Glossary

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

Products that cannot be stored and are consumed at the place and time of their purchase.

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.

A U.S. system for classifying economic activity; superceded by the North American Industry Classification System (NAICS).

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.

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).

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

Products that are usually constructed at the location where they will be used and that typically have long economic lives.

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

Consists of employer contributions for employee pension and insurance funds and employer contributions for government social insurance.

Includes some taxes on production and some current transfers. The source data do not permit the reliable separation of the taxes on income.

Consists of Federal excise taxes and customs duties, state and local sales taxes, property taxes (including residential real estate taxes), motor vehicle licenses, severance taxes, and special assessments.

The third estimate of gross domestic product (GDP) and its components for a quarter. It is released 85-90 days after the end of the quarter, and it is based on source data that are more detailed and comprehensive than the preliminary estimate. The final estimate is still subject to later revisions.

A projections model that is used to force lower-level geographical or industry projections to higher-level totals.

A set of tables in the input-output (I-O) accounts calculated from the make table and use table. They show the inputs that are required directly and indirectly to deliver a dollar of output to final uses. There are three total requirements tables. In the commodity-by-industry table, the column shows the commodity delivered to final uses and the rows show the total production of each commodity required to meet that demand. In the industry-by-commodity table, the column shows the commodity delivered to final uses and the rows show the total production of each industry required. In the industry-by-industry table, the column shows the industry output delivered to final uses and the rows show the total production required by each industry.

A U.S. business enterprise in which there is foreign direct investment—that is, in which a single foreign person, or entity, owns or controls, directly or indirectly, 10 percent or more of the voting securities of an incorporated U.S. business enterprise or an equivalent interest in an unincorporated U.S. business enterprise.

Ownership or control, directly or indirectly, by one U.S. person, or entity, of 10 percent or more of the voting securities of an incorporated foreign business enterprise or an equivalent interest in an unincorporated foreign business enterprise.

U.S. parent and its foreign affiliates. (Usually defined as the U.S. parent and its majority-owned foreign affiliate).

A person, or entity, resident in the United States, that owns or controls 10 percent or more of the voting securities of an incorporated foreign business enterprise or an equivalent interest in an unincorporated foreign business enterprise. It comprises the domestic operations of a U.S. multinational company (MNC).

Individuals, governments, business enterprises, and nonprofit organizations that have their center of economic interest in the United States and that reside, or expect to reside, in the United States for one year or more.

The person, or entity, that ultimately owns or controls a U.S. affiliate of a foreign company and that derives the benefits associated with ownership or control. The UBO of a U.S. affiliate is that person, or entity, proceeding up a chain of majority-ownership (where the entity above owns more than 50 percent of the entity below), beginning with and including the foreign parent, that is not owned more than 50 percent by another person, or entity. Unlike the foreign parent, the UBO of a U.S. affiliate may be located in the United States.

The portion of corporate profits that remains after taxes and dividends have been paid.

Recorded when transfers of resources that affect a nation's income or product in the current period occur without a quid pro quo; the country receiving the transfer neither provides nor promises to provide anything of economic value, measurable in monetary terms, in return.

A table in the input-output (I-O) accounts that shows the consumption of commodities by industries, as well as the commodity composition of gross domestic product (GDP) and the industry distribution of value added. It shows the value, in producers' prices, of each commodity used by each industry or by each final use. It also shows detail on the components of value added and total intermediate inputs that are used by each industry to produce its output. The entry in each row shows the commodity that is used by the industry or final user in the column.

The gross output of an industry or a sector less its intermediate inputs; the contribution of an industry or sector to gross domestic product (GDP). Value added by industry can also be measured as the sum of compensation of employees, taxes on production and imports less subsidies, and gross operating surplus.