Úr þjóðarbúskapnum - 01.06.1962, Page 34

ÚR ÞJÓÐARBÚSKAPNUM
end of the period. In the following the most
important results shown by the tables will
be pointed out.
Private consumption was maintained, with
slight variations, at about 75 per cent of GNP
for the first years up to 1951. From then on
this percentage decreased up to 1957 but from
that year reached a certain stability at about
65 to 66 per cent of GNP. Tliis structural
change amounting to about 10 per cent of
GNP, occurring through some six to eight
years, must be considered as quite consider-
able. To some extent this trend may perhaps
be looked at as a beleted post-war return to
pre-war structures. Indications are to the
effect that this proportion was also 65 per
cent in the year 1938. But this is only based
on a very rough calcutation which cannot
ben taken as definitive.
The private consumption figures do include
change in stocks other than that accounted
for in line 4, that is other than change in
stocks of export products and livestock. All
changes in the inventories should indeed be
included in line 4. But data on these changes
are very scanty and do not permit of any-
thing more than informed guesses. Full corr-
ections for the change in stocks would prob-
ably somewhat even out the year to year
oscillations in consumption, but the trend
result over the whole period is not likely to
be affected as the latest years of the high con-
sumption percentage were also years of
low and decreasing stocks of consumption
goods. i i
Public consumption has been a very stable
percentage of gross national product for the
whole period. At highest it is 9.7 per cent
and at lowest 8.6 per cent of GNP. This per-
centage is lowest both at the beginning and
the end of the period.
Gross domestic fixed capital formation is
dealt with in a separate article which does
not carry a summary in English, although the
32
tables are furnished with English text. The
present review is intended also as a comm-
entary to these special tables on capital forma-
tion.
Leaving the year 1945 out of the comparison,
the gross capital formation was highest as a
proportion of GNP at the beginning and the
end of the period, but lowest during the years
1949 to 1951. If these relations are viewed
against the background of the ratio of total
expenditure to total production, it is seen
that the first years are a special case. The
gross capital formation for these years, 1946
and 1947, was just about 27 per cent of GNP.
At the same time national expenditure was
just about 12 per cent and 14 per cent in
excess of GNP. For all the other years of the
period that difference stayed within 6 per
cent but most often about 3 per cent. The
gross capital formation reached a minimun
both in a relative and absolute sense in 1950,
then 19 per cent of GNP. Since then it has
been steadily increasing. The percentage of
GNP has most often been about 26 to 27 per
cent, although it reached 29.5 per cent in
1960 when the importation of fishing boats
and vessels was exceptionally great.
Change in stocks of export products and in
livestock is a relatively small item. The change
is calculated by multiplying the quantitative
changes by the respective unit market prices
at the end of each year. This valuation implies
that the export premiums have not been taken
into account. In this way the change in stocks
of export products is treated in a like manner
as exports.
National expenditure is the sum of the above
four component items. The relation of tlris
total to the national product shows how much
has been used or disposed of by the nation
in excess of current production. The differ-
ence is determined by the amounts of total
imports and total exports of goods and ser-
vices, including the interest due on capital