,923
18,634
19,214
19,457
19,761
20,176
20,549
20,977
21,463
21,669
21,948
22,924
23,301
24,585
25,746
26,055
25,046
26,243
27,253

26,125
28,188
30,272
32,692
35,214
37,740
40,478
43,212
45,593
48,048
50,532
52,748
47,706
51,175
54,430
57,238
59,617
62,407
65,437
68,738
72,086
74,777
76,942
78,661
81,329
85,341
89,405
92,878
97,588
101,526
103,992
108,047
112,178

(2010 euros)

Per
Per
Per
Per
adult
adult
capita
capita
national private national private
income wealth income wealth
yt
wt
14,342
15,140
15,579
16,042
16,726
17,542
18,248
19,056
19,331
20,289
21,334
22,704
21,238
22,542
22,861
23,753
24,477
24,778
25,159
25,680
26,122
26,586
27,134
27,325
27,608
28,763
29,126
30,610
31,942
32,186
30,845
32,179
33,418

35,655
38,299
40,819
43,753
46,777
49,762
52,981
56,148
58,815
61,537
64,258
66,601
60,927
65,316
69,426
72,962
75,945
79,477
83,313
87,490
91,637
94,774
97,272
99,194
102,301
107,078
111,757
115,643
121,078
125,413
128,068
132,489
137,554

19,192
19,301
19,207
19,055
19,469
20,171
20,697
21,139
21,325
22,169
22,823
23,658
21,224
21,386
20,872
21,171
21,401
21,533
21,813
22,140
22,506
23,130
23,403
23,294
23,339
24,117
24,364
25,626
26,406
26,518
25,196
26,243
27,043

47,711
48,824
50,325
51,970
54,448
57,218
60,093
62,286
64,882
67,239
68,742
69,398
60,887
61,968
63,384
65,033
66,401
69,068
72,232
75,430
78,952
82,454
83,897
84,561
86,481
89,785
93,483
96,812
100,090
103,329
104,611
108,047
111,313

Ratio
(private
wealth)/
Per
Per
(national
adult
adult income)
national private
t =
income wealth
W
/Yt
t
yt
wt
26,193
26,224
25,900
25,501
25,863
26,596
27,091
27,468
27,510
28,393
29,022
29,872
27,106
27,296
26,622
26,987
27,262
27,423
27,771
28,181
28,610
29,316
29,587
29,374
29,357
30,260
30,455
31,907
32,761
32,757
31,029
32,179
33,161

65,117
66,336
67,860
69,553
72,327
75,446
78,656
80,932
83,696
86,116
87,413
87,624
77,761
79,091
80,847
82,897
84,587
87,960
91,963
96,008
100,365
104,504
106,064
106,634
108,781
112,654
116,854
120,541
124,181
127,640
128,832
132,489
136,494

249%
253%
262%
273%
280%
284%
290%
295%
304%
303%
301%
293%
287%
290%
304%
307%
310%
321%
331%
341%
351%
356%
358%
363%
371%
372%
384%
378%
379%
390%
415%
412%
412%

memo: memo:
Ratio
Per
(dispos.
adult
income)/ dispos.
(national income
income) (2010 )

77%
77%
78%
78%
78%
77%
76%
77%
77%
78%
77%
78%
78%
78%
78%
78%
79%
79%
79%
78%
77%
77%
79%
79%
79%
80%
80%
79%
77%
77%
78%
78%
76%

20,113
20,080
20,139
19,859
20,119
20,513
20,703
21,065
21,232
22,137
22,329
23,180
21,107
21,250
20,773
21,101
21,593
21,750
21,964
22,064
22,049
22,506
23,231
23,237
23,328
24,305
24,372
25,179
25,382
25,142
24,103
25,206
25,294

Population

Adult

memo: (thousands population Employed

Ratio , mid-year) (20-yr+) population
(private
wealth)/
(dispos.
income)
20+

Nt

324%
330%
337%
350%
359%
368%
380%
384%
394%
389%
391%
378%
368%
372%
389%
393%
392%
404%
419%
435%
455%
464%
457%
459%
466%
464%
479%
479%
489%
508%
534%
526%
540%

61,381
61,549
61,685
61,629
61,426
61,178
61,035
61,080
61,189
61,477
62,197
63,202
80,014
80,625
81,156
81,438
81,678
81,915
82,035
82,047
82,100
82,212
82,350
82,488
82,534
82,516
82,469
82,376
82,266
82,110
81,902
81,777
81,777

Nt

44,973
45,300
45,746
46,049
46,242
46,397
46,631
47,008
47,434
48,001
48,912
50,056
62,651
63,169
63,627
63,888
64,117
64,321
64,434
64,461
64,584
64,865
65,139
65,413
65,615
65,765
65,976
66,161
66,307
66,471
66,505
66,691
66,691

Land
area
(1000
km2)

Lt

26,968
27,420
27,453
27,241
26,993
27,226
27,608
28,138
28,531
28,937
29,480
30,409
38,712
38,183
37,695
37,667
37,802
37,772
37,716
38,148
38,721
39,382
39,485
39,257
38,918
39,034
38,976
39,192
39,857
40,345
40,362
40,553
41,078

248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
248.6
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0
357.0

Notes: (1) All wealth estimates on this and subsequent tables are mid-year estimates (they were computed as averages between January 1st and December 31st estimates, see formulas). (2) All real values on
this and subsequent tables use the GDP deflator, unless otherwise noted.

Back to index

Table DE.2: National income and private wealth in Germany, 1870-2010 (decennial averages)
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

[18]

[19]

Boundaries: 1870-1944: German Empire (including Alsace-Lorraine from 1871 on, excluding territories lost in the wake of World War 1 from 1919-1923 on, including Saarland from 1935 on, and including annexed territories in 1938-1944);
1945-1949: territory occupied by the Allied powers and USSR; 1950-1990: West Germany (including Saarland & West Berlin); 1991-onwards: reunified Germany.
(current billions euros
1950-2010; current
billions marks 18501949)

(current euros 1950-2010; current marks 18501949)

Per
adult
national
income
yt

(2010 euros)

Per
Per
Per
adult
capita
capita
private national private
wealth income wealth
wt

Private
wealth
Wt

National
income
Yt

Private
wealth
Wt

Per
Per
capita
capita
national private
income wealth

16.9
108.4
18.8
121.3
26.2
154.6
37.4
228.2
74.5
394.0
2.6E+11 6.4E+11
71.4
212.3
112.1
288.3
90.4
148.2
209.1
446.0
476.0
1,101.1
840.6
2,408.5
1,499.0 4,726.3
1,923.8 7,263.3
2,187.4 9,004.7

113.5
135.3
185.6
238.9
256.2
263.0
324.2
474.8
417.6
725.9
1,037.3
1,261.9
1,730.1
2,020.0
2,178.8

728.4
871.5
1,094.0
1,458.2
1,441.2
704.6
957.9
1,250.3
686.1
1,535.2
2,386.9
3,600.9
5,437.2
7,618.0
8,969.3

399
2,561
699
4,484
403
2,594
694
4,473
503
2,973
863
5,098
623
3,800
1,078
6,576
1,127
5,957
1,926
10,205
4.3E+12 1.0E+13 6.9E+12 1.6E+13
1,027
3,066
1,494
4,465
1,308
3,288
1,889
4,749
1,701
2,791
2,409
3,955
3,564
7,581
5,023
10,690
7,734
17,892
10,746
24,846
13,679
39,197
17,929
51,315
18,799
59,158
23,932
75,309
23,371
88,244
29,213 110,258
26,748 110,112 32,799 135,021

National
income
Yt
1870
1880
1890
1900
1910
1920
1930
1940
1950
1960
1970
1980
1990
2000
2010

(2010 billions euros)

2,680
2,892
3,564
3,982
3,861
4,209
4,634
5,365
7,868
12,402
16,853
20,536
21,770
24,539
26,643

17,217
18,633
21,039
24,319
21,705
11,272
13,762
13,868
12,937
26,156
38,784
58,603
68,275
92,550
109,680

Per
adult
national
income
yt
4,691
4,986
6,110
6,890
6,674
6,619
6,737
7,749
11,151
17,472
23,458
26,957
27,713
30,680
32,670

Note: 1870 refers to the decennial average 1870-1879, 1880 to 1880-1889, , 2000 to 2000-2009, and 2010 to 2010-2011

Ratio
memo:
(private
Ratio
wealth)/
Per
(national (dispos.
adult
income) income)/
private
t = (national
wealth
income)
Wt/Yt
wt
30,138
32,125
36,076
42,068
37,594
17,723
20,020
20,033
18,341
36,868
53,956
76,834
86,910
115,668
134,491

644%
644%
592%
611%
556%
267%
302%
249%
166%
209%
229%
284%
313%
377%
412%

Population

Adult

memo: (thousands population Employed

memo:
population
Ratio
)
(20-yr+)
Per adult
(private
dispos.
wealth)/
income
(dispos.
(2010 )
income)
20+

Nt

96%
95%
95%
94%

4,493
4,737
5,799
6,510

672%
678%
624%
647%

86%

5,812

350%

81%
78%
77%
77%
78%
79%
77%

9,028
13,687
17,975
20,818
21,683
24,079
25,250

205%
267%
299%
368%
401%
480%
533%

42,287
46,693
51,934
59,885
66,352
62,409
68,866
82,486
52,819
58,397
61,548
61,445
79,621
82,323
81,777

Nt

24,163
27,083
30,288
34,619
38,488
39,634
47,348
57,108
37,216
41,465
44,183
46,772
62,531
65,822
66,691

Lt

18,383
20,647
23,464
27,045

23,335
26,356
26,627
27,903
37,283
39,481
40,815

Back to index

Table DE.3: Economic growth, population growth and price deflators in Germany (changing boundaries), 1870-2010
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

Boundaries: 1870-1944: German Empire (including Alsace-Lorraine from 1871 on, excluding territories lost in the wake of World War 1 from 1919-1923 on,
including Saarland from 1935 on, and including annexed territories in 1938-1944); 1945-1949: territory occupied by the Allied powers and USSR; 1950-1990:
West Germany (including Saarland & West Berlin); 1991-onwards: reunified Germany.

Real
growth rate
of national
income
(GDP
deflator)

Real
Real
Real
growth rate
growth rate
growth rate of perof perof private
capita
capita
wealth
national
national
(GDP income
income
deflator)
(GDP
(CPI)
deflator)

Real
growth rate
Personal
of perAdult
Employed
Consumer consumpti
employed Population population
GDP price
population
price
on
national growth rate growth rate
inflation
growth rate
inflation expenditur
income
(20-yr+)
e inflation
(GDP
deflator)

1870-2010

2.3%

1.9%

1.7%

1.7%

1.6%

0.5%

0.8%

0.6%

1.9%

1.9%

1870-1910

2.6%

2.2%

1.3%

1.0%

1.2%

1.3%

1.3%

1.4%

0.6%

0.9%

1910-2010

2.1%

1.7%

1.9%

2.0%

1.8%

0.2%

0.6%

0.3%

2.5%

2.3%

1910-1950

0.1%

-2.9%

0.7%

0.8%

1.0%

-0.6%

-0.1%

-0.9%

1.8%

1.8%

1950-2010

3.5%

4.9%

2.6%

2.8%

2.3%

0.8%

1.1%

1.1%

2.9%

2.7%

2.6%

1950-1980

4.9%

6.1%

4.3%

5.0%

4.0%

0.6%

0.8%

0.9%

3.9%

3.2%

3.2%

1980-2010

2.0%

3.7%

1.0%

0.7%

0.7%

1.0%

1.3%

1.3%

1.8%

2.2%

2.0%

1950-1970

6.1%

7.3%

5.1%

6.3%

4.8%

0.9%

1.0%

1.3%

3.4%

2.2%

2.3%

1970-2010

2.2%

3.7%

1.4%

1.2%

1.1%

0.7%

1.1%

1.1%

2.7%

2.9%

2.7%

1970-1990

2.5%

3.9%

2.3%

2.4%

1.8%

0.2%

0.8%

0.7%

3.9%

3.8%

3.8%

1990-2010

1.8%

3.6%

0.5%

-0.1%

0.4%

1.3%

1.4%

1.4%

1.4%

2.0%

1.7%

1950-1960

8.1%

7.5%

7.1%

8.2%

5.6%

0.9%

1.2%

2.3%

2.9%

1.9%

1.9%

1960-1970

4.2%

7.0%

3.2%

4.4%

3.9%

0.9%

0.8%

0.2%

3.8%

2.6%

2.7%

1970-1980

2.7%

3.9%

2.6%

2.6%

2.3%

0.1%

0.5%

0.3%

5.1%

5.1%

5.0%

1980-1990

2.3%

3.9%

2.1%

2.2%

1.3%

0.3%

1.0%

1.0%

2.8%

2.6%

2.5%

1990-2000

2.4%

4.4%

-0.2%

-0.8%

-0.2%

2.7%

2.6%

2.6%

1.8%

2.4%

2.0%

2000-2010

1.2%

2.7%

1.3%

0.7%

0.9%

-0.1%

0.3%

0.3%

1.0%

1.6%

1.4%

Back to index

Table DE.3b: Economic and population growth in Germany, 1870-2011: Corrections for frontier changes
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

Boundaries: Reunified Germany (pre-1991 evolution based on growth rates in the boundaries of the time, and specific adjustments made for border change)
Population and real income
growth

Real
Real
national
national
Memo:
Adult
Employed income
income Population
Population Population growth
population population
Yt
(thousands
growth
growth,
(thousands (thousands
)
Maddison
)
)
1+gt =
Yt/Yt-1
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977

0.5%
0.5%
0.8%
1.1%
1.3%
1.3%
1.3%
1.2%
1.2%
1.0%
0.7%
0.6%
0.6%
0.7%
0.8%
0.9%
1.1%
1.1%
1.1%
1.1%
1.1%
1.0%
1.0%
1.1%
1.3%
1.4%
1.5%
1.6%
1.5%
1.4%
1.5%
1.6%
1.5%
1.4%
1.4%
1.4%
1.4%
1.4%
1.4%
1.3%
1.2%
1.2%
1.3%
1.2%
0.1%
-0.2%
-0.5%
-0.8%
0.6%
0.6%
1.1%
0.8%
0.7%
0.6%
0.5%
0.7%
0.6%
0.6%
0.5%
0.5%
0.5%
0.4%
0.5%
0.0%
0.7%
0.7%
0.7%
1.1%
1.1%
0.8%
0.6%
0.2%
0.0%
0.0%
2.7%
2.6%
2.0%
2.7%
1.1%
2.0%
0.9%
0.9%
1.0%
1.0%
1.0%
0.4%
0.5%
1.3%
1.1%
1.1%
1.2%
1.1%
1.1%
1.2%
1.2%
1.0%
0.5%
0.6%
1.0%
0.4%
0.3%
0.7%
0.5%
0.1%
-0.4%
-0.4%
-0.2%

0.6%
0.6%
0.8%
1.1%
1.1%
1.5%
1.3%
1.2%
1.2%
1.0%
0.8%
0.7%
0.7%
0.8%
0.7%
0.9%
1.1%
1.2%
1.2%
1.1%
1.1%
1.0%
1.0%
1.2%
1.3%
1.5%
1.6%
1.6%
1.6%
1.5%
1.5%
1.6%
1.5%
1.5%
1.4%
1.4%
1.4%
1.4%
1.4%
1.4%
1.5%
0.9%
0.9%
1.6%
0.2%
-0.2%
-0.5%
-0.8%
0.6%
0.6%
1.1%
0.5%
0.7%
0.6%
0.7%
0.7%
0.6%
0.6%
0.5%
0.5%
0.5%
0.4%
0.5%
0.6%
0.7%
0.7%
0.7%
1.1%
1.1%
0.8%
0.6%
0.8%
-0.6%
-0.8%
2.7%
2.6%
2.2%
1.8%
1.0%
0.6%
0.7%
0.4%
0.6%
0.5%
0.5%
0.6%
0.6%
0.7%
0.7%
0.6%
0.9%
0.8%
0.8%
0.8%
0.9%
0.8%
0.2%
0.3%
0.7%
0.8%
0.7%
0.5%
0.3%
0.0%
-0.4%
-0.5%
-0.2%

0.1%
10.6%
2.4%
8.3%
-1.3%
-1.0%
-0.6%
5.3%
-2.8%
-2.9%
4.2%
0.2%
5.8%
4.0%
3.2%
1.7%
1.2%
5.3%
4.3%
3.6%
-3.9%
6.0%
7.6%
0.3%
4.3%
5.2%
3.9%
7.3%
-1.5%
-1.1%
-0.7%
1.4%
6.9%
4.4%
4.5%
-0.7%
5.8%
-0.5%
2.8%
-0.7%
5.5%
4.6%
0.8%
-7.7%
-8.1%
-4.6%
-2.4%
-2.7%
-5.0%
15.9%
6.0%
7.6%
-13.0%
11.4%
8.8%
0.7%
10.2%
3.3%
-2.1%
-7.7%
-13.1%
-8.8%
7.8%
12.8%
10.4%
11.9%
11.7%
9.1%
4.2%
3.6%
14.2%
5.7%
6.4%
-8.5%
-55.1%
-13.6%
18.4%
18.8%
20.1%
12.5%
9.8%
9.2%
9.1%
7.4%
12.3%
7.4%
5.6%
3.9%
7.6%
8.7%
4.0%
4.1%
2.2%
6.4%
5.1%
2.4%
-0.8%
5.8%
7.9%
4.7%
2.6%
4.0%
4.8%
0.3%
-1.2%
5.3%
3.1%

Real per capita income

growth

Population and real income levels

Real per
capita
national
income

bn 2010 euros

29,360
29,513
29,650
29,900
30,224
30,604
30,998
31,394
31,768
32,136
32,463
32,703
32,912
33,126
33,357
33,624
33,931
34,288
34,676
35,072
35,448
35,825
36,187
36,541
36,961
37,436
37,979
38,565
39,168
39,774
40,349
40,945
41,587
42,208
42,817
43,421
44,025
44,644
45,256
45,871
46,484
47,053
47,620
48,219
48,803
48,870
48,749
48,499
48,098
48,375
48,653
49,196
49,609
49,935
50,250
50,495
50,864
51,177
51,472
51,747
52,020
52,292
52,519
52,772
52,787
53,156
53,536
53,919
54,497
55,076
55,512
55,862
55,980
55,980
55,980
57,502
59,023
60,218
61,832
62,526
63,761
64,325
64,894
65,534
66,212
66,881
67,130
67,473
68,340
69,089
69,868
70,704
71,514
72,315
73,157
74,057
74,814
75,224
75,645
76,428
76,766
76,959
77,467
77,843
77,957
77,671
77,325
77,142

16,593
16,679
16,807
16,999
17,235
17,503
17,781
18,062
18,331
18,598
18,842
18,977
19,094
19,213
19,342
19,492
19,674
19,885
20,113
20,347
20,570
20,811
21,045
21,273
21,541
21,842
22,182
22,549
22,927
23,306
23,669
23,943
24,242
24,526
24,801
25,070
25,338
25,612
25,879
26,146
26,410
26,733
27,055
27,395
28,006
28,322
28,530
28,660
28,697
29,138
29,582
30,193
30,729
31,216
31,699
32,141
32,723
33,274
33,817
34,351
34,887
35,426
35,939
36,472
36,488
36,749
37,018
37,289
37,694
38,101
38,409
38,657
38,745
38,751
38,757
39,817
40,876
41,711
42,836
43,323
44,314
44,841
45,374
45,959
46,574
47,184
47,501
47,886
48,644
49,323
50,025
50,532
51,018
51,496
52,000
52,543
52,983
53,176
53,375
53,828
53,966
54,356
54,970
55,494
55,833
55,884
55,891
56,013

12,757
12,481
12,716
12,951
13,186
13,421
13,600
13,756
13,878
14,077
14,138
14,215
14,368
14,534
14,708
14,814
15,099
15,309
15,555
15,903
16,106
16,187
16,262
16,369
16,609
16,850
17,200
17,487
17,796
18,057
18,392
18,442
18,624
18,969
19,318
19,597
19,966
20,277
20,410
20,706
21,180
21,622
21,993
22,294

25,108
24,153
25,861
26,320
26,106
24,663
22,747
21,128
21,592
23,310
23,916
24,967
26,025

26,042
26,735
27,309
28,043
28,838
29,941
30,811
31,515
31,797
32,164
32,734
33,196
33,318
33,403
33,438
33,633
33,532
32,439
32,470
32,983
33,407
33,559
33,744
34,151
33,828
32,979
32,842
32,916

70.3
70.4
77.9
79.7
86.3
85.2
84.4
83.9
88.3
85.8
83.3
86.8
87.0
92.1
95.8
98.8
100.5
101.7
107.1
111.6
115.6
111.1
117.8
126.7
127.1
132.6
139.4
144.9
155.4
153.0
151.3
150.2
152.3
162.8
170.0
177.6
176.5
186.8
185.8
191.0
189.7
200.1
209.4
211.0
194.9
179.0
170.7
166.6
162.2
154.1
178.5
189.3
203.7
177.2
197.4
214.7
216.3
238.3
246.2
241.1
222.6
193.4
176.4
190.1
214.5
236.8
264.9
295.7
322.6
336.3
348.4
398.0
420.5
447.4
409.4
184.0
159.0
188.3
223.7
268.8
302.2
331.7
362.2
395.1
424.4
476.5
512.0
540.9
562.1
604.9
657.4
683.7
711.6
727.3
774.0
813.4
832.7
826.1
874.3
943.3
988.0
1,013.6
1,054.1
1,105.1
1,108.9
1,095.4
1,153.1
1,189.4

2,395
2,386
2,626
2,666
2,856
2,785
2,722
2,671
2,779
2,671
2,567
2,656
2,644
2,780
2,870
2,938
2,962
2,966
3,088
3,183
3,261
3,102
3,255
3,468
3,439
3,541
3,672
3,756
3,967
3,847
3,750
3,668
3,662
3,857
3,969
4,091
4,009
4,183
4,106
4,165
4,082
4,253
4,397
4,377
3,993
3,663
3,502
3,435
3,371
3,185
3,669
3,848
4,107
3,548
3,929
4,253
4,252
4,656
4,783
4,659
4,279
3,698
3,359
3,603
4,063
4,454
4,948
5,485
5,920
6,106
6,276
7,125
7,512
7,992
7,313
3,200
2,694
3,127
3,618
4,298
4,740
5,157
5,581
6,028
6,410
7,125
7,627
8,017
8,225
8,755
9,410
9,669
9,950
10,058
10,580
10,984
11,130
10,981
11,558
12,342
12,870
13,170
13,607
14,197
14,224
14,103
14,912
15,419

Memo: effect of
territorial change

Real
income
Population
Real per Memo: real Memo: real
per capita per capita loss/gain
loss/gain
capita
caused by caused by
national
income
income
frontier
income
growth,
growth,
frontier
growth Barro-Ursua Maddison changes (% changes
Y t)

-0.4%
10.1%
1.5%
7.1%
-2.5%
-2.3%
-1.8%
4.0%
-3.9%
-3.9%
3.4%
-0.4%
5.1%
3.3%
2.4%
0.8%
0.1%
4.1%
3.1%
2.5%
-4.9%
4.9%
6.5%
-0.8%
3.0%
3.7%
2.3%
5.6%
-3.0%
-2.5%
-2.2%
-0.2%
5.3%
2.9%
3.1%
-2.0%
4.4%
-1.9%
1.4%
-2.0%
4.2%
3.4%
-0.4%
-8.8%
-8.3%
-4.4%
-1.9%
-1.9%
-5.5%
15.2%
4.9%
6.7%
-13.6%
10.7%
8.2%
0.0%
9.5%
2.7%
-2.6%
-8.2%
-13.6%
-9.2%
7.3%
12.8%
9.6%
11.1%
10.9%
7.9%
3.1%
2.8%
13.5%
5.4%
6.4%
-8.5%
-56.2%
-15.8%
16.1%
15.7%
18.8%
10.3%
8.8%
8.2%
8.0%
6.3%
11.2%
7.1%
5.1%
2.6%
6.4%
7.5%
2.8%
2.9%
1.1%
5.2%
3.8%
1.3%
-1.3%
5.3%
6.8%
4.3%
2.3%
3.3%
4.3%
0.2%
-0.9%
5.7%
3.4%

0.5%
1.7%
1.6%
1.0%
2.9%
0.0%
-0.4%
3.1%
1.1%
-3.5%
3.0%
0.9%
3.5%
3.9%
2.5%
1.6%
1.5%
3.0%
0.6%
0.5%
-0.5%
0.4%
6.2%
2.1%
1.5%
2.2%
1.4%
3.9%
-1.6%
-0.1%
-0.7%
0.5%
2.4%
2.2%
3.3%
-1.1%
2.0%
3.2%
-0.1%
0.4%
3.0%
1.5%
3.5%
-7.6%
-13.0%
-1.0%
-14.3%
-1.9%
-3.9%
11.3%
4.9%
5.4%
-13.7%
10.8%
6.5%
0.6%
9.6%
2.7%
-2.1%
-7.2%
-13.3%
-8.6%
7.2%
9.6%
11.5%
10.7%
10.4%
8.4%
17.7%
15.3%
13.6%
4.8%
7.0%
-7.7%
-66.1%
-15.8%
16.2%
17.0%
19.1%
7.3%
8.6%
8.5%
7.8%
6.6%
10.9%
6.4%
4.6%
3.1%
6.6%
7.6%
3.1%
3.4%
1.8%
5.6%
4.2%
1.9%
-0.5%
5.2%
6.4%
4.1%
1.9%
3.6%
4.4%
0.1%
-1.0%
5.9%
3.1%

-1.2%
6.3%
3.5%
6.3%
-0.5%
-2.0%
-1.8%
3.5%
-3.5%
-1.8%
1.7%
0.9%
4.8%
1.6%
1.7%
-0.2%
2.9%
2.9%
1.6%
2.0%
-1.3%
3.0%
3.9%
1.3%
3.4%
2.0%
1.3%
2.6%
2.0%
2.7%
-3.8%
0.8%
4.0%
2.5%
0.7%
1.5%
2.9%
0.3%
0.6%
2.2%
1.8%
3.4%
3.5%
-16.1%
-5.2%
1.2%
0.6%
1.1%
-13.3%
8.1%
10.1%
8.2%
-17.5%
16.3%
10.4%
2.1%
9.3%
3.8%
-0.9%
-1.9%
-8.1%
-7.9%
5.8%
8.5%
6.8%
8.0%
5.3%
6.6%
8.3%
-0.1%
5.7%
0.5%
2.6%
3.3%
-25.8%
-50.9%
9.9%
16.3%
15.8%
18.2%
8.4%
8.2%
7.7%
7.0%
10.5%
6.5%
5.1%
3.8%
6.5%
7.4%
3.2%
3.4%
2.0%
5.2%
4.1%
2.2%
0.1%
5.0%
5.8%
3.8%
2.2%
3.6%
4.2%
0.8%
-0.2%
5.3%
3.1%

4.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-6.4%
-3.4%
0.0%
-1.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
1.8%
0.0%
0.0%
10.0%
14.1%
12.1%
0.0%
0.0%
0.0%
0.0%
-37.9%
0.0%
0.0%
0.0%
0.0%
-16.6%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

4.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-6.4%
-3.4%
0.0%
-1.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
1.8%
0.0%
0.0%
10.0%
14.1%
12.1%
0.0%
0.0%
0.0%
0.0%
-37.9%
0.0%
0.0%
0.0%
0.0%
-27.6%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

Memo

Income per Income per

capita
capita
Barro-Ursua Maddison

100.5%
101.7%
101.6%
101.0%
102.9%
100.0%
99.6%
103.1%
101.1%
96.5%
103.0%
100.9%
103.5%
103.9%
102.5%
101.6%
101.5%
103.0%
100.6%
100.5%
99.5%
100.4%
106.2%
102.1%
101.5%
102.2%
101.4%
103.9%
98.4%
99.9%
99.3%
100.5%
102.4%
102.2%
103.3%
98.9%
102.0%
103.2%
99.9%
100.4%
103.0%
101.5%
103.5%
92.4%
87.0%
99.0%
85.7%
98.1%
96.1%
111.3%
104.9%
105.4%
86.3%
110.8%
106.5%
100.6%
109.6%
102.7%
97.9%
92.8%
86.7%
91.4%
107.2%
109.6%
111.5%
110.7%
110.4%
108.4%
117.7%
115.3%
113.6%
104.8%
107.0%
92.3%
33.9%
84.2%
116.2%
117.0%
119.1%
107.3%
108.6%
108.5%
107.8%
106.6%
110.9%
106.4%
104.6%
103.1%
106.6%
107.6%
103.1%
103.4%
101.8%
105.6%
104.2%
101.9%
99.5%
105.2%
106.4%
104.1%
101.9%
103.6%
104.4%
100.1%
99.0%
105.9%
103.1%

98.8%
106.3%
103.5%
106.3%
99.5%
98.0%
98.2%
103.5%
96.5%
98.2%
101.7%
100.9%
104.8%
101.6%
101.7%
99.8%
102.9%
102.9%
101.6%
102.0%
98.7%
103.0%
103.9%
101.3%
103.4%
102.0%
101.3%
102.6%
102.0%
102.7%
96.2%
100.8%
104.0%
102.5%
100.7%
101.5%
102.9%
100.3%
100.6%
102.2%
101.8%
103.4%
103.5%
83.9%
94.8%
101.2%
100.6%
101.1%
86.7%
108.1%
110.1%
108.2%
82.5%
116.3%
110.4%
102.1%
109.3%
103.8%
99.1%
98.1%
91.9%
92.1%
105.8%
108.5%
106.8%
108.0%
105.3%
106.6%
108.3%
99.9%
105.7%
100.5%
102.6%
103.3%
74.2%
49.1%
109.9%
116.3%
115.8%
118.2%
108.4%
108.2%
107.7%
107.0%
110.5%
106.5%
105.1%
103.8%
106.5%
107.4%
103.2%
103.4%
102.0%
105.2%
104.1%
102.2%
100.1%
105.0%
105.8%
103.8%
102.2%
103.6%
104.2%
100.8%
99.8%
105.3%
103.1%

Population
Maddison

100.6%
100.6%
100.8%
101.1%
101.1%
101.5%
101.3%
101.2%
101.2%
101.0%
100.8%
100.7%
100.7%
100.8%
100.7%
100.9%
101.1%
101.2%
101.2%
101.1%
101.1%
101.0%
101.0%
101.2%
101.3%
101.5%
101.6%
101.6%
101.6%
101.5%
101.5%
101.6%
101.5%
101.5%
101.4%
101.4%
101.4%
101.4%
101.4%
101.4%
101.5%
100.9%
100.9%
101.6%
100.2%
99.8%
99.5%
99.2%
100.6%
100.6%
101.1%
100.5%
100.7%
100.6%
100.7%
100.7%
100.6%
100.6%
100.5%
100.5%
100.5%
100.4%
100.5%
100.6%
100.7%
100.7%
100.7%
101.1%
101.1%
100.8%
100.6%
100.8%
99.4%
99.2%
102.7%
102.6%
102.2%
101.8%
101.0%
100.6%
100.7%
100.4%
100.6%
100.5%
100.5%
100.6%
100.6%
100.7%
100.7%
100.6%
100.9%
100.8%
100.8%
100.8%
100.9%
100.8%
100.2%
100.3%
100.7%
100.8%
100.7%
100.5%
100.3%
100.0%
99.6%
99.5%
99.8%

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

Boundaries: Reunified Germany (pre-1991 evolution based on growth rates in the boundaries of the time, and specific adjustments made for border change)
Population and real income
growth

Real
Real
national
national
Memo:
Adult
Employed income
income Population
Population Population growth
population population
Yt
(thousands
growth
growth,
(thousands (thousands
)
Maddison
)
)
1+gt =
Yt/Yt-1
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

-0.1%
0.1%
0.3%
0.2%
-0.1%
-0.3%
-0.4%
-0.2%
0.1%
0.2%
0.5%
1.2%
1.6%
0.8%
0.8%
0.7%
0.3%
0.3%
0.3%
0.1%
0.0%
0.1%
0.1%
0.2%
0.2%
0.1%
0.0%
-0.1%
-0.1%
-0.1%
-0.2%
-0.3%
-0.2%
0.0%

-0.1%
0.0%
0.3%
0.1%
-0.1%
-0.3%
-0.3%
-0.2%
0.0%
0.0%
0.4%
0.8%
0.9%
0.8%
0.8%
0.7%
0.3%
0.3%
0.3%
0.1%
0.0%
0.1%
0.1%
0.1%
0.1%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-0.2%

3.2%
3.7%
0.8%
-0.3%
-0.9%
1.8%
3.2%
2.4%
2.2%
1.1%
4.4%
4.2%
5.3%
5.1%
1.5%
-1.8%
1.8%
1.4%
0.9%
1.4%
1.5%
1.7%
2.9%
1.3%
-0.3%
0.2%
3.3%
1.0%
5.1%
2.9%
0.2%
-5.2%
4.0%
3.1%

Real per capita income

growth

Population and real income levels

Real per
capita
national
income

bn 2010 euros

77,066
77,121
77,332
77,504
77,434
77,178
76,866
76,687
76,744
76,881
77,242
78,147
79,410
80,014
80,625
81,156
81,438
81,678
81,915
82,035
82,047
82,100
82,212
82,350
82,488
82,534
82,516
82,469
82,376
82,266
82,110
81,902
81,777
81,777

56,212
56,506
56,916
57,477
57,858
58,100
58,295
58,589
59,062
59,598
60,310
61,455
62,893
62,651
63,169
63,627
63,888
64,117
64,321
64,434
64,461
64,584
64,865
65,139
65,413
65,615
65,765
65,976
66,161
66,307
66,471
66,505
66,691
66,691

33,242
33,884
34,452
34,493
34,227
33,915
34,208
34,688
35,354
35,847
36,358
37,040
38,207
38,712
38,183
37,695
37,667
37,802
37,772
37,716
38,148
38,721
39,382
39,485
39,257
38,918
39,034
38,976
39,192
39,857
40,345
40,362
40,553
41,078

1,228.0
1,272.9
1,283.6
1,280.2
1,268.9
1,292.3
1,333.4
1,365.0
1,395.2
1,410.0
1,472.7
1,533.9
1,615.7
1,698.2
1,724.3
1,693.9
1,724.2
1,748.0
1,763.9
1,789.4
1,816.6
1,847.8
1,901.6
1,927.2
1,921.5
1,926.2
1,990.1
2,009.3
2,111.0
2,172.3
2,177.4
2,063.6
2,146.1
2,211.5

15,934
16,505
16,599
16,519
16,387
16,744
17,347
17,800
18,180
18,340
19,066
19,628
20,347
21,224
21,386
20,872
21,171
21,401
21,533
21,813
22,140
22,506
23,130
23,403
23,294
23,339
24,117
24,364
25,626
26,406
26,518
25,196
26,243
27,043

Memo: effect of
territorial change

Real
income
Population
Real per Memo: real Memo: real
per capita per capita loss/gain
loss/gain
capita
caused
by caused by
national
income
income
frontier
income
growth,
growth,
frontier
growth Barro-Ursua Maddison changes (% changes
Y t)
3.3%
3.6%
0.6%
-0.5%
-0.8%
2.2%
3.6%
2.6%
2.1%
0.9%
4.0%
2.9%
3.7%
4.3%
0.8%
-2.4%
1.4%
1.1%
0.6%
1.3%
1.5%
1.7%
2.8%
1.2%
-0.5%
0.2%
3.3%
1.0%
5.2%
3.0%
0.4%
-5.0%
4.2%
3.1%

3.1%
4.0%
0.7%
-0.1%
-0.9%
2.1%
3.2%
2.3%
2.3%
1.5%
3.1%
2.6%
3.3%
4.1%
1.5%
-1.5%
2.3%
1.6%
0.7%
1.7%
2.0%
1.9%
3.1%
1.1%
-0.1%
-0.2%
1.2%
0.9%
2.8%
2.6%
1.5%
-5.0%
4.2%

2.9%
4.0%
0.9%
0.2%
-0.8%
2.1%
3.2%
2.4%
2.2%
1.5%
2.9%
2.5%
-3.8%
4.5%
1.4%
-1.5%
2.3%
1.6%
0.7%
1.7%
1.8%
1.9%
3.1%
1.1%
-0.1%
-0.3%
1.0%
0.7%
3.2%
2.5%
1.2%
-5.0%
4.2%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
8.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
25.6%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

Memo

Income per Income per

capita
capita
Barro-Ursua Maddison

103.1%
104.0%
100.7%
99.9%
99.1%
102.1%
103.2%
102.3%
102.3%
101.5%
103.1%
102.6%
103.3%
104.1%
101.5%
98.5%
102.3%
101.6%
100.7%
101.7%
102.0%
101.9%
103.1%
101.1%
99.9%
99.8%
101.2%
100.9%
102.8%
102.6%
101.5%
95.0%
104.2%

102.9%
104.0%
100.9%
100.2%
99.2%
102.1%
103.2%
102.4%
102.2%
101.5%
102.9%
102.5%
96.2%
104.5%
101.4%
98.5%
102.3%
101.6%
100.7%
101.7%
101.8%
101.9%
103.1%
101.1%
99.9%
99.7%
101.0%
100.7%
103.2%
102.5%
101.2%
95.0%
104.2%

Population
Maddison

99.9%
100.0%
100.3%
100.1%
99.9%
99.7%
99.7%
99.8%
100.0%
100.0%
100.4%
100.8%
100.9%
100.8%
100.8%
100.7%
100.3%
100.3%
100.3%
100.1%
100.0%
100.1%
100.1%
100.1%
100.1%
100.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
99.8%

Back to index

Table DE.3c: Economic growth, population growth and price deflators in Germany (fixed boundaries), 1870-2010
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

Boundaries: Reunified Germany (pre-1991 evolution based on growth rates in the boundaries of the time, and specific adjustments made for border change)

Real
Real
Real
Real
Real
growth
growth
growth
growth
growth
rate of
Adult
Personal
rate of
Employed
rate of
rate of
rate of
perPopulation population
Consumer consumptio
per-capita
population GDP price
national
private
per-capita employed growth
growth
price
n
national
growth
inflation
income
wealth
national national
rate
rate (20inflation expenditure
income
rate
(GDP
(GDP
income
income
yr+)
inflation
(GDP
deflator) deflator)
(CPI)
(GDP
deflator)
deflator)

Memo: real
Memo: real
Memo: real
growth rate of growth rate of
growth rate of
per capita
per capita
population
GDP (BarroGDP
(Maddison)
Ursua)
(Maddison)

1870-2010

2.5%

2.1%

1.7%

1.7%

1.6%

0.7%

1.0%

0.8%

1.9%

1.9%

1.6%

1.7%

0.7%

1870-1910

2.5%

2.1%

1.3%

1.0%

1.2%

1.2%

1.2%

1.3%

0.6%

0.9%

1.4%

1.5%

1.2%

1910-2010

2.5%

2.1%

1.9%

2.0%

1.8%

0.6%

0.9%

0.7%

2.5%

2.3%

1.7%

1.8%

0.5%

1910-1950

1.2%

-1.8%

0.4%

0.4%

0.6%

0.8%

1.3%

0.5%

1.8%

1.8%

-0.1%

0.4%

0.7%

1950-2010

3.3%

4.7%

2.9%

3.1%

2.6%

0.4%

0.7%

0.7%

2.9%

2.7%

2.6%

2.9%

2.8%

0.3%

1950-1980

4.9%

6.1%

4.3%

5.0%

4.0%

0.6%

0.8%

0.9%

3.9%

3.2%

3.2%

4.4%

4.4%

0.5%

1980-2010

1.7%

3.4%

1.5%

1.2%

1.2%

0.2%

0.5%

0.5%

1.8%

2.2%

2.0%

1.5%

1.3%

0.2%

1950-1970

6.1%

7.3%

5.1%

6.3%

4.8%

0.9%

1.0%

1.3%

3.4%

2.2%

2.3%

5.3%

5.3%

0.6%

1970-2010

2.0%

3.5%

1.8%

1.5%

1.5%

0.2%

0.5%

0.5%

2.7%

2.9%

2.7%

1.8%

1.6%

0.1%

1970-1990

2.5%

3.9%

2.3%

2.4%

1.8%

0.2%

0.8%

0.7%

3.9%

3.8%

3.8%

2.2%

1.9%

0.1%

1990-2010

1.4%

3.2%

1.3%

0.7%

1.1%

0.1%

0.3%

0.3%

1.4%

2.0%

1.7%

1.3%

1.3%

0.2%

1950-1960

8.1%

7.5%

7.1%

8.2%

5.6%

0.9%

1.2%

2.3%

2.9%

1.9%

1.9%

7.1%

7.1%

0.6%

1960-1970

4.2%

7.0%

3.2%

4.4%

3.9%

0.9%

0.8%

0.2%

3.8%

2.6%

2.7%

3.5%

3.5%

0.7%

1970-1980

2.7%

3.9%

2.6%

2.6%

2.3%

0.1%

0.5%

0.3%

5.1%

5.1%

5.0%

2.6%

2.7%

0.1%

1980-1990

2.3%

3.9%

2.1%

2.2%

1.3%

0.3%

1.0%

1.0%

2.8%

2.6%

2.5%

1.9%

1.2%

0.1%

1990-2000

1.6%

3.6%

1.3%

0.7%

1.3%

0.3%

0.3%

0.3%

1.8%

2.4%

2.0%

1.7%

1.7%

0.3%

2000-2010

1.2%

2.7%

1.3%

0.7%

0.9%

-0.1%

0.3%

0.3%

1.0%

1.6%

1.4%

0.9%

0.8%

0.0%

Back to index

Table DE.3d: Summary macro variables, 1870-2011 (annual series)

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

Boundaries: Reunified Germany (pre-1991 data based on evolution in the boundaries of the time)
Ratio
(Private
wealth)/
(National
income)

1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939

Capital
share
(exc.
govt
interest)

Labor
share

Capital
share
(inc. govt
interest)

Rate of
return

t = W t/Yt

1-t

t*

704%
690%
630%
633%
601%
639%
637%
641%
615%
650%
646%
642%
650%
641%
628%
639%
652%
665%
648%
634%
622%
655%
603%
592%
600%
582%
566%
564%
556%
583%
614%
648%
634%
604%
599%
586%
601%
599%
626%
603%
608%
605%
598%
623%
597%
570%
538%
506%
474%
442%
334%
285%
237%
240%
221%
230%
267%
275%
280%
305%
321%
337%
349%
331%
305%
290%
277%
267%
265%
282%

22%
24%
24%
22%
23%
18%
19%
21%
22%
21%
24%
23%
23%
24%
25%
24%
23%
25%
25%
26%
28%
26%
27%
27%
26%
26%
26%
28%
30%
29%
29%
28%
28%
28%
29%
30%
31%
30%
29%
29%
30%
29%
31%
30%
27%
26%
29%
30%

78%
76%
76%
78%
77%
82%
81%
79%
78%
79%
76%
77%
77%
76%
75%
76%
77%
75%
75%
74%
72%
74%
73%
73%
74%
74%
74%
72%
70%
71%
71%
72%
72%
72%
71%
70%
69%
70%
71%
71%
70%
71%
69%
70%
73%
74%
71%
70%

26%
27%
26%
24%
24%
22%
20%
20%
20%
23%
25%
26%
29%
30%

74%
73%
74%
76%
76%
78%
80%
80%
80%
77%
75%
74%
71%
70%

Tax rate

Capital
tax rate

Labor
tax rate

Correct.
tax rate

rt = t*/t

Kt

Lt

t *

23%
25%
25%
23%
24%
19%
20%
23%
23%
23%
25%
25%
24%
26%
27%
26%
25%
27%
27%
28%
30%
28%
30%
29%
28%
28%
29%
31%
32%
31%
31%
30%
30%
31%
31%
33%
33%
32%
31%
32%
32%
32%
33%
32%

3.3%
3.6%
3.9%
3.7%
4.0%
3.0%
3.1%
3.5%
3.7%
3.5%
3.9%
3.9%
3.8%
4.1%
4.2%
4.1%
3.9%
4.0%
4.2%
4.4%
4.9%
4.3%
4.9%
4.9%
4.7%
4.8%
5.0%
5.4%
5.7%
5.4%
5.1%
4.6%
4.8%
5.1%
5.2%
5.6%
5.4%
5.4%
5.0%
5.2%
5.3%
5.2%
5.5%
5.2%

5%
5%
4%
5%
4%
5%
5%
5%
5%
6%
6%
6%
6%
6%
6%
6%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
8%
8%
7%
7%
7%
7%
7%
8%
8%
9%
9%
9%
9%

26%
27%
26%
25%
25%
23%
21%
21%
22%
25%
27%
28%
31%
32%

11.2%
10.2%
9.6%
8.9%
8.1%
7.3%
6.4%
6.2%
6.7%
8.1%
9.2%
10.1%
11.7%
12.2%

17%
16%
17%
17%
17%
19%
20%
21%
20%
19%
20%
21%
22%
23%

Correct.
labor tax
After-tax After-tax
rate
capital
rate of
(exc.
share
return
replac.
taxes)

dt

rdt = dt
/t = (1Kt)rt

5%
5%
4%
5%
4%
5%
5%
5%
5%
6%
6%
6%
6%
6%
6%
6%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
8%
8%
7%
7%
7%
7%
7%
8%
8%
9%
9%
9%
9%

22%
24%
24%
22%
23%
18%
19%
21%
22%
21%
24%
24%
23%
25%
25%
24%
24%
25%
25%
26%
28%
26%
28%
27%
26%
26%
27%
28%
30%
29%
29%
27%
28%
28%
29%
30%
30%
30%
29%
29%
29%
29%
30%
29%

3.2%
3.4%
3.7%
3.5%
3.9%
2.8%
3.0%
3.3%
3.5%
3.3%
3.7%
3.7%
3.5%
3.8%
4.0%
3.8%
3.6%
3.8%
3.9%
4.1%
4.6%
4.0%
4.6%
4.6%
4.4%
4.5%
4.7%
5.0%
5.3%
5.0%
4.7%
4.2%
4.4%
4.7%
4.8%
5.2%
5.0%
5.0%
4.6%
4.8%
4.8%
4.8%
5.0%
4.7%

17%
16%
17%
17%
17%
19%
20%
21%
20%
19%
20%
21%
22%
23%

21%
23%
22%
21%
21%
19%
17%
17%
18%
20%
21%
22%
24%
25%

9.3%
8.5%
7.9%
7.4%
6.7%
5.9%
5.1%
4.9%
5.3%
6.5%
7.4%
8.0%
9.1%
9.3%

Lt*

Personal
savings
rate

sot

Private
Rate of
savings
war
(person. destructio
savings +
n on
retained
private
earnings)
wealth

st

dyt

12%
7%
16%
20%
18%
13%
13%
11%
13%
9%
10%
12%
11%
12%
15%
14%
14%
16%
16%
17%
16%
11%
13%
13%
12%
12%
15%
16%
19%
17%
17%
14%
12%
15%
16%
19%
17%
19%
17%
15%
14%
16%
17%
17%
12%
26%
35%
30%
14%
8%
18%
10%
6%
6%
6%
15%
8%
4%
8%
7%
4%
-2%
-4%
0%
4%
8%
10%
11%
18%
5%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

Boundaries: Reunified Germany (pre-1991 data based on evolution in the boundaries of the time)
Ratio
(Private
wealth)/
(National
income)

t = W t/Yt
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

287%
263%
270%
279%
296%
260%
235%
214%
199%
183%
181%
173%
169%
168%
170%
160%
154%
154%
161%
166%
172%
185%
192%
203%
206%
208%
216%
236%
240%
234%
225%
220%
222%
218%
220%
229%
229%
236%
246%
249%
253%
262%
273%
280%
284%
290%
295%
304%
303%
301%
293%
287%
290%
304%
307%
310%
321%
331%
341%
351%
356%
358%
363%
371%
372%
384%
378%
379%
390%
415%
412%
412%

Capital
share
(exc.
govt
interest)

22%
23%
25%
24%
24%
25%
25%
25%
25%
26%
28%
25%
24%
24%
25%
25%
24%
24%
26%
25%
23%
22%
21%
20%
19%
19%
20%
20%
20%
20%
19%
18%
19%
20%
22%
22%
23%
21%
23%
25%
25%
23%
22%
21%
23%
23%
24%
25%
26%
25%
24%
24%
25%
26%
29%
31%
33%
34%
32%
29%
31%
30%

Labor
share

Capital
share
(inc. govt
interest)

Rate of
return

Tax rate

Capital
tax rate

Labor
tax rate

1-t

t*

rt = t*/t

Kt

Lt

78%
77%
75%
76%
76%
75%
75%
75%
75%
74%
72%
75%
76%
76%
75%
75%
76%
76%
74%
75%
77%
78%
79%
80%
81%
81%
80%
80%
80%
80%
81%
82%
81%
80%
78%
78%
77%
79%
77%
75%
75%
77%
78%
79%
77%
77%
76%
75%
74%
75%
76%
76%
75%
74%
71%
69%
67%
66%
68%
71%
69%
70%

21%
22%
24%
23%
22%
24%
24%
24%
24%
26%
27%
25%
24%
24%
24%
24%
23%
23%
25%
25%
23%
22%
21%
20%
19%
20%
21%
21%
21%
21%
20%
20%
20%
22%
23%
24%
24%
23%
25%
26%
27%
25%
24%
24%
25%
26%
27%
28%
29%
28%
27%
27%
28%
29%
32%
34%
36%
37%
35%
31%
33%
32%

11.6%
12.9%
14.4%
13.9%
13.1%
15.0%
15.5%
15.9%
15.1%
15.4%
15.5%
13.2%
12.3%
11.6%
11.7%
11.5%
10.6%
9.9%
10.5%
10.6%
10.2%
9.9%
9.5%
9.3%
8.7%
8.6%
9.2%
8.8%
8.6%
8.6%
7.9%
7.5%
7.3%
7.9%
8.2%
8.2%
8.2%
7.7%
8.4%
8.8%
9.2%
8.7%
8.3%
7.8%
8.2%
8.5%
8.4%
8.6%
8.5%
7.9%
7.5%
7.6%
7.6%
7.8%
8.6%
8.7%
9.5%
9.7%
8.9%
7.5%
8.1%
7.9%

29%
31%
32%
33%
32%
31%
31%
32%
32%
33%
33%
34%
35%
35%
35%
34%
35%
36%
36%
38%
37%
38%
38%
41%
41%
41%
43%
44%
43%
43%
43%
43%
43%
43%
43%
43%
43%
43%
42%
42%
41%
42%
43%
45%
45%
45%
46%
46%
47%
48%
48%
46%
46%
46%
44%
44%
44%
44%
45%
45%
44%
45%

26%
26%
25%
27%
27%
25%
27%
29%
28%
28%
28%
27%
27%
27%
27%
27%
26%
26%
25%
25%
24%
28%
29%
29%
27%
26%
27%
27%
28%
30%
31%
25%
25%
25%
25%
26%
26%
27%
28%
26%
26%
28%

40%
42%
42%
44%
44%
45%
47%
47%
47%
46%
46%
46%
47%
47%
47%
47%
47%
47%
47%
48%
46%
46%
47%
48%
50%
50%
51%
52%
52%
53%
52%
52%
52%
52%
51%
52%
52%
52%
52%
52%
51%
51%

Correct.
labor tax
After-tax After-tax
Correct.
rate
capital
rate of
tax rate
(exc.
share
return
replac.
taxes)

t *

25%
26%
26%
28%
28%
25%
27%
28%
28%
28%
28%
28%
28%
28%
28%
29%
28%
29%
28%
28%
27%
28%
28%
28%
28%
28%
28%
28%
29%
30%
30%
28%
27%
27%
26%
27%
28%
29%
29%
28%
28%
29%

Lt*

25%
27%
26%
28%
28%
25%
27%
28%
27%
27%
28%
28%
27%
27%
28%
29%
29%
29%
28%
29%
28%
27%
27%
27%
28%
28%
27%
28%
28%
29%
28%
28%
27%
27%
26%
26%
27%
28%
29%
28%
28%
29%

dt

17%
16%
16%
15%
14%
15%
15%
15%
15%
15%
14%
14%
15%
16%
17%
17%
18%
17%
19%
20%
21%
18%
17%
17%
18%
20%
20%
21%
21%
19%
18%
20%
21%
22%
24%
25%
26%
27%
25%
23%
25%
23%

rdt = dt
/t = (1Kt)rt

7.5%
7.3%
7.1%
6.8%
6.4%
6.5%
6.7%
6.3%
6.1%
6.1%
5.7%
5.5%
5.4%
5.8%
6.0%
6.0%
6.1%
5.7%
6.3%
6.6%
7.0%
6.3%
5.9%
5.5%
5.9%
6.3%
6.1%
6.3%
6.1%
5.5%
5.2%
5.7%
5.7%
5.8%
6.5%
6.5%
7.0%
7.1%
6.4%
5.5%
6.0%
5.7%

Personal
savings
rate

Private
Rate of
savings
war
(person. destructio
savings +
n on
retained
private
earnings)
wealth

sot

st

dyt

3%
3%
4%
5%
6%
5%
4%
6%
6%
6%
6%
7%
6%
7%
8%
9%
9%
8%
9%
10%
10%
10%
11%
10%
11%
12%
11%
10%
10%
10%
10%
11%
10%
9%
9%
9%
10%
10%
10%
9%
10%
10%
10%
10%
9%
9%
9%
9%
9%
8%
8%
8%
8%
9%
9%
9%
9%
8%
8%
9%
9%
8%

12%
20%
24%
30%
-6%
-6%
10%
13%
13%
13%
13%
14%
15%
13%
14%
16%
15%
16%
17%
17%
17%
16%
16%
15%
16%
17%
16%
15%
16%
16%
16%
15%
15%
13%
14%
15%
14%
13%
13%
13%
11%
11%
11%
11%
11%
11%
12%
12%
14%
13%
14%
13%
12%
11%
10%
19%
11%
11%
11%
9%
8%
10%
11%
11%
13%
13%
14%
14%
13%
11%
14%
11%

-9%
-8%
-7%
-7%
-30%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

Back to index

Table DE.3e: Summary macro variables, 1870-2010 (decennial averages)

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

Boundaries: Reunified Germany (pre-1991 data based on evolution in the boundaries of the time)
Ratio
(Private
wealth)/
(National
income)

1870-79
1880-89
1890-99
1900-09
1910-19
1920-29
1930-39
1940-49
1950-59
1960-69
1970-79
1980-89
1990-99
2000-09
2010-11

Capital
share
(exc.
govt
interest)

Labor
share

t = W t/Yt

1-t

t*

rt =
t*/t

644%
644%
592%
611%
556%
267%
302%
249%
166%
209%
229%
284%
313%
377%
412%

22%
24%
27%
29%
29%
25%
24%
24%
25%
25%
21%
21%
24%
29%
31%

78%
76%
73%
71%
71%
75%
76%
76%
75%
75%
79%
79%
76%
71%
69%

23%
26%
30%
31%
32%
26%
26%
25%
24%
24%
21%
23%
26%
31%
33%

3.5%
4.1%
5.0%
5.1%
5.3%
9.6%
8.6%
11.5%
14.3%
11.7%
9.1%
8.0%
8.4%
8.4%
8.0%

5%
6%
7%
7%
9%
17%
21%
26%
32%
35%
41%
43%
45%
45%
44%

Capital
share
Rate of
Capital
Tax rate
(inc. govt return
tax rate
interest)

After-tax
Private
Private Real rate
rate of
savings
Real rate
savings of capital
return
(person.
of capital
minus gains on
(incl.
savings +
destruc.
war
private
capital
retained
(wars)
destruct. wealth
gains &
earnings)
losses)

Aftertax
capital
share

Aftertax rate
of
return

Personal
savings
rate

Kt

dt

rdt =
dt /t =
(1-Kt*)rt

sot

st

st+dyt

qt

dt

5%
6%
7%
7%
9%
17%
21%
26%
32%
35%
27%
26%
27%
26%
27%

22%
24%
28%
29%
29%
21%
20%

3.4%
3.8%
4.7%
4.8%
4.8%
8.0%
6.8%
5%
8%
10%
10%
9%
8%
9%

13%
14%
15%
16%
19%
9%
6%
12%
15%
16%
14%
12%
12%
12%
13%

13%
14%
15%
16%
19%
9%
6%
6%
15%
16%
14%
12%
12%
12%
13%

-1.2%
0.8%
0.1%
-0.4%
-9.5%
-1.4%
1.4%
-8.3%
-1.5%
-0.7%
-2.2%
-0.2%
-0.2%
-0.4%
-0.5%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-2.2%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

15%
17%
19%
23%
24%

6.7%
5.9%
6.1%
6.1%
5.8%

rdt* =
rdt+qt+dt
2.2%
4.6%
4.8%
4.3%
-4.7%
6.6%
8.2%

4.5%
5.7%
5.9%
5.7%
5.4%

0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%

Back to index

Table DE.4a: Sources of private wealth accumulation in Germany, 1870-2010 - Additive decomposition
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

Boundaries: Reunified Germany (pre-1991 evolution based on growth rates in the boundaries of the time, and specific adjustments made for border change)

Private wealth-national
income ratios

1870-2010

Method n1: savings = private savings

Method n2: savings = personal

savings

Decomposition of private wealth-national

income ratio at time t+n

Decomposition of private wealthnational income ratio at time t+n

t+n

Initial
wealth
effect

704%

412%

23%

Cumulated
Cumulated
war
new
destruction
savings
s
532%
-12%

Capital
gains or
losses

Initial
wealth
effect

Cumulated
new
savings

Capital
gains or
losses

-132%

6%

129%

-3%

-32%

376%

0%

-28%

1870-1910

704%

608%

261%
43%

62%

0%

-5%

1910-2010

608%

412%

54%

499%

-12%

-129%

13%

121%

-3%

-31%

1910-1950

608%

181%

382%

369%

-82%

-488%

211%

204%

-45%

-269%

1950-2010

181%

412%

26%

447%

0%

-61%

26%

313%

74%

6%

109%

0%

-15%

6%

76%

18%

43%

274%

0%

-64%

43%

159%

51%

17%

108%

0%

-25%

17%

63%

20%

151%

283%

0%

-23%

151%

218%

43%

37%

69%

0%

-5%

37%

53%

10%

55%

197%

0%

-27%

55%

88%

82%

25%

87%

0%

-12%

25%

39%

36%

104%

356%

0%

-48%

104%

272%

36%

25%

87%

0%

-12%

25%

66%

9%

138%

195%

0%

-40%

138%

155%

0%

47%

67%

0%

-14%

47%

53%

0%

221%

209%

0%

-18%

221%

155%

36%

54%

51%

0%

-4%

54%

38%

9%

83%

105%

0%

-16%

83%

35%

54%

48%

61%

0%

-10%

48%

20%

31%

115%

127%

0%

-16%

115%

64%

46%

51%

56%

0%

-7%

51%

29%

21%

173%

122%

0%

-43%

173%

91%

-12%

68%

48%

0%

-17%

68%

36%

-5%

201%

98%

0%

-6%

201%

83%

10%

69%

33%

0%

-2%

69%

28%

3%

249%

109%

0%

-2%

249%

85%

22%

70%

31%

0%

-1%

70%

24%

6%

316%

112%

0%

-16%

316%

80%

16%

77%

27%

0%

-4%

77%

19%

4%

1950-1980
1980-2010
1950-1970
1970-2010
1970-1990
1990-2010
1950-1960
1960-1970
1970-1980
1980-1990
1990-2000
2000-2010

181%
253%
181%
225%
225%
293%
181%
172%
225%
253%
293%
356%

253%
412%
225%
412%
293%
412%
172%
225%
253%
293%
356%
412%

0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%

Back to index

Table DE.4b: Sources of private wealth accumulation in Germany, 1870-2010 - Multiplicative decomposition
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

Boundaries: Reunified Germany (pre-1991 evolution based on growth rates in the boundaries of the time, and specific adjustments made for border change)

Method n2: saving = personal

saving

Method n1: saving = private saving

Private
War
Real growth Real growth saving rate
Savingsdestructions
rate of
rate of
induced
Real rate of Personal
(personal Rate of war
-induced
saving + net destructions
national
private
wealth
capital gains saving rate
wealth
retained
income
wealth
growth rate
growth rate
earnings)

gws = s/

savingsinduced Real rate of

wealth
capital gains
growth rate
gws = s/

Check

gw

s = S/Y

dy=D/Y

1870-2010

2.5%

2.1%

12.8%

-0.3%

4.1%
189%

-0.2%
-7%

-1.7%
-81%

0.0000%

0.00000%

1870-1910

2.5%

2.1%

14.8%

0.0%

2.3%
109%

0.0%
0%

-0.2%
-9%

0.0000%

0.00000%

1910-2010

2.5%

2.1%

12.7%

-0.3%

4.8%
219%

-0.2%
-10%

-2.4%
-109%

0.0000%

0.00000%

1910-1950

1.2%

-1.8%

11.8%

-2.6%

3.4%
-202%

-0.6%
33%

-4.6%
270%

1950-2010

3.3%

4.7%

12.8%

0.0%

5.7%
118%

0.0%
0%

-0.9%
-18%

9.0%

3.3%
71%

1.4%
29%

0.0000%

0.0000%

0.00000%

1950-1980

4.9%

6.1%

14.9%

0.0%

7.7%
123%

0.0%
0%

-1.4%
-23%

8.7%

3.8%
63%

2.2%
37%

0.0000%

0.0000%

0.00000%

1980-2010

1.7%

3.4%

11.8%

0.0%

3.7%
108%

0.0%
0%

-0.3%
-8%

9.1%

2.9%
86%

0.5%
14%

0.0000%

0.0000%

0.00000%

1950-1970

6.1%

7.3%

15.7%

0.0%

8.4%
115%

0.0%
0%

-1.1%
-15%

7.0%

3.4%
48%

3.7%
52%

0.0000%

0.0000%

0.00000%

1970-2010

2.0%

3.5%

12.2%

0.0%

4.3%
121%

0.0%
0%

-0.8%
-21%

9.4%

3.3%
95%

0.2%
5%

0.0000%

0.0000%

0.00000%

1970-1990

2.5%

3.9%

12.7%

0.0%

5.1%
131%

0.0%
0%

-1.2%
-31%

10.1%

4.0%
104%

-0.2%
-4%

0.0000%

0.0000%

0.00000%

s = S/Y

0.0000%

0.00000%

1990-2010

1.4%

3.2%

11.9%

0.0%

3.5%
110%

0.0%
0%

-0.3%
-10%

8.9%

2.6%
83%

0.5%
17%

0.0000%

0.0000%

0.00000%

1950-1960

8.1%

7.5%

15.4%

0.0%

9.2%
119%

0.0%
0%

-1.5%
-19%

5.1%

3.0%
40%

4.4%
60%

0.0000%

0.0000%

0.00000%

1960-1970

4.2%

7.0%

15.9%

0.0%

7.7%
110%

0.0%
0%

-0.7%
-10%

8.1%

3.8%
55%

3.1%
45%

0.0000%

0.0000%

0.00000%

1970-1980

2.7%

3.9%

14.0%

0.0%

6.2%
154%

0.0%
0%

-2.2%
-54%

10.5%

4.6%
118%

-0.7%
-18%

0.0000%

0.0000%

0.00000%

1980-1990

2.3%

3.9%

11.6%

0.0%

4.1%
105%

0.0%
0%

-0.2%
-5%

9.8%

3.5%
90%

0.4%
10%

0.0000%

0.0000%

0.00000%

1990-2000

1.6%

3.6%

11.9%

0.0%

3.9%
106%

0.0%
0%

-0.2%
-6%

9.3%

3.0%
83%

0.6%
17%

0.0000%

0.0000%

0.00000%

2000-2010

1.2%

2.7%

11.9%

0.0%

3.1%
116%

0.0%
0%

-0.4%
-16%

8.5%

2.3%
84%

0.4%
16%

0.0000%

0.0000%

0.00000%

Back to index

Table DE.4c: Sources of market value national wealth accumulation in Germany, 1870-2010
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

Boundaries: Reunified Germany (pre-1991 evolution based on growth rates in the boundaries of the time, and specific adjustments made for border change)

Additive decomposition

Real
Real
growth rate growth rate
of national of national
income
wealth

Market-value
national wealthnational income
ratios

Initial
wealth
effect

Multiplicative decomposition

WarCumulated
SavingsCumulated
destruction Real rate
Capital National Rate of war
war
induced
gains or saving destruction
new
s-induced of capital
destruction
wealth
rate
losses
savings
s
wealth
gains
s
growth rate
growth rate

gw

t+n

1870-2010

2.5%

2.0%

745%

416%

24%

462%

-17%

6%

111%

-4%

-13%

1870-1910

2.5%

2.1%

745%

637%

276%

380%

0%

-19%

43%

60%

0%

-3%

56%

428%

-17%

-52%

14%

103%

-4%

-13%

400%

109%

-120%

-165%

179%

49%

-54%

-74%

413%

0%

-29%

1910-2010
1910-1950

2.5%
1.2%

2.0%
-1.4%

637%
637%

416%
223%

-54%

1950-2010

3.3%

4.4%

223%

416%

31%
8%

99%

0%

-7%

1950-1980

4.9%

6.3%

223%

330%

53%

323%

0%

-46%

16%

98%

0%

-14%

197%

220%

0%

-1%

47%

53%

0%

0%

254%

0%

1980-2010

1.7%

2.5%

330%

416%

1950-1970

6.1%

7.9%

223%

313%

68%
22%

81%

0%

-3%

1970-2010

2.0%

2.7%

313%

416%

144%

296%

0%

-25%

35%

71%

0%

-6%

192%

188%

0%

-22%

54%

53%

0%

-6%

1970-1990

2.5%

3.2%

313%

357%

1990-2010

1.4%

2.2%

357%

416%

269%

0%

-8%

65%

37%

0%

-2%

1950-1960

8.1%

9.4%

223%

252%

103%

143%

0%

6%

41%

57%

0%

3%

168%

158%

0%

-13%

54%

50%

0%

-4%

128%

1960-1970

4.2%

6.4%

252%

313%

155%

-8%

1970-1980

2.7%

3.2%

313%

330%

241%

0%

-39%

73%

39%

0%

-12%

1980-1990

2.3%

3.2%

330%

357%

262%

86%

0%

9%

73%

24%

0%

3%

304%

79%

0%

-3%

80%

21%

0%

-1%

336%

85%

0%

-5%

81%

20%

0%

-1%

1990-2000
2000-2010

1.6%
1.2%

2.3%
2.1%

357%
379%

379%
416%

s = S/Y

dy=D/Y

Check

gws = s/

11.1%

-0.4%

3.0%
143%

-0.3%
-15%

-0.6%
-28%

0.000%

0.0000%

15.0%

0.0%

2.3%
107%

0.0%
0%

-0.1%
-7%

0.000%

0.0000%

10.9%

-0.4%

3.2%
158%

-0.4%
-21%

-0.8%
-37%

0.000%

0.0000%

3.5%

-3.8%

1.1%
-80%

-1.1%
76%

-1.5%
104%

0.000%

0.0000%

11.8%

0.0%

4.7%
106%

0.0%
0%

-0.3%
-6%

0.000%

0.0000%

17.6%

0.0%

6.8%
108%

0.0%
0%

-0.5%
-8%

0.000%

0.0000%

9.2%

0.0%

2.5%
101%

0.0%
0%

0.0%
-1%

0.000%

0.0000%

20.3%

0.0%

7.9%
100%

0.0%
0%

0.0%
0%

0.000%

0.0000%

10.2%

0.0%

3.1%
114%

0.0%
0%

-0.4%
-14%

0.000%

0.0000%

12.2%

0.0%

3.8%
119%

0.0%
0%

-0.6%
-19%

0.000%

0.0000%

8.8%

0.0%

2.4%
107%

0.0%
0%

-0.2%
-7%

0.000%

0.0000%

20.9%

0.0%

9.0%
96%

0.0%
0%

0.4%
4%

0.000%

0.0000%

19.9%

0.0%

6.8%
106%

0.0%
0%

-0.4%
-6%

0.000%

0.0000%

14.6%

0.0%

4.7%
146%

0.0%
0%

-1.5%
-46%

0.000%

0.0000%

10.2%

0.0%

2.9%
91%

0.0%
0%

0.3%
9%

0.000%

0.0000%

8.6%

0.0%

2.4%
108%

0.0%
0%

-0.2%
-8%

0.000%

0.0000%

9.0%

0.0%

2.3%
106%

0.0%
0%

-0.1%
-6%

0.000%

0.0000%

Back to index

Table DE.4e: Sources of government wealth accumulation in Germany, 1870-2010

[1]

[2]

[3]

[4]

[5]

Governme
nt saving

Governme
nt
investment

Governme
nt budget
deficit
(saving investment)

incl.
primary
deficit

incl. net
interest
paid

[6]

[7]

Government wealthnational income ratios

[8]

[9]

[10]

[11]

[12]

Decomposition of private wealth-national income ratio at

time t+n

1870-2010

-1.7%

1.2%

-2.9%

-1.3%

-1.5%

41%

4%

Initial
wealth
effect
1%

1870-1910

0.2%

2.6%

-2.4%

-0.8%

-1.7%

41%

29%

15%

4%

-43%

9%

0%

1910-2010

-1.8%

1.1%

-2.9%

-1.4%

-1.5%

29%

4%

3%

-71%

-60%

77%

-5%

1910-1950

-8.3%

1.0%

-9.3%

-7.3%

-2.0%

29%

42%

18%

-260%

-62%

323%

-38%

1950-2010

-1.0%

1.1%

-2.1%

-0.6%

-1.5%

42%

4%

6%

-34%

-51%

32%

0%

1950-1980

2.7%

2.6%

0.1%

-0.1%

0.2%

42%

77%

10%

49%

3%

18%

0%

1980-2010

-2.7%

0.4%

-3.1%

-0.9%

-2.2%

77%

4%

46%

-63%

-53%

21%

0%

1950-1970

4.5%

2.5%

2.0%

1.3%

0.7%

42%

88%

13%

57%

8%

19%

0%

1970-2010

-2.1%

0.8%

-2.9%

-1.0%

-1.9%

88%

4%

41%

-60%

-55%

23%

0%

1970-1990

-0.5%

1.8%

-2.3%

-1.2%

-1.0%

88%

64%

54%

-7%

-16%

17%

0%

1990-2010

-3.1%

0.2%

-3.3%

-0.8%

-2.5%

64%

4%

48%

-55%

-43%

10%

0%

1950-1960

5.5%

1.5%

4.0%

3.2%

0.8%

42%

80%

19%

38%

6%

23%

0%

1960-1970

4.0%

3.2%

0.8%

0.2%

0.6%

80%

88%

53%

32%

5%

3%

0%

1970-1980

0.6%

2.7%

-2.1%

-1.7%

-0.4%

88%

77%

68%

5%

-4%

3%

0%

1980-1990

-1.4%

1.0%

-2.4%

-0.9%

-1.5%

77%

64%

61%

-12%

-13%

15%

0%

1990-2000

-3.3%

0.5%

-3.9%

-1.4%

-2.5%

64%

23%

54%

-30%

-22%

-1%

0%

2000-2010

-2.9%

-0.1%

-2.8%

-0.4%

-2.5%

23%

4%

20%

-28%

-23%

11%

0%

t+n

Cumulated incl. net

new
interest
savings
payments
-70%
-64%

Capital
gains or
losses
78%

War
destructions
-5%

Back to index

Table DE.4f: Sources of foreign wealth accumulation in Germany, 1870-2010

[1]

Foreign
saving

[2]

incl. trade
balance

[3]

incl.
transfers

[4]

incl. net
investment
income

[5]

[6]

[7]

[8]

[9]

[10]

[11]

Foreign wealthDecomposition of foreign wealth-national income ratio at

national income ratios
time t+n

t+n

Initial
wealth
effect

Cumulated
new
savings

incl. net
exports &
transfers

incl. net
interest
payments

Capital
gains or
losses

1870-2010

1.4%

2.6%

-1.4%

0.2%

0%

39%

0%

59%

50%

9%

-20%

1870-1910

1.9%

0.5%

0.4%

0.9%

0%

40%

0%

48%

24%

24%

-7%

1910-2010

1.4%

2.7%

-1.5%

0.2%

40%

39%

4%

55%

48%

7%

-19%

1910-1950

-2.7%

-1.5%

-1.1%

-0.1%

40%

-19%

25%

-83%

-80%

-3%

39%

1950-2010

1.9%

3.2%

-1.5%

0.2%

-19%

39%

-3%

66%

59%

8%

-25%

1950-1980

1.4%

2.8%

-1.6%

0.2%

-19%

5%

-5%

25%

21%

4%

-16%

1980-2010

2.2%

3.4%

-1.5%

0.2%

5%

39%

3%

51%

46%

5%

-15%

1950-1970

1.7%

3.1%

-1.7%

0.3%

-19%

8%

-6%

21%

18%

3%

-7%

1970-2010

2.0%

3.2%

-1.5%

0.2%

8%

39%

4%

57%

51%

6%

-22%

1970-1990

1.8%

3.0%

-1.6%

0.3%

8%

22%

5%

28%

22%

5%

-11%

1990-2010

2.1%

3.4%

-1.4%

0.1%

22%

39%

16%

36%

34%

2%

-14%

1950-1960

2.6%

4.1%

-2.1%

0.6%

-19%

6%

-9%

18%

14%

4%

-3%

1960-1970

1.1%

2.5%

-1.4%

0.0%

6%

8%

4%

9%

9%

0%

-5%

1970-1980

1.0%

2.4%

-1.6%

0.2%

8%

5%

6%

9%

7%

2%

-10%

1980-1990

2.4%

3.5%

-1.5%

0.5%

5%

22%

4%

20%

16%

4%

-2%

1990-2000

-0.7%

1.2%

-1.5%

-0.4%

22%

5%

19%

-7%

-3%

-4%

-7%

2000-2010

4.5%

5.3%

-1.4%

0.6%

5%

39%

4%

42%

37%

6%

-7%

Back to index

Table DE.4g: Sources of book value national wealth accumulation in Germany, 1970-2010
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

Boundaries: Reunified Germany (pre-1991 evolution based on growth rates in the boundaries of the time, and specific adjustments made for border change)

Additive decomposition

Real growth Real growth

rate of
rate of
national
national
income
wealth

1970-2010
1970-1990
1990-2010
1970-1980
1980-1990
1990-2000
2000-2010

Book-value national
wealth-national
income ratios

gw

t+n

2.0%

2.7%

431%

567%

2.5%
1.4%
2.7%
2.3%
1.6%
1.2%

3.2%
2.1%
3.6%
2.8%
1.9%
2.4%

431%
494%
431%
471%
494%
506%

494%
567%
471%
494%
506%
567%

Initial
wealth
effect

Cumulate
d new
savings

Capital
gains or
losses

Multiplicative decomposition

Savingsinduced
wealth
Real rate of
National
saving rate growth rate capital gains
(incl. war
destructions)
s = S/Y

198%

296%

73%

35%

52%

13%

263%

188%

43%

53%

38%

9%

372%

155%

40%

66%

27%

7%

331%

128%

12%

70%

27%

3%

375%

86%

33%

76%

17%

7%

420%

79%

7%

83%

16%

1%

448%

85%

34%

79%

15%

6%

gws = s/

Check

10.2%

2.2%
84%

0.4%
16%

0.000%

12.2%

2.7%
85%

0.5%
15%

0.000%

8.8%

1.7%
82%

0.4%
18%

0.000%

14.6%

3.4%
95%

0.2%
5%

0.000%

10.2%

2.0%
73%

0.8%
27%

0.000%

8.6%

1.8%
95%

0.1%
5%

0.000%

9.0%

1.7%
71%

0.7%
29%

0.000%

Back to index

Table DE.5a: Accumulation equation for private wealth in Germany, 1870-2010 (annual series)
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

Boundaries: Reunified Germany (pre-1991 evolution based on growth rates in the boundaries of the time, and specific adjustments made for border change)
Method n1: saving = private saving (personal saving +
corporate retained earnings)

Uniform q estimates
(method 1b)

Method n2: saving = personal saving

Uniform q estimates
(method 2b)

Real

National
Private growth rate
income Ytf wealth W tf of national
income

Ratio

Real
(private
growth rate
of private wealth)/
wealth gwt (national

Private
saving
rate

income)

1+gt =
Yt/Yt-1

1+gwt =
Wt/W f-1

0.1%
10.6%
2.4%
8.3%
-1.3%
-1.0%
-0.6%
5.3%
-2.8%
-2.9%
4.2%
0.2%
5.8%
4.0%
3.2%
1.7%
1.2%
5.3%
4.3%
3.6%
-3.9%
6.0%
7.6%
0.3%
4.3%
5.2%
3.9%
7.3%
-1.5%
-1.1%
-0.7%
1.4%
6.9%
4.4%
4.5%
-0.7%
5.8%
-0.5%
2.8%
-0.7%
5.5%
4.6%
0.8%
-7.7%
-8.1%
-4.6%
-2.4%
-2.7%
-5.0%
15.9%
6.0%
7.6%
-13.0%
11.4%
8.8%
0.7%
10.2%
3.3%
-2.1%
-7.7%
-13.1%
-8.8%
7.8%
12.8%
10.4%
11.9%
11.7%
9.1%
4.2%
3.6%
14.2%
5.7%
6.4%
-8.5%
-55.1%
-13.6%
18.4%
18.8%
20.1%
12.5%
9.8%
9.2%
9.1%
7.4%
12.3%
7.4%
5.6%
3.9%
7.6%
8.7%
4.0%
4.1%
2.2%
6.4%
5.1%
2.4%
-0.8%
5.8%
7.9%
4.7%
2.6%
4.0%
4.8%
0.3%
-1.2%
5.3%
3.1%
3.2%
3.7%
0.8%
-0.3%
-0.9%
1.8%
3.2%
2.4%
2.2%
1.1%
4.4%
4.2%
5.3%
5.1%
1.5%
-1.8%
1.8%
1.4%
0.9%
1.4%
1.5%
1.7%
2.9%
1.3%
-0.3%
0.2%
3.3%
1.0%
5.1%
2.9%
0.2%
-5.2%
4.0%
3.1%

-1.9%
0.9%
3.0%
2.8%
4.8%
-1.2%
0.0%
1.0%
2.8%
-3.5%
3.5%
1.4%
4.4%
1.9%
4.9%
3.9%
3.2%
2.7%
1.9%
1.7%
1.2%
-2.4%
5.5%
1.7%
1.2%
2.3%
3.4%
5.8%
3.3%
4.1%
4.6%
-0.7%
1.8%
3.5%
2.2%
1.9%
5.5%
3.9%
-1.0%
0.2%
4.9%
3.4%
5.1%
-11.6%
-12.2%
-10.0%
-8.3%
-8.8%
-11.4%
-12.4%
-9.3%
-10.8%
-11.7%
2.6%
13.1%
16.9%
13.3%
5.3%
6.6%
-2.9%
-8.8%
-5.5%
2.4%
3.8%
5.2%
6.8%
7.6%
8.2%
10.9%
5.7%
4.7%
8.2%
10.0%
-2.7%
-60.5%
-22.0%
8.0%
10.1%
10.6%
11.2%
4.6%
7.1%
8.3%
8.8%
5.7%
3.4%
5.4%
8.9%
10.8%
12.9%
11.7%
8.2%
7.9%
7.8%
6.2%
6.1%
8.7%
7.6%
5.2%
0.6%
0.3%
4.8%
3.3%
1.1%
3.0%
4.9%
6.7%
7.3%
4.9%
2.6%
3.3%
3.2%
4.4%
4.7%
4.8%
3.7%
4.4%
4.1%
3.4%
2.6%
2.8%
2.6%
3.0%
3.0%
2.4%
4.3%
4.7%
4.4%
4.7%
4.6%
1.9%
1.0%
2.3%
3.8%
4.1%
3.4%
3.2%
3.0%
1.0%
3.1%
3.0%

1870-2010

gt
2.5%

gwt
2.1%

1870-1949

1.7%

1949-2010

3.5%

bn 2010 euros

1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

70.3
70.4
77.9
79.7
86.3
85.2
84.4
83.9
88.3
85.8
83.3
86.8
87.0
92.1
95.8
98.8
100.5
101.7
107.1
111.6
115.6
111.1
117.8
126.7
127.1
132.6
139.4
144.9
155.4
153.0
151.3
150.2
152.3
162.8
170.0
177.6
176.5
186.8
185.8
191.0
189.7
200.1
209.4
211.0
194.9
179.0
170.7
166.6
162.2
154.1
178.5
189.3
203.7
177.2
197.4
214.7
216.3
238.3
246.2
241.1
222.6
193.4
176.4
190.1
214.5
236.8
264.9
295.7
322.6
336.3
348.4
398.0
420.5
447.4
409.4
184.0
159.0
188.3
223.7
268.8
302.2
331.7
362.2
395.1
424.4
476.5
512.0
540.9
562.1
604.9
657.4
683.7
711.6
727.3
774.0
813.4
832.7
826.1
874.3
943.3
988.0
1,013.6
1,054.1
1,105.1
1,108.9
1,095.4
1,153.1
1,189.4
1,228.0
1,272.9
1,283.6
1,280.2
1,268.9
1,292.3
1,333.4
1,365.0
1,395.2
1,410.0
1,472.7
1,533.9
1,615.7
1,698.2
1,724.3
1,693.9
1,724.2
1,748.0
1,763.9
1,789.4
1,816.6
1,847.8
1,901.6
1,927.2
1,921.5
1,926.2
1,990.1
2,009.3
2,111.0
2,172.3
2,177.4
2,063.6
2,146.1
2,211.5

494.8
485.7
490.2
504.7
519.0
544.2
537.7
537.5
542.9
557.9
538.4
557.2
565.2
590.1
601.3
630.9
655.2
676.2
694.3
707.5
719.3
727.8
710.6
749.6
762.3
771.7
789.7
816.4
863.9
892.7
929.4
972.6
965.7
982.8
1,017.7
1,040.4
1,060.2
1,118.6
1,162.6
1,151.5
1,153.7
1,210.2
1,251.6
1,315.2
1,162.4
1,020.7
918.8
842.6
768.2
680.4
595.7
540.4
482.0
425.8
436.9
494.1
577.8
654.6
689.2
734.5
713.4
650.9
614.9
629.8
653.9
687.8
734.2
789.8
854.2
947.0
1,000.8
1,047.6
1,133.9
1,246.9
1,212.7
479.3
373.9
403.8
444.7
492.1
547.3
572.6
613.1
664.1
722.4
763.4
789.2
832.1
905.9
1,003.6
1,132.7
1,265.4
1,369.5
1,478.1
1,593.8
1,692.1
1,795.8
1,951.2
2,100.1
2,209.9
2,223.2
2,229.8
2,337.8
2,414.4
2,441.0
2,513.6
2,636.9
2,812.4
3,017.8
3,164.5
3,247.1
3,354.4
3,460.9
3,614.0
3,782.5
3,963.3
4,110.9
4,289.9
4,466.7
4,620.0
4,739.5
4,871.8
4,996.1
5,144.0
5,296.2
5,423.5
5,657.7
5,925.5
6,188.8
6,482.0
6,778.6
6,908.9
6,975.3
7,137.6
7,408.7
7,709.5
7,975.1
8,234.1
8,484.4
8,567.9
8,835.8
9,102.9

t = W t/Yt st = St/Yt

War
War
SavingsSavingsinduced destructions Real rate Personal induced destructions Real rate
wealth
induced of capital savings
wealth
induced of capital
memo: War
growth
gains
rate
growth
gains
wealth
wealth
destruction
rate
rate
growth rate
growth rate
s dyt = Dt/ Yt
gwst =
st-1/t-1

gwst =
s0t-1/t-1

dt

qt

1.8%
1.0%
2.5%
3.2%
3.0%
2.0%
2.1%
1.7%
2.1%
1.4%
1.6%
1.9%
1.8%
1.9%
2.3%
2.3%
2.2%
2.3%
2.5%
2.7%
2.6%
1.7%
2.2%
2.3%
2.1%
2.1%
2.7%
2.8%
3.4%
2.9%
2.7%
2.1%
1.9%
2.5%
2.7%
3.2%
2.8%
3.2%
2.7%
2.5%
2.3%
2.7%
2.9%
2.7%
2.0%
4.6%
6.5%
5.9%
2.9%
1.7%
5.4%
3.6%
2.6%
2.6%
2.8%
6.3%
3.0%
1.5%
2.7%
2.3%
1.4%
-0.5%
-1.3%
0.1%
1.4%
2.9%
3.7%
4.3%
6.9%
1.9%
4.1%
7.5%
9.0%
10.8%
-2.2%
-2.5%
4.1%
6.2%
6.7%
7.2%
7.1%
8.1%
8.9%
7.8%
8.2%
9.8%
10.0%
10.7%
10.6%
10.4%
10.1%
8.8%
8.2%
7.2%
7.9%
8.0%
7.2%
6.4%
6.8%
6.6%
7.3%
6.9%
6.7%
6.1%
6.4%
6.4%
6.0%
5.3%
5.4%
5.1%
4.4%
4.2%
4.0%
3.9%
3.7%
3.6%
4.2%
4.0%
4.6%
4.2%
4.9%
4.4%
4.0%
3.5%
3.3%
6.1%
3.5%
3.3%
3.1%
2.5%
2.3%
2.8%
3.0%
2.9%
3.6%
3.4%
3.6%
3.7%
3.3%
2.8%
3.5%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-3.1%
-3.0%
-2.7%
-2.5%
-10.2%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

-3.5%
-0.1%
0.4%
-0.3%
1.8%
-3.1%
-2.1%
-0.7%
0.6%
-4.9%
1.9%
-0.4%
2.6%
0.0%
2.5%
1.6%
1.0%
0.3%
-0.5%
-1.0%
-1.4%
-4.0%
3.2%
-0.6%
-0.8%
0.3%
0.7%
2.9%
0.0%
1.2%
1.9%
-2.8%
-0.1%
1.1%
-0.5%
-1.2%
2.6%
0.7%
-3.5%
-2.3%
2.5%
0.7%
2.2%
-13.9%
-13.9%
-13.9%
-13.9%
-13.9%
-13.9%
-13.9%
-13.9%
-13.9%
-13.9%
0.0%
10.0%
10.0%
10.0%
3.7%
3.7%
-5.0%
-10.0%
-5.0%
3.7%
3.7%
3.7%
3.7%
3.7%
3.7%
3.7%
3.7%
3.7%
3.7%
3.7%
-10.0%
-55.0%
-20.0%
3.7%
3.7%
3.7%
3.7%
-2.3%
-1.0%
-0.6%
0.9%
-2.3%
-5.8%
-4.1%
-1.7%
0.2%
2.3%
1.4%
-0.6%
-0.3%
0.6%
-1.6%
-1.7%
1.3%
1.1%
-1.5%
-5.7%
-6.5%
-1.9%
-3.2%
-4.7%
-3.3%
-1.4%
0.6%
1.9%
-0.5%
-2.4%
-1.0%
-0.9%
0.4%
0.7%
1.0%
0.1%
0.2%
0.1%
-1.1%
-1.5%
-2.0%
-1.8%
-1.0%
-0.6%
-0.9%
-1.7%
1.2%
1.1%
1.6%
2.0%
-0.4%
-1.8%
-0.6%
0.8%
0.4%
0.1%
-0.4%
-0.7%
-2.2%
0.4%
-0.5%

st
12.8%

gwst
4.1%
189%

dt
-0.2%
-7%

qt
-1.7%
-81%

0.0%

12.8%

2.8%
4436%

-0.3%
-441%

-2.5%
-3896%

0.0000%

1970-2010
pred./obs.

-0.5%

0.4%

100.000%

100.000%

4.8%

12.8%

5.7%
116%

0.0%
0%

-0.8%
-16%

0.0000%

1913-1924
pred./obs.

100.000%

704%
690%
630%
633%
601%
639%
637%
641%
615%
650%
646%
642%
650%
641%
628%
639%
652%
665%
648%
634%
622%
655%
603%
592%
600%
582%
566%
564%
556%
583%
614%
648%
634%
604%
599%
586%
601%
599%
626%
603%
608%
605%
598%
623%
597%
570%
538%
506%
474%
442%
334%
285%
237%
240%
221%
230%
267%
275%
280%
305%
321%
337%
349%
331%
305%
290%
277%
267%
265%
282%
287%
263%
270%
279%
296%
260%
235%
214%
199%
183%
181%
173%
169%
168%
170%
160%
154%
154%
161%
166%
172%
185%
192%
203%
206%
208%
216%
236%
240%
234%
225%
220%
222%
218%
220%
229%
229%
236%
246%
249%
253%
262%
273%
280%
284%
290%
295%
304%
303%
301%
293%
287%
290%
304%
307%
310%
321%
331%
341%
351%
356%
358%
363%
371%
372%
384%
378%
379%
390%
415%
412%
412%

12%
7%
16%
20%
18%
13%
13%
11%
13%
9%
10%
12%
11%
12%
15%
14%
14%
16%
16%
17%
16%
11%
13%
13%
12%
12%
15%
16%
19%
17%
17%
14%
12%
15%
16%
19%
17%
19%
17%
15%
14%
16%
17%
17%
12%
26%
35%
30%
14%
8%
18%
10%
6%
6%
6%
15%
8%
4%
8%
7%
4%
-2%
-4%
0%
4%
8%
10%
11%
18%
5%
12%
20%
24%
30%
-6%
-6%
10%
13%
13%
13%
12.9%
14.0%
15.1%
13.1%
14.0%
15.7%
15.3%
16.5%
17.0%
17.2%
17.4%
16.4%
15.8%
14.5%
16.2%
16.7%
15.6%
15.2%
16.3%
15.5%
16.3%
15.2%
15.0%
13.3%
14.2%
14.7%
13.7%
12.6%
13.3%
12.7%
11.1%
10.9%
10.9%
10.9%
10.6%
10.5%
12.3%
12.2%
13.8%
12.6%
14.5%
12.6%
11.6%
10.7%
10.2%
18.9%
11.1%
10.8%
10.7%
8.9%
8.3%
10.0%
10.8%
10.9%
13.5%
13.0%
13.7%
14.1%
12.7%
11.4%
14.4%
10.9%

s0t = S0t/Yt

3.0%
2.7%
4.4%
5.2%
5.6%
5.0%
4.4%
6.0%
6.3%
6.4%
6.2%
6.7%
6.4%
7.3%
8.1%
9.0%
8.6%
8.4%
9.3%
9.6%
10.3%
10.1%
11.0%
10.3%
11.1%
12.1%
10.6%
9.7%
9.7%
10.2%
10.4%
11.0%
10.4%
9.0%
9.4%
9.2%
9.6%
9.7%
9.9%
9.4%
10.0%
10.3%
10.3%
9.9%
9.2%
9.0%
8.7%
8.5%
8.7%
8.4%
8.1%
8.0%
7.8%
9.0%
8.8%
9.1%
8.7%
8.4%
8.3%
8.8%
8.7%
8.4%

1.7%
1.6%
2.6%
3.1%
3.3%
3.1%
2.9%
3.9%
3.9%
3.8%
3.6%
3.6%
3.3%
3.6%
3.9%
4.3%
4.0%
3.5%
3.9%
4.1%
4.6%
4.6%
4.9%
4.7%
5.0%
5.3%
4.6%
4.1%
3.9%
4.1%
4.1%
4.2%
3.8%
3.2%
3.3%
3.2%
3.2%
3.2%
3.3%
3.1%
3.4%
3.6%
3.5%
3.3%
3.0%
2.9%
2.7%
2.6%
2.5%
2.4%
2.3%
2.2%
2.2%
2.4%
2.4%
2.4%
2.3%
2.2%
2.1%
2.1%
2.1%

st

gwst

dt

Simulated
Simulated
ratio
Uniform
ratio
Uniform
(private
real rate
(private real rate of
wealth)/ of capital wealth)/
capital
(national
gains
(national
gains
income)
income)

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-3.1%
-3.0%
-2.7%
-2.5%
-10.2%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

qt

2.9%
5.4%
5.6%
5.5%
2.3%
0.3%
2.5%
4.8%
6.6%
8.7%
7.9%
4.5%
4.5%
4.1%
2.2%
1.7%
4.5%
3.9%
1.3%
-3.4%
-4.1%
0.3%
-1.6%
-3.5%
-2.0%
-0.4%
1.9%
3.1%
0.9%
-1.4%
-0.8%
-1.0%
0.6%
1.4%
1.4%
0.6%
1.1%
0.9%
0.2%
-0.5%
-0.6%
-1.0%
-0.6%
-0.3%
-0.6%
1.4%
2.0%
1.8%
2.1%
2.1%
-0.3%
-1.3%
0.2%
1.3%
1.6%
1.0%
0.9%
0.8%
-1.1%
1.0%
0.9%
qt

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
-9%
-8%
-7%
-7%
-30%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

225%
234%
239%
241%
252%
268%
267%
271%
274%
275%
284%
295%
307%
310%
310%
312%
314%
321%
317%
316%
311%
308%
314%
330%
333%
337%
351%
355%
359%
361%
358%
360%
369%
377%
374%
382%
374%
375%
386%
419%
412%

Check
0.0000%

-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%
-0.5%

225%
230%
232%
232%
243%
258%
258%
261%
263%
264%
273%
285%
300%
306%
306%
309%
313%
320%
317%
315%
309%
305%
311%
329%
334%
340%
347%
352%
356%
360%
359%
364%
374%
383%
380%
387%
378%
377%
386%
418%
412%

method 1

0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%
0.4%

Uniform q estimates
Method 1b Method 2b

(Memo: equities)

-13.9%

1870-1913

2.6%

2.3%

14.9%

2.3%
102%

0.0%
0%

0.0%
-2%

0.0000%

1927-1950
pred./obs.

100.000%

1913-1949

0.7%

-2.7%

11.5%

3.4%
-134%

-0.6%
24%

-5.3%
210%

0.0000%

1925-1927
pred./obs.

100.000%

1949-1991

4.5%

5.6%

13.7%

6.7%
118%

0.0%
0%

-1.0%
-18%

1991-2010

1.2%

3.2%

11.8%

3.4%
107%

0.0%
0%

-0.2%
-7%

8.8%

2.6%
82%

0.6%
18%

0.0000%

0.0000%

0.0000%

1950-1990

4.3%

5.5%

13.7%

6.8%
120%

0.0%
0%

-1.1%
-20%

9.1%

3.7%
68%

1.8%
32%

0.0000%

0.0000%

1970-2010

2.0%

3.5%

12.2%

4.3%
121%

0.0%
0%

-0.8%
-21%

9.4%

3.3%
95%

0.2%
5%

0.0000%

0.0000%

3.7%
10.0%

-11.1%

-3.1%

-3.4%
24.6%

method 2

1+gt

1+gwt

1+gwst

1+qt

1+ot-1

1+gwst

1+qt

100.1%
110.6%
102.4%
108.3%
98.7%
99.0%
99.4%
105.3%
97.2%
97.1%
104.2%
100.2%
105.8%
104.0%
103.2%
101.7%
101.2%
105.3%
104.3%
103.6%
96.1%
106.0%
107.6%
100.3%
104.3%
105.2%
103.9%
107.3%
98.5%
98.9%
99.3%
101.4%
106.9%
104.4%
104.5%
99.3%
105.8%
99.5%
102.8%
99.3%
105.5%
104.6%
100.8%
92.3%
91.9%
95.4%
97.6%
97.3%
95.0%
115.9%
106.0%
107.6%
87.0%
111.4%
108.8%
100.7%
110.2%
103.3%
97.9%
92.3%
86.9%
91.2%
107.8%
112.8%
110.4%
111.9%
111.7%
109.1%
104.2%
103.6%
114.2%
105.7%
106.4%
91.5%
44.9%
86.4%
118.4%
118.8%
120.1%
112.5%
109.8%
109.2%
109.1%
107.4%
112.3%
107.4%
105.6%
103.9%
107.6%
108.7%
104.0%
104.1%
102.2%
106.4%
105.1%
102.4%
99.2%
105.8%
107.9%
104.7%
102.6%
104.0%
104.8%
100.3%
98.8%
105.3%
103.1%
103.2%
103.7%
100.8%
99.7%
99.1%
101.8%
103.2%
102.4%
102.2%
101.1%
104.4%
104.2%
105.3%
105.1%
101.5%
98.2%
101.8%
101.4%
100.9%
101.4%
101.5%
101.7%
102.9%
101.3%
99.7%
100.2%
103.3%
101.0%
105.1%
102.9%
100.2%
94.8%
104.0%
103.1%

98.1%
100.9%
103.0%
102.8%
104.8%
98.8%
100.0%
101.0%
102.8%
96.5%
103.5%
101.4%
104.4%
101.9%
104.9%
103.9%
103.2%
102.7%
101.9%
101.7%
101.2%
97.6%
105.5%
101.7%
101.2%
102.3%
103.4%
105.8%
103.3%
104.1%
104.6%
99.3%
101.8%
103.5%
102.2%
101.9%
105.5%
103.9%
99.0%
100.2%
104.9%
103.4%
105.1%
88.4%
87.8%
90.0%
91.7%
91.2%
88.6%
87.6%
90.7%
89.2%
88.3%
102.6%
113.1%
116.9%
113.3%
105.3%
106.6%
97.1%
91.2%
94.5%
102.4%
103.8%
105.2%
106.8%
107.6%
108.2%
110.9%
105.7%
104.7%
108.2%
110.0%
97.3%
39.5%
78.0%
108.0%
110.1%
110.6%
111.2%
104.6%
107.1%
108.3%
108.8%
105.7%
103.4%
105.4%
108.9%
110.8%
112.9%
111.7%
108.2%
107.9%
107.8%
106.2%
106.1%
108.7%
107.6%
105.2%
100.6%
100.3%
104.8%
103.3%
101.1%
103.0%
104.9%
106.7%
107.3%
104.9%
102.6%
103.3%
103.2%
104.4%
104.7%
104.8%
103.7%
104.4%
104.1%
103.4%
102.6%
102.8%
102.6%
103.0%
103.0%
102.4%
104.3%
104.7%
104.4%
104.7%
104.6%
101.9%
101.0%
102.3%
103.8%
104.1%
103.4%
103.2%
103.0%
101.0%
103.1%

101.8%
101.0%
102.5%
103.2%
103.0%
102.0%
102.1%
101.7%
102.1%
101.4%
101.6%
101.9%
101.8%
101.9%
102.3%
102.3%
102.2%
102.3%
102.5%
102.7%
102.6%
101.7%
102.2%
102.3%
102.1%
102.1%
102.7%
102.8%
103.4%
102.9%
102.7%
102.1%
101.9%
102.5%
102.7%
103.2%
102.8%
103.2%
102.7%
102.5%
102.3%
102.7%
102.9%
102.7%
102.0%
104.6%
106.5%
105.9%
102.9%
101.7%
105.4%
103.6%
102.6%
102.6%
102.8%
106.3%
103.0%
101.5%
102.7%
102.3%
101.4%
99.5%
98.7%
100.1%
101.4%
102.9%
103.7%
104.3%
106.9%
101.9%
104.1%
107.5%
109.0%
110.8%
97.8%
97.5%
104.1%
106.2%
106.7%
107.2%
107.1%
108.1%
108.9%
107.8%
108.2%
109.8%
110.0%
110.7%
110.6%
110.4%
110.1%
108.8%
108.2%
107.2%
107.9%
108.0%
107.2%
106.4%
106.8%
106.6%
107.3%
106.9%
106.7%
106.1%
106.4%
106.4%
106.0%
105.3%
105.4%
105.1%
104.4%
104.2%
104.0%
103.9%
103.7%
103.6%
104.2%
104.0%
104.6%
104.2%
104.9%
104.4%
104.0%
103.5%
103.3%
106.1%
103.5%
103.3%
103.1%
102.5%
102.3%
102.8%
103.0%
102.9%
103.6%
103.4%
103.6%
103.7%
103.3%
102.8%

96.5%
99.9%
100.4%
99.7%
101.8%
96.9%
97.9%
99.3%
100.6%
95.1%
101.9%
99.6%
102.6%
100.0%
102.5%
101.6%
101.0%
100.3%
99.5%
99.0%
98.6%
96.0%
103.2%
99.4%
99.2%
100.3%
100.7%
102.9%
100.0%
101.2%
101.9%
97.2%
99.9%
101.1%
99.5%
98.8%
102.6%
100.7%
96.5%
97.7%
102.5%
100.7%
102.2%
86.1%
86.1%
86.1%
86.1%
86.1%
86.1%
86.1%
86.1%
86.1%
86.1%
100.0%
110.0%
110.0%
110.0%
103.7%
103.7%
95.0%
90.0%
95.0%
103.7%
103.7%
103.7%
103.7%
103.7%
103.7%
103.7%
103.7%
103.7%
103.7%
103.7%
90.0%
45.0%
80.0%
103.7%
103.7%
103.7%
103.7%
97.7%
99.0%
99.4%
100.9%
97.7%
94.2%
95.9%
98.3%
100.2%
102.3%
101.4%
99.4%
99.7%
100.6%
98.4%
98.3%
101.3%
101.1%
98.5%
94.3%
93.5%
98.1%
96.8%
95.3%
96.7%
98.6%
100.6%
101.9%
99.5%
97.6%
99.0%
99.1%
100.4%
100.7%
101.0%
100.1%
100.2%
100.1%
98.9%
98.5%
98.0%
98.2%
99.0%
99.4%
99.1%
98.3%
101.2%
101.1%
101.6%
102.0%
99.6%
98.2%
99.4%
100.8%
100.4%
100.1%
99.6%
99.3%
97.8%
100.4%
99.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
96.9%
97.0%
97.3%
97.5%
89.8%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

101.7%
101.6%
102.6%
103.1%
103.3%
103.1%
102.9%
103.9%
103.9%
103.8%
103.6%
103.6%
103.3%
103.6%
103.9%
104.3%
104.0%
103.5%
103.9%
104.1%
104.6%
104.6%
104.9%
104.7%
105.0%
105.3%
104.6%
104.1%
103.9%
104.1%
104.1%
104.2%
103.8%
103.2%
103.3%
103.2%
103.2%
103.2%
103.3%
103.1%
103.4%
103.6%
103.5%
103.3%
103.0%
102.9%
102.7%
102.6%
102.5%
102.4%
102.3%
102.2%
102.2%
102.4%
102.4%
102.4%
102.3%
102.2%
102.1%
102.1%

102.9%
105.4%
105.6%
105.5%
102.3%
100.3%
102.5%
104.8%
106.6%
108.7%
107.9%
104.5%
104.5%
104.1%
102.2%
101.7%
104.5%
103.9%
101.3%
96.6%
95.9%
100.3%
98.4%
96.5%
98.0%
99.6%
101.9%
103.1%
100.9%
98.6%
99.2%
99.0%
100.6%
101.4%
101.4%
100.6%
101.1%
100.9%
100.2%
99.5%
99.4%
99.0%
99.4%
99.7%
99.4%
101.4%
102.0%
101.8%
102.1%
102.1%
99.7%
98.7%
100.2%
101.3%
101.6%
101.0%
100.9%
100.8%
98.9%
101.0%

Back to index

Table DE.5b: Accumulation equation for national wealth in Germany, 1870-2010 (annual series)
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

Boundaries: Reunified Germany (pre-1991 evolution based on growth rates in the boundaries of the time, and specific adjustments made for border change)
Market-value national wealth
National
income
Yt

bn 2010
euros

1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912

Real
growth
rate of
national
income

1+gt =
Yt/Yt-1

National
wealth /
national
income
ratio

Real
growth
rate of
national
wealth gwt

t = W t/Yt

1+gwt =
Wt/Wt-1

Book-value national wealth

Real
War
SavingsNational induced destruction Real rate growth
saving
wealth
s induced of capital rate of
national
rate
growth
gains
wealth
wealth gwt
rate
growth rate
st = St/Yt

gwst =
st-1/t-1

ot

qt

1.7%
1.9%
3.5%
3.5%
3.2%
2.2%
2.2%
1.8%
1.9%
1.3%
1.4%
1.7%
1.7%
1.7%
2.0%
1.9%
1.9%
1.9%
2.2%
2.4%
2.4%
1.5%
2.2%
2.2%
1.9%
2.1%
2.6%
2.8%
3.3%
2.9%
2.5%
1.9%
1.9%
2.4%
2.6%
3.0%
2.7%
2.8%
2.1%
2.3%
2.3%
2.5%
2.7%
2.6%
-0.3%
-1.1%
-1.1%
-0.7%
-0.4%
0.0%
2.2%
1.1%
1.2%
1.2%
1.3%
1.5%
1.8%
1.8%
1.8%
1.3%
0.4%
-0.8%
-1.4%
-0.1%
1.4%
2.9%
3.7%
4.1%
4.4%
-1.6%
-1.6%
-1.9%
-2.0%
-2.2%
-2.3%
-2.6%
5.0%
6.5%
6.3%
7.0%
6.6%
8.3%
9.2%
11.2%
8.5%
9.8%
9.8%
9.4%
8.4%
8.6%
9.2%
8.2%
7.3%
6.5%
7.2%
6.7%
6.3%
5.1%
5.7%
6.2%
6.5%
6.1%
5.6%
5.6%
5.0%
3.5%
3.9%
3.8%
3.9%
3.6%
2.9%
2.3%
2.3%
2.4%
2.6%
2.8%
3.3%
2.9%
3.4%
3.7%
3.6%
2.9%
2.8%
2.3%
2.2%
2.3%
2.1%
2.1%
2.2%
1.9%
1.8%
1.7%
1.6%
1.5%
2.3%
2.3%
3.0%
3.7%
3.1%
1.8%
2.2%

0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-2.8%
-2.9%
-3.0%
-3.0%
-27.2%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

-3.2%
0.8%
0.8%
-0.2%
1.5%
-3.7%
-2.7%
-1.2%
0.3%
-5.3%
1.5%
-0.4%
2.7%
0.0%
2.7%
1.7%
1.2%
0.7%
-0.3%
-1.2%
-1.5%
-4.1%
2.8%
-0.9%
-0.8%
0.6%
1.2%
3.3%
0.5%
1.7%
1.8%
-3.1%
-0.1%
1.1%
-0.3%
-0.9%
3.1%
0.7%
-3.7%
-2.1%
2.8%
1.0%
2.4%
-12.5%
-11.7%
-10.4%
-7.0%
-9.8%
-8.3%
-1.3%
-9.4%
-1.4%
-11.5%
-2.4%
6.9%
8.8%
11.5%
3.1%
2.9%
-4.7%
-10.1%
-6.0%
2.8%
4.6%
5.3%
4.4%
4.5%
3.0%
0.6%
6.3%
1.3%
2.3%
4.9%
-11.0%
-42.5%
0.7%
14.5%
16.6%
0.5%
12.0%
0.9%
1.2%
2.3%
0.7%
0.4%
-2.6%
-2.0%
-0.6%
1.6%
2.3%
1.5%
0.3%
0.3%
0.4%
-2.0%
-1.7%
0.6%
1.0%
0.0%
-4.1%
-5.2%
-1.5%
-2.0%
-3.9%
-3.7%
-0.8%
0.9%
1.9%
0.6%
-1.1%
-0.4%
-0.9%
0.5%
1.2%
1.2%
0.1%
0.4%
0.5%
-0.1%
0.2%
-1.9%
-1.9%
-1.8%
-0.4%
-2.0%
-0.8%
1.5%
1.1%
1.7%
2.8%
-0.2%
-1.9%
-0.6%
1.0%
0.5%
0.8%
1.1%
-0.1%
-2.5%
0.6%
0.2%

1+gwt =
W t/W t-1

t =
W t/Yt

st = St/Yt

gwst =
st-1/t-1

memo: War
destructions
oyt = Ot/ Yt

1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

1870-2010

gt
2.5%

gwt
2.0%

st
11.1%

gwst
3.0%
143%

ot
-0.3%
-15%

qt
-0.6%
-28%

1870-1949

1.7%

0.1%

7.2%

1.6%
1480%

-0.5%
-499%

-1.0%
-881%

0.000%

745%
733%
681%
693%
662%
702%
698%
698%
668%
702%
694%
686%
693%
684%
669%
679%
692%
705%
688%
672%
657%
689%
633%
618%
624%
605%
591%
590%
585%
617%
653%
687%
669%
637%
631%
618%
635%
635%
661%
632%
637%
635%
629%
656%
638%
611%
568%
535%
493%
474%
403%
352%
326%
336%
298%
297%
325%
335%
340%
364%
381%
396%
404%
380%
352%
340%
327%
317%
312%
314%
317%
269%
248%
233%
215%
195%
222%
225%
236%
209%
223%
219%
220%
225%
235%
227%
226%
230%
241%
247%
252%
269%
280%
295%
297%
297%
304%
328%
329%
322%
313%
309%
310%
306%
310%
317%
309%
314%
322%
324%
330%
339%
347%
350%
352%
356%
359%
369%
365%
362%
357%
346%
344%
353%
354%
349%
352%
359%
365%
373%
379%
380%
380%
383%
380%
387%
380%
385%
398%
422%
416%
413%

-1.5%
2.8%
4.2%
3.4%
4.7%
-1.5%
-0.5%
0.6%
2.3%
-4.0%
3.0%
1.3%
4.4%
1.7%
4.7%
3.7%
3.1%
2.7%
1.9%
1.2%
0.9%
-2.7%
5.0%
1.3%
1.2%
2.7%
3.8%
6.2%
3.9%
4.7%
4.4%
-1.3%
1.7%
3.5%
2.3%
2.1%
5.8%
3.5%
-1.7%
0.1%
5.2%
3.6%
5.2%
-10.2%
-12.0%
-11.4%
-8.0%
-10.4%
-8.7%
-1.3%
-7.4%
-0.3%
-10.4%
-1.3%
8.3%
10.4%
13.5%
4.9%
4.8%
-3.5%
-9.7%
-6.8%
1.3%
4.5%
6.7%
7.4%
8.4%
7.2%
5.0%
4.6%
-3.1%
-2.5%
-0.3%
-15.5%
-59.1%
-1.9%
20.2%
24.2%
6.8%
19.8%
7.6%
9.7%
11.7%
12.0%
8.9%
7.0%
7.5%
8.8%
10.1%
11.1%
10.7%
8.6%
7.6%
7.0%
5.1%
4.9%
6.9%
6.2%
5.7%
1.9%
1.0%
4.5%
3.5%
1.5%
1.1%
2.6%
4.8%
5.8%
4.4%
2.5%
2.5%
1.4%
2.8%
3.6%
3.8%
2.9%
3.8%
3.5%
3.3%
3.9%
1.7%
0.9%
1.0%
1.9%
0.2%
1.5%
3.6%
3.3%
3.9%
4.7%
1.6%
-0.3%
1.0%
2.5%
2.8%
3.1%
4.2%
3.6%
0.5%
2.4%
2.4%

1.4%
5.2%
3.7%
2.0%
1.2%
2.6%
4.7%
5.6%
5.5%
4.1%
3.4%
1.1%
2.3%
3.1%
2.7%
1.9%
3.3%
3.3%
3.3%
3.8%
1.0%
1.6%
1.0%
1.3%
0.9%
1.9%
2.3%
1.9%
2.7%
4.1%
2.6%
1.2%
0.7%
1.8%
3.5%
2.2%
1.6%
5.4%
3.0%
1.9%
3.2%

431%
426%
431%
426%
433%
444%
433%
439%
449%
457%
471%
489%
499%
501%
500%
502%
501%
512%
506%
501%
494%
475%
475%
489%
487%
484%
489%
494%
495%
500%
506%
512%
520%
522%
514%
527%
513%
506%
533%
579%
567%
568%

13%
14%
24%
24%
21%
16%
16%
12%
13%
9%
10%
11%
11%
12%
13%
13%
13%
14%
15%
16%
16%
10%
14%
13%
12%
12%
15%
17%
20%
18%
17%
13%
12%
15%
16%
19%
17%
18%
14%
14%
15%
16%
17%
17%
-2%
-7%
-6%
-3%
-2%
0%
9%
4%
4%
4%
4%
5%
6%
6%
6%
5%
2%
-3%
-6%
0%
5%
10%
12%
13%
14%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
11%
15%
15%
15%
15%
18%
20%
25%
20%
22%
22%
22%
20%
21%
23%
22%
21%
19%
21%
20%
19%
17%
19%
20%
21%
19%
17%
17%
15%
11%
12%
12%
12%
12%
10%
8%
8%
8%
9%
10%
12%
11%
12%
13%
13%
10%
10%
8%
8%
8%
7%
8%
8%
7%
7%
6%
6%
6%
9%
9%
12%
14%
12%
8%
9%
10%

Market value

Book value

Simulated
Uniform
ratio (gov
real rate
wealth)/
of capital
(national
gains
income)

Simulated
ratio
Uniform
(national real rate of
wealth)/
capital
(national
gains
income)

qt

70.3
70.4
77.9
79.7
86.3
85.2
84.4
83.9
88.3
85.8
83.3
86.8
87.0
92.1
95.8
98.8
100.5
101.7
107.1
111.6
115.6
111.1
117.8
126.7
127.1
132.6
139.4
144.9
155.4
153.0
151.3
150.2
152.3
162.8
170.0
177.6
176.5
186.8
185.8
191.0
189.7
200.1
209.4
211.0
194.9
179.0
170.7
166.6
162.2
154.1
178.5
189.3
203.7
177.2
197.4
214.74
216.3
238.3
246.2
241.1
222.6
193.4
176.4
190.1
214.5
236.8
264.9
295.7
322.6
336.3
348.4
398.0
420.5
447.4
409.4
184.0
159.0
188.3
223.7
268.8
302.2
331.7
362.2
395.1
424.4
476.5
512.0
540.9
562.1
604.9
657.4
683.7
711.6
727.3
774.0
813.4
832.7
826.1
874.3
943.3
988.0
1,013.6
1,054.1
1,105.1
1,108.9
1,095.4
1,153.1
1,189.4
1,228.0
1,272.9
1,283.6
1,280.2
1,268.9
1,292.3
1,333.4
1,365.0
1,395.2
1,410.0
1,472.7
1,533.9
1,615.7
1,698.2
1,724.3
1,693.9
1,724.2
1,748.0
1,763.9
1,789.4
1,816.6
1,847.8
1,901.6
1,927.2
1,921.5
1,926.2
1,990.1
2,009.3
2,111.0
2,172.3
2,177.4
2,063.6
2,146.1
2,211.5

0.1%
10.6%
2.4%
8.3%
-1.3%
-1.0%
-0.6%
5.3%
-2.8%
-2.9%
4.2%
0.2%
5.8%
4.0%
3.2%
1.7%
1.2%
5.3%
4.3%
3.6%
-3.9%
6.0%
7.6%
0.3%
4.3%
5.2%
3.9%
7.3%
-1.5%
-1.1%
-0.7%
1.4%
6.9%
4.4%
4.5%
-0.7%
5.8%
-0.5%
2.8%
-0.7%
5.5%
4.6%
0.8%
-7.7%
-8.1%
-4.6%
-2.4%
-2.7%
-5.0%
15.9%
6.0%
7.6%
-13.0%
11.4%
8.8%
0.7%
10.2%
3.3%
-2.1%
-7.7%
-13.1%
-8.8%
7.8%
12.8%
10.4%
11.9%
11.7%
9.1%
4.2%
3.6%
14.2%
5.7%
6.4%
-8.5%
-55.1%
-13.6%
18.4%
18.8%
20.1%
12.5%
9.8%
9.2%
9.1%
7.4%
12.3%
7.4%
5.6%
3.9%
7.6%
8.7%
4.0%
4.1%
2.2%
6.4%
5.1%
2.4%
-0.8%
5.8%
7.9%
4.7%
2.6%
4.0%
4.8%
0.3%
-1.2%
5.3%
3.1%
3.2%
3.7%
0.8%
-0.3%
-0.9%
1.8%
3.2%
2.4%
2.2%
1.1%
4.4%
4.2%
5.3%
5.1%
1.5%
-1.8%
1.8%
1.4%
0.9%
1.4%
1.5%
1.7%
2.9%
1.3%
-0.3%
0.2%
3.3%
1.0%
5.1%
2.9%
0.2%
-5.2%
4.0%
3.1%

13%
14%
24%
24%
21%
16%
16%
12%
13%
9%
10%
11%
11%
12%
13%
13%
13%
14%
15%
16%
16%
10%
14%
13%
12%
12%
15%
17%
20%
18%
17%
13%
12%
15%
16%
19%
17%
18%
14%
14%
15%
16%
17%
17%
-2%
-7%
-6%
-3%
-2%
0%
9%
4%
4%
4%
4%
5%
6%
6%
6%
5%
2%
-3%
-6%
0%
5%
10%
12%
13%
14%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
11%
15%
15%
15%
15%
18%
20%
25%
20%
22%
22%
22%
20%
21%
23%
22%
21%
19%
21%
20%
19%
17%
19%
20%
21%
19%
17%
17%
15%
11%
12%
12%
12%
12%
10%
8%
8%
8%
9%
10%
12%
11%
12%
13%
13%
10%
10%
8%
8%
8%
7%
8%
8%
7%
7%
6%
6%
6%
9%
9%
12%
14%
12%
8%
9%
10%

Ratio
SavingsReal
(national National induced
rate of
wealth)/ saving wealth
capital
(national rate
growth
gains
income)
rate

4.8%
4.4%
4.0%
4.0%
3.5%
2.5%
2.8%
2.7%
2.8%
2.6%
2.1%
1.6%
1.6%
1.7%
1.8%
2.0%
2.4%
2.1%
2.4%
2.7%
2.6%
2.1%
2.0%
1.6%
1.6%
1.7%
1.5%
1.5%
1.6%
1.4%
1.3%
1.3%
1.2%
1.1%
1.7%
1.7%
2.3%
2.8%
2.3%
1.3%
1.6%

-3.2%
0.8%
-0.3%
-1.9%
-2.3%
0.1%
1.8%
2.8%
2.6%
1.5%
1.3%
-0.5%
0.7%
1.4%
0.9%
0.0%
0.9%
1.1%
0.8%
1.1%
-1.6%
-0.5%
-1.0%
-0.3%
-0.7%
0.3%
0.8%
0.3%
1.0%
2.6%
1.3%
0.0%
-0.5%
0.7%
1.7%
0.5%
-0.6%
2.6%
0.6%
0.6%
1.5%

gwst

qt

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
-9%
-8%
-7%
-7%
-58%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

313%
325%
330%
330%
345%
364%
356%
356%
356%
354%
362%
372%
382%
383%
378%
377%
378%
385%
378%
374%
367%
361%
364%
380%
380%
382%
386%
387%
387%
388%
383%
384%
390%
395%
387%
391%
380%
379%
392%
426%
416%

-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%

431%
442%
445%
443%
461%
485%
473%
473%
472%
469%
479%
493%
508%
509%
504%
503%
505%
513%
504%
498%
488%
479%
484%
505%
507%
510%
516%
518%
520%
522%
517%
519%
530%
537%
528%
534%
519%
518%
534%
579%
567%

Check
gwt

Uniform q estimates

0.000%

Market
1970-2010
pred./obs.

1949-2010

3.5%

4.6%

11.9%

4.7%
101%

0.0%
0%

-0.1%
-1%

0.000%

1913-1925
pred./obs.

1870-1913

2.6%

2.3%

15.1%

2.3%
99%

0.0%
0%

0.0%
1%

0.000%

1925-1950
pred./obs.

1913-1949

0.7%

-2%

2.3%

1%
-35%

-1%
49%

-2%
86%

0.000%

1949-1991

4.5%

5.7%

14.8%

5.8%
101%

0.0%
0%

-0.1%
-1%

1991-2010

1.2%

2.2%

8.6%

2.3%
103%

0.0%
0%

-0.1%
-3%

1950-1990

4.3%

5.5%

14.9%

5.8%
105%

0.0%
0%

-0.3%
-5%

1970-2010

2.0%

2.7%

10.2%

3.1%
114%

0.0%
0%

-0.4%
-14%

0.000%
2.2%

1.7%
78%

0.5%
22%

0.000%

0.000%

0.000%
2.7%

2.2%
84%

0.4%
16%

0.000%

0.000%

Book

-0.2%

0.5%

100.000%

100.000%

0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%

NW market
value

NW book
value

1+gt

1+gwt

1+gwst

1+ot-1

1+qt

1+gwt

1+gwst

1+qt

100.1%
110.6%
102.4%
108.3%
98.7%
99.0%
99.4%
105.3%
97.2%
97.1%
104.2%
100.2%
105.8%
104.0%
103.2%
101.7%
101.2%
105.3%
104.3%
103.6%
96.1%
106.0%
107.6%
100.3%
104.3%
105.2%
103.9%
107.3%
98.5%
98.9%
99.3%
101.4%
106.9%
104.4%
104.5%
99.3%
105.8%
99.5%
102.8%
99.3%
105.5%
104.6%
100.8%
92.3%
91.9%
95.4%
97.6%
97.3%
95.0%
115.9%
106.0%
107.6%
87.0%
111.4%
108.8%
100.7%
110.2%
103.3%
97.9%
92.3%
86.9%
91.2%
107.8%
112.8%
110.4%
111.9%
111.7%
109.1%
104.2%
103.6%
114.2%
105.7%
106.4%
91.5%
44.9%
86.4%
118.4%
118.8%
120.1%
112.5%
109.8%
109.2%
109.1%
107.4%
112.3%
107.4%
105.6%
103.9%
107.6%
108.7%
104.0%
104.1%
102.2%
106.4%
105.1%
102.4%
99.2%
105.8%
107.9%
104.7%
102.6%
104.0%
104.8%
100.3%
98.8%
105.3%
103.1%
103.2%
103.7%
100.8%
99.7%
99.1%
101.8%
103.2%
102.4%
102.2%
101.1%
104.4%
104.2%
105.3%
105.1%
101.5%
98.2%
101.8%
101.4%
100.9%
101.4%
101.5%
101.7%
102.9%
101.3%
99.7%
100.2%
103.3%
101.0%
105.1%
102.9%
100.2%
94.8%
104.0%
103.1%

98.5%
102.8%
104.2%
103.4%
104.7%
98.5%
99.5%
100.6%
102.3%
96.0%
103.0%
101.3%
104.4%
101.7%
104.7%
103.7%
103.1%
102.7%
101.9%
101.2%
100.9%
97.3%
105.0%
101.3%
101.2%
102.7%
103.8%
106.2%
103.9%
104.7%
104.4%
98.7%
101.7%
103.5%
102.3%
102.1%
105.8%
103.5%
98.3%
100.1%
105.2%
103.6%
105.2%
89.8%
88.0%
88.6%
92.0%
89.6%
91.3%
98.7%
92.6%
99.7%
89.6%
98.7%
108.3%
110.4%
113.5%
104.9%
104.8%
96.5%
90.3%
93.2%
101.3%
104.5%
106.7%
107.4%
108.4%
107.2%
105.0%
104.6%
96.9%
97.5%
99.7%
84.5%
40.9%
98.1%
120.2%
124.2%
106.8%
119.8%
107.6%
109.7%
111.7%
112.0%
108.9%
107.0%
107.5%
108.8%
110.1%
111.1%
110.7%
108.6%
107.6%
107.0%
105.1%
104.9%
106.9%
106.2%
105.7%
101.9%
101.0%
104.5%
103.5%
101.5%
101.1%
102.6%
104.8%
105.8%
104.4%
102.5%
102.5%
101.4%
102.8%
103.6%
103.8%
102.9%
103.8%
103.5%
103.3%
103.9%
101.7%
100.9%
101.0%
101.9%
100.2%
101.5%
103.6%
103.3%
103.9%
104.7%
101.6%
99.7%
101.0%
102.5%
102.8%
103.1%
104.2%
103.6%
100.5%
102.4%

101.7%
101.9%
103.5%
103.5%
103.2%
102.2%
102.2%
101.8%
101.9%
101.3%
101.4%
101.7%
101.7%
101.7%
102.0%
101.9%
101.9%
101.9%
102.2%
102.4%
102.4%
101.5%
102.2%
102.2%
101.9%
102.1%
102.6%
102.8%
103.3%
102.9%
102.5%
101.9%
101.9%
102.4%
102.6%
103.0%
102.7%
102.8%
102.1%
102.3%
102.3%
102.5%
102.7%
102.6%
99.7%
98.9%
98.9%
99.3%
99.6%
100.0%
102.2%
101.1%
101.2%
101.2%
101.3%
101.5%
101.8%
101.8%
101.8%
101.3%
100.4%
99.2%
98.6%
99.9%
101.4%
102.9%
103.7%
104.1%
104.4%
98.4%
98.4%
98.1%
98.0%
97.8%
97.7%
97.4%
105.0%
106.5%
106.3%
107.0%
106.6%
108.3%
109.2%
111.2%
108.5%
109.8%
109.8%
109.4%
108.4%
108.6%
109.2%
108.2%
107.3%
106.5%
107.2%
106.7%
106.3%
105.1%
105.7%
106.2%
106.5%
106.1%
105.6%
105.6%
105.0%
103.5%
103.9%
103.8%
103.9%
103.6%
102.9%
102.3%
102.3%
102.4%
102.6%
102.8%
103.3%
102.9%
103.4%
103.7%
103.6%
102.9%
102.8%
102.3%
102.2%
102.3%
102.1%
102.1%
102.2%
101.9%
101.8%
101.7%
101.6%
101.5%
102.3%
102.3%
103.0%
103.7%
103.1%
101.8%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
97.2%
97.1%
97.0%
97.0%
72.8%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

96.8%
100.8%
100.8%
99.8%
101.5%
96.3%
97.3%
98.8%
100.3%
94.7%
101.5%
99.6%
102.7%
100.0%
102.7%
101.7%
101.2%
100.7%
99.7%
98.8%
98.5%
95.9%
102.8%
99.1%
99.2%
100.6%
101.2%
103.3%
100.5%
101.7%
101.8%
96.9%
99.9%
101.1%
99.7%
99.1%
103.1%
100.7%
96.3%
97.9%
102.8%
101.0%
102.4%
87.5%
88.3%
89.6%
93.0%
90.2%
91.7%
98.7%
90.6%
98.6%
88.5%
97.6%
106.9%
108.8%
111.5%
103.1%
102.9%
95.3%
89.9%
94.0%
102.8%
104.6%
105.3%
104.4%
104.5%
103.0%
100.6%
106.3%
101.3%
102.3%
104.9%
89.0%
57.5%
100.7%
114.5%
116.6%
100.5%
112.0%
100.9%
101.2%
102.3%
100.7%
100.4%
97.4%
98.0%
99.4%
101.6%
102.3%
101.5%
100.3%
100.3%
100.4%
98.0%
98.3%
100.6%
101.0%
100.0%
95.9%
94.8%
98.5%
98.0%
96.1%
96.3%
99.2%
100.9%
101.9%
100.6%
98.9%
99.6%
99.1%
100.5%
101.2%
101.2%
100.1%
100.4%
100.5%
99.9%
100.2%
98.1%
98.1%
98.2%
99.6%
98.0%
99.2%
101.5%
101.1%
101.7%
102.8%
99.8%
98.1%
99.4%
101.0%
100.5%
100.8%
101.1%
99.9%
97.5%
100.6%

101.4%
105.2%
103.7%
102.0%
101.2%
102.6%
104.7%
105.6%
105.5%
104.1%
103.4%
101.1%
102.3%
103.1%
102.7%
101.9%
103.3%
103.3%
103.3%
103.8%
101.0%
101.6%
101.0%
101.3%
100.9%
101.9%
102.3%
101.9%
102.7%
104.1%
102.6%
101.2%
100.7%
101.8%
103.5%
102.2%
101.6%
105.4%
103.0%
101.9%

104.8%
104.4%
104.0%
104.0%
103.5%
102.5%
102.8%
102.7%
102.8%
102.6%
102.1%
101.6%
101.6%
101.7%
101.8%
102.0%
102.4%
102.1%
102.4%
102.7%
102.6%
102.1%
102.0%
101.6%
101.6%
101.7%
101.5%
101.5%
101.6%
101.4%
101.3%
101.3%
101.2%
101.1%
101.7%
101.7%
102.3%
102.8%
102.3%
101.3%

96.8%
100.8%
99.7%
98.1%
97.7%
100.1%
101.8%
102.8%
102.6%
101.5%
101.3%
99.5%
100.7%
101.4%
100.9%
100.0%
100.9%
101.1%
100.8%
101.1%
98.4%
99.5%
99.0%
99.7%
99.3%
100.3%
100.8%
100.3%
101.0%
102.6%
101.3%
100.0%
99.5%
100.7%
101.7%
100.5%
99.4%
102.6%
100.6%
100.6%

Back to index

Table DE.5c: Accumulation equation for government wealth in Germany, 1870-2010 (annual series)
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

Boundaries: Reunified Germany (pre-1991 evolution based on growth rates in the boundaries of the time, and specific adjustments made for border change)
Net public wealth

1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974

National
income
Ytf

Real
growth
rate of
national
income

bn 2010
euros

1+gt=
Yt/Yt-1

70.3
70.4
77.9
79.7
86.3
85.2
84.4
83.9
88.3
85.8
83.3
86.8
87.0
92.1
95.8
98.8
100.5
101.7
107.1
111.6
115.6
111.1
117.8
126.7
127.1
132.6
139.4
144.9
155.4
153.0
151.3
150.2
152.3
162.8
170.0
177.6
176.5
186.8
185.8
191.0
189.7
200.1
209.4
211.0
194.9
179.0
170.7
166.6
162.2
154.1
178.5
189.3
203.7
177.2
197.4
214.74
216.3
238.3
246.2
241.1
222.6
193.4
176.4
190.1
214.5
236.8
264.9
295.7
322.6
336.3
348.4
398.0
420.5
447.4
409.4
184.0
159.0
188.3
223.7
268.8
302.2
331.7
362.2
395.1
424.4
476.5
512.0
540.9
562.1
604.9
657.4
683.7
711.6
727.3
774.0
813.4
832.7
826.1
874.3
943.3
988.0
1,013.6
1,054.1
1,105.1
1,108.9

0.1%
10.6%
2.4%
8.3%
-1.3%
-1.0%
-0.6%
5.3%
-2.8%
-2.9%
4.2%
0.2%
5.8%
4.0%
3.2%
1.7%
1.2%
5.3%
4.3%
3.6%
-3.9%
6.0%
7.6%
0.3%
4.3%
5.2%
3.9%
7.3%
-1.5%
-1.1%
-0.7%
1.4%
6.9%
4.4%
4.5%
-0.7%
5.8%
-0.5%
2.8%
-0.7%
5.5%
4.6%
0.8%
-7.7%
-8.1%
-4.6%
-2.4%
-2.7%
-5.0%
15.9%
6.0%
7.6%
-13.0%
11.4%
8.8%
0.7%
10.2%
3.3%
-2.1%
-7.7%
-13.1%
-8.8%
7.8%
12.8%
10.4%
11.9%
11.7%
9.1%
4.2%
3.6%
14.2%
5.7%
6.4%
-8.5%
-55.1%
-13.6%
18.4%
18.8%
20.1%
12.5%
9.8%
9.2%
9.1%
7.4%
12.3%
7.4%
5.6%
3.9%
7.6%
8.7%
4.0%
4.1%
2.2%
6.4%
5.1%
2.4%
-0.8%
5.8%
7.9%
4.7%
2.6%
4.0%
4.8%
0.3%

Government non-financial assets

Government debt

Ratio
memo: War
(public Governmen
Governm
destruction
wealth)/
t saving
WarOf which:
ent nonGovernmen
InvestmentOf which: s o = O / Y
Total
(national
rate
yt
t
t
financial
destruction
central
Of which: Of which:
t
induced
governm
municipaliti
income)
assets /
induced
governmen MEFO-bills Lnder
ent debt
investment
growth rate
es
national
growth rate
t
income
tf =
st = St/Yt
W tf/Ytf
41%
43%
52%
60%
61%
63%
61%
58%
53%
52%
48%
44%
43%
43%
41%
40%
40%
41%
39%
38%
34%
34%
29%
26%
24%
23%
24%
27%
29%
33%
38%
39%
35%
33%
32%
32%
34%
36%
35%
29%
29%
30%
31%
33%
41%
41%
29%
29%
19%
32%
70%
67%
90%
96%
77%
66%
58%
60%
60%
60%
60%
59%
56%
49%
47%
50%
49%
50%
47%
32%
30%
6%
-22%
-46%
-81%
-65%
-13%
11%
37%
26%
42%
46%
50%
57%
64%
67%
72%
77%
80%
81%
80%
84%
88%
92%
91%
89%
89%
92%
89%
88%
88%
89%
88%
88%
90%

0.5%
6.9%
7.5%
4.5%
2.9%
2.8%
2.4%
1.6%
-0.4%
0.2%
-0.8%
-0.5%
0.0%
-0.6%
-1.1%
-1.2%
-1.3%
-1.8%
-1.2%
-1.1%
-0.4%
-0.9%
0.3%
0.0%
-0.3%
0.5%
0.4%
0.6%
0.8%
1.0%
0.0%
-0.7%
0.3%
0.4%
0.1%
-0.2%
0.1%
-1.2%
-2.8%
-0.7%
0.6%
0.0%
0.1%
0.1%
-14.2%
-33.2%
-41.7%
-33.5%
-15.7%
-7.6%
-9.1%
-6.5%
-2.4%
-2.4%
-2.4%
-10.0%
-2.2%
2.0%
-1.4%
-2.3%
-2.9%
-1.4%
-1.4%
-0.7%
0.7%
1.3%
2.0%
1.4%
-4.6%
-10.3%
-16.9%
-24.8%
-29.2%
-35.1%
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
1.8%
4.2%
5.1%
12.1%
5.9%
6.6%
6.8%
5.2%
3.2%
4.1%
5.7%
5.7%
4.8%
4.7%
5.1%
3.2%
3.5%
1.6%
2.3%
4.4%
4.2%
3.6%
2.5%
3.9%
1.2%

4.2%
2.8%
5.0%
4.5%
4.5%
5.0%
5.1%
3.6%
2.0%
4.2%
2.8%
2.4%
2.7%
2.2%
1.6%
1.5%
1.4%
1.4%
1.9%
2.0%
2.0%
2.0%
2.2%
2.0%
1.7%
2.1%
1.7%
1.9%
2.0%
2.3%
2.6%
2.8%
2.6%
2.8%
2.5%
2.4%
2.6%
3.1%
3.0%
3.0%
2.7%
2.7%
3.0%
3.1%
-2.4%
-2.4%
-2.4%
-2.4%
-2.4%
-2.4%
-2.4%
-2.4%
-2.4%
-2.4%
-2.4%
1.0%
1.5%
1.8%
1.7%
1.5%
0.9%
0.0%
-0.8%
-0.4%
1.5%
3.4%
3.7%
4.0%
5.1%
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
0.8%
0.7%
0.6%
0.9%
1.2%
1.7%
1.9%
1.8%
1.7%
2.2%
2.3%
2.6%
3.1%
3.7%
4.2%
3.7%
3.4%
2.8%
2.8%
2.9%
3.6%
3.5%
2.9%
2.6%
3.1%

73%
75%
73%
79%
78%
84%
84%
85%
81%
85%
85%
83%
85%
86%
85%
87%
89%
91%
90%
88%
84%
89%
83%
81%
81%
80%
79%
79%
79%
83%
89%
94%
92%
88%
88%
86%
88%
89%
94%
91%
92%
92%
91%
95%
106%
113%
116%
117%
118%
121%
103%
95%
86%
96%
84%
75%
80%
80%
78%
82%
89%
98%
104%
96%
89%
89%
86%
84%
80%
69%
68%
61%
59%
57%
63%
80%
94%
81%
69%
59%
54%
51%
49%
47%
46%
44%
44%
44%
46%
47%
46%
48%
50%
54%
54%
53%
54%
57%
57%
58%
61%
63%
64%
63%
65%

5.8%
3.7%
6.9%
5.7%
5.7%
6.0%
6.1%
4.3%
2.5%
5.0%
3.3%
2.9%
3.2%
2.6%
1.9%
1.7%
1.5%
1.5%
2.1%
2.3%
2.4%
2.3%
2.7%
2.4%
2.1%
2.7%
2.1%
2.5%
2.5%
2.8%
3.0%
3.0%
2.9%
3.1%
2.8%
2.8%
2.9%
3.4%
3.2%
3.3%
2.9%
2.9%
3.2%
3.3%
-2.2%
-2.1%
-2.0%
-2.0%
-2.0%
-1.9%
-2.3%
-2.5%
-2.7%
-2.5%
-2.8%
1.3%
1.9%
2.2%
2.1%
1.8%
1.1%
0.0%
-0.8%
-0.4%
1.6%
3.8%
4.3%
4.8%
6.4%
2.1%
2.2%
2.4%
2.5%
2.6%
2.3%
1.8%
1.6%
1.8%
2.1%
2.5%
1.4%
1.4%
1.2%
2.0%
2.6%
3.9%
4.3%
4.0%
3.7%
4.8%
5.0%
5.4%
6.2%
6.8%
7.9%
7.0%
6.3%
4.8%
5.0%
5.0%
6.0%
5.5%
4.6%
4.2%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-44.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

31%
32%
22%
19%
17%
21%
23%
27%
28%
33%
37%
39%
42%
43%
44%
47%
49%
51%
50%
50%
50%
54%
54%
55%
57%
57%
55%
52%
50%
50%
50%
55%
57%
55%
55%
53%
54%
53%
59%
62%
63%
62%
60%
62%
69%
81%
98%
100%
119%
118%
50%
47%
3%
0%
7%
8%
22%
20%
18%
22%
28%
39%
49%
49%
45%
45%
45%
46%
47%
48%
54%
75%
105%
130%
183%
145%
108%
70%
33%
33%
33%
28%
26%
24%
22%
21%
19%
18%
18%
17%
16%
16%
15%
16%
16%
16%
17%
19%
20%
19%
18%
18%
18%
17%
18%

0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
1%
2%
2%
2%
2%
2%
3%
3%
3%
4%
5%
6%
7%
7%
8%
8%
8%
7%
7%
7%
7%
8%
9%
9%
9%
9%
9%
10%
10%
11%
11%
10%
10%
9%
10%
29%
56%
67%
87%
106%
50%
47%
3%
0%
4%
4%
11%
10%
9%
10%
13%
18%
23%
23%
20%
19%
20%
20%
21%
28%
35%
58%
89%
118%
171%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
2%
6%
8%
12%
14%
11%
11%
10%
9%
6%
6%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

31%
32%
35%
36%
37%
39%
40%
42%
41%
40%
39%
42%
40%
40%
41%
40%
38%
36%
34%
34%
33%
36%
37%
35%
34%
32%
32%
31%
34%
35%
34%
33%
32%
32%
36%
32%
26%
20%
19%
7%
0%
0%
0%
0%
1%
1%
3%
2%
2%
3%
3%
4%
6%
6%
5%
4%
4%
3%
3%
2%
2%
1%
1%
1%

5%
5%
5%
5%
6%
6%
6%
6%
6%
6%
6%
7%
7%
8%
9%
9%
9%
9%
9%
9%
10%
11%
12%
12%
12%
12%
12%
12%
15%
16%
18%
19%
19%
21%
23%
20%
17%
13%
12%
5%
0%
0%
0%
0%
3%
3%
9%
8%
7%
9%
12%
16%
20%
19%
17%
15%
13%
11%
10%
8%
6%
5%
5%
5%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
-28%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

Memo:
Fraction of
public debt
held by
central bank
(year-end)
Checks

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
8%
10%
10%
12%
20%
27%
33%
42%
28%
0%
0%
0%
0%
0%
0%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
4%
10%
13%
14%
15%
17%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

Boundaries: Reunified Germany (pre-1991 evolution based on growth rates in the boundaries of the time, and specific adjustments made for border change)
Net public wealth

