National Income is the net product of or net return on the economic activity of individuals, business firms and the social and political institutions that form a nation. Since product or income can be measured in several stages, there are several methods of measuring national income.
At the beginning in the Production Cycle, National Income can be taken as the cumulative value of the various factors of production i.e. labor, capital and enterprise. The national income at this stage is the value of the total product of each industry after deducting the value of materials, semi fabricates, durable capital and services of other industries used in the production process.
At the level of Distribution of Money, National Income is the cumulative value of income receipts of individuals (wages, salaries, dividends) and undistributed net profits of manufacturing units.
Lastly at the level of National Product, it is the cumulative value of the flow of goods to consumers, savings of consumers and allocation of undistributed profits of manufacturing units.
The National Income of Singapore is illustrated for a period from 1998 to 2008 in the following table.
|
Gross National Income(GNI)
|
1998
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
|
GNI at Market Prices
|
141,872.9
|
158,453.6
|
174,436.6
|
191,912.4
|
213,246.2
|
234,246.2
|
250,387.9
|
|
Gross Domestic Product At Market Prices
|
137,902.4
|
162,382.1
|
185,364.5
|
201,313.3
|
221,142.8
|
251,610.1
|
257,418.5
|
|
Net Income From Abroad
|
3970.5
|
-3928.5
|
-10927.9
|
-9400.9
|
-7959.7
|
-17363.9
|
-7030.6
|
