Úr þjóðarbúskapnum - 01.06.1962, Síða 36

ÚR ÞJÓÐARBÚSKAPNUM
the first years. Nevertheless the resulting
trend is plausible. Depreciation showed the
lowest percentage of GNP for the first years
when much of old assets were in use. Their
value is low compared with gross capacity,
but the depreciation allowances are calculated
from the residual values at any time. From
the year 1949 onwards depreciation has re-
mained at approximately 10 per cent of GNP,
slightly higher though for the years 1950—
1952. Other things being equal, this indicates
a rather stable ratio of production to capital.
Information about net values is given as a
supplement to table 1 in lines 14 to 16. These
are used to build up the relationships based
on net values in section B of table 2. These
relations are illustrated in figure 2. The net
relations have to be based on net market
values, which is a rather unusual concept. The
net relations show to some extent the same
picture as the gross relations but with some-
what different dimensions. This approach
yields an estimate of net savings and their
relation to net financing from abroad. The
savings item is calculated from the other items
as a residual, without any reference to fin-
ancial statistics.
The savings ratio shows quite a remarkable
development, as during the first years it varied
between 4.6 per cent and 9.2 per cent, but
increased rapidly thereafter and reached some
17 per cent at the end of the period. The most
comprehensive savings concept is applied here,
including by implication the own labour of
housebuilders and farmers, self-financing of
firms and so on.
The development of national
product and expenditure
The volume development of the national
product, of its components, and of other
national accounts aggregates are shown in
tables 3, 4 and 5. Table 3 shows the am-
ounts at constant prices of 1954, but the otlier
tables show the volume development in the
form of indices. The volume indices of the
main components indicate in their relations
to one another much the same as has already
been explained on the basis of the percentage
relations. The relative developments over the
period are reflected by the indices for 1960
which are 140 for private consumption, 191
for public consumption and 222 for gross capi-
tal formation, but 157 for total national ex-
penditure, all based on 1945 as hundred.
By way of general principe, certain qual-
ifications are called for relating to some of
the years, when shortages of some consump-
tion goods, or at least restricted choice, pre-
vailed. The price indices used for deflation do
not take account of this, and private consump-
tion and total national product of these years
may, therefore, by somewhat overestimated.
No empirical basis for the assessment of the
shortages exists, liowever, and no corrections
can, therefore, be suggested. But these con-
siderations apply mainly to the years 1948—
1950.
Gross national product increased sharply
the first two years of the period, from 1945
to 1947, but remained the same for the next
two years, 1948 and 1949, being then almost 14
per cent higher than in 1945. From then on the
national product decreased and reached a
minimum in 1952 in 104.6 points on the index,
having been only slightly higher the year be-
fore. In the following years there was again
a rapid increase. The growth was fastest for
the first three years from 1952 to 1955, but
has been slower from then on. For two of
these years, 1957 and 1960, production was
almost the same as the years immediately
preceding them. No statistics are available to
show which part increased employment and
increased overtime played in this growth, but
these factors may be considered important
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