NATIONAL INCOME

Press, Volume XCVIII, Issue 28985, 28 August 1959, Page 13

NATIONAL INCOME

3.4 Per Cent. Rise Last Year

New Zealand's national income rose from £930 million in 195758 to £962 million in 1958-59. and the 3.4 per cent, increase was the smallest percentage increase in recent years. A statment by the government Statistician <Mr J. V. T. Baker' giving these figures explains that the national income is the sum of the incomes gained by factors producing goods and services and resident in New Zealand. Because of comment that terms used in national accounting were not readily understood by all. 1 the Department of Statistics has) set out the accounts showing ’ national income and expenditure. in 1958-59 in a table:— Spent £m Personal expenditure on consumer goods and services 748 ■ Government - provided goods i and services .. .. 158 New buildings and machinery provided by private enterprise and Government .. 243 Increase in stocks .. 10 Imports exceeded liabilities to overseas countries .. —22 A total gross national expenditure of .. .. .. 1137 Earned Gross national production .. 1137 Depreciation allowances .. —B4 Indirect taxes, with subsidies excluded .. .. —9l Leaving net national income at factor cost .. 962 How It Is Shared Salary and wage payments .. 562 Other personal income, business and farming profits, rents. | interest 242 Pay and allowances of armed I forces .. .. 12. Company profits before divid- . ends .. .. ..112 Government trading profits .. 36; 962; From this figure if local[ authorities and Government[ trading income of £36 million is deducted, interest paid by the) Government and local authorities.! £2Bm. added and social security, benefits and pensions, £Bom. also] added, the sum available to private persons and firms before direct taxation is £ 1035 m. Direct taxation then takes £22lm of private income, leaving £Bl4m for individuals and firms to dispose of as they wish, the statement shows.