S.7.a Federal government1

Billions of dollars

Line Description Series 2018 2019 2020 2021 2022 2023 2024 2025
Current account
Line 1 Gross value added FA316902505 803.1 823.8 867.5 911.1 957.5 1010.0 1071.7 1117.6
Line 2 Less: Consumption of fixed capital FA316300001 290.1 298.9 309.9 327.9 357.0 375.2 393.4 417.7
Line 3 Equals: Net value added FA316902605 513.0 525.0 557.6 583.1 600.5 634.9 678.4 700.0
Line 4 Compensation of employees (paid) FA316025001 509.6 523.6 552.3 575.7 596.3 637.7 680.2 701.2
Line 5 Wages and salaries FA316020001 357.3 365.5 381.7 392.9 404.7 432.0 456.9
Line 6 Employers' social contributions FA316401005 152.4 158.1 170.6 182.9 191.6 205.6 223.3
Line 7 Operating surplus, net FA316402101 3.3 1.4 5.3 7.4 4.1 -2.8 -1.8 -1.2
Line 8 Net national income/Balance of primary incomes, net FA316140005 -314.9 -363.2 -939.6 -868.4 -547.4 -820.5 -956.7
Line 9 Operating surplus, net FA316402101 3.3 1.4 5.3 7.4 4.1 -2.8 -1.8 -1.2
Line 10 Taxes on production and imports, receivable FA316240001 163.5 174.9 155.3 180.6 201.7 177.0 185.1 367.6
Line 11 Subsidies (paid) FA316402015 -62.7 -72.4 -697.9 -623.0 -127.3 -101.6 -93.5 -111.4
Line 12 Property income (received) FA316150195 121.7 110.0 118.6 140.1 98.3 45.3 72.7
Line 13 Interest FA316130101 34.8 37.8 26.1 21.9 21.9 30.4 58.9
Line 14 Distributed income of corporations (dividends) FA316121185 79.0 63.8 87.0 109.2 59.6 0.1 0.1
Line 15 Rents on land and natural resources FA316112101 7.9 8.3 5.4 9.1 16.8 14.8 13.6
Line 16 Less: Uses of property income (interest paid) FA316130095 540.6 577.2 520.9 573.6 724.2 938.4 1119.1
Line 17 Net national income/Balance of primary incomes, net FA316140005 -314.9 -363.2 -939.6 -868.4 -547.4 -820.5 -956.7
Line 18 Plus: Current taxes on income, wealth, etc. (received) FA316220001 1865.0 1938.1 1993.9 2494.5 3051.2 2741.1 2933.8
Line 19 Plus: Social benefits (received) FA316601001 1346.6 1409.5 1434.9 1542.8 1687.2 1785.0 1902.7 1998.7
Line 20 Less: Social contributions (paid) FA316404001 2217.6 2352.0 3405.8 3691.5 3021.8 3116.7 3350.0 3669.0
Line 21 Plus: Other current transfers (received) FA316403105 83.0 70.5 58.7 63.6 72.9 75.3 86.4 83.7
Line 22 Less: Other current transfers (paid) FA316403001 634.1 659.4 931.9 1172.4 1041.1 1041.6 1049.2 1032.4
Line 23 Equals: Disposable income, net FA316012005 128.0 43.5 -1789.7 -1631.3 201.2 -377.4 -433.0
Line 24 Less: Final consumption expenditures FA316901001 1034.4 1087.2 1158.7 1223.6 1230.5 1339.7 1441.5 1496.0
Line 25 Equals: Net saving FA316006085 -906.4 -1043.8 -2948.4 -2855.0 -1029.4 -1717.1 -1874.5
 