1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

1870-2010

National
income
Ytf

Real
growth
rate of
national
income

bn 2010
euros

1+gt=
Yt/Yt-1

1,095.4
1,153.1
1,189.4
1,228.0
1,272.9
1,283.6
1,280.2
1,268.9
1,292.3
1,333.4
1,365.0
1,395.2
1,410.0
1,472.7
1,533.9
1,615.7
1,698.2
1,724.3
1,693.9
1,724.2
1,748.0
1,763.9
1,789.4
1,816.6
1,847.8
1,901.6
1,927.2
1,921.5
1,926.2
1,990.1
2,009.3
2,111.0
2,172.3
2,177.4
2,063.6
2,146.1
2,211.5

-1.2%
5.3%
3.1%
3.2%
3.7%
0.8%
-0.3%
-0.9%
1.8%
3.2%
2.4%
2.2%
1.1%
4.4%
4.2%
5.3%
5.1%
1.5%
-1.8%
1.8%
1.4%
0.9%
1.4%
1.5%
1.7%
2.9%
1.3%
-0.3%
0.2%
3.3%
1.0%
5.1%
2.9%
0.2%
-5.2%
4.0%
3.1%

pt

gt

Government non-financial assets

Government debt
Memo:
Fraction of
public debt
held by
central bank
(year-end)
Checks

Ratio
memo: War
(public Governmen
Governm
destruction
wealth)/
t saving
WarOf which:
ent nonGovernmen
InvestmentOf which: s o = O / Y
Total
(national
rate
yt
t
t
financial
destruction
central
Of which: Of which:
t
induced
governm
municipaliti
income)
assets /
induced
governmen MEFO-bills Lnder
ent debt
investment
growth rate
es
national
growth rate
t
income
tf =
st = St/Yt
W tf/Ytf
87%
80%
78%
76%
76%
77%
77%
74%
71%
68%
66%
64%
64%
62%
61%
64%
59%
54%
50%
46%
39%
31%
28%
24%
22%
23%
22%
17%
13%
8%
4%
2%
6%
8%
7%
4%
1%

-3.6%
-1.6%
-0.8%
-0.9%
-1.0%
-1.4%
-2.9%
-2.9%
-2.5%
-1.6%
-0.6%
-0.5%
-1.3%
-1.6%
0.8%
-1.5%
-2.5%
-1.8%
-2.7%
-2.3%
-10.9%
-3.7%
-3.2%
-2.7%
-1.8%
-1.5%
-3.6%
-4.6%
-5.1%
-4.7%
-4.2%
-2.2%
0.0%
-0.3%
-3.8%
-5.3%
-1.3%
st
-1.7%

2.9%
2.4%
2.1%
2.1%
2.1%
2.0%
1.7%
1.2%
0.9%
0.8%
0.8%
0.9%
0.8%
0.8%
0.8%
0.7%
0.9%
1.1%
0.9%
0.7%
0.4%
0.3%
0.1%
0.1%
0.3%
0.2%
0.2%
0.1%
-0.1%
-0.2%
-0.3%
-0.2%
-0.2%
-0.1%
0.0%
-0.1%
-0.1%

67%
65%
66%
67%
69%
73%
76%
76%
74%
73%
72%
71%
72%
70%
69%
70%
67%
67%
69%
68%
67%
66%
65%
64%
63%
63%
63%
63%
62%
60%
59%
57%
56%
58%
62%
60%
59%

4.7%
4.3%
3.6%
3.2%
3.2%
3.1%
2.8%
2.2%
1.6%
1.2%
1.1%
1.1%
1.3%
1.2%
1.1%
1.1%
1.1%
1.4%
1.6%
1.3%
1.1%
0.6%
0.5%
0.2%
0.2%
0.4%
0.3%
0.3%
0.1%
-0.1%
-0.4%
-0.5%
-0.4%
-0.3%
-0.2%
-0.1%
-0.2%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

21%
24%
26%
28%
29%
31%
34%
37%
40%
41%
41%
42%
43%
43%
42%
40%
42%
44%
50%
53%
59%
67%
70%
72%
73%
72%
71%
73%
76%
78%
81%
79%
76%
78%
87%
93%
98%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
d
-0.1%

1910-1950

-1.2%

1910-2010

-0.1%

Simulated investment rates

i
1914-1925
-2.4%
pred./obs
100.000%
1939-1950
pred./obs

1.5%
100.000%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

Back to index

Table DE.6a: Structure of national wealth in Germany, 1870-2011: private wealth vs government wealth
[1]

1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923

[2]

[3]

[4]

[5]

[6]

[7]

[8]

Private wealth (individuals)

Government wealth (all govt levels)

(% national income Yt)

(% national income Yt)

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

National wealth (private + government)

Private
wealth

Nonfinancial
assets

Financial
assets

Financial
liabilities

Govt
wealth

Nonfinancial
assets

Financial
assets

Financial
liabilities

National
wealth

Nonfinancial
assets

Wt
704%
690%
630%
633%
601%
639%
637%
641%
615%
650%
646%
642%
650%
641%
628%
639%
652%
665%
648%
634%
622%
655%
603%
592%
600%
582%
566%
564%
556%
583%
614%
648%
634%
604%
599%
586%
601%
599%
626%
603%
608%
605%
598%
623%
597%
570%
538%
506%
474%
442%
334%
285%
237%
240%

Kpt

Apt

Lpt

Wgt
41%
43%
52%
60%
61%
63%
61%
58%
53%
52%
48%
44%
43%
43%
41%
40%
40%
41%
39%
38%
34%
34%
29%
26%
24%
23%
24%
27%
29%
33%
38%
39%
35%
33%
32%
32%
34%
36%
35%
29%
29%
30%
31%
33%
41%
41%
29%
29%
19%
32%
70%
67%
90%
96%

Kgt
73%
75%
73%
79%
78%
84%
84%
85%
81%
85%
85%
83%
85%
86%
85%
87%
89%
91%
90%
88%
84%
89%
83%
81%
81%
80%
79%
79%
79%
83%
89%
94%
92%
88%
88%
86%
88%
89%
94%
91%
92%
92%
91%
95%
106%
113%
116%
117%
118%
121%
103%
95%
86%
96%

Agt
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
4%
9%
11%
12%
20%
29%
17%
20%
7%
0%

Lgt
31%
32%
22%
19%
17%
21%
23%
27%
28%
33%
37%
39%
42%
43%
44%
47%
49%
51%
50%
50%
50%
54%
54%
55%
57%
57%
55%
52%
50%
50%
50%
55%
57%
55%
55%
53%
54%
53%
59%
62%
63%
62%
60%
62%
69%
81%
98%
100%
119%
118%
50%
47%
3%
0%

Wnt
745%
733%
681%
693%
662%
702%
698%
698%
668%
702%
694%
686%
693%
684%
669%
679%
692%
705%
688%
672%
657%
689%
633%
618%
624%
605%
591%
590%
585%
617%
653%
687%
669%
637%
631%
618%
635%
635%
661%
632%
637%
635%
629%
656%
638%
611%
568%
535%
493%
474%
403%
352%
326%
336%

Knt

(% national income Yt)

Memo:
agricultural
Financial Financial
land (incl. In
assets
liabilities
private
wealth)
Ant
Lnt
332%
316%
274%
261%
247%
269%
276%
281%
271%
288%
283%
274%
269%
256%
245%
244%
245%
245%
231%
216%
200%
204%
187%
182%
183%
173%
163%
156%
147%
147%
147%
154%
155%
149%
147%
141%
139%
134%
140%
138%
140%
139%
134%
138%

% (Private
Memo:
Memo: forest
wealth)/
subsoil
(excl. from (National
assets (excl.
wealth)
wealth)
from wealth)
94%
94%
92%
91%
91%
91%
91%
92%
92%
93%
93%
94%
94%
94%
94%
94%
94%
94%
94%
94%
95%
95%
95%
96%
96%
96%
96%
95%
95%
95%
94%
94%
95%
95%
95%
95%
95%
94%
95%
95%
96%
95%
95%
95%
94%
93%
95%
95%
96%
93%
83%
81%
73%
72%

% (Govt
wealth)/
(National
wealth)
6%
6%
8%
9%
9%
9%
9%
8%
8%
7%
7%
6%
6%
6%
6%
6%
6%
6%
6%
6%
5%
5%
5%
4%
4%
4%
4%
5%
5%
5%
6%
6%
5%
5%
5%
5%
5%
6%
5%
5%
4%
5%
5%
5%
6%
7%
5%
5%
4%
7%
17%
19%
27%
28%

Checks
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

[1]

1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982

[2]

[3]

[4]

[5]

[6]

[7]

[8]

Private wealth (individuals)

Government wealth (all govt levels)

(% national income Yt)

(% national income Yt)

[9]

[10]

Nonfinancial
assets

Financial
assets

Financial
liabilities

Govt
wealth

Nonfinancial
assets

Financial
assets

Financial
liabilities

National
wealth

Nonfinancial
assets

Wt
221%
230%
267%
275%
280%
305%
321%
337%
349%
331%
305%
290%
277%
267%
265%
282%
287%
263%
270%
279%
296%
260%
235%
214%
199%
183%
181%
173%
169%
168%
170%
160%
154%
154%
161%
166%
172%
185%
192%
203%
206%
208%
216%
236%
240%
234%
225%
220%
222%
218%
220%
229%
229%
236%
246%
249%
253%
262%
273%

Kpt

Apt

Lpt

Wgt
77%
66%
58%
60%
60%
60%
60%
59%
56%
49%
47%
50%
49%
50%
47%
32%
30%
6%
-22%
-46%
-81%
-65%
-13%
11%
37%
26%
42%
46%
50%
57%
64%
67%
72%
77%
80%
81%
80%
84%
88%
92%
91%
89%
89%
92%
89%
88%
88%
89%
88%
88%
90%
87%
80%
78%
76%
76%
77%
77%
74%

Kgt
84%
75%
80%
80%
78%
82%
89%
98%
104%
96%
89%
89%
86%
84%
80%
69%
68%
61%
59%
57%
63%
80%
94%
81%
69%
59%
54%
51%
49%
47%
46%
44%
44%
44%
46%
47%
46%
48%
50%
54%
54%
53%
54%
57%
57%
58%
61%
63%
64%
63%
65%
67%
65%
66%
67%
69%
73%
76%
76%

Agt
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
2%
7%
8%
12%
14%
12%
16%
20%
25%
27%
38%
0%
0%
0%
0%
0%
21%
23%
27%
34%
41%
44%
48%
51%
52%
51%
50%
52%
53%
54%
53%
52%
51%
53%
52%
49%
45%
43%
42%
42%
42%
42%
40%
38%
37%
36%
35%
35%
36%

Lgt
7%
8%
22%
20%
18%
22%
28%
39%
49%
49%
45%
45%
45%
46%
47%
48%
54%
75%
105%
130%
183%
145%
108%
70%
33%
33%
33%
28%
26%
24%
22%
21%
19%
18%
18%
17%
16%
16%
15%
16%
16%
16%
17%
19%
20%
19%
18%
18%
18%
17%
18%
21%
24%
26%
28%
29%
31%
34%
37%

Wnt
298%
297%
325%
335%
340%
364%
381%
396%
404%
380%
352%
340%
327%
317%
312%
314%
317%
269%
248%
233%
215%
195%
222%
225%
236%
209%
223%
219%
220%
225%
235%
227%
226%
230%
241%
247%
252%
269%
280%
295%
297%
297%
304%
328%
329%
322%
313%
309%
310%
306%
310%
317%
309%
314%
322%
324%
330%
339%
347%

Knt

31%
30%
31%
35%
40%
42%
43%
43%
47%
52%
58%
63%
64%
67%
69%
72%
76%
84%
88%
89%
88%
89%
93%
93%
96%
103%
107%
111%
114%
115%
117%
122%
128%

5%
7%
10%
13%
17%
19%
22%
24%
26%
28%
30%
33%
36%
39%
40%
42%
44%
48%
48%
47%
47%
47%
49%
50%
52%
53%
53%
55%
57%
59%
63%
66%
69%

[12]

[13]

[14]

[15]

[16]

[17]

National wealth (private + government)

Private
wealth

155%
150%
148%
146%
147%
138%
133%
134%
140%
142%
144%
155%
164%
175%
177%
178%
184%
200%
201%
193%
184%
178%
178%
176%
176%
179%
175%
180%
189%
193%
199%
206%
213%

[11]

(% national income Yt)

Memo:
agricultural
Financial Financial
land (incl. In
assets
liabilities
private
wealth)
Ant
Lnt

48%

209%
202%
197%
193%
193%
181%
177%
178%
186%
188%
190%
203%
214%
228%
230%
231%
239%
258%
258%
251%
245%
241%
242%
239%
241%
246%
240%
245%
255%
262%
271%
282%
289%

52%
53%
59%
69%
81%
86%
91%
94%
99%
104%
108%
115%
117%
121%
123%
123%
127%
138%
140%
137%
133%
132%
135%
135%
138%
145%
146%
150%
151%
150%
152%
157%
164%

38%
36%
36%
37%
39%
40%
41%
42%
44%
45%
47%
49%
51%
54%
56%
58%
61%
67%
69%
67%
64%
64%
67%
68%
69%
74%
77%
81%
85%
88%
93%
100%
106%

37%

16%
15%
16%
15%
14%
14%
14%
13%
13%
12%
11%
11%
12%

% (Private
Memo:
Memo: forest
wealth)/
subsoil
(excl. from (National
assets (excl.
wealth)
wealth)
from wealth)
74%
78%
82%
82%
82%
84%
84%
85%
86%
87%
87%
85%
85%
84%
85%
90%
91%
98%
109%
120%
138%
133%
106%
95%
84%
87%
81%
79%
77%
75%
73%
70%
68%
67%
67%
67%
68%
69%
69%
69%
69%
70%
71%
72%
73%
73%
72%
71%
72%
71%
71%
72%
74%
75%
76%
77%
77%
77%
79%

% (Govt
wealth)/
(National
wealth)
26%
22%
18%
18%
18%
16%
16%
15%
14%
13%
13%
15%
15%
16%
15%
10%
9%
2%
-9%
-20%
-38%
-33%
-6%
5%
16%
13%
19%
21%
23%
25%
27%
30%
32%
33%
33%
33%
32%
31%
31%
31%
31%
30%
29%
28%
27%
27%
28%
29%
28%
29%
29%
28%
26%
25%
24%
23%
23%
23%
21%

Checks
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

[1]

1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

[2]

[3]

[4]

[5]

[6]

[7]

[8]

Private wealth (individuals)

Government wealth (all govt levels)

(% national income Yt)

(% national income Yt)

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

National wealth (private + government)

Private
wealth

Nonfinancial
assets

Financial
assets

Financial
liabilities

Govt
wealth

Nonfinancial
assets

Financial
assets

Financial
liabilities

National
wealth

Nonfinancial
assets

Wt
280%
284%
290%
295%
304%
303%
301%
293%
287%
290%
304%
307%
310%
321%
331%
341%
351%
356%
358%
363%
371%
372%
384%
378%
379%
390%
415%
412%
412%

Kpt
217%
220%
223%
223%
230%
227%
222%
214%
209%
210%
219%
221%
224%
229%
233%
236%
239%
241%
243%
248%
253%
250%
253%
247%
247%
257%
276%
270%
271%

Apt
133%
136%
141%
144%
148%
147%
148%
146%
139%
140%
149%
154%
158%
167%
176%
185%
196%
202%
202%
201%
204%
206%
213%
208%
205%
205%
214%
213%
210%

Lpt
70%
72%
73%
72%
73%
71%
69%
66%
60%
61%
65%
68%
71%
75%
78%
81%
84%
86%
86%
86%
86%
83%
82%
77%
74%
72%
75%
71%
69%

Wgt
71%
68%
66%
64%
64%
62%
61%
64%
59%
54%
50%
46%
39%
31%
28%
24%
22%
23%
22%
17%
13%
8%
4%
2%
6%
8%
7%
4%
1%

Kgt
74%
73%
72%
71%
72%
70%
69%
70%
67%
67%
69%
68%
67%
66%
65%
64%
63%
63%
63%
63%
62%
60%
59%
57%
56%
58%
62%
60%
59%

Agt
36%
35%
35%
35%
36%
35%
34%
34%
33%
31%
31%
32%
32%
32%
33%
32%
32%
32%
30%
27%
26%
25%
25%
25%
25%
27%
31%
36%
40%

Lgt
40%
41%
41%
42%
43%
43%
42%
40%
42%
44%
50%
53%
59%
67%
70%
72%
73%
72%
71%
73%
76%
78%
81%
79%
76%
78%
87%
93%
98%

Wnt
350%
352%
356%
359%
369%
365%
362%
357%
346%
344%
353%
354%
349%
352%
359%
365%
373%
379%
380%
380%
383%
380%
387%
380%
385%
398%
422%
416%
413%

Knt
292%
293%
295%
294%
301%
297%
291%
284%
276%
277%
287%
289%
290%
295%
298%
300%
302%
304%
306%
311%
315%
310%
312%
304%
304%
315%
338%
331%
330%

(% national income Yt)

Memo:
agricultural
Financial Financial
land (incl. In
assets
liabilities
private
wealth)
Ant
Lnt
168%
110%
11%
171%
113%
10%
176%
115%
9%
179%
114%
8%
183%
116%
7%
182%
114%
7%
182%
111%
6%
179%
106%
6%
172%
102%
5%
171%
105%
5%
181%
115%
5%
186%
121%
5%
189%
130%
5%
198%
142%
4%
209%
148%
4%
217%
152%
4%
227%
157%
4%
234%
158%
3%
231%
157%
3%
228%
159%
3%
230%
162%
3%
231%
161%
3%
238%
163%
3%
233%
157%
3%
231%
149%
3%
233%
150%
3%
245%
161%
4%
249%
164%
4%
250%
168%

% (Private
Memo:
Memo: forest
wealth)/
subsoil
(excl. from (National
assets (excl.
wealth)
wealth)
from wealth)

1%

1%

1%

3%

2%

1%

80%
81%
81%
82%
83%
83%
83%
82%
83%
84%
86%
87%
89%
91%
92%
93%
94%
94%
94%
95%
97%
98%
99%
99%
99%
98%
98%
99%
100%

% (Govt
wealth)/
(National
wealth)
20%
19%
19%
18%
17%
17%
17%
18%
17%
16%
14%
13%
11%
9%
8%
7%
6%
6%
6%
5%
3%
2%
1%
1%
1%
2%
2%
1%
0%

Checks
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Back to index

Table DE.6b: Structure of national wealth in Germany, 1870-2011: corporate wealth and net foreign asset position
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

(% national income Yt)

Nonfinancia
Net worth
l assets

NWct
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956

Kct

Financial
assets

Financial
(non-equity)
liabilities

Act

Lctd

[11]

[12]

[13]

[14]

Net foreign asset position

(Germany vis-a-vis rest of the world)

Corporate wealth (non-financial + financial corporations)

(% national income Yt)

Equity
value Lcte

Net worth
minus
Equity
value

Tobin's Q
(Lcte/NWct)
(Equity
value/Net
worth)

Net worth
minus
Book-value Net foreign
Equity
national
wealth
value (%
wealth
National
wealth)

Foreign
assets
owned by
German
residents

German
assets
owned by
foreign
residents

WFt

FAt

FLt

0%
0%
0%
1%
3%
5%
9%
11%
14%
20%
24%
30%
37%
41%
42%
44%
46%
48%
47%
47%
46%
50%
47%
48%
50%
49%
47%
47%
45%
46%
46%
48%
48%
46%
44%
43%
43%
41%
42%
41%
40%
39%
37%
38%
40%
26%
14%
5%
0%
1%
0%
0%
0%
0%
0%
0%
-7%
-11%
-16%
-19%
-31%
-36%
-44%
-35%
-30%
-25%
-21%
-17%
-15%
-12%
-10%
-12%
-16%
-20%
-26%
-26%
-25%
-24%
-24%
-23%
-19%
-16%
-12%
-8%
-5%
-3%
-1%

0%
0%
0%
1%
3%
5%
9%
11%
14%
20%
24%
30%
37%
41%
42%
44%
46%
48%
47%
47%
46%
50%
47%
48%
50%
49%
47%
47%
45%
46%
46%
48%
48%
46%
44%
43%
43%
41%
42%
41%
40%
39%
37%
38%
40%
26%
14%
5%
0%
1%
0%
0%
0%
0%
10%
9%
10%
10%
10%
11%
12%
7%
2%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
3%
4%
6%
8%
10%
11%
12%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
10%
10%
17%
22%
26%
31%
43%
43%
47%
35%
30%
25%
21%
17%
15%
12%
10%
12%
16%
20%
26%
26%
25%
24%
24%
23%
22%
20%
17%
16%
15%
14%
13%

Net foreign
Memo:
Versailles- wealth (%
treaty debts National
wealth)

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
368%
329%
311%
293%
337%
302%
282%
279%
254%
246%
230%
247%
285%
8%
7%
6%
6%
5%
5%
4%
4%
3%
3%
3%
2%
3%
9%
11%
9%
0%
0%
0%
0%
0%
0%
0%
0%
0%

0%
0%
0%
0%
0%
1%
1%
2%
2%
3%
4%
4%
5%
6%
6%
6%
7%
7%
7%
7%
7%
7%
7%
8%
8%
8%
8%
8%
8%
7%
7%
7%
7%
7%
7%
7%
7%
6%
6%
6%
6%
6%
6%
6%
6%
4%
2%
1%
0%
0%
0%
0%
0%
0%
0%
0%
-2%
-3%
-5%
-5%
-8%
-9%
-11%
-9%
-8%
-7%
-6%
-5%
-5%
-4%
-3%
-4%
-6%
-9%
-12%
-13%
-11%
-11%
-10%
-11%
-9%
-7%
-5%
-3%
-2%
-1%
0%

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

Corporate wealth (non-financial + financial corporations)

(% national income Yt)

1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

[11]

[12]

Net worth
minus
Book-value Net foreign
Equity
national
wealth
value (%
wealth
National
wealth)

Foreign
assets
owned by
German
residents

German
assets
owned by
foreign
residents

Nonfinancia
l assets

Financial
assets

Financial
(non-equity)
liabilities

NWct

Kct

Act

Lctd

WFt

FAt

FLt

187%
198%
200%
207%
219%
224%
234%
241%
244%
249%
257%
265%
269%
270%
273%
274%
283%
280%
275%
265%
269%
272%
292%
301%
307%
326%
346%
369%
395%
420%
438%
450%
455%
446%
453%
446%
447%
467%
501%
477%
464%

2%
4%
5%
6%
7%
7%
7%
6%
5%
5%
7%
8%
9%
8%
7%
7%
6%
7%
8%
9%
9%
8%
7%
5%
4%
4%
5%
7%
8%
9%
12%
16%
20%
22%
20%
17%
15%
12%
9%
6%
5%
3%
3%
5%
7%
8%
7%
10%
18%
28%
30%
30%
35%
39%
38%

15%
18%
19%
20%
21%
20%
21%
21%
21%
21%
23%
26%
26%
27%
28%
28%
28%
29%
32%
33%
34%
35%
35%
36%
38%
40%
42%
45%
49%
52%
57%
60%
66%
70%
65%
66%
73%
75%
75%
81%
92%
106%
128%
153%
169%
173%
173%
177%
197%
213%
226%
232%
243%
265%
289%

14%
14%
13%
14%
14%
14%
15%
15%
15%
16%
17%
17%
17%
19%
21%
21%
21%
22%
23%
24%
25%
27%
28%
31%
34%
36%
37%
38%
41%
44%
44%
43%
46%
48%
45%
48%
58%
63%
67%
75%
87%
104%
126%
149%
161%
165%
166%
167%
179%
186%
196%
202%
208%
226%
250%

172%
176%
181%
179%
184%
189%
185%
186%
187%
191%
199%
208%
212%
211%
210%
207%
202%
204%
200%
197%
191%
186%
186%
191%
190%
189%
191%
194%
196%
198%
200%
202%
206%
208%
205%
206%
201%
199%
205%
220%
214%
214%

186%
195%
197%
203%
213%
217%
226%
232%
234%
239%
250%
264%
274%
281%
289%
294%
307%
308%
305%
297%
283%
287%
316%
333%
347%
377%
414%
457%
508%
544%
555%
542%
529%
527%
550%
552%
553%
562%
592%
576%
563%

[14]

(% national income Yt)

Tobin's Q
(Lcte/NWct)
(Equity
value/Net
worth)

Net worth

175%
179%
176%
179%
183%
178%
178%
178%
181%
189%
201%
211%
217%
221%
223%
223%
229%
228%
227%
223%
200%
201%
215%
222%
229%
242%
261%
283%
311%
324%
319%
298%
283%
286%
302%
306%
304%
300%
311%
313%
313%

[13]

Net foreign asset position

(Germany vis-a-vis rest of the world)

Equity
value Lcte

58%
58%
58%
56%
55%
56%
54%
53%
51%
49%
47%
52%
60%
66%
72%
77%
81%
86%
88%
88%
86%
71%
69%
79%
89%
93%
105%
127%
153%
184%
198%
187%
158%
144%
152%
162%
173%
183%
165%
154%
162%
158%

Net worth
minus
Equity
value

117%
117%
121%
120%
124%
127%
124%
125%
127%
133%
142%
150%
152%
151%
149%
145%
142%
143%
141%
139%
137%
129%
132%
135%
133%
135%
138%
135%
130%
127%
126%
132%
139%
139%
134%
140%
133%
122%
135%
157%
151%
155%

33%
32%
32%
31%
31%
31%
30%
29%
27%
25%
26%
28%
31%
33%
35%
36%
38%
38%
39%
39%
35%
34%
37%
40%
41%
43%
49%
54%
59%
61%
59%
53%
51%
53%
54%
57%
60%
55%
50%
52%
51%

38%
39%
39%
40%
40%
40%
40%
40%
41%
43%
44%
44%
43%
42%
41%
39%
39%
39%
38%
38%
37%
38%
38%
38%
39%
39%
37%
36%
34%
33%
35%
37%
36%
35%
36%
35%
32%
34%
37%
36%
37%

431%
426%
431%
426%
433%
444%
433%
439%
449%
457%
471%
489%
499%
501%
500%
502%
501%
512%
506%
501%
494%
475%
475%
489%
487%
484%
489%
494%
495%
500%
506%
512%
520%
522%
514%
527%
513%
506%
533%
579%
567%
568%

Net foreign
Memo:
Versailles- wealth (%
treaty debts National
wealth)

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

1%
2%
2%
2%
3%
2%
2%
2%
2%
2%
2%
3%
3%
3%
2%
2%
2%
2%
3%
3%
3%
2%
2%
2%
1%
1%
1%
2%
2%
2%
3%
4%
5%
6%
6%
5%
4%
3%
2%
2%
1%
1%
1%
1%
2%
2%
2%
3%
5%
7%
8%
7%
8%
9%
9%

Back to index

Table DE.6c: Composition of private wealth in Germany, 1950-2011, % of national income

[1]

[2]

[3]

Housing
inc.
(net
Private
housing
wealth Wt value) (Kth
assets Kth
- Lt)
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

181%
173%
169%
168%
170%
160%
154%
154%
161%
166%
172%
185%
192%
203%
206%
208%
216%
236%
240%
234%
225%
220%
222%
218%
220%
229%
229%
236%
246%
249%
253%
262%
273%
280%
284%
290%
295%
304%
303%
301%
293%
287%
290%
304%
307%
310%
321%
331%
341%
351%
356%
358%
363%
371%
372%
384%
378%
379%
390%
415%
412%
412%

60%
56%
52%
49%
47%
42%
39%
40%
44%
45%
51%
64%
67%
68%
69%
69%
73%
84%
87%
85%
82%
80%
79%
79%
79%
82%
80%
83%
87%
88%
89%
94%
98%
101%
103%
105%
108%
113%
115%
114%
110%
110%
113%
116%
115%
115%
117%
118%
119%
119%
119%
121%
126%
131%
132%
137%
136%
141%
151%
165%
164%
167%

65%
63%
62%
62%
64%
61%
60%
63%
69%
73%
81%
97%
103%
106%
109%
111%
118%
132%
135%
133%
129%
126%
128%
129%
131%
135%
133%
137%
144%
147%
152%
160%
167%
172%
175%
179%
180%
186%
185%
182%
176%
171%
173%
181%
184%
187%
192%
196%
199%
203%
205%
208%
213%
217%
215%
218%
214%
214%
223%
240%
236%
237%

[4]

[5]
[6]
[7]
[8]
(% national income Yt)
Nonhousing
nonfinanc
inc.
ial assets Of which: Financial
inc. equity
financial
Ktn
agricultural assets At assets A e
t
liabilities Lt (unincorp.
land
(Ate+Atd)
business
assets,
land,.)
5%
90%
31%
7%
7%
87%
30%
7%
10%
86%
31%
7%
13%
84%
35%
7%
17%
83%
40%
8%
19%
76%
42%
8%
22%
73%
43%
8%
24%
71%
43%
7%
26%
71%
47%
8%
28%
69%
52%
11%
30%
63%
58%
15%
33%
58%
63%
17%
36%
61%
64%
15%
39%
68%
67%
13%
40%
68%
69%
13%
42%
67%
72%
12%
44%
67%
76%
11%
48%
69%
84%
12%
48%
65%
88%
13%
47%
60%
89%
14%
47%
55%
16%
88%
13%
47%
51%
15%
89%
11%
49%
49%
16%
93%
11%
50%
47%
15%
93%
10%
52%
45%
14%
96%
8%
53%
44%
14%
103%
8%
53%
42%
14%
107%
8%
55%
42%
13%
111%
8%
57%
45%
13%
114%
8%
59%
46%
12%
115%
7%
63%
46%
11%
117%
7%
66%
46%
11%
122%
6%
69%
46%
12%
128%
6%
70%
46%
11%
133%
7%
72%
45%
10%
136%
8%
73%
44%
9%
141%
10%
72%
43%
8%
144%
12%
73%
43%
7%
148%
11%
71%
42%
7%
147%
10%
69%
40%
6%
148%
12%
66%
38%
5%
146%
13%
60%
38%
5%
139%
21%
61%
37%
5%
140%
21%
65%
38%
5%
149%
25%
68%
38%
5%
154%
28%
71%
37%
5%
158%
30%
75%
37%
4%
167%
32%
78%
37%
4%
176%
37%
81%
37%
4%
185%
43%
84%
36%
4%
196%
51%
86%
36%
3%
202%
57%
86%
36%
3%
202%
56%
86%
36%
3%
201%
50%
86%
35%
3%
204%
47%
83%
34%
3%
206%
48%
82%
34%
3%
213%
51%
77%
33%
3%
208%
50%
74%
33%
3%
205%
49%
72%
34%
3%
205%
43%
75%
36%
4%
214%
39%
71%
35%
3%
213%
39%
69%
34%
210%
37%

[9]

[10]

[11]

[11]

[12]

inc. Shares

inc. other
equities &
mutual funds

inc. other
assets Atd

inc. lifeinsurance
assets

inc. other
assets
(bonds,
savings &
checking
accounts,..)

11%
13%
15%
17%
18%
19%
21%
23%
26%
29%
33%
34%
34%
33%
35%
34%
32%
30%
30%
29%
27%

24%
23%
24%
28%
32%
34%
35%
36%
38%
41%
43%
46%
49%
54%
56%
60%
65%
72%
74%
75%
75%
78%
82%
84%
87%
95%
99%
104%
106%
107%
110%
116%
122%
126%
128%
131%
132%
136%
137%
136%
132%
118%
119%
125%
126%
128%
134%
139%
142%
145%
145%
146%
151%
157%
158%
162%
158%
157%
162%
175%
173%
173%

4%
5%
5%
6%
7%
7%
7%
7%
8%
8%
8%
9%
9%
10%
10%
11%
11%
13%
13%
13%
13%
13%
14%
14%
14%
15%
16%
17%
17%
18%
19%
20%
22%
23%
24%
25%
27%
28%
29%
30%
30%
28%
28%
30%
31%
33%
36%
38%
41%
44%
46%
48%
49%
51%
51%
53%
54%
55%
56%
61%
61%
62%

20%
18%
19%
22%
25%
27%
28%
29%
31%
33%
35%
38%
40%
44%
46%
49%
53%
59%
61%
61%
62%
65%
68%
70%
73%
79%
83%
87%
89%
90%
92%
96%
101%
103%
104%
106%
105%
108%
107%
106%
102%
90%
91%
95%
95%
95%
99%
100%
101%
101%
99%
98%
102%
106%
107%
109%
104%
102%
106%
114%
112%
111%

7%
7%
7%
7%
8%
8%
8%
7%
8%
11%
15%
17%
15%
13%
13%
12%
11%
12%
13%
14%
13%
11%
11%
10%
8%
8%
8%
8%
8%
7%
7%
6%
6%
7%
8%
10%
12%
11%
10%
12%
13%
9%
9%
10%
11%
12%
13%
16%
20%
25%
27%
23%
16%
13%
14%
16%
16%
16%
13%
9%
10%
10%

Back to index

Table DE.6d: Composition of private wealth in Germany, 1950-2011, % of private wealth

[1]

[2]

[3]

Housing
inc.
(net
Private
value)
(Kth housing h
wealth Wt
assets Kt
- Lt)
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

33%
32%
31%
29%
28%
26%
25%
26%
27%
27%
30%
35%
35%
33%
33%
33%
34%
35%
36%
36%
37%
36%
36%
36%
36%
36%
35%
35%
35%
35%
35%
36%
36%
36%
36%
36%
37%
37%
38%
38%
37%
39%
39%
38%
38%
37%
37%
36%
35%
34%
33%
34%
35%
35%
36%
36%
36%
37%
39%
40%
40%
41%

36%
37%
37%
37%
38%
38%
39%
41%
43%
44%
47%
52%
53%
52%
53%
53%
55%
56%
56%
57%
57%
57%
58%
59%
60%
59%
58%
58%
59%
59%
60%
61%
61%
61%
62%
61%
61%
61%
61%
60%
60%
60%
60%
60%
60%
60%
60%
59%
59%
58%
58%
58%
59%
59%
58%
57%
57%
57%
57%
58%
57%
57%

[4]

[5]
[6]
[7]
(% private wealth W t)
Nonhousing
tangible
inc.
assets Ktn Financial
assets At inc. equitye
financial
assets At
liabilities Lt (unincorp. (Ate+Atd)
business
assets,
land,.)
3%
50%
17%
4%
4%
51%
17%
4%
6%
51%
18%
4%
8%
50%
21%
4%
10%
49%
23%
4%
12%
48%
26%
5%
14%
47%
28%
5%
15%
46%
28%
5%
16%
44%
29%
5%
17%
41%
32%
7%
18%
37%
34%
9%
18%
31%
34%
9%
18%
32%
33%
8%
19%
34%
33%
7%
20%
33%
34%
6%
20%
32%
35%
6%
21%
31%
35%
5%
20%
29%
36%
5%
20%
27%
37%
6%
20%
26%
38%
6%
21%
24%
39%
6%
21%
23%
40%
5%
22%
22%
42%
5%
23%
21%
43%
4%
23%
20%
43%
4%
23%
19%
45%
4%
23%
18%
47%
4%
23%
18%
47%
3%
23%
18%
46%
3%
24%
19%
46%
3%
25%
18%
46%
3%
25%
18%
47%
2%
25%
17%
47%
2%
25%
16%
47%
2%
25%
16%
48%
3%
25%
15%
49%
3%
25%
15%
49%
4%
24%
14%
48%
4%
23%
14%
48%
3%
23%
13%
49%
4%
22%
13%
50%
5%
21%
13%
48%
7%
21%
13%
48%
7%
21%
13%
49%
8%
22%
12%
50%
9%
23%
12%
51%
10%
23%
12%
52%
10%
24%
11%
53%
11%
24%
11%
54%
13%
24%
10%
56%
15%
24%
10%
57%
16%
24%
10%
56%
16%
24%
10%
55%
14%
23%
10%
55%
13%
22%
9%
55%
13%
21%
9%
55%
13%
20%
9%
55%
13%
19%
9%
54%
13%
18%
9%
53%
11%
18%
9%
52%
9%
17%
8%
52%
10%
17%
8%
51%
9%

[8]

[9]

[10]

[11]

[12]

inc. Shares

inc. other
equities &
mutual funds

inc. other
assets Atd

inc. lifeinsurance
assets

inc. other
assets
(bonds,
savings &
checking
accounts,..)

4%
5%
5%
6%
6%
6%
7%
7%
8%
9%
9%
9%
9%
9%
9%
8%
8%
7%
7%
7%

13%
13%
14%
17%
19%
21%
23%
23%
24%
25%
25%
25%
26%
26%
27%
29%
30%
31%
31%
32%
33%
35%
37%
38%
40%
41%
43%
44%
43%
43%
44%
44%
45%
45%
45%
45%
45%
45%
45%
45%
45%
41%
41%
41%
41%
41%
42%
42%
42%
41%
41%
41%
42%
42%
42%
42%
42%
41%
42%
42%
42%
42%

2%
3%
3%
4%
4%
4%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
6%
6%
6%
6%
6%
6%
7%
7%
7%
7%
7%
7%
8%
8%
8%
9%
9%
9%
9%
10%
10%
10%
10%
10%
10%
10%
11%
11%
12%
12%
12%
13%
13%
14%
14%
14%
14%
14%
14%
14%
15%
15%
15%

11%
11%
11%
13%
15%
17%
18%
19%
19%
20%
20%
20%
21%
22%
22%
24%
25%
25%
26%
26%
28%
29%
31%
32%
33%
35%
36%
37%
36%
36%
36%
37%
37%
37%
37%
36%
36%
35%
35%
35%
35%
32%
31%
31%
31%
31%
31%
30%
30%
29%
28%
27%
28%
29%
29%
28%
28%
27%
27%
27%
27%
27%

4%
4%
4%
4%
4%
5%
5%
5%
5%
7%
9%
9%
8%
7%
6%
6%
5%
5%
6%
6%
6%
5%
5%
4%
4%
4%
4%
3%
3%
3%
3%
2%
2%
2%
3%
3%
4%
4%
3%
4%
5%
3%
3%
3%
4%
4%
4%
5%
6%
7%
8%
6%
4%
3%
4%
4%
4%
4%
3%
2%
3%
3%

Back to index

Table DE.6e: The structure of national wealth in Germany, 1870-2010 (decenial averages)
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

Net
foreign
assets

Foreign
assets

Foreign
liabilities

Gov
wealth /
national
wealth

Foreign
wealth /
national
wealth

6%
41%
47%
44%
24%
-5%
-27%
-21%
-5%
7%
8%
9%
11%
18%
39%

6%
41%
47%
44%
24%
6%
2%
0%
11%
22%
31%
48%
83%
196%
277%

0%
0%
0%
0%
0%
12%
29%
21%
16%
15%
23%
39%
72%
178%
238%

8%
6%
5%
5%
5%
21%
14%
-5%
28%
30%
27%
19%
12%
3%
1%

1%
6%
8%
7%
4%
-2%
-8%
-9%
-2%
2%
2%
3%
3%
5%
9%

% national income

1870
1880
1890
1900
1910
1920
1930
1940
1950
1960
1970
1980
1990
2000
2010

National
wealth

Private
wealth

Government
wealth

Wnt

Wt

Wgt

698%
686%
621%
646%
587%
338%
352%
237%
229%
297%
313%
353%
355%
388%
414%

644%
644%
592%
611%
556%
267%
302%
249%
166%
209%
229%
284%
313%
377%
412%

54%
42%
28%
34%
31%
70%
50%
-12%
64%
88%
84%
68%
42%
11%
3%

Govt
assets

Govt
debt

80%
87%
82%
90%
115%
90%
94%
82%
86%
105%
106%
108%
99%
88%
98%

25%
45%
53%
55%
83%
20%
44%
93%
23%
17%
22%
39%
57%
77%
96%

Note: 1870 refers to the decennial average 1870-1879, 1880 to 1880-1889, , 2000 to 2000-2009, and 2010 to 2010-2011

Back to index

Table DE.6f: The changing nature of national wealth in Germany, 1870-2010

[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
Boundaries: 1870-1944: German Empire (including Alsace-Lorraine from 1871 on, excluding territories lost in the wake of World War 1 from 1919-1923 on, including Saarland from 1935 on,
and including annexed territories in 1938-1944); 1945-1949: territory occupied by the Allied powers and USSR; 1950-1990: West Germany (including Saarland & West Berlin); 1991-onwards:
reunified Germany.
Source

National
income

National
wealth

Yt

Wnt

1870-79
1880-89
1890-99
1900-09
1910-13
1909
1911
1911
1927
1950
1950-59
1960-69
1970-79
1980-89
1990-99
2000-09
2010-11

Our estimate
Our estimate
Our estimate
Our estimate
Our estimate
Steinmann Bcher
(1909)
Helfferich (1913)
Stamp (1919)
Stat. Jahrbuch 1930
Our estimate
Our estimate
Our estimate
Our estimate
Our estimate
Destatis
Destatis
Destatis

17
19
26
37
49
44
48
48
76
51
90
209
476
841
1,499
1,924
2,187

118
129
163
242
315
321
275
292
256
113
207
622
1,492
2,966
5,323
7,455
9,062

48
47
46
54
68
50
41
43
37
19
25
48
67
79
69
62
75

1870-79
1880-89
1890-99
1900-09
1910-13
1909
1911
1911
1927
1950
1950-59
1960-69
1970-79
1980-89
1990-99
2000-09
2010-11

Our estimate
Our estimate
Our estimate
Our estimate
Our estimate
Steinmann Bcher
(1909)
Helfferich
(1913)

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

698%
686%
621%
646%
639%
726%
575%
609%
335%
223%
229%
297%
313%
353%
355%
388%
414%

282%
251%
174%
144%
138%
113%
85%
90%
48%
37%
27%
23%
14%
9%
5%
3%
3%

Stamp (1919)
Stat. Jahrbuch 1930
Our estimate
Our estimate
Our estimate
Our estimate
Our estimate
Destatis
Destatis
Destatis

incl.
Agricultura
l land

incl.
Housing

14
17
26
45
62
55
60
64
49
31
Err:502
Err:502
Err:502
Err:502
Err:502
Err:502
5,166

Govt
assets

Govt
debt

Private
wealth

incl. Net
foreign
assets

55
57
78
126
166
186
154
164
179
74
Err:502
Err:502
Err:502
Err:502
Err:502
Err:502
2,974

1
8
12
16
19
30
20
20
-9
-10
-5
14
36
75
165
342
847

9
8
7
13
15
6
25
25
46
21
58
184
399
574
625
210
58

13
16
21
34
46
34
50
50
61
38
78
220
502
905
1,477
1,690
2,149

4
9
14
21
30
28
25
25
15
17
21
36
103
331
852
1,481
2,091

109
121
155
229
300
316
250
267
210
92
150
438
1,092
2,391
4,699
7,245
9,005

6%
41%
47%
44%
39%
68%
43%
43%
-11%
-19%
-5%
7%
8%
9%
11%
18%
39%

54%
42%
28%
34%
31%
13%
52%
52%
60%
42%
64%
88%
84%
68%
42%
11%
3%

80%
87%
82%
90%
92%
77%
104%
104%
80%
75%
86%
105%
106%
108%
99%
88%
98%

25%
45%
53%
55%
62%
64%
52%
52%
20%
33%
23%
17%
22%
39%
57%
77%
96%

644%
644%
592%
611%
608%
713%
523%
557%
275%
181%
166%
209%
229%
284%
313%
377%
412%

(% national income Y)
83%
327%
91%
303%
101%
298%
120%
337%
125%
337%
125%
420%
126%
321%
134%
342%
64%
234%
60%
146%
Err:502
Err:502
Err:502
Err:502
Err:502
Err:502
Err:502
Err:502
Err:502
Err:502
Err:502
Err:502
236%
136%

Wgt

Note: Current billion euros after 1950, current billion marks before. Before World War I, 1=20.45 marks
World War 2 destructions (% of 1939 domestic capital stock):
Housing
50%
Other domestic capital
25%
Land
0%
Total
26%

Govt
wealth

incl. Other
domestic
capital
assets

Wt

Memo:
Household
durable
goods
(excluded
from wealth)

23
25

738
869
909

51%
51%

49%
45%
42%

Back to index

Table DE.6g: Assets and liabilities in Eastern Germany as of 1991 and 1998
[1]

[2]

1/1/1991
bn DM
bn EUR
Households
Gross assets
Property assets
Financial assets
Stock of durables

429
178
137
115

219
91
70
59

Liabilities
Building loans
Consumer loans

14
11
4

7
5
2

Net assets
Excl. Durables

415
301

212
154

67
63
4

34
32
2

40
295
-256

20
151
-131

218
138%
-117%
2%

111.6
138%
-117%
2%

Government
Gross assets
Liabilities
Net assets
Nonfinancial corporations
Gross assets
Liabilities
Net assets
National income
ratio
Net corporate wealth / national income ratio
Net public wealth / national income ratio

Notes: Households include NPISH and housing-related liabilities

Source: For households: "Changes in households' asset situation since the beginning of the nineties", Deutsche
Bundesbank Monthly Report, January 1999, Table p.45
http://www.bundesbank.de/download/volkswirtschaft/mba/1999/199901mba_art02_chghhassets.pdf
For Government and corporations: "Overall financial flows in 1997" (Bundesbank May 1998 Monthly Report) p. 33
gives the 1990 assets and liabilities of East+West Germany. Subtracting the assets/liab of West Germany

at market value from Bundesbank60 (p. 134) gives the assets/liab of East Germany
We have checked that the two publications are fully consistent for the year 1980
Memo: 1 eur =

1.95583

DM

as of 1991 and 1998

[3]

[4]

1/1/1998
bn DM
bn EUR

1,120
545
353
223

573
278
180
114

76
55
21

39
28
11

1,043
821

533
420

ng of the nineties", Deutsche

chghhassets.pdf
ay 1998 Monthly Report) p. 33
liab of West Germany

Back to index

Table DE.8: Structure of national income in Germany, 1950-2011: national income vs gross domestic product
[1]
National
income
(current billions
euro)

Yt
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978

50.8
62.2
71.1
76.4
81.8
93.7
103.4
112.5
120.4
131.6
147.6
160.8
174.0
183.4
201.1
219.3
232.3
234.0
253.7
284.7
321.1
354.5
385.4
429.5
462.4
482.6
524.8
558.2
596.7

[2]

[3]
[4]
[5]
[6]
Net
foreign
Net
factor
domestic
including including
income &
gross
product
net
foreign
production
capital
% FYt/Yt
capital
taxes
income
income
inflow (%
FYKt (% Yt)
Yt)
Ypt
FYt
50.0
61.4
70.2
75.7
81.3
93.2
102.9
112.0
120.1
131.5
147.4
160.8
174.0
183.3
201.3
219.6
232.5
234.1
253.3
284.2
320.1
353.9
385.2
429.3
462.1
481.6
523.2
557.5
593.6

0.8
0.8
0.8
0.8
0.5
0.5
0.5
0.5
0.4
0.1
0.3
0.0
0.0
0.0
-0.1
-0.3
-0.2
-0.1
0.4
0.5
1.0
0.6
0.3
0.2
0.2
1.0
1.6
0.7
3.2

2%
1%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
1%
1%
1%
1%
1%
1%
1%
1%
2%
1%
2%
2%
2%

[7]

[8]

including
gross
capital
income
outflow
(% Yt)

including
net foreign
labor
income
FYLt (% Yt)

0%
0%
0%
0%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%

2%
1%
1%
1%
1%
1%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

[9]

[10]

[11]

[12]

[13]

[14]

Gross
Capital
including memo: net memo: net domestic depreciat.
product
(CFC)
net foreign foreign
foreign
%
production current
capital
KDt/GDPt
taxes (% transfers transfers
Yt)
FTt (% Yt)
(% Yt)
GDPt
KDt
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

-4%
-4%
-4%
-3%
-3%
-3%
-2%
-2%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-2%
-2%
-2%
-1%
-1%

0%
0%
0%
6%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

55.1
67.5
77.2
82.8
88.8
101.5
112.2
122.4
131.5
144.0
161.5
176.9
192.5
204.1
224.3
245.2
260.8
264.1
285.2
318.8
360.6
400.2
436.4
486.0
526.0
551.0
597.4
636.5
678.9

5.1
6.1
6.9
7.1
7.5
8.3
9.3
10.3
11.4
12.5
14.1
16.1
18.5
20.7
23.1
25.6
28.3
29.9
31.8
34.6
40.5
46.3
51.2
56.7
63.9
69.4
74.2
79.0
85.4

9%
9%
9%
9%
8%
8%
8%
8%
9%
9%
9%
9%
10%
10%
10%
10%
11%
11%
11%
11%
11%
12%
12%
12%
12%
13%
12%
12%
13%

[15]

%
Yt/GDPt

92%
92%
92%
92%
92%
92%
92%
92%
92%
91%
91%
91%
90%
90%
90%
89%
89%
89%
89%
89%
89%
89%
88%
88%
88%
88%
88%
88%
88%

[1]
National
income
(current billions
euro)

Yt
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

645.0
685.9
712.7
738.7
773.5
813.9
850.9
895.8
917.0
973.9
1,043.5
1,136.5
1,330.6
1,424.0
1,454.6
1,517.5
1,569.4
1,593.8
1,621.1
1,655.4
1,687.1
1,724.5
1,767.5
1,787.4
1,811.5
1,891.6
1,921.6
2,025.2
2,118.0
2,139.4
2,051.4
2,146.1
2,228.7

[2]

[3]
[4]
[5]
[6]
Net
foreign
Net
factor
domestic
including including
income &
gross
product
net
foreign
production
capital
%
FY
/Y
capital
t
t
taxes
income
income
inflow (%
FYKt (% Yt)
Yt)
Ypt
FYt
643.8
684.4
712.6
739.4
771.3
808.0
844.6
891.7
914.3
965.5
1,033.1
1,125.2
1,323.5
1,418.8
1,452.7
1,528.1
1,585.3
1,605.8
1,636.8
1,677.4
1,711.1
1,746.2
1,791.2
1,816.1
1,829.7
1,872.8
1,896.4
1,978.1
2,076.2
2,107.7
2,001.0
2,100.1
2,187.1

1.2
1.5
0.1
-0.7
2.1
5.9
6.3
4.1
2.6
8.4
10.5
11.3
7.0
5.1
1.9
-10.6
-15.9
-12.0
-15.7
-22.0
-24.0
-21.6
-23.8
-28.7
-18.2
18.8
25.2
47.1
41.8
31.7
50.4
46.0
41.6

0%
0%
0%
0%
0%
1%
1%
0%
0%
1%
1%
1%
1%
0%
0%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-2%
-1%
1%
1%
2%
2%
1%
2%
2%
2%

0%
0%
0%
0%
0%
1%
1%
1%
0%
1%
1%
1%
1%
1%
1%
0%
0%
0%
0%
-1%
-1%
-1%
-1%
-1%
-1%
1%
1%
2%
2%
2%
2%
2%
2%

2%
2%
3%
2%
2%
3%
3%
3%
3%
4%
4%
5%
4%
4%
4%
4%
4%
4%
4%
4%
5%
6%
5%
5%
6%
7%
8%
10%
11%
9%
8%
8%
8%

[7]

[8]

including
gross
capital
income
outflow
(% Yt)

including
net foreign
labor
income
FYLt (% Yt)

2%
2%
2%
2%
2%
2%
2%
2%
3%
3%
3%
3%
3%
3%
4%
4%
4%
4%
5%
5%
6%
7%
6%
7%
6%
6%
7%
7%
9%
7%
6%
6%
6%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

[9]

[10]

[11]

[12]

[13]

[14]

Gross
Capital
including memo: net memo: net domestic depreciat.
product
(CFC)
net foreign foreign
foreign
%
production current
capital
KDt/GDPt
taxes (% transfers transfers
Yt)
FTt (% Yt)
(% Yt)
GDPt
KDt
0%
0%
0%
-1%
0%
0%
0%
0%
0%
0%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

-2%
-2%
-1%
-1%
-1%
-2%
-1%
-1%
-1%
-1%
-1%
-3%
-2%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-2%
-2%
-2%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

737.4
788.5
825.8
860.2
898.3
942.0
984.4
1037.1
1065.1
1123.3
1200.7
1306.7
1534.6
1648.4
1696.9
1782.2
1848.5
1875.0
1912.6
1959.7
2000.2
2047.5
2101.9
2132.2
2147.5
2195.7
2224.4
2313.9
2428.5
2473.8
2374.5
2476.8
2570.8

93.6
104.1
113.2
120.9
127.0
134.0
139.8
145.4
150.8
157.8
167.6
181.4
211.1
229.6
244.2
254.1
263.2
269.2
275.8
282.3
289.1
301.3
310.7
316.1
317.9
322.9
328.0
335.8
352.3
366.1
373.5
376.7
383.7

13%
13%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
15%
15%
15%
15%
15%
15%
15%
15%
15%
16%
15%
15%

[15]

%
Yt/GDPt

87%
87%
86%
86%
86%
86%
86%
86%
86%
87%
87%
87%
87%
86%
86%
85%
85%
85%
85%
84%
84%
84%
84%
84%
84%
86%
86%
88%
87%
86%
86%
87%
87%

Back to index

Table DE.9: Structure of national income in Germany, 1950-2011: decomposition by production sectors
[1]

[2]

Private
sector

Housing
sector

Yht
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980

80%
80%
79%
78%
79%
79%
79%
80%
80%
80%
80%
79%
79%
79%
79%
79%
79%
78%
79%
78%
79%
78%
78%
78%
77%
77%
77%
77%
77%
78%
77%

[3]

[4]
[5]
[6]
% national income Yt

Memo: Rents
gross of
Noncorporate
mortgage
businesses
interests

Yht*

Yset

[7]

[8]

[9]

[10]

[11]

memo:
Production
taxes,
including net
production
taxes
received from
abroad

Private
sector

Housing
sector

12%
13%
14%
14%
14%
14%
14%
13%
13%
13%
13%
13%
13%
13%
13%
12%
12%
13%
12%
13%
12%
12%
11%
11%
11%
10%
11%
11%
11%
11%
11%

91%
92%
92%
91%
92%
92%
92%
92%
91%
92%
92%
91%
91%
91%
91%
91%
90%
90%
90%
89%
89%
88%
88%
88%
87%
86%
86%
86%
87%
87%
87%

Corporate
sector

Govt
sector

Foreign
sector

Productio
n taxes

Yct

Ygt

FYt

Tpt

54%

6%
6%
6%
6%
7%
6%
7%
7%
7%
7%
7%
7%
8%
8%
8%
8%
9%
9%
9%
9%
9%
10%
11%
11%
12%
12%
12%
12%
11%
11%
11%

2%
1%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
0%
0%

12%
13%
14%
14%
14%
14%
14%
13%
13%
13%
13%
13%
13%
13%
13%
12%
12%
13%
12%
13%
11%
12%
12%
11%
11%
11%
11%
11%
11%
11%
11%

Yht

[12]

[13]
[14]
[15]
% factor-price national income Yt - Tpt

Memo: Rents
gross of
Noncorporate
mortgage
businesses
interests

Yht*

Yset

[16]

[17]

Corporate
sector

Govt
sector

Foreign
sector

Productio
n tax rate

Yct

Ygt

FYt

Tpt

61%

7%
7%
7%
7%
8%
7%
8%
8%
8%
8%
8%
9%
9%
9%
9%
9%
10%
10%
10%
10%
11%
12%
12%
12%
13%
14%
14%
13%
13%
12%
13%

2%
1%
1%
1%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
0%
0%

14%
15%
16%
16%
17%
16%
16%
15%
15%
15%
15%
15%
15%
15%
15%
14%
14%
15%
13%
15%
13%
13%
13%
13%
12%
12%
12%
12%
12%
13%
13%

[1]

[2]

Private
sector

Housing
sector

Yht
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

78%
78%
78%
78%
78%
79%
79%
79%
79%
79%
80%
80%
79%
80%
81%
81%
81%
81%
81%
81%
81%
81%
80%
79%
79%
78%
78%
79%
77%
77%
77%

2%
2%
2%
2%
2%
3%
3%
3%
2%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
3%
2%
2%

[3]

[4]
[5]
[6]
% national income Yt

Memo: Rents
gross of
Noncorporate
mortgage
businesses
interests

Yht*

3%
3%
3%
3%
3%
3%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
3%

[7]

[8]

[9]

[10]

[11]

memo:
Production
taxes,
including net
production
taxes
received from
abroad

Private
sector

Housing
sector

11%
11%
11%
11%
10%
10%
10%
10%
10%
10%
8%
9%
9%
10%
9%
9%
9%
10%
10%
10%
11%
11%
11%
11%
11%
11%
11%
11%
12%
11%
12%

87%
87%
87%
87%
87%
88%
88%
88%
88%
88%
88%
88%
88%
89%
90%
89%
90%
90%
90%
90%
91%
91%
90%
88%
88%
88%
88%
89%
87%
87%
88%

Corporate
sector

Govt
sector

Foreign
sector

Productio
n taxes

Yset

Yct

Ygt

FYt

Tpt

20%
19%
20%
20%
20%
20%
20%
20%
19%
19%
18%
18%
18%
17%
17%
17%
16%
16%
16%
16%
16%
16%

54%
55%
55%
55%
56%
57%
57%
57%
56%
57%
59%
58%
57%
58%
58%
58%
59%
60%
60%
60%
60%
60%
60%
60%
60%
59%
60%
59%
58%
59%
59%

11%
11%
11%
11%
11%
10%
11%
10%
10%
9%
10%
10%
11%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
9%
9%
9%
8%
9%
9%
9%
9%

0%
0%
0%
1%
1%
0%
0%
1%
1%
1%
1%
0%
0%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-2%
-1%
1%
1%
2%
2%
1%
2%
2%
2%

11%
11%
11%
11%
11%
10%
10%
10%
11%
11%
9%
9%
10%
10%
10%
10%
10%
10%
11%
11%
11%
11%
11%
11%
11%
11%
11%
11%
12%
11%
12%

Yht

3%
2%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%

[12]

[13]
[14]
[15]
% factor-price national income Yt - Tpt

Memo: Rents
gross of
Noncorporate
mortgage
businesses
interests

Yht*

4%
3%
3%
3%
4%
4%
4%
4%
4%
4%
4%
4%
5%
5%
5%
5%
4%
4%
4%
4%
4%
4%

[16]

[17]

Corporate
sector

Govt
sector

Foreign
sector

Productio
n tax rate

Yset

Yct

Ygt

FYt

Tpt

22%
21%
22%
22%
22%
22%
22%
22%
21%
21%
21%
20%
20%
19%
19%
19%
18%
18%
18%
19%
18%
18%

61%
62%
62%
62%
63%
63%
63%
63%
63%
64%
65%
64%
63%
64%
65%
64%
65%
66%
67%
67%
68%
68%
68%
67%
67%
66%
67%
67%
65%
66%
67%

13%
13%
12%
12%
12%
12%
12%
11%
11%
11%
11%
12%
12%
12%
11%
12%
11%
11%
11%
11%
11%
11%
11%
10%
10%
10%
9%
10%
10%
10%
10%

0%
0%
0%
1%
1%
1%
0%
1%
1%
1%
1%
0%
0%
-1%
-1%
-1%
-1%
-1%
-2%
-1%
-2%
-2%
-1%
1%
1%
3%
2%
2%
3%
2%
2%

13%
12%
13%
12%
12%
12%
11%
11%
12%
12%
10%
10%
11%
11%
11%
11%
11%
11%
12%
12%
12%
12%
13%
12%
12%
12%
13%
13%
13%
13%
13%

Back to index

Table DE.10: Structure of national income in Germany, 1980-2011: profits & wages in the corporate sector
[1]

Wage
share

1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

[2]
[3]
[4]
[5]
% net corporate product Yct
Profit
share

(wages &
social
contributions)

(net profits)

YLct

YKct

80%
81%
80%
78%
77%
76%
75%
78%
77%
76%
75%
77%
78%
79%
77%
76%
76%
74%
73%
73%
75%
74%
73%
73%
71%
69%
67%
66%
68%
72%
69%
70%

20%
19%
20%
22%
23%
24%
25%
22%
23%
24%
25%
23%
22%
21%
23%
24%
24%
26%
27%
27%
25%
26%
27%
27%
29%
31%
33%
34%
32%
28%
31%
30%

including
corporate
income
taxes

4%
3%
3%
4%
4%
4%
4%
3%
3%
4%
3%
5%
5%
5%
5%
4%
5%
5%
5%
6%
6%
3%
3%
4%
4%
5%
6%
6%
5%
4%
4%
5%

including
distributed
profits
(interest &
dividend
payments)

17%
17%
17%
16%
17%
18%
16%
15%
14%
16%
14%
16%
15%
16%
18%
17%
16%
18%
19%
20%
19%
21%
21%
21%
18%
20%
19%
20%
22%
21%
20%
22%

including
retained
earnings

1%
0%
1%
3%
2%
3%
5%
4%
7%
6%
8%
3%
2%
1%
1%
4%
4%
4%
4%
2%
2%
3%
4%
4%
8%
7%
10%
11%
7%
6%
8%
6%

[6]

including
other
corporate
transfers

-2%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
0%
-1%
-1%
-1%
-1%
-1%
-1%
-2%
-2%
-2%
-2%
-1%
-1%
-2%
-2%
-2%
-3%
-3%
-3%

[7]

[8]

memo:
memo:
Gross
Wage
profit
share in
share in
gross
gross
corporate
corporate
product
product
69%
69%
68%
67%
66%
65%
65%
67%
66%
65%
65%
66%
67%
67%
66%
65%
65%
63%
63%
63%
64%
63%
63%
62%
61%
59%
58%
57%
58%
61%
59%
60%

31%
31%
32%
33%
34%
35%
35%
33%
34%
35%
35%
34%
33%
33%
34%
35%
35%
37%
37%
37%
36%
37%
37%
38%
39%
41%
42%
43%
42%
39%
41%
40%

[9]

[10]

Corporate
wages &
social
contribut.

Net
corporate
profits

YLct

YKct

43%
44%
44%
43%
43%
43%
43%
44%
43%
43%
43%
45%
45%
45%
44%
44%
44%
43%
43%
44%
45%
45%
44%
44%
42%
41%
40%
39%
41%
42%
41%
41%

11%
11%
11%
12%
12%
13%
14%
13%
13%
14%
14%
14%
13%
12%
13%
14%
14%
15%
16%
16%
15%
16%
16%
16%
17%
18%
19%
20%
19%
16%
18%
18%

[11]
[12]
% national income Yt

[13]

[14]

including
corporate
income
taxes

including
distributed
profits (net
interest &
dividend)

including
retained
earnings

including
other
corporate
transfers

2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
2%
2%
2%
3%
3%
3%
3%
3%
2%
3%
3%

9%
9%
9%
9%
10%
10%
9%
9%
8%
9%
8%
10%
9%
9%
10%
10%
9%
10%
11%
12%
12%
13%
13%
13%
11%
12%
11%
12%
13%
12%
12%
13%

1%
0%
0%
2%
1%
1%
3%
2%
4%
3%
4%
2%
1%
0%
1%
2%
2%
2%
2%
1%
1%
2%
3%
2%
5%
4%
6%
6%
4%
3%
5%
3%

-1%
-1%
-1%
-1%
-1%
0%
0%
0%
0%
0%
0%
-1%
0%
0%
0%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-2%
-1%
-2%

Back to index

Table DE.11a: Structure of national income in Germany, 1950-2010: capital & labor shares in national income
[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

% national income Yt

Total
capital
income

YKt*
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

18%
19%
21%
20%
19%
21%
21%
21%
21%
22%
23%
21%
21%
21%
21%
21%
20%
20%
22%
22%
20%
19%
19%
18%
17%
18%
19%
19%
19%
19%
18%
18%
18%
20%
21%
21%
22%
21%
23%
24%
24%
23%
22%
21%
23%
24%
24%
26%
26%
25%
24%
24%
25%
26%
29%
30%
32%
33%
31%
28%
29%
29%

including
corporate
capital
income (net
corporate
profits)

including
housing
capital
income (net
rents)

YKct

Yht

11%
11%
11%
12%
12%
13%
14%
13%
13%
14%
14%
14%
13%
12%
13%
14%
14%
15%
16%
16%
15%
16%
16%
16%
17%
18%
19%
20%
19%
16%
18%
18%

2%
2%
2%
2%
2%
3%
3%
3%
2%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
3%
2%
2%

including
capital share including net plus: net govt
of selfforeign capital
interest
employmt net
income
payments
income

including

memo:
personal
interest
payments

including
income
including
including net
Total labor labor
labor share of
paid by
labor income
foreign labor
income corporations paid by govt self-employmt
income
net income

& housheolds

YKset

FYKt

YKgt

YLt

YLct

Ygt

YLset

FYLt

5%
5%
4%
4%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
1%
1%
0%
1%
1%
1%
1%
1%
1%
0%
0%
0%
0%
-1%
-1%
-1%
-1%
-1%
-1%
1%
1%
2%
2%
2%
2%
2%
2%

-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
0%
0%
0%
0%
0%
0%
0%
0%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
2%
2%
2%
1%
2%
2%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
2%
2%
2%
2%
2%
2%

68%
67%
64%
65%
66%
64%
65%
65%
65%
64%
63%
65%
66%
66%
65%
66%
67%
66%
66%
65%
68%
69%
70%
71%
72%
72%
71%
72%
71%
71%
73%
73%
73%
71%
70%
70%
70%
71%
69%
68%
67%
70%
71%
72%
70%
70%
69%
68%
67%
67%
68%
68%
67%
66%
63%
62%
60%
58%
60%
63%
61%
61%

41%
41%
40%
41%
42%
42%
43%
43%
43%
43%
43%
44%
45%
45%
46%
46%
47%
46%
45%
45%
48%
49%
50%
50%
51%
51%
51%
51%
52%
52%
54%
54%
54%
53%
52%
52%
52%
53%
52%
51%
51%
54%
55%
55%
54%
54%
54%
53%
53%
54%
55%
55%
54%
53%
51%
50%
48%
48%
49%
51%
50%
50%

6%
6%
6%
6%
7%
6%
7%
7%
7%
7%
7%
7%
8%
8%
8%
8%
9%
9%
9%
9%
9%
10%
11%
11%
12%
12%
12%
12%
11%
11%
11%
11%
11%
11%
11%
11%
10%
11%
10%
10%
9%
10%
10%
11%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
9%
9%
9%
8%
9%
9%
9%
9%

19%
18%
17%
16%
16%
15%
15%
14%
14%
14%
13%
13%
13%
12%
12%
11%
11%
11%
11%
10%
10%
10%
9%
9%
9%
9%
8%
8%
8%
8%
8%
8%
7%
7%
7%
7%
7%
7%
7%
6%
6%
6%
6%
6%
5%
5%
5%
5%
4%
4%
4%
3%
3%
3%
3%
3%
3%
2%
3%
3%
2%
2%

2%
1%
1%
1%
1%
1%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

4%
5%
5%
5%
5%
5%
4%
4%
3%
4%
4%
4%
5%
5%
5%
4%
4%
4%
4%
4%
4%
4%
4%
4%
3%
3%
3%
3%
3%
3%
2%
2%

EU
Commission
2007

EU
Commission
2007

Bentolila &
Saint Paul

(Total
compensation
of employees
paid + imputed
wage of self
employed)/
GDP at market
price

(Total
compensation
of employees
paid + imputed
wage of self
employed)/
GDP at factor
cost

58.7%
59.9%
60.3%
60.0%
59.6%
60.0%
60.6%
59.8%
59.1%
58.8%
61.1%
61.6%
62.3%
63.3%
64.4%
64.1%
63.4%
63.5%
63.4%
62.8%
63.7%
63.7%
63.0%
61.7%
61.1%
60.7%
60.5%
61.5%
60.6%
59.3%
58.8%
61.6%
62.4%
62.3%
61.0%
61.0%
60.8%
59.9%
59.6%
59.8%
60.6%
60.1%
59.7%
59.6%
58.7%
57.8%
56.4%
55.1%
55.9%
58.3%
57.3%
57.6%

67%
68%
68%
68%
67%
68%
68%
67%
66%
67%
68%
69%
69%
70%
71%
71%
70%
70%
70%
70%
71%
70%
70%
68%
68%
67%
66%
67%
66%
65%
65%
67%
68%
68%
67%
67%
66%
65%
65%
66%
67%
66%
66%
66%
65%
64%
62%
61%
62%
65%
64%
64%

60.9%

66.1

55.9

Back to index

Table DE.11b: Structure of national income in Germany, 1950-2011: capital & labor shares in factor-price national income
[1]

Total
capital
income

YKt*
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969

21%
22%
24%
23%
22%
24%
24%
24%
24%
26%
27%
25%
24%
24%
24%
24%
23%
23%
25%
25%

[2]

[3]

[4]

[5]

[6]
[7]
[8]
[9]
% factor-price national income Yt - Tpt

including
including
including
corporate
including net
housing
capital share
plus: net
capital
foreign
capital
of selfgovt interest
income (net
capital
income (net employmt
payments
corporate
income
rents)
net income
profits)

YKct

Yht

YKset

FYKt

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

YKgt

-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
0%
0%
0%

memo:
personal
interest
payments

Total
labour
income

YLt

78%
77%
75%
76%
76%
75%
75%
75%
75%
74%
72%
75%
76%
76%
75%
75%
76%
76%
74%
75%

[10]

including
including
labor
labor
income paid income paid
by corporati.
by govt

YLct

47%
48%
47%
48%
49%
49%
50%
50%
50%
49%
49%
51%
52%
52%
52%
53%
53%
53%
51%
52%

Ygt

7%
7%
7%
7%
8%
7%
8%
8%
8%
8%
8%
9%
9%
9%
9%
9%
10%
10%
10%
10%

[11]

[12]

including
labor share including net
of selfforeign labor
employmt
income
net income

YLset

22%
21%
19%
19%
19%
17%
17%
16%
16%
16%
15%
15%
14%
14%
13%
13%
13%
13%
12%
12%

FYLt

2%
2%
1%
1%
1%
1%
1%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%

[15]

[16]

Capital
share
Labour
(excl.
share
govt
interest)
YKt

YLt

22%
24%
24%
22%
23%
18%
19%
21%
22%
21%
24%
23%
23%
24%
25%
24%
23%
25%
25%
26%
28%
26%
27%
27%
26%
26%
26%
28%
30%
29%
29%
28%
28%
28%
29%
30%
31%
30%
29%
29%
30%
29%
31%
30%
27%
26%
29%
30%

78%
76%
76%
78%
77%
82%
81%
79%
78%
79%
76%
77%
77%
76%
75%
76%
77%
75%
75%
74%
72%
74%
73%
73%
74%
74%
74%
72%
70%
71%
71%
72%
72%
72%
71%
70%
69%
70%
71%
71%
70%
71%
69%
70%
73%
74%
71%
70%

26%
27%
26%
24%
24%
22%
20%
20%
20%
23%
25%
26%
29%
30%

74%
73%
74%
76%
76%
78%
80%
80%
80%
77%
75%
74%
71%
70%

0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%

22%
23%
25%
24%
24%
25%
25%
25%
25%
26%
28%
25%
24%
24%
25%
25%
24%
24%
26%
25%

78%
77%
75%
76%
76%
75%
75%
75%
75%
74%
72%
75%
76%
76%
75%
75%
76%
76%
74%
75%

0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%

0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

[1]

Total
capital
income

YKt*
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

23%
22%
21%
20%
19%
20%
21%
21%
21%
21%
20%
20%
20%
22%
23%
24%
24%
23%
25%
26%
27%
25%
24%
24%
25%
26%
27%
28%
29%
28%
27%
27%
28%
29%
32%
34%
36%
37%
35%
31%
33%
32%

[2]

[3]

[4]

[5]

[6]
[7]
[8]
[9]
% factor-price national income Yt - Tpt

including
including
including
corporate
including net
housing
capital share
plus: net
capital
foreign
capital
of selfgovt interest
income (net
capital
income (net employmt
payments
corporate
income
rents)
net income
profits)

YKct

12%
12%
12%
14%
14%
15%
15%
14%
15%
15%
16%
15%
14%
13%
15%
15%
16%
17%
18%
18%
17%
17%
18%
18%
20%
20%
22%
23%
21%
18%
20%
20%

Yht

3%
2%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%

memo:
personal
interest
payments

Total
labour
income

[10]

including
including
labor
labor
income paid income paid
by corporati.
by govt

[11]

[12]

including
labor share including net
of selfforeign labor
employmt
income
net income

[15]

[16]

Capital
share
Labour
(excl.
share
govt
interest)

YKset

FYKt

YKgt

YLt

YLct

Ygt

YLset

FYLt

YKt

YLt

5%
5%
5%
5%
5%
5%
5%
6%
6%
6%
5%
5%
5%
5%
5%
6%
6%
6%
6%
5%
6%
5%

0%
0%
0%
0%
0%
0%
0%
0%
1%
0%
0%
0%
0%
0%
1%
1%
1%
0%
1%
1%
2%
1%
1%
1%
0%
0%
0%
0%
-1%
-1%
-1%
-1%
-2%
-1%
1%
2%
3%
2%
2%
3%
2%
2%

-1%
0%
0%
0%
0%
1%
1%
1%
1%
1%
1%
2%
1%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
2%
2%
2%

77%
78%
79%
80%
81%
81%
80%
80%
80%
80%
81%
82%
81%
80%
78%
78%
77%
79%
77%
75%
75%
77%
78%
79%
77%
77%
76%
75%
74%
75%
76%
76%
75%
74%
71%
69%
67%
66%
68%
71%
69%
70%

54%
55%
56%
57%
57%
57%
57%
57%
58%
59%
60%
61%
60%
59%
58%
58%
58%
59%
58%
57%
57%
59%
60%
61%
60%
60%
59%
59%
59%
60%
61%
61%
61%
60%
57%
56%
54%
54%
55%
57%
56%
57%

11%
12%
12%
12%
13%
14%
13%
13%
13%
12%
13%
13%
13%
12%
12%
12%
12%
12%
11%
11%
11%
11%
11%
12%
11%
11%
11%
11%
11%
11%
11%
11%
11%
11%
10%
10%
10%
9%
10%
10%
10%
10%

11%
11%
11%
10%
10%
10%
9%
9%
9%
8%
8%
8%
8%
8%
8%
8%
8%
8%
7%
7%
7%
6%
6%
6%
6%
6%
6%
5%
5%
4%
4%
4%
4%
3%
3%
3%
3%
3%
3%
3%
3%
3%

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

23%
22%
21%
20%
19%
19%
20%
20%
20%
20%
19%
18%
19%
20%
22%
22%
23%
21%
23%
25%
25%
23%
22%
21%
23%
23%
24%
25%
26%
25%
24%
24%
25%
26%
29%
31%
33%
34%
32%
29%
31%
30%

77%
78%
79%
80%
81%
81%
80%
80%
80%
80%
81%
82%
81%
80%
78%
78%
77%
79%
77%
75%
75%
77%
78%
79%
77%
77%
76%
75%
74%
75%
76%
76%
75%
74%
71%
69%
67%
66%
68%
71%
69%
70%

5%
6%
6%
6%
5%
5%
4%
4%
4%
4%
5%
5%
5%
5%
5%
5%
5%
4%
4%
4%
5%
5%
4%
4%
4%
3%
3%
4%
4%
3%
3%
3%

0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

Back to index

Table DE.12: Structure of national income in Germany, 1950-2010: disposable income & savings
[1]

[2]

[3]

[4]
[5]
[6]
% national income Yt

Disposable
income Ydt =
incl.
incl.
incl.
national
after- after- afterincome tax
tax
tax
taxes +
capital labor replac.
replacement income income income
income + net
govt interest
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

81%
79%
78%
77%
77%
78%
78%
79%
79%
78%
77%
76%
75%
75%
76%
77%
76%
77%
76%
74%
74%
73%
74%
72%
73%
76%
74%
73%
73%
73%
73%
74%
74%
74%
74%
73%
74%
74%
75%
74%
75%
75%
75%
75%
75%
76%
76%
75%
75%
74%
74%
75%
76%
76%
77%
76%
75%
74%
73%
74%
75%
73%

17%
16%
16%
15%
14%
15%
15%
15%
15%
15%
14%
14%
15%
16%
17%
17%
18%
17%
19%
20%
21%
18%
17%
17%
18%
20%
20%
21%
21%
19%
18%
20%
21%
22%
24%
25%
26%
27%
25%
23%
25%
23%

47%
47%
47%
47%
47%
47%
45%
45%
45%
45%
46%
46%
46%
45%
44%
43%
43%
44%
43%
42%
42%
44%
44%
43%
41%
41%
40%
39%
38%
38%
39%
39%
39%
38%
37%
36%
35%
34%
35%
36%
36%
36%

10%
10%
11%
10%
11%
14%
13%
13%
13%
13%
13%
13%
14%
13%
13%
12%
12%
12%
12%
12%
12%
13%
13%
14%
14%
15%
16%
16%
15%
16%
16%
16%
16%
16%
16%
15%
14%
13%
13%
14%
14%
13%

Extended
disposable
income =
disposable
income Ydt
+ pure
transfers
84%
81%
80%
80%
80%
81%
80%
81%
82%
81%
80%
78%
78%
77%
78%
79%
79%
80%
78%
76%
76%
76%
77%
75%
76%
79%
78%
77%
77%
77%
77%
78%
78%
78%
77%
76%
77%
77%
78%
77%
78%
78%
78%
78%
78%
79%
79%
79%
78%
77%
77%
79%
79%
79%
80%
80%
79%
77%
77%
78%
78%
76%

[7]

[8]

[9]

[10]

[11]

[12]

[13]
[14]
[15]
[16]
% disposable income Ydt

[17]

[18]

Disposable
Private
Private
memo:
memo:
income =
savings Memo:
savings
after-tax
national
incl.
incl.
incl. after-tax
Personal
(personal
Personal
(personal
memo:
private
capital
income after- after- after- capital memo: savings savings +
corporat savings savings + savings
taxes +
tax
tax
tax
income
income retained
retained excluding
retained
e
replacemen capital labor replac. excl. earnings
excl.
earnings)
earnings)
capital
savings
t income + income income income retained
retained
transfers
net govt
earnings
earnings
S0t
St
S0t
St
interest
10%
3%
13%
12%
100%
12%
4%
16%
11%
3%
14%
13%
100%
14%
3%
18%
11%
4%
15%
14%
100%
14%
6%
19%
8%
5%
13%
12%
100%
10%
7%
17%
8%
6%
14%
13%
100%
11%
7%
18%
11%
5%
16%
15%
100%
14%
6%
20%
11%
4%
15%
15%
100%
14%
6%
20%
10%
6%
16%
16%
100%
13%
8%
21%
11%
6%
17%
16%
100%
13%
8%
21%
11%
6%
17%
17%
100%
14%
8%
22%
11%
6%
17%
17%
100%
15%
8%
23%
10%
7%
16%
15%
100%
13%
9%
22%
9%
6%
16%
14%
100%
12%
8%
21%
7%
7%
15%
13%
100%
10%
10%
19%
8%
8%
16%
15%
100%
11%
11%
21%
8%
9%
17%
15%
100%
10%
12%
22%
7%
9%
16%
14%
100%
9%
11%
20%
7%
8%
15%
14%
100%
9%
11%
20%
7%
9%
16%
15%
100%
9%
12%
22%
6%
10%
16%
14%
100%
8%
13%
21%
6%
10%
16%
15%
100%
23%
64%
13%
8%
14%
22%
5%
10%
15%
14%
100%
22%
64%
14%
7%
14%
21%
4%
11%
15%
13%
100%
21%
64%
14%
5%
15%
20%
3%
10%
13%
12%
100%
21%
65%
14%
4%
14%
19%
3%
11%
14%
12%
100%
19%
65%
15%
4%
15%
20%
3%
12%
15%
13%
100%
20%
62%
18%
3%
16%
19%
3%
11%
14%
12%
100%
21%
61%
18%
4%
14%
18%
3%
10%
13%
11%
100%
20%
62%
18%
4%
13%
17%
4%
10%
13%
12%
100%
21%
62%
18%
5%
13%
18%
3%
10%
13%
11%
100%
21%
62%
17%
3%
14%
17%
13%
1%
10%
11%
10%
100%
20%
63%
17%
17%
1%
14%
15%
14%
0%
11%
11%
9%
100%
19%
62%
18%
18%
0%
15%
15%
13%
0%
10%
11%
9%
100%
20%
61%
18%
18%
1%
14%
15%
13%
2%
9%
11%
9%
100%
22%
60%
18%
18%
3%
12%
15%
15%
1%
9%
11%
9%
100%
23%
59%
17%
20%
2%
13%
14%
15%
1%
9%
11%
9%
100%
24%
59%
17%
21%
2%
12%
14%
14%
3%
10%
12%
11%
100%
24%
59%
16%
20%
4%
13%
17%
14%
2%
10%
12%
11%
100%
24%
59%
17%
19%
3%
13%
16%
14%
4%
10%
14%
13%
100%
26%
57%
16%
19%
5%
13%
18%
16%
3%
9%
13%
12%
100%
27%
56%
16%
22%
4%
13%
17%
15%
4%
10%
14%
14%
100%
28%
56%
16%
21%
6%
13%
19%
15%
2%
10%
13%
11%
100%
24%
58%
17%
20%
3%
14%
17%
15%
1%
10%
12%
10%
100%
23%
59%
18%
20%
2%
14%
16%
15%
1%
10%
11%
9%
100%
22%
58%
19%
21%
1%
13%
14%
17%
1%
9%
10%
9%
100%
24%
56%
19%
22%
1%
12%
14%
9%
10%
9%
19%
10%
100%
26%
54%
19%
12%
13%
12%
25%
17%
2%
9%
11%
10%
100%
26%
53%
21%
22%
3%
11%
15%
18%
2%
9%
11%
10%
100%
27%
51%
21%
24%
3%
11%
14%
18%
2%
9%
11%
9%
100%
28%
51%
21%
25%
3%
12%
14%
19%
0%
8%
9%
8%
100%
26%
52%
21%
25%
1%
11%
12%
17%
0%
8%
8%
7%
100%
25%
53%
21%
23%
0%
11%
11%
18%
2%
8%
10%
8%
100%
27%
52%
21%
23%
3%
11%
13%
17%
3%
8%
11%
9%
100%
28%
51%
21%
22%
4%
10%
14%
19%
2%
9%
11%
9%
100%
28%
50%
22%
25%
3%
12%
14%
19%
5%
9%
13%
12%
100%
31%
48%
21%
24%
6%
12%
18%
20%
4%
9%
13%
12%
100%
33%
47%
20%
27%
5%
12%
17%
20%
5%
9%
14%
13%
100%
35%
46%
19%
27%
7%
12%
18%
20%
6%
8%
14%
13%
100%
36%
46%
18%
27%
8%
11%
19%
19%
4%
8%
13%
12%
100%
34%
48%
18%
26%
6%
11%
17%
19%
3%
9%
11%
10%
100%
31%
49%
20%
26%
4%
12%
15%
18%
6%
9%
14%
12%
100%
33%
48%
19%
24%
8%
12%
19%
20%
2%
8%
11%
10%
100%
32%
49%
18%
27%
3%
11%
15%

Back to index

Table DE12b: Structure of national income in Germany, 1870-2010: savings, investment and external
balance
[1]

[2]

[3]

[4]

[5]
[6]
[7]
% national income Y

National disposable income Y + FT = C + S = C + I + FI

C
87%
89%
83%
84%
82%
86%
85%
88%
88%
91%
90%
89%
89%
88%
87%
87%
87%
86%
85%
84%
84%
90%
86%
87%
88%
88%
85%
83%
80%
82%
83%
87%
88%
85%
84%
81%
83%
82%
86%
86%
85%
84%
83%
83%

80%
79%
77%
78%
76%
79%
79%
81%
81%
83%
83%
81%
82%
82%
80%
80%
80%
79%
77%
76%
76%
82%
79%
79%
80%
80%
77%
76%
73%
75%
75%
78%
79%
77%
75%
73%
74%
73%
77%
77%
76%
75%
74%
73%

8%
9%
6%
6%
7%
7%
6%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
7%
7%
8%
9%
8%
8%
8%
8%
9%
9%
9%
9%
9%
9%
9%
10%

94%
92%
92%
91%
93%
96%
102%
105%
100%
95%
90%
88%
87%
86%

82%
81%
80%
81%
80%
83%
89%
92%
85%
77%
75%
73%
68%
62%

12%
11%
12%
11%
13%
13%
13%
13%
15%
18%
15%
15%
19%
24%

[9]

[10]

[11]

Current external balance FI = X-M + FY + FT

incl.
incl.
incl.
incl.
Final
domestic
foreign
household government
Net
consumptio
investment investment
consumptio consumptio national
n
(current
savings
n
n
expenditure
(net capital external
expenditure expenditure
formation) balance)

1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

[8]

Net
exports

Exports

Imports

FI

X-M

13%
14%
24%
24%
21%
16%
16%
12%
13%
9%
10%
11%
11%
12%
13%
13%
13%
14%
15%
16%
16%
10%
14%
13%
12%
12%
15%
17%
20%
18%
17%
13%
12%
15%
16%
19%
17%
18%
14%
14%
15%
16%
17%
17%
-2%
-7%
-6%
-3%
-2%
0%
9%
4%
4%
4%
4%
5%
6%
6%
6%
5%
2%
-3%
-6%
0%
5%
10%
12%
13%
14%
-5%
-5%
-5%
-5%
-5%
-5%

12%
11%
16%
13%
17%
14%
13%
11%
10%
7%
8%
9%
9%
10%
11%
10%
10%
12%
12%
13%
14%
9%
13%
12%
10%
11%
13%
14%
17%
17%
16%
12%
11%
15%
16%
16%
17%
18%
13%
14%
13%
15%
17%
16%
0%
0%
0%
0%
0%
0%
9%
9%
9%
9%
9%
9%
6%
12%
10%
8%
2%
-5%
-6%
-1%
6%
10%
11%
13%
14%
0%
0%
0%
0%
0%
0%

1%
4%
8%
11%
4%
2%
2%
2%
3%
2%
2%
2%
3%
2%
3%
3%
3%
2%
3%
3%
2%
1%
1%
1%
2%
1%
2%
2%
2%
1%
1%
1%
1%
1%
1%
3%
1%
0%
1%
1%
1%
1%
1%
1%
-2%
-7%
-6%
-3%
-2%
0%
0%
-5%
-5%
-5%
-5%
-5%
0%
-6%
-4%
-3%
-1%
2%
1%
0%
-1%
0%
1%
0%
-1%
-5%
-5%
-5%
-5%
-5%
-5%

1%
1%
1%
3%
1%
1%
1%
1%
2%
2%
1%
2%
2%
1%
2%
2%
2%
1%
2%
2%
1%
0%
0%
0%
0%
0%
1%
1%
1%
-1%
0%
-1%
0%
-1%
-1%
2%
-1%
-1%
-1%
0%
0%
0%
-1%
0%
-2%
-7%
-6%
-3%
-2%
0%
0
0
0
0
0
-3%
2%
-3%
-1%
1%
3%
5%
3%
2%
0%
1%
2%
1%
0%
-5%
-5%
-5%
-5%
-5%
-5%

18%
19%
20%
19%
20%
18%
17%
18%
19%
20%
19%
19%
17%
17%
18%
17%
18%
18%
19%
18%
18%
18%
18%
18%
19%
21%
20%
20%
19%
20%
20%
21%
21%
22%
15%
5%
5%
3%
4%

17%
17%
18%
18%
18%
16%
16%
17%
17%
18%
18%
19%
18%
17%
18%
17%
17%
17%
18%
18%
19%
18%
18%
18%
19%
19%
21%
21%
19%
20%
20%
21%
21%
22%
17%
12%
12%
7%
6%

16%
18%
17%
17%
19%
19%
18%
14%
11%
9%
8%
9%
10%
9%

19%
16%
20%
18%
19%
16%
13%
11%
9%
9%
7%
7%
9%
9%

Net
foreign
income

Net
foreign
taxes &
transfers

FY

FT

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
-1%
-1%
-1%
-2%
-2%
-1%
-1%
-1%
-1%
-1%
-1%
0%
0%
0%
0%
0%
0%

0%
3%
7%
9%
3%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
-5%
-5%
-5%
-5%
-2%
-2%
-2%
-2%
-3%
-2%
-2%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

Discrepanc
y
expenditure
/income
approach

100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

[1]

[2]

[3]

[4]

[5]
[6]
[7]
% national income Y

National disposable income Y + FT = C + S = C + I + FI

[11]

Net
foreign
income

Net
foreign
taxes &
transfers

Exports

Imports

FY

FT

12%
13%
12%
12%
14%
15%
16%
17%
17%
17%
18%
17%
18%
18%
19%
20%
20%
19%
20%
21%
22%
21%
21%
21%
25%
25%
27%
27%
26%
28%
31%
32%
32%
31%
33%
34%
29%
28%
29%
31%
31%
30%
28%
25%
26%
27%
28%
31%
32%
34%
39%
39%
37%
38%
39%
42%
46%
46%
48%
43%
48%
52%

0%
0%
2%
2%
2%
2%
1%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
1%
0%
0%
0%
0%
0%
1%
1%
0%
0%
1%
1%
1%
1%
0%
0%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-2%
-1%
1%
1%
2%
2%
1%
2%
2%
2%

0%
0%
-4%
-4%
-4%
-4%
-4%
-4%
3%
-3%
-3%
-2%
-2%
-1%
-2%
-1%
-1%
-2%
-1%
-1%
-1%
-1%
-1%
-1%
-2%
-2%
-1%
-2%
-2%
-2%
-2%
-2%
-1%
-2%
-2%
-2%
-2%
-2%
-1%
-2%
-2%
-1%
-1%
-1%
-1%
-3%
-2%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
-2%
-2%
-2%
-2%

FI

X-M

82%
78%
76%
77%
77%
75%
76%
76%
78%
77%
76%
77%
78%
79%
77%
79%
79%
82%
80%
78%
78%
80%
81%
81%
83%
87%
86%
87%
86%
87%
89%
90%
90%
90%
89%
88%
87%
88%
86%
85%
84%
88%
89%
91%
91%
91%
91%
91%
91%
92%
92%
92%
92%
93%
90%
90%
87%
85%
86%
91%
89%
89%

-5%
11%
15%
15%
15%
15%
18%
20%
25%
20%
22%
22%
22%
20%
21%
23%
22%
21%
19%
21%
20%
19%
17%
19%
20%
21%
19%
17%
17%
15%
11%
12%
12%
12%
12%
10%
8%
8%
8%
9%
10%
12%
11%
12%
13%
13%
10%
10%
8%
8%
8%
7%
8%
8%
7%
7%
6%
6%
6%
9%
9%
12%
14%
12%
8%
9%
10%

0%
16%
16%
16%
16%
16%
17%
18%
16%
17%
21%
20%
19%
18%
19%
21%
21%
21%
19%
21%
21%
19%
14%
16%
18%
19%
18%
17%
16%
12%
10%
11%
11%
11%
13%
12%
9%
7%
8%
7%
7%
7%
6%
7%
8%
9%
12%
11%
9%
10%
10%
8%
8%
9%
9%
9%
7%
4%
4%
3%
3%
4%
5%
5%
1%
2%
4%

-5%
-5%
-1%
-1%
-1%
-1%
2%
2%
9%
3%
2%
2%
3%
3%
2%
2%
1%
0%
0%
0%
-1%
1%
3%
3%
2%
1%
1%
1%
2%
3%
1%
1%
1%
2%
-1%
-2%
-1%
1%
1%
2%
3%
5%
5%
5%
5%
4%
-2%
-1%
-1%
-2%
-1%
-1%
-1%
-1%
-2%
-2%
0%
2%
2%
5%
6%
7%
9%
7%
7%
7%
6%

-5%
-5%
1%
1%
1%
1%
4%
5%
5%
5%
4%
4%
4%
4%
4%
3%
3%
1%
2%
2%
0%
2%
4%
4%
3%
2%
2%
2%
3%
5%
3%
2%
2%
3%
0%
-1%
1%
3%
2%
3%
4%
6%
6%
6%
6%
6%
0%
0%
0%
0%
1%
1%
2%
2%
1%
0%
2%
5%
5%
6%
6%
6%
8%
7%
6%
6%
6%

11%
11%
12%
12%
12%
11%
12%
13%
14%
14%
14%
15%
16%
17%
16%
16%
17%
18%
17%
17%
17%
18%
19%
20%
21%
22%
22%
22%
22%
22%
23%
23%
23%
23%
22%
22%
22%
23%
22%
21%
21%
22%
22%
23%
23%
23%
23%
23%
23%
23%
23%
23%
23%
23%
22%
22%
21%
20%
21%
23%
23%
23%

[10]

Net
exports

70%
67%
64%
65%
65%
64%
64%
64%
64%
63%
62%
62%
62%
63%
61%
62%
63%
64%
63%
62%
61%
61%
62%
62%
62%
65%
64%
65%
64%
65%
66%
67%
67%
67%
67%
66%
64%
65%
64%
64%
63%
66%
67%
68%
68%
68%
68%
69%
68%
69%
69%
70%
69%
70%
68%
68%
66%
64%
65%
68%
66%
66%

[9]

Current external balance FI = X-M + FY + FT

incl.
incl.
incl.
incl.
Final
domestic
foreign
household government
Net
consumptio
investment investment
consumptio consumptio national
n
(current
savings
n
n
expenditure
(net capital external
expenditure expenditure
formation) balance)

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

[8]

13%
17%
17%
18%
19%
20%
20%
21%
20%
20%
21%
20%
19%
20%
20%
20%
22%
23%
24%
25%
24%
23%
23%
25%
29%
28%
29%
29%
28%
29%
30%
33%
34%
33%
36%
38%
35%
34%
34%
36%
37%
30%
28%
26%
27%
28%
29%
32%
34%
35%
40%
41%
43%
42%
45%
48%
52%
54%
56%
49%
54%
58%

Discrepanc
y
expenditure
/income
approach

100.17%
99.74%
99.70%
99.64%
99.75%
100.08%
99.99%
99.90%
99.94%
100.03%
100.17%
100.17%
100.10%
99.98%
100.05%
99.98%
99.89%
99.76%
99.72%
99.94%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

Back to index

Table DE12c: Structure of national income in Germany, 1870-2010: private vs government saving, investment, and depreciation
[1]

[2]

[3]

[4]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

[18]

[19]

[20]

[21]

% national income Y
Decomposition of saving flows

Net
national
saving

Decomposition of domestic investment

incl.
Private
incl.
Domestic
Private
incl.
Private
incl.
Domestic
personal
incl.
incl.
saving
personal
Government investment investment personal corporate Government
depreciation
Government
corporate
depreciatio
(household Corporate
(personal + (household)
saving
(net capital (personal + (household) investmen investment
(personal +
depreciation
saving
n
& NPISH) depreciation
t
corporate)
savings
formation) corporate) investment
corporate)
depreciation

S
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933

13%
14%
24%
24%
21%
16%
16%
12%
13%
9%
10%
11%
11%
12%
13%
13%
13%
14%
15%
16%
16%
10%
14%
13%
12%
12%
15%
17%
20%
18%
17%
13%
12%
15%
16%
19%
17%
18%
14%
14%
15%
16%
17%
17%
-2%
-7%
-6%
-3%
-2%
0%
9%
4%
4%
4%
4%
5%
6%
6%
6%
5%
2%
-3%
-6%
0%

Decomposition of depreciation

I
12%
7%
16%
20%
18%
13%
13%
11%
13%
9%
10%
12%
11%
12%
15%
14%
14%
16%
16%
17%
16%
11%
13%
13%
12%
12%
15%
16%
19%
17%
17%
14%
12%
15%
16%
19%
17%
19%
17%
15%
14%
16%
17%
17%
12%
26%
35%
30%
14%
8%
18%
10%
6%
6%
6%
15%
8%
4%
8%
7%
4%
-2%
-4%
0%

1%
7%
8%
4%
3%
3%
2%
2%
0%
0%
-1%
-1%
0%
-1%
-1%
-1%
-1%
-2%
-1%
-1%
0%
-1%
0%
0%
0%
1%
0%
1%
1%
1%
0%
-1%
0%
0%
0%
0%
0%
-1%
-3%
-1%
1%
0%
0%
0%
-14%
-33%
-42%
-33%
-16%
-8%
-9%
-6%
-2%
-2%
-2%
-10%
-2%
2%
-1%
-2%
-3%
-1%
-1%
-1%

12%
11%
16%
13%
17%
14%
13%
11%
10%
7%
8%
9%
9%
10%
11%
10%
10%
12%
12%
13%
14%
9%
13%
12%
10%
11%
13%
14%
17%
17%
16%
12%
11%
15%
16%
16%
17%
18%
13%
14%
13%
15%
17%
16%
0%
0%
0%
0%
0%
0%
9%
9%
9%
9%
9%
9%
6%
12%
10%
8%
2%
-5%
-6%
-1%

Decomposition of net lending/borrowing (capital

account)
Net
national
lending

incl.
personal
incl.
Net private
Government
(household corporations
lending
lending
& NPISH)
' lending
lending

Discrepenc
y savings

Discrepanc
Discrepenc
Discrepanc
y
y
y national
depreciatio
investment
net lending
n

KD
8%
8%
11%
9%
13%
9%
8%
7%
8%
3%
5%
7%
6%
8%
9%
9%
9%
10%
10%
11%
12%
7%
11%
10%
9%
9%
12%
13%
15%
15%
13%
10%
8%
12%
13%
13%
14%
15%
10%
11%
11%
12%
14%
13%
2%
2%
2%
2%
2%
2%
11%
11%
11%
11%
11%
8%
4%
10%
8%
6%
1%
-5%
-5%
0%

4%
3%
5%
4%
4%
5%
5%
4%
2%
4%
3%
2%
3%
2%
2%
1%
1%
1%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
3%
3%
3%
3%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
-2%
-2%
-2%
-2%
-2%
-2%
-2%
-2%
-2%
-2%
-2%
1%
2%
2%
2%
1%
1%
0%
-1%
0%

9%
9%
8%
8%
9%
9%
10%
12%
11%

1%
4%
8%
11%
4%
2%
2%
2%
3%
2%
2%
2%
3%
2%
3%
3%
3%
2%
3%
3%
2%
1%
1%
1%
2%
1%
2%
2%
2%
1%
1%
1%
1%
1%
1%
3%
1%
0%
1%
1%
1%
1%
1%
1%
-2%
-7%
-6%
-3%
-2%
0%
0%
-5%
-5%
-5%
-5%
-5%
0%
-6%
-4%
-3%
-1%
2%
1%
0%

4%
-1%
5%
11%
5%
4%
5%
4%
5%
6%
5%
5%
5%
4%
6%
5%
5%
5%
6%
6%
4%
4%
3%
3%
4%
3%
3%
4%
3%
2%
4%
4%
4%
3%
3%
6%
3%
5%
6%
5%
3%
4%
3%
4%
10%
24%
33%
28%
11%
5%
7%
-1%
-5%
-5%
-5%
6%
4%
-6%
-1%
1%
3%
3%
1%
1%

-4%
4%
3%
0%
-2%
-2%
-3%
-2%
-2%
-4%
-4%
-3%
-3%
-3%
-3%
-3%
-3%
-3%
-3%
-3%
-2%
-3%
-2%
-2%
-2%
-2%
-1%
-1%
-1%
-1%
-3%
-3%
-2%
-2%
-2%
-3%
-2%
-4%
-6%
-4%
-2%
-3%
-3%
-3%
-12%
-31%
-39%
-31%
-13%
-5%
-7%
-4%
0%
0%
0%
-11%
-4%
0%
-3%
-4%
-4%
-1%
-1%
0%

0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

[1]

[2]

[3]

[4]

[6]

[7]

Decomposition of saving flows

Net
national
saving

5%
10%
12%
13%
14%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
11%
15%
15%
15%
15%
18%
20%
25%
20%
22%
22%
22%
20%
21%
23%
22%
21%
19%
21%
20%
19%
17%
19%
20%
21%
19%
17%
17%
15%
11%
12%
12%
12%
12%
10%
8%
8%
8%
9%
10%
12%
11%
12%
13%
13%
10%
10%
8%
8%
8%
7%
8%
8%
7%
7%
6%
6%

[9]

[10]

[11]
[12]
% national income Y

Decomposition of domestic investment

[13]

[14]

[15]

[16]

I
4%
8%
10%
11%
18%
5%
12%
20%
24%
30%
-6%
-6%
10%
13%
13%
13%
13%
14%
15%
13%
14%
16%
15%
16%
17%
17%
17%
16%
16%
15%
16%
17%
16%
15%
16%
16%
16%
15%
15%
13%
14%
15%
14%
13%
13%
13%
11%
11%
11%
11%
11%
11%
12%
12%
14%
13%
14%
13%
12%
11%
10%
19%
11%
11%
11%
9%
8%
10%
11%

3%
3%
4%
5%
6%
5%
4%
6%
6%
6%
6%
7%
6%
7%
8%
9%
9%
8%
9%
10%
10%
10%
11%
10%
11%
12%
11%
10%
10%
10%
10%
11%
10%
9%
9%
9%
10%
10%
10%
9%
10%
10%
10%
10%
9%
9%
9%
9%
9%
8%
8%
8%
8%

10%
11%
11%
8%
8%
11%
11%
10%
11%
11%
11%
10%
9%
7%
8%
8%
7%
7%
7%
6%
6%
5%
4%
3%
3%
3%
3%
3%
4%
3%
1%
0%
0%
2%
1%
1%
3%
2%
4%
3%
4%
2%
1%
1%
1%
10%
2%
2%
2%
0%
0%
2%
3%

1%
1%
2%
1%
-5%
-10%
-17%
-25%
-29%
-35%
1%
1%
1%
1%
1%
1%
2%
4%
5%
12%
6%
7%
7%
5%
3%
4%
6%
6%
5%
5%
5%
3%
3%
2%
2%
4%
4%
4%
2%
4%
1%
-4%
-2%
-1%
-1%
-1%
-1%
-3%
-3%
-2%
-2%
-1%
0%
-1%
-2%
1%
-2%
-2%
-2%
-3%
-2%
-11%
-4%
-3%
-3%
-2%
-2%
-4%
-5%

6%
10%
11%
13%
14%
0%
0%
0%
0%
0%
0%
0%
16%
16%
16%
16%
16%
17%
18%
16%
17%
21%
20%
19%
18%
19%
21%
21%
21%
19%
21%
21%
19%
14%
16%
18%
19%
18%
17%
16%
12%
10%
11%
11%
11%
13%
12%
9%
7%
8%
7%
7%
7%
6%
7%
8%
9%
12%
11%
9%
10%
10%
8%
8%
9%
9%
9%
7%
4%

[17]

[18]

[19]

[20]

[21]

Decomposition of net lending/borrowing (capital

account)

Decomposition of depreciation

incl.
Private
incl.
Domestic
Private
incl.
Private
incl.
Domestic
personal
incl.
incl.
saving
personal
Government investment investment personal corporate Government
depreciation
Government
corporate
depreciatio
(household Corporate
(personal + (household)
saving
(net capital (personal + (household) investmen investment
(personal +
depreciation
saving
n
& NPISH) depreciation
t
corporate)
savings
formation) corporate) investment
corporate)
depreciation

S
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002

[8]

Net
national
lending

incl.
personal
incl.
Net private
Government
(household corporations
lending
lending
& NPISH)
' lending
lending

Discrepenc
y savings

Discrepanc
Discrepenc
Discrepanc
y
y
y national
depreciatio
investment
net lending
n

KD
4%
7%
8%
9%
9%
-1%
-1%
-1%
-1%
-1%
-1%
-1%
15%
15%
15%
15%
15%
16%
17%
15%
16%
19%
18%
17%
16%
17%
19%
18%
17%
15%
17%
17%
15%
11%
13%
15%
16%
15%
14%
13%
9%
7%
9%
9%
9%
11%
10%
7%
6%
7%
7%
6%
6%
5%
6%
7%
8%
11%
10%
8%
9%
9%
8%
8%
9%
8%
9%
6%
4%

6%
5%
4%
5%
4%
4%
4%
3%
4%
4%
4%
5%
5%
5%
6%
5%
5%
5%
4%
4%
4%
2%
2%

4%
2%
1%
2%
2%
2%
3%
2%
3%
3%
4%
6%
5%
3%
3%
4%
3%
3%
4%
4%
5%
4%
2%

1%
3%
4%
4%
5%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
2%
2%
2%
2%
2%
2%
3%
3%
4%
4%
4%
3%
3%
3%
3%
4%
3%
3%
3%
3%
3%
2%
2%
2%
2%
2%
2%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
0%
0%
0%
0%
0%
0%
0%
0%

10%
10%
10%
9%
9%

10%
10%
10%
9%
9%
9%
9%
9%
9%
9%
10%
10%
11%
11%
11%
12%
12%
13%
13%
12%
13%
13%
13%
13%
14%
14%
14%
14%
14%
15%
15%
16%
16%
16%
16%
16%
16%
16%
16%
16%
16%
16%
16%
17%
17%
17%
17%
17%
17%
17%
17%
18%
18%

8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
9%
9%
10%
10%
10%
11%
11%
11%
11%
11%
11%
12%
11%
12%
12%
12%
12%
12%
12%
13%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
14%
15%
15%
15%
15%
15%
15%
15%
15%
16%
16%

4%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%

9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%

2%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%

-1%
0%
1%
0%
-1%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-5%
-1%
-1%
-1%
-1%
2%
2%
9%
3%
2%
2%
3%
3%
2%
2%
1%
0%
0%
0%
-1%
1%
3%
3%
2%
1%
1%
1%
2%
3%
1%
1%
1%
2%
-1%
-2%
-1%
1%
1%
2%
3%
5%
5%
5%
5%
4%
-2%
-1%
-1%
-2%
-1%
-1%
-1%
-1%
-2%
-2%
0%
2%

0%
2%
3%
3%
9%
7%
13%
21%
26%
32%
-5%
-5%
-5%
-1%
-1%
-1%
-2%
-2%
-2%
-2%
-2%
-3%
-3%
-1%
1%
0%
-2%
-2%
-2%
-1%
0%
-1%
0%
4%
3%
0%
1%
0%
1%
0%
5%
8%
5%
4%
5%
2%
1%
4%
5%
4%
4%
4%
6%
7%
7%
5%
6%
2%
2%
3%
1%
10%
3%
3%
2%
0%
-1%
4%
7%

4%
6%
6%
4%
5%
5%
6%
6%
6%
5%
6%
6%
6%
5%
3%
4%
4%
4%
4%
4%
4%
6%
6%

-3%
-2%
-1%
0%
-1%
-1%
0%
0%
1%
0%
1%
-4%
-4%
-3%
-2%
6%
-1%
-1%
-2%
-4%
-5%
-2%
1%

-1%
-2%
-2%
-3%
-10%
-12%
-18%
-26%
-31%
-37%
0%
0%
0%
0%
0%
0%
1%
3%
4%
11%
5%
5%
5%
3%
2%
2%
3%
3%
2%
1%
1%
0%
0%
-1%
-1%
1%
1%
0%
0%
1%
-2%
-6%
-4%
-3%
-3%
-3%
-3%
-5%
-4%
-3%
-2%
-1%
-1%
-2%
-2%
0%
-2%
-3%
-3%
-4%
-3%
-11%
-4%
-3%
-3%
-2%
-2%
-4%
-5%

0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
-0.012%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

[1]

[2]

[3]

[4]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

[18]

[19]

[20]

[21]

% national income Y
Decomposition of saving flows

Net
national
saving

Decomposition of domestic investment

6%
9%
9%
12%
14%
12%
8%
9%
10%

Decomposition of depreciation

incl.
Private
incl.
Domestic
Private
incl.
Private
incl.
Domestic
personal
incl.
incl.
saving
personal
Government investment investment personal corporate Government
depreciation
Government
corporate
depreciatio
(household Corporate
(personal + (household)
saving
(net capital (personal + (household) investmen investment
(personal +
depreciation
saving
n
& NPISH) depreciation
t
corporate)
savings
formation) corporate) investment
corporate)
depreciation

S
2003
2004
2005
2006
2007
2008
2009
2010
2011

Decomposition of net lending/borrowing (capital

account)

I
11%
13%
13%
14%
14%
13%
11%
14%
11%

9%
9%
9%
9%
8%
8%
9%
9%
8%

2%
5%
4%
5%
6%
4%
3%
6%
2%

-5%
-5%
-4%
-2%
0%
0%
-4%
-5%
-1%

4%
3%
3%
4%
5%
5%
1%
2%
4%

Net
national
lending

incl.
personal
incl.
Net private
Government
(household corporations
lending
lending
& NPISH)
' lending
lending

Discrepenc
y savings

Discrepanc
Discrepenc
Discrepanc
y
y
y national
depreciatio
investment
net lending
n

KD
4%
4%
3%
4%
6%
5%
1%
3%
4%

2%
2%
2%
2%
2%
2%
1%
2%
2%

2%
2%
2%
2%
4%
4%
0%
1%
1%

0%
0%
0%
0%
0%
0%
0%
0%
0%

18%
17%
17%
17%
17%
17%
18%
18%
17%

16%
15%
15%
15%
15%
15%
16%
16%
15%

5%
5%
5%
5%
5%
5%
5%
5%
5%

10%
10%
10%
10%
10%
10%
11%
10%
10%

2%
2%
2%
2%
2%
2%
2%
2%
2%

2%
5%
6%
7%
9%
7%
7%
7%
6%

7%
10%
10%
9%
8%
7%
10%
12%
7%

7%
7%
8%
7%
6%
6%
7%
7%
6%

0%
3%
2%
3%
2%
1%
3%
5%
1%

-5%
-4%
-4%
-2%
0%
0%
-4%
-5%
-1%

0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%
0.000%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Back to index

Table DE.13: Structure of national income in Germany, 1950-2010: taxes & transfers
[1]

29%
31%
32%
33%
32%
31%
31%
32%
32%
33%
33%
34%
35%
35%
35%
34%
35%
36%
36%
38%
37%
38%
38%
41%
41%
41%
43%
44%
43%
43%
43%
43%
43%
43%
43%
43%
43%
43%
42%
42%
41%
42%
43%
45%
45%
45%
46%
46%
47%
48%
48%
46%
46%
46%
44%
44%
44%
44%
45%
45%
44%
45%

12%
13%
14%
14%
14%
14%
14%
13%
13%
13%
13%
13%
13%
13%
13%
12%
12%
13%
12%
13%
12%
12%
11%
11%
11%
10%
11%
11%
11%
11%
11%
11%
11%
11%
11%
10%
10%
10%
10%
10%
10%
8%
9%
9%
10%
9%
9%
9%
10%
10%
10%
11%
11%
11%
11%
11%
11%
11%
11%
12%
11%
12%

Tct

2%
2%
2%
2%
2%
1%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
2%
2%
2%
3%
3%
3%
3%
3%
2%
3%
3%

Social
contributions

Tpt

Personal taxes

Tt

Corporate taxes

1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

Production taxes

Total
taxes

[2]
[3]
[4]
[5]
[6]
[7]
Tax revenues (% national income Yt)

Tit

SCt

10%
11%
11%
12%
13%
12%
12%
13%
12%
12%
12%
12%
12%
11%
11%
12%
11%
12%
12%
12%
11%
11%
12%
12%
11%
12%
11%
11%
11%
12%
12%
11%
11%
11%
10%
10%
10%
10%
11%
11%
10%
10%

9%
9%
9%
9%
9%
9%
9%
10%
11%
11%
11%
11%
11%
11%
11%
11%
12%
12%
12%
13%
13%
14%
15%
16%
16%
17%
18%
18%
18%
18%
18%
19%
19%
19%
19%
19%
19%
19%
19%
18%
18%
19%
20%
21%
21%
22%
23%
23%
23%
23%
22%
22%
22%
22%
21%
21%
20%
19%
19%
20%
20%
20%

Total
inc.
taxes
beq. &
on
gift tax
capital

TKt

3%
3%
3%
3%
3%
3%
3%
4%
4%
4%
3%
3%
3%
3%
4%
4%
4%
4%
4%
4%
4%
5%
5%
5%
4%
4%
5%
5%
5%
5%
5%
4%
4%
4%
5%
5%
6%
6%
6%
5%
5%
5%

TBt

0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%

[8]

[9]
[10]
[11]
[12]
[13]
[14]
Tax rates (% factor income YKt & YLt)
Tax

[15]
[16]
[17]
[18]
Transfers (% national income Yt)

Tax

Total
Tax
Tax rate on Tax
Tax rate on
Total inc. replac.
memo:
taxes
labor
labor
income inc. pure
in-kind
rate on rate on (exc. rate on rate on (exc.
cash
(pensions transfers
on
govt
capital labor replac. capital labor replac. transfers
& UI)
labor
transfers:
TLt

22%
23%
24%
26%
27%
28%
29%
29%
29%
28%
29%
29%
30%
29%
29%
29%
29%
29%
29%
28%
27%
29%
30%
31%
31%
32%
32%
32%
32%
32%
32%
31%
31%
31%
29%
28%
27%
27%
28%
29%
28%
28%

taxes)

taxes)

(excluding production
taxes)

(including production
taxes)

TRt

YRt

TR0t

26%
26%
25%
27%
27%
25%
27%
29%
28%
28%
28%
27%
27%
27%
27%
27%
26%
26%
25%
25%
24%
28%
29%
29%
27%
26%
27%
27%
28%
30%
31%
25%
25%
25%
25%
26%
26%
27%
28%
26%
26%
28%

14%
12%
13%
13%
13%
13%
13%
14%
15%
14%
13%
13%
13%
13%
13%
14%
14%
16%
15%
15%
14%
14%
15%
15%
16%
19%
19%
19%
19%
18%
18%
19%
19%
19%
18%
18%
17%
18%
18%
17%
16%
18%
19%
20%
20%
21%
22%
22%
22%
22%
21%
22%
22%
23%
22%
21%
20%
19%
19%
21%
20%
19%

11%
10%
10%
11%
11%
10%
11%
12%
12%
12%
11%
11%
11%
11%
11%
11%
12%
13%
12%
12%
11%
12%
12%
12%
13%
16%
16%
16%
15%
15%
15%
15%
16%
15%
15%
15%
14%
15%
15%
14%
14%
15%
15%
17%
17%
17%
18%
18%
18%
18%
18%
19%
19%
19%
18%
18%
16%
15%
16%
17%
16%
16%

2%
2%
2%
2%
2%
2%
2%
3%
3%
3%
2%
2%
2%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
4%
4%
4%
4%
3%
3%
3%
4%
4%
4%
4%
3%
3%
4%
4%
3%

17%
16%
16%
18%
18%
16%
18%
20%
20%
19%
19%
18%
18%
18%
18%
19%
18%
17%
17%
17%
15%
21%
22%
22%
20%
18%
20%
19%
20%
22%
23%
16%
16%
16%
16%
17%
18%
18%
18%
17%
16%
18%

32%
34%
34%
37%
38%
38%
40%
41%
40%
40%
40%
40%
41%
40%
41%
41%
41%
41%
41%
42%
40%
41%
42%
43%
44%
45%
46%
47%
47%
48%
47%
46%
46%
47%
46%
46%
46%
46%
46%
46%
45%
45%

15%
17%
17%
20%
20%
16%
18%
19%
19%
19%
19%
19%
19%
19%
19%
20%
21%
21%
20%
21%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
19%
18%
18%
17%
17%
18%
19%
20%
19%
18%
20%

40%
42%
42%
44%
44%
45%
47%
47%
47%
46%
46%
46%
47%
47%
47%
47%
47%
47%
47%
48%
46%
46%
47%
48%
50%
50%
51%
52%
52%
53%
52%
52%
52%
52%
51%
52%
52%
52%
52%
52%
51%
51%

25%
27%
26%
28%
28%
25%
27%
28%
27%
27%
28%
28%
27%
27%
28%
29%
29%
29%
28%
29%
28%
27%
27%
27%
28%
28%
27%
28%
28%
29%
28%
28%
27%
27%
26%
26%
27%
28%
29%
28%
28%
29%

health,
educ.

4%
5%
5%
5%
6%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
8%
8%
8%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
8%
8%
9%
10%
9%
9%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Back to index

Table DE.15a: Price indices in Germany, 1870-2011 (annual series)

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

Price and return indexes

Equity total
Consumer GDP price
Equity total
Real estate Real estate
return
Consumer
price index
index
PCE index price index price index Equity price
real return
GDP price
index
price
(whole
(West
index
(1950=100 (1950=100 (1950=100)
index
inflation
(dividend
inflation
country)
Germany)
)
)
(CPI)
reinvested)
Pt

1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959

34.3
36.8
38.8
42.6
44.8
41.0
40.5
41.4
39.2
38.5
40.9
41.3
40.3
40.2
38.6
37.6
37.0
37.0
37.5
38.9
40.2
41.0
40.8
40.2
39.6
39.4
38.5
39.6
40.9
40.6
41.5
42.1
42.5
42.1
42.4
43.7
46.7
47.5
47.4
48.3
49.3
50.8
53.6
53.9
55.6
69.6
90.7
135.2
162.1
222.2
545.4
717
12,932
4.E+12
68.5
74.9
75.7
79.2
81.4
82.6
79.5
73.0
64.7
63.3
65.0
66.1
66.7
67.1
67.4
67.7
69.9
71.5
73.7
74.3
76.1
78.9
87.0
90.6
101.1
108.2
100.0
107.6
109.8
108.0
108.3
109.8
112.9
115.2
117.8
118.6

[11]

[12]

[13]

[14]

[15]

[16]

Annual inflation rates and return rates

PCE
inflation

Equity total
Real estate Real estate
Equity total
return
price index price index Equity price
real return
(whole
(West
inflation
(incl.
(CPI)
country)
Germany)
dividend)

pt

38.3
40.0
42.9
45.3
45.5
43.0
42.7
41.7
40.7
39.1
40.8
40.2
40.4
39.4
39.0
38.1
37.9
38.1
38.9
40.0
41.1
40.8
41.0
38.6
38.1
38.3
38.9
39.8
40.0
41.5
42.9
42.0
42.1
42.2
42.4
43.8
46.0
46.3
45.6
46.6
48.3
48.1
49.3
49.6
51.2
64.1
83.5
124.4
149.1
204.4
501.7
660
11,896
3.E+12
63.0
68.9
70.8
72.4
75.0
76.4
76.2
72.0
63.7
60.8
61.0
60.7
60.5
61.0
62.5
63.5
61.4
58.6
57.8
58.7
61.8
70.3
78.8
83.8
96.9
103.3
100.0
111.7
116.8
115.2
114.8
117.1
120.3
123.9
127.6
129.6

100.0
108.1
109.6
108.5
109.0
110.3
112.6
115.2
118.4
119.3

101.6
119.2
160.0
157.8
121.6
96.3
78.3
72.2
75.8
91.1
117.4
123.0
123.0
124.1
119.3
114.8
116.1
118.9
136.1
165.8
161.1
139.6
133.2
133.8
143.8
162.3
167.3
176.8
182.3
186.2
171.6
153.8
154.6
161.2
172.0
188.3
186.3
171.8
166.9
177.1
188.2
189.6
189.2
182.1
167.8
153.1
178.1
215.3
220.0
162.6
317.1
667.8

103.1
131.2
191.6
203.8
167.5
140.8
120.7
116.6
129.0
163.6
221.1
243.6
255.8
270.6
273.0
276.2
292.3
313.3
375.3
480.4
492.8
452.8
455.9
480.6
541.6
640.8
691.6
770.3
838.2
903.3
878.3
829.8
874.3
953.0
1,069
1,229
1,278
1,246
1,279
1,430
1,596
1,690
1,776
1,799
1,745
1,660
2,015
2,566
2,737
2,134
4,339
9,513

40.8
44.3
53.5
78.3
73.7
66.3
54.2
36.8
27.3
33.3
38.5
44.7
49.5
55.4
54.0
50.8
62.2
74.0
76.8
76.3
76.0
74.0
68.5
73.3
52.9
14.6
20.3
29.0
37.2
33.4
48.0
74.6
70.7
70.1
87.8
147.3

626
722
925
1,402
1,378
1,307
1,136
837
670
862
1,034
1,252
1,439
1,674
1,703
1,682
2,152
2,661
2,864
2,939
3,009
2,944
2,730
2,921
2,050
585
803
1,166
1,504
1,384
2,038
3,263
3,196
3,306
4,341
7,518

102.5
121.1
168.7
163.4
127.5
116.8
101.4
96.0
112.2
144.3
184.1
200.8
216.1
229.2
241.1
250.7
268.9
288.4
340.5
420.0
417.5
376.3
381.0
406.8
465.3
555.0
612.8
664.2
697.3
758.4
723.3
672.8
700.7
770.5
857
957
933
894
919
1,009
1,102
1,132
1,128
1,136
1,083
812
761
648
579
332
273
431
302
401
312
330
415
604
577
539
487
390
353
464
542
646
734
849
861
847
1,050
1,269
1,324
1,348
1,348
1,273
1,071
1,099
737
186
274
367
465
435
639
1,010
964
977
1,261
2,168

7.1%
5.4%
10.0%
5.1%
-8.4%
-1.3%
2.2%
-5.2%
-1.7%
6.3%
0.8%
-2.4%
-0.2%
-3.9%
-2.7%
-1.5%
0.0%
1.4%
3.7%
3.3%
2.0%
-0.6%
-1.4%
-1.4%
-0.7%
-2.2%
2.7%
3.5%
-0.8%
2.2%
1.4%
1.1%
-0.9%
0.7%
3.0%
6.8%
1.7%
-0.3%
1.9%
2.1%
3.2%
5.4%
0.6%
3.1%
25.2%
30.3%
49.0%
19.9%
37.1%
145.4%
31.5%
1703%
3.E+08
-100.0%
9.4%
1.1%
4.6%
2.7%
1.6%
-3.8%
-8.1%
-11.4%
-2.2%
2.7%
1.7%
1.0%
0.5%
0.5%
0.5%
3.1%
2.3%
3.1%
0.7%
2.5%
3.7%
10.3%
4.1%
11.7%
6.9%
-7.5%
7.6%
2.1%
-1.7%
0.4%
1.4%
2.8%
2.0%
2.3%
0.6%

4.5%
7.3%
5.4%
0.5%
-5.5%
-0.8%
-2.2%
-2.5%
-4.0%
4.4%
-1.5%
0.6%
-2.6%
-1.0%
-2.3%
-0.7%
0.5%
2.1%
3.1%
2.6%
-0.7%
0.6%
-5.9%
-1.3%
0.4%
1.6%
2.4%
0.5%
3.8%
3.3%
-2.1%
0.1%
0.4%
0.5%
3.2%
5.0%
0.6%
-1.5%
2.3%
3.6%
-0.3%
2.5%
0.6%
3.1%
25.2%
30.3%
49.0%
19.9%
37.1%
145.4%
31.5%
1703%
3.E+08
-100.0%
9.4%
2.7%
2.3%
3.6%
1.8%
-0.3%
-5.5%
-11.5%
-4.4%
0.3%
-0.4%
-0.4%
0.8%
2.6%
1.6%
-3.3%
-4.5%
-1.4%
1.5%
5.2%
13.8%
12.1%
6.3%
15.7%
6.6%
-3.2%
11.7%
4.6%
-1.4%
-0.3%
2.0%
2.7%
3.0%
3.0%
1.6%

8.1%
1.5%
-1.0%
0.4%
1.2%
2.0%
2.4%
2.7%
0.8%

17.3%
34.3%
-1.4%
-23.0%
-20.8%
-18.6%
-7.9%
5.1%
20.1%
28.9%
4.8%
0.0%
0.9%
-3.8%
-3.8%
1.2%
2.4%
14.4%
21.8%
-2.8%
-13.3%
-4.6%
0.4%
7.5%
12.8%
3.1%
5.7%
3.2%
2.1%
-7.8%
-10.4%
0.5%
4.3%
6.7%
9.4%
-1.0%
-7.8%
-2.8%
6.1%
6.3%
0.8%
-0.2%
-3.7%
-7.9%
-8.7%
16.3%
20.9%
2.2%
-26.1%
95.0%
110.6%

27.2%
46.1%
6.4%
-17.8%
-15.9%
-14.3%
-3.4%
10.7%
26.8%
35.2%
10.2%
5.0%
5.8%
0.9%
1.2%
5.8%
7.2%
19.8%
28.0%
2.6%
-8.1%
0.7%
5.4%
12.7%
18.3%
7.9%
11.4%
8.8%
7.8%
-2.8%
-5.5%
5.4%
9.0%
12.2%
15.0%
4.0%
-2.5%
2.6%
11.8%
11.6%
5.9%
5.1%
1.3%
-3.0%
-4.9%
21.3%
27.4%
6.7%
-22.0%
103.4%
119.2%

8.6%
20.7%
46.3%
-5.9%
-10.0%
-18.3%
-32.2%
-25.9%
22.3%
15.5%
16.0%
10.8%
12.0%
-2.6%
-5.9%
22.3%
19.0%
3.7%
-0.7%
-0.3%
-2.6%
-7.4%
6.9%
-27.8%
-72.4%
38.9%
43.2%
28.2%
-10.1%
43.6%
55.4%
-5.3%
-0.8%
25.3%
67.6%

15.5%
28.1%
51.5%
-1.7%
-5.2%
-13.1%
-26.3%
-19.9%
28.7%
19.9%
21.1%
15.0%
16.3%
1.7%
-1.2%
27.9%
23.7%
7.6%
2.6%
2.4%
-2.2%
-7.3%
7.0%
-29.8%
-71.5%
37.3%
45.2%
29.0%
-8.0%
47.3%
60.1%
-2.1%
3.5%
31.3%
73.2%

18.1%
39.3%
-3.1%
-22.0%
-8.4%
-13.2%
-5.3%
16.8%
28.7%
27.5%
9.1%
7.6%
6.1%
5.2%
4.0%
7.3%
7.3%
18.1%
23.3%
-0.6%
-9.9%
1.3%
6.8%
14.4%
19.3%
10.4%
8.4%
5.0%
8.8%
-4.6%
-7.0%
4.1%
10.0%
11.2%
11.7%
-2.5%
-4.2%
2.8%
9.7%
9.2%
2.8%
-0.3%
0.7%
-4.7%
-25.0%
-6.3%
-14.8%
-10.6%
-42.6%
-18.0%
58.0%
-29.8%
32.6%
-22.1%
5.7%
25.9%
45.4%
-4.4%
-6.6%
-9.7%
-20.0%
-9.3%
31.4%
16.8%
19.1%
13.6%
15.7%
1.3%
-1.6%
24.0%
20.9%
4.4%
1.8%
0.0%
-5.6%
-15.9%
2.6%
-33.0%
-74.8%
47.5%
34.1%
26.8%
-6.4%
46.9%
57.9%
-4.5%
1.3%
29.1%
71.9%

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

Price and return indexes

Equity total
Consumer GDP price
Equity total
Real estate Real estate
return
Consumer
price index
index
PCE index price index price index Equity price
real return
GDP price
index
price
(whole
(West
index
(1950=100 (1950=100 (1950=100)
index
inflation
(dividend
inflation
country)
Germany)
)
)
(CPI)
reinvested)
Pt

1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

120.5
123.5
126.9
130.7
133.8
138.0
142.7
145.4
147.7
150.4
155.7
163.8
172.7
185.0
197.6
209.6
218.4
226.5
232.6
242.3
255.3
271.5
285.7
294.9
302.2
308.4
308.0
308.8
312.6
321.5
329.9
343.1
360.8
376.6
387.0
393.8
399.2
406.9
411.0
413.2
419.1
427.2
433.6
438.1
445.3
452.1
459.3
469.7
481.9
483.7
489.2
500.5

[11]

[12]

[13]

[14]

[15]

[16]

Annual inflation rates and return rates

PCE
inflation

Equity total
Real estate Real estate
Equity total
return
price index price index Equity price
real return
(whole
(West
inflation
(incl.
(CPI)
country)
Germany)
dividend)

1.3%
3.4%
2.7%
3.2%
2.1%
3.3%
3.4%
1.7%
1.6%
1.8%
3.6%
5.0%
5.6%
6.5%
7.2%
6.0%
4.2%
3.3%
2.6%
4.3%
5.8%
6.3%
5.0%
3.2%
2.5%
1.7%
-0.6%
0.4%
1.3%
3.0%
2.7%
4.0%
4.3%
3.6%
2.5%
1.4%
0.9%
1.3%
0.5%
0.4%
0.8%
1.9%
1.2%
1.6%
1.2%
1.7%
1.0%
1.5%
1.7%
0.1%
1.9%
2.1%

54.7%
2.5%
-22.3%
-3.6%
14.5%
-10.7%
-15.3%
2.1%
31.3%
8.9%
-10.6%
-2.9%
9.5%
-5.9%
-14.8%
15.0%
8.3%
-0.1%
9.2%
-4.2%
-4.6%
-0.1%
0.8%
31.8%
13.5%
36.1%
41.4%
-12.9%
-15.4%
27.8%
17.2%
-9.4%
-2.7%
7.3%
13.4%
-2.6%
14.1%
37.0%
27.9%
3.7%
24.8%
-23.8%
-24.5%
-20.9%
22.6%
16.3%
25.4%
24.2%
-22.2%
-24.0%
20.5%
6.4%

pt

133.7
140.1
145.6
150.1
154.8
160.6
166.2
168.7
172.8
179.8
193.6
208.3
217.8
231.5
248.3
262.4
271.1
279.5
289.4
301.8
318.2
331.5
346.7
356.4
363.5
371.2
382.4
387.3
393.8
405.1
418.9
431.8
455.1
473.3
485.1
494.8
498.0
499.3
502.2
503.2
499.8
505.4
512.7
518.3
523.9
527.1
528.7
537.4
541.5
547.9
551.1
555.4

120.9
125.0
128.4
132.5
135.3
139.7
144.5
146.9
149.3
152.1
157.6
165.5
174.8
186.1
199.5
211.5
220.4
227.6
233.5
243.4
257.5
273.6
287.4
296.6
304.2
309.3
307.6
309.0
313.1
322.4
331.0
344.2
359.0
372.1
381.5
386.9
390.6
395.5
397.7
399.2
402.4
409.8
414.7
421.5
426.3
433.4
437.7
444.2
451.6
451.8
460.6
470.3

85.5
91.5
97.5
103.0
107.0
107.5
106.0
104.5
104.5
105.0
104.5
103.0
101.0
99.5
98.0
97.0
97.5
98.0
98.0
99.0
102.5

55.5
57.5
61.0
66.5
72.5
77.5
80.5
81.0
80.0
79.0
79.0
78.5
78.5
80.5
81.5
83.0
86.5
89.5
92.0
93.5
93.0
91.5
91.0
91.0
91.5
92.5
93.5
93.5
93.0
93.0
93.5
94.0
94.5
96.0
98.5
102.5

227.8
233.4
181.3
174.8
200.2
178.8
151.4
154.7
203.0
221.1
197.8
192.1
210.3
197.9
168.7
194.0
210.2
209.9
229.3
219.6
209.5
209.3
211.0
278.2
315.8
429.9
608.0
529.5
448.1
572.7
670.9
607.8
591.5
634.7
719.5
700.6
799.7
1,095
1,401
1,453
1,813
1,382
1,044
825
1,011
1,176
1,475
1,833
1,426
1,085
1,307
1,391

11,885
12,422
9,905
9,907
11,700
10,786
9,503
10,161
13,816
15,507
14,313
14,483
16,409
15,906
14,086
16,887
18,917
19,786
22,788
22,890
23,101
24,406
25,995
35,825
42,141
59,577
86,513
77,584
68,301
90,412
109,005
102,268
103,206
113,719
131,084
130,226
151,616
211,307
274,004
288,246
364,578
282,710
217,348
176,564
221,007
263,448
337,699
429,935
344,065
272,858
339,055
371,311

3,365
3,440
2,666
2,596
2,962
2,651
2,255
2,366
3,172
3,471
3,089
2,979
3,197
2,905
2,402
2,714
2,911
2,928
3,273
3,153
3,016
2,998
3,032
4,044
4,647
6,426
9,347
8,362
7,267
9,358
11,000
9,967
9,679
10,216
11,460
11,189
12,850
17,570
22,558
23,601
29,432
22,388
16,961
13,636
16,791
19,715
24,874
30,967
24,154
19,084
23,451
25,101

1.6%
2.5%
2.8%
3.0%
2.4%
3.2%
3.3%
1.9%
1.6%
1.8%
3.6%
5.2%
5.4%
7.1%
6.9%
6.0%
4.2%
3.7%
2.7%
4.1%
5.4%
6.3%
5.2%
3.2%
2.5%
2.0%
-0.1%
0.2%
1.2%
2.8%
2.6%
4.0%
5.1%
4.4%
2.8%
1.8%
1.4%
1.9%
1.0%
0.6%
1.4%
1.9%
1.5%
1.0%
1.7%
1.5%
1.6%
2.3%
2.6%
0.4%
1.1%
2.3%

3.2%
4.7%
4.0%
3.1%
3.1%
3.8%
3.5%
1.5%
2.4%
4.0%
7.7%
7.6%
4.5%
6.3%
7.3%
5.7%
3.3%
3.1%
3.5%
4.3%
5.4%
4.2%
4.6%
2.8%
2.0%
2.1%
3.0%
1.3%
1.7%
2.9%
3.4%
3.1%
5.4%
4.0%
2.5%
2.0%
0.6%
0.3%
0.6%
0.2%
-0.7%
1.1%
1.4%
1.1%
1.1%
0.6%
0.3%
1.6%
0.8%
1.2%
0.6%
0.8%

7.0%
6.6%
5.6%
3.9%
0.5%
-1.4%
-1.4%
0.0%
0.5%
-0.5%
-1.4%
-1.9%
-1.5%
-1.5%
-1.0%
0.5%
0.5%
0.0%
1.0%
3.5%

3.6%
6.1%
9.0%
9.0%
6.9%
3.9%
0.6%
-1.2%
-1.3%
0.0%
-0.6%
0.0%
2.5%
1.2%
1.8%
4.2%
3.5%
2.8%
1.6%
-0.5%
-1.6%
-0.5%
0.0%
0.5%
1.1%
1.1%
0.0%
-0.5%
0.0%
0.5%
0.5%
0.5%
1.6%
2.6%
4.1%

58.1%
4.5%
-20.3%
0.0%
18.1%
-7.8%
-11.9%
6.9%
36.0%
12.2%
-7.7%
1.2%
13.3%
-3.1%
-11.4%
19.9%
12.0%
4.6%
15.2%
0.4%
0.9%
5.6%
6.5%
37.8%
17.6%
41.4%
45.2%
-10.3%
-12.0%
32.4%
20.6%
-6.2%
0.9%
10.2%
15.3%
-0.7%
16.4%
39.4%
29.7%
5.2%
26.5%
-22.5%
-23.1%
-18.8%
25.2%
19.2%
28.2%
27.3%
-20.0%
-20.7%
24.3%
9.5%

55.2%
2.2%
-22.5%
-2.6%
14.1%
-10.5%
-15.0%
5.0%
34.0%
9.5%
-11.0%
-3.6%
7.3%
-9.1%
-17.3%
13.0%
7.3%
0.6%
11.8%
-3.7%
-4.3%
-0.6%
1.1%
33.4%
14.9%
38.3%
45.5%
-10.5%
-13.1%
28.8%
17.5%
-9.4%
-2.9%
5.6%
12.2%
-2.4%
14.8%
36.7%
28.4%
4.6%
24.7%
-23.9%
-24.2%
-19.6%
23.1%
17.4%
26.2%
24.5%
-22.0%
-21.0%
22.9%
7.0%

DataDE1: Raw national income accounts series for Germany 1970-today, linked with 1950-1970 income accounts f
1991-onwards: reunified Germany, data from 2012 Destatis Annual Sectoral Accounts, released Feb. 2012
1950-1990: West Germany (including Sarre & West Berlin over 1950-1960)
All values are in current billions
1 euro = 1.95583 DM
Notations

Code
ESA95
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984

Yt

Yt + FTt

Yt - Tpt

FYt

Ydt

GDPt

National
income

National
disposable
income

Factor-cost
national
income

Net foreign
factor
income &
production
taxes

Net
domestic
product

Gross
domestic
product

B5n

D6n

B1n

B1

50.8
62.2
71.1
76.4
81.8
93.7
103.4
112.5
120.4
131.6
147.6
160.8
174.0
183.4
201.1
219.3
232.3
234.0
253.7
284.7
321.1
354.5
385.4
429.5
462.4
482.6
524.8
558.2
596.7
645.0
685.9
712.7
738.7
773.5
813.9

49
60
68
74
79
91
101
111
119
130
146
159
172
181
199
216
229
231
250
281
316
350
380
423
455
475
517
550
588
635
675
702
728
763
801

50.0
61.4
70.2
75.7
81.3
93.2
102.9
112.0
120.1
131.5
147.4
160.8
174.0
183.3
201.3
219.6
232.5
234.1
253.3
284.2
320.1
353.9
385.2
429.3
462.1
481.6
523.2
557.5
593.6
643.8
684.4
712.6
739.4
771.3
808.0

55.1
67.5
77.2
82.8
88.8
101.5
112.2
122.4
131.5
144.0
161.5
176.9
192.5
204.1
224.3
245.2
260.8
264.1
285.2
318.8
360.6
400.2
436.4
486.0
526.0
551.0
597.4
636.5
678.9
737.4
788.5
825.8
860.2
898.3
942.0

44.4
54.0
61.3
65.6
70.2
80.6
89.4
98.0
104.9
114.2
128.7
139.8
151.2
159.6
175.4
192.1
203.4
203.9
223.8
247.7
283.8
313.3
341.3
382.0
413.2
432.0
468.8
498.6
532.5
574.7
610.8
636.5
660.6
690.7
727.5

0.8
0.8
0.8
0.8
0.5
0.5
0.5
0.5
0.4
0.1
0.3
0.0
0.0
0.0
-0.1
-0.3
-0.2
-0.1
0.4
0.5
1.0
0.6
0.3
0.2
0.2
1.0
1.6
0.7
3.2
1.2
1.5
0.1
-0.7
2.1
5.9

1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

850.9
895.8
917.0
973.9
1,043.5
1,136.5
1,330.6
1,424.0
1,454.6
1,517.5
1,569.4
1,593.8
1,621.1
1,655.4
1,687.1
1,724.5
1,767.5
1,787.4
1,811.5
1,891.6
1,921.6
2,025.2
2,118.0
2,139.4
2,051.4
2,146.1
2,228.7

838
884
905
961
1,029
1,102
1,309
1,408
1,436
1,497
1,553
1,577
1,603
1,635
1,668
1,704
1,746
1,763
1,786
1,864
1,894
1,998
2,089
2,108
2,019
2,108
2,191

763.4
806.7
826.3
878.9
939.4
1,019.1
1,219.4
1,300.6
1,318.5
1,371.7
1,424.9
1,445.9
1,467.1
1,494.1
1,510.0
1,543.7
1,579.1
1,593.6
1,610.7
1,688.9
1,716.3
1,811.5
1,880.4
1,897.5
1,810.3
1,902.2
1,966.3

6.3
4.1
2.6
8.4
10.5
11.3
7.0
5.1
1.9
-10.6
-15.9
-12.0
-15.7
-22.0
-24.0
-21.6
-23.8
-28.7
-18.2
18.8
25.2
47.1
41.8
31.7
50.4
45.95
41.62

844.6
891.7
914.3
965.5
1,033.1
1,125.2
1,323.5
1,418.8
1,452.7
1,528.1
1,585.3
1,605.8
1,636.8
1,677.4
1,711.1
1,746.2
1,791.2
1,816.1
1,829.7
1,872.8
1,896.4
1,978.1
2,076.2
2,107.7
2,001.0
2,100.1
2,187.1

