Full text of Survey of Current Business : July 1999
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JULY 1999 < ^ VOLUME J9 NUMBER 7 SURVEYO/CURRENT BUSINESS IN THIS ISSUE . . . ^ U. S. Multinational Companies: Operations in 1997 The International Investment Position of the United'States•atYearend 1998 DEPARTMENT OF COMMEiRCE /-=*>• ECONOMICS AND STATISTICS ADMINISTRATION BUREAU OE ECONOMIC ANALYSIS JULY 1999 VOLUME 7 9 NUMBER 7 SURVEY of CURRENT BUSINESS SURVEY OF CURRENT BUSINESS (iSSN 0039-6222). Published monthly by the Bureau of Economic Analysis of the U.S. Department of Commerce. Editorial correspondence should be addressed to the U.S. Department of Commerce William M. Daley, Secretary MM Economics and Statistics Administration Robert J. Shapiro, Undersecretary for Economic Affairs Editor-in-Chief, SURVEY OF CURRENT BUSINESS, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. Subscriptions to the SURVEY OF CURRENT BUSINESS are maintained, and their prices set, by the Government Printing Office, an agency of the U.S. Congress. Postmaster: Send address changes to: Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. AND STATISTICS ADMINISTRATION Bureau of Economic Analysis J. Steven Landefeld, Director Rosemary D. Marcuss, Deputy Director Barbara M. Fraumeni, ChiefEconomist Hugh W. Knox, Associate Director for Regional Economics Brent R. Moulton, Associate Director for National Income^ Expenditure, and Wealth Accounts Sumiye O. Okubo, Associate Director for Industry Accounts Robert P. Parker, Chief Statistician Gerald A. Pollack, Associate Director for International Economics The GPO order desk number is 202-5121800. The subscription complaint desk number is 202-512-1806. Subscription and single-copy prices: Periodicals: $42.00 domestic, $52.50 foreign. First-class mail: $104.00. Single copy: $15.00 domestic, $18.75 foreign. Make checks payable to the Superintendent of Documents. Douglas R, Fox, Editor-in-Chief Periodicals postage paid at Washington, DC and at additional mailing offices (USPS 337-790). The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. W. Ronnie Foster, Graphics Designer M. Gretchen Gibson, Manuscript Editor Ernestine T. Gladden, Production Editor Eric B. Manning, Managing Editor Laura A* Oppel, Production Editor THIS ISSUE of the SURVEY went to the printer on July 13,1999. It incorporates data from the following monthly BEA news releases: U.S. International Trade in Goods and Services (June 17), Gross Domestic Product (June 25), and Personal Income and Outlays (June 28). July 1999 SURVEY OF CURRENT BUSINESS TABLE OF CONTENTS imperial in this issue 60 U.S. International Transactions, Revised Estimates for 1982-98 In this year's annual revision of the balance of payments accounts, the structure of the accounts is modified in order to improve the presentation of the different types of international transactions and to bring the accounts into closer alignment with international guidelines. As a result, U.S. international transactions are now classified into three groups—the current account, the capital account, and the financial account. Several major improvements to the estimates are also introduced, including improved measures of income receipts and improved seasonal adjustment of exports of goods. The revised estimate of the U.S. current-account deficit for 1998 is -$220.6 billion, compared with the previously published estimate of -$233.4 billion. l\egular features 1 Business Situation Real GDP increased 4.3 percent in the first quarter of 1999, according to the NIPA 'final" estimate; the "preliminary" estimate issued last month had shown a 4.1-percent increase. Corporate profits increased $47.1 billion (or 5.7 percent at a quarterly rate) in thefirstquarter after decreasing $5.3 billion (0.6 percent) in the fourth. 8 U.S. Multinational Companies: Operations in 1997 The operations of U.S. multinational companies (MNC'S) continued to grow at a strong pace in 1997: Worldwide gross product of U.S. parent companies and their majority-owned foreign affiliates increased 5.6 percent, employment increased 6.1 percent, and capital expenditures increased 13.7 percent. The strong growth in MNC operations reflected continued economic growth and a strong upturn in new investments. 