Capital account
Line 26 Net saving less capital transfers FA316006385 -967.0 -1122.8 -3021.9 -2971.1 -1216.4 -1967.6 -2049.1
Line 27 Net saving FA316006085 -906.4 -1043.8 -2948.4 -2855.0 -1029.4 -1717.1 -1874.5
Line 28 Less: Capital transfers paid (net) FA315440005 60.6 79.0 73.4 116.1 187.0 250.5 174.6 104.4
Line 29 Capital formation, net FA315050905 20.1 31.5 53.1 43.8 -55.2 50.1 57.1 53.1
Line 30 Gross fixed capital formation (acquisition of produced nonfinancial assets) FA315019001 311.9 332.3 365.9 380.8 410.0 426.0 450.9 470.9
Line 31 Less: Consumption of fixed capital FA316300001 290.1 298.9 309.9 327.9 357.0 375.2 393.4 417.7
Line 32 Acquisition of nonproduced nonfinancial assets FA315420003 -1.6 -1.9 -2.9 -9.0 -108.2 -0.8 -0.4 -0.1
Line 33 Net lending (+) or borrowing (-), capital account (lines 26-29) FA315000995 -987.2 -1154.3 -3075.0 -3014.9 -1161.2 -2017.7 -2106.2
 
Financial account
Line 34 Net lending (+) or borrowing (-) (line 33) FA315000995 -987.2 -1154.3 -3075.0 -3014.9 -1161.2 -2017.7 -2106.2
Line 35 Net acquisition of financial assets FA314090005 324.4 72.3 1726.2 -1184.9 176.7 269.8 76.3 347.2
Line 36 Monetary gold and SDRs FA313011105 0.2 0.2 0.1 113.7 5.0 4.6 5.1 -0.4
Line 37 Monetary gold FA313011203 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 38 SDR holdings FA313011303 0.2 0.2 0.1 113.7 5.0 4.6 5.1 -0.4
Line 39 Currency and deposits FA314000005 178.5 5.6 1333.8 -1321.7 45.0 325.2 -38.0 164.0
Line 40 Currency and transferable deposits FA313020005 173.5 1.0 1326.3 -1323.6 42.6 321.2 -49.0 150.4
Line 41 Time and savings deposits FA313030003 0.1 0.3 -1.3 1.1 -1.0 0.1 0.3 -0.2
Line 42 Other deposits FA313030505 4.8 4.3 8.8 0.8 3.3 3.8 10.8 13.7
Line 43 Debt securities FA314022005 0.0 0.1 0.1 -0.0 0.0 -0.0 -0.1 0.2
Line 44 Agency- and GSE-backed securities FA313061703 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 45 Corporate and foreign bonds FA313063005 0.0 0.1 0.1 -0.0 0.0 -0.0 -0.1 0.2
Line 46 Loans FA314035005 99.2 93.6 254.1 177.9 155.5 -39.8 103.3 102.0
Line 47 Short term FA314041005 95.7 93.0 250.7 171.9 142.1 -47.9 95.4 94.4
Line 48 Repurchase agreements (official reserves) FA313011545 0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 0.0
Line 49 Consumer credit FA313066220 90.7 83.0 61.7 55.4 51.0 -25.1 55.8 63.2
Line 50 Other loans and advances FA313069005 5.0 10.0 189.0 116.6 91.2 -22.8 39.6 31.3