984.4
1,037.1
1,065.1
1,123.3
1,200.7
1,306.7
1,534.6
1,648.4
1,696.9
1,782.2
1,848.5
1,875.0
1,912.6
1,959.7
2,000.2
2,047.5
2,101.9
2,132.2
2,147.5
2,195.7
2,224.4
2,313.9
2,428.5
2,473.8
2,374.5
2,476.8
2,570.8

d with 1950-1970 income accounts from DateDE1b

ts, released Feb. 2012

Product taxes
KDt

Tpt

Product
taxes paid
net of
Capital
subsidies
depreciation (incl. net
(CFC)
taxes
received
from
foreigners)

D21+D31+D29
+D39

K1

5.1
6.1
6.9
7.1
7.5
8.3
9.3
10.3
11.4
12.5
14.1
16.1
18.5
20.7
23.1
25.6
28.3
29.9
31.8
34.6
40.5
46.3
51.2
56.7
63.9
69.4
74.2
79.0
85.4
93.6
104.1
113.2
120.9
127.0
134.0

Total
product
taxes paid
net of
Total taxes
subsidies on products
(excl. net
(net of
taxes
subsidies)
received
from
foreigners)

6.3
8.2
9.8
10.8
11.6
13.1
14.0
14.5
15.5
17.4
19.0
21.0
22.8
23.8
25.8
27.3
28.9
30.2
29.9
37.0
37.3
41.3
44.1
47.5
49.2
50.6
56.0
59.6
64.2
70.3
75.1
76.2
78.1
82.7
86.4

6.3
8.2
9.8
10.8
11.6
13.1
14.0
14.5
15.5
17.4
19.0
21.0
22.8
23.8
25.8
27.3
28.9
30.2
29.9
37.0
36.7
41.8
44.9
48.6
50.1
52.3
57.7
60.9
65.5
72.3
77.4
79.7
82.0
86.1
90.0

D21+D31

Total other
taxes on
production
(net of
subsidies)

Other taxes Other taxes

on
on
production production
(net of
(net of
subsidies)
subsidies)
(household (nonfinancial
& NPISH
corporate
sector)
sector)

D29+D39

D29+D39

D29+D39

4.7
3.7
3.9
3.6
3.9

0.4
0.7
0.6
0.8
-0.1

4.4
2.9
3.0
2.8
3.9

139.8
145.4
150.8
157.8
167.6
181.4
211.1
229.6
244.2
254.1
263.2
269.2
275.8
282.3
289.1
301.3
310.7
316.1
317.9
322.9
328.0
335.8
352.3
366.1
373.5
376.7
383.72

87.5
89.1
90.7
95.0
104.1
117.4
111.1
123.4
136.1
145.8
144.5
147.9
154.0
161.4
177.1
180.8
188.3
193.8
200.8
202.6
205.3
213.7
237.6
241.9
241.1
243.9
262.4

91.1
92.8
94.5
98.9
110.1
123.3
119.7
133.7
143.7
155.5
155.1
156.3
162.1
167.7
182.2
187.6
192.8
195.8
202.5
202.6
205.9
213.7
239.7
244.2
240.3
244.0
263.0

141.2
153.2
160.9
176.3
176.6
178.1
180.5
187.1
201.5
206.0
208.6
209.7
214.1
212.2
218.0
227.6
251.5
256.8
257.3
260.0
275.0

3.8
3.3
1.1
2.5
3.4
5.0
-21.5
-19.5
-17.2
-20.7
-21.5
-21.7
-18.4
-19.5
-19.3
-18.4
-15.7
-13.9
-11.5
-9.6
-12.2
-14.0
-11.8
-12.6
-17.0
-16.0
-11.9

-0.7
-0.8
-0.6
-1.0
-0.8
0.0
-1.0
-0.2
0.1
0.9
1.3
1.3
2.0
2.5
2.8
3.9
4.0
4.6
5.3
5.8
6.1
6.0
6.2
6.3
5.4
5.7
6.9

4.3
4.1
1.6
3.1
3.5
4.7
-16.9
-15.0
-13.6
-19.1
-20.5
-20.7
-18.2
-19.3
-19.0
-18.9
-17.1
-15.9
-14.5
-13.1
-15.5
-17.2
-15.0
-15.7
-18.1
-17.2
-15.9

Expenditure approach of GDP

C

Other taxes
on
Other taxes
Other taxes
production
on
Private
Public
on
(net of
production
consumption consumption
production
subsidies)
(net of
expenditure expenditure
(net profit of
(financial
subsidies)
s
s
govt sector)
corporate (govt sector)
sector)

D29+D39

1.5
1.4
1.4
1.4
1.6

D29+D39

0.0
0.0
0.0
0.0
0.0
-0.1
-0.1
-0.1
-0.2
-0.2
-0.2
-0.3
-0.2
-0.3
-0.4

Gross
capital
formation

Exports

B2n

P3

P3

P5

P6

-1.7
-1.9
-1.7
-1.7
-1.8
-1.5
-1.1
-1.4
-1.0
-1.4
-1.5
-1.0
-1.0
-1.2
-1.0

35.7
41.4
45.7
49.9
53.3
59.5
65.9
71.6
77.3
82.7
90.9
99.7
108.4
114.7
123.6
136.3
145.6
149.6
159.1
175.1
195.2
217.5
239.8
264.9
285.6
312.4
338.1
362.0
382.3
417.3
452.1
478.1
497.2
520.1
543.5

5.6
7.0
8.2
9.0
9.7
10.6
12.3
14.2
16.9
18.6
20.9
23.7
27.4
30.8
32.2
36.1
39.1
41.5
42.8
48.2
55.1
65.3
72.7
84.1
98.1
108.5
114.7
122.0
130.9
141.5
154.9
166.5
170.9
176.3
183.1

13.3
16.4
19.6
19.4
21.5
27.6
29.7
31.6
32.8
37.9
45.6
49.6
54.3
55.2
65.0
71.9
71.3
62.6
71.9
86.0
102.6
110.7
116.1
123.8
121.0
117.0
132.8
139.5
150.6
175.9
186.6
176.7
173.2
187.0
194.2

6.4
10.3
12.3
13.4
15.7
18.3
21.1
24.1
24.5
27.0
31.0
32.3
33.8
36.8
40.9
44.7
50.4
54.5
61.4
69.8
77.1
82.4
89.7
105.5
135.6
133.2
152.6
161.7
169.2
185.7
207.5
235.0
253.7
257.6
289.2

1.7
1.8
1.7
1.9
2.0
2.1
0.2
0.2
0.2
0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.4
0.4
0.4
0.4
0.4
1.0

-0.5
-0.7
-0.8
-0.8
-0.7
-0.6
-1.6
-2.3
-2.2
-1.6
-1.5
-1.4
-1.0
-1.0
-1.1
-1.0
-0.9
-0.7
-0.5
-0.5
-0.4
-0.4
-0.3
-0.3
-0.5
-0.6
-0.3

-1.0
-1.0
-0.9
-0.8
-0.7
-1.2
-2.2
-2.1
-1.7
-1.2
-1.0
-1.2
-1.4
-1.9
-2.4
-2.8
-2.1
-2.3
-2.2
-2.1
-2.7
-2.7
-3.0
-3.3
-4.1
-4.3
-3.6

562.0
577.3
597.3
624.5
668.3
717.2
882.6
949.8
989.1
1032.8
1066.5
1088.6
1110.8
1130.1
1161.9
1195.0
1233.4
1240.6
1264.5
1283.6
1307.0
1339.5
1356.7
1387.7
1387.4
1423.0
1474.4

190.7
199.8
207.4
216.0
220.1
234.8
288.9
318.1
328.8
343.2
358.1
369.4
369.1
374.5
384.8
389.6
399.1
410.4
415.5
414.2
417.3
424.7
434.0
452.6
475.8
488.8
502.9

197.9
208.7
208.8
227.4
253.2
282.1
368.9
387.2
376.1
400.3
412.9
399.0
408.0
428.1
436.0
456.6
427.7
385.3
383.4
387.1
384.1
419.6
467.8
479.3
392.8
429.6
462.0

319.1
312.0
311.3
334.8
378.4
421.7
394.4
395.9
373.2
407.0
438.9
465.1
524.0
560.1
588.1
683.6
731.2
760.6
767.1
846.4
919.1
1053.1
1145.4
1189.2
995.9
1159.8
1289.2

Private sector (corporations, households & NPISH)

M

Wages &
Net profits &
Gross value
social
Capital
mixed
added
contributions
depreciation CFC/Gross
income
(private
paid by
(private
value added
(private
sector)
private
sector)
sector)
sector

Imports

Net
domestic
product
(private
sector)

P6

B2n=B2-K1

B2

D1

B2n+B3n

K1

5.9
7.8
8.9
9.2
11.5
14.5
16.7
19.3
20.0
22.2
26.8
28.1
31.2
33.5
37.2
43.8
45.8
44.6
50.8
60.5
69.4
75.6
81.9
92.2
114.2
120.2
140.7
148.6
154.0
183.1
212.6
230.4
234.7
242.7
268.0

40.5
49.5
56.1
59.9
64.4
74.2
82.1
89.8
95.8
104.8
118.0
127.8
138.1
145.0
159.6
174.3
183.5
182.6
200.6
221.3
253.1
276.0
299.7
333.3
357.0
369.4
402.3
429.7
460.3
500.1
530.4
552.5
574.4
600.1
631.0

44.8
54.7
62.0
66.0
70.8
81.3
90.1
98.7
105.6
115.7
130.1
141.8
154.2
163.1
179.8
196.7
208.2
208.8
228.4
251.4
288.2
316.2
344.1
382.6
412.5
429.7
466.6
498.0
534.2
580.6
619.7
649.9
678.9
710.1
747.4

21.0
25.7
28.5
31.5
34.5
39.6
44.4
48.6
52.1
56.3
63.0
70.9
78.7
83.1
91.8
101.5
108.5
107.1
115.1
129.4
154.0
172.7
191.0
216.2
236.6
244.9
266.1
286.7
309.8
337.4
367.7
385.6
397.6
406.1
423.6

19.5
23.8
27.6
28.5
29.8
34.6
37.7
41.2
43.7
48.6
55.0
56.8
59.4
61.9
67.8
72.8
74.9
75.5
85.5
91.9
99.1
103.3
108.7
117.1
120.4
124.6
136.2
143.0
150.6
162.7
162.7
166.9
176.7
194.0
207.5

4.3
5.2
5.9
6.1
6.4
7.1
8.0
8.9
9.9
10.8
12.2
14.0
16.2
18.1
20.2
22.4
24.7
26.2
27.7
30.1
35.1
40.2
44.5
49.3
55.5
60.2
64.3
68.4
73.8
80.6
89.4
97.4
104.6
110.0
116.3

10%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
10%
10%
11%
11%
11%
12%
13%
12%
12%
12%
13%
13%
13%
13%
14%
14%
14%
14%
14%
14%
15%
15%
15%
16%

285.3
260.6
259.6
279.4
319.3
349.1
400.2
402.5
370.2
401.0
427.9
447.1
499.4
533.2
570.6
677.3
689.6
664.7
682.9
735.7
803.1
923.1
975.4
1035.0
877.4
1024.4
1157.7

663.8
705.0
722.7
767.2
820.9
894.4
1068.7
1136.8
1154.3
1215.0
1267.6
1283.8
1308.9
1343.4
1360.0
1388.7
1426.7
1445.2
1450.4
1493.1
1513.8
1587.2
1658.2
1681.2
1571.0
1661.6
1724.2

785.3
831.4
853.9
904.5
967.1
1,052.6
1252.0
1336.2
1366.8
1436.2
1497.1
1519.0
1550.6
1591.4
1614.5
1654.7
1701.4
1725.1
1731.9
1779.2
1804.4
1884.8
1970.4
2005.7
1902.1
1995.3
2063.8

441.2
465.3
487.4
509.7
535.3
582.0
723.7
783.4
799.4
821.0
852.0
857.2
860.4
880.9
904.8
944.3
963.3
966.5
967.6
970.5
962.7
979.8
1008.7
1047.1
1040.9
1066.8
1117.3

222.6
239.8
235.3
257.5
285.7
312.4
345.0
353.4
354.9
394.1
415.7
426.6
448.5
462.5
455.2
444.5
463.3
478.8
482.9
522.7
551.1
607.4
649.5
634.1
530.1
594.7
607.0

121.5
126.4
131.1
137.3
146.1
158.2
183.2
199.4
212.4
221.2
229.5
235.2
241.7
248.0
254.5
265.9
274.7
279.9
281.4
286.1
290.6
297.6
312.2
324.5
331.1
333.7
339.6

15%
15%
15%
15%
15%
15%
15%
15%
16%
15%
15%
15%
16%
16%
16%
16%
16%
16%
16%
16%
16%
16%
16%
16%
17%
17%
16%

Household & NPISH sector

Household sector (housing)

Yht

Wages &
Net
social
Gross value
domestic
contributions
added
product
paid by non(households
(household
corporate
& NPISH)
s & NPISH)
business (&
households)

D1+B2n+B3n

158.9
164.3
167.7
174.2
183.2

189.2
197.5
203.3
211.7
223.1

Net
operating
surplus &
mixed
income

Capital
depreciation CFC/Gross
(households value added
& NPISH)

D1

B2n+B3n

K1

71.3
72.9
72.9
74.1
76.8

87.6
91.4
94.8
100.0
106.4

30.3
33.2
35.6
37.6
39.9

Net
domestic
product
(housing
sector)

B2n=B2-K1

16%
17%
18%
18%
18%

188.3
197.4
204.0
216.7
232.9
249.8
284.3
310.1
323.5
342.4
355.4
357.4
358.6
355.3
352.9
359.6
362.0
365.7
362.0
365.0
370.1
383.3
393.8
409.6
389.4
401.6
412.4

229.8
240.5
248.6
263.3
282.2
303.4
345.1
376.4
394.3
416.7
433.5
437.5
441.2
439.8
438.9
448.5
453.0
457.9
455.1
459.9
467.4
483.4
500.4
518.6
501.5
513.2
526.4

78.6
82.2
84.3
87.8
90.9
96.8
122.8
136.8
144.3
151.3
157.7
157.0
158.1
160.9
164.6
170.1
173.7
174.2
174.3
172.0
168.4
168.7
173.3
180.1
186.0
191.7
200.1

109.7
115.3
119.6
128.9
142.1
153.1
161.5
173.3
179.3
191.0
197.7
200.4
200.5
194.4
188.3
189.5
188.2
191.5
187.7
193.0
201.7
214.7
220.5
229.4
203.4
209.8
212.3

41.5
43.1
44.6
46.7
49.3
53.6
60.9
66.3
70.8
74.3
78.1
80.1
82.6
84.6
86.0
88.9
91.0
92.3
93.1
94.9
97.3
100.1
106.6
109.1
112.1
111.7
114.0

18%
18%
18%
18%
17%
18%
18%
18%
18%
18%
18%
18%
19%
19%
20%
20%
20%
20%
20%
21%
21%
21%
21%
21%
22%
22%
22%

28.0
24.8
28.4
32.2
36.9
40.0
40.0
41.7
41.1
39.2
41.5
44.5
49.8
50.0
49.8
51.6
53.6
57.0
59.7
54.3
53.2
53.1

Household sector (housing)

Household & NPISH sector (non-corporate busine

Yset

Capital
Memo:
Gross
depreciation
Intermediate
housing
CFC/Gross
(CFC,
consumption value added
value added
housing
of FISIM
sector)

B2 (from
OECD)

K1=B2n-B2

CFC/
Housing
wealth

Net domestic Gross value

product (non- added (noncorporate
corporate
business
busines
sector)
sector)

B3+D1-K1

B3+D1

8.0
9.5
9.1
10.6
11.1
13.2
18.0
20.5
21.1
25.6
21.7
23.0
24.4
28.6
28.8
28.0
23.4
17.8
15.3
26.5
27.4
24.5

70.95
72.07
74.86
75.52
74.59
78.05
82.14
88.45
89.62
90.63
93.62
97.27
104.11
109.17
105.13
104.91

31.0
32.1
33.2
34.4
35.4
36.6
37.6
38.7
39.6
40.8
42.0
43.7
47.2
49.4
50.8
51.7

44%
45%
44%
46%
47%
47%
46%
44%
44%
45%
45%
45%
45%
45%
48%
49%

1.1%
1.1%
1.1%
1.1%
1.1%
1.1%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.1%
1.1%
1.0%
1.0%

221.8
259.4
281.7
291.3
305.5
315.4
317.4
316.9
314.2
313.7
318.1
317.5
315.9
312.0
315.1
318.6
329.7
336.9
349.8
335.1
348.4
359.3

362.5
365.4
366.3
364.3
364.3
370.5
370.8
369.5
365.5
369.2
373.8
386.1
396.3
409.5
396.4
408.3

PISH sector (non-corporate businesses)

Corporate business sector

Yct

Wages &
Capital
Net
Net mixed Gross mixed
social
depreciation
domestic Gross value
income
income
contributions
(CFC, non- CFC/Gross
product
added
(self(selfpaid by noncorporate value added (corporate (corporate
employment employment corporate
business
business
sector)
)
)
business (&
sector)
sector)
households)

B3n

B3 + K1

D1

71.3
72.9
72.9
74.1
76.8

K1

B2+D1-K1

B2+D1

371.5
388.2
406.7
426.0
447.8

430.5
452.5
475.6
498.3
524.3

125.1
136.6
144.9
147.1
154.2
157.7
160.4
158.8
153.2
149.1
148.0
143.7
141.8
137.7
143.2
150.2
161.0
163.5
169.7
149.1
156.6
159.2

162.5
177.5
188.2
191.1
200.3
204.8
208.4
208.2
203.4
199.7
200.4
197.1
195.3
191.2
197.3
205.4
217.5
223.0
229.4
210.4
216.6
220.2

78.6
82.2
84.3
87.8
90.9
96.8
122.8
136.8
144.3
151.3
157.7
157.0
158.1
160.9
164.6
170.1
173.7
174.2
174.3
172.0
168.4
168.7
173.3
180.1
186.0
191.7
200.1

47.2
48.1
49.4
50.2
50.6
52.3
53.4
53.6
53.5
54.1
55.2
56.4
59.5
59.7
61.3
60.0

13%
13%
13%
14%
14%
14%
14%
14%
15%
15%
15%
15%
15%
15%
15%
15%

475.6
507.6
518.8
550.5
588.0
644.6
784.5
826.7
830.8
872.7
912.3
926.4
950.3
988.1
1,007.1
1,029.2
1,064.7
1,079.6
1,088.4
1,128.2
1,143.7
1,203.9
1,264.4
1,271.6
1,181.6
1,260.0
1,311.9

555.6
590.9
605.3
641.2
684.9
749.2
906.8
959.8
972.4
1,019.5
1,063.6
1,081.5
1,109.4
1,151.5
1,175.5
1,206.2
1,248.4
1,267.2
1,276.7
1,319.3
1,337.0
1,401.4
1,470.0
1,487.0
1,400.6
1,482.1
1,537.4

siness sector

Non-financial corporations

Net
corporate
profits

Gross
corporate
profits

B2n

B2

75.1
75.4
82.0
93.9
101.1

134.1
139.7
150.9
166.3
177.6

Wages &
Capital
social
depreciation
CFC/Gross Gross value
contributions
(CFC,
value added
added
paid by
corporate
corporations
sector)

D1

K1

296.4
312.8
324.7
332.0
346.7

59.1
64.3
69.0
72.4
76.5

14%
14%
15%
15%
15%

Net profits

B2+D1

B2n

401.6
421.9
443.2
464.1
488.1

67.3
67.4
73.4
84.8
91.1

113.0
124.5
115.7
128.7
143.6
159.3
183.5
180.1
175.7
203.0
218.0
226.2
248.0
268.2
266.9
255.0
275.1
287.3
295.2
329.7
349.4
392.8
429.0
404.6
326.7
384.9
394.7

193.0
207.8
202.2
219.3
240.5
263.9
305.9
313.2
317.3
349.9
369.4
381.3
407.1
431.6
435.4
432.0
458.8
474.9
483.5
520.9
542.7
590.3
634.6
620.0
545.8
607.0
620.3

362.6
383.1
403.1
421.8
444.4
485.3
600.9
646.6
655.1
669.6
694.3
700.2
702.3
719.9
740.2
774.2
789.6
792.3
793.3
798.5
794.3
811.1
835.4
867.0
854.9
875.1
917.2

80.0
83.4
86.5
90.7
96.9
104.6
122.4
133.1
141.6
146.9
151.4
155.1
159.1
163.5
168.5
177.0
183.7
187.6
188.3
191.1
193.3
197.5
205.6
215.4
219.0
222.1
225.6

14%
14%
14%
14%
14%
14%
13%
14%
15%
14%
14%
14%
14%
14%
14%
15%
15%
15%
15%
14%
14%
14%
14%
14%
16%
15%
15%

518.1
550.4
569.5
599.6
639.8
697.6
847.5
897.5
901.1
945.1
989.2
1,002.1
1,027.1
1,073.4
1,084.3
1,131.7
1,174.6
1,187.4
1,188.8
1,223.7
1,246.7
1,312.0
1,387.6
1,409.4
1,301.7
1,370.8
1,426.1

102.9
113.1
110.9
119.5
132.5
145.3
170.9
169.8
159.3
185.7
202.6
206.2
225.6
251.3
238.5
247.0
269.5
277.0
276.8
303.7
327.6
371.4
415.7
396.7
298.4
344.7
356.0

orporations

Financial corporations

Gross profits

Wages &
Capital
Gross value
social
depreciation
added
contributions
(CFC)

Net profits

Gross profits

Wages &
social
contributions

B2

D1

K1

B2+D1

B2n

B2n

D1

124.0
129.1
139.6
154.2
164.3

277.6
292.8
303.6
309.9
323.8

56.7
61.7
66.2
69.4
73.2

28.9
30.6
32.4
34.3
36.2

7.8
8.0
8.6
9.2
10.0

10.2
10.6
11.3
12.1
13.2

18.8
20.0
21.1
22.2
23.0

179.5
192.8
193.6
206.1
225.1
245.4
288.3
297.4
294.9
326.3
347.3
354.4
377.5
407.4
399.5
416.1
445.2
456.6
457.2
486.7
512.9
561.2
613.8
604.6
509.8
559.1
573.7

338.7
357.6
375.9
393.5
414.7
452.3
559.3
600.1
606.2
618.8
641.8
647.7
649.6
666.0
684.8
715.7
729.5
730.8
731.6
737.0
733.7
750.8
773.9
804.8
791.9
811.7
852.5

76.5
79.7
82.7
86.7
92.6
100.0
117.4
127.6
135.7
140.6
144.7
148.2
151.9
156.1
161.0
169.1
175.7
179.6
180.4
183.0
185.3
189.8
198.0
207.9
211.4
214.4
217.6

37.5
40.5
35.8
41.6
45.1
51.5
59.3
62.2
71.4
74.5
74.5
79.3
82.3
78.1
91.3
74.4
73.8
79.8
88.0
95.6
90.3
89.4
82.4
77.7
98.9
111.3
111.3

10.0
11.4
4.8
9.2
11.1
14.0
12.7
10.2
16.4
17.4
15.4
20.0
22.4
16.9
28.4
7.9
5.6
10.3
18.3
26.1
21.8
21.4
13.3
8.0
28.4
40.2
38.7

13.5
15.0
8.6
13.2
15.3
18.6
17.6
15.8
22.4
23.7
22.0
26.9
29.6
24.2
35.9
15.9
13.6
18.3
26.3
34.2
29.8
29.1
20.9
15.5
36.0
47.9
46.6

23.9
25.5
27.2
28.4
29.7
33.0
41.7
46.5
49.0
50.8
52.5
52.5
52.7
53.9
55.4
58.5
60.2
61.6
61.7
61.5
60.5
60.4
61.5
62.2
62.9
63.4
64.7

Government sector

Distribution of corporate profits

Ygt

YKct

Capital
depreciation
(CFC)

Net
domestic
product
(govt
sector)

K1

D1

D1+K1

D1

K1

2.4
2.6
2.8
3.0
3.3

3.1
3.7
4.4
4.9
5.3
5.9
6.8
7.7
8.8
9.3
10.5
12.0
13.1
14.5
15.9
18.1
20.2
21.4
22.8
25.8
30.3
36.2
40.6
47.4
55.0
59.9
63.3
67.0
67.7
71.4
76.7
80.4
83.0
85.2
86.9

3.9
4.6
5.4
6.0
6.5
7.1
8.1
9.1
10.4
10.9
12.3
14.1
15.4
17.1
18.8
21.3
23.7
25.2
26.9
30.4
35.7
42.3
47.4
54.8
63.5
69.1
73.2
77.6
79.3
84.5
91.5
96.2
99.2
102.1
104.6

3.1
3.7
4.4
4.9
5.3
5.9
6.8
7.7
8.8
9.3
10.5
12.0
13.1
14.5
15.9
18.1
20.2
21.4
22.8
25.8
30.3
36.2
40.6
47.4
55.0
59.9
63.3
67.0
67.7
71.4
76.7
80.4
83.0
85.2
86.9

0.8
0.9
1.0
1.1
1.1
1.2
1.3
1.4
1.5
1.7
1.9
2.1
2.3
2.6
2.9
3.2
3.6
3.8
4.1
4.6
5.4
6.1
6.7
7.4
8.4
9.2
9.9
10.7
11.5
13.0
14.8
15.8
16.3
17.0
17.7

Wages &
Capital
Net-ofGross value
social
depreciation CFC/Gross depreciation
added (govt
contributions (CFC, govt value added
corporate
sector)
paid by govt
sector)
profits

20%
20%
19%
18%
17%
17%
16%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
14%
14%
13%
13%
13%
13%
14%
15%
15%
16%
16%
16%
17%
17%

75.1
75.4
82.0
93.9
101.1

3.5
3.7
3.8
4.0
4.3
4.6
5.0
5.5
6.0
6.3
6.6
6.9
7.2
7.3
7.5
8.0
8.0
8.0
7.9
8.1
8.0
7.7
7.6
7.5
7.6
7.7
8.0

89.7
93.9
97.1
99.4
102.0
107.5
135.1
148.4
154.6
157.5
162.6
165.7
165.8
166.4
168.9
169.8
171.8
175.1
176.7
177.0
176.8
177.2
178.2
182.3
189.7
194.5
199.8

108.0
112.9
116.8
119.9
123.5
130.7
162.9
178.5
186.4
190.4
196.3
199.7
200.0
200.7
203.6
205.2
207.7
211.3
213.1
213.9
214.1
215.4
218.4
223.9
232.1
237.5
244.0

89.7
93.9
97.1
99.4
102.0
107.5
135.1
148.4
154.6
157.5
162.6
165.7
165.8
166.4
168.9
169.8
171.8
175.1
176.7
177.0
176.8
177.2
178.2
182.3
189.7
194.5
199.8

18.3
19.0
19.7
20.5
21.5
23.2
27.8
30.1
31.8
32.9
33.7
34.0
34.2
34.3
34.6
35.4
36.0
36.2
36.4
36.9
37.3
38.2
40.1
41.6
42.4
43.0
44.2

17%
17%
17%
17%
17%
18%
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
18%
18%
19%
18%
18%
18%

113.0
124.5
115.7
128.7
143.6
159.3
183.5
180.1
175.7
203.0
218.0
226.2
248.0
268.2
266.9
255.0
275.1
287.3
295.2
329.7
349.4
392.8
429.0
404.6
326.7
384.9
394.7

stribution of corporate profits

Non-financial corporations

Corporate
income
taxes

Distributed
profits (net
outflow of
interest,
dividend and
other
property
income)

Retained
earnings

D5

D4 (net)

B6n (=B8n)

D8

6.4
5.7
5.9
7.8
7.7
7.2
9.2
12.2
12.8
14.1
13.3
12.9
13.7
15.1
17.4

62.1
67.3
69.7
68.9
78.1

5.4
-0.6
2.7
14.6
10.8

7.670
6.6
6.7
7.5
8.4

Adjustment
Other net
for the
transfers
change in
(insurance,
net equity of
benefits,
households
transfers to
in pension
non-profit,.)
funds

Corporate
income
taxes

Outflow of
interest,
dividend and
other
property
income

D7+D61+D62

D5

D4

-5.7
-4.2
-4.2
-4.7
-5.3

10.6
9.1
8.2
8.4
10.7

79.2
89.2
91.9
90.6
104.1

19.8
19.8
17.6
19.2
22.1
20.0
42.1
44.2
43.3
41.1
39.2
46.9
48.2
51.2
55.9
60.3
35.6
34.8
39.1
47.7
55.2
68.1
71.3
66.2
47.2
54.8
66.3

85.4
83.4
79.9
74.3
91.4
93.4
127.7
126.1
130.3
156.7
151.1
149.1
168.4
190.1
204.7
199.0
222.7
224.2
231.8
202.0
223.1
231.7
248.4
274.9
245.7
255.9
290.1

12.0
25.0
22.8
39.1
33.4
50.7
21.6
16.1
5.6
12.3
37.0
38.4
39.6
36.1
15.4
17.3
35.6
45.0
40.8
95.4
84.7
115.9
132.9
95.3
68.0
106.2
73.7

7.2
6.9
7.8
7.4
7.2
9.2
9.3
11.8
7.4
8.8
10.4
7.2
7.2
8.6
7.2
18.0
15.8
16.2
17.2
16.4
15.7
21.5
22.4
28.7
29.4
28.0
29.1

-4.1
-3.7
-4.6
-3.9
-3.3
-4.8
-7.8
-6.4
-3.5
-7.0
-9.3
-8.1
-8.3
-9.2
-9.2
-21.6
-18.8
-16.7
-16.5
-15.4
-13.6
-22.9
-23.5
-31.8
-34.1
-32.0
-35.4

13.0
13.0
11.6
12.3
16.5
15.1
32.2
33.7
31.4
28.9
25.8
31.9
33.6
30.4
41.6
50.1
29.5
28.7
30.0
39.3
41.9
60.7
61.3
61.6
39.8
46.2
56.5

111.0
105.7
108.8
108.2
120.5
132.6
183.2
182.1
174.9
210.2
197.9
190.9
215.4
242.9
245.6
278.1
301.9
302.4
298.9
302.5
343.4
376.1
393.5
407.2
365.1
391.9
424.6

Financial corporations

Adjustment
Inflow of
Other net
for the
interest,
transfers
change in
dividend and
(insurance,
net equity of
other
benefits,
households
property
transfers to
in pension
income
non-profit,.)
funds

D4

13.8
15.3
14.9
13.5
18.1

D8

Corporate
income
taxes

Outflow of
interest,
dividend and
other
property
income

Inflow of
interest,
dividend
and other
property
income

Adjustment
for the
change in
net equity of
households
in pension
funds

D7+D61+D62

D5

D4

D4

D8

-3.9
-2.5
-2.3
-3.1
-3.9

2.7
3.8
5.5
6.7
6.7

105.5
126.6
135.5
127.3
136.1

108.8
133.2
142.7
135.6
143.9

18.8
17.8
18.0
22.2
23.1
34.0
44.2
44.4
36.6
46.9
34.8
34.1
37.8
40.9
38.0
58.5
76.0
74.6
63.5
89.8
98.1
120.8
134.8
128.1
128.9
147.6
143.8

7.2
8.5
4.2
5.4
7.1
3.6
3.6
4.5
3.3
13.0
10.9
9.3
7.9
6.6
5.5
8.2
1.3
2.9
4.8
2.6
2.6

-2.9
-2.5
-3.0
-2.5
-2.1
-3.4
-5.8
-3.5
-0.5
-4.0
-8.9
-4.5
-4.3
-4.7
-3.8
-16.0
-13.6
-9.4
-7.1
-4.6
-2.1
-8.4
-1.3
-4.6
-5.3
-2.8
-3.2

6.8
6.9
6.0
7.0
5.5
5.0
9.8
10.5
11.9
12.2
13.4
15.0
14.6
20.8
14.3
10.2
6.1
6.1
9.1
8.4
13.3
7.5
10.0
4.6
7.4
8.6
9.8

138.8
134.9
128.8
136.8
173.9
209.7
245.4
273.7
276.7
274.5
276.6
281.0
293.7
309.5
328.3
370.1
379.3
353.1
329.9
312.2
327.4
367.3
441.8
432.5
337.6
325.0
326.4

145.7
139.5
139.8
148.4
179.9
214.8
256.7
285.2
284.7
281.2
288.5
288.8
303.0
321.4
331.2
390.8
382.5
356.6
333.6
322.8
349.6
390.9
452.1
436.6
328.1
313.4
317.2

2.1
3.3
3.1
3.4
3.3
3.6
3.7
4.1
3.9
5.0
4.9
6.9
9.3
9.9
10.2
13.3
21.2
25.8
24.6
25.4
26.5

Income flows with the rest of the world (inflows = flows from rest of the world to Germany)
FYt

FYKt

FYLt

Foreign
Foreign
capital
capital
income
income
Net foreign
inflow
outflow
Net foreign
capital
(interest,
(interest,
labor
income
dividend and dividend and
income
other
other
property
property
income)
income)

Other net
transfers
(insurance,
benefits,
transfers to
non-profit,.)

Net foreign
factor
income &
production
taxes

D7+D61+D62

D1+D2+D3+D4

D4 (net)

D4

D4

D1 (net)

D1

-1.8
-1.7
-1.9
-1.6
-1.4

0.8
0.8
0.8
0.8
0.5
0.5
0.5
0.5
0.4
0.1
0.3
0.0
0.0
0.0
-0.1
-0.3
-0.2
-0.1
0.4
0.5
1.0
0.6
0.3
0.2
0.2
1.0
1.6
0.7
3.2
1.2
1.5
0.1
-0.7
2.1
5.9

0.0
-0.1
-0.1
-0.1
-0.3
-0.4
-0.3
-0.3
-0.3
-0.5
-0.4
-0.6
-0.7
-0.7
-0.8
-0.9
-0.9
-0.9
-0.5
-0.2
-0.4
0.1
0.0
0.3
0.1
1.5
1.9
0.6
3.0
1.7
2.2
1.9
1.1
3.2
7.2

0.0
0.0
0.1
0.1
0.2
0.2
0.3
0.3
0.4
0.5
0.7
0.8
0.9
0.9
1.0
1.1
1.3
1.5
1.9
2.5
3.4
4.6
4.8
6.2
7.0
6.8
8.2
8.5
10.4
12.5
15.0
18.1
17.7
18.6
23.6

0.0
0.1
0.2
0.2
0.4
0.6
0.5
0.6
0.7
1.0
1.1
1.4
1.5
1.6
1.8
2.0
2.2
2.4
2.3
2.8
3.7
4.5
4.8
5.8
6.9
5.4
6.3
7.9
7.4
10.8
12.8
16.2
16.6
15.4
16.4

0.8
0.8
0.9
0.8
0.8
0.9
0.8
0.8
0.7
0.7
0.6
0.6
0.7
0.7
0.7
0.6
0.7
0.8
0.8
0.8
0.7
1.0
1.0
1.0
1.1
1.2
1.4
1.4
1.5
1.5
1.6
1.8
2.2
2.3
2.3

0.8
0.8
0.9
0.8
0.8
0.9
0.9
0.8
0.8
0.8
0.8
0.8
0.9
0.9
0.9
0.9
1.0
1.0
1.0
1.1
1.2
1.5
1.6
1.6
1.8
2.0
2.1
2.2
2.3
2.5
2.7
2.9
3.3
3.4
3.5

Foreign
labor
income
inflow

-1.2
-1.2
-1.5
-1.4
-1.2
-1.4
-2.0
-2.9
-3.0
-3.1
-0.4
-3.6
-3.9
-4.6
-5.4
-5.6
-5.2
-7.3
-9.4
-10.9
-11.5
-14.4
-22.2
-27.1
-28.8
-29.1
-32.2

6.3
4.1
2.6
8.4
10.5
11.3
7.0
5.1
1.9
-10.6
-15.9
-12.0
-15.7
-22.0
-24.0
-21.6
-23.8
-28.7
-18.2
18.8
25.2
47.1
41.8
31.7
50.4
46.0
41.6

7.3
5.2
3.7
9.6
13.8
16.8
13.2
14.0
8.9
-0.9
-3.5
-1.7
-5.5
-13.4
-16.5
-11.9
-16.1
-24.0
-13.8
20.9
27.6
48.0
43.7
33.6
48.7
44.6
41.1

25.2
26.3
27.5
35.6
45.4
56.1
59.2
60.9
60.6
55.8
57.8
61.1
68.8
70.5
80.6
109.2
93.6
95.5
100.6
132.5
158.8
198.5
234.4
187.5
171.5
168.4
182.0

18.0
21.1
23.8
26.0
31.5
39.3
46.0
46.9
51.7
56.7
61.4
62.9
74.3
83.9
97.1
121.1
109.7
119.5
114.5
111.7
131.2
150.5
190.7
153.9
122.8
123.8
141.0

2.6
2.6
2.7
2.7
2.6
0.4
2.4
1.4
0.7
0.1
-1.8
-1.9
-2.1
-2.3
-2.5
-2.9
-3.2
-2.7
-2.6
-2.1
-1.8
-0.9
0.2
0.4
0.9
1.5
1.2

3.7
3.8
4.0
4.3
4.4
4.8
5.1
5.0
4.5
4.1
3.7
3.7
3.8
3.8
4.1
4.6
5.0
5.4
5.5
5.9
6.2
6.8
8.0
8.2
8.9
9.5
9.9

of the world to Germany)

FTt

Foreign
labor
income
outflow

Net foreign
production
taxes (net of
subsidies)

D1

D2+D3 (net)

0.0
0.0
0.0
0.0
0.0
0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.2
0.2
0.2
0.3
0.3
0.2
0.2
0.3
0.4
0.5
0.6
0.7
0.7
0.8
0.7
0.8
0.8
1.0
1.1
1.1
1.1
1.2
1.1

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.7
-0.5
-0.8
-1.1
-0.9
-1.7
-1.7
-1.3
-1.3
-2.0
-2.3
-3.6
-3.9
-3.4
-3.6

Production
subsidies
Production Net foreign
received taxes paid to
current
from
foreigners
transfers
foreigners

D3

1.3
0.9
0.9
1.4
1.5
1.5
1.9
3.3
3.7
3.6
3.6
3.1
3.0
4.2
4.4

Foreign
current
transfers
inflow

Foreign
current
transfers
outflow

D2

D5+D6+D7 (net)

D5+D6+D7

D5+D6+D7

0.6
1.4
1.7
2.5
2.4
3.2
3.6
4.5
5.0
5.6
5.9
6.7
6.9
7.5
8.1

-1.9
-2.3
-2.8
-2.6
-2.6
-2.8
-2.2
-1.9
-1.5
-1.6
-1.5
-1.8
-2.1
-2.2
-2.4
-2.9
-2.9
-3.0
-3.5
-4.2
-4.8
-5.0
-5.7
-6.4
-7.3
-7.6
-8.2
-7.9
-8.9
-9.9
-10.6
-10.6
-10.6
-10.6
-12.9

0.6
1.3
1.3
1.3
1.5
1.5
1.7
2.1
2.2
2.1
2.3
2.3
2.7
3.0
2.6

5.4
6.3
7.0
7.7
8.8
9.1
9.9
10.0
11.1
12.0
12.9
12.9
13.3
13.6
15.5

1.1
1.2
1.3
1.5
1.9
4.3
2.7
3.5
3.9
4.0
5.5
5.6
5.9
6.1
6.6
7.4
8.2
8.0
8.1
8.0
8.0
7.7
7.8
7.9
8.0
8.0
8.7

-3.6
-3.7
-3.8
-3.9
-6.0
-6.0
-8.6
-10.3
-7.6
-9.7
-10.6
-8.4
-8.1
-6.3
-5.1
-6.8
-4.5
-2.0
-1.7
0.0
-0.6
0.1
-2.1
-2.3
0.8
-0.1
-0.66

4.4
5.4
5.7
6.6
5.0
4.9
5.6
5.1
6.5
5.8
5.9
5.9
5.8
5.9
6.0
5.9
6.2
6.0
6.2
6.0
6.1
7.6
5.8
5.9
6.4
5.6
5.6

7.9
9.1
9.5
10.5
11.0
10.8
14.2
15.4
14.1
15.5
16.5
14.4
13.9
12.2
11.1
12.7
10.6
8.0
7.9
6.0
6.7
7.5
7.8
8.1
5.7
5.7
6.3

-12.5
-11.7
-11.7
-13.2
-14.2
-34.9
-21.7
-16.3
-19.0
-20.2
-16.5
-17.1
-18.4
-20.2
-19.5
-20.9
-21.5
-24.5
-25.7
-27.1
-27.8
-27.2
-29.3
-31.7
-32.2
-37.9
-37.6

2.8
3.1
2.9
4.0
4.4
6.1
5.0
5.7
5.7
6.0
7.0
7.3
8.1
8.6
9.9
10.0
10.4
10.4
9.8
9.5
11.0
11.9
13.2
13.4
11.1
11.2
11.7

15.3
14.7
14.6
17.2
18.6
41.0
26.8
22.0
24.8
26.2
23.5
24.5
26.5
28.8
29.3
30.9
31.9
34.9
35.5
36.6
38.8
39.1
42.5
45.1
43.3
49.0
49.3

Total factor income

YKt*

Net foreign
capital
transfers

-0.1
0.1
0.2
4.8
0.1
0.0
-0.1
-0.3
-0.3
-0.6
-0.4
-0.5
-0.5
-0.3
-0.3
-0.4
-0.3
-0.3
-0.3
-0.3
-0.1
-0.2
-0.2
-0.2
-0.4
-0.3
-0.3
-0.3
-0.4
-0.7
-1.6
-0.9
-1.0
-1.0
-1.0

Foreign
capital
transfers
inflows

Foreign
capital
transfers
outflows

D9

D0

0.02
0.12
0.09
0.1
0.1
0.11
0.13
0.17
0.11
0.13
0.14
0.13
0.15
0.21
0.17

0.1
0.3
0.3
0.3
0.5
0.4
0.4
0.5
0.5
0.9
1.7
1.1
1.1
1.2
1.2

YKct

Total
capital
income

Domestic
capital
income

9.4
12.0
15.0
15.4
15.7
19.4
21.4
24.0
25.5
29.2
34.3
34.2
35.7
37.7
42.4
45.8
46.7
47.5
56.5
61.7
65.1
68.1
72.3
77.8
79.5
85.4
98.1
103.7
112.1
122.2
121.7
125.6
132.1
152.3
168.9

9.7
12.6
15.7
16.0
16.8
20.6
22.7
25.2
26.6
30.7
35.8
36.1
37.6
39.6
44.5
48.0
48.7
49.2
58.0
63.0
66.9
69.4
72.7
77.8
78.3
81.2
91.7
97.4
103.3
113.9
111.0
113.3
121.6
137.8
149.6

Yht

Corporate
Housing
capital
capital
income (net- income (net
of-deprec.
product of
corporate
housing
profits)
sector)

75.1
75.4
82.0
93.9
101.1

35.9
37.8
39.7
43.8
48.5

-1.3
-1.1
-1.1
-1.0
-1.1
-2.5
-2.9
-1.1
-1.0
-1.3
-2.0
-1.7
0.1
0.7
-0.2
-1.6
-0.4
-0.7
0.2
-0.2
-0.9
0.0
0.4
-0.8
0.0
-0.3
-0.5

0.22
0.23
0.18
0.24
0.38
0.32
0.7
0.9
1.2
1.3
1.2
2.1
2.5
3.0
2.8
1.9
2.1
2.2
2.9
2.7
3.0
3.1
3.6
3.2
3.5
3.5
3.7

1.5
1.3
1.3
1.3
1.4
2.9
3.6
2.0
2.2
2.6
3.2
3.8
2.5
2.3
3.0
3.5
2.4
2.9
2.7
2.9
4.0
3.1
3.2
4.0
3.4
3.8
4.1

182.6
195.7
193.1
223.4
248.7
275.4
305.2
311.8
310.6
345.5
375.9
389.5
415.6
430.9
418.7
412.0
431.0
441.8
465.4
543.8
575.2
650.5
693.7
657.6
564.8
631.4
638.1

163.3
178.1
172.4
193.1
219.0
242.1
269.1
269.8
269.5
311.0
333.3
343.7
372.4
394.5
389.2
375.2
401.6
421.1
429.8
471.6
498.3
553.9
600.3
575.7
473.7
544.5
555.9

113.0
124.5
115.7
128.7
143.6
159.3
183.5
180.1
175.7
203.0
218.0
226.2
248.0
268.2
266.9
255.0
275.1
287.3
295.2
329.7
349.4
392.8
429.0
404.6
326.7
384.9
394.7

50.3
53.6
56.7
64.4
75.4
28.0
24.8
28.4
32.2
36.9
40.0
40.0
41.7
41.1
39.2
41.5
44.5
49.8
50.0
49.8
51.6
53.6
57.0
59.7
54.3
53.2
53.1

YKset

FYKt

SelfNet foreign
employment
capital
capital
income
income

35.9
37.8
39.7
43.8
48.5

0.0
-0.1
-0.1
-0.1
-0.3
-0.4
-0.3
-0.3
-0.3
-0.5
-0.4
-0.6
-0.7
-0.7
-0.8
-0.9
-0.9
-0.9
-0.5
-0.2
-0.4
0.1
0.0
0.3
0.1
1.5
1.9
0.6
3.0
1.7
2.2
1.9
1.1
3.2
7.2

YKgt

YKpt

Plus:
Net
government
interest
payments

Memo:
Personal
interest &
rent
payments

Wages &
Wages &
social
social
Total labor contributions contributions
income
received by
paid by
domestic
domestic
sectors
sectors

D4 (net)

D41+D45

D1

D1

25.0
30.2
33.8
37.2
40.6
46.3
52.0
57.0
61.6
66.2
74.1
83.5
92.4
98.3
108.4
120.1
129.3
129.2
138.7
156.0
185.1
209.9
232.6
264.6
292.7
306.0
330.7
355.0
379.0
410.3
445.90
467.76
482.76
493.53
512.84

24.2
29.4
32.8
36.4
39.8
45.5
51.2
56.2
60.9
65.5
73.4
82.9
91.7
97.7
107.7
119.5
128.7
128.4
137.9
155.3
184.3
208.9
231.6
263.6
291.6
304.7
329.4
353.6
377.5
408.8
444.3
466.0
480.6
491.3
510.5

-0.3
-0.6
-0.6
-0.5
-0.8
-0.8
-1.0
-1.0
-0.8
-1.0
-1.1
-1.3
-1.2
-1.3
-1.3
-1.3
-1.2
-0.8
-1.1
-1.1
-1.4
-1.4
-0.5
-0.3
1.1
2.7
4.5
5.7
5.8
6.5
8.6
10.4
9.4
11.3
12.1

29.1
37.1
40.2
38.4
39.3

YLt

34.8
41.4
45.7
49.7
53.7
60.3
67.0
73.0
78.7
84.1
93.3
104.2
114.2
120.6
131.6
145.0
155.6
155.5
166.2
185.0
217.3
243.8
268.6
303.9
334.9
349.3
375.2
400.6
426.2
459.0
497.6
521.4
537.9
549.7
570.7

50.3
53.6
56.7
64.4
75.4
54.8
60.7
61.3
61.6
71.1
75.4
77.5
82.7
85.3
83.2
78.8
82.0
84.1
84.6
92.1
97.3
107.6
114.3
111.3
92.7
106.4
108.1

7.3
5.2
3.7
9.6
13.8
16.8
13.2
14.0
8.9
-0.9
-3.5
-1.7
-5.5
-13.4
-16.5
-11.9
-16.1
-24.0
-13.8
20.9
27.6
48.0
43.7
33.6
48.7
44.6
41.1

12.0
12.4
17.0
20.7
15.8
16.5
22.9
28.0
32.2
35.5
46.1
47.5
48.7
49.8
46.0
48.7
45.5
44.7
49.5
51.3
49.4
48.6
49.6
48.3
42.5
42.3
41.2

38.5
32.9
32.4
32.8
40.6
49.0
58.6
65.9
65.6
70.2
69.3
66.9
64.8
66.4
64.5
73.2
74.3
69.8
63.7
60.3
58.5
61.6
66.6
67.9
51.9
50.1
52.3

592.8
623.4
650.2
676.2
706.5
760.2
937.1
1,016.7
1,040.2
1,061.6
1,095.1
1,103.9
1,100.2
1,112.9
1,137.2
1,180.4
1,193.6
1,196.5
1,194.7
1,196.4
1,190.5
1,209.6
1,236.3
1,288.2
1,287.9
1,313.1
1,369.4

533.48
561.74
587.27
611.81
639.87
689.96
861.2
933.2
954.7
978.6
1,012.8
1,021.0
1,024.1
1,044.9
1,071.3
1,111.2
1,131.9
1,138.8
1,141.6
1,145.4
1,137.6
1,156.1
1,187.1
1,229.8
1,231.5
1,262.9
1,318.3

530.9
559.1
584.5
609.1
637.3
689.53
858.8
931.8
954.0
978.5
1,014.6
1,022.9
1,026.2
1,047.2
1,073.7
1,114.1
1,135.1
1,141.5
1,144.3
1,147.5
1,139.4
1,157.0
1,187.0
1,229.4
1,230.6
1,261.4
1,317.1

YLct

YLset1

Ygt

YLset2

Wages &
Wages &
Wages &
social
Wages &
Selfsocial
social
contributions
social
employment
contributions contributions
paid by
contributions
labor
paid by
paid by
private
paid by govt
income
corporations households
sector

D1

21.04
25.66
28.50
31.47
34.52
39.61
44.43
48.56
52.08
56.27
62.99
70.94
78.66
83.14
91.85
101.47
108.53
107.05
115.14
129.43
154.03
172.74
191.02
216.24
236.59
244.86
266.08
286.65
309.79
337.36
367.66
385.63
397.63
406.12
423.57

D1

296.4
312.8
324.7
332.0
346.7

D1

D1

71.3
72.9
72.9
74.1
76.8

3.1
3.7
4.4
4.9
5.3
5.9
6.8
7.7
8.8
9.3
10.5
12.0
13.1
14.5
15.9
18.1
20.2
21.4
22.8
25.8
30.3
36.2
40.6
47.4
55.0
59.9
63.3
67.0
67.7
71.4
76.7
80.4
83.0
85.2
86.9

9.8
11.2
11.9
12.5
13.0
14.0
15.0
16.0
17.1
17.9
19.2
20.7
21.8
22.2
23.3
24.8
26.2
26.3
27.4
28.9
32.2
33.9
36.0
39.3
42.2
43.3
44.5
45.6
47.2
48.7
51.7
53.6
55.1
56.2
57.9

Four other methods for YLs

Average
wage of
selfemployed
workers /
average
wage of
salaried
workers

90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%

Attribute
2/3 of gross 100% of the
mixed
economy
income
average
wage

10.9
12.5
13.3
14.0
14.5
15.6
16.8
17.9
19.1
19.9
21.4
23.1
24.3
24.8
26.0
27.7
29.3
29.4
30.6
32.3
36.0
37.8
40.2
43.9
47.1
48.4
49.7
50.9
52.7
54.4
57.8
59.8
61.5
62.7
64.6

441.19
465.25
487.41
509.66
535.26
582.02
723.7
783.4
799.4
821.0
852.0
857.2
860.4
880.9
904.8
944.3
963.3
966.5
967.6
970.5
962.7
979.8
1,008.7
1,047.1
1,040.9
1,066.8
1,117.3

362.6
383.1
403.1
421.8
444.4
485.3
600.9
646.6
655.1
669.6
694.3
700.2
702.3
719.9
740.2
774.2
789.6
792.3
793.3
798.5
794.3
811.1
835.4
867.0
854.9
875.1
917.2

78.6
82.2
84.3
87.8
90.9
96.8
122.8
136.8
144.3
151.3
157.7
157.0
158.1
160.9
164.6
170.1
173.7
174.2
174.3
172.0
168.4
168.7
173.3
180.1
186.0
191.7
200.1

89.7
93.9
97.1
99.4
102.0
107.5
135.1
148.4
154.6
157.5
162.6
165.7
165.8
166.4
168.9
169.8
171.8
175.1
176.7
177.0
176.8
177.2
178.2
182.3
189.7
194.5
199.8

59.3
61.7
62.9
64.4
66.6
70.3
75.9
83.5
85.5
83.1
82.3
82.9
76.1
68.0
66.0
69.2
61.7
57.7
53.1
51.0
52.8
53.5
49.2
58.4
56.5
50.2
51.1

90%
90%
90%
90%
90%
90%
87%
86%
83%
77%
72%
71%
64%
56%
54%
55%
48%
44%
39%
36%
36%
36%
33%
38%
37%
32%
31%

108.3
118.3
125.5
127.4
133.5
136.6
139.0
138.8
135.6
133.1
133.6
131.4
130.2
127.5
131.5
136.9
145.0
148.7
152.9
140.2
144.4
146.8

66.2
68.8
70.2
71.9
74.4
78.4
87.1
97.5
103.1
108.4
113.6
116.6
118.8
121.3
123.2
125.8
128.7
131.5
135.4
140.5
145.6
148.4
151.0
153.5
153.2
157.0
163.8

Government taxes and transfers

r other methods for YLset2

Attribute the
Attribute 2/3
average
of the
wage in the
economy economy as
average predicted by
wage
sectoral
data

Average
wage of
Memo:
selfestimated
employed
wage bill of
(as
selfpredicted by
employed
sectoral
based on
data) /
sectoral
average
data
wage in the
economy
EU KLEMS

7.3
8.3
8.9
9.3
9.7
10.4
11.2
11.9
12.7
13.3
14.3
15.4
16.2
16.5
17.3
18.5
19.5
19.6
20.4
21.5
24.0
25.2
26.8
29.2
31.4
32.3
33.1
33.9
35.1
36.3
38.5
39.9
41.0
41.8
43.1

38.0
39.6
42.2
46.0
50.9
52.5
53.7
56.2
58.1
61.4
65.5
68.8
71.6
73.0
77.0

106%
105%
105%
105%
108%
109%
108%
110%
110%
113%
113%
115%
116%
116%
119%

FYLt

Tt

Tpt

Tct

Net foreign
labor
income

Total taxes

Product
taxes

Corporate
income
taxes

D21+D31+D29
+D39

D51

EU KLEMS

38.0
39.6
42.2
46.0
50.9
52.5
53.7
56.2
58.1
61.4
65.5
68.8
71.6
73.0
77.0

0.8
0.8
0.9
0.8
0.8
0.9
0.8
0.8
0.7
0.7
0.6
0.6
0.7
0.7
0.7
0.6
0.7
0.8
0.8
0.8
0.7
1.0
1.0
1.0
1.1
1.2
1.4
1.4
1.5
1.5
1.6
1.8
2.2
2.3
2.3

14.9
19.0
22.6
24.9
26.4
29.3
32.4
36.1
38.9
42.9
48.6
55.0
60.6
64.7
70.1
74.3
81.2
83.6
92.4
107.6
118.8
134.7
147.7
174.2
190.4
198.4
224.5
244.6
257.2
276.2
296.4
307.5
320.3
331.7
349.1

6.3
8.2
9.8
10.8
11.6
13.1
14.0
14.5
15.5
17.4
19.0
21.0
22.8
23.8
25.8
27.3
28.9
30.2
29.9
37.0
37.3
41.3
44.1
47.5
49.2
50.6
56.0
59.6
64.2
70.3
75.1
76.2
78.1
82.7
86.4

6.4
5.7
5.9
7.8
7.7
7.2
9.2
12.2
12.8
14.1
13.32
12.90
13.73
15.1
17.4

44.1
45.9
46.8
47.9
49.6
52.3
58.1
65.0
68.7
72.3
75.7
77.7
79.2
80.8
82.1
83.8
85.8
87.6
90.3
93.6
97.1
98.9
100.7
102.4
102.1
104.6
109.2

80.6
84.4
86.4
90.0
93.9
100.5
107.4
118.0
127.0
134.6
142.5
147.8
154.0
157.6
160.8
167.3
170.3
170.5
174.4
179.4
185.2
185.7
189.0
191.9
191.5
196.2
204.8

122%
123%
123%
125%
126%
128%
123%
121%
123%
124%
125%
127%
130%
130%
130%
133%
132%
130%
129%
128%
127%
125%
125%
125%
125%
125%
125%

80.6
84.4
86.4
90.0
93.9
100.5
107.4
118.0
127.0
134.6
142.5
147.8
154.0
157.6
160.8
167.3
170.3
170.5
174.4
179.4
185.2
185.7
189.0

2.6
2.6
2.7
2.7
2.6
0.4
2.4
1.4
0.7
0.1
-1.8
-1.9
-2.1
-2.3
-2.5
-2.9
-3.2
-2.7
-2.6
-2.1
-1.8
-0.9
0.2
0.4
0.9
1.5
1.2

366.6
380.9
393.6
410.4
441.8
463.6
561.6
618.8
648.8
683.7
709.3
731.2
749.2
772.8
808.1
825.0
812.3
817.9
831.9
834.3
846.1
884.5
929.9
952.4
925.3
936.8
994.0

87.5
89.1
90.7
95.0
104.1
117.4
111.1
123.4
136.1
145.8
144.5
147.9
154.0
161.4
177.1
180.8
188.3
193.8
200.8
202.6
205.3
213.7
237.6
241.9
241.1
243.9
262.4

19.8
19.8
17.6
19.2
22.1
20.0
42.1
44.2
43.3
41.1
39.2
46.9
48.2
51.2
55.9
60.3
35.6
34.8
39.1
47.7
55.2
68.1
71.3
66.2
47.2
54.8
66.3

Tit

Personal
income
taxes (inc.
bequest &
gift taxes)

SCt

Personal
income
taxes
(estimated
capital
share)

Personal
Social
income
contributions
taxes
(payroll
(estimated
taxes)
labor share)

TLt

Estimated
total taxes
on capital

Estimated
total taxes
on labor

D61 (rec. by
govt)

D51+D59+D91D

32.5
38.3
41.2
51.9
58.4
56.6
64.9
72.3
73.6
76.4
83.4
83.9
85.9
88.3
92.5

TKt

4.6
5.1
5.3
6.4
6.6
6.5
8.2
8.9
9.2
9.7
9.9
9.9
10.4
11.8
13.2

27.9
33.2
35.9
45.5
51.8
50.1
56.7
63.4
64.3
66.6
73.5
74.0
75.6
76.4
79.2

4.5
5.4
6.1
6.8
7.3
8.4
9.3
11.4
13.2
14.1
15.6
17.2
19.1
20.6
22.0
23.3
27.0
28.3
31.2
35.8
42.6
49.4
56.5
67.0
75.1
84.0
94.4
100.4
106.6
115.4
124.6
134.5
142.5
145.6
152.9

Personal
income
taxes (exc.
bequest &
gift taxes)

D51+D59

10.9
10.8
11.2
14.1
14.3
13.7
17.4
21.2
22.0
23.8
23.2
22.8
24.1
27.0
30.6

70.5
82.6
92.4
112.5
126.8
134.1
151.1
163.8
170.9
182.0
198.1
208.5
218.1
222.0
232.1

32.2
38.0
40.9
51.6
58.2
56.4
64.4
71.9
73.1
75.9
82.9
83.4
85.3
87.5
91.7

98.6
102.7
109.5
112.3
123.2
120.3
149.9
167.2
168.6
173.3
182.8
176.1
174.7
183.9
195.5
203.0
202.2
197.7
194.7
186.6
188.5
201.9
220.0
235.5
227.3
219.5
230.1

14.6
15.6
16.0
17.9
20.4
20.9
23.4
24.8
24.4
27.2
29.9
29.7
31.2
33.7
34.6
34.2
34.9
34.6
35.7
39.3
41.5
47.7
53.8
54.0
46.2
47.9
49.3

84.0
87.1
93.5
94.4
102.8
99.4
126.5
142.4
144.2
146.1
152.9
146.4
143.4
150.2
160.9
168.8
167.3
163.1
158.9
147.2
147.0
154.2
166.2
181.5
181.0
171.6
180.8

160.7
169.3
175.9
183.9
192.5
205.9
258.5
283.9
300.9
323.5
342.8
360.3
372.4
376.3
379.6
380.9
386.2
391.6
397.3
397.5
397.1
400.7
400.9
408.8
409.8
418.7
435.3

34.4
35.4
33.6
37.1
42.4
40.9
65.5
69.1
67.7
68.3
69.1
76.6
79.5
84.9
90.5
94.4
70.4
69.4
74.8
87.0
96.6
115.8
125.1
120.3
93.4
102.7
115.6

244.7
256.4
269.3
278.3
295.2
305.3
384.9
426.3
445.0
469.6
495.7
506.7
515.8
526.5
540.5
549.7
553.5
554.8
556.2
544.7
544.2
554.9
567.2
590.2
590.8
590.2
616.1

97.8
101.7
108.3
111.0
122.1
118.72
148.5
165.7
167.0
171.5
181.0
174.0
172.6
181.5
192.4
200.0
199.1
194.7
191.3
182.3
184.4
198.2
215.8
230.7
222.7
215.1
225.8

Government disposable income, sav

TTRt

Bequest &
gift taxes

D91D

0.3
0.3
0.3
0.3
0.2
0.3
0.5
0.5
0.5
0.5
0.5
0.6
0.6
0.7
0.8

Total
monetary
govt
transfers

incl.
replacem.
income YRt

D62 (paid by gov) D621+D623

7.0
7.7
9.1
10.0
10.6
11.9
13.3
16.1
18.1
18.8
19.6
21.2
23.1
24.7
27.1
30.5
33.4
36.6
38.3
41.5
44.9
50.5
57.6
64.6
75.1
93.5
100.6
106.9
111.7
117.9
124.9
135.0
143.6
145.3
147.2

5.7
6.3
7.5
8.2
8.7
9.8
10.9
13.2
14.8
15.4
16.0
17.4
18.9
20.3
22.2
25.0
27.3
30.0
31.4
34.0
36.8
41.4
47.2
52.9
61.5
76.7
82.4
87.6
91.6
96.6
102.4
110.2
118.1
119.7
121.7

incl. pure
Transfers in
govt
kind
transfers TRt

Other
current
transfers
paid

Net income
taxes paid
by
foreigners

D624

D63

D7 (net)

D5 (net)

1.3
1.4
1.6
1.8
1.9
2.2
2.4
2.9
3.3
3.4
3.5
3.8
4.2
4.5
4.9
5.5
6.0
6.6
6.9
7.5
8.1
9.1
10.4
11.6
13.5
16.9
18.1
19.3
20.2
21.3
22.5
24.9
25.5
25.5
25.6

13.3
16.2
19.0
22.6
27.3
32.2
35.4
37.2
40.0
43.0
47.3
51.3
52.3
53.9
57.7

1.6
1.6
1.9
2.3
2.5
2.9
3.4
3.9
3.9
5.5
6.3
5.7
5.8
5.5
6.6

0.1
0.5
0.6
0.7
0.6
0.7
0.8
1.1
0.7
0.9
0.8
0.7
0.6
0.6
0.3

0.8
1.0
1.2
1.2
1.1
1.5
1.4
1.5
1.5
1.8
1.8
2.1
2.1
2.5
3.1
3.0
3.1
3.0
3.4
4.3
4.1
3.8
4.2
4.8
4.5
4.4
4.3

150.4
155.9
163.6
171.2
179.4
187.0
235.6
265.1
289.3
307.6
326.3
345.6
353.5
357.4
370.2
368.9
382.7
397.7
408.7
410.8
412.3
409.0
401.2
404.4
425.7
429.3
423.5

124.3
127.8
134.1
141.3
147.8
154.0
195.2
219.7
240.5
255.2
271.4
289.1
295.1
299.3
310.3
315.1
327.0
337.7
344.9
343.0
338.5
332.4
328.2
331.6
348.0
350.6
347.6

26.1
28.1
29.5
29.9
31.5
32.6
40.4
45.4
48.9
52.3
54.9
56.5
58.4
58.1
59.9
53.8
55.7
60.0
63.8
67.8
73.8
76.6
73.0
72.8
77.7
78.7
75.9

60.8
63.9
66.9
72.3
70.5
76.7
99.0
113.1
116.4
127.1
136.1
142.8
142.3
144.7
148.3
152.8
157.7
162.7
166.7
163.5
167.4
171.6
178.3
185.8
196.9
203.0
207.4

6.6
6.0
6.6
8.1
7.5
31.5
20.7
12.1
16.7
14.9
11.6
12.7
15.0
17.5
17.9
21.3
20.6
19.7
21.4
20.1
22.0
25.7
27.2
30.8
36.6
38.3
38.0

0.3
0.6
0.6
1.6
1.1
2.1
1.1
1.6
1.2
1.7
1.8
2.2
1.6
2.3
2.5
2.5
2.2
1.9
1.5
2.2
2.7
4.2
5.7
5.8
4.1
3.7
3.6

Government disposable income, saving, and investment

Disposable
income of
Governmen
Total taxes
government
t net
received by Net current
Net capital
= taxes
Governmen
savings,
government
transfers
transfers
received by
t net
plus net
(excl.
paid by
received by
government
savings
capital
Bequest & government
government
- transfers
transfers
gifts)
paid - gov
received
interest

118.6
134.9
148.0
174.6
190.8
198.8
224.8
245.2
257.4
276.6
296.7
307.6
320.3
331.5
348.6

Gross
capital
formation

D7 (net)

B6n

B8n

D9 (net)

B.10.1n

P5

1.6
1.6
1.9
2.3
2.5
2.9
3.4
3.9
3.9
5.5
6.3
5.7
5.8
5.5
6.6

7.0
9.9
12.1
14.1
15.3
17.1
19.6
20.6
22.2
25.5
31.0
35.9
39.6
42.1
45.4
46.3
50.1
48.3
51.8
65.1
73.5
84.2
89.0
108.0
112.1
99.7
116.3
128.8
136.0
146.6
156.9
156.4
161.5
169.4
182.7

1.3
2.9
3.9
5.1
5.7
6.6
7.3
6.4
5.4
6.9
10.1
12.2
12.2
11.3
13.2
10.3
11.0
6.8
8.9
16.9
18.3
18.8
16.3
23.9
14.0
-8.9
1.6
6.8
5.1
5.1
2.02
-10.1
-9.4
-6.9
-0.4

-0.4
-0.3
-0.3
4.2
-0.8
-0.3
-0.3
-0.6
-1.4
-1.4
-1.7
-3.1
-4.0
-2.6
-3.0
-3.2
-3.0
-3.2
-3.2
-4.5
-4.9
-6.2
-6.8
-7.3
-8.6
-8.3
-9.9
-11.2
-10.5
-11.4
-11.7
-10.8
-11.9
-12.2
-12.2

0.9
2.6
3.6
9.2
4.9
6.2
7.0
5.8
3.9
5.4
8.4
9.1
8.3
8.7
10.2
7.1
8.0
3.6
5.8
12.5
13.4
12.7
9.5
16.6
5.5
-17.2
-8.3
-4.4
-5.3
-6.3
-9.7
-20.9
-21.3
-19.1
-12.7

1.2
1.4
1.5
1.8
2.1
2.8
3.2
3.4
3.6
4.6
5.3
6.2
7.8
9.3
11.4
11.4
11.5
10.3
11.3
12.9
17.0
18.3
18.0
18.7
22.6
23.0
22.3
22.5
24.1
26.6
28.7
27.6
25.1
24.1
24.1

366.1
380.5
393.1
410.8
441.8
464.1
561.3
618.8
648.5
683.6
709.3
731.4
748.8
772.6
807.6
824.5
811.5
816.8
830.0
832.3
844.7
885.0
931.4
953.4
924.8
936.1
993.3

6.6
6.0
6.6
8.1
7.5
31.48
20.7
12.1
16.7
14.9
11.6
12.7
15.0
17.5
17.9
21.3
20.6
19.7
21.4
20.1
22.0
25.7
27.2
30.8
36.6
38.3
38.0

197.2
206.1
205.9
210.8
239.1
229.1
282.2
313.6
310.2
325.7
325.3
325.5
331.6
347.9
373.5
385.6
362.7
354.7
350.5
350.1
361.0
401.7
453.5
469.8
420.0
426.1
490.8

6.4
6.3
-1.4
-5.3
19.1
-5.7
-6.8
-4.5
-18.5
-17.6
-32.8
-43.9
-37.5
-26.6
-11.3
-4.0
-36.5
-55.7
-65.0
-64.2
-56.3
-23.0
19.4
17.2
-55.8
-62.6
-12.2

-11.6
-10.4
-10.5
-10.1
-10.8
-11.6
-25.9
-21.6
-20.7
-16.9
-137.8
-15.8
-14.9
-18.8
-18.4
-22.1
-26.5
-26.3
-26.8
-24.1
-25.2
-21.1
-19.4
-22.8
-22.7
-51.3
-16.4

-5.2
-4.1
-12.0
-15.4
8.3
-17.2
-32.7
-26.1
-39.2
-34.5
-170.6
-59.7
-52.4
-45.3
-29.6
-26.0
-63.0
-82.0
-91.8
-88.3
-81.5
-44.2
0.0
-5.5
-78.5
-113.9
-28.6

24.8
27.2
27.4
27.9
29.5
31.6
39.9
45.4
44.5
44.2
40.0
38.8
36.0
36.5
39.0
38.4
38.9
37.8
35.2
32.6
31.4
33.7
36.0
38.9
41.4
40.8
42.3

Disposable
Acquisitions
income =
less
national
disposals of
Net
income nonlending/net
taxes +
produced
borrowing
transfers
non financial
(replacemen
assets
t income) +
govt interest

K2

B.9

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.1
-0.2
-0.2
-0.2
-0.1
-0.2
-0.2
-0.3
-0.4
-0.3
-0.4
-0.4
-0.5
-0.5
-0.4

0.5
2.2
3.2
8.5
3.9
4.6
5.1
3.9
1.9
2.5
5.0
4.9
2.8
1.9
1.7
-1.0
0.1
-2.9
-1.4
4.1
1.9
0.6
-1.6
5.4
-8.6
-30.9
-20.4
-15.9
-17.5
-19.6
-23.2
-32.2
-29.6
-25.7
-18.7

