St. Vincent and the Grenadines - Adjusted net national income (current US$)

The latest value for Adjusted net national income (current US$) in St. Vincent and the Grenadines was 674,065,200 as of 2019. Over the past 39 years, the value for this indicator has fluctuated between 674,065,200 in 2019 and 78,122,430 in 1980.

Definition: Adjusted net national income is GNI minus consumption of fixed capital and natural resources depletion.

Source: World Bank staff estimates based on sources and methods described in "The Changing Wealth of Nations 2018: Building a Sustainable Future" (Lange et al 2018).

See also:

Year Value
1980 78,122,430
1981 97,423,510
1982 106,869,100
1983 115,710,200
1984 127,521,500
1985 137,549,800
1986 146,932,800
1987 165,454,500
1988 183,148,000
1989 200,795,500
1990 220,762,400
1991 235,214,700
1992 261,359,900
1993 268,852,200
1994 268,949,100
1995 294,538,600
1996 311,649,400
1997 323,123,900
1998 345,689,600
1999 355,008,100
2000 363,426,300
2001 394,484,500
2002 423,090,800
2003 434,602,900
2004 464,276,900
2005 489,002,100
2006 546,933,100
2007 609,776,000
2008 610,159,400
2009 585,034,900
2010 567,100,900
2011 542,454,400
2012 556,069,900
2013 580,448,800
2014 563,106,400
2015 613,138,600
2016 634,774,700
2017 648,004,900
2018 661,633,800
2019 674,065,200

Development Relevance: Adjusted net national income is particularly useful in monitoring low-income, resource-rich economies, like many countries in Sub-Saharan Africa, because such economies often see large natural resources depletion as well as substantial exports of resource rents to foreign mining companies. For recent years adjusted net national income gives a picture of economic growth that is strikingly different from the one provided by GDP. The key to increasing future consumption and thus the standard of living lies in increasing national wealth - including not only the traditional measures of capital (such as produced and human capital), but also natural capital. Natural capital comprises such assets as land, forests, and subsoil resources. All three types of capital are key to sustaining economic growth. By accounting for the consumption of fixed and natural capital depletion, adjusted net national income better measures the income available for consumption or for investment to increase a country's future consumption.

Limitations and Exceptions: Adjusted net national income differs from the adjustments made in the calculation of adjusted net savings, by not accounting for investments in human capital or the damages from pollution. Thus, adjusted net national income remains within the boundaries of the United Nations System of National Accounts (SNA). The SNA includes non-produced natural assets (such as land, mineral resources, and forests) within the asset boundary when they are under the effective control of institutional units. The calculation of adjusted net national income, which accounts for net forest, energy, and mineral depletion, as well as consumption of fixed capital, thus remains within the SNA boundaries. This point is critical because it allows for comparisons across GDP, GNI, and adjusted net national income; such comparisons reveal the impact of natural resource depletion, which is otherwise ignored by the popular economic indicators.

Statistical Concept and Methodology: Adjusted net national income complements gross national income (GNI) in assessing economic progress (Hamilton and Ley 2010) by providing a broader measure of national income that accounts for the depletion of natural resources. Adjusted net national income is calculated by subtracting from GNI a charge for the consumption of fixed capital (a calculation that yields net national income) and for the depletion of natural resources. The deduction for the depletion of natural resources, which covers net forest depletion, energy depletion, and mineral depletion, reflects the decline in asset values associated with the extraction and harvesting of natural resources. This is analogous to depreciation of fixed assets.

Aggregation method: Gap-filled total

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts