Antigua and Barbuda: Gross savings (current US$) 51,337,268 April 14, 2021
Statistics: Gross savings (current US$)
|Date||1993 - 2018|
|Previous value||257,175,813 (2017)|
Definition: Gross savings (current US$)
Gross savings are calculated as gross national income less total consumption, plus net transfers. Data are in current U.S. dollars.
Chart - Antigua and Barbuda: Gross savings (current US$) (1993 - 2018)
Development relevance: Gross savings (current US$)
Adjusted net national income is particularly useful in monitoring low-income, resource-rich economies, like many countries in Sub-Saharan Africa, because such economies often see large natural resources depletion as well as substantial exports of resource rents to foreign mining companies. For recent years adjusted net national income gives a picture of economic growth that is strikingly different from the one provided by GDP. The key to increasing future consumption and thus the standard of living lies in increasing national wealth - including not only the traditional measures of capital (such as produced and human capital), but also natural capital. Natural capital comprises such assets as land, forests, and subsoil resources. All three types of capital are key to sustaining economic growth. By accounting for the consumption of fixed and natural capital depletion, adjusted net national income better measures the income available for consumption or for investment to increase a country's future consumption.
Limitations and Exceptions: Gross savings (current US$)
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: Gross savings (current US$)
Gross savings represent the difference between disposable income and consumption and replace gross domestic savings, a concept used by the World Bank and included in World Development Indicators editions before 2006. The change was made to conform to SNA concepts and definitions.