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Glossary "S"

Sales of services through foreign affiliates of multinational companies. Services sold in international markets through the channel of direct investment. From the U.S. viewpoint, it consists of sales of services to foreigners by foreign affiliates of U.S. companies and U.S. purchases of services from other countries' U.S. affiliates. It is one of two channels in the delivery of services in international markets; the other is cross-border trade in services.

SDR. See Special drawing rights (SDR)

Second estimate. The second estimate of gross domestic product (GDP) and its components for a quarter. It is released 55-60 days after the end of the quarter, and it is based on source data that are more complete than the advance estimate, though they are still subject to revision. Related terms: Advance estimate, Third estimate, Preliminary estimate. Related terms: Gross domestic product (GDP).

Secondary producer. An industry that, in addition to producing its primary product, also produces other goods or services. These other goods or services are referred to as secondary products. Typically, the industry shares the same name as the primary product that it produces.

Secondary product. Goods or services produced by an industry other than the primary product of that industry.

Service. See Services

Services. Products that cannot be stored and are consumed at the place and time of their purchase. Related terms: Durable goods, Nondurable goods, Structures.

SIC. See Standard Industrial Classification (SIC)

SITC. See Standard International Trade Classification (SITC)

Special drawing rights. See Special drawing rights (SDR)

Special drawing rights (SDR). Reserve assets created by the International Monetary Fund (IMF) and periodically allocated to IMF members in proportion to their respective quotas. The IMF determines the value of SDRs daily by summing, in U.S. dollars, the values–based on market exchange rates–of a weighted basket of currencies. SDRs can be used to acquire other members' currencies, to settle members' financial obligations, and to extend loans. Related terms: .

Standard Industrial Classification. See Standard Industrial Classification (SIC)

Standard Industrial Classification (SIC). A U.S. system for classifying economic activity; superceded by the North American Industry Classification System (NAICS). Related terms: .

Standard International Trade Classification. See Standard International Trade Classification (SITC)

Standard International Trade Classification (SITC). An internationally recognized foreign trade data classification system. This system, which was developed by the United Nations, provides the commodity aggregates needed for economic analysis and permits international comparisons of foreign trade data. Related terms: .

State personal income. Income that is received by, or on behalf of, persons who live in the state. It is calculated as the sum of wage and salary disbursements, supplements to wages and salaries, proprietors' income with inventory valuation adjustment (IVA) and private capital consumption adjustment (CCAdj), rental income of persons with CCAdj, personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance. Estimates of state personal income are presented by the place of residence of the income recipients. All estimates of state personal income are in current dollars (not adjusted for inflation). Related terms: Local area personal income, Personal income.

Statistical discrepancy. The difference between gross domestic product (GDP) and gross domestic income (GDI).

Structures. Products that are usually constructed at the location where they will be used and that typically have long economic lives. Related terms: Durable goods, Nondurable goods, Services.

Subsidies. The monetary grants paid by government agencies to private business or to government enterprises at another level of government. Related terms: .

Subsidy. See Subsidies

Supplements to wages and salaries. Consists of employer contributions for employee pension and insurance funds and employer contributions for government social insurance.