Line 51 Long term (mortgages) FA313065005 3.4 0.7 3.4 6.0 13.4 8.1 7.9 7.6
Line 52 Equity and investment fund shares FA313081105 5.3 1.4 115.8 -91.5 -3.5 -6.2 -1.7 11.3
Line 53 Corporate equities FA313064105 4.0 0.0 0.0 0.0 0.0 0.0 0.0 9.9
Line 54 Equity in international organizations FA313092803 1.3 1.4 1.8 1.2 2.4 1.8 2.2 4.0
Line 55 Equity in government-sponsored enterprises2 FA313092403 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 56 Equity investment under Public-Private Inv. Program FA313094303 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 57 Equity investment in Federal Reserve facilities FA313094205 0.0 0.0 114.0 -92.7 -5.9 -8.0 -3.9 -2.6
Line 58 Other accounts receivable FA313096005 41.3 -28.6 22.4 -63.2 -25.3 -14.0 7.6 70.1
Line 59 Trade receivables FA313070000 10.4 -1.9 11.3 10.6 -0.1 12.8 9.1 1.6
Line 60 Taxes receivable FA313078000 30.9 -26.7 11.1 -73.8 -25.2 -26.9 -1.5 68.5
Line 61 Net incurrence of liabilities FA314190005 1295.0 1185.0 5022.0 1450.2 1342.1 2575.4 2064.6 2152.4
Line 62 SDR allocations FA313111303 0.0 0.0 0.0 112.8 0.0 0.0 0.0 0.0
Line 63 Currency and deposits FA314100005 0.4 0.3 0.4 0.4 1.2 0.3 0.1 0.4
Line 64 Debt securities FA314122005 1130.2 1061.0 4316.2 1611.0 1287.5 2382.0 1913.2 1931.6
Line 65 Treasury securities FA313161105 1131.6 1062.7 4317.3 1611.4 1287.4 2381.6 1912.9 1930.2
Line 66 Federal agency securities FA313161705 -1.5 -1.7 -1.0 -0.4 0.0 0.4 0.3 1.4
Line 67 Loans FA314123005 127.9 113.9 264.9 72.5 259.4 238.5 231.7 360.7
Line 68 Insurance, pension and standardized guarantee schemes FA313152005 -39.1 -27.3 -23.4 -69.4 -121.5 -153.1 -136.9 -224.5
Line 69 Insurance reserves FA313140003 0.2 0.9 0.2 0.3 0.4 1.3 2.2 2.6
Line 70 Retiree Health Care Funds FA313195105 13.9 14.4 8.2 21.4 38.5 29.8 25.8 35.2
Line 71 Claims of pension fund on sponsor FA343073045 -53.2 -42.6 -31.9 -91.1 -160.3 -184.2 -164.8 -262.3
Line 72 Other accounts payable FA313196005 75.6 37.2 463.9 -277.1 -84.5 107.7 56.5 84.2
Line 73 Gold certificates FA713011203 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 74 SDR certificates FA713014003 0.0 0.0 0.0 0.0 0.0 0.0 10.0 0.0
Line 75 Trade payables FA313170005 74.0 33.3 35.0 57.8 -9.7 84.9 31.4 60.0
Line 76 PPP subsidies payable FA313172003 0.0 0.0 432.7 -332.6 -97.1 -3.0 0.0 0.0
Line 77 Other (miscellaneous liabilities) FA313193005 1.6 3.9 -3.8 -2.3 22.3 25.9 15.0 24.2
 
