Sales of services through foreign affiliates of multinational companies. 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.
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.
SIC. Standard Industrial Classification
SITC. Standard International Trade Classification
SNA. System of National Accounts
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.
SSI. Supplemental Security Income
Standard Industrial Classification (SIC). A U.S. system for classifying economic activity; superceded by the North American Industry Classification System (NAICS).
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.
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).
Subsidies. The monetary grants paid by government agencies to private business or to government enterprises at another level of government.
Supplements to wages and salaries. Consists of employer contributions for employee pension and insurance funds and employer contributions for government social insurance.