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Glossary "O"

Other current transfer payments to the rest of the world. Payments consisting of U.S. government military and nonmilitary grants-in-cash and grants-in-kind to foreign governments.

Outward investment. U.S. residents' investment abroad.

Overseas adjustment. An adjustment made to the national estimates of personal income to exclude the wages and salaries and related components of the income of U.S. residents employed abroad temporarily (e.g., military personnel stationed abroad). The adjusted national estimates are used in the estimation of state personal income.

Own-account production. Production performed by a businesses or government for its own use.