36 The International Investment Position of the United States at Yearend 1998 The net international investment position of the United States became more negative in 1998: On a current-cost basis, it was -$1,239.2 billion, compared with -$968.2 billion in 1997; and on a market-value basis, it was -$1,537.5 billion, compared with -$1,066.3 billion in 1997. The net position on both bases became more negative mainly as a result of large net financial inflows and strong price appreciation in foreign-owned assets in the United States that reflected a steep rise in U.S. stock prices. — Continued on next page — ii SURVEY OF CURRENT BUSINESS 48 Direct Investment Positions for 1998: Country and Industry Detail In 1998, the U.S. direct investment position abroad valued at historical cost increased 13 percent, reflecting record capital outflows—mainly equity capital and reinvested earnings. By country, the largest increases were with the United Kingdom and the Netherlands. The foreign direct investment position in the United States valued at historical cost increased 17 percent, reflecting record capital inflows that were boosted by two exceptionally large transactions involving acquisitions of U.S. firms. By country, the largest increases were with Germany and the United Kingdom. 75 U.S. International Transactions, First Quarter 1999 The U.S. current-account deficit increased $6.9 billion, to $68.6 billion, in the first quarter of 1999, as a large increase in the deficit on goods more than offset a small increase in the surplus on services, a small decrease in the deficit on income, and a decrease in net unilateral current transfers. In the financial account, net recorded inflows slowed to $84.1 billion from $99.2 billion, as a sharp slowdown in inflows for foreign-owned assets in the United States more than offset a shift from outflows to inflows for transactions in U.S.-owned assets abroad. l\eports and statistical presentations 6 D-l Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade BEA Current and Historical Data Inside back cover: Getting BEA'S Estimates Back cover: Schedule of Upcoming BEA News Releases LOOKING A H E A D Results of the 1997 Benchmark Survey of U.S. Affiliates of Foreign Companies. The preliminary results of BEA'S latest benchmark survey of foreign direct investment in the United States will be presented in a forthcoming issue of the SURVEY. These results will update the annual data series on the operations of U.S. affiliates of foreign companies and will provide additional data that are collected only in benchmark surveys. Data by industry will be presented using a new classification system that is based on the North American Industry Classification System. Revision of the National Income and Product Accounts. The upcoming comprehensive, or benchmark, revision of the NIPA'S is scheduled for initial release on October 28, 1999. The revision of the NIPA estimates for 1996-98, which would usually have been published in the August SURVEY, will be included as part of the comprehensive revision. The August SURVEY will include an article about the definitional and classificational changes that will be introduced in the comprehensive revision. Articles planned for subsequent issues will describe other changes, including methodological, statistical, and presentational changes. July 1999 SURVEY OF CURRENT BUSINESS July 1999 BUSINESS Ralph W. Morris prepared the first section of this article, and Daniel Larkins prepared the section on corporate profits. SITUATION EAL GROSS domestic product (GDP) increased 4.3 percent in the first quarter of 1999, according to the "final" estimates of the national income and product accounts (NIPA'S) (table 1 and chart 1).1 The slowdown from a 6.0percent increase in the fourth quarter of 1998 reflected a downturn in exports. The largest contributors to the first-quarter increase in real GDP were consumer spending and private fixed investment (table 2). The increase 1. Quarterly estimates in the NIPA'S are expressed at seasonally adjusted annual rates. Quarter-to-quarter dollar changes are the differences between the published estimates. Quarter-to-quarter percent changes are annualized and are calculated from unrounded data unless otherwise specified. Real estimates are calculated using a chain-type Fisher formula with annual weights for all years and quarters except those in the most recent year, which are calculated using quarterly weights; real estimates are expressed both as index numbers (1992=100) and as chained (1992) dollars. Price indexes (1992=100) are also calculated using a chain-type Fisher formula. Selected £m«ftict ftfeasures; Cfiange from Preceding Ouarter REAL GROSS DOMESTIC PRODUCT REAL GROSS NATIONAL PRODUCT On a Command-Basis, 1I.mi.I.ih 1906 1997 1996 Nota-^fercent change at annual rate from pnscedSng quarter; Table 1.