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The United States Experience in Collecting FATS Anne Flatness U.S. Bureau of Economic Analysis 2008 APEC Capacity Building Seminar- Workshop on the Measurement of International Trade in Services 2 October, 2008 Manila, Philippines

The United States Experience in Collecting FATS

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The United States Experience in Collecting FATS. Anne Flatness U.S. Bureau of Economic Analysis. 2008 APEC Capacity Building Seminar-Workshop on the Measurement of International Trade in Services 2 October, 2008 Manila, Philippines. Bureau of Economic Analysis. - PowerPoint PPT Presentation

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Page 1: The United States Experience in Collecting FATS

The United States Experience in Collecting

FATSAnne Flatness

U.S. Bureau of Economic Analysis

2008 APEC Capacity Building Seminar-Workshop on the Measurement of International Trade in Services

2 October, 2008 Manila, Philippines

Page 2: The United States Experience in Collecting FATS

2www.bea.gov

Bureau of Economic Analysis

Data collection and dissemination agency Part of the U.S. Department of

Commerce Compiles national and international

accounts Gross domestic product International transactions accounts, also

known as the balance of payments Separate data system for multinationals

Regional statistics Industry statistics, including input/output

(I/O) accounts

Page 3: The United States Experience in Collecting FATS

3www.bea.gov

U.S Sales of Services

0

50

100

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300

350

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450

500

550

Billions $ U.S. International Sales of Private Services 1987-2006

Sales Abroad by Foreign Affiliates

U.S. Cross-Border Exports

Page 4: The United States Experience in Collecting FATS

4www.bea.gov

U.S. Purchases of Services

0

50

100

150

200

250

300

350

400

450

500

550

Billions $ U.S. International Purchases of Private Services 1987-2006

U.S. Purchases from Foreign-Owned Affiliates

U.S. Cross-Border Imports

Page 5: The United States Experience in Collecting FATS

5www.bea.gov

Legal Framework

International Investment Survey Act of 1976 Expanded as the International

Investment and Trade in Services Survey Act in 1984

Mandatory Confidential

Paperwork Reduction Act

Page 6: The United States Experience in Collecting FATS

6www.bea.gov

Conceptual Framework

International guidelines IMF Balance of Payments Manual (5th ed.

– “BPM5”) Sixth edition scheduled for 2008

OECD Benchmark Definition of FDI Sets world standard for FDI statistics

System of National Accounts

Page 7: The United States Experience in Collecting FATS

7www.bea.gov

United States Experience

First collected FDI operations data for 1950, covering outward investment

Collection became more regular and more detailed in the late 1970’s / early 1980’s Sales of goods and sales of services now

reported separately and by destination More detailed breakdown of industry

classifications

Page 8: The United States Experience in Collecting FATS

8www.bea.gov

U.S. Collection Method

Largely a survey-based system Benchmark surveys every 5 years

Most comprehensive in subject matter Lowest reporting thresholds

Annual surveys in interim years Higher exemption levels and fewer items Use statistical sampling Estimates are made for below-threshold

companies

Page 9: The United States Experience in Collecting FATS

9www.bea.gov

Types of Data Collected

Balance sheets Income statements Sales Employment and employee compensation Research and development expenditures Taxes U.S. trade in goods Value added (estimates built up from

other items)

Page 10: The United States Experience in Collecting FATS

10www.bea.gov

Some Features of the Data on Services Supplied Through Affiliates

Covers sales of services only; excludes goods and investment income (where included in operating revenue)

Excludes U.S. cross-border trade, which is recorded in the BOP Foreign affiliates: Sales to foreign persons U.S. affiliates: Sales in the United States

Covers majority-owned affiliates only

Page 11: The United States Experience in Collecting FATS

11www.bea.gov

Some Features of the Data on Services Supplied Through Affiliates

(Cont’d) Covers affiliates in all

industries . . . . . . but with services industries

shown in greater detail Foreign affiliates classified in their

country of location U.S. affiliates classified according

to the country of their ultimate beneficial owner (UBO)

Page 12: The United States Experience in Collecting FATS

12www.bea.gov

Recent Changes

Improved measurement of insurance Old measure based on insurance-

related operating revenue New measure based on ‘normal’ losses;

loss data collected on surveys Wholesale and retail trade

Old measure regarded as sales of goods New measure captures the services

component of sales using estimates of margin output

Page 13: The United States Experience in Collecting FATS

13www.bea.gov

Current Projects

Estimates covering banks Beginning in 2002, requested that banks

report sales of services; plan to incorporate estimates in the near future

Imputed services of banks and other financial firms (FISIM) Beginning in 2002, requested that banks

report interest received and paid, plan to incorporate estimates in the near future

Page 14: The United States Experience in Collecting FATS

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Conclusions

BEA uses benchmark and annual surveys to collect data on FATS Surveys are mandatory and confidential

Data presented by industry and by country of affiliate or UBO

New measures of insurance and wholesale and retail services

Expanding coverage to include banks