Luxembourg | Adjusted net national income (constant 2015 US$)

Adjusted net national income is GNI minus consumption of fixed capital and natural resources depletion. 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. Growth rates of adjusted net national income are computed from constant price series deflated using the gross national expenditure (formerly domestic absorption) deflator.
Publisher
The World Bank
Origin
Grand Duchy of Luxembourg
Records
63
Source
Luxembourg | Adjusted net national income (constant 2015 US$)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
7049854437.4301 1970
6663023796.36 1971
7411403337.1475 1972
8254152213.3952 1973
9551716122.9606 1974
8469327029.564 1975
9420192174.7413 1976
9339355525.1552 1977
9819877281.7872 1978
9983125267.8631 1979
10256183201.175 1980
10624437057.524 1981
12186688865.988 1982
12714992698.103 1983
13027235314.846 1984
13656149212.762 1985
14526985767.094 1986
15048664007.402 1987
16226387457.925 1988
17733487997.56 1989
18676400219.486 1990
20232744402.187 1991
20181053432.647 1992
21207859648.888 1993
21387096169.388 1994
22523492843.721 1995
23188978825.618 1996
24523586366.994 1997
24475038869.205 1998
26640374213.093 1999
27476407811.294 2000
27946623916.099 2001
27342457433.055 2002
26779625031.087 2003
31585717685.795 2004
33131899886.361 2005
31684727853.408 2006
36485076623.175 2007
34079484931.651 2008
25357073980.799 2009
29441444500.906 2010
30410568537.123 2011
35189859184.042 2012
33811860813.706 2013
35840062881.733 2014
31743520644.163 2015
33840173090.23 2016
37567447952.634 2017
37903486579.489 2018
35724087481.24 2019
37265264158.768 2020
41837314994.416 2021
2022

Luxembourg | Adjusted net national income (constant 2015 US$)

Adjusted net national income is GNI minus consumption of fixed capital and natural resources depletion. 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. Growth rates of adjusted net national income are computed from constant price series deflated using the gross national expenditure (formerly domestic absorption) deflator.
Publisher
The World Bank
Origin
Grand Duchy of Luxembourg
Records
63
Source