—Real Gross Domestic Product, Real Gross Domestic Purchases, and Real Final Sales to Domestic Purchasers US. Department of Commerce, Bureau of Economic Analysis [Seasonally adjusted at annual rates] Billions of chained (1992) dollars Level Percent change from preceding quarter Change from preceding quarter 1998 1999 Table 2.—Contributions to Percent Change in Real Gross Domestic Product 1999 1998 1999 I [Seasonally adjusted at annual rates] Gross domestic product 7,759.6 Less: Exports of goods and services Plus: Imports of goods and services 996.5 -19.8 1,300.1 26.9 Equals-. Gross domestic purchases ... 8,027.8 Nonfarm Farm Equals-. Final sales to domestic purchasers Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic fixed investment Nonresidential fixed investment Structures Producers' durable equipment Residential investment Government consumption expenditures and gross investment Federal ... National defense Nondefense State and local Addendum: Final sales of domestic product 33.9 73.7 38.7 -53.2 35.1 -56.0 3.4 3.6 81.9 1.8 3.7 6.0 4.3 44.3 -13.1 35.3 40.5 -7.7 9.3 -2.8 2.3 19.7 12.0 -5.1 13.5 80.2 102.5 126.5 3.9 4.2 5.4 6.6 67.9 111.2 -6.8 7.0 17.5 -11.5 17.1 -9.5 -1.9 -5.5 -2.4 ^3.6 6.7 3.3 6.0 6.8 6.1 11.2 5.3 5.4 13.4 12.8 -2.3 18.8 15.0 4.1 2.4 2.1 5.4 2.2 -.7 .2 -1.0 9.9 5.0 24.5 4.2 1.7 13.2 14.6 6.0 17.8 10.0 6.7 12.9 9.5 4.1 10.5 8.5 5.7 9.5 15.4 13.6 -2.2 -5.2 2.8 15.8 3.7 1.5 7.3 -1.4 9.9 4.3 2.6 -11.5 1.8 3.1 3.3 7.3 1.3 19.8 1.3 4.2 -1.9 -6.6 7.4 7.7 86.5 4.6 6.6 4.6 7,983.6 124.2 63.4 112.7 131.1 5,331.9 798.9 1,600.9 2,946.8 1,344.0 1,012.2 207.8 819.8 335.9 75.1 19.1 19.7 37.5 39.2 28.5 -1.2 32.5 10.6 51.6 4.3 8.2 38.0 6.8 -1.7 .1 -2.0 7.4 64.2 41.3 16.0 12.4 40.1 33.2 3.0 32.2 7.6 85.9 23.9 35.8 29.6 33.0 20.3 2.8 18.3 11.8 1,323.9 458.4 299.4 158.0 865.8 11.8 8.0 7.0 1.0 3.8 4.8 -1.6 3.2 -4.5 6.4 10.7 8.1 1.1 6.8 2.7 7,715.4 83.9 51.2 121.3 2.8 NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates usually are not additive. Chained (1992) dollar levels and residuals, which measure the extent of nonadditivity in each table, are in NIPA tables 1.2, 1.4, and 1.6. Percent changes are calculated from unrounded data. Percent changes in major aggregates are in NIPA table 8.1. (See "Selected NIPA Tables," which begins on page D-2 of this issue.) 1998 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures ............ Durable goods Nondurable goods ......... Services Gross private domestic investment Fixed investment Nonresidential Structures Producers' durable equipment Residential Change in business inventories .............. Net exports of goods and services .... Exports . Goods Services . Imports Goods Services . Government consumption expenditures and gross investment Federal National defense Nondefense State and local 1999 1.8 3.7 6.0 4.3 4.09 .91 1.01 2.14 -.75 1.95 1.35 -.07 1.42 .60 -2.66 -2.08 -.92 -.98 .06 -1.18 -1.19 .01 2.78 .20 .42 2.15 1.22 .33 -.08 .01 -.09 .41 .89 -.62 -.32 .04 -.36 -.30 -.32 .01 3.48 1.90 .84 .74 1.42 1.95 1.52 .17 1.35 .43 -.53 .52 2.02 1.76 .26 -1.50 -1.46 -.04 4.56 1.09 1.77 1.70 1.31 1.58 .91 .15 .76 .66 -.27 -2.23 -.58 -.68 .10 -1.65 -1.42 -.23 .64 .44 .38 .06 .20 .27 -.09 .17 -.26 .35 .60 .44 .06 .38 .16 .70 -.08 -.23 .14 .78 NOTE.-NIPA table 8.2 also shows contributions for 1997:1 V and 1998:1. SURVEY OF CURRENT BUSINESS 2 • July 1999 was moderated by an increase in imports and a decrease in exports.2 The "final" estimate of the change in real GDP is 0.2 percentage point more than the 4.1-percent increase indicated by the "preliminary'' estimate reported in the June "Business Situation" (table 3). For 1978-97, the average revision— 2. Imports are subtracted in the calculation of GDP. Table 3.