Venezuela, RB | Adjusted net national income (current 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.
Publisher
The World Bank
Origin
Bolivarian Republic of Venezuela
Records
63
Source
Venezuela, RB | Adjusted net national income (current US$)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 9484570012.0621
1971 10201200667.392
1972 11271125625.474
1973 13167655565.134
1974 16207032243.108
1975 19993489047.504
1976 23310562065.671
1977 28016396828.546
1978 29762101206.844
1979 29432357562.269
1980 37692435669.246
1981 46494225676.746
1982 50114795983.594
1983 47960657110.348
1984 42325380432.353
1985 46322351658.632
1986 46233191194.734
1987 35524175921.351
1988 46043831977.835
1989 30316158310.467
1990 34928325929.113
1991 41153370073.531
1992 46573041125.297
1993 45257152133.719
1994 42929080204.468
1995 58100374518.111
1996 50343378671.675
1997 62972202385.248
1998 68769238728.023
1999 73759134569.587
2000 89101053017.457
2001 93754939868.891
2002 67842513414.973
2003 60564503478.343
2004 84150966410.904
2005 111640166286.21
2006 145763662861.79
2007 192087478365.58
2008 266597274909.39
2009 268309670675.82
2010 317588366469.39
2011 244200705656.86
2012 290359586478.74
2013 276274158604.15
2014 354707430098.72
2015
2016
2017
2018
2019
2020
2021
2022

Venezuela, RB | Adjusted net national income (current 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.
Publisher
The World Bank
Origin
Bolivarian Republic of Venezuela
Records
63
Source