41.2
49.0
55.3
59.2
63.3
73.4
80.9
88.7
95.6
103.1
114.0
121.9
131.1
137.6
151.9
168.7
177.3
179.6
191.7
210.1
237.1
260.4
285.2
309.1
335.6
365.3
389.0
408.2
438.2
474.0
502.6
529.3
549.8
576.2
602.2

including
estimated
after-tax
capital
income

54.2
57.3
61.1
63.6
65.1
71.7
80.7
82.5
90.0
98.4
98.4
102.8
108.0
125.3
138.3

including
including
estimated
estimated
after-tax
after-tax
replacement
labor income
income

151.7
167.0
182.7
199.7
217.9
226.5
237.0
251.1
269.6
291.7
315.4
329.3
337.2
345.2
356.5

32.0
35.6
40.7
44.6
51.6
65.4
69.6
73.3
77.2
82.0
86.5
93.8
100.7
102.3
103.8

Extended
disposable
income =
disposable
income +
pure
transfers

42.5
50.4
57.0
61.0
65.2
75.6
83.3
91.6
98.9
106.5
117.6
125.7
135.2
142.1
156.8
174.2
183.3
186.2
198.6
217.6
245.2
269.5
295.6
320.7
349.1
382.2
407.1
427.5
458.3
495.3
525.2
554.2
575.3
601.7
627.8

-0.4
-0.3
-0.4
-0.6
-0.7
-0.8
-0.9
-1.0
-1.4
-1.6
-1.5
-1.7
-1.5
-1.8
-1.9
-52.2
-1.3
-1.4
-1.4
-1.4
-1.4
-1.4
-1.4
-1.4
-1.4
-5.8
-1.4

-11.3
-11.9
-19.3
-22.2
1.0
-24.8
-43.9
-40.3
-50.5
-44.2
-175.4
-62.8
-52.6
-45.8
-32.2
23.3
-64.7
-82.2
-89.1
-82.6
-74.1
-38.2
5.5
-1.4
-76.1
-106.0
-25.3

624.2
658.8
678.2
729.4
771.3
849.3
995.7
1,063.2
1,086.1
1,134.2
1,188.1
1,207.6
1,223.7
1,238.0
1,240.3
1,270.1
1,332.1
1,354.0
1,375.7
1,451.5
1,464.0
1,521.6
1,568.0
1,569.2
1,515.8
1,602.3
1,624.1

148.2
160.3
159.4
186.3
206.2
234.5
239.7
242.7
242.9
277.3
306.8
312.9
336.2
346.0
328.2
317.5
360.5
372.5
390.6
456.8
478.6
534.7
568.6
537.4
471.4
528.7
522.5

366.9
386.1
401.5
419.0
434.2
476.5
580.5
623.3
630.5
629.6
639.9
638.1
625.8
629.8
643.5
678.4
688.3
690.0
686.5
696.0
690.3
699.5
716.0
747.7
748.5
771.2
802.4

105.5
108.6
113.5
120.2
124.9
132.4
167.0
186.9
205.1
217.7
230.9
248.1
253.7
255.9
263.5
267.4
278.8
289.5
296.9
298.8
294.5
287.5
281.3
281.9
296.6
302.3
298.5

650.3
687.0
707.7
759.3
802.9
881.9
1,036.1
1,108.6
1,135.0
1,186.5
1,243.0
1,264.1
1,282.1
1,296.1
1,300.2
1,323.9
1,387.8
1,414.0
1,439.5
1,519.3
1,537.8
1,598.2
1,641.0
1,642.0
1,593.5
1,681.0
1,700.0

Memo:
private
(househods
+ NPISH +
corp) net
disposable
income

B6n

518.3
545.7
566.6
593.5
618.4

Net
personal
savings

Gross
personal
savings

B8n

B8=B8n+K1

1.5
1.6
3.0
3.8
4.4
4.4
4.4
6.5
7.3
8.0
8.7
10.3
10.6
12.8
15.5
18.9
19.2
18.7
22.6
26.2
31.4
34.1
40.4
42.4
49.1
56.0
53.1
51.5
55.1
62.6
68.5
74.8
73.5
66.3
72.4

98.8
108.0
109.1
103.9
112.3

Net savings
of the private
sector
(households
+
corporations),
expenditure
approach

Net capital
transfers
received by
households

Net capital
transfers
received by
corporations

Net capital
transfers
received by
corporations
+
households

D9C + D9D

6.2
8.4
10.2
9.4
10.5
14.4
15.7
18.2
19.3
21.8
24.5
23.7
24.1
24.3
29.9
33.7
33.6
32.7
38.6
40.1
47.7
47.9
51.0
50.2
57.4
63.0
62.3
59.6
69.5
71.2
66.2
67.6
69.4
73.4
74.9

3.2
3.6
3.6
3.6
3.8

6.9
6.3
7.4
7.6
7.4

0.3
0.4
0.5
0.6
0.9
0.3
0.2
0.3
1.2
0.9
1.3
2.6
3.4
2.3
2.7
2.8
2.6
2.9
2.9
4.2
4.8
6.0
6.6
7.1
8.1
8.0
9.6
10.9
10.1
10.6
10.1
9.9
11.0
11.2
11.2

641.3
678.0
699.4
750.0
790.2
872.5
1026.7
1094.0
1125.3
1171.7
1227.6
1251.1
1271.1
1287.3
1294.1
1318.0
1383.4
1408.2
1435.4
1514.4
1532.8
1596.4
1635.2
1637.9
1599.1
1682.1
1700.4

74.6
82.6
87.1
93.9
95.7
113.7
131.9
139.9
138.0
135.4
134.6
131.2
127.9
129.7
124.0
123.7
130.2
138.9
147.3
151.8
156.9
162.5
168.1
183.5
173.1
180.8
181.4

116.1
125.7
131.7
140.5
144.9
167.4
192.8
206.3
208.8
209.8
212.7
211.4
210.5
214.3
210.0
212.6
221.2
231.2
240.4
246.8
254.2
262.6
274.7
292.6
285.1
292.5
295.4

79.3
100.7
102.1
125.5
121.9
155.3
144.1
144.2
136.2
138.9
161.1
162.5
160.3
157.1
132.2
123.0
149.9
167.7
170.9
230.8
225.8
256.8
278.5
250.2
211.7
259.1
226.0

3.5
3.0
1.9
2.8
2.8
0.1
5.1
6.4
6.2
3.9
6.0
7.6
9.9
13.9
18.2
16.0
11.9
0.8
15.4
15.3
18.4
13.4
8.8
-6.6
7.6
6.3
5.3

6.9
6.3
7.5
6.3
7.0
8.9
17.9
14.2
13.5
11.7
129.9
6.5
5.0
5.5
0.1
4.5
14.2
24.7
11.6
8.6
5.8
7.7
11.1
28.5
15.2
44.7
10.6

10.3
9.3
9.4
9.1
9.7
9.0
23.0
20.6
19.6
15.6
135.9
14.1
14.9
19.5
18.2
20.5
26.1
25.5
27.0
23.9
24.2
21.1
19.9
21.9
22.7
51.0
16.0

Households net investment (during year t)

S

St

0
t

Net
personal
savings,
plus net
capital
transfers
received

Retained
earnings,
plus net
capital
transfers
received

Extended
private
savings =
private
savings + Total net
Gross
retained investment capital
earnings + s
formation
plus net
capital
transfers
received

B8-K1+D9C+D9D

5%
4%
5%
6%
9%
2%
1%
2%
6%
4%
5%
11%
14%
10%
9%
8%
8%
9%
7%
10%
10%
12%
13%
14%
14%
13%
15%
18%
14%
15%
15%
15%
16%
15%
15%

1.5
1.7
3.1
4.0
4.6
4.7
4.6
6.8
7.6
8.4
9.1
10.7
11.1
13.4
16.3
19.8
20.1
19.6
23.6
27.5
32.9
35.7
42.3
44.3
51.3
58.6
55.6
53.9
57.7
65.5
71.7
78.5
77.1
69.9
76.3

P5

5.0
7.1
7.6
6.0
6.8
10.0
11.3
11.8
12.9
14.3
16.7
15.6
16.4
13.2
16.3
16.8
16.1
16.0
17.8
16.8
19.5
18.2
15.4
13.0
14.2
12.4
16.3
16.5
21.9
16.3
4.7
-1.0
3.3
14.7
9.8

6.5
8.7
10.7
10.0
11.4
14.7
15.9
18.6
20.5
22.7
25.8
26.3
27.5
26.6
32.6
36.5
36.2
35.5
41.5
44.3
52.5
53.9
57.6
57.3
65.6
71.0
71.9
70.5
79.6
81.9
76.3
77.5
80.4
84.6
86.1

71.7
78.5
77.1
69.9
76.3

71.3
69.3
68.8
74.6
76.4

Gross fixed
capital
formation

P51

13%
9%
9%
7%
8%
6%
16%
14%
14%
11%
84%
9%
9%
12%
14%
17%
17%
15%
16%
10%
11%
8%
7%
9%
11%
20%
7%

78.0
85.6
89.0
96.7
98.4
113.9
137.0
146.3
144.2
139.3
140.6
138.9
137.8
143.7
142.2
139.6
142.1
139.7
162.7
167.2
175.3
175.9
176.9
176.9
180.6
187.1
186.7

11.6
24.4
22.5
37.9
33.2
50.4
30.1
18.5
11.7
15.2
156.4
37.8
37.4
32.9
8.3
3.8
34.0
53.5
35.2
87.6
74.8
102.0
121.5
95.1
53.8
122.9
55.2

89.6
110.0
111.5
134.5
131.6
164.3
167.1
164.8
155.9
154.5
297.0
176.6
175.2
176.6
150.5
143.4
176.1
193.1
197.8
254.8
250.1
277.9
298.4
272.1
234.4
310.1
241.9

78.0
85.6
89.0
96.7
98.4
113.9
137.0
146.3
144.2
139.3
140.6
138.9
137.8
143.7
142.2
139.6
142.1
139.7
162.7
167.2
175.3
175.9
176.9
176.9
180.6
187.1
186.7

72.8
75.4
76.7
83.6
91.9
104.2
120.9
133.1
141.8
160.9
161.0
156.2
156.6
158.9
157.4
152.2
134.9
129.7
129.7
127.7
126.9
138.3
146.3
147.7
139.9
148.5
161.8

116.2
130.3
138.5
159.5
159.8
155.3
155.3
157.0
156.0
153.0
142.7
134.0
132.0
130.2
128.3
139.5
147.0
145.5
138.3
145.6
159.1

t (during year t)

Net fixed
capital
formation

P51-K1

41.0
36.2
33.2
37.0
36.6

Changes in
stocks + net
acquisitions
of precious Net
objects + net lending/borr
acquisiation owing
s of
nonproduce
d assets

P52+P53+K2

0.3
0.3
0.4
0.4
0.3

Statistical
discrepancy
between
real &
financial
accounts

B9A

30.4
42.0
43.5
32.6
39.4

Net
Investment
investment
in financial
in financial
assets At
assets

B9B

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

30.4
42.0
43.5
32.6
39.4

Of which:
equities
(shares+oth
er
equities+mut
ual funds)

31.3
32.3
32.1
36.9
42.7
50.6
55.3
64.0
67.7
85.2
81.7
75.2
72.7
72.4
70.0
64.1
51.7
41.8
38.9
35.2
31.0
39.4
40.4
36.4
26.2
33.93
45.09

0.2
0.2
0.3
0.4
0.5
0.5
5.3
3.3
4.0
2.3
2.1
2.0
2.3
3.2
2.7
0.2
-6.9
-3.4
-1.3
-1.5
-0.4
-0.3
0.3
3.1
2.5
3.8
3.6

46.5
53.0
56.7
59.4
55.2
62.8
76.4
79.0
72.5
51.8
56.8
61.7
62.8
68.0
69.4
75.4
97.3
101.3
125.1
133.4
144.7
136.8
136.2
137.4
151.9
149.4
138.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

46.5
53.0
56.7
59.4
55.2
62.8
76.4
79.0
72.5
51.8
56.8
61.7
62.8
68.0
69.4
75.4
97.3
101.3
125.1
133.4
144.7
136.8
136.2
137.4
151.9
149.4
138.0

142.2
151.5
159.0
148.4
132.6
140.6
127.1
142.6
153.0
118.9
118.7
117.0
142.6
134.5
137.4
131.3
115.0
122.4
144.8
154.9

18.6
31.1
26.2
54.0
13.5
19.8
28.3
38.9
71.5
79.2
27.5
-30.0
10.6
-8.3
16.6
1.4
-11.4
-40.6
18.2
26.2

Corporate investment

CPI and population

WDt

Of
Incurrence
which:insura
of liabilities
nce

Estimates of
war
destructions
Nonfinancial Financial
of wealth
corporations corporations (physical
capital &
foreign
portfolio)

Gross
capital
formation

P5

P5

87
80
79
88
94

82.7
75.5
74.4
82.3
87.8

P5

4.0
4.3
4.9
6.1
5.9

pt

Consumer
price
inflation
(midyear/midyear)

Memo: CPI
OECD

Destatis

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-6.4%
7.6%
2.1%
-1.7%
0.4%
1.4%
2.8%
2.0%
2.3%
0.6%
1.6%
2.5%
2.8%
3.0%
2.4%
3.2%
3.3%
1.9%
1.6%
1.8%
3.6%
5.2%
5.4%
7.1%
6.9%
6.0%
4.2%
3.7%
2.7%
4.1%
5.4%
6.3%
5.2%
3.2%
2.5%

2.6%
2.1%
2.1%
0.9%
1.5%
2.3%
2.8%
3.0%
2.3%
3.2%
3.5%
1.8%
1.5%
1.9%
3.5%
5.2%
5.5%
7.0%
7.0%
5.9%
4.2%
3.7%
2.7%
4.0%
5.4%
6.3%
5.2%
3.3%
2.4%

31.9
35.5
42.5
47.3
51.0
54.8
57.7
59.9
61.7
55.9
46.5
33.9
46.1
48.2
59.3
66.0
75.1
28.1
62.5
60.4

65.7
72.4
86.5
96.5
75.8
78.9
64.2
74.7
83.7
43.4
21.4
15.8
17.5
1.1
-7.3
-5.5
-21.2
-14.6
-6.6
5.0

100
106
105
116
132
146
208
209
190
195
212
204
215
233
240
266
254
218
218
227
226
248
285
293
212
240
258

94.3
100.7
99.9
111.1
125.9
139.6
199.0
197.6
178.4
184.8
200.0
192.5
203.7
220.8
228.5
254.9
244.8
209.5
211.4
219.4
218.6
243.1
281.4
286.6
205.3
233.7
251.3

6.0
5.4
4.8
4.9
5.8
6.7
9.1
11.2
11.4
10.4
11.9
11.5
11.8
11.9
11.0
11.1
9.1
8.2
7.0
7.4
7.2
4.6
4.1
6.2
6.2
6.6
6.7

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0

2.0%
-0.1%
0.2%
1.2%
2.8%
2.6%
4.0%
5.1%
4.4%
2.8%
1.8%
1.4%
1.9%
1.0%
0.6%
1.4%
1.9%
1.5%
1.0%
1.7%
1.5%
1.6%
2.3%
2.6%
0.4%
1.1%
2.3%

2.1%
-0.1%
0.2%
1.3%
2.8%
2.7%
4.0%
5.1%
4.4%
2.8%
1.8%
1.4%
1.9%
1.0%
0.6%
1.4%
1.9%
1.5%
1.0%
1.7%
1.5%
1.6%
2.3%
2.6%
0.4%
1.1%

lation

Real GDP
growth rate,
GDP Price
official
inflation
Bundesbank
(1950-1970:
data (1950constant
1970:
base-year
constant
prices; after
base-year
1970: chainprices; after
linked
1970: chainindices )
linked
indices )

Private
consumption
price
inflation
(1990-2010:
chain-linked;
before:
constantbase year
prices)

Investment
price
Population
Employed
deflator
(thousands),
population
(2005=100), mid-year
chain-linked

Salaried
workers

NETD (Ameco) NWTD (Ameco)

11.7%
4.6%
-1.4%
-0.3%
2.0%
2.7%
3.0%
3.0%
1.6%
3.2%
4.7%
4.0%
3.1%
3.1%
3.8%
3.5%
1.5%
2.4%
4.0%
7.7%
7.6%
4.5%
6.3%
7.3%
5.7%
3.3%
3.1%
3.5%
4.3%
5.4%
4.2%
4.6%
2.8%
2.0%

9.8%
9.2%
8.8%
7.6%
12.0%
7.6%
5.9%
4.3%
7.8%
8.7%
4.6%
4.7%
2.8%
6.6%
5.4%
2.8%
-0.3%
5.4%
7.5%
5.0%
3.1%
4.3%
4.8%
0.9%
-0.9%
4.9%
3.3%
3.0%
4.1%
1.4%
0.5%
-0.4%
1.6%
2.8%

8.1%
1.5%
-1.0%
0.4%
1.2%
2.0%
2.4%
2.7%
0.8%
1.3%
3.4%
2.7%
3.2%
2.1%
3.3%
3.4%
1.7%
1.6%
1.8%
3.6%
5.0%
5.6%
6.5%
7.2%
6.0%
4.2%
3.3%
2.6%
4.3%
5.8%
6.3%
5.0%
3.2%
2.5%

63
67
69
69
63
61
63
65
69
73
75
71
68
70
70

50,303
50,748
51,196
51,649
52,159
52,699
53,231
53,429
53,702
54,392
54,988
55,608
56,274
56,918
57,556
58,226
58,942
59,545
59,871
60,206
60,829
61,098
61,252
61,656
61,955
62,046
61,818
61,543
61,397
61,337
61,381
61,549
61,685
61,629
61,426
61,178

20,727
21,279
21,735
22,320
22,952
23,830
24,523
25,083
25,307
25,600
26,053
26,421
26,518
26,585
26,613
26,768
26,688
25,818
25,843
26,251
26,589
26,710
26,857
27,181
26,924
26,248
26,139
26,198
26,457
26,968
27,420
27,453
27,241
26,993
27,226

14,207
14,861
15,407
16,079
16,777
17,706
18,448
19,020
19,260
19,623
20,173
20,667
20,964
21,203
21,441
21,732
21,745
21,012
21,146
21,731
22,248
22,617
22,889
23,303
23,183
22,652
22,714
22,902
23,216
23,800
24,266
24,329
24,150
23,936
24,167

2.1%
3.0%
1.3%
1.7%
2.9%
3.4%
3.1%
5.4%
4.0%
2.5%
2.0%
0.6%
0.3%
0.6%
0.2%
-0.7%
1.1%
1.4%
1.1%
1.1%
0.6%
0.3%
1.6%
0.8%
1.2%
0.6%
0.8%

2.3%
2.3%
1.4%
3.7%
3.9%
5.3%
5.1%
1.9%
-1.0%
2.5%
1.7%
0.8%
1.7%
1.9%
1.9%
3.1%
1.5%
0.0%
-0.4%
1.2%
0.7%
3.7%
3.3%
1.1%
-5.1%
3.7%
3.0%

1.7%
-0.6%
0.4%
1.3%
3.0%
2.7%
4.0%
4.3%
3.6%
2.5%
1.4%
0.9%
1.3%
0.5%
0.4%
0.8%
1.9%
1.2%
1.6%
1.2%
1.7%
1.0%
1.5%
1.7%
0.1%
1.9%
2.1%

70
73
74
78
84
90
95
99
95
99
99
98
99
103
108
111
107
101
99
99
100
108
113
115
102
108
115

61,035
61,080
61,189
61,477
62,197
63,202
80,014
80,625
81,156
81,438
81,678
81,915
82,035
82,047
82,100
82,212
82,350
82,488
82,534
82,516
82,469
82,376
82,266
82,110
81,902
81,777
81,777

27,608
28,138
28,531
28,937
29,480
30,409
38,712
38,183
37,695
37,667
37,802
37,772
37,716
38,148
38,721
39,382
39,485
39,257
38,918
39,034
38,976
39,192
39,857
40,345
40,362
40,553
41,078
41,246
41,340

24,547
25,054
25,470
25,881
26,399
27,304
35,148
34,567
34,020
33,909
33,996
33,907
33,803
34,189
34,735
35,387
35,465
35,203
34,800
34,777
34,559
34,736
35,359
35,866
35,894
36,065
36,534
36,684
36,769

Supplementary series on capital income earned by household

Selfemployed

Share 0-19yr-old in
living
population

Population
Share selfWest
employed in
Germany
employed
(yearpop
average)

Total
capital
income

Minus:
corporate
retained
earnings

Minus:
corporate
other
transfers

NSTD (Ameco)

6,423
6,332
6,253
6,177
6,122
6,084
6,046
6,042
6,030
5,967
5,880
5,754
5,554
5,383
5,172
5,036
4,944
4,806
4,697
4,520
4,341
4,093
3,968
3,878
3,741
3,596
3,425
3,296
3,241
3,168
3,154
3,124
3,091
3,057
3,059

30.7%
30.5%
30.3%
30.1%
29.9%
29.7%
29.5%
29.2%
29.0%
28.8%
28.6%
28.4%
28.5%
28.7%
28.8%
28.9%
29.1%
29.2%
29.3%
29.4%
29.6%
29.7%
29.4%
29.0%
28.7%
28.4%
28.1%
27.7%
27.4%
27.1%
26.7%
26.4%
25.8%
25.3%
24.7%
24.2%

31.0%
29.8%
28.8%
27.7%
26.7%
25.5%
24.7%
24.1%
23.8%
23.3%
22.6%
21.8%
20.9%
20.2%
19.4%
18.8%
18.5%
18.6%
18.2%
17.2%
16.3%
15.3%
14.8%
14.3%
13.9%
13.7%
13.1%
12.6%
12.3%
11.7%
11.5%
11.4%
11.3%
11.3%
11.2%

50,303
50,748
51,196
51,649
52,159
52,699
53,231
53,429
53,702
54,392
54,988
55,608
56,274
56,918
57,556
58,226
58,942
59,545
59,871
60,206
60,829
61,098
61,252
61,656
61,955
62,046
61,818
61,543
61,397
61,337
61,381
61,549
61,685
61,629
61,426
61,178

9.4
12.0
15.0
15.4
15.7
19.4
21.4
24.0
25.5
29.2
34.3
34.2
35.7
37.7
42.4
45.8
46.7
47.5
56.5
61.7
65.1
68.1
72.3
77.8
79.5
85.4
98.1
103.7
112.1
122.2
121.7
125.6
132.1
152.3
168.9

5.4
-0.6
2.7
14.6
10.8

-5.7
-4.2
-4.2
-4.7
-5.3

3,061
3,084
3,061
3,056
3,081
3,105
3,564
3,616
3,675
3,758
3,806
3,865
3,913
3,959
3,986
3,995
4,020
4,054
4,118
4,257
4,417
4,456
4,498
4,479
4,468
4,488
4,544
4,562
4,571

23.6%
23.0%
22.5%
21.9%
21.4%
20.8%
21.7%
21.7%
21.6%
21.6%
21.5%
21.5%
21.5%
21.4%
21.3%
21.1%
20.9%
20.7%
20.5%
20.3%
20.0%
19.7%
19.4%
19.0%
18.8%
18.4%
18.4%

11.1%
11.0%
10.7%
10.6%
10.5%
10.2%
9.2%
9.5%
9.7%
10.0%
10.1%
10.2%
10.4%
10.4%
10.3%
10.1%
10.2%
10.3%
10.6%
10.9%
11.3%
11.4%
11.3%
11.1%
11.1%
11.1%
11.1%
11.1%
11.1%

61,035
61,080
61,189
61,477
62,197
63,202
64,105
64,887
65,514
65,873
66,175
66,463
66,636
66,718
66,847
67,043
67,156
67,269
67,421
67,500
67,540
67,534
67,516
67,452
67,327
67,268

182.6
195.7
193.1
223.4
248.7
275.4
305.2
311.8
310.6
345.5
375.9
389.5
415.6
430.9
418.7
412.0
431.0
441.8
465.4
543.8
575.2
650.5
693.7
657.6
564.8
631.4
638.1

12.0
25.0
22.8
39.1
33.4
50.7
21.6
16.1
5.6
12.3
37.0
38.4
39.6
36.1
15.4
17.3
35.6
45.0
40.8
95.4
84.7
115.9
132.9
95.3
68.0
106.2
73.7

-4.1
-3.7
-4.6
-3.9
-3.3
-4.8
-7.8
-6.4
-3.5
-7.0
-9.3
-8.1
-8.3
-9.2
-9.2
-21.6
-18.8
-16.7
-16.5
-15.4
-13.6
-22.9
-23.5
-31.8
-34.1
-32.0
-35.4

apital income earned by households

Minus:
capital
Equals:
income, self
employment

Total
capital
income
earned by
households
& NPISH
(net of
interest
payments)

Income from
life (and
Rents on
other)
houses
insurance

D44

8.2
10.0
11.6
12.9
14.1

B2n

Rents on
land

Dividends
received by
households
(before
corporate
income
taxes)

D45

D42+D51

0.4
0.4
0.7
0.7
0.7

62.0
67.1
65.5
71.1
84.4

54.8
60.7
61.3
61.6
71.1
75.4
77.5
82.7
85.3
83.2
78.8
82.0
84.1
84.6
92.1
97.3
107.6
114.3
111.3
92.7
106.4
108.1

174.7
230.8
240.7
246.8
269.2
272.9
281.7
301.6
318.8
329.3
337.4
332.2
329.5
356.5
371.6
406.8
450.0
470.0
482.8
438.3
450.7
491.7

174.7
230.8
240.7
246.8
269.2
272.9
281.7
301.6
318.8
329.3
337.4
332.2
329.5
356.5
371.6
406.8
450.0
470.0
482.8
438.3
450.7
491.7

15.8
17.3
17.0
18.2
19.9
21.7
23.9
25.8
28.6
30.5
32.8
35.6
38.9
41.3
43.6
46.6
44.9
43.0
42.1
41.4
42.0
44.9
50.0
50.6
48.2
47.3
47.6

28.0
24.8
28.4
32.2
36.9
40.0
40.0
41.7
41.1
39.2
41.5
44.5
49.8
50.0
49.8
51.6
53.6
57.0
59.7
54.3
53.2
53.1

0.7
0.7
0.8
0.8
0.8
0.9
1.1
1.1
1.2
1.2
1.3
1.3
1.3
1.3
1.6
1.6
1.7
1.6
1.8
1.8
1.8
1.8
1.8
1.9
1.9
1.9
1.9

92.4
87.1
87.8
87.7
97.5
94.4
154.3
154.9
155.9
176.8
178.4
187.4
204.4
224.7
235.6
247.4
238.2
232.6
250.8
266.1
303.3
339.1
348.4
353.5
315.6
329.3
368.6

Directly
received
from
corporations

D42

48.7
54.2
51.7
56.0
67.0

Memo:
Corporate
income
taxes

D51

Interest
received by
households

D41

6.4
5.7
5.9
7.8
7.7
7.2
9.2
12.2
12.8
14.1
13.3
12.9
13.7
15.1
17.4

44.5
52.2
56.5
52.1
54.9

Of which:
Interest
directly
received

Of which:
imputed
interest
Interest paid
received
by
(FISIM
households
consumed
on deposits)

D41+D45

29.1
37.1
40.2
38.4
39.3

Of which:
interest

D41

72.6
67.3
70.2
68.5
75.4
74.4
112.2
110.6
112.6
135.7
139.2
140.5
156.2
173.5
179.7
187.1
202.6
197.8
211.7
218.4
248.2
270.9
277.1
287.3
268.4
274.5
302.3

19.8
19.8
17.6
19.2
22.1
20.0
42.1
44.2
43.3
41.1
39.2
46.9
48.2
51.2
55.9
60.3
35.6
34.8
39.1
47.7
55.2
68.1
71.3
66.2
47.2
54.8
66.3

54.0
48.5
45.0
50.0
65.6
78.8
85.3
96.4
94.6
94.1
89.7
84.4
80.1
76.7
73.9
73.6
77.2
72.3
75.5
72.8
66.6
72.1
79.4
85.0
70.2
69.2
72.8

46.6

32.2

44.4
48.7
57.3
65.2
56.1
42.7
43.6

22.3
23.4
22.1
19.9
14.1
26.5
29.2

38.5
32.9
32.4
32.8
40.6
49.0
58.6
65.9
65.6
70.2
69.3
66.9
64.8
66.4
64.5
73.2
74.3
69.8
63.7
60.3
58.5
61.6
66.6
67.9
51.9
50.1
52.3

48.13
57.4
64.7
64.4
69.1
68.2
65.8
63.6
65.2
63.3
71.9
72.8
68.3
62.1
58.7
56.8
59.7
64.7
65.9
50.0
48.3
50.3

Ykpt/Lt

Memo:
Personal
FISIM
interest
allocated to
payments
households
before FISIM & NPISH
allocation

D41 (before
FISIM)

Memo:
Of which: on
Personal
other
interest
Of which: on
households
payments
morgages
& NPISH
after FISIM/
debt
Personal
debt

Memo:
Personal
interest
payments
before
FISIM/
Personal
debt

50.6
64.4
71.9
74.4
79.4
81.9
85.6
86.3
88.8
91.6
95.3
97.9
94.9
94.4
91.3
88.6
86.3
85.1
83.9
80.7
78.7
77.1

2.4
7.0
7.3
10.0
10.4
13.6
19.8
22.7
23.6
28.3
23.4
25.2
26.5
32.2
32.6
31.8
26.7
20.5
18.1
30.8
30.4
26.8

9.5
9.1
10.6
11.1
13.2
18.0
20.5
21.1
25.6
21.7
23.0
24.4
28.6
28.8
28.0
23.4
17.8
15.3
26.5
27.4
24.5

-2.5
-1.9
-0.6
-0.8
0.4
1.9
2.3
2.5
2.7
1.7
2.2
2.2
3.7
3.8
3.9
3.2
2.6
2.8
4.3
3.0
2.3

7%
8%
8%
7%
7%
6%
6%
5%
5%
5%
5%
5%
5%
4%
4%
4%
4%
4%
4%
3%
3%
3%

6.9%
8.3%
8.7%
8.3%
8.1%
7.6%
7.4%
7.0%
6.9%
6.7%
6.5%
6.5%
6.2%
6.1%
5.8%
5.6%
5.5%
5.4%
5.4%
5.3%
5.1%
5.0%

DataDE2: Raw 1950-1970 national accounts series for Germany from Statistiche Bundesamt (1991), Volkswirtscha
1950-1960: West Germany without Sarre & West Berlin
1960-onwards: West Germany including Sarre and West Berlin
All values are in current billions DM
1 euro =
1.95583 DM
Notations

Yt

National
income

Yt + FTt

Gross
national
income

National
Factor-cost
disposable
national
income
income

Source

p. 46 col. 5
p. 46 col. 3
Nettosozialprod
Bruttosozialpro
German name
ukt zu
dukt
Marketpreisen

Code
ESA95
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983

Yt - Tpt

P. 46 col. 7
Nettosozialprod
ukt zu
Faktorkosten

FYt

Ydt

GDPt

Net foreign
factor
income

Net
domestic
product

Gross
domestic
product

P. 45 col. 2

D6n

90.7
111.2
127.1
136.8
146.4
167.5
184.9
201.1
215.2
235.2
263.8
279.4
304.3
329.3
347.1
380.6
414.9
439.6
443.2
480.1
539.6
607.7
672.3
737.9

98.6
120.7
137.9
147.9
158.1
180.5
199.5
217.4
233.2
254.9
286.0
303.0
331.4
360.5
382.1
419.6
458.2
487.4
493.7
533.7
597.8
675.7
750.4
824.6

86.1
105.9
120.9
139.9
140.6
161.0
179.4
196.1
211.2
230.2
259.2
275.4
299.5
323.7
341.7
374.9
408.0
432.8
436.2
472.0
529.9
596.7
660.5
724.0

78.5
95.3
108.3
115.9
123.9
142.2
157.8
173.0
185.3
201.6
227.2
240.1
260.8
282.1
297.8
327.3
358.5
379.8
380.7
418.1
462.9
530.4
586.2
643.5

1.4
1.4
1.5
1.4
0.8
0.8
0.8
0.9
0.6
0.0
0.4
0.3
-0.3
-0.3
-0.3
-0.6
-1.0
-0.8
-0.6
0.4
0.9
0.4
0.7
1.5

p. 46 col. 1
Bruttoinlandspr
odukt
B1n

B1

89.3
109.8
125.7
135.4
145.6
166.8
184.1
200.3
214.7
235.1
263.4
279.1
304.6
329.6
347.4
381.2
415.9
440.5
443.8
479.6
538.8
607.3
671.7
736.4

97.2
119.3
136.4
146.5
157.3
179.7
198.7
216.5
232.7
254.9
285.6
302.7
331.7
360.8
382.4
420.2
459.2
488.2
494.4
533.3
597.0
675.3
749.8
823.1

1984
1985
1986
1987
1988
1989
1990

mt (1991), Volkswirtschaftliche Gesamtrechnungen Facheserie 18 Reihe S.15 Revidierte Ergebnisse 1950 bis 1990

Product taxes Expenditure approach of GDP

KDt

Capital
depreciation
(CFC)

Tpt

CFC/GDP

p. 46 col. 4
Abschreibunge
n
K1

7.9
9.5
10.8
11.1
11.7
13.0
14.6
16.3
18.0
19.7
22.2
23.6
27.1
31.2
35.0
39.0
43.3
47.8
50.5
53.7
58.2
68.0
78.1
86.7
96.0
107.8
117.2
125.8
134.0
144.4
157.8
175.0
190.6
203.7

7%
7%
7%
8%
8%
8%
8%
8%
8%
9%
9%
9%
9%
10%
10%
10%
10%
10%
10%
11%

Private
Public
Product taxes consumptio consumptio
paid net of
n
n
subsidies
expenditure expenditure
s
s

Gross
capital
formation

Of which:
gross fixed
capital
formation

p. 46 col. 6
Indirekte Steuern
abzglich
Subventionen
D21+D31+D29+D3
9

p. 52 col. 4

p. 52 col. 5

p. 53 col. 6

p. 53 col. 7

P3

P3

P5

P51

12.21
15.92
18.88
20.91
22.48
25.38
27.10
28.1
29.9
33.6
36.7
39.3
43.5
47.2
49.3
53.4
56.4
59.9
62.4
62.0
76.7
77.3
86.1
94.4

63.2
73.3
80.8
88.3
94.2
105.3
116.6
126.7
136.8
146.3
160.8
171.8
188.3
204.8
216.8
233.5
257.6
275.1
282.6
300.7
330.9
368.9
408.98

10.2
12.6
14.8
16.2
17.4
19.0
22.1
25.5
30.3
33.6
37.7
40.5
45.8
52.8
59.4
62.1
69.7
75.5
80.1
82.7
93.1
106.5
126.8

22.9
28.2
33.7
33.4
37.1
47.6
51.2
54.5
56.5
65.4
78.6
82.8
90.2
98.6
100.3
118.1
130.6
129.5
113.7
130.5
156.2
186.3
200.6

18.8
22.8
26.8
30.6
34.0
42.5
47.5
49.1
53.1
61.4
69.7
73.6
83.5
92.9
97.7
111.7
119.9
124.2
114.2
119.4
138.9
172.1
196.1

gebnisse 1950 bis 1990

Private sector (corporations, households & NPISH)

X

Of which:
change in
inventories

Exports

Imports

Exports &
foreign
factor
income
inflows

Imports &
foreign
factor
income
outflows

P. 53 col. 12

P. 53 col. 13

14.8
23.1
27.4
29.6
34.4
40.1
45.9
52.4
53.1
58.6
67.5
60.7
63.2
66.3
72.0
79.9
87.2
98.4
106.4
120.2
137.3
152.9
167.0

12.5
16.5
18.8
19.7
25.0
31.5
36.2
41.7
43.5
48.9
58.6
52.8
56.1
62.0
66.4
74.0
86.9
91.0
89.1
100.5
119.8
138.8
152.9

P52

P6

P6

4.1
5.4
6.9
2.8
3.1
5.1
3.7
5.4
3.4
4.0
8.9
9.2
6.7
5.7
2.6
6.4
10.7
5.3
-0.5
11.1
17.3
14.2
4.5

13.3
21.4
25.5
27.8
32.5
37.9
43.7
50.0
50.7
55.9
64.3
57.5
59.8
62.7
68.3
75.9
82.9
93.5
101.0
113.9
129.5
143.0
155.7

12.39
16.20
18.46
19.22
23.93
30.14
34.84
40.14
41.64
46.30
55.73
49.85
52.40
58.08
62.37
69.38
81.58
85.29
83.02
94.57
112.73
129.27
142.26

Net
domestic
product
(private
sector)

71.4
87.2
98.9
105.7
113.5
130.8
144.8
158.3
168.8
184.8
207.9
219.4
237.6
256.8
269.7
296.8
324.2
341.2
339.6
373.2
411.6
470.8
514.9
562.6
626.4
662.5
682.6
751.7
801.8
861.0
928.3
971.8
1,002.4

Wages &
Gross value
social
added
contribution
(private
spaid by
sector)
private
sector

78.8
96.2
109.1
116.2
124.5
143.0
158.6
173.7
185.9
203.5
229.0
241.8
263.5
286.6
303.1
334.0
365.5
386.8
387.8
424.3
467.0
535.5
589.1
645.0
717.5
764.8
793.9
870.9
928.7
997.5
1,077.4
1,136.8
1,182.1

38.6
47.1
52.3
57.7
63.3
72.7
81.5
89.1
95.5
103.2
115.6
122.7
138.2
153.3
162.0
178.9
197.7
211.4
208.6
224.3
252.2
300.1
336.1
371.2
420.2
459.1
474.4
514.7
553.8
591.4
641.3
698.4
729.8

"Husliche Dienste une private Organisationen ohen Erwerbszeck"

Domestic services & NPISH

ns, households & NPISH)

Net
Net profits &
Gross value
Capital
Capital
domestic
Wages &
mixed
added
depreciation
depreciation CFC/Gross
product
social
CFC/Gross
income
(domestic
(domestic
(private
value added (domestic
contribution
value added
(private
services &
services &
sector)
services &
s paid
sector)
NPISH)
NPISH)
NPISH)

32.8
40.2
46.6
47.9
50.1
58.1
63.3
69.2
73.3
81.6
92.4
96.7
99.4
103.6
107.7
117.9
126.5
129.8
131.0
148.8
159.5
170.7
178.8
191.4
206.2
203.4
208.3
237.0
248.0
269.6
287.0
273.3
272.6

7.4
8.9
10.2
10.5
11.1
12.3
13.8
15.5
17.1
18.7
21.1
22.5
25.8
29.8
33.4
37.2
41.3
45.6
48.2
51.1
55.4
64.7
74.2
82.4
91.1
102.3
111.2
119.2
126.9
136.5
149.1
165.1
179.7

9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
10%
10%
11%
11%
11%
12%
12%
12%
12%
12%
13%
13%
13%
13%
14%
14%
14%
14%
14%
15%
15%

p. 75 col. 1
Nettowertschp
fung

p. 47 col. 7

p. 75 col. 7

1.6
1.9
2.2
2.5
2.7
3.0
3.3
3.6
4.0
4.2
4.5
4.75
4.97
5.00
5.37
5.66
6.15
6.60
7.00
7.36
8.19
9.04
10.67
12.47
14.81
16.62
18.1
20.0
22.1
24.1
26.2
28.7
31.1

1.7
2.0
2.3
2.7
2.9
3.1
3.5
3.8
4.2
4.4
4.8
5.0
5.3
5.4
5.8
6.2
6.7
7.2
7.7
8.1
9.0
10.0
11.8
13.7
16.1
18.1
19.7
21.7
24.0
26.1
28.5
31.3
33.9

1.6
1.9
2.2
2.5
2.7
3.0
3.3
3.6
4.0
4.2
4.5
4.8
5.0
5.0
5.4
5.7
6.2
6.6
7.0
7.4
8.2
9.0
10.7
12.5
14.8
16.6
18.1
20.0
22.1
24.1
26.2
28.7
31.1

0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.2
0.2
0.2
0.3
0.3
0.3
0.4
0.4
0.5
0.6
0.6
0.7
0.7
0.8
1.0
1.1
1.2
1.3
1.5
1.6
1.8
1.9
2.1
2.3
2.6
2.8

5%
6%
5%
5%
5%
5%
5%
5%
5%
5%
6%
6%
6%
7%
7%
8%
8%
9%
9%
9%
9%
10%
9%
9%
8%
8%
8%
8%
8%
8%
8%
8%
8%

Corporate business sector

Government sector

Yct

Ygt

Net
domestic Gross value
product
added
(corporate (corporate
business
sector)
sector)

Net
corporate
profits

B2+D1-K1

B2+D1

Entstandene
p. 73 col. 3
Einkommen
aus
Unternehmertt
igkeit und
B2n
Vermgen

69.8
85.4
96.8
103.1
110.7
127.8
141.5
154.6
164.8
180.6
203.4
214.6
232.7
251.8
264.32
291.2
318.0
334.6
332.6
365.8
403.5
461.8
504.2
550.1
611.6
645.9
664.5
731.7
779.7
836.9
902.1
943.1
971.3

77.1
94.2
106.8
113.5
121.6
139.9
155.1
169.9
181.7
199.1
224.2
236.8
258.2
281.2
297.3
327.8
358.8
379.5
380.1
416.2
458.0
525.5
577.4
631.3
701.4
746.7
774.2
849.2
904.6
971.3
1,048.9
1,105.5
1,148.2

32.83
40.15
46.62
47.93
50.12
58.11
63.29
69.17
73.25
81.55
92.36
96.66
99.42
103.55
107.71
117.90
126.46
129.78
131.04
148.83
159.47
170.71
178.77
191.43
206.22
203.37
208.26
237.00
247.98
269.56
286.98
273.34
272.63

p. 73 col. 1
Nettowertschp
fung

Gross
corporate
profits

Wages &
Capital
social
depreciation
CFC/Gross
contribution
(CFC,
value added
s paid by
corporate
corporations
sector)

B2

Entstandene
p. 73 col. 2
Einkommen
aus
unselbstndige
r Arbeit
D1

K1

40.2
49.0
56.7
58.3
61.0
70.2
76.9
84.4
90.1
100.1
113.2
118.8
124.9
133.0
140.7
154.6
167.2
174.7
178.6
199.2
214.1
234.4
251.9
272.6
296.0
304.2
317.9
354.5
372.9
404.0
433.7
435.8
449.5

37.0
45.2
50.1
55.2
60.6
69.7
78.2
85.5
91.6
99.0
111.1
118.0
133.2
148.3
156.61
173.3
191.5
204.8
201.6
217.0
244.0
291.1
325.5
358.7
405.3
442.5
456.3
494.7
531.7
567.3
615.2
669.7
698.7

7.33
8.83
10.04
10.37
10.91
12.11
13.62
15.25
16.88
18.50
20.80
22.17
25.50
29.40
32.94
36.66
40.75
44.92
47.52
50.39
54.58
63.72
73.14
81.21
89.80
100.83
109.62
117.47
124.95
134.44
146.75
162.47
176.89

Net
domestic
product
(govt
sector)

p. 74 col. 1
Nettowertschp
fung
D1

10%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
10%
10%
11%
11%
11%
12%
13%
12%
12%
12%
13%
13%
13%
14%
14%
14%
14%
14%
14%
15%
15%

5.67
6.67
7.86
8.84
9.63
10.61
12.22
13.89
15.94
16.75
18.87
20.44
23.44
25.59
28.38
30.99
35.27
39.39
41.78
44.51
50.45
59.20
70.70
79.4
92.5
107.5
116.9
123.3
131.6
140.3
150.3
162.5
172.8
177.8

Government sector

Distribution of corporate profits

YKct

Distributed
profits (net
Wages &
Capital
Net-ofoutflow of
Gross value
social
depreciation CFC/Gross depreciation
interest,
added (govt contribution
Direct taxes
(CFC, govt value added corporate
dividend
sector)
s paid by
sector)
profits
and other
govt
property
income)

D1+K1

Entstandene
p. 74 col. 6
Einkommen
aus
unselbstndige
r Arbeit
D1

K1

6.1
7.2
8.5
9.5
10.3
11.3
13.0
14.7
16.8
17.7
20.0
21.6
24.7
27.0
30.0
32.8
37.3
41.6
44.1
47.1
53.3
62.6
74.6
83.7
97.3
112.9
122.9
129.8
138.8
148.2
159.1
172.4
183.7
189.6

5.7
6.7
7.9
8.8
9.6
10.6
12.2
13.9
15.9
16.8
18.9
20.4
23.4
25.6
28.4
31.0
35.3
39.4
41.8
44.5
50.5
59.2
70.7
79.4
92.5
107.5
116.9
123.3
131.6
140.3
150.3
162.5
172.8
177.8

0.5
0.5
0.6
0.6
0.7
0.7
0.8
0.8
0.9
1.0
1.1
1.2
1.3
1.5
1.6
1.8
2.0
2.2
2.3
2.6
2.8
3.4
3.86
4.3
4.9
5.5
6.0
6.6
7.2
7.9
8.8
9.9
10.9
11.8

p. 47 col. 6

p. 77 col. 2

D4 (net)

8%
7%
7%
7%
6%
6%
6%
6%
5%
6%
6%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
6%
6%
6%
6%

32.8
40.2
46.6
47.9
50.1
58.1
63.3
69.2
73.3
81.6
92.4
96.7
99.4
103.6
107.7
117.9
126.5
129.8
131.0
148.8
159.5
170.7
178.8
191.4
206.2
203.4
208.3
237.0
248.0
269.6
287.0
273.3
272.6

6.1
7.2
9.2
10.9
11.1
10.9
11.9
13.5
14.1
16.1
18.9
20.3
22.8
25.0
27.6
27.9
27.6
28.6
29.1
31.6
35.5
32.5
34.4
37.2
47.0
46.8
45.0
53.0
64.6
64.7
64.8
61.0
59.4

18.8
21.5
25.4
27.9
29.2
31.2
32.2
35.7
39.2
42.7
48.1
49.7
54.5
56.6
61.9
67.8
75.6
78.3
79.2
91.3
104.3
114.8
124.7
137.5
145.9
150.8
162.5
171.3
179.7
183.8
203.9
217.7
237.2

Income flows with the rest of the worl

FYt

Inflow of
interest,
dividend
and other
property
income

Outflow of
interest,
dividend
and other
property
income

D4

Entstandene
p. 73 col. 7
Einkommen
aus
Unternehmertt
igkeit und
D4
Vermgen

9.2
13.1
15.4
14.0
14.3
19.3
22.1
24.2
26.6
29.4
35.0
51.5
50.1
55.2
54.5
62.0
65.9
72.8
76.4
82.1
86.8
111.2
115.7
114.4
149.6
163.9
144.9
162.0
174.9
193.6
213.7
235.7
263.2

28.1
34.6
40.8
41.9
43.6
50.5
54.4
59.9
65.8
72.0
83.1
101.2
104.6
111.7
116.4
129.7
141.5
151.1
155.5
173.4
191.1
226.0
240.4
251.9
295.6
314.7
307.5
333.4
354.6
377.4
417.6
453.4
500.4

Retained
earnings

p. 80 col. 1
Verfgbares
Einkommen
B6n (=B8n)

7.9
11.5
12.0
9.2
9.8
16.1
19.2
20.0
20.0
22.8
25.4
26.7
22.1
22.0
18.2
22.2
23.2
22.9
22.8
25.9
19.6
23.5
19.7
16.8
13.3
5.8
0.7
12.7
3.7
21.1
18.3
-5.4
-24.0

Memo:
Memo: net
Other net
undistribute
capital
transfers
Net foreign
d profits of
income
(insurance,
factor
unincorporat received by
benefits,
income
ed
domestic transfers to
enterprises
sectors
non-profit,.)
Nichtentnomm
ene
Gewinne
p. 75
col. 5
p. 77 col. 4
Entnommene
der
Gewinne und
Unternehmen
Vermgenseink
ohen eigene
ommen
Rechtspersnli
D7+D61+D62
chkeit

5.2
8.6
9.3
6.7
6.9
11.9
14.0
14.7
17.2
17.7
21.2
22.4
17.7
18.3
14.4
17.7
16.6
16.6
17.8
18.1
10.4
18.2
13.2
2.1
-0.8
-11.4
-19.5
-12.4
-16.1
-9.0
-13.8
-38.5
-60.5
-54.6
-40.6

18.8
21.4
25.2
27.7
28.6
30.3
31.6
35.1
38.4
41.4
47.2
48.8
53.0
55.0
60.3
65.9
73.5
76.2
77.0
90.2
103.7
113.8
123.4
137.0
145.6
148.5
161.3
172.0
177.4
186.8
206.3
220.1
238.4

FYKt

Net foreign
capital
income

D4+D1

D4 (net)

1.4
1.4
1.5
1.4
0.8
0.8
0.8
0.9
0.6
0.0
0.4
0.29
-0.31
-0.28
-0.27
-0.58
-0.97
-0.83
-0.65
0.42
0.85
0.40
0.65
1.48
1.55

-0.03
-0.1
-0.2
-0.2
-0.7
-0.8
-0.7
-0.6
-0.8
-1.3
-0.9
-0.9
-1.5
-1.6
-1.6
-1.8
-2.1
-2.1
-2.1
-1.1
-0.6
-0.9
-1.3
-0.4
-0.3
-2.3
-1.3
0.7
-2.3
3.0
2.4
2.4
1.2

-51.7
-50.2
-16.3
-27.0
-5.5
-4.4
16.7

with the rest of the world (inflows = flows from rest of the world to Germany)
FYLt
Foreign
capital
income
inflow
(interest,
dividend
and other
property
income)

Foreign
capital
income
outflow
(interest,
dividend
and other
property
income)

p. 72 col. 5

p. 72 col. 7

D4

D4

0.1
0.1
0.2
0.3
0.4
0.5
0.6
0.8
0.9
1.2
1.7
1.66
1.80
1.96
2.1
2.3
2.6
3.1
3.5
4.3
5.8
7.7
8.4
9.1
10.5
12.5
12.3
14.7
15.8
18.5
21.7
26.5
35.0

0.1
0.3
0.4
0.4
1.0
1.3
1.3
1.4
1.7
2.5
2.7
2.6
3.3
3.5
3.6
4.1
4.7
5.1
5.6
5.5
6.4
8.7
9.7
9.5
10.8
14.8
13.6
14.0
18.2
15.5
19.2
24.1
33.8

Foreign
labor
income
inflow

Foreign
labor
income
outflow

p. 72 col. 4

p. 72 col. 6

D1 (net)

D1

D1

1.45
1.54
1.68
1.52
1.48
1.61
1.48
1.45
1.35
1.3
1.29
1.2
1.2
1.3
1.3
1.2
1.2
1.2
1.5
1.5
1.5
1.4
1.9
1.9
1.9

1.5
1.6
1.7
1.6
1.5
1.7
1.6
1.6
1.5
1.5
1.5
1.5
1.6
1.6
1.7
1.7
1.7
1.8
1.9
2.0
2.1
2.2
2.9
3.0
3.1

0.0
0.0
0.0
0.0
0.0
0.1
0.1
0.1
0.1
0.2
0.2
0.3
0.4
0.4
0.4
0.5
0.6
0.6
0.4
0.5
0.6
0.8
0.9
1.1
1.3

Net foreign
labor
income

Net foreign
production
taxes (net of
subsidies)

D2+D3 (net)

Production
subsidies
Production
received
taxes paid
from
to foreigners
foreigners

D3

D2

Total factor income

FTt

Net foreign
non-K
transfers

Foreign
non-K
transfers
inflow

Foreign
non-K
transfers
outflow

p. 70 col. 5
laufende
bertragungen
D5+D6+D7 (net)

-4.4
-5.5
-6.6
-6.2
-6.0
-6.5
-5.2
-4.5
-3.5
-3.9
-3.5
-3.2
-3.9
-4.5
-4.8
-5.2
-6.2
-6.2
-6.4
-7.5
-9.1
-10.4
-11.2
-13.3

Net foreign
K transfers

Foreign K
transfers
inflows

Foreign K
transfers
outflows

D9

D0

p. 70 col. 6
Vermgensbe
rtragungen
D5+D6+D7

D5+D6+D7

D9 net

-0.2
0.1
0.4
9.3
0.2
0.0
-0.3
-0.6
-0.5
-1.1
-1.1
-0.8
-0.9
-1.1
-0.6
-0.6
-0.7
-0.7
-0.6
-0.6
-0.6
-0.6
-0.6
-0.6

YKt*

YKct

Total
capital
income

Corporate
capital
income (netof-deprec.
corporate
profits)

Yht

YKset

FYKt

YKgt

SelfHousing
employment
Plus:
capital
capital
Net foreign
Net
income (net
income
capital
government
product of
(capital
income
interest
housing
share of s.e.
payments
sector)
net product)

YKpt

Memo:
Personal
interest &
rent
payments

p. 74 col. 8

D4 (net)

0.0
-0.1
-0.2
-0.2
-0.7
-0.8
-0.7
-0.6
-0.8
-1.3
-0.9
-0.9
-1.5
-1.6
-1.6
-1.8
-2.1
-2.1
-2.1
-1.1
-0.6
-0.9
-1.3
-0.4
-0.3
-2.3
-1.3

-0.4
-0.6
-1.1
-1.2
-1.1
-1.6
-1.6
-2.0
-1.9
-1.6
-2.0
-2.1
-2.5
-2.4
-2.6
-2.6
-2.6
-2.3
-1.6
-2.1
-2.1
-2.2
-1.9
-0.3
-0.6
1.4
4.33

D41+D45

YLt

Memo: Total
compensati
on of
Total labor
employees
income
paid by
domestic
sectors

Memo: Total
compensati
on of
employees
received by
domestic
sectors

Entstandene
p. 72 col. 2
Einkommen
aus
unselbstndige
r Arbeit
D1

p. 72 col. 9

44.3
53.8
60.2
66.6
73.0
83.3
93.7
103.0
111.5
120.0
134.4
143.2
161.6
178.8
190.4
209.9
233.0
250.8
250.4
268.8
302.6
359.3
406.8
450.6
512.6
566.6
591.2
637.9
685.4
731.7
791.7
860.9
902.6

45.7
55.3
61.8
68.1
74.4
84.9
95.2
104.4
112.8
121.3
135.7
144.4
162.8
180.1
191.7
211.2
234.1
252.1
251.8
270.4
304.1
360.6
408.7
452.5
514.5

D1

Government taxes and transfers

YLct

Ygt

YLset

FYLt

Tt

SelfTaxes
Wages &
Wages & employment
received by
social
social
labor
Net foreign
gov, excl.
contribution contribution
income
labor
Total taxes Bequest &
s paid by
s paid by (labor share
income
gifts &
corporations
govt
of s.e. net
social
product)
contrib

p. 83 col. 2 + 3

Tpt

Tct

Product
taxes

Corporate
income
taxes

D21+D31+D29
+D39

D51

p. 83 col. 2
Steuern

37.0
45.2
50.1
55.2
60.6
69.7
78.2
85.5
91.6
99.0
111.1
118.0
133.2
148.3
156.6
173.3
191.5
204.8
201.6
217.0
244.0
291.1
325.5
358.7
405.3
442.5
456.3
494.7
531.7
567.3
615.2
669.7
698.7

5.7
6.7
7.9
8.8
9.6
10.6
12.2
13.9
15.9
16.8
18.9
20.4
23.4
25.6
28.4
31.0
35.3
39.4
41.8
44.5
50.5
59.2
70.7
79.4
92.5
107.5
116.9
123.3
131.6
140.3
150.3
162.5
172.8
177.8

1.5
1.5
1.7
1.5
1.5
1.6
1.5
1.5
1.4
1.3
1.3
1.2
1.2
1.3
1.3
1.2
1.2
1.2
1.5
1.5
1.5
1.4
1.9
1.9
1.9

29.1
37.1
44.1
48.6
51.5
57.1
63.3
70.4
75.9
83.8
94.8
101.0
114.4
126.0
134.4
145.8
154.4
168.7
173.8
192.0
223.6
246.8
282.1
313.7
370.4
403.0
421.4
473.7
517.4
547.7
588.7
629.7
655.0
679.1
705.1

20.7
27.0
32.8
35.9
37.8
41.5
45.9
49.1
51.3
57.5
65.6
69.8
80.0
87.9
93.3
102.0
107.8
114.9
117.4
129.8
152.2
161.9
183.7
201.3
236.9
253.4
254.1
285.8
317.2
335.1
358.7
381.2
386.4
394.9
414.8

12.21
15.92
18.88
20.91
22.48
25.38
27.10
28.12
29.93
33.62
36.66
39.26
43.53
47.16
49.31
53.39
56.44
59.85
62.44
61.96
76.66
77.27
86.08
94.40

743.7
780.1
810.6
842.0
879.3
943.4
983.7

439.2
460.0
473.2
491.4
512.5
560.0
574.3

Tit

Personal
income
taxes (inc.
bequest &
gift taxes)

SCt

Personal
income
taxes
(estimated
capital
share)

Personal
Social
income
contribution
taxes
s (payroll
(estimated
taxes)
labor share)

TKt

TLt

Estimated
total taxes
on capital

Estimated
total taxes
on labor

Personal
income
taxes (exc.
bequest &
gift taxes)

Bequest &
gift taxes

D51+D59

D91D

p. 83 col. 3
Sozialbeitrge
D51+D59+D91D

D61 (rec. by
govt)

8.4
10.1
11.4
12.7
13.7
15.6
17.4
21.3
24.6
26.3
29.2
31.2
34.4
38.1
41.2
43.8
46.5
53.8
56.4
62.2
71.4
84.9
98.4
112.5
133.5
149.6
167.3
188.0
200.2
212.7
230.0
248.5
268.6
284.3
290.3

304.6
320.1
337.4
350.6
366.7
383.4
409.4

Government disposable income, saving, and investment

TTRt

Total
monetary
govt
transfers

incl.
replacem.
income YRt

incl. pure
govt
transfers
TRt

p. 84 col. 5
Soziale
Leistungen
D62

12.34
13.74
16.15
17.81
18.82
21.17
23.59
28.55
32.15
33.32
34.73
38.36
41.64
45.33
48.51
53.18
59.74
65.43
71.83
75.15
81.41
88.10
98.13
111.49
124.44
142.91
177.28

Disposable
income of
Governmen
government
t net
Net capital
= taxes
Governmen
savings,
transfers
received by
t net
plus net
received by
government
savings
capital
government
- transfers
transfers
paid - gov
received
interest
p. 80 col. 2
Verfgbares
Einkommen

D621+D623

D624

p.81 col. 10

B6n

B8n

D9 (net)

13.2
18.7
22.8
26.6
28.9
32.3
36.9
38.9
41.9
48.2
58.5
61.6
71.2
78.6
83.5
90.1
92.0
99.4
95.8
102.8
129.4
145.9
168.6
179.8
219.0
228.9
203.5
237.1
261.9
278.1
300.9
324.1

3.02
6.12
8.03
10.38
11.53
13.31
14.85
13.40
11.58
14.61
20.81
21.12
25.45
25.79
24.12
27.97
22.38
23.95
15.78
20.08
36.23
39.41
41.79

-0.8
-0.6
-0.5
8.1
-1.6
-0.7
-0.6
-1.2
-2.8
-2.8
-3.3
-3.3
-6.0
-7.7
-5.2
-5.8
-6.2
-5.8
-6.2
-6.2
-8.7
-10.0
-12.9
-13.5
-14.4
-16.7
-16.6
-20.4
-23.4
-21.5
-23.7
-25.2
-23.3

Gross
capital
formation

p. 83 col. 7
Bruttoinvestitio
nen
B.10.1n

P5

2.0
2.4
2.5
3.1
3.6
4.9
5.6
5.9
6.2
8.1
9.2
9.7
11.4
14.3
17.1
20.9
20.9
21.2
18.9
20.7
23.7
31.3
33.9
33.9
35.1
40.1
40.3

Private disposable income and savings

Disposable
Acquisitions
income =
less
Memo:
national
disposals of
households
Net
income nonand NPISH
lending/net
taxes +
produced
net
borrowing
transfers
non
disposable
(replacemen
financial
income
t income) +
assets
govt interest
p. 80 col. 3
Verfgbares
Einkommen
K2

B.9

B6n
65.3
75.6
85.7
94.8
101.7
112.7
123.6
137.8
149.8
160.4
176.5
188.0
207.1
224.1
240.6
263.2
293.4
311.1
318.1
343.9
381.5
428.0
472.9
528.1
575.4
624.6
687.5
728.8
776.8
825.7
894.9
960.4
1,022.4

Net
personal
savings

Net
personal
savings

p. 80 col. 8

Net
personal
savings, as
per the
Bundesban
k

p. 85, col. 9

B8n

2.1
2.3
4.9
6.5
7.5
7.4
7.0
11.0
13.0
14.1
15.6
16.1
18.8
19.3
23.8
29.7
35.8
36.1
35.5
43.1
50.6
59.1
63.9
76.1
79.8
91.0
104.0
96.9
94.7
99.8
113.6
123.4
138.9

Gross
personal
savings

B8=B8n+K1

7.3
10.9
14.2
13.1
14.4
19.3
21.0
25.7
30.3
31.8
36.8
38.5
36.5
37.6
38.2
47.3
52.4
52.6
53.3
61.3
61.1
77.4
77.1
78.2
79.0
79.6
84.5
84.6
78.6
90.8
99.7
84.9
78.4

2.9
3.1
5.9
7.5
8.6
8.7
8.5
12.6
14.2
15.6
16.9
17.5
20.7
21.4
25.9
31.3
38.1
38.7
37.7
45.5
52.9
63.4
68.7
81.4
85.4
98.9
112.8
107.1
103.9
111.1
126.2
138.0
152.1
148.8
134.4

147.5
151.3
166.9
175.2
186.2
188.5
224.6

Population
S

Net capital
transfers
received by
households

St

0
t

Net
personal
savings,
plus net
capital
transfers
received

Extended
private
savings =
Net savings Undistributid
private
Net capital
of
profits of
savings +
transfers
Employed
households noncorporat
retained
received by
population
+
e
earnings +
corporations
corporations businesses
plus net
capital
transfers
received

p. 81 col. 11

D9C + D9D

0.7
0.6
0.8
1.3
1.9
1.1
0.8
0.4
0.1
0.2
-0.2
0.0
0.3
0.0
-0.8
-1.3
-1.4
-2.2
-3.6
-4.5
-5.2
-4.5
-4.1
-6.7
-7.8
-8.1
-8.1
-10.2
-11.5
-14.0
-15.5
-15.6
-18.2
-16.8
-16.8

p. 80 col. 9

Salaried
workers

p. 87 col. 8

B8-K1+D9C+D9D

9.9
13.8
16.9
15.6
17.3
23.4
26.2
31.0
33.0
36.9
41.0
42.8
40.9
41.3
42.0
51.9
59.1
59.0
58.3
69.1
70.3
82.6
83.6
92.9
93.2
96.8
104.8
109.6
98.4
120.9
131.8
118.0
114.9

5.2
8.6
9.3
6.7
6.9
11.9
14.0
14.7
17.2
17.7
21.2
22.4
17.7
18.3
14.4
17.7
16.6
16.6
17.8
18.1
10.4
18.2
13.2
2.1
-0.8
-11.4
-19.5
-12.4
-16.1
-9.0
-13.8
-38.5
-60.5

-0.1
0.1
0.2
-0.1
-0.2
-0.4
-0.5
0.2
2.3
1.5
2.4
2.5
4.7
6.7
5.3
6.6
6.9
7.3
9.2
10.1
13.3
13.9
16.3
19.5
21.6
24.1
23.9
29.2
33.6
34.3
37.2
37.1
39.0

19,570
20,091
20,522
21,074
21,671
22,500
23,154
23,683
23,895
24,171
24,599
26,063
26,423
26,518

13,247
13,857
14,366
14,993
15,644
16,510
17,202
17,735
17,959
18,297
18,810
20,073
20,562
20,860

-18.3

Selfemployed
(including
unpaid
family
workers)

p. 87 col. 9

6,323
6,234
6,156
6,081
6,027
5,990
5,952
5,948
5,936
5,874
5,789
5,990
5,861
5,658

32%
31%
30%
29%
28%
27%
26%
25%
25%
24%
24%
23%
22%
21%

DataDE1c: Raw 1850-1950 national accounts series for Germany

1850-1913: Hoffmann (1965) [NB: 1850-1870 data unreliable, too large discrepancy between various estimates]
1925-1938: Ritschl (2002)
1914-1924 & 1939-1950: Ritschl & Spoerer (1997); Ritschl (2003)
National income
Notations

Yt

National
income

Source

German name
Note

1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880

Expenditure approach of
GDPt

Memo:
national
income
(constant
1913 prices)

Gross
national
product

Tpt

Gross
national
Product
product
taxe (net of
(constant
subsidies)
1913 prices)

1850-1913:
Hoffmann Tab.
249; 19141850-1913:
1870-1913:
onwards: using
Burhop & Wolff
Hoffmann Tab.
Ritschl &
Ritschl &
% change of
JEH (2005),
252; 1925Spoerer (1997) Spoerer (1997)
Ritschl &
Table A3; 19251938: Ritschl
Table A1
Table A1
Spoerer
1938: Ritschl
b5-d
(1997), Table
(2002)
Indirekte
A1, "BSP zu
BSP zu
Steuern
Marketpreisen" Marketpreisen
abzglich
1925-1938:
1850-1913:
Subventionen
Post 1945:
same as Ritschl
Post 1945:
At current
susbsidies
East+W
(2002). Post
East+W
market prices
assumed to be
Germany
1945: East+W
Germany
equal to 0
Germany

6.1
6.4
7.3
7.2
8.2
7.9
9.1
8.6
8.3
8.1
9.6
9.4
10.1
10.4
10.2
10.3
10.7
11.6
13.0
11.8
12.9
14.0
16.6
18.0
19.5
18.2
17.9
17.4
17.9
16.7
16.9

10.5
10.6
11.1
10.6
11.0
10.3
11.6
11.8
12.1
12.2
13.6
13.0
13.7
14.6
14.7
14.9
15.1
15.1
16.6
15.7
16.7
17.4
19.1
19.8
21.3
21.1
20.9
20.7
21.8
21.2
20.6

0.35
0.36
0.35
0.35
0.33
0.34
0.34
0.39
0.42
0.46
0.45
0.45
0.47
0.50
0.53
0.56
0.56
0.54
0.55
0.60
0.61
0.60
0.58
0.58
0.60
0.66
0.69
0.73
0.78
0.84
0.84

Yt - Tpt

National
Factor-cost
income,
national
expenditur
income
e approach

5.7
6.1
6.9
6.8
7.9
7.5
8.8
8.2
7.9
7.7
9.2
8.9
9.6
9.9
9.7
9.7
10.1
11.0
12.4
11.2
12.3
13.4
16.0
17.4
18.9
17.6
17.2
16.7
17.1
15.8
16.1

This is very
slightly different
from the
national
1850-1913:
income
figure
Hoffmann
given byTab.
252); 1925Hoffmann
Tab.
1938:
RitschlI
249
because
(2002)
b5-d
use
a slightly
different
current account
balance (based
on Hoffmann's
own BoP data:
there is a small
discrepancy
6.1
between the
6.4
current
account
balance
7.3given
by Hoffmann in
7.2
Tab 251 (which
8.2
enters
into his
computation
7.9 of
national
9.1
income) and in
8.6(which
tab. 241
I use
here).
8.3

8.1
9.6
9.4
10.1
10.4
10.2
10.3
10.7
11.6
13.0
11.8
12.9
14.0
16.6
18.0
19.5
18.2
17.9
17.4
17.9
16.7
16.9

1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938

17.4
17.5
18.1
18.6
18.7
18.9
19.3
20.7
22.2
23.6
22.6
24.0
24.3
24.1
25.2
27.0
28.7
30.9
31.6
32.3
31.4
31.9
34.2
35.9
38.7
40.3
43.0
42.1
44.3
45.6
47.9
51.4
52.1

65.5
67.8
76.4
81.8
81.5
75.1
61.6
49.7
51.2
57.9
64.8
72.2
81.2
90.9

21.4
21.5
22.7
23.7
24.3
24.8
25.2
26.5
27.6
28.5
27.5
29.1
31.3
31.5
32.8
34.4
35.8
38.5
38.0
37.5
37.1
37.5
40.5
42.5
44.2
44.1
46.1
46.2
47.3
47.1
49.5
51.9
52.4
48.4
44.5
42.4
41.4
40.3
35.8
40.1
42.5
45.0
39.2
43.6
46.8
47.3
52.1
53.6
52.7
49.0
42.5
39.1
42.2
46.7
52.5
58.6
65.2
71.4

34
34
35
37
39
42
44
45
47
50
52
54
56.6

71.1
73.7
82.8
88.5
88.4
81.9
68.0
55.5
57.0
63.8
71.2
79.2
88.6
98.7

38
40
41
43
43
45
47
49
50
51
54
55
56.6
52
48
46
45
44
39
43
46
49
42
47
50.55
51.09
56.20
57.90
56.86
52.90
45.90
42.21
45.53
50.42
56.70
63.30
70.36
77.08

0.89
0.92
0.98
1.03
1.09
1.14
1.19
1.21
1.22
1.23
1.29
1.34
1.48
1.55
1.62
1.65
1.68
1.74
1.75
1.76
1.85
1.88
1.93
1.96
2.06
2.10
2.22
2.25
2.52
2.68
2.88
2.83
2.87

16.5
16.6
17.1
17.5
17.6
17.8
18.1
19.5
21.0
22.4
21.3
22.7
22.9
22.6
23.6
25.3
27.0
29.2
29.9
30.6
29.6
30.0
32.3
33.9
36.6
38.2
40.8
39.9
41.8
42.9
45.0
48.5
49.2

17.4
17.5
18.1
18.6
18.7
18.9
19.3
20.7
22.2
23.6
22.6
24.0
24.3
24.1
25.2
27.0
28.7
30.9
31.6
32.3
31.4
31.9
34.2
35.9
38.7
40.3
43.0
42.1
44.3
45.6
47.9
51.4
52.1

8.3
7.9
9.4
9.9
9.9
9.7
8.7
7.9
8.0
8.4
9.0
9.8
11.1
12.8

57.2
59.8
67.0
71.9
71.6
65.4
52.9
41.8
43.2
49.5
55.8
62.4
70.1
78.1

65.5
67.8
76.4
81.8
81.5
75.1
61.6
49.7
51.2
57.9
64.8
72.2
81.2
90.9

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993

109.8

84.9
98.6
112.6
118.9
126.5
115.8
32.3
28.0
33.1
39.3
47.2
53.1

119
134
146
152
164
158
49
61
84
108
117

92
106
122
128
137
125
34.92
30
36
42
51
57

15.4

94.4

rious estimates]

Expenditure approach of national income

C

Private
Public
Of which:
consumptio consumptio Gross fixed
public gross
n
n
capital
fixed capital
expenditure expenditure formation
formation
s
s

Hoffmann Tab. Hoffmann Tab.