Addendum:
Line 78 Net lending (+) or borrowing (-), financial account (lines 35-61) FA315000005 -970.6 -1112.7 -3295.8 -2635.1 -1165.5 -2305.6 -1988.3 -1805.2
 
Other changes in volume account
Line 79 Total other volume changes FV318090185 -0.2 -47.9 -162.6 553.1 121.9 -369.7 194.8
Line 80 Disaster losses FV312010095 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 81 Other volume changes FV318090085 -16.8 -89.4 58.3 173.3 126.2 -81.8 76.9 44.4
Line 82 Less: Statistical discrepancy (lines 33-78)3 FU317005045 -16.6 -41.6 220.9 -379.8 4.3 287.9 -117.9
 
Revaluation account
Line 83 Nonfinancial assets FR312010095 102.8 46.1 83.9 287.8 282.1 77.3 82.3 180.5
Line 84 Structures FR315015605 68.4 39.0 53.0 203.9 196.9 42.2 30.7 93.8
Line 85 Equipment FR315013265 12.5 7.2 5.8 41.8 40.3 26.7 18.2 31.6
Line 86 Intellectual property products FR315013765 21.9 -0.1 25.1 42.1 44.8 8.4 33.3 55.1
Line 87 Financial assets FR314090005 6.5 60.3 118.4 67.9 -1.6 98.4 195.6 511.9
Line 88 Monetary gold and SDRs FR313011105 -4.4 61.4 99.6 -24.4 -6.0 70.5 134.0 451.8
Line 89 Currency and deposits FR314000005 0.8 1.1 0.4 -0.1 0.1 0.0 -0.5 -0.6
Line 90 Repurchase agreements (official reserves) FR313011545 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1
Line 91 Debt securities (foreign bonds) FR313063005 -1.3 -1.2 1.0 -0.9 -1.8 0.2 -0.3 0.9
Line 92 Loans (other loans and advances) FR313069005 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 93 Corporate equities FR313064105 11.3 -0.9 17.4 93.3 6.1 27.6 62.3 59.7
Line 94 Equity investment under Public-Private Inv. Program FR313094303 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 95 Liabilities FR314190005 -3.0 -4.2 6.1 -0.7 -30.2 -24.6 -19.3 -16.7
Line 96 SDR allocations FR313111303 -1.2 -0.3 2.0 -2.9 -7.9 1.2 -4.3 7.5
Line 97 Other accounts payable FR313190015 -1.8 -3.9 4.0 2.3 -22.3 -25.9 -15.0 -24.2
Line 98 Changes in net worth due to nominal holding gains/losses FR312090095 112.3 110.6 196.2 356.3 310.7 200.3 297.2 709.1
 
Changes in balance sheet account
Line 99 Change in net worth (lines 29+33+79+98) FC312090095 -854.9 -1060.1 -2988.2 -2061.6 -783.8 -2137.0 -1557.1 -998.5
 