—Revisions to Change in Real Gross Domestic Product and Prices, First Quarter 1999 [Seasonally adjusted at annual rates] Percent change from preceding quarter Preliminary Final Final estimate minus preliminary estimate Percentage points Billions of chained (1992) dollars Contribution to percent change in real GDP Percentage points 4.1 4.3 0.2 4.9 Less: Exports of goods and services . Goods Services -6.8 -11.5 5.5 6. -8.7 4.3 1.7 2.8 -1.2 4.5 5.8 -.7 .20 .27 -.08 Plus: Imports of goods and services . Goods Services 14.2 15.2 8.9 13.5 13.8 11.8 -.7 -1.4 2.9 -2.0 ^.4 1.2 .16 -.05 Equals: Gross domestic purchases 6.6 6.6 Gross domestic product .11 -.5 -.3 .4 Change in business inventories . Nonfarm Farm -.04 -.8 6.9 6.8 6.8 12.9 9.4 4.3 6.7 12.9 9.5 4.1 -.1 0 .1 -.2 -1.2 .1 .3 -1.4 -.02 .02 -.01 -.03 Private fixed investment Nonresidential Structures Producers' durable equipment. Residential 10.0 7.9 2.9 9.7 15.4 10.5 8.5 5.7 9.5 15.4 .5 .6 2.8 -.2 0 1.3 1.4 1.4 -.5 0 .07 .06 .07 0 0 Government consumption expenditures and gross investment Federal National defense Nondefense State and local 4.3 -1.7 -6.6 8.1 7.7 4.2 -1.9 -.1 -.2 0 -.7 0 -.3 -.2 0 -.3 -.1 -.05 .02 .04 -.03 -.07 4.3 4.3 1.1 1.5 4.6 4.4 1.2 1.6 Equals-. Final sales to domestic purchasers. Personal consumption expenditures Durable goods Nondurable goods Services . Addenda: Final sales of domestic product Gross national product Gross domestic purchases price index ! ... GDP price index l -*.6 7.4 7.7 5.2 7.3 1. Based on chained-type annual (1992) weights. NOTE.—The final estimates for the first quarter of 1999 incorporate the following revised or additional major source data that were not available when the preliminary estimates were prepared. Personal consumption expenditures: Revised retail sales for March. Nonresidential fixed investment: Revised construction put in place for February and March and revised manufacturers' shipments of machinery and equipment for March. Residential fixed investment: Revised construction put in place for February and March. Change in business inventories: Revised manufacturing and trade for March. Exports and imports of goods and services: Revised exports and imports of goods and services for October 1998 through March 1999 and revised seasonal factors. Government consumption expenditures and gross investment: Revised State and local construction put in place for February and March. Wages and salaries: Revised employment, average hourly earnings, and average weekly hours for October 1998 through March 1999 and revised seasonal factors. GDP prices: Revised export and import prices for January through March, revised values and quantities of petroleum imports for March, and revised prices of single-family homes under construction for the first quarter. The revised source data for exports and imports of goods and services and for wages and salaries reflect annual revisions to the balance of payments accounts and to the Bureau of Labor Statistics establishment survey data, respectively. These data have been incorporated into the NIPA estimates on a "best-change" basis beginning with January 1999. The levels of the revised source data will be incorporated at the time of the next comprehensive revision of the NIPA's, which is scheduled for release at the end of October. ^ without regard to sign—from the preliminary estimate to the final estimate is 0.3 percentage point. The upward revision to real GDP was more than accounted for by an upward revision to exports and a downward revision to imports. The revisions to exports and imports reflect the incorporation (on a "best-change" basis) of source data from the annual revision of the balance of payments accounts; see "U.S. International Transactions, Revised Estimates for 1982-1998" in this issue.3 Real gross domestic purchases increased 6.6 percent, the same as the preliminary estimate; in the fourth quarter, this measure increased 5.4 percent.4 Real final sales of domestic product increased 4.6 percent, 0.3 percentage point more than the preliminary estimate; in the fourth quarter, it increased 6.6 percent.5 The price index for gross domestic purchases increased 1.2 percent, 0.1 percentage point more than the preliminary estimate; in the fourth quarter, the index increased 0.9 percent. The revision was more than accounted for by an upward revision to energy prices. The price index for GDP increased 1.6 percent, also 0.1 percentage point more than the preliminary estimate; in the fourth quarter, the index increased 0.8 percent. In the first quarter, the price index for gross domestic purchases increased less than the price index for GDP because import prices decreased more than export prices.6 Real disposable personal income (DPI) increased 3.5 percent, 0.8 percentage point less than the preliminary estimate. Current-dollar DPI increased 4.8 percent, 0.6 percentage point less than the preliminary estimate. The downward revision to DPI was primarily accounted for by an upward revision to personal tax and nontax payments that reflected the incorporation of newly available data on Federal income tax collections from the Monthly Treasury Statement and updated projections of tax collections from the Department of Treasury. (The updated projections were used 3. The final NIPA estimates of exports and imports in the first quarter incorporate the quarterly change implied by the revised balance of payments estimates. The quarterly levels of the revised balance of payments estimates will be incorporated at the time of the next comprehensive revision of the NIPA'S, which is scheduled for release at the end of October. 4. Gross domestic purchases—a measure of purchases by U.S. residents regardless of where the purchased goods and services were produced—is calculated as GDP less exports of goods and services plus imports of goods and services; it may also be calculated as the sum of personal consumption expenditures, private fixed investment, and government consumption expenditures and gross investment. 5. Final sales of domestic product is calculated as GDP less change in business inventories. 6. Import prices are included in gross domestic purchases prices but not in GDP prices, and export prices are included in GDP prices but not in gross domestic purchases prices. SURVEY OF CURRENT BUSINESS to derive new 1999 estimates of certain components of nonwithheld taxes; these estimates were then distributed evenly over the year, which resulted in an upward revision to first-quarter taxes.) Personal income was revised down only slightly. The personal saving rate-personal saving as a percentage of current-dollar DPi-decreased to negative 0.7 percent, 0.1 percentage point lower than the preliminary estimate. The first-quarter rate was the first negative rate since the quarterly series began in 1946; in the fourth quarter, the rate was 0.0 percent. (For additional information, see "Note on the Personal Saving Rate" in the February 1999 SURVEY OF CURRENT July 1999 • quarter, command-basis GNP and real GNP increased at the same rate- 6.3 percent—reflecting little change in the terms of trade. Corporate Profits According to revised estimates, profits from current production increased $47.1 billion (or 5.7 percent at a quarterly rate) in the first quarter after decreasing $5.3 billion (0.6 percent) in the fourth quarter (table 5).9 Profits of domestic nonfinancial corporations increased $29.0 billion (4.9 percent) after decreasing $12.7 billion (2.1 percent); the increase reflected an increase in profits per unit and an increase in real product. The increase in profits per unit, in turn, mainly reflected a decrease in unit costs. Profits of domestic financial corporations increased $13.4 billion (10.3 percent) after increasing $0.6 billion (0.5 percent). Profits from the rest of the world increased $4.6 billion (4.7 percent) after increasing $6.9 billion (7.6 percent); the first-quarter BUSINESS.) Gross national product(GNp).—In the first quarter, real GNP—goods and services produced by labor and property supplied by U.S. residents— increased 4.4 percent, 0.1 percentage point more than real GDP (chart 1 and table 4 ) / Receipts of factor income from the rest of the world increased more than payments of factor income; both increases were more than accounted for by corporate profits. Real GNP on a command basis, which measures the goods and services produced by the U.S. economy in terms of their purchasing power, increased more than real GNP—4.7 percent, compared with 4.4 percent—reflecting an improvement in the terms of trade.8 In the fourth The terms of trade is a measure of the relationship between the prices that are received by U.S. producers for exports of goods and services and the prices that are paid by U.S. purchasers for imports of goods and services. It is measured by the following ratio, with the decimal point shifted two places to the right: In the numerator, the IPD for the sum of exports of goods and services and of receipts of factor income; in the denominator, the IPD for the sum of imports of goods and services and of payments of factor income. Changes in the terms of trade reflect the interaction of several factors, including movements in exchange rates, changes in the composition of the traded goods and services, and changes in producers' profit margins. For example, if the U.S. dollar depreciates against a foreign currency, a foreign manufacturer may choose to absorb this cost by reducing the profit margin on the product it sells to the United States, or it may choose to raise the price of the product and risk a loss in market share. 9. Profits from current production is estimated as the sum of profits before tax, the inventory valuation adjustment, and the capital consumption adjustment; it is shown in NIPA tables 1.9,1.14,1.16, and 6.16c (see "Selected NIPA Tables," which begins on page D-2 of this issue) as corporate profits with inventory valuation and capital consumption adjustments. Percent changes in profits are shown at quarterly, not annual, rates. 7. GNP equals GDP plus receipts of factor income from the rest of the world less payments of factor income to the rest of the world. 8. In the estimation of command-basis GNP, the current-dollar value of the sum of exports of goods and services and of receipts of factor income is deflated by the implicit price deflator (IPD) for the sum of imports of goods and services and of payments of factor income. Table 4.—Relation of Real Gross Domestic Product, Real Gross National Product, and Real Command-Basis Gross National Product [Seasonally adjusted at annual rates] EMillions of chained (1992) dollars Percent change from preceding /iiiortor Level Change from preceding quarter 1QQQ 1998 1999 I Gross domestic product Plus: Receipts of factor income from the rest of the world Less: Payments of factor income to the rest of the world Equals: Gross national product 1999 1998 IV III II II I III I IV 7,759.6 33.9 67.9 111.2 81.9 1.8 3.7 6.0 4.3 242.8 255.3 0 3.2 -5.3 1.8 4.7 -.7 2.4 1.4 0 5.2 -8.5 2.9 8.1 -1.1 4.2 2.2 7,746.3 30.7 60.8 116.6 83.0 1.7 3.3 6.3 4.4 48.1 -9.8 -6.1 -4.1 17.0 -3.1 Less: Exports of goods and services and receipts of factor income from the rest of the world Plus: Command-basis exports of goods and services and receipts of factor income 1,239.4 -19.1 -12.6 1,320.8 -13.1 -8.3 49.1 -8.4 -4.0 -2.5 16.3 -1.0 Equals: Command-basis gross national product. 7,827.7 36.7 65.1 117.5 89.5 2.0 3.5 6.3 4.7 106.6 .5 .5 -.2 .6 1.9 1.9 -.8 2.3 Addendum: Terms of trade l 1. Calculated as the ratio of the implicit price deflator for the sum of exports of goods and services and of receipts of factor income to the corresponding implicit price deflator for imports with the decimal point shifted two places to the right, NOTE.-4.evels of these series are in NIPA tables 1.10 and 1.11. 3 SURVEY OF CURRENT BUSINESS 4 • July 1999 increase was more than accounted for by receipts of earnings from foreign affiliates.10 The revised estimate of profits from current production is $15.3 billion higher than the preliminary estimate. Profits of domestic nonfinancial corporations were revised up $9.3 billion, and profits of domestic financial corporations were revised up $4.3 billion. Profits from the rest of the world were revised up $1.6 billion; an upward revision to receipts was larger than an upward revision to payments. Cash flow from current production, a profitsrelated measure of internally generated funds available for investment, increased $34.7 billion after increasing $4.9 billion.11 The ratio of cash flow to nonresidential fixed investment, an indicator of the share of the current level of investment that could be financed by internally generated funds, increased to 87.1 percent from 84.9 percent, but it remained below its average level of 91.9 percent in 1991-97. Domestic industry profits and related measures.— Domestic industry profits increased $38.1billion in the first quarter after decreasing $17.5 billion in the fourth.12 Profits of domestic nonfinancial corporations increased $24.9 billion after decreasing $17.3 billion; the upturn partly reflected the pattern of payments by tobacco companies to States under the terms of various settlement agreements. To account for these payments, profits were reduced $13.5 billion (annual rate) in the fourth quarter and $0