248; Ritschl b5- 250; Ritschl b5d
d

5.2
5.5
5.9
6.3
6.9
7.2
7.5
7.6
7.2
7.0
7.9
8.2
8.2
8.4
8.5
8.7
8.8
9.8
10.3
10.2
10.2
11.1
12.8
14.0
14.8
14.3
14.1
14.1
14.4
13.9
14.1

0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.9
0.9
0.7
0.6
1.0
1.3
1.1
1.1
1.3
1.3
1.2
1.2
1.2
1.2
1.2

Ritschl b3-d

Ritschl b3-d

Inventory
change

Ritschl b3-d

Depreciatio
n

Ritschl b3-d

Of which:
Net capital public net
formation fixed capital
formation
Based on
Hoffmann
Table 41,
Hoffman T.
assuming
248, col. 2;
same deflator
Ritschl b3-D
for public
investment as
for overall
Nettoinvestition
investment
Public
en
investment =
ffentliche
Data include
Gebude +
stocks
Eisenbahnen +
ffentlicher
0.5
Tiefbau

0.6
1.0
0.5
0.9
0.3
1.2
0.6
0.7
0.7
1.3
0.7
1.3
1.5
1.2
1.1
1.1
0.9
1.9
0.9
1.6
1.5
2.6
2.4
3.4
2.5
2.4
1.8
1.8
1.2
1.3

0.4
0.1
0.1
0.3
0.1
0.2
0.1
0.4
0.1
0.3
0.2
0.2
0.3
0.2
0.3
0.4
0.1
0.5
0.4
0.5
0.4
0.8
0.8
0.9
0.9
0.9
0.6
0.4
0.7
0.5

14.2
14.3
14.7
14.8
15.0
15.2
15.2
15.9
17.0
17.9
18.4
18.9
19.1
19.3
20.1
20.7
21.7
22.6
23.6
24.3
24.6
25.2
26.2
27.1
28.3
29.9
31.5
32.5
33.9
34.8
35.9
38.0
38.2

1.2
1.2
1.2
1.3
1.3
1.3
1.4
1.7
1.7
1.9
1.8
1.8
1.9
1.9
2.0
2.1
2.2
2.3
2.4
2.6
2.7
2.7
2.8
3.0
3.2
3.5
3.7
3.7
4.0
4.1
4.3
4.6
5.129

53.4
55.2
61.3
65.9
65.2
62.3
54.7
45.9
43.3
44.9
48.5
52.6
55.1
56.3

8.1
7.5
8.8
8.8
10.2
9.9
8.0
6.5
7.9
10.2
10.0
10.7
15.7
22.2

10.3
10.7
13.0
13.7
12.8
10.4
6.4
4.2
5.1
8.2
11.6
13.8
16.0
19.0

1.4
2.3
2.7
2.7
2.7
2.1
1.5
1.1
1.4
2.9
4.9
5.4
6.1
7.9

1.3
-0.8
2.4
1.3
0.4
-1.7
-3.1
-1.5
0.4
1.1
1.2
1.4
1.6
1.8

5.6
5.9
6.4
6.7
6.9
6.9
6.4
5.8
5.8
5.8
6.4
7.0
7.4
7.8

1.6
1.5
1.8
2.0
2.0
2.0
2.2
2.4
2.9
3.4
2.1
3.1
2.9
2.5
2.8
3.6
4.2
5.3
5.4
5.1
3.9
3.5
5.0
5.6
6.1
6.7
7.6
5.6
6.0
6.1
7.3
8.6
8.2

0.4
0.5
0.4
0.3
0.3
0.3
0.3
0.4
0.4
0.5
0.5
0.5
0.5
0.4
0.5
0.5
0.6
0.6
0.7
0.9
0.9
0.8
0.9
0.9
0.9
1.0
1.3
1.3
1.3
1.2
1.3
1.5
1.6

6.0
4.0
8.9
8.3
6.2
1.8
-3.1
-3.1
-0.3
3.4
6.4
8.2
10.2
13.0

0.6
1.0
1.4
1.4
1.2
0.7
0.0
-0.4
-0.2
0.8
2.2
2.7
3.3
4.7

Income approach of national income

Ykt

X-M

Net exports

Hoffmann tab.
241; WW1:
Ritschl (2003,
Table 7);
interwar:
Ritschl 2002 b4d

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.1
0.1
0.1
0.2
0.5
0.1
0.1
0.2
0.2
0.4
0.3
0.2

Exports

Hoffmann tab.
241; WW1:
Ritschl (2003,
Table 7);
interwar:
Ritschl b-4d

3.1

Imports

Net foreign
factor
income

Net foreign
trasnfers &
reparation
payments

Current
Hoffman: large
Factor-cost
discrepancy
account
national
between
balance =
income,
income
and
net
expenditure
income
investment
national
approach
income until
abroad

Total
capital
income

1890s. Gap
between
Hoffman
Hoffmann tab.
income-based
241; WWI:
Hoffmann tab. Hoffmann Tab. Hoffman Tab. Hoffmann
Tab.
NI and Burhop
Hoffmann Tab.
Ritschl (2005, 241; Ritschl b- 231; Ritschl tab 251; Ritschl b4- 122;&Ritschl
Wolff b1122
Table7); WW1:
4d
b-4d
d
d
"compromise
Ritschl b-4d
estimate " of
Saldo der
national
Leistungsbilanz income > 10%
until 1890. See
.
Net foreign
Burhop & Wolff
labor income =
(JEH, 2005, p.
0
616) and
Appendix Table
0.0
0.0
0.0
4.9
0.4
2 p. 651.
0.0
0.0
0.0
5.4
0.7
Ritschl:
expenditure
0.0
0.0
0.0
5.8 =
1.1
income (no
0.0
0.0
0.0
6.2
1.3
separate
0.0
0.0
0.0
7.0series;
1.9
income
factor6.8
income
0.0
0.0
0.0
1.5
decomposition
0.0
0.0
0.0
7.5
2.1
comes from
0.0
0.0
0.0
7.4 &
1.8
Hoffmann
Muller
(1957)
0.0
0.0
0.0
7.0
1.3
and is fully
0.0
0.0
0.0
7.2
1.3
consistent with
0.0
0.0
0.0
7.9
1.9
expenditurebased8.0
national
0.0
0.0
0.0
1.8
income of
0.0
0.0
0.0
8.3
2.1
Ritschl)

2.8

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
1.1
1.5
0.6
0.2
0.1
0.1
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.1
0.1
0.1
0.1
0.2
0.5
0.1
0.2
0.2
0.2
0.4
0.3
0.3

8.5
8.6
8.5
8.9
9.4
10.5
10.2
10.4
11.3
12.7
14.0
14.7
14.2
14.5
14.2
14.0
13.7
14.4

2.2
2.2
2.0
2.0
2.3
3.1
2.5
2.3
2.7
3.0
3.1
3.4
2.6
2.8
3.0
3.0
2.9
3.5

0.3
0.4
0.2
0.4
0.4
0.3
0.2
0.5
0.3
0.1
0.0
-0.1
0.1
0.1
0.0
0.2
0.3
0.3
-0.2
-0.1
-0.2
0.0
-0.2
-0.2
0.6
-0.3
-0.3
-0.3
-0.2
0.0
-0.1
-0.3
0.0
-1.1
-4.0
-4.6
-3.6
-2.4

3.3
3.5
3.4
3.7
3.3
3.3
3.4
3.9
4.4
4.4
4.4
4.1
4.2
4.4
4.3
4.8
5.1
5.8
5.6
5.9
5.5
5.8
6.1
6.6
8.1
8.2
8.7
7.8
8.7
9.3
9.9
10.7
11.2
7.4
3.1
3.8
3.5
4.7

3.0
3.1
3.2
3.3
3.0
2.9
3.2
3.4
4.1
4.3
4.4
4.2
4.1
4.3
4.2
4.6
4.9
5.4
5.8
6.0
5.7
5.8
6.3
6.9
7.4
8.4
9.0
8.1
8.9
9.3
10.0
11.0
11.2
9
7
8
7
7

0.1
0.1
0.1
0.1
0.2
0.2
0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.6
0.6

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.4
0.5
0.3
0.5
0.5
0.5
0.4
0.7
0.6
0.4
0.3
0.2
0.4
0.6
0.3
0.6
0.7
0.8
0.4
0.4
0.4
0.5
0.4
0.6
1.3
0.5
0.2
0.6
0.4
0.8
0.6
0.5
0.9

14.7
14.8
15.5
15.8
15.9
16.3
17.1
18.1
19.2
20.6
20.5
21.0
21.1
21.3
21.8
23.0
24.7
26.5
27.5
28.9
28.4
29.1
30.5
32.0
34.3
36.7
38.7
38.5
39.5
41.9
44.2
47.3
48.8

3.4
3.4
3.8
3.9
3.8
3.8
4.2
4.5
5.0
5.8
5.3
5.7
5.7
5.5
5.6
6.0
7.0
7.9
8.0
8.5
7.9
8.2
8.7
9.2
10.5
11.2
11.7
11.3
11.5
12.5
13.0
14.5
14.7

-2.0
1.3
-2.3
-0.6
0.7
2.1
3.2
1.3
1.0
0.1
0.4
1.1
0.7
-0.1

10.6
11.9
12.7
14.3
15.9
14.0
11.2
7.0
5.7
5.1
5.3
6.5
8.2
7.8

12.6
10.6
15.0
14.9
15.2
11.9
8.0
5.7
4.7
5.0
4.8
5.4
7.5
7.9

0.0
-0.2
-0.3
-0.6
-0.8
-1.0
-1.2
-0.9
-0.7
-0.6
-0.6
-0.5
-0.5
-0.5

-1.1
-1.2
-1.6
-2.0
-2.3
-1.7
-1.0
-0.2
-0.1
0.0
0.0
0.0
0.0
0.0

-3.0
0.0
-4.2
-3.2
-2.5
-0.6
1.0
0.3
0.1
-0.5
-0.1
0.6
0.3
-0.6

57.2
59.8
67.0
71.9
71.6
65.4
53.6
41.8
43.2
49.5
55.8
62.4
70.1
78.1

14.6
16.0
17.3
17.5
17.1
14.5
10.5
8.2
8.7
11.3
13.8
16.2
20.5
23.5

oach of national income

YKct

Yht

Business
capital
income

Housing
capital
income

FYKt

Agricultural
capital
income

Net foreign
capital
income

Hoffmann Tab. Hoffmann Tab. Hoffmann Tab. Hoffmann Tab.

122
122
122
122

Includes capital
icome from
railways & post

0.4
0.5
0.5
0.6
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.8
0.8
0.8
0.8
0.9
0.9
0.9
0.9
1.0
1.2
1.5
1.6
1.5
1.4
1.3
1.3
1.3
1.2
1.4

Assume 0
before 1873

0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.4
0.4
0.4
0.4
0.4
0.4
0.5
0.5
0.5
0.5
0.6
0.6
0.7
0.7
0.7
0.8
0.8

-0.3
0.0
0.4
0.4
0.9
0.6
1.1
0.8
0.4
0.4
0.9
0.8
1.1
1.1
1.0
0.7
0.8
1.0
1.7
1.1
0.9
1.0
1.0
1.0
1.4
0.5
0.7
1.0
1.0
0.9
1.3

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1

YKgt

YLt

YLct

Government
Business &
Agricultural
gross
Total labor government
labor
interest
income
labor
income
payments
income

Hoffmann Tab.
Hoffmann Tab. Hoffmann Tab. Hoffmann Tab.
229; Ritschl a122
122
122
12
Interwar: start
Both series
from
include central
Hoffmann's
gov+regions+m
agricultural net
unicipalites.
Includes labor
product, and
Note that
income in
assume same
Hoffmann &
railways & post facotr income
Muller's (1959)
distribution as
0.1
4.5
2.5
2.0
series exclude
in 1913 (2/30.1 debt.
4.7
2.6
2.1 be
municipal
1/3). Could
improved.
0.1
4.7
2.6
2.1

0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.2
0.2
0.2
0.2

4.9
5.1
5.3
5.4
5.6
5.7
5.8
6.1
6.2
6.1
6.4
6.4
6.5
6.9
7.1
7.4
7.7
8.1
8.6
9.7
10.9
11.3
11.7
11.8
11.2
11.0
10.8
11.0

2.8
3.0
3.1
3.2
3.3
3.4
3.4
3.6
3.7
3.7
3.8
3.8
3.9
4.1
4.3
4.6
4.8
5.2
5.5
6.1
6.8
7.2
7.3
7.4
6.9
6.9
7.0
7.1

2.2
2.2
2.2
2.3
2.3
2.4
2.4
2.5
2.5
2.4
2.6
2.6
2.6
2.8
2.8
2.8
2.9
3.0
3.1
3.7
4.0
4.1
4.3
4.4
4.3
4.1
3.8
3.9

1.4
1.5
1.5
1.5
1.6
1.6
1.8
2.0
2.2
2.4
2.2
2.2
2.2
2.3
2.5
2.8
3.1
3.4
4.0
4.5
4.0
3.9
4.2
4.5
4.9
5.6
6.0
5.4
5.4
6.0
6.4
7.2
7.5

0.8
0.8
0.8
0.9
0.9
0.9
0.9
1.0
1.0
1.1
1.1
1.2
1.2
1.3
1.3
1.4
1.4
1.4
1.5
1.6
1.7
1.7
1.8
1.9
2.0
2.1
2.1
2.2
2.3
2.4
2.5
2.6
2.7

1.2
1.0
1.3
1.4
1.2
1.1
1.3
1.3
1.5
2.1
1.7
2.1
2.0
1.7
1.5
1.6
2.2
2.7
2.1
2.0
1.8
2.2
2.2
2.4
3.1
3.1
3.1
3.2
3.3
3.6
3.5
4.1
4.0

0.1
0.1
0.1
0.1
0.2
0.2
0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.6
0.6

0.2
0.3
0.3
0.3
0.3
0.3
0.4
0.4
0.4
0.4
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.6
0.6
0.6
0.6
0.7
0.7
0.7
0.8
0.9
0.9
1.0
1.0
1.0
1.1

11.2
11.4
11.7
11.9
12.1
12.5
12.9
13.5
14.2
14.8
15.1
15.3
15.5
15.8
16.2
16.9
17.7
18.6
19.4
20.4
20.6
20.9
21.8
22.8
23.9
25.4
27.0
27.3
28.0
29.4
31.2
32.8
34.1

0.0
-0.2
-0.3
-0.6
-0.8
-1.0
-1.2
-0.9
-0.7
-0.6
-0.6
-0.5
-0.5
-0.5

0.2
0.2
0.3
0.5
0.7
0.8
0.9
0.8
0.8
0.9
1.1
1.2
1.4
1.7

42.6
43.8
49.7
54.4
54.5
50.9
43.0
33.6
34.5
38.3
42.0
46.2
49.6
54.7

7.3
7.5
7.8
8.0
8.2
8.6
9.0
9.6
10.2
10.8
11.1
11.3
11.3
11.5
11.8
12.5
13.2
13.9
14.6
15.4
15.5
15.7
16.5
17.4
18.4
19.8
21.2
21.3
21.7
22.9
24.4
25.8
26.8

3.9
3.9
3.9
3.9
3.9
3.9
3.9
3.9
4.0
4.0
4.0
4.0
4.1
4.3
4.3
4.4
4.5
4.7
4.8
5.0
5.0
5.2
5.3
5.4
5.5
5.6
5.8
6.0
6.3
6.5
6.8
7.0
7.3

6.4
6.1
7.5
8.0
7.6
7.2
6.0
4.9
5.5
5.7
6.0
7.0
6.5
7.2

1.7

Agricultural sector (all data from Hoffmann)

Memo:
Total capital
Labor
correction
income +
income
employer Agricultural
self(excluding
contribution net product
employment
selfs, Hoffmann
income
emplyment)
& Muller

Hoffmann &
Muller (1959)
Includes
Einkommen
retained
aus
earnings, and
Unternehmertt
capital income
igkeit und
from
Vermgen
government
companies
(ffentliche
Vermgensund
Unternehmerei
nkommen)

Hoffmann &
Muller (1959)

Ritschl (2002)

Number of
workers in
agricultural
sector

Ofwhich:
selfemployed

Memo: total
number of
selfemployed

Taxes, government dispo

Taxes

Hoffmann Tab.
230
Hoffmann Tab. Hoffmann Tab. Hoffmann Tab. Hoffmann Tab.
(Reich+Lnder
65
20
22
22
+Gemeinden);
Ritschl b-2d

1.8
2.1
2.5
2.6
3.1
2.8
3.4
3.1
2.7
2.8
3.4
3.3
3.5
3.6
3.6
3.4
3.6
3.8
4.5
4.0
3.8
4.1
4.7
5.0
5.5
4.9
5.1
5.3
5.1
4.7
5.1

#N/A
#N/A
8,293
#N/A
#N/A
8,195
#N/A
#N/A
8,235
#N/A
#N/A
8,253
#N/A
#N/A
#N/A
#N/A
#N/A
8,333
#N/A
#N/A
#N/A
8,541
#N/A
#N/A
#N/A
9,230
9,250
9,382
9,518
9,568
9,565

Not consistent
Steuern
with Destatis
accounts 1950- 1850-1913: all
1990:
taxes; interwer:
Hoffmann's
direct taxes
figures are
only
significantly
0.4
lower. Why?
0.4

2,130
#N/A
#N/A
2,060
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
2,330
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
0
#N/A
#N/A
#N/A
#N/A
#N/A

0.4
0.4
0.4
0.4
0.4
0.4
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.6
0.6
0.6
0.6
0.6
0.7
0.7
0.7
0.9
0.8
0.8
0.9
0.9
0.9
1.0
1.0

20.9
22.0
24.8
25.6
24.9
22.1
16.4
13.5
14.7
17.5
20.5
24.1
28.0
32.1

36.3
37.7
42.2
46.4
46.9
43.8
37.0
28.8
29.0
32.6
36.0
39.2
43.1
47.5

-0.2
-0.3
-0.4
-0.4
-0.4
-0.4
-1.1
-0.3
-0.3
-0.3
-0.4
-0.4
-0.4
-0.2

5.1
4.9
5.3
5.3
5.1
5.1
5.3
5.3
5.4
6.1
5.7
6.2
6.0
6.0
5.8
6.0
6.7
7.4
6.9
6.9
6.8
7.4
7.5
7.8
8.6
8.8
8.9
9.1
9.6
10.1
10.3
11.1
11.3

9,609
9,665
9,711
9,698
9,700
9,740
9,720
9,645
9,638
9,565
9,551
9,543
9,656
9,765
9,788
9,778
9,728
9,720
9,709
9,754
9,825
9,947
9,987
9,999
9,926
9,888
9,897
10,096
10,350
10,542
10,627
10,663
10,701

#N/A
2,595
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
2,564
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
2,497
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

9.8
9.4
11.6
12.4
11.7
11.1
9.3
7.5
8.4
8.7
9.2
10.9
10.1
11.1

9,778
9,680
9,590
9,500
9,410
9,310
9,220
9,139
9,034
9,030
9,030
9,020
9,010
9,010

2,193
2,226
2,206
2,185
2,164
2,141
2,121
2,102
2,172
2,077
2,077
2,075
2,072
2,072

5,577
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
5,591
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
5,717
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

5,864

5,976

1.1
1.1
1.1
1.1
1.1
1.3
1.3
1.4
1.6
1.6
1.7
1.6
1.7
1.8
1.8
1.9
2.0
2.1
2.2
2.3
2.4
2.4
2.5
2.5
2.8
2.9
3.2
3.3
3.7
4.0
4.3
4.5
4.7

3.1
3.0
3.0
3.7
4.2
4.2
4.4
3.6
2.6
2.3
2.7
3.8
5.0
6.6
8.6

35.9

51.3

10,855

2,420

5,629

3,485
3,472
3,461
3,453
3,453
3,454
3,450
3,478
3,541
3,536

#N/A

Taxes, government disposable income, saving, and investment

Disposable
Net capital
income of Governmen
transfers
Capital
government
t net
Government
Social
received by income of
= taxes
savings,
current
contribution
government
the
received by including
transfers
s received
(incl.
government government net capital
paid
Reparations
sector
- transfers
transfers
)
paid - gov
received
interest

Hoffmann Tab.
230 (Sonstige
laufende
Einnahmen,
Reich+Lnder+
Gemeinden) ;
Ritschl
b-2d
Sonstige
laufende
Einnahmen

0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2

Hoffmann Tab.
230
Ritschl
(Reich+Bundes
Ritschl
A.6.27+A.12.19
staaten+Gemei
A.12.7+A.12.7 +A.12.20a+A.1
nden+Verteidig
2.20b
ung (defense);
VermgensRitschl b-2d
und
Unternehmens
Huge increase
einkommen
in transfer
payments =
pensions after
WW1

0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.2
0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.2

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
1.1
1.5
0.6
0.2
0.1
0.1
0.0
0.0
0.0

0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.4
0.3
0.3
0.3
0.4
0.4
0.4
0.4
0.4

0.4
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.6
0.6
0.6
0.6
0.7
0.7
0.7
0.7
0.8
0.7
0.8
0.8
0.9
1.3
2.1
2.6
1.6
1.3
1.3
1.2
1.2
1.2
1.3

Net fixed
capital
formation

Net
lending/net
borrowing

1925-1938:
Gross
Ritschl Tab.
disposable
A12 line 22;
income Ritschl b-3d
1850-1913:
1914-1918:
depreciation
The
very small
Ritschl (2003,
consumption
discrepancy
Table 14)
with
(disposable
income Apparently no Data for WW1
consumption)
data on
refer to fiscal
comes from the
depreciation in years, 1 April to
fact that
Hoffmann
31 March
Hoffmann has
0.0
2 slightly
0.0public
different
expenditure
0.1
series in table
0.1
249 and 232

0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.2
0.2
-0.1
-0.1
0.1
0.2
-0.1
0.0
1.0
1.5
0.3
0.0
0.1
0.0
0.0
0.0
0.1

0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.4
0.4
0.4
0.4
0.4
0.5
0.5
0.5
0.5
0.6
0.6
0.6
0.7
0.7
0.8
0.8

0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.4
0.4
0.4
0.4
0.5
0.5
0.5
0.5
0.6
0.6
0.6
0.6
0.6
0.6
0.7
0.7

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.4
0.5
0.5
0.6
0.6
0.6
0.7
0.7
0.8
0.8
0.8
0.8
0.8
0.8
0.9
1.0
1.1
1.0
1.1
1.1
1.0
1.0
1.2
1.2
1.3
1.3
1.1
1.2
1.2
1.5
1.5
1.6
1.5

1.3
1.4
1.4
1.5
1.4
1.6
1.6
1.8
2.0
2.0
2.0
1.9
2.0
2.1
2.2
2.4
2.5
2.6
2.7
2.8
2.7
2.8
3.0
3.0
3.3
3.5
3.5
3.6
4.0
4.6
5.0
5.2
5.3

0.1
0.2
0.2
0.2
0.2
0.2
0.3
0.1
0.3
0.1
0.2
0.1
0.1
0.2
0.2
0.4
0.3
0.4
0.4
0.2
0.0
0.1
0.2
0.1
0.1
0.0
-0.2
-0.1
0.1
0.5
0.8
0.7
0.2
-7.5
-24.6
-25.6
-46.3
-58.4

2.6
2.9
4.2
4.9
5.2
5.0
4.6
3.7
4.0
4.4
4.5
4.9
5.5
5.8

5.3
6.9
7.2
8.2
9.0
9.8
9.9
9.1
8.3
7.7
7.7
7.5
7.4
7.7

-1.8
-2.1
-2.8
-3.4
-3.3
-3.3
-2.2
-1.0
-1.1
-1.1
-1.1
-1.2
-1.2
-1.4

2.5
3.2
3.5
3.9
4.3
4.5
4.5
3.7
4.5
4.4
4.2
4.6
5.0
6.0

8.9
7.8
10.6
10.9
10.7
9.7
8.3
7.0
8.5
10.3
11.6
14.4
18.2
22.3

0.1
-0.9
0.4
0.7
-1.0
-1.7
-1.1
-1.0
-1.0
-2.0
-1.0
1.0
-0.3
-3.1

0.6
1.0
1.4
1.4
1.2
0.7
0.0
-0.4
-0.2
0.8
2.2
2.7
3.3
4.7

-0.5
-1.9
-0.9
-0.6
-2.2
-2.4
-1.1
-0.6
-0.8
-2.8
-3.2
-1.7
-3.6
-7.8

Private disposable income and savin CPI and population

pt
Extended
disposable
National
income =
savings =
CPI (yearnational
net
National
average)
income domestic + saving rate
(1985=100)
taxes +
foreign
transfers + investments
govt interest
Gielen (1994),
based on
Bundesbank
and Stat
Jahrbuch data
(see Gielen
1994 and
Bittlingmayer
1998 p. 2256)

See formula
Verfgbares
Einkommen
der privaten
Haushalte

5.7
6.1
6.9
6.8
7.8
7.5
8.7
8.2
7.9
7.7
9.2
9.0
9.6
9.9
9.7
9.8
10.2
11.1
12.4
11.2
12.3
13.4
16.0
17.2
18.8
17.5
17.2
16.7
17.1
15.9
16.1

0.5
0.6
1.0
0.5
0.9
0.3
1.2
0.6
0.7
0.7
1.3
0.7
1.3
1.5
1.2
1.1
1.1
0.9
2.0
0.9
1.7
1.6
2.8
2.8
3.5
2.6
2.6
2.1
2.2
1.6
1.6

8%
9%
14%
7%
11%
3%
13%
7%
8%
9%
13%
8%
13%
15%
12%
10%
10%
8%
15%
8%
13%
11%
17%
16%
18%
14%
15%
12%
12%
9%
10%

10.9
11.7
12.3
13.5
14.2
13.0
12.8
13.1
12.4
12.2
13.0

Memo:
Goldmark/P
apermark
Price index
exchange
for national
rate during income
hyperinflatio
n

Price index
for GNP;
1913=100

Wirtschaft und
Statistik, 1923
p.413 ("Monthly
average
Hoffmann Tab. Ritschl &
exchange rate
148
Spoerer (1997)
of the Gold
Mark
expressed in
paper Mark")

58
61
66
68
75
76
79
72
69
67
71
72
73
71
70
69
71
74
79
75
77
81
87
91
92
87
86
84
82
79
82

National
income,
constant
1913 prices,
Ritschl 2002

16.5
16.6
17.2
17.7
17.9
17.9
18.3
19.7
21.0
22.4
21.3
22.9
23.2
22.8
24.0
25.6
27.2
29.3
30.0
30.6
29.7
30.1
32.4
34.1
36.6
38.2
40.6
39.7
41.5
42.5
44.5
47.8
48.3

57.2
61.0
66.6
71.5
71.9
66.5
55.5
45.4
46.1
50.9
56.2
61.2
66.8
73.1

1.9
2.0
2.1
2.4
2.5
2.5
2.7
3.1
3.5
3.8
2.4
3.3
3.3
3.2
3.2
4.2
4.8
6.1
5.8
5.5
4.3
4.0
5.4
6.3
7.4
7.2
7.8
6.2
6.5
6.9
7.9
9.0
9.1

11%
11%
11%
13%
13%
13%
14%
15%
16%
16%
11%
14%
14%
13%
13%
16%
17%
20%
18%
17%
14%
13%
16%
17%
19%
18%
18%
15%
15%
15%
17%
18%
17%

13.1
12.8
12.7
12.2
11.9
11.7
11.7
11.9
12.3
12.7
13.0
12.9
12.7
12.6
12.5
12.2
12.5
13.0
12.9
13.1
13.3
13.5
13.3
13.4
13.9
14.8
15.1
15.0
15.3
15.6
16.1
17.0
17.1
17.6
22.1
28.7
42.8
51.3
70.4
172.7
227.1
4,095
1.2E+12
21.7
23.7
24.0
25.1
25.8
26.2
25.2
23.1
20.5
20.0
20.6
20.9
21.1
21.2
21.3

100
100
100
100
100
100
102
116
132
157
143
470
1,502
2,491
44,921
1.27E+13
100
100
100
100
100
100
100
100
100
100
100
100
100
100

81
82
79
79
77
76
77
78
81
83
82
83
78
77
77
78
80
81
84
87
85
85
85
86
88
93
93
92
94
97
97
99
100

87
86
86
86
90
92
93
91
94
97
97
99
100

142
138
147
150
151
142
129
115
114
119
119
119
120
121

141
144
147
153
156
155
146
132
125
126
126
125
126
128

47
47
52
54
52
48
42
38
41
47
52
59
65
71

88.3

21.5
22.1
22.6
23.3
23.5
24.1
25.0
27.6
28.7
32.0
34.3
31.7
34.2
34.9
34.3
34.4
34.9
35.8
36.5
37.2
37.4
38.1
39.0
40.1
41.2
42.6
43.9
45.5
46.3
47.0
48.2
50.0
52.5
55.4
59.2
63.3
67.1
70.1
72.9
75.1
78.4
82.6
87.9
92.5
95.5
97.9
100.0
99.9
100.1
101.4
104.2
107.0
110.7
115.1

204
219
233
228
230
236
241
247
250
260

130
126
120
118
120
127
143.95
161
172
199
212
205

Per capita
national
income,
constant
1913 prices,
Ritschl 2002

Implied
GDP
deflator
Price index
(1913=100) for C
of Ritschl
2002

Price index
for C+I

Population
(thousands),
excl.
Invaded
territories
38-39
Statistisches

Adult
population
(thousands),
excl.
Invaded
territories
38-39

Jahrbuch
(1871-1939:
taken from
1850-1913:
Hoffmann &
Hoffmann Tab
Hoffmann Tab. Muller 1957;
148; 1925See formula
148
1850-1870:
1938: Ritschl btaken from
8d
Hoffmann,
excluding
Alsace- data
Mid-year
Deflator used Lorraine)
(see for
(apparently) by
instance for
Burhhop &
year 1925 Stat
Wolff (see p.
Yearbook 1931
626)
p. 533,746
col. 2)
57
58
19,071

60
65
68
74
79
79
73
69
66
70
73
74
71
70
70
71
75
79
76
77
80
85
90
90
86
86
85
82
80
84

61
66
68
75
76
79
72
69
67
71
72
73
71
70
69
71
77
78
75
77
80
87
91
92
87
86
84
82
79
82

34,055
34,290
34,422
34,531
34,586
34,715
34,979
35,278
35,633
36,049
36,435
36,788
37,184
37,602
37,955
38,193
38,440
38,637
38,914
39,231
40,995
41,185
41,532
41,983
42,510
43,057
43,608
44,127
44,639
45,093

19,246
19,379
19,453
19,515
19,546
19,619
19,768
19,937
20,138
20,373
20,591
20,791
21,014
21,251
21,450
21,585
21,724
21,836
21,992
22,171
23,168
23,345
23,613
23,940
24,313
24,699
25,089
25,462
25,834
26,173

Population
(thousands),
includind
invaded
territories
38-44

Population
Saarland
and Berlin
West

Statistiches
Jahrbuch
(taken from
My
Mid-year
Ritschl
& data. computations
Jeweiliger
Spoerer
Gebietsstand,
(1997)).
d.h. ab 1938
einschlielich
annektierter
Gebiete. 191934 ohne
Saargebiet,
1946-50 ohne
33,746
Saarland und
34,055
Berlin
(West).
Werte
fr
34,290
1942-44
34,422
geschtzt.

34,531
34,586
34,715
34,979
35,278
35,633
36,049
36,435
36,788
37,184
37,602
37,955
38,193
38,440
38,637
38,914
39,231
40,995
41,185
41,532
41,983
42,510
43,057
43,608
44,127
44,639
45,093

82
83
80
79
78
77
76
77
80
82
83
83
78
77
77
79
80
80
82
84
84
85
85
85
88
93
92
92
95
98
98
99
100

749
749
820
842
820
753
651
591
634
712
784
871
966
1,042

140
144
147
153
155
155
146
130
124
124
124
123
124
127

142
142
148
152
154
148
136
118
115
118
120
121
122
124

81
82
80
78
77
77
77
78
81
83
82
83
78
77
77
79
80
81
84
86
85
85
85
85
88
92
93
92
94
97
97
99
100

45,426
45,717
46,014
46,335
46,705
47,132
47,628
48,166
48,716
49,239
49,762
50,266
50,757
51,340
52,001
52,754
53,569
54,406
55,248
56,046
56,874
57,767
58,630
59,475
60,314
61,153
62,013
62,863
63,717
64,568
65,359
66,146
66,978
67,790
67,883
67,715
65,462
64,905
62,897
61,797
61,771
61,327
61,732
62,121
62,411
62,866
63,252
63,618
63,958
64,294
64,627
64,909
65,218
65,592
66,871
67,349
67,831
68,558

26,360
26,522
26,688
26,867
27,075
27,328
27,621
27,939
28,263
28,572
28,907
29,232
29,550
29,921
30,340
30,812
31,322
31,846
32,374
32,877
33,258
33,673
34,068
34,449
34,824
35,195
35,576
35,948
36,318
36,684
37,134
37,581
38,054
38,901
39,341
39,630
38,684
38,725
37,885
37,575
37,911
37,988
38,590
39,187
39,726
40,445
41,125
41,797
42,457
43,119
43,783
44,417
45,074
45,340
46,231
46,569
46,910
47,420

45,426
45,717
46,014
46,335
46,705
47,132
47,628
48,166
48,716
49,239
49,762
50,266
50,757
51,340
52,001
52,754
53,569
54,406
55,248
56,046
56,874
57,767
58,629
59,475
60,314
61,153
62,013
62,863
63,717
64,568
65,359
66,146
66,978
67,790
67,883
67,715
67,368
66,811
62,897
61,090
61,757
61,313
61,718
62,107
62,410
62,867
63,253
63,618
63,958
64,295
64,631
64,912
65,225
65,243
66,871
67,349
67,831
75,396

126

69,286
70,022

47,931

86,910
98,173
98,791
99,000
99,000
99,000
59,841
61,423
62,667
64,347
65,069
65,469

3,351
3,440
3,510
3,604
3,644
3,667

Private wealth (mid-year estimate

Adult
population
(thousands), Share 0-19-yrincludind
old in living
invaded
population
territories
38-44

See formula

Histat (Kaiserliches
Statistisches Amt)

See formula for

missing years

19,071
19,246
19,379
19,453
19,515
19,546
19,619
19,768
19,937
20,138
20,373
20,591
20,791
21,014
21,251
21,450
21,585
21,724
21,836
21,992
22,171
23,168
23,345
23,613
23,940
24,313
24,699
25,089
25,462
25,834
26,173

43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.3%
43.1%
43.0%
42.8%
42.6%
42.5%
42.3%
42.1%
42.0%

Employed
population

Hoffmann
Table 20
Die
Beschftigten
Not
clear
whether
this
nach
fully
includes
Wirtschaftsber
self-employed
eichen
(& soldiers)
and how
unpaid family
workers are
counted

15,028
15,085
15,141
15,198
15,296
15,394
15,492
15,650
15,809
15,967
16,001
16,035
16,069
16,103
16,137
16,171
16,463
16,754
17,046
17,337
17,664
17,990
18,317
18,643
18,891
19,108
19,277
19,554
19,638

Salaried
workers

Selfemployed

Share selfemployed

Hoffmann
Table 22

This breakdown between salaried workers/selfemployed is not consistent with official Destatis
data for the 1950s (one potential pb = unpaid
family workers)

Net private

Assume
tha
wealth
100% of gov
debt is owned
by households
(including debt
of
municipalities).
Assume that
Tobin's Q is = 1
before 1913
but = 0.55 after
1925 (a figure
that comes
from Baron, for
1935); and
land prices
depressed by
similar factor

55
57
60
64
67
69
70
70
70
72
74
76
77
79
80
81
83
85
87
91
97
105
114
118
116
114
112
110
108
109

26,360
26,522
26,688
26,867
27,075
27,328
27,621
27,939
28,263
28,572
28,907
29,232
29,550
29,921
30,340
30,812
31,322
31,846
32,374
32,877
33,258
33,673
34,067
34,449
34,824
35,195
35,576
35,948
36,318
36,684
37,134
37,581
38,054
38,901
39,341
39,630
39,810
39,862
37,885
37,145
37,902
37,979
38,582
39,179
39,725
40,445
41,125
41,797
42,457
43,119
43,786
44,419
45,079
45,098
46,231
46,569
46,910
52,150

42.0%
42.0%
42.0%
42.0%
42.03%
42.0%
42.0%
42.0%
42.0%
42.0%
41.9%
41.8%
41.8%
41.7%
41.7%
41.6%
41.5%
41.5%
41.4%
41.3%
41.5%
41.7%
41.9%
42.1%
42.3%
42.4%
42.6%
42.8%
43.0%
43.2%
43.2%
43.2%
43.2%
42.6%
42.0%
41.5%
40.9%
40.3%
39.8%
39.2%
38.6%
38.1%
37.5%
36.9%
36.3%
35.7%
35.0%
34.3%
33.6%
32.9%
32.3%
31.6%
30.9%
30.9%
30.9%
30.9%
30.8%
30.8%

19,745
19,958
20,188
20,430
20,577
20,973
21,265
21,606
22,090
22,372
22,485
22,588
22,738
23,070
23,405
23,891
24,290
24,719
25,082
25,548
25,617
25,869
26,349
26,834
27,221
27,734
28,166
28,350
28,762
29,420
30,034
30,549
30,968

31,033
29,852
31,963
32,531
32,266
30,483
28,115
26,113
26,687
28,811
30,086
31,409
32,739
33,881

14,381
14,610
14,851
14,997
15,392
15,683
16,023
16,505
16,786
16,898
17,000
17,149
17,480
17,814
18,290
18,678
19,097
19,449
19,905
19,963
20,205
20,674
21,149
21,525
22,028
22,449

5,577
5,578
5,579
5,580
5,581
5,582
5,583
5,585
5,586
5,587
5,588
5,589
5,590
5,591
5,602
5,612
5,623
5,633
5,644
5,654
5,665
5,675
5,686
5,696
5,707
5,717

28%
28%
27%
27%
27%
26%
26%
25%
25%
25%
25%
25%
24%
24%
23%
23%
23%
22%
22%
22%
22%
22%
21%
21%
21%
20%

25,169
23,974
26,071
26,625
26,346
24,549
22,167
20,151
20,711
22,893
24,226
25,607
26,994
28,194

5,864
5,878
5,892
5,906
5,920
5,934
5,948
5,962
5,976
5,918
5,860
5,803
5,745
5,687

18.9%
19.7%
18.4%
18.2%
18.3%
19.5%
21.2%
22.8%
22.4%
20.5%
19.5%
18.5%
17.5%
16.8%

111
114
116
117
120
123
128
134
141
147
148
145
144
145
147
153
162
172
184
198
203
202
206
215
227
242
257
264
267
277
290
307
325

199
220
218
223
234
228
217
192
178
183
194
204
218
232

60,123
67,925
68,364
68,519
68,530
68,541
41,436
42,539
43,407
44,578
45,085
45,363

30.8%
30.8%
30.8%
30.8%
30.8%
30.8%
30.8%
30.7%
30.7%
30.7%
30.7%
30.7%

39,680

20,459
21,145
21,454
22,011
22,640
23,590
24,193
24,690
24,945
25,189

34,051

5,629

14.2%

3,485
3,472
3,461
3,453
3,453
3,454
3,450
3,478
3,541
3,536

17%
16%
16%
16%
15%
15%
14%
14%
14%
14%

250

Private wealth (mid-year estimate)

Nonfinancial
assets

Land

(Land as a
% of
Agricultural
national
fixed assets
income)

Hoffmann
(1965), p. 234

Hoffmann Tab
40

No data in
Hoffmann after
1913; assumes
1913 fixed
fraction of
agricultural
fixed assets

53
55
58
62
65
66
68
68
68
69
71
73
75
76
77
78
80
82
84
87
92
101
110
114
112
108
105
102
100
99

27
27
28
29
29
30
31
32
34
35
36
37
38
39
40
40
41
41
42
43
44
46
47
48
49
49
49
49
48
48

414%
371%
385%
347%
372%
331%
364%
388%
412%
360%
383%
370%
369%
383%
387%
377%
354%
319%
355%
332%
316%
274%
261%
247%
269%
276%
281%
271%
288%
283%

Business
assets

Hoffmann Tab
40

Houses

(Houses as Financial
a % of
claims on
national
the
income)
government

Hoffmann Tab
40

Landwirtschaft

Gewerbe

Nicht
landwirtschaftli
ehe
Wonhungen

16
16
18
19
20
21
21
20
20
20
21
21
21
21
21
21
21
22
23
24
25
29
32
33
31
29
28
26
25
25

6
6
7
8
9
9
9
8
8
8
8
8
8
9
9
9
9
9
9
10
11
14
17
17
15
14
13
12
12
12

5
5
6
6
6
7
7
7
7
7
7
7
7
7
8
8
8
9
9
10
11
12
14
15
16
16
15
15
15
14

I assume that
before 1913
100% of public
debt (including
municipal debt)
is held by the
domestic
private sector

76%
72%
80%
75%
82%
72%
79%
82%
84%
72%
74%
70%
69%
72%
74%
74%
72%
68%
81%
80%
80%
75%
77%
78%
88%
89%
88%
84%
88%
85%

1.8
2.0
2.0
2.1
2.3
2.3
2.3
2.3
2.5
2.5
2.6
2.6
2.6
2.6
2.7
2.9
3.1
3.4
3.5
4.1
4.5
3.6
3.3
3.4
3.8
4.2
4.7
5.0
5.5
6.2

99
100
101
101
103
105
109
114
120
124
124
121
119
119
120
125
133
142
154
168
171
169
172
179
189
203
217
221
222
230
241
257
273

48
47
46
46
46
46
47
48
48
47
46
45
44
44
44
44
45
46
47
48
49
50
51
53
54
56
58
59
61
64
67
69
72

351
381
385
404
424
424
397
350
318
319
331
340
353
369

86
93
93
97
101
101
94
83
75
75
78
80
83
85

274%
269%
256%
245%
244%
245%
245%
231%
216%
200%
204%
187%
182%
183%
173%
163%
156%
147%
147%
147%
154%
155%
149%
147%
141%
139%
134%
140%
138%
140%
139%
134%
138%

25
25
25
25
25
26
26
27
29
31
31
30
29
28
28
29
30
33
34
36
36
36
36
37
39
42
43
44
44
45
46
49
52

13
13
14
14
14
15
16
18
21
24
24
23
22
22
23
26
29
33
40
48
48
43
43
46
51
58
65
65
61
64
68
75
83

14
15
15
16
17
18
20
21
22
23
24
24
24
24
25
27
29
31
34
36
38
39
41
43
45
48
51
53
55
58
60
63
66

62
68
68
70
73
73
68
60
54
55
57
58
60
62

106
113
115
123
130
129
121
107
97
98
101
104
110
119

97
107
108
114
120
120
114
101
91
92
96
97
100
104

83%
85%
86%
87%
92%
97%
101%
100%
99%
97%
104%
98%
98%
100%
99%
100%
101%
101%
107%
112%
121%
124%
120%
120%
117%
119%
119%
127%
125%
126%
126%
123%
126%

6.8
7.3
7.7
8.3
8.8
9.3
9.8
10.4
11.1
11.7
12.3
13.0
13.4
13.9
14.3
14.7
15.1
15.5
15.8
16.2
17.2
18.3
18.9
19.8
20.7
21.8
22.7
24.8
27.4
28.8
29.6
31.0
32.4

4.9
13.2
13.2
11.5
15.0
16.4
18.9
19.2
20.3
22.8
26.2
30.1
35.5
40.6

382

87

63

125

106

51.1

Foreign assets (1850-1913: mid-year; interwar: see notes)

Foreign
assets

1882
Hoffmann
backwards
(1965), Table
using
%
43; 1926-1930:
change
of
Bundesbank
foreign
income.
(1976) p.
331,
Assumes
excluding that
gold
100%
of
(and foreign
foreign
portfolio
currency)
is lost during
the war 19141918. No data
after 1930, see
formula

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.6
1.0
1.7
1.9
2.5
3.3
4.1

Government wealth (mid-year estimate)

Net foreign
Net foreign
Foreign
asset
asset
liabilities
position
Net
WWI
position
Government
(excl. WWI
(excluding
governmen
Reparations
(including
fixed assets
Reparations
WWI
t wealth
1850-1913:
0
WWI
(Hoffmann's
)
Reparations
reparations)
foreign asset
)
figures are net
of foreign
liabilities);
1926-1940:
Bundesbank
(1976) p. 331;
1941-1944:
1940 data point
+ flow of
clearing debt
from Ritschl
2001 Table 4 p.
330

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

See e.g.
Guinnane
(2004, p. 11),
Ristschl (2012,
p.2-3)

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Interwar:
assumes
railways are
worth 55% their
book value
(just like for the
private sector);
public buildings
& constructions
at book value

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.6
1.0
1.7
1.9
2.5
3.3
4.1

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.6
1.0
1.7
1.9
2.5
3.3
4.1

3.8
3.9
4.2
4.5
4.7
4.8
4.9
5.0
4.8
4.8
4.7
4.8
4.8
4.8
4.8
4.8
4.7
4.6
5.1
5.3
6.0
8.6
10.8
11.8
11.5
10.9
10.0
9.4
8.7
8.1

Public
buildings

Hoffmann Tab
40
ffentliche
Gabude

6
6
6
7
7
7
7
7
7
7
7
7
7
7
7
8
8
8
9
9
11
12
14
15
15
15
15
14
14
14

1.3
1.3
1.4
1.5
1.6
1.6
1.7
1.7
1.7
1.7
1.7
1.8
1.8
1.8
1.8
1.8
1.9
1.9
2.1
2.2
2.5
2.8
3.1
3.3
3.4
3.3
3.1
3.0
2.9
2.9

5.2
6.5
7.3
7.7
8.3
8.8
9.2
9.7
10.4
10.9
11.2
11.4
11.6
12.0
12.3
12.8
13.4
14.1
14.5
14.8
15.0
15.4
15.7
15.9
16.6
17.3
17.5
17.7
17.9
18.4
18.9
19.3
19.7
19.7
14.8
9.8
4.9
0.0
0.9
1.8
2.7
3.6
4.4
5.3
6.2
7.1
8
8.4
9.2
9
4.3
1.1
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.1
2.2
3.3
4.3
5.4
7
11.7
16.5
21.5
25
32.35
26.6
23.2
18.1
17.25
16.4
14.8
13.9
13.4

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
132
132
132
132
132
132
132
132
132
132
121
121
121
3
3
3
3
3
3
3

5.2
6.5
7.3
7.7
8.3
8.8
9.2
9.7
10.4
10.9
11.2
11.4
11.6
12.0
12.3
12.8
13.4
14.1
14.5
14.8
15.0
15.4
15.7
15.9
16.6
17.3
17.5
17.7
17.9
18.4
18.9
19.3
19.7
19.7
14.8
9.8
4.9
0.0
0.9
0.7
0.5
0.3
0.1
-0.1
-0.3
-4.6
-8.5
-13.1
-15.8
-23.4
-22.3
-22.1
-18.1
-17.3
-16.4
-14.8
-13.9
-13.4

5.2
6.5
7.3
7.7
8.3
8.8
9.2
9.7
10.4
10.9
11.2
11.4
11.6
12.0
12.3
12.8
13.4
14.1
14.5
14.8
15.0
15.4
15.7
15.9
16.6
17.3
17.5
17.7
17.9
18.4
18.9
19.3
19.7
19.7
14.8
9.8
4.9
0.0
-131.1
-131.3
-131.5
-131.7
-131.9
-132.1
-132.3
-136.6
-140.5
-145.1
-136.8
-144.4
-143.3
-25.1
-21.1
-20.3
-19.4
-17.8
-16.9
-16.4

7.6
7.6
7.7
7.6
7.6
7.6
7.8
8.2
8.5
8.1
7.7
7.1
6.3
5.8
5.8
6.6
7.7
8.9
10.5
12.4
12.3
11.0
11.2
11.7
12.5
13.8
15.5
14.8
12.8
13.0
14.5
15.9
17.1

43.6
39.3
46.0
49.3
48.5
45.2
36.4
27.7
24.5
25.9
28.1
29.9
30.7
30.1

14
15
15
16
16
17
18
19
20
20
20
20
20
20
20
21
23
24
26
29
30
29
30
31
33
36
38
40
40
42
44
47
50
50
46
47
46
46
41
41
46
45
48
47
49
54
61
64
67
66
60
52
49
52
57
62
68
73

2.9
3.1
3.2
3.3
3.5
3.7
3.9
4.2
4.4
4.5
4.5
4.4
4.3
4.4
4.5
4.7
5.1
5.4
5.8
6.2
6.5
6.8
7.1
7.5
7.9
8.4
8.9
9.3
9.6
10.1
10.6
11.2
11.6
12.1
12.6
13.0
13.5
14.0
14.5
15.0
15.4
15.9
16.4
16.9
17.35
19.25
19.6
20.75
22
22.35
21.2
18.6
16.65
16.9
17.95
18.95
20.35
21.85

0.0

13.4
13.4
17.4
24.1
33.4
42.3

29.7

3
3
3
3
3
3
3
3
3
0

-13.4

-16.4

22.1

75

23.15

year estimate)

Public
railways at
market
value

See formula

0.5
0.6
0.7
0.8
0.9
0.9
1.0
1.0
1.0
1.1
1.2
1.2
1.3
1.4
1.5
1.7
1.7
1.8
2.0
2.3
2.8
3.7
4.8
5.3
5.3
5.5
5.6
5.7
5.8
6.2

About 50% of
railways
publicly owned
in 1860s; 56%
were publicly
owned in 1870,
82% in 1880
and >90% at
the end of the
century. They
were managed
like private
businesses by
the States -->
the railway
assets
should
Memo:
be share
countedof
as
Memo: total equity holdings
railways
railways of the
publiclyon
government
private
owned
corporations.
Note also that
because they
were run like
private
Hoffmann Tab businesses,
Wengenroth
they
40
2000made
p. 106.
profits, which
explains why in
the national
Einsenbahnen accounts of the
time the
government
earns capital
income.

1.1
1.2
1.4
1.6
1.8
1.9
1.9
2.0
2.1
2.2
2.3
2.4
2.6
2.7
2.9
3.1
3.2
3.3
3.6
4.1
4.8
6.0
7.5
8.0
7.7
7.6
7.6
7.4
7.3
7.5

50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
51%
51%
52%
52%
53%
54%
54%
55%
55%
56%
59%
61%
64%
66%
69%
72%
74%
77%
79%
82%

Government Government
Governmen
debt
debt
Memo:
Public
t net
(excluding (excluding
market/book
construction financial
Versailles
Versailles
ratio for
s
wealth,
treaty
treaty
railways
year-end
debts),
debts),
year-end
March 31st

Hoffmann Tab
40

Bundesbank (1976), Deutsch

Data for March

31 of year n.
1850-1879:
based on
Hoffmann
(1965)

ffentlicher
Tiefbau

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

3.8
3.9
4.1
4.3
4.5
4.5
4.6
4.6
4.6
4.5
4.4
4.4
4.3
4.2
4.1
4.2
4.2
4.3
4.5
4.8
5.3
5.7
6.3
6.7
6.6
6.3
6.0
5.8
5.5
5.3

-1.9
-2.0
-2.1
-2.2
-2.3
-2.3
-2.3
-2.5
-2.5
-2.6
-2.6
-2.6
-2.6
-2.7
-2.8
-3.0
-3.3
-3.5
-3.9
-4.4
-3.8
-3.4
-3.4
-3.7
-4.1
-4.6
-4.9
-5.4
-6.0
-6.6

1.7
1.9
2.0
2.1
2.2
2.3
2.3
2.3
2.5
2.5
2.6
2.6
2.6
2.6
2.7
2.8
3.0
3.3
3.5
3.9
4.4
3.8
3.4
3.4
3.7
4.1
4.6
4.9
5.4
6.0
6.6

1.6
1.8
2.0
2.0
2.1
2.3
2.3
2.3
2.3
2.5
2.5
2.6
2.6
2.6
2.6
2.7
2.9
3.1
3.4
3.5
4.1
4.5
3.6
3.3
3.4
3.8
4.2
4.7
5.0
5.5
6.2

6.3
6.5
6.8
6.9
6.9
7.0
7.3
7.8
8.4
9.0
9.1
8.8
8.5
8.4
8.6
9.1
9.8
10.5
11.6
13.1
13.4
12.9
13.1
13.6
14.4
15.7
17.2
17.7
17.7
18.4
19.4
20.8
22.3
21.9
16.9
16.2
14.2
13.0
7.7
6.4
10.4
7.5
10.2
8.1
8.7
11.1
16.6
16.4
15.9
14.7
11.5
9.6
11.7
13.5
16.6
19.1
22.0
22.6

7.6
7.8
8.2
8.3
8.3
8.3
8.6
9.1
9.8
10.5
10.6
10.1
9.8
9.6
9.8
10.3
11.1
11.8
12.9
14.5
14.8
14.1
14.2
14.7
15.4
16.6
18.1
18.5
18.3
18.9
19.8
21.0
22.3
23.0
23.6
24.3
24.9
25.6
26.2
26.9
27.5
28.2
28.8
29.5
30.1
30.5
31.15
32.25
33.6
34.3
33.65
30.95
28.65
28.35
29.15
29.5
29.4
29.85

82%
83%
83%
84%
84%
84%
85%
85%
86%
86%
86%
87%
87%
88%
88%
88%
89%
89%
90%
90%
91%
92%
92%
93%
94%
95%
95%
96%
97%
98%
98%
99%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
95%
71%
67%
57%
51%
29%
24%
38%
27%
35%
27%
29%
37%
53%
51%
47%
43%
34%
31%
41%
48%
57%
65%
75%
76%

5.2
5.3
5.5
5.6
5.9
6.1
6.4
6.7
6.8
6.4
6.4
6.8
6.8
6.9
7.0
7.4
7.9
8.4
8.9
9.3
9.6
9.7
10.0
10.4
10.9
11.5
12.2
12.6
12.9
13.3
14.1
14.9
15.7
16.3
16.9
17.5
18.1
18.7
19.3
19.9
20.6
21.2
21.8
22.4
23
23.5
24.8
26.75
28.75
29.45
27.65
23.65
20.95
21.4
22.85
24.35
26.1
28.4

-7.2
-7.6
-8.1
-8.6
-9.1
-9.7
-10.3
-10.9
-11.6
-12.1
-12.8
-13.3
-13.7
-14.2
-14.6
-15.0
-15.4
-15.7
-16.1
-17.0
-18.0
-18.8
-19.6
-20.5
-21.5
-22.5
-24.3
-26.8
-28.4
-29.4
-30.6
-32.1
-33.7
-39.6
-57.2
-85.1
-117.1
-133.2
-140.9
-168.1
-191.3
-3671.4
-1.92E+14
-5.2
-12.3
-14.9
-14.7
-17.2
-20.3
-23.1
-24.0
-24.3
-24.4
-24.9
-26.2
-27.5
-29.6
-38.4

7.2
7.6
8.1
8.6
9.1
9.7
10.3
10.9
11.6
12.1
12.8
13.3
13.7
14.2
14.6
15.0
15.4
15.7
16.1
17.0
18.0
18.8
19.6
20.5
21.5
22.5
24.3
26.8
28.4
29.4
30.6
32.1
33.7
43.2
63.6
94.4
132.6
165.6
193.1
249.1
330.5
5,094.3
1.92E+14
5.2
12.3
14.9
14.7
17.3
20.5
23.3
24.1
24.7
25.7
28.4
31.7
36.4
41.5
50.6

6.8
7.3
7.7
8.3
8.8
9.3
9.8
10.4
11.1
11.7
12.3
13.0
13.4
13.9
14.3
14.7
15.1
15.5
15.8
16.2
17.2
18.3
18.9
19.8
20.7
21.8
22.7
24.8
27.4
28.8
29.6
31.0
32.4
34.1
46.2
69.4
102.7
142.6
173.3
199.7
265.5
352.2
6,675.0
4.0
5.5
14.6
14.9
14.6
18.2
21.3
24.0
24.2
24.8
25.9
29.3
32.5
37.7
42.7

22.4

30.1

100%

75%

29.8

-51.3
-76.2
-115.0
-162.3
-223.2
-301.2

68.4
101.3
148.6
202.3
273.6
372.7

53.2
73.5
110.6
161.2
216.0
292.8
399.3

Central
government

Regions

MefoWechsel
Memo:
Memo:
Governmen
Public debt
Municipalitie
und
domestic
foreign
t financial
held by the
s
Steuergutsc public debt, public debt,
assets,
Reichsbank
heine der
Hoffmann
Hoffmann
year-end
Reichs

Until 1920:
Until 1920:
data for March data for March
n; after 1928:
n; after 1928:
data for March data for March
n+1. Before
n+1. Before
Bundesbank (1976), Deutsche1928,
Geld-includes
und Bankwesen
in Zahlen 1876-1975
1928, includes
a ("relatively
a ("relatively
small") amount small") amount Mefo-Wechsel
of debt held by of debt held by und
Reich
Lnder gov and central
central
Gemeinden
gov and Steuergutschei
municipalities, municipalities, ne der Reichs
see note 7 in
see note 7 in
Data for March Bundesbank
Bundesbank
Data for March
31 n+1
(1976)
(1976)
31 n+1

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
16
72
139
218
308

5,244

772

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Hoffmann Tab. Hoffmann Tab.

225
226
Seels too low
just before
WW1 and
during interwar.
I assume that
before 1913
100% of public
debt is1.6
domestically
1.7
owned

1.9
2.0
2.1
2.2
2.3
2.3
2.3
2.5
2.5
2.5
2.5
2.5
2.6
2.6
2.8
3.0
3.4
3.4
4.0
4.4
3.5
3.3
3.3
3.7
4.1
4.6
4.9
5.4
6.1

Bundesbank (1976), Deutsche Geld- u

I assume that
before 1913
100% of public
debt is
domestically
owned0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

year-

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

336
349
395
445
484
540
721
884
1,118
1,318
1,686
1,741
1,916
2,081
2,125
2,141
2,208
2,223
2,309
2,503
2,826
2,995
3,227
3,523
3,818
4,127
4,352
4,847
5,140
4,910
4,904
4,807
5,202
16,715
39,496
68,877
104,945
156,092
199,728
265,543
352,204
6,675,048
1,958
2,703
7,141
7,300
7,131
8,229
9,630
11,342
11,434
11,690
11,793
12,452
14,372
16,058
19,098
30,676

5,643
6,041
6,440
6,838
7,237
7,636
8,034
8,433
8,831
9,230
9,387
9,543
9,700
9,857
10,014
10,170
10,327
10,484
10,640
10,797
11,293
11,776
11,903
12,245
12,495
12,960
13,302
14,280
15,426
15,571
15,697
16,197
16,841
17,608
17,981
18,242
20,582
22,965
10,455

835
898
961
1,024
1,087
1,149
1,212
1,275
1,338
1,401
1,571
1,740
1,910
2,080
2,250
2,419
2,589
2,759
2,928
3,098
3,412
3,726
4,040
4,354
4,668
4,982
5,296
6,213
7,131
8,048
8,965
9,883
10,800
11,292
11,531
11,698
13,199
14,727
6,705

465
642
1,695
1,733
1,693
2,202
2,590
2,752
2,794
2,951
2,886
2,887
2,850
2,758
2,555
2,112

1,586
2,189
5,783
5,912
5,775
7,729
9,099
9,928
9,949
9,706
9,851
9,724
9,480
8,993
8,668
8,450

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
500
1,400
4,200
5,800
9,900
12,400
12,000

6.5
7.0
7.9
8.6
8.8
9.0
9.5
9.7
10.7
11.6
12.3
12.7
13.2
13.5
13.9
14.1
14.3
14.5
15.1
15.4
16.5
17.1
17.7
18.3
19.2
20.2
21.0
22.5
24.4
24.6
24.9
25.7
26.7

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

8.4
9.7
10.2
10.6
10.8
10.8
10.4
12.2
14.4
17.0
24.1

0.7
1.4
1.7
3.1
3.2
5.0
5.2
5.0
4.6
3.2
3.0
2.4
2.3
2.1

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.6
6.5
9.3
16
32
52
81
139
1,423
9.30E+06
0.0
0.0
0.0
0.0
0.1
0.2
0.2
0.1
0.4
1.2
3.5
5.5
8.9
11.9
12.2

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.6
6.5
9.3
15.5
32.4
52.2
81.0
139.2
1,423
9.30E+06
0.0
0.0
0.0
0.0
0.1
0.2
0.2
0.1
0.0
0.0
0.0
0.1
0.1
0.1
0.1

47,889
85,935
137,629
195,554
273,354
379,800

2,124
2,162
1,945
1,746
1,697
1,697

7,966
7,966
7,966
7,966
7,966
7,966

15,500
14,500
13,700
10,700
9,800
9,800
0

29.0

2.1

17.1
25.1
33.5
40.0
50.4
71.4

2.5
10.4
19.6
28.5
40.4
61.6
70.2

Darlehnskas
senscheine

Treasury
bills and
treasury
bonds

Total assets
held by the
Bundesbank

National
wealth

East
Germany
GDP,
constant
1913 prices

Deflator

East
Germany
GDP,
current
prices

Ritschl &
Ritschl &
Spoerer (1997) Spoerer (1997)
Tab A2
Tab A2

esbank (1976), Deutsche Geld- und Bankwesen in Zahlen 1876-1975

year-end
In DM

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

1.0
1.1
1.0
1.0
1.1
1.1

East
Germany
national
income,
current
prices

59
60
64
69
72
73
75
75
75
77
79
80
82
83
85
86
87
90
92
96
103
113
124
129
128
125
122
119
117
117

In DM

In DM.
Assuming
same
GDP/national
income ratio as
in the West

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.9
1.3
0.4
1.3
5.3
11.0
23.4
6.9
238
9.30E+06
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.7
5.2
8.9
14.2
27.2
41.3
57.6
132.3
1,184
0.0
0.0
0.0
0.0
0.0
0.1
0.2
0.2
0.1
0.0
0.0
0.0
0.1
0.1
0.1
0.1

1.2
1.2
1.2
1.3
1.3
1.5
1.5
1.5
1.7
1.6
1.7
1.7
1.7
1.8
1.9
1.9
1.9
2.0
2.0
2.2
2.3
2.3
2.4
2.5
2.6
2.7
2.9
2.9
3.0
3.1
3.3
3.6
3.7
7.2
9.9
13.4
20.7
37.5
56.5
95.1
149.8
1,926
1.11E+09
4.9
4.4
4.9
6.0
6.5
6.5
6.3
6.9
5.4
5.1
5.9
6.2
6.9
7.5
10.8

119
121
123
124
127
131
136
142
149
155
155
152
150
150
153
159
169
181
195
211
216
213
218
226
239
256
273
278
280
290
304
323
342

0.0
0.0
0.0
0.0
0.0
0.0
0.0

2.5
10.4
19.6
28.5
40.4
61.6
70.2

15.2
18.0
24.5
31.3
43.8
66.1
7.5
8.1
7.9
8.2
9.2
9.8
10.4
10.7
11.0
11.6
11.9
12.3
12.6
12.9
13.2
13.2
13.3
13.5
13.8
14.2
14.7
15.2
15.8
16.4
16.8
17.3
18.0
18.8
19.3
19.9
20.7
21.2
21.5
21.8
21.7
21.9
21.7
21.8
22.3
22.8
22.7
22.6
22.7
22.6

161.4
171.6
198.5
211.6
207.5
231.9
242.8
239.7
239.0
243.8
250.4
257.7
265.4
269.7
277.6
291.0
302.7
312.1
321.6
333.5
344.9
350.2
358.0
373.0
401.4
432.6
455.6
484.1
517.9
548.1
567.9
589.0
614.1
638.0
669.3
696.7
727.7
752.8
768.5
785.4
811.3
827.1
837.1
857.3

12.2
14.0
15.7
17.3
19.0
22.7
25.3
25.5
26.3
28.2
29.7
31.7
33.4
34.7
36.5
38.5
40.3
42.3
44.3
47.3
50.7
53.2
56.5
61.1
67.6
74.9
81.8
91.1
100.0
109.0
117.7
124.7
132.1
139.3
145.5
152.7
157.8
164.4
171.3
179.2
184.1
186.9
190.1
193.7

11.3
13.0
14.6
16.1
17.5
20.9
23.3
23.6
24.2
26.0
27.4
29.1
30.6
31.7
33.4
35.0
36.4
38.0
39.7
42.3
45.1
47.2
50.3
54.5
60.2
66.4
72.2
80.5
87.9
95.5
103.4
109.4
116.1
121.9
126.5
131.8
135.5
141.5
148.0
154.9
159.0
160.9
164.9
168.4
193.279148
218

East
Germay
national
income,
constant
2010 euros

East
East
Population East Germany Germany
Germany
East
wealth income
wealth,
GDP,
Germany
ratio
constant
constant
2010 euros 1989 prices

Ritschl &
Spoerer (1997)
Tab A2

West
Gremany
gross
national
constant
1913 prices

Ritschl &
Spoerer (1997)
Tab A2 col. 2

32.4
35.8
36.0
37.1
43.9
48.7
53.0
54.6
55.9
59.2
60.8
63.3
65.0
66.9
69.3
70.8
71.7
72.7
74.2
76.7
79.1
81.2
85.2
90.7
96.6
101.3
104.6
108.9
111.3
113.9
118.4
120.8
124.9
125.8
123.9
121.4
118.6
120.0
122.5
125.6
129.1
130.3
131.9
131.0
146.5
159.0

18,100
18,600
19,100
18,900
18,388
18,351
18,328
18,178
18,059
17,944
17,716
17,517
17,355
17,298
17,241
17,125
17,102
17,155
16,992
17,028
17,066
17,082
17,084
17,076
17,058
17,061
17,043
16,980
16,925
16,850
16,786
16,765
16,756
16,745
16,737
16,736
16,697
16,699
16,671
16,644
16,624
16,641
16,666
16,614
16,111

235%
214%
199%
183%
181%
180%
179%
178%
177%
176%
175%
174%
172%
171%
170%
169%
168%
167%
166%
165%
164%
163%
162%
161%
159%
158%
157%
156%
155%
154%
153%
152%
151%
150%
149%
148%
146%
145%
144%
143%
142%
141%
140%
139%
138%

76.1
76.7
71.5
68.0
79.4
87.7
94.9
97.1
98.8
104.1
106.1
109.8
112.0
114.7
118.0
119.8
120.6
121.4
123.2
126.4
129.6
132.1
137.6
145.6
154.1
160.4
164.6
170.0
172.6
175.5
181.1
183.4
188.2
188.3
184.2
179.2
173.7
174.5
176.7
179.9
183.5
183.8
184.6
181.9
201.9

78.8
84.3
89.5
91.7
94.6
99.4
102.1
105.7
108.3
110.8
113.1
113.6
114.4
116.5
118.5
122.1
126.4
130.7
135.7
140.8
144.8
149
154.4
161.8
166.1
171.1
178.2
182.1
185
187.8
186.9
188.5
186.5
187.8
191.8
196.2
195.1
194.3
195.4
194.4
0

22.641
27.586
34.54
42.808
48.14
52.647
57.371

DataDE2: Raw national wealth accounts series for Germany 1991-today, linked with 1950-1990 financial wealth & fixed assets accounts from DateDE2b
1950-1990: West Germany (including Sarre & West Berlin over 1950-1960): 1991-onwards: reunified Germany
All values are in current billions
1 eur =
DM
1.95583
Corporate Wealth (January 1st of each year)
Notation

Code
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

Foreign Wealth (January 1st of each yeaHousehold & NPISH Wealth (January 1st of each year)

Kct
Nonfinancial
assets

517
588
663
733
809
889
937
1,001
1,072
1,161
1,303
1,433
1,538
1,594
1,677
1,737
1,786
1,842
1,907
1,994
2,111
2,379
2,576
2,724
2,842
2,924
3,008
3,095
3,188
3,290
3,378
3,505
3,626
3,727
3,820
3,918
4,004
4,119
4,304
4,469
4,547
4,655
4,876

Act
Cultivated
assets +
agricultural
land

23
22
24
29
27
29
32
32
34
33
34
34
38
39
38
37
33
31
30
31
28
33
32
32
33
33
30
30
30
28
28
23
24
26
24
27
28
32
30
33
33
33
33

Machinery &
equipment

139
158
175
190
209
232
247
257
270
288
309
336
363
380
398
413
428
440
454
475
502
565
607
651
675
683
690
698
709
729
751
789
811
815
807
812
826
854
896
938
932
941
961

Dwellings

65
75
86
96
107
117
122
133
144
157
180
200
215
224
239
248
255
264
275
288
306
341
368
397
421
434
453
462
472
477
481
487
490
490
491
495
498
508
537
553
559
566
584

Other
buildings and
structures

147
171
192
210
234
258
268
288
309
340
388
429
454
461
480
496
509
527
546
569
603
695
764
840
897
944
989
1,004
1,024
1,038
1,045
1,071
1,084
1,086
1,094
1,123
1,140
1,169
1,239
1,295
1,317
1,336
1,387

Land
underlying
buildings and
structures

138
158
182
203
226
247
260
283
306
334
382
423
456
475
506
526
541
561
582
609
649
722
779
777
788
802
816
871
920
983
1,035
1,094
1,173
1,265
1,359
1,416
1,466
1,510
1,553
1,599
1,652
1,723
1,854

Intangible
fixed assets

4
4
5
5
6
6
7
8
9
9
11
12
13
14
16
17
19
19
21
22
23
24
26
27
28
29
30
31
33
35
38
41
44
45
45
45
46
48
49
52
54
55
57

Net financial
assets

-198
-221
-243
-266
-289
-311
-330
-349
-367
-386
-405
-431
-458
-484
-511
-537
-554
-572
-589
-607
-731
-785
-761
-864
-864
-827
-881
-1,038
-1,131
-1,251
-1,284
-1,196
-1,178
-1,344
-1,319
-1,223
-1,523
-1,748
-1,255
-1,325
-1,379
-1,260

Gross
financial
assets

613
706
798
890
983
1,075
1,200
1,325
1,449
1,574
1,699
1,867
2,036
2,205
2,373
2,542
2,726
2,910
3,093
3,277
3,606
3,920
4,251
4,935
5,183
5,696
6,313
7,109
8,020
9,113
9,655
9,978
9,405
9,770
10,172
10,950
11,401
12,007
12,047
12,247
12,475
12,607

Lctd

Government Wealth (January 1st of each year)

Kgt

Lcte

Liabilities

(Of which:
equity
liabilities)

PF.

PF.5

AN.

198
214
231
247
264
280
290
300
310
321
331
404
477
550
623
696
759
822
885
948
910
982
991
1,315
1,397
1,535
1,797
2,316
2,750
3,447
3,385
3,242
2,418
2,810
2,928
3,312
3,704
4,040
3,013
3,315
3,636
3,412

25
29
34
35
36
39
43
47
52
58
65
71
82
93
104
112
122
131
137
151
181
209
235
257
287
316
329
353
379
416
473
523
554
564
588
608
625
646
669
698
740
857
925
979
1,015
1,038
1,057
1,050
1,053
1,061
1,069
1,105
1,119
1,123
1,130
1,142
1,137
1,165
1,223
1,264
1,285
1,300
1,346

811
926
1,041
1,156
1,272
1,387
1,530
1,673
1,817
1,960
2,104
2,299
2,494
2,689
2,884
3,079
3,280
3,481
3,683
3,884
4,337
4,705
5,011
5,799
6,047
6,523
7,194
8,147
9,151
10,363
10,939
11,174
10,582
11,114
11,491
12,174
12,924
13,754
13,302
13,572
13,853
13,867

Net wealth

390
442
489
543
600
626
671
724
793
917
1,028
1,107
1,136
1,193
1,226
1,249
1,288
1,336
1,405
1,504
1,648
1,790
1,963
1,978
2,060
2,181
2,214
2,150
2,159
2,127
2,222
2,430
2,549
2,476
2,599
2,781
2,596
2,557
3,214
3,222
3,276
3,616

Nonfinanci
Fixed assets
al assets

22
26
30
31
32
34
38
41
46
51
56
62
72
81
90
97
106
114
120
132
157
182
205
224
250
275
286
307
329
361
411
455
482
490
511
528
543
562
582
607
643
740
796
856
895
919
939
938
936
937
940
953
959
956
955
960
964
987
1,039
1,075
1,090
1,096
1,126

Cultivated
assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Machinery &
equipment

7
8
9
10
11
12
13
13
14
15
16
17
18
19
20
21
22
22
23
24
26
29
31
34
35
35
34
34
32
32
32
32
32
32
31
30
30
29
29
29
30
32
33

Dwellings

4
4
5
5
6
7
7
8
8
9
10
11
12
13
14
14
15
15
16
16
17
19
21
24
25
26
27
28
28
28
28
28
28
28
28
29
29
29
31
31
32
32
33

Other
buildings
and
structures

146
169
190
208
232
255
266
286
307
337
384
425
450
457
476
491
505
522
541
564
598
689
741
796
832
855
874
874
873
874
877
889
895
893
893
898
902
924
976
1,011
1,023
1,028
1,056

Intangible
fixed assets

0
0
0
0
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
3
3
3
3
3
3
3
3
4
4
4
4
4
4
4
4
4
5
5
5

Land
underlying
buildings
and
structures

3
4
4
5
5
5
6
6
7
8
8
9
11
12
14
15
16
17
18
20
24
27
31
34
37
41
43
46
49
54
62
68
72
74
77
79
81
84
87
91
97
117
129
123
119
119
119
112
117
124
129
152
160
167
175
182
173
179
184
189
195
204
219

Net
financial
assets

-7
-5
-1
3
12
18
26
34
39
43
47
53
62
68
73
77
78
80
80
81
87
90
93
93
114
111
88
73
62
51
36
20
-3
-22
-39
-51
-56
-63
-74
-90
-78
-90
-128
-242
-307
-337
-532
-596
-606
-699
-688
-693
-761
-862
-933
-1,039
-1,105
-1,108
-1,036
-1,105
-1,171
-1,248
-1,334

Agt

Lgt

Gross
financial
assets

Liabilities

AF.

PF.

9
12
17
22
30
38
46
54
60
65
71
78
88
95
103
111
116
121
129
135
142
149
159
167
190
197
205
211
217
227
232
242
257
270
281
292
308
321
333
343
368
435
453
430
474
491
498
508
550
522
547
553
504
473
484
478
491
509
558
618
666
898
904

16
17
18
19
18
19
20
20
21
22
23
25
26
27
30
33
38
41
48
54
55
59
66
73
76
86
117
138
155
176
196
222
259
293
320
343
363
383
407
433
446
526
580
672
782
828
1,030
1,104
1,156
1,220
1,234
1,246
1,265
1,335
1,417
1,517
1,596
1,616
1,595
1,723
1,837
2,147
2,238

Net wealth

18
24
33
39
48
57
69
81
92
101
112
124
145
161
176
189
200
211
218
233
268
299
328
351
401
427
417
426
441
467
509
543
551
542
549
557
569
583
595
608
662
767
797
736
707
700
526
455
447
363
381
412
358
261
197
103
32
58
187
159
114
52
11

FAt

FLt

Foreign
assets

Foreign
liabilities

IIP data
1
2
3
5
7
9
11
15
20
23
26
32
35
37
40
45
47
51
58
71
77
95
102
113
125
141
164
183
196
219
232
256
288
308
337
392
433
501
538
627
748
835
892
975
1,141
1,142
1,219
1,350
1,631
1,890
2,444
2,841
3,118
3,056
3,216
3,488
4,079
4,566
5,018
4,912
5,047
6,308
6,555

Kt
Net foreign
asset
position

Nonfinanci
al assets

At
Memo:
estimated
housing
wealth

Memo:
Cultivated
estimated
assets + Machinery &
non-housing agricultural equipment
real assets
land

AN.

10
12
12
13
11
12
13
15
16
17
18
22
23
25
28
32
36
38
40
47
53
68
77
87
97
104
119
135
148
171
192
227
258
276
297
326
370
410
406
439
520
567
636
744
946
971
1,117
1,270
1,553
1,882
2,353
2,774
2,935
2,947
3,074
3,253
3,611
3,919
4,375
4,282
4,244
5,437
5,710

-2
-3
-1
0
-4
-3
-2
0
3
6
8
10
11
11
12
13
11
13
18
24
25
26
25
25
28
37
45
48
47
48
39
29
30
33
41
66
63
92
132
187
228
268
256
231
195
171
102
80
79
7
90
67
183
108
142
234
468
647
644
630
803
871
845

73
84
103
107
116
125
133
142
160
178
195
231
267
303
338
373
408
449
489
530
570
611
651
720
789
840
891
943
1,065
1,187
1309
1,415
1,522
1,628
1,734
1,840
1,947
2,053
2,159
2,265
2,372
2,654
2,901
3,092
3,277
3,432
3,588
3,716
3,842
3,975
4,093
4,228
4,369
4,511
4,650
4,796
4,919
5,088
5,382
5,593
5,723
5,887
6,183

31
35
43
45
50
55
60
65
77
90
102
138
174
183
207
232
256
291
326
361
396
431
466
525
583
629
675
721
813
904
996
1,091
1,186
1,281
1,376
1,472
1,567
1,662
1,757
1,852
1,947
2,167
2,382
2,549
2,714
2,855
3,001
3,122
3,237
3,365
3,478
3,606
3,736
3,871
4,008
4,140
4,254
4,405
4,673
4,857
4,981
5,137
5,410

43
49
60
63
66
70
73
77
82
88
93
93
93
120
131
141
152
158
163
169
174
180
185
195
205
211
216
222
252
283
313
324
335
347
358
369
380
391
402
413
424
487
519
543
563
577
587
594
605
611
616
622
633
639
642
656
665
683
709
736
742
750
773

47
41
49
49
48
50
50
46
44
45
41
42
34
36
39
36
41
42
47
45
50
50
50
50

101
107
120
124
129
130
128
127
126
125
125
125
128
128
125
121
119
119
122
127
131
129
129
131

Dwellings

Other
buildings
and
structures

Land
underlying
buildings
and
structures

AN.1111

AN.1112

AN.2111

1,305
1,390
1,546
1,700
1,869
2,023
2,151
2,283
2,354
2,425
2,495
2,559
2,634
2,692
2,742
2,793
2,874
2,941
3,051
3,278
3,420
3,494
3,584
3,737

183
194
224
243
265
282
296
310
315
321
325
325
331
332
331
333
339
343
350
371
386
390
393
404

597
635
710
779
777
788
802
816
871
920
983
1,035
1,094
1,173
1,265
1,359
1,416
1,466
1,510
1,553
1,599
1,652
1,723
1,854

Intangible
fixed assets

4
4
5
5
5
5
6
6
6
7
7
7
7
8
8
8
8
8
8
8
8
8
8
8

Net
financial
assets

13
13
14
16.0
17
20
22
22
23
28
36
46
50
49
55
62
69
76
92
108
126
138
160
179
189
218
266
301
332
349
362
384
414
466
498
545
609
670
697
786
863
984
1,097
1,163
1,303
1,311
1,409
1,512
1,666
1,796
1,972
2,002
2,073
2,024
2,240
2,398
2,633
2,662
2,925
2,772
2,946
3,116
3,161

Gross
financial
assets

Ate
(Shares,
excluding
other
equities &
mutual
funds)

(Other
equities &
mutual
funds)

Lt

Wt

(Insurance
assets)

(Other
assets)

Liabilities

Net wealth

AF.2+AF.3+AF.
4+AF.513.AF.52
+AF.7

PF.

B.90

1.57
4
6
8
12
16
20
25
29
33
40
49
57
66
76
86
98
108
118
128
142
157
175
203
231
247
265
290
321
360
408
452
490
524
567
606
638
659
679
698
732
779
829
897
985
1,081
1,155
1,233
1,296
1,371
1,468
1,514
1,536
1,553
1,569
1,575
1,569
1,568
1,547
1,532
1,530
1,535
1,550

86
98
117
123
133
145
155
164
182
206
231
278
317
352
393
435
477
525
581
638
696
749
811
899
978
1,058
1,157
1,243
1,397
1,536
1,671
1,799
1,936
2,094
2,232
2,386
2,555
2,723
2,856
3,051
3,235
3,637
3,997
4,255
4,580
4,743
4,996
5,228
5,508
5,771
6,065
6,230
6,443
6,535
6,890
7,194
7,553
7,750
8,307
8,366
8,669
9,003
9,344

AF.

AF.511+AF.512

AF.6

14.47
17
20
24
29
36
42
46
51
62
76
96
108
116
131
148
167
184
209
237
268
295
335
382
420
464
531
591
653
709
769
835
904
990
1,065
1,151
1,247
1,330
1,376
1,484
1,595
1,762
1,926
2,059
2,288
2,391
2,564
2,746
2,962
3,167
3,440
3,516
3,609
3,577
3,809
3,972
4,202
4,229
4,472
4,305
4,476
4,650
4,711

3.224
4
5
5
5
7
8
8
9
12
18
27
28
24
25
27
26
25
32
37
43
38
41
43
40
37
44
42
44
48
45
46
43
46
60
67
100
116
88
110
136
123
126
120
170
173
191
225
299
359
483
453
368
205
264
282
327
328
371
182
202
244
222

2.073
2
4
4
5
6
7
8
9
10
12
13
15
17
19
22
25
28
31
35
39
44
49
56
62
70
78
87
97
109
122
135
151
169
187
206
227
250
273
298
325
352
380
414
455
497
544
596
649
704
764
820
867
901
946
994
1,057
1,119
1,194
1,217
1,286
1,351
1,397

136
163
195
234
278
292
319
364
407
474
541
612
590
631
630
710
672
688
595
619
618
583

9
11
12
15
19
23
27
31
34
40
46
56
65
75
86
100
116
132
146
165
185
213
245
283
318
358
409
461
511
552
603
654
710
775
818
878
920
964
1,016
1,076
1,133
1,151
1,256
1,331
1,429
1,444
1,536
1,607
1,650
1,698
1,719
1,702
1,763
1,881
1,968
2,066
2,108
2,111
2,220
2,311
2,369
2,438
2,509

Memo:
consumer
durables
(year-end)

608.7
660.8
700.2
724.2
746.9
769.8
784.1
805.2
823.9
836.6
851.4
862.4
864.9
867.9
868.9
879.1
892
897.3
908.4
904.4
917

Memo:
(housing
consumer wealth, % of
durables of
national
households
income)
(mid-year)

634.75
680.5
712.2
735.55
758.35
776.95
794.65
814.55
830.25
844
856.9
863.65
866.4
868.4
874
885.55
894.65
902.85
906.4
910.7

60%
57%
61%
59%
61%
59%
58%
58%
64%
68%
69%
86%
100%
100%
103%
106%
110%
124%
129%
127%
123%
122%
121%
122%
126%
130%
129%
129%
136%
140%
145%
153%
161%
166%
169%
173%
175%
181%
180%
177%
171%
163%
167%
175%
179%
182%
188%
193%
196%
199%
202%
204%
209%
214%
212%
215%
210%
208%
218%
237%
232%
230%

% of
% of
dwellings
dwellings
held by
held by
households corporations

81%
81%
81%
81%
82%
82%
82%
83%
83%
83%
83%
83%
84%
84%
84%
84%
85%
85%
85%
85%
85%
86%
86%
86%

18%
18%
18%
18%
17%
17%
17%
16%
16%
16%
16%
16%
15%
15%
15%
15%
15%
14%
14%
14%
14%
14%
14%
13%

DataDE2b: Raw financial accounts for Germany, 1950-2011

And raw non-financial assets series for Germany, 1950-2010, from various sources (see following sheet "Source")
1950-1990: West Germany (including Sarre & West Berlin in 1950-1960, except for financial assets): 1991-onwards: reuni
1 eur =
DM
1.95583
Households' Financial wealth
Unit

bn DM

bn DM

bn DM

bn DM

bn DM

Series

Household
total financial
assets
(securities at
book value)

Household
total financial
assets
(securities at
market value)

Of which:
shares
(AF.511+512,
but excludes
513: other
equities)

Of which:
insurance
assets (AF.6)

Household
lliabilities,
consumer
credit

Note

Year-End Values.
Includes NPISH.
Excludes
households as
producers. 19501959: excludes
Saarland & W
Berlin

Year-End Values.
Includes NPISH.
Excludes
households as
producers

Year-End Values.
Includes NPISH.
Excludes
households as
producers

Year-End Values.
Includes NPISH.
Excludes
households as
producers

Year-End Values.
Includes NPISH.
Excludes
households as
producers

Source

FinWealth50 p. 8
& FinWealth60 p.
60

FinWealth50 p. 8
& FinWealth60 p.
60

FinWealth60 p.
60

FinWealth60 p.
60

FinWealth50 p. 8
& FinWealth60 p.
60

21
24
29
35
44
55
64
73
85
99
116
141
161
183
208
238
275
311
345
388
438
498
565
648
724
807
913

26
30
36
43
51
64
75
82
91
110
135
170
191
206
232
263
296
328
372
420
476
524
595
678
747
824
943

5
6
7
8
8
11
13
12
14
18
28
41
44
37
39
41
41
38
49
57
67
59
63
67
62
57
69

3
4
6
7
8
10
11
12
14
16
19
21
24
27
31
35
40
45
50
56
63
70
79
89
99
111
124

1
1
1
2
2
3
3
4
5
5
7
9
10
13
14
15
17
18
19
23
28
33
40
50
56
56
64

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975

1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

1,014
1,114
1,220
1,342
1,466
1,597
1,724
1,849
1,982
2,104
2,236
2,369
2,546
2,725
2,930
3,199
3,449

1,049
1,159
1,260
1,367
1,484
1,605
1,758
1,891
2,044
2,215
2,361
2,444
2,636
2,832
3,005
3,284
3,552

66
68
75
70
71
67
71
94
104
156
180
136
171
211
191
196
184

139
155
173
194
216
241
269
297
328
362
398
434
475
518
560
606
659

78
92
110
130
143
151
160
172
182
193
202
214
227
248
272
300
320

urces (see following sheet "Source")

r financial assets): 1991-onwards: reunified Germany

bn DM

bn DM

bn DM

Household net Household net

financial
financial
Housing
wealth
wealth
liabilities, bank
(securities at (securities at
loans
book value) market value)

Year-End Values.
Includes NPISH.
Excludes
households as
producers

Year-End Values.
Includes NPISH.
Excludes
households as
producers

FinWealth50 p. 8
& FinWealth60 p.
60

See formula

21
23
28
34
42
52
61
69
80
94
108
132
151
171
194
223
258
293
326
365
410
465
526
598
668
750
849

25
29
35
41
49
62
71
78
87
104
128
161
181
193
218
248
279
310
352
397
448
492
555
627
691
768
879

Year-End Values

bn DM

bn DM

bn DM

Housing
liabilities,
loans from
building
societes

Housing
liabilities,
other

Housing
liabilities, total

Year-End Values

Year-End Values.
Baron excludes
this, and he also
excludes housingrelated liabilities
of the corp + gov
+ NPISH sectors
(see Table 21 p.
136)

Year-End Values

FinWealth60 p. 80 FinWealth60 p. 80 FinWealth60 p. 80

54
62
71
81
92
104
113
122
132
143
154
169
193
220
234
248

6
8
9
11
13
15
19
21
23
27
33
37
44
54
59
65

13
15
18
20
23
26
30
33
35
38
41
45
49
55
60
62

FinWealth50 p.
12-10 &
FinWealth60 p. 80

2
5
8
12
17
24
30
37
43
50
60
73
85
98
112
128
145
162
176
190
207.7
228
251
286
328
353
376

936
1,022
1,110
1,211
1,323
1,446
1,565
1,677
1,800
1,912
2,034
2,155
2,320
2,477
2,659
2,899
3,128

971
1,067
1,150
1,236
1,340
1,455
1,598
1,719
1,862
2,022
2,159
2,230
2,409
2,584
2,734
2,984
3,231

267
295
333
377
420
459
496
543
587
623
652
673
699
735
769
815
863

72
80
89
101
113
124
131
137
143
144
141
137
130
128
132
135
141

64
65
66
68
74
80
84
90
95
100
99
102
104
104
108
114
118

403
440
488
546
606
663
710
769
824
867
892
913
933
967
1,009
1,064
1,122

bn DM

bn DM

bn EUR

bn EUR

bn EUR

Household
Corrected
total liabilities household net Household
(consumer
financial
total financial
credit +
wealth (market
assets
housingvalues +
(securities at
related
housing
book value)
liabilities)
related liab)

Household
total financial
assets
(securities at
market value)

Of which:
shares
(AF.511+512,
but excludes
513: other
equities)

Of which:
insurance
assets (AF.6)

Year-End Values.
Year-End Values.
Secs at market
Includes NPISH.
Year-End Values.
values. Includes
Includes
Includes NPISH.
NPISH. Includes
households as
Excludes
households as
purchasers of
households as
purchasers of
private residential
producers
private residential
properties
properties

Year-End Values.
Includes NPISH.
Excludes
households as
producers

Year-End Values.
Includes NPISH.
Excludes
households as
producers

Year-End Values.
Includes NPISH.
Excludes
households as
producers

FinWealth60 p.
60

FinWealth60 p.
60

3
3
4
4
4
6
6
6
7
9
14
21
22
19
20
21
21
20
25
29
34
30
32
34
32
29
35

2
2
3
3
4
5
6
6
7
8
10
11
12
14
16
18
20
23
26
29
32
36
40
45
51
57
63

See formula

See formula

3
6
9
14
19
26
34
41
48
56
67
82
95
110
126
143
162
180
195
213
236
260
291
336
384
409
440

23
24
26
29
32
38
41
42
44
54
68
88
96
95
107
120
134
148
176
207
240
264
304
341
363
415
503

bn EUR

FinWealth60 p. 60 FinWealth60 p. 60

11
12
15
18
23
28
33
37
43
51
59
72
83
94
106
122
141
159
176
198
224
254
289
331
370
412
467

13
15
18
22
26
33
38
42
47
56
69
87
98
105
119
135
151
167
190
215
243
268
304
347
382
422
482

482
532
597
677
750
813
869
941
1,006
1,060
1,095
1,127
1,159
1,215
1,281
1,364
1,443

567
627
662
690
734
792
889
950
1,039
1,155
1,267
1,317
1,477
1,617
1,724
1,920
2,109

519
570
624
686
750
816
882
945
1,013
1,076
1,143
1,211
1,302
1,393
1,498
1,636
1,763

536
593
644
699
759
821
899
967
1,045
1,132
1,207
1,249
1,348
1,448
1,537
1,679
1,816

34
35
38
36
36
34
36
48
53
80
92
70
87
108
98
100
94

71
79
89
99
110
123
138
152
167
185
203
222
243
265
286
310
337

bn EUR

Household
lliabilities,
consumer
credit

Year-End Values.
Includes NPISH.
Excludes
households as
producers

bn EUR

bn EUR

bn EUR

bn EUR

Corrected
Household household net
total liabilities
financial
Household net
(consumer
wealth
Household
Housing
financial
credit +
(securities at total financial
liabilities, total
wealth
housingmarket value +
assets
related
housingliabilities)
related liab
included)
Year-End Values.
Includes NPISH.
Excludes
households as
producers

FinWealth60 p. 60 FinWealth60 p. 60

0
0
1
1
1
1
2
2
2
3
4
5
5
6
7
8
9
9
10
12
14
17
20
26
28
29
33

bn EUR

11
12
14
17
22
27
31
35
41
48
55
67
77
87
99
114
132
150
166
186
210
238
269
306
342
384
434

Year-End Values

Year-End Values. Year-End Values.

Includes NPISH. Includes NPISH.
Includes
Includes
households as
households as
purchasers of
purchasers of
private residential private residential
properties
properties

FinWealth50 p.
12-10 &
FinWealth60 p. 80

See formula

See formula

1
3
4
6
9
12
15
19
22
26
30
37
43
50
57
65
74
83
90
97
106
116
128
146
168
181
192

1
3
5
7
10
13
17
21
24
28
34
42
49
56
64
73
83
92
100
109
121
133
149
172
196
209
225

12
12
13
15
16
19
21
21
22
28
35
45
49
49
55
62
68
76
90
106
123
135
155
175
186
212
257

Year-End Values

FinWealth91

40
47
56
67
73
77
82
88
93
99
103
109
116
127
139
153
164

479
522
567
619
677
739
800
857
920
977
1,040
1,102
1,186
1,266
1,359
1,482
1,599

206
225
249
279
310
339
363
393
421
443
456
467
477
494
516
544
574

246
272
305
346
383
416
445
481
514
542
560
576
593
621
655
697
738

290
320
339
353
375
405
454
486
531
591
648
673
755
827
882
982
1,078

1,926
2,059
2,288
2,391
2,564
2,746
2,962
3,167
3,440
3,516
3,609
3,577
3,809
3,972
4,202
4,229
4,472
4,305
4,476
4,650
4,711

1.95583
bn EUR

bn EUR

bn EUR

bn EUR

Of which:
claims on
insurance
companies:
AF.6

Of which:
other

Household
total lliabilities

Of which:
equities &
mutual fund
shares: AF.5

(Other equities
(Shares
& mutual
(AF.511+512)
funds:
AF.513+AF.52)

Year-End Values

Year-End Values

Year-End Values

Year-End Values

Year-End Values

Year-End Values

FinWealth91

FinWealth91

FinWealth91

FinWealth91

FinWealth91

FinWealth91

289
315
404
450
483
544
663
766
957
994
980
795
895
912
1,037
999
1,059
777
820
861
805

126
120
170
173
191
225
299
359
483
453
368
205
264
282
327
328
371
182
202
244
222

163
195
234
278
292
319
364
407
474
541
612
590
631
630
710
672
688
595
619
618
583

380
414
455
497
544
596
649
704
764
820
867
901
946
994
1,057
1,119
1,194
1,217
1,286
1,351
1,397

1,256
1,331
1,429
1,444
1,536
1,607
1,650
1,698
1,719
1,702
1,763
1,881
1,968
2,066
2,108
2,111
2,220
2,311
2,369
2,438
2,509

829.3
896.8
985.1
1,080.5
1,155.2
1,233.4
1,295.9
1,371.1
1,468.1
1,514.3
1,535.9
1,552.6
1,569.0
1,574.5
1,568.6
1,567.6
1,546.9
1,532.3
1,529.7
1,534.6
1,549.6

Total building & structures

bn EUR

Dwellings

bn DM
bn DM
Memo: Net
stock of total
buildings
Net stock of
Memo:
(dwellings +
total building &
estimated net
Household net
other)
structures
stock of public
financial
excluding
(dwellings +
constructions
wealth
public
other), total
(ffentlicher
constructions
West
Germany
West Germany
West
Germany
economy
Tiefbau)
only. Beginning of only.
Beginning of only. Beginning of
(ffentlicher
year data. Raw
year data. Raw
Tiefbau),
total year data. Raw
series exclude
series exclude
series exclude
economy
Saarland and
Saarland
and
Saarland and
Year-End Values

FinWealth91

bn DM

Berlin before
1960, but I
recompute them to
include Berlin and
Saarland using the
1960 value
including Saarland
& Berlin, and %
See formula
change
of the raw
series backwards.

Berlin before
1960, but I
recompute them to
include Berlin and
Saarland using the
1960 value
including Saarland
FixedAssets50
&
Berlin, and %
(1950-1970),
change of theTable
raw
1
series backwards.

Berlin before
1960, but I
recompute them to
include Berlin and
Saarland using the
1960 value
including Saarland
FixedAssets50
&
Berlin, and %
(1950-1970),
change of theTable
raw
2
series backwards.

146.9
170.4
206.4
215.6
226.5
249.5
286.7
318.4
363.7
410.1
470.3
532.1
618.0
701.1
775.7
855.9
938.6
1,008.6
1,039.8
1,122.9
1,336.1
1,579.5
1,795.4

123.4
142.3
173.6
181.8
191.3
211.7
244.3
271.9
310.9
350.4
404.2
460.0
533.9
605.8
669.4
744.1
818.6
880.3
905.5
973.4
1,157.4
1,367.0
1,555.9

23.4
28.1
32.8
33.9
35.3
37.8
42.3
46.4
52.8
59.7
66.0
72.1
84.1
95.3
106.3
111.8
120.0
128.3
134.4
149.4
178.7
212.5
239.5
261
289
323

bn EUR

bn DM

Net stock of
Net stock of
dwellings, total dwellings, total
economy
economy
West Germany
only. Beginning of
year data. Raw
series exclude
Saarland and
Berlin before
West Germany
1960, but I
only. Beginning of recompute them to
year data
include Berlin and
Saarland using the
1960 value
including Saarland
FixedAssets50
&
Berlin, and %
FixedAssets70
(1950-1970),
change of theTable
raw
(1970-1991),
1
series backwards.

365
417
480
535
597
653

67.704454674
78.419808782
95.407046742
99.616650142
105.88853399
118.03898017
136.08924929
151.54572238
173.41227337
194.70478754
225
255
296
334
369
410
451
486
507
551
653
772
883

341
365
396
442
514
573
590
591
609
629
652
673
695
1,097
1,163
1,303
1,311
1,409
1,512
1,666
1,796
1,972
2,002
2,073
2,024
2,240
2,398
2,633
2,662
2,925
2,772
2,946
3,116
3,161

685
747
808
881
1,008
1,117
1,204
1,255
1,337
1,389
1,429
1,480
1,537
1,609
1,714
1,864

bn EUR

bn EUR

bn EUR

Memo: Net
Net stock of
Net stock of
stock of
dwellings,
dwellings, total dwellings, total
households &
economy
economy,
NPISH
other source

Beginning of year
values

Not perfectly equal

Beginning of year
to balance sheet
values
data

BalanceSheet92
(1991: use 1992- DetailedAccts91
1993 growth rate)

BalanceSheet92
(1991: use 19921993 growth rate)

bn EUR

bn EUR

bn EUR

Net stock of
dwellings,
government

Net stock of
dwellings,
corporations

Net stock of
dwellings,nonfinancial
corporations

Beginning of year
values

Beginning of year
values

BalanceSheet92
(1991: use 19921993 growth rate)

BalanceSheet92
(1991: use 19921993 growth rate)

1,907
2,089
2,289
2,469
2,611
2,763
2,843
2,924
3,000
3,068
3,149
3,210
3,261
3,312
3,398
3,467
3,588
3,845
4,005
4,085
4,182
4,354

2,089
2,289
2,469
2,611
2,763
2,843
2,924
3,000
3,068
3,149
3,210
3,261
3,312
3,398
3,467
3,588
3,845
4,005
4,085
4,189
4,360

1,546
1,700
1,869
2,023
2,151
2,283
2,354
2,425
2,495
2,559
2,634
2,692
2,742
2,793
2,874
2,941
3,051
3,278
3,420
3,494
3,584
3,737

19
21
24
25
26
27
28
28
28
28
28
28
28
28
29
29
29
31
31
32
32
33

341
368
397
421
434
453
462
472
477
481
487
490
490
491
495
498
508
537
553
559
566
584

327
353
381
404
416
434
442
451
457
461
466
468
469
469
474
476
485
513
528
534
540.3
557.4

Other building and structures

bn EUR

Net stock of
dwellings,
financial
corporations

Beginning of year
values

BalanceSheet92
(1991: use 19921993 growth rate)

bn EUR

bn DM

bn EUR

bn EUR

bn EUR

Other building
Other building Other building Other building
Other building
and
and
and
and
and
structures,
structures,
structures,
structures,
structures,
households &
total economy total
total economy
Government
Westeconomy
Germany
NPISH

only. Beginning of
year data. Raw
series exclude
Saarland and
Berlin before
1960, but I
West Germany
recompute them Beginning of year Beginning of year Beginning of year
only. Beginning of
to include Berlin
values
values
values
year data
and Saarland
using the 1960
value including
Saarland & Berlin, BalanceSheet92 BalanceSheet92 BalanceSheet92
FixedAssets70
and
% change
See
formula of (1991: use 1992- (1991: use 1992- (1991: use 1992(1970-1991),
the raw series
1993 growth rate) 1993 growth rate) 1993 growth rate)
backwards.

341
395
444
486
542
596

79
92
111
116
121
131
151
167
190
215
245
277
322
367
407
446
487
523
533
572
683
808
912

13
15
16
17
18
19
20
20
20
21
21
21
21
22
22
22
23
24
25
25
25.9
26.8

621
667
715
786
897
992
1,049
1,066
1,110
1,147
1,178
1,219
1,263
1,316
1,396
1,512

1,608
1,748
1,900
2,011
2,095
2,174
2,192
2,218
2,237
2,246
2,291
2,311
2,310
2,320
2,360
2,385
2,443
2,586
2,691
2,730
2,757
2,847

224
243
265
282
296
310
315
321
325
325
331
332
331
333
339
343
350
371
386
390
393
404

689
741
796
832
855
874
874
873
874
877
889
895
893
893
898
902
924
976
1,011
1,023
1027.9
1055.7

Machinery and equipment

bn EUR

Other building
and
structures,
corporations

bn EUR

bn EUR

bn EUR

bn DM

bn EUR

bn EUR

Other building Other building

Machinery
Machinery and
and
and
Machinery and
and
Machinery and
equipment,
structures,
structures,
equipment,
equipment,
equipment,
households &
West Germany
nonfinancial
financial
total economy only. total
Beginning total economy
NPISH
corporations
corporations
economy
of year data.
Raw series
exclude
Saarland and
Berlin before
1960, but I
West Germany
recompute
Beginning of year Beginning of year
only. Beginning of them to include
values
values
year data
Berlin and
Saarland using
the 1960 value
including
BalanceSheet92 BalanceSheet92
FixedAssets50
Saarland
&
FixedAssets70
(1991: use 1992- (1991: use 1992(1950-1970),
Berlin,
and %
(1970-1991),
1993 growth rate) 1993 growth rate)
Tableof1 the
change
raw series
backwards.

175
200
221
240
264
294

52
55
69
73
75
81
92
105
114
123
134
150
168
188
205
229
249
270
277
285
316
363
403
437
478
530

Beginning of year Beginning of year

values
values

BalanceSheet92 BalanceSheet92
(1991: use 1992- (1991: use 19921993 growth rate) 1993 growth rate)

695
764
840
897
944
989
1,004
1,024
1,038
1,045
1,071
1,084
1,086
1,094
1,123
1,140
1,169
1,239
1,295
1,317
1,336
1,387

620
681
749
799
840
880
892
909
920
926
950
962
966
976
1,003
1,019
1,048
1,116
1,169
1,191
1209.8
1256.3

75
83
91
99
104
109
111
115
118
119
122
122
120
119
120
121
121
123
126
126
126.5
130.8

312
324
342
363
391
424
458
481
503
522
541
556
573
600
634
664

567
592
625
665
714
776
842
880
919
950
982
1,013
1,048
1,101
714
762
814
840
846
851
857
865
885
907
949
971
972
959
961
975
1,006
1,051
1,097
1,092
1,101
1,125

120
124
129
130
128
127
126
125
125
125
128
128
125
121
119
119
122
127
131
129
129
131

Cultivated assets
bn EUR

bn EUR

Machinery and Machinery and

equipment,
equipment,
Government
corporations

bn EUR

bn EUR

Machinery and Machinery and

equipment,
equipment,
nonfinancial
financial
corporations
corporations

Beginning of year
values

Beginning of year Beginning of year

values
values

BalanceSheet92
(1991: use 19921993 growth rate)

BalanceSheet92 BalanceSheet92
(1991: use 1992- (1991: use 19921993 growth rate) 1993 growth rate)

bn EUR

bn EUR

Cultivated
assets, total
economy

Cultivated
assets, total
economy

Reunified
Germany.
Beginning of year
West Germany
data. Fully
only. Beginning of
consistent with
year data
balance sheet
data (but no data
for 1991 in
BalanceSheet92)
FixedAssets70
(1970-1991),

6
5
6
7
7
7

FixedAssets91
(1991-2010)

29
31
34
35
35
34
34
32
32
32
32
32
32
31
30
30
29
29
29
30
32
33

565
607
651
675
683
690
698
709
729
751
789
811
815
807
812
826
854
896
938
932
941
961

550
591
634
657
664
671
679
689
711
732
770
794
797
791
796
812
843
886
927
922
930
950

14
16
17
18
18
19
19
19
18
19
19
18
17
16
16
14
12
11
10
10
11
11

8
8
8
8
8
9
9
10
9
9
8
8
8
8
7
6

8
8
8
8
8
8
7
8
7
7
6
6
6
6
7
7
8
8
8
8

Intangible fixed assets

bn EUR

bn EUR

bn EUR

bn EUR

bn EUR

bn EUR

Cultivated
assets,
households &
NPISH

Cultivated
assets,
Government

Cultivated
assets,
corporations

Cultivated
assets,
nonfinancial
corporations

Cultivated
assets,
financial
corporations

Intangible
fixed assets,
total economy

Reunified
Reunified
Germany.
Germany.
Beginning of year Beginning of year
data. Fully
data. Fully
consistent with
consistent with
balance sheet
balance sheet
data (but no data data (but no data
for 1991 in
for 1991 in
BalanceSheet92) BalanceSheet92)
FixedAssets91
(1991-2010)

FixedAssets91
(1991-2010)

Reunified
Reunified
Germany.
Germany.
Beginning of year Beginning of year
data. Fully
data. Fully
consistent with
consistent with
balance sheet
balance sheet
data (but no data data (but no data
for 1991 in
for 1991 in
BalanceSheet92) BalanceSheet92)
FixedAssets91
(1991-2010)

FixedAssets91
(1991-2010)

West Germany
only. Beginning of
year data

FixedAssets70
(1970-1991),

5
5
6
7
7
8

5
5
5
5
5
5
4
5
4
4
3
4
4
4
4
4
5
5
5
5
5
5

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

3
3
3
3
3
3
3
3
3
3
2
2
3
2
3
3
3
3
3
3
3
3

3
3
3
3
3
3
3
3
3
3
2
2
3
2
3
3
3
3
3
3
3
3

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

9
10
11
12
14
15
17
18
21
22
24
25
27
28
30
31

angible fixed assets

bn EUR

bn EUR

Intangible
Intangible
fixed assets,
fixed assets,
households &
total economy
NPISH

bn EUR

bn EUR

bn EUR

bn EUR

Intangible
fixed assets,
Government

Intangible
fixed assets,
corporations

Intangible
fixed assets,
nonfinancial
corporations

Intangible
fixed assets,
financial
corporations

Reunified
Germany.
Beginning of year
data. Fully
Beginning of year Beginning of year
consistent with
values
values
balance sheet
data (but no data
for 1991 in
BalanceSheet92)
BalanceSheet92 BalanceSheet92
FixedAssets91
(1991: use 1992- (1991: use 1992(1991-2010)
1993 growth rate) 1993 growth rate)

Beginning of year Beginning of year

values
values

BalanceSheet92 BalanceSheet92
(1991: use 1992- (1991: use 19921993 growth rate) 1993 growth rate)

31
33
35
36
37
39
40
43
45
48
52
55
56
56
57
58
60
62
64
66
68
70

5
5
5
5
6
6
6
7
7
7
7
8
8
8
8
8
8
8
8
8
8
8

2
2
3
3
3
3
3
3
3
3
4
4
4
4
4
4
4
4
4
5
5
5

24
26
27
28
29
30
31
33
35
38
41
44
45
45
45
46
48
49
52
54
55
57

22
23
25
25
26
27
29
30
32
35
38
41
42
42
42
43
44
46
48
50
52
53

2
2
2
2
2
2
3
3
3
3
3
3
3
3
3
3
4
4
4
4
4
4

Land underlying dwellings and structures

bn EUR

bn EUR

Land
Land
Land
Land
Land
Land
underlying
underlying
underlying
underlying
underlying
underlying
dwellings and
dwellings and dwellings and
dwellings and
dwellings and dwellings and
structures,
structures,
structures,
structures,
structures,
structures,
households &
non financial
financial
total economy
Government Corporations
NPISH
corporations Corporations

Beginning of year Beginning of year Beginning of year Beginning of year Beginning of year Beginning of year
values
values
values
values
values
values

BalanceSheet92

BalanceSheet92

BalanceSheet92

BalanceSheet92

BalanceSheet92

BalanceSheet92

1,168
1,154
1,159
1,173
1,190
1,241
1,310
1,398
1,469
1,588
1,696
1,816
1,942
2,027
2,062
2,123
2,184
2,249
2,323
2423.6
2607.7

779
777
788
802
816
871
920
983
1,035
1,094
1,173
1,265
1,359
1,416
1,466
1,510
1,553
1,599
1,652
1723.3
1854.1

129
123
119
119
119
112
117
124
129
152
160
167
175
182
173
179
184
189
195
203.8
219.3

260
254
252
252
255
258
273
291
305
342
363
384
408
429
423
435
448
461
476
497
534

240
234
232
232
235
238
251
268
281
314
334
354
377
397
391
403
415
427
441
460
495

20
20
20
20
20
20
22
23
24
28
29
30
32
33
31
32
33
34
35
37
40

Land prices

Population

EUR / m2

EUR / m2

Average
transaction
price for total
building land

Average
transaction
price for
readily
constructible
land

1962-1991: West
Germany; 1992onwards:
Germany

1962-1991: West
Germany; 1992onwards:
Germany

LandPrice62 p. 43 LandPrice62 p. 43

5.9
6.86
7.29
8.71
9.68
10.57
11.51
11.95
12.93
13.82
16.06
16.74
16.2
17.94

7.58
8.65
9.44
11.19
12.07
13.15
14.51
15.27
15.72
17.16
20.57
20.85
20.63
22.54

Land surfaces (Destatis confi

1,000

km2

Total
Population, Single individuals
Number of tax
population
West
agedunits
20+ plus
one half of
(East + West) Germany only

married
individuals. Series
has the following
breaks in
coverage: from
1891, Prussia;
from 1925, the
Republic of
Year-End Values Year-End Values
Weimar; from
1935, Saarland is
included; from
1950, the Federal
Republic of
Population50 (see Population50 (see World
Top Income
Germany;
from
Excel link)
Excel link)
Database
1960,
West Berlin
and Saarland are
included; from
1991,
reunification.

73,147
73,668
74,383
75,046
75,591
76,336
76,864
77,038
77,550
78,269
78,069
78,556
78,821
79,053
78,882
78,465

55,958
56,589
57,247
57,865
58,587
59,297
59,793
59,948
60,463
61,195
61,001
61,503
61,809
62,101
61,991
61,645

26,054
26,559
26,773
26,966
27,207
27,438
27,500
27,402
27,468
27,828
27,768
28,024
28,319
28,608
28,712
28,774

Total Germany
territory

No official data
before 1992

LandCensus92
(see Excel link)

20.44
22.39
23.82
27.54
31.92
37.15
42.43
45.26
44.85
40.23
42.95
43.66
45.12
47.11
45.63
46.38
25.09
30.59
35.58
35.93
41.53
44.47
48.25
49.6
51.79
50.18
58.43
76.9
76.93
85.97
81.93
83.64
80.38
81.78
90.76

24.95
27.6
30.63
35.37
41.93
49.12
57.01
61.31
62.35
59.36
61.9
64.46
65.31
64.65
63.5
64.12
43.16
49.06
55.66
58.02
61.37
64.7
69.69
70.65
76.21
75.2
80.44
99.89
103.47
115.8
122.85
134.29
126.58
122.05
129.67

78,209
78,111
78,073
78,180
78,397
78,418
78,248
78,008
77,709
77,661
77,780
77,900
78,390
79,113
79,753
80,275
80,975
81,338
81,539
81,817
82,012
82,057
82,037
82,163
82,260
82,440
82,537
82,532
82,501
82,438
82,315
82,218
82,002
81,802
81,752

61,442
61,353
61,322
61,439
61,658
61,713
61,546
61,307
61,049
61,020
61,140
61,238
61,715
62,679
63,726
64,485
65,289
65,740
66,007
66,342
66,583
66,688
66,747
66,946
67,140
65,323
65,527
65,619
65,680
65,698
65,667
65,664
65,541
65,422
65,426

28,901
29,081
29,430
29,850
30,322
30,806
31,179
31,512
31,878
32,361
32,923
33,179
33,643
34,377
34,836
43,737
43,972
44,232
44,404
44,619
44,870
45,039
45,173
45,242
45,295
46,260
46,315
46,312
47,301
47,621
47,633
48,303

356970
#N/A
#N/A
#N/A
357030
#N/A
#N/A
#N/A
357031
357033
357037
357041
357050
357093
357099
357104
357111
357125
357127

nd surfaces (Destatis confirmed that no official data exist before 1992)

km2

km2

km2

km2

km2

km2

Surface built

Of which:
Dwellings

Of which:
industries,
commercial
areas

Other
agricultural
land

Recreational
land

Traffic areas

The bulk of which

= streets, places,
etc.

LandCensus92
(see Excel link)

LandCensus92
(see Excel link)

LandCensus92
(see Excel link)

LandCensus92
(see Excel link)

LandCensus92
(see Excel link)

LandCensus92
(see Excel link)

20733
#N/A
#N/A
#N/A
21937
#N/A
#N/A
#N/A
23081
23312
23530
23684
23938
24047
24156
24294
24416
24512
24589

.
#N/A
#N/A
#N/A
.
#N/A
#N/A
#N/A
.
#N/A
#N/A
#N/A
11295
#N/A
#N/A
#N/A
11732
11853
12060

.
#N/A
#N/A
#N/A
.
#N/A
#N/A
#N/A
.
#N/A
#N/A
#N/A
3164
#N/A
#N/A
#N/A
3229
3257
3260

2427
#N/A
#N/A
#N/A
2514
#N/A
#N/A
#N/A
2528
#N/A
#N/A
#N/A
2518
#N/A
#N/A
#N/A
2456
2449
2459

2255
#N/A
#N/A
#N/A
2374
#N/A
#N/A
#N/A
2659
2762
2838
2960
3131
3338
3526
3644
3787
3905
3985

16441
#N/A
#N/A
#N/A
16786
#N/A
#N/A
#N/A
17118
17200
17282
17356
17446
17538
17626
17715
17790
17856
17931

Governments' Financial wealth

bn DM

Agricultural
land

LandCensus92
(see Excel link)

Woodland

LandCensus92
(see Excel link)

Water
surfaces

LandCensus92
(see Excel link)

Land with
other uses

LandCensus92
(see Excel link)

bn DM

Government's
Government's
total financial
liabilities
asset
(securities at
(securities at
book value)
book value)
Year-End Values.
Before 1953,
apparently the
Year-End Values.
data do not
NB: I make no
include interwar
correction for
public debts that
market values
were (partially)
(discrepancy
assumed by the
book/market very
gov from the 1953
small)
London
agreement
on; we
FinWealth60 p.
add them back
88; FinWealth50 FinWealth60
p. 88
p. 14

11.7
15.3
21.3
28.3
37.7
47.7
57.8
68.5
76.6
82
89.7
98.5
111.9
120.8
130.9
140.6
147.1
154.2
163.3
171.6
179.7
189.3
201.7
211.8
241.5
250.7
260

33.923
35.623
38.123
39.423
37.2
40
41.6
42.7
43.9
46
48.7
51.4
54
57.2
63.8
70.2
79.3
86.9
101.6
113
114.7
123.3
138
153.7
158.8
181
244.5

195112
#N/A
#N/A
#N/A
193075
#N/A
#N/A
#N/A
191028
#N/A
#N/A
#N/A
189324
#N/A
#N/A
#N/A
187646
187291
186934

104536
#N/A
#N/A
#N/A
104908
#N/A
#N/A
#N/A
105314
#N/A
#N/A
#N/A
106488
#N/A
#N/A
#N/A
107349
107534
107664

7837
#N/A
#N/A
#N/A
7940
#N/A
#N/A
#N/A
8085
#N/A
#N/A
#N/A
8279
#N/A
#N/A
#N/A
8482
8513
8557

7630
#N/A
#N/A
#N/A
7497
#N/A
#N/A
#N/A
7219
#N/A
#N/A
#N/A
5925
#N/A
#N/A
#N/A
5185
5066
5008

268
275.4
287.9
294.5
307.2
326.2
343.5
356.7
370.6
390.9
407.4
423
436
467.1
509.3
529.6
533.7

290.2
325.2
368.2
411.7
466.1
543.9
613.7
670.8
718.2
762
804
852.9
908
935.1
1033.9
1141.5
1227.4

ancial wealth
bn DM

bn EUR

bn EUR

bn EUR

bn EUR

Government's Government's
Government's
Government's
net financial total financial
net financial
Government
liabilities
wealth
asset
wealth
total financial
(securities at
(securities at (securities at
(securities at
assets
book value)
book value)
book value)
book value) Year-End Values.
Large increase in
assets compared
to previous
Year-End Values. Year-End Values.
Year-End Values.
Bundesbank
NB: I make no
NB: I make no
NB: I make no
series for West
correction for
correction for
correction for
Germany mostly
market values
market values
Year-End Values.
market values
because
(discrepancy
(discrepancy
(discrepancy
apparition of a
book/market very book/market very
book/market very
100bn "other
small)
small)
small)
equity" asset -->
most probably
participations of
FinWealth60 p. 88 FinWealth60 p. 88 FinWealth60 p. 88 FinWealth60 p. 88 BalanceSheet92
East German
government

-7.1
-5.2
-1.7
4
0.5
7.7
16.3
25.8
32.6
35.9
41
47
57.8
63.6
67.1
70.4
67.9
67.3
61.7
58.7
65
66
63.7
58.1
82.7
69.7
15.5

6.0
7.8
10.9
14.5
19.3
24.4
29.6
35.0
39.2
41.9
45.9
50.4
57.2
61.8
66.9
71.9
75.2
78.8
83.5
87.7
91.9
96.8
103.1
108.3
123.5
128.2
132.9

17.3
18.2
19.5
20.2
19.0
20.5
21.3
21.8
22.4
23.5
24.9
26.3
27.6
29.2
32.6
35.9
40.5
44.4
51.9
57.8
58.6
63.0
70.6
78.6
81.2
92.5
125.0

-3.6
-2.7
-0.9
2.0
0.3
3.9
8.3
13.2
16.7
18.4
21.0
24.0
29.6
32.5
34.3
36.0
34.7
34.4
31.5
30.0
33.2
33.7
32.6
29.7
42.3
35.6
7.9

bn EUR

Government
lliabilities

Year-End Values

BalanceSheet92

-22.3
-49.9
-80.3
-117.3
-158.9
-217.7
-270.1
-314
-347.7
-371.2
-396.6
-429.9
-471.9
-468
-524.7
-611.9
-693.8

137.0
140.8
147.2
150.6
157.1
166.8
175.6
182.4
189.5
199.9
208.3
216.3
222.9
238.8
260.4
270.8
272.9

148.4
166.3
188.3
210.5
238.3
278.1
313.8
343.0
367.2
389.6
411.1
436.1
464.3
478.1
528.6
583.6
627.6

-11.4
-25.5
-41.1
-60.0
-81.2
-111.3
-138.1
-160.5
-177.8
-189.8
-202.8
-219.8
-241.3
-239.3
-268.3
-312.9
-354.7

453
430
474
491
498
508
550
522
547
553
504
473
484
478
491
509
558
618
666
898.2
903.6

580
672
782
828
1,030
1,104
1,156
1,220
1,234
1,246
1,265
1,335
1,417
1,517
1,596
1,616
1,595
1,723
1,837
2146.6
2237.7

Governments' Fixed assets

bn EUR

Government
net financial
wealth

Year-End Values

BalanceSheet92

bn DM

Government's
foreign debt

bn EUR

Government's
gross foreign
debt

bn DM

Total

Year-End Values.
Before 1953,
apparently the
data do not
include interwar
public debts that
Year-End Values
were (partially)
assumed by the
Bundesbank
gov from the 1953
(1976), p. 314 last
London
col. Before 1952: agreement on; we
Bundesbank IIP
1953 value + debt add them back
series
forgiven at the
BBK01.EG1160
London 1953
London
agreement
15.123

15.123
15.123
15.123
15.123
15.123
15.123
15.123
6.983
8.044
8.398
8.349
8.285
8.067
6.945

8.0
7.9
7.8
5.3
5.2
5.0
4.9
4.8
4.6
3.8
3.9
2.2
2.3
2.2
2.1
2.1
1.7
1.4
1.8
1.6
1.1
1.5
2.2
2.3
2.8
4.2

bn DM

bn DM

Government's
Government's
net stock of
(estimated)
fixed assets,
net stock of
excluding
ffentlichen
ffentlichen
Tiefbau
Tiefbau

Beginning of year
data. Includes
Beginning of year
Statistiche
Saarland
& West
data
Bundesamt
Berlin
(1991),
Volkswirtschaftlich
e
Gesamtrechnunge
n Facheserie 18
Reihese S.15
Revidierte
Ergebnisse 1950
bis 1990 p. 91 col.
8

40
47
55
56
58
62
69
75
84
93
104
114
132
149
166
179
195
210
220
242
290
344
390
427
474
527

17
19
22
23
23
24
27
29
31
33
38
42
48
54
60
67
75
82
86
93
111
132
150
167
184
204

23
28
33
34
35
38
42
46
53
60
66
72
84
95
106
112
120
128
134
149
179
212
240
261
289
323

-128
-242
-307
-337
-532
-596
-606
-699
-688
-693
-761
-862
-933
-1,039
-1,105
-1,108
-1,036
-1,105
-1,171
-1,248
-1,334

7.5
8.2
9.0
10.6
21.7
34.3
40.9
48.8
54.9
65.0
82.5
89.9
91.5
96.9
100.4
129.3
174.9
270.4
244.0
302.2
333.0
370.8
425.0
401.1
433.3
446.9
520.4
534.7
603.9
694.1
706.6
737.4
858.0
916.5
1,089.8
1,273.9

558
600
650
719
830
923
968
984
1,024
1,055
1,091
1,127
1,166

216
235
254
277
316
350
378
393
415
426
438
454
471
493
523
567

341
365
396
442
514
573
590
591
609
629
652
673
695

Corporations' Financial wealth

bn DM

bn DM

bn DM

bn DM

Corporations
Corporations
Nonfinancial
Financial
non-equity
total financial
corporations
corporations
liabilities
assets
(securities at (securities at (securities at
(securities at
market value) market value)
market
market value)
values)

Year-end values.
"Other equities"
(GMBH) are not
estimated.

400

639

1,101

1,931

Year-End Values.
Other equities
(GMBH) are not
estimated.

Year-end values.
Data only every 5
years (except
yearly from 1989
onwards). Other
equities (GMBH)
are not estimated.

FinWealth60 p. 76

FinWealth60 p.
121 sq

114
123
121
134
148
155
161
192
216
245
253
291
339
355
384
433

286

394

484

699

848

1,215

1,498

2,126

3,051

4,564

5,886
6,440
7,000
7,576

478
519
574
611
657
725
789
873
949
1,057
1,106
1,090
1,225
1,425
1,576
1,746
1,877

2,394

3,306

3,507

4,656

4,460
4,865
5,254
5,699

5,813
6,362
6,906
7,549

bn DM

Nonfinancial
corporations
(securities at
book value)

bn DM

bn DM

Nonfinancial
Financial
corporations
corporations
(securities at (securities at
market value) market value)

Year-End Values. I
exclude housing
sector from nonfinancial sector
(i.e., focus on
"Produktionsunter
nhemen")

bn DM

bn DM

bn DM

Corporations
equity
liabilities
(market
values)

Nonfinancial
corporations
(equities at
book value)

Nonfinancial
corporations
(equities at
market value)

Year-End Values.
Other equities
(GMBH) are not
estimated.

Year-End Values.
Other equities
(GMBH) are not
estimated.

Year-End Values.
Other equities
(GMBH) are not
estimated.

FinWealth60 p. 76

FinWealth60 p.
120 sq

FinWealth60 p. 76

139
161
179
197
221
249
270
287
311
356
410
467
530
594
652
692

139

255

133

247

452

126

408

806

171

691

1,435

241

31
35
37
39
42
46
49
51
54
57
59
65
69
72
76
83

123

116

155

213

748
802
858
932
1,026
1,114
1,176
1,231
1,294
1,353
1,398
1,459
1,554
1,677
1,834
2,031
2,226

1,024

2,282

285

1,357

3,299

600

1,673
1,828
2,025
2,221

4,140
4,534
4,881
5,328

817
784
847
837

87
92
96
101
106
110
115
120
126
135
149
158
166
186
212
225
243

245

508

692
661
711
706

1 eur =
bn DM

bn DM

Corporations
Financial
total
corporations
liabilities
(equities at (securities at
market value)
market
values)

bn DM

bn DM

bn DM

bn EUR

Nonfinancial
Nonfinancial
Financial
Corporations
corporations
corporations
corporations
total financial
(securities at (securities at (securities at
assets
book values) market values) market values)

Year-End Values.
Other equities
(GMBH) are not
estimated.

Year-End Values. I
exclude housing
sector from nonfinancial sector
(i.e., focus on
"Produktionsunter
nhemen")

Year-End Values.

FinWealth60 p.
120 sq

FinWealth60 p. 76

BalanceSheet92

10

527

10

825

16

1,385

29

2,367

170
196
216
236
262
295
319
338
365
413
469
532
599
667
728
774

262

264

363

462

563

822

904

1,463

41

3,591

92

5,255

125
124
135
132

6,630
7,146
7,752
8,386

836
894
954
1,033
1,132
1,224
1,291
1,351
1,419
1,488
1,548
1,617
1,720
1,863
2,047
2,256
2,469

1,268

2,323

1,864

3,391

2,365
2,488
2,737
2,926

4,265
4,658
5,016
5,460

3,920
4,251
4,935
5,183
5,696
6,313
7,109
8,020
9,113
9,655
9,978
9,405
9,770
10,172
10,950
11,401
12,007
12,047
12,247
12,475
12,607

1.95583 DM
bn EUR

bn EUR

bn EUR

bn EUR

bn EUR

bn EUR

Nonfinancial
corporations

Financial
corporations

Corporations
non-equity
liabilities

Nonfinancial
corporations

Financial
corporations

Corporations
equity
liabilities

Year-End Values.

Year-End Values.

Year-End Values.

Year-End Values.

Year-End Values.

Year-End Values.

BalanceSheet92

BalanceSheet92

BalanceSheet92

BalanceSheet92

BalanceSheet92

BalanceSheet92

887
955
1,131
1,210
1,321
1,459
1,629
1,852
2,187
2,369
2,464
1,916
2,016
2,060
2,253
2,341
2,566
2,411
2,475
2,409
2,387

3,033
3,295
3,803
3,973
4,376
4,854
5,480
6,168
6,925
7,286
7,514
7,489
7,754
8,112
8,697
9,060
9,440
9,636
9,772
10,066
10,220

3,723
4,020
4,483
4,650
4,988
5,396
5,831
6,401
6,917
7,554
7,932
8,164
8,304
8,563
8,861
9,221
9,715
10,289
10,258
10,218
10,455

1,058
1,102
1,194
1,226
1,223
1,266
1,324
1,386
1,485
1,613
1,680
1,697
1,696
1,695
1,698
1,771
1,887
1,986
1,939
1,882
1,912

2,665
2,918
3,290
3,424
3,766
4,130
4,507
5,015
5,432
5,941
6,252
6,468
6,608
6,868
7,164
7,450
7,827
8,303
8,319
8,336
8,543

982
991
1,315
1,397
1,535
1,797
2,316
2,750
3,447
3,385
3,242
2,418
2,810
2,928
3,312
3,704
4,040
3,013
3,315
3,636
3,412

Assets of the rest of the world on Germany

bn EUR

bn EUR

bn DM

bn DM

bn DM

Financial
Liabilities of Net assets of
assets of the
the rest of the the rest of the
rest of the
world
world
world
(securities at (securities at
(securities at
market value) market value)
market value)

Nonfinancial
corporations

Financial
corporations

Year-End Values.

Year-End Values.

Year-End Values.

Year-End Values.

Year-End Values.

BalanceSheet92

FinWealth50 p.
38-59 &
FinWealth60 p.
100-139

FinWealth50 p.
38-59 &
FinWealth60 p.
100-139

FinWealth50 p.
38-59 &
FinWealth60 p.
100-139

8.2
11.2
11
12
24.8
26.4
27.2
29.9
34.8
35.2
36.6
40.9

4
6.9
9.4
13.1
17.8
23.9
28
35.5
46.3
53.8
61.3
63.3

4.2
4.3
1.6
-1.1
7
2.5
-0.8
-5.6
-11.5
-18.6
-24.7
-22.4

64.7

90.7

-26

127.4

187.5

-60.1

226.2

325.4

-99.2

BalanceSheet92

614
598
789
841
897
1,064
1,289
1,555
1,956
1,868
1,812
1,286
1,497
1,579
1,741
1,972
2,234
1,655
1,784
2,010
1,830

368
394
526
556
639
733
1,027
1,195
1,491
1,517
1,430
1,132
1,312
1,350
1,571
1,731
1,805
1,358
1,531
1,626
1,582

440.9

507.6

-66.7

719.9

846

-126.1

1003.1
1191.7
1,331
1,550

1474.4
1774.9
1,953
2,183

-471.3
-583.2
-622
-633

bn EUR

bn EUR

bn EUR

bn EUR

Financial
Liabilities of Net assets of
assets of the
the rest of the the rest of the
rest of the
Foreign assets
world
world
world
of Germany
(securities at (securities at
(securities at
market value) market value)
market value)

bn EUR

bn EUR

Foreign
liabilities of
Germany

Net foreign
asset position
of Germany

Year-End Values.

Year-End Values.

Year-End Values.

Year-End Values.

Year-End Values.

Year-End Values.

BalanceSheet92

BalanceSheet92

BalanceSheet92

Bundesbank IIP
series EG1099
and EG1098

Bundesbank IIP
series EG1198
and EG1199

Bundesbank IIP
series EG1298
and EG 1299

1
2
3
5
7
9
11
15
20
23
26
32
35
37
40
45
47
51
58
71
77
95
102
113
125
141
164

10
12
12
13
11
12
13
15
16
17
18
22
23
25
28
32
36
38
40
47
53
68
77
87
97
104
119

-2
-3
-1
0
-4
-3
-2
0
3
6
8
10
11
11
12
13
11
13
18
24
25
26
25
25
28
37
45

647
757
954
987
1,134
1,289
1,577
1,944
2,370
2,828
3,000
3,085
3,263
3,458
3,864
4,562
4,905
4,503
4,664
5,274
5,420

824
911
1,079
1,090
1,177
1,317
1,592
1,903
2,368
2,812
3,073
3,030
3,186
3,458
4,118
4,536
4,981
4,848
5,024
5,655
5,858

-177
-154
-125
-103
-43
-28
-15
41
2
16
-73
55
77
0
-254
26
-76
-345
-360
-381
-438

183
196
219
232
256
288
308
337
392
433
501
538
627
748
835
892
975
1,141
1,142
1,219
1,350
1,631
1,890
2,444
2,841
3,118
3,056
3,216
3,488
4,079
4,566
5,018
4,912
5,047
6,308
6,555

135
148
171
192
227
258
276
297
326
370
410
406
439
520
567
636
744
946
971
1,117
1,270
1,553
1,882
2,353
2,774
2,935
2,947
3,074
3,253
3,611
3,919
4,375
4,282
4,244
5,437
5,710

48
47
48
39
29
30
33
41
66
63
92
132
187
228
268
256
231
195
171
102
80
79
7
90
67
183
108
142
234
468
647
644
630
803
871
845

Raw sources for 1950-1991 German income & wealth

Short name

Content

FinWealth50

Financial accounts 1950-1959

FinWealth60

Financial accounts 1960-1992

FinWealth91

Financial accounts 1991-2011

LandCensus92

Land Census, 1992-2010

LandPrice62

Transaction prices for land, 1962-2010

Population50

Population and labor force, 1950-2010

DetailedAccts91

Detailed Anuual National Accounts, 19912011

FixedAssets50

Fixed assets 1950-1991 by sector

StatYearbook78

Fixed assets, total economy, by asset

class, 1970-1991
Reproducible tangible assets by asset
class and sector, 1970-1977 (from the
1978 Statistical Yearbook, chapter on
national accounts). Excel file available
from Destatis?

FixedAssets91

Fixed assets, by asset class and sector,

1991-2010

BalanceSheet92

Balance sheets by sector, 1992-2010

FixedAssets70

ReportOct93

ReportApr92

ReportJan99

Households' balance sheet 1990-1997;

East Germany/West Germany 1990 &
1997

ReportJun99

Financial balance sheets 92-99, flows of

funds

ReportJun00

Goldsmith76
Memo

Financial balance sheets 92-99, flows of

funds, description of changes due to
ESA95

Balance sheet 1850-1950

History of Germany National accounts
(volume 4= Bundesbank financial
accounts)
Economic development in Germany since
1950

Baron88

Personal Distribution of Wealth in the

Federal Republic of Germany

Destatis50

National Accounts 1950-1990

1991 German income & wealth

German name

Paper/electro Data
nic
producer

Revidierte Ergebnisse der gesamtwirtschaftlichen

Finanzierungs- und Geldvermgensrechnung fr die Jahre
1950 bis 1959, Deutsche Bundesbank 1983

Paper

Bundesbank

Ergebnisse der gesamtwirtschaftlichen

Finanzierungsrechnung fr Westdeutschland 1960 bis 1992,
Deutsche Bundesbank 1994

Paper

Bundesbank

Electronic

Bundesbank

Electronic

Destatis

Paper

Destatis

Electronic

Destatis

Inlandsproduktsberechnung - Detaillierte Jahresergebnisse Fachserie 18 Reihe 1.4 - 2011

Electronic

Destatis

Vermgensrechnung 1950 bis 1991, Fachserie 18,

Volkswirtschaftliche Gesamtrechnungen, Reihe S. 17.

Paper

Destatis

Anlagevermgen nach Vermgensarten

Electronic

Destatis

Reproduzierbares Sachvermgen nach Vermgensarten bzw.

Zusammengefaten Wirtschaftsbereichen

Paper
(scanned)

Destatis

Anlagevermgen nach Sektoren ab 1991 bis 2009 - Stand:

August 2010 (bi-langual)

Electronic

Destatis

Sektorale und gesamtwirtschaftliche Vermgensbilanzen

1992-2010 Stand: Oktober 2010

Electronic

Destatis

Households' asset situation in Germany, Deutsche

Bundesbank Monthly Report October 1993

Paper

Bundesbank

West German households' acquisition of financial assets and

capital formation over the past 20 years, Deutsche
Bundesbank Monthly Report April 1992
Paper

Bundesbank

Changes in households' asset situation since the beginning of

the nineties, Deutsche Bundesbank Monthly Report January
1999
Electronic

Bundesbank

Overall financial flows in 1998

Bundesbank

Land- und Forstwirtschaft, Fischerei, Fachserie 3 Reihe 5.1,

2010
Preise Kaufwerte fr Bauland, Fachserie 17 Reihe 5, 2010
Bevlkerung und Erwerbsttigkeit, Fachserie 1 Reihe 1.3,
2010

Electronic

Overall financial flows in 1999

Electronic

Bundesbank

The national balance sheet of Germany, 1850-1972,

Konjunkturpolitik, vol. 22

Paper

Goldsmith

E. Stoess: Gesamtwirtschaftliche Finanzierungs- rechnung der

Deutschen Bundesbank in Kategorien der
Volkswirtschaftlichen Gesamtrechnungen Band 4, pp 50,
Marburg 2009.
Book

E. Stoeess

Tabellen zur Wirtschaftsentwicklung in Deutschland Electronic

Bundesbank

Die personelle Vermgensverteilung in der Bundes Book

Volkswirtschaftliche Gesamtrechnungen : 1950-1990 :
revidierte Ergebnisse

Paper

Destatis

Notes
Same publication for 1960-1969 (in the
same Bundesbank 1983 volume
apparently)
Includes a separate "real estate" sector
with mortgage debt (to be added to
hhold sector)

Description of change of break-in-series

here:
Statistical Yearbook scanned, available
here
https://www.destatis.de/DE/Publikatione
n/StatistischesJahrbuch/StatistischesJah
rbuch_AeltereAusgaben.html?
nn=64562

Partial transition to ESA95: starting in

1998, financial accounts include
mortgages in household debt (= big
change)

More details on transition to ESA95

Transition to ESA95: starting in 2000

(CHECK), partnerships and sole prop
are included in household sector (=
limited change)
More detailed discussion of the German
balance sheet constructed by
Goldsmith whose abridged version is in
Goldsmith (1985) p. 221

Includes yearly data 1960-1989?

Includes estimates of total personal

wealth (see Dell PhD Thesis, p. 178)

Direct source

Sent by Christoph Schinke (scanned PDF from Bundesbank)

Sent by Christoph Schinke (scanned PDF from Bundesbank)

http://www.bundesbank.de/statistik/statistik_zeitreihen.en.php?lang=en&open=wirtschaftsdaten&open_nod

https://www.destatis.de/DE/Publikationen/Thematisch/UmweltoekonomischeGesamtrechnungen/Flaechennu
https://www.destatis.de/DE/Publikationen/Thematisch/Preise/Baupreise/KaufwerteBaulandJ.html?nn=71978

https://www.destatis.de/DE/Publikationen/Thematisch/Bevoelkerung/Bevoelkerungsstand/Bevoelkerungsfort

https://www.destatis.de/DE/Publikationen/Thematisch/VolkswirtschaftlicheGesamtrechnungen/Inlandsproduk
Main problem = no breakdown between corporations and households

https://www.destatis.de/DE/Publikationen/Thematisch/VolkswirtschaftlicheGesamtrechnungen/Inlandsproduk

http://www.digizeitschriften.de/dms/img/?PPN=PPN514402342_1978&DMDID=dmdlog79

https://www.destatis.de/DE/Publikationen/Thematisch/VolkswirtschaftlicheGesamtrechnungen/Vermoegensre

https://www.destatis.de/DE/Publikationen/Thematisch/VolkswirtschaftlicheGesamtrechnungen/Vermoegensre

Availabe at Insee: http://www.sudoc.abes.fr/xslt/DB=2.1/SET=1/TTL=1/PRS=HOL/SHW?FRST=1&HLIB=7511

Availabe at Insee: http://www.sudoc.abes.fr/xslt/DB=2.1/SET=1/TTL=1/PRS=HOL/SHW?FRST=1&HLIB=7511

http://www.bundesbank.de/volkswirtschaft/vo_mba_archiv.en.php
http://www.bundesbank.de/volkswirtschaft/vo_mba_archiv.en.php

http://www.bundesbank.de/volkswirtschaft/vo_mba_archiv.en.php

Memo: Konjunkturpolitk is the former name of Applied Economics Quarterly. Available at BNF:
http://catalogue.bnf.fr/servlet/RechercheEquation;jsessionid=BECF2CE9B6742654764CE4B35E90DD25?
TexteCollection=HGARSTUVWXYZ1DIECBMJNQLOKP&TexteTypeDoc=DESNFPIBTMCJOV&Equation=IDP%3Dcb

http://www.bundesbank.de/statistik/statistik_wirtschaftsdaten_tabellen.php

Sciences Po library: http://www.sudoc.abes.fr/xslt/DB=2.1/SET=1/TTL=1/PRS=HOL/SHW?F