Balance sheet account (end of period)
Line 100 Total assets FL312000095 6633.0 6790.0 8825.5 8213.5 8734.1 9138.4 9589.7 10726.9
Line 101 Nonfinancial assets4 LM312010095 3547.2 3626.7 3766.5 4107.1 4442.1 4570.2 4710.1 4943.9
Line 102 Structures LM315015605 1663.1 1696.3 1746.8 1942.6 2131.0 2168.8 2196.4 2289.5
Line 103 Equipment LM315013265 790.3 817.8 846.6 904.9 952.6 990.5 1023.6 1068.6
Line 104 Intellectual property products LM315013765 1093.8 1112.6 1173.1 1259.6 1358.5 1410.9 1490.1 1585.8
Line 105 Financial assets FL314090005 3085.8 3163.3 5059.0 4106.4 4291.9 4568.2 4879.6 5783.0
Line 106 Monetary gold and SDRs FL313011105 385.3 446.9 546.5 635.9 634.8 710.0 849.2 1300.6
Line 107 Monetary gold LM313011203 334.5 396.1 493.6 472.2 474.3 543.5 682.3 1126.6
Line 108 SDR holdings LM313011303 50.8 50.7 52.9 163.6 160.5 166.5 166.9 174.0
Line 109 Currency and deposits FL314000005 446.4 453.1 1787.3 504.0 549.1 875.1 833.6 999.1
Line 110 Currency and transferable deposits FL313020005 405.9 407.2 1732.1 410.3 454.7 776.0 728.4 877.4
Line 111 Time and savings deposits FL313030003 2.0 2.3 1.0 2.1 1.1 1.2 1.5 1.3
Line 112 Other deposits FL313030505 38.5 43.6 54.2 91.6 93.3 97.8 103.7 120.3
Line 113 Debt securities FL314022005 7.2 6.1 7.2 6.2 4.4 3.9 6.5 5.5
Line 114 Agency- and GSE-backed securities FL313061703 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 115 Corporate and foreign bonds FL313063005 7.2 6.1 7.2 6.2 4.4 3.9 6.5 5.5
Line 116 Loans FL314035005 1532.3 1625.9 1879.9 2057.9 2234.8 2150.7 2254.0 2400.3
Line 117 Short term FL314041005 1409.1 1502.1 1752.8 1924.7 2066.9 1974.7 2070.0 2208.9
Line 118 Repurchase agreements (official reserves) LM313011545 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.1
Line 119 Consumer credit FL313066220 1236.3 1319.2 1381.0 1436.4 1487.3 1462.2 1518.0 1581.1
Line 120 Other loans and advances FL313069005 172.9 182.8 371.8 488.4 579.5 512.5 552.1 627.6
Line 121 Long term (mortgages) FL313065005 123.1 123.8 127.1 133.1 167.9 176.0 183.9 191.5
Line 122 Equity and investment fund shares FL313081105 177.8 178.2 311.5 313.2 315.8 337.3 398.0 469.0
Line 123 Corporate equities LM313064105 111.7 110.8 128.2 221.5 227.6 255.2 317.5 387.2
Line 124 Equity in international organizations FL313092803 66.1 67.5 69.3 70.5 72.9 74.7 77.0 81.0
Line 125 Equity in government-sponsored enterprises2 FL313092403 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 126 Equity investment under Public-Private Inv. Program LM313094303 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Line 127 Equity investment in Federal Reserves facilities FL313094205 0.0 0.0 114.0 21.3 15.4 7.4 3.5 0.8
Line 128 Other accounts receivable FL313096005 536.8 453.2 526.6 589.3 553.0 491.2 538.4 608.6
Line 129 Trade receivables FL313070000 75.4 73.5 84.9 95.5 95.4 108.2 117.3 118.9
Line 130 Taxes receivable FL313078000 461.4 379.7 441.8 493.8 457.6 383.0 421.1 489.6
Line 131 Total liabilities and net worth FL312000095 6633.0 6790.0 8825.5 8213.5 8734.1 9138.4 9589.7 10726.9
Line 132 Liabilities FL314190005 20373.4 21590.5 26614.2 28063.8 29368.1 31909.4 33917.8 36053.5
Line 133 SDR allocations FL313111303 49.1 48.8 50.9 160.8 152.9 154.1 149.8 157.3
Line 134 Currency and deposits FL314100005 49.8 50.1 50.5 50.8 52.0 52.4 52.5 52.9
Line 135 Debt securities FL314122005 15589.2 16650.1 20966.4 22577.3 23864.8 26246.7 28159.9 30091.5
Line 136 Treasury securities FL313161105 15566.2 16628.9 20946.2 22557.5 23845.0 26226.6 28139.5 30069.6
Line 137 Federal agency securities FL313161705 22.9 21.2 20.2 19.8 19.8 20.2 20.5 21.9
Line 138 Loans FL314123005 2275.9 2389.8 2654.7 2727.2 2986.6 3225.1 3456.8 3817.4
Line 139 Insurance, pension and standardized guarantee schemes FL313152005 2011.1 2020.1 1992.3 1923.0 1793.9 1631.4 1457.6 1233.1
Line 140 Insurance reserves FL313140003 51.3 52.2 52.4 52.6 53.0 54.3 56.5 59.1
Line 141 Retiree Health Care Funds FL313195105 301.0 315.4 323.6 345.1 383.6 413.4 439.1 474.3
Line 142 Claims of pension fund on sponsor FL343073045 1658.8 1652.5 1616.3 1525.3 1357.3 1163.7 962.0 699.7
Line 143 Other accounts payable FL313196005 398.3 431.6 899.6 624.8 517.9 599.8 641.2 701.2
Line 144 Gold certificates FL713011203 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0
Line 145 SDR certificates FL713014003 5.2 5.2 5.2 5.2 5.2 5.2 15.2 15.2
Line 146 Trade payables FL313170005 382.3 415.5 450.6 508.4 498.7 583.6 615.0 675.0
Line 147 PPP subsidies payable FL313172003 0.0 0.0 432.7 100.1 3.0 0.0 0.0 0.0
Line 148 Other (miscellaneous liabilities) FL313193013 -0.2 -0.2 0.0 0.0 0.0 0.0 0.0 0.0
Line 149 Net worth FL312090095 -13740.4 -14800.4 -17788.7 -19850.3 -20634.1 -22771.0 -24328.1 -25326.6

Notes:

  1. The federal government sector excludes federal government employee pension funds.
  2. Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the 2004:Q4.
  3. The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.
  4. Excludes land and nonproduced nonfinancial assets.

Last Update: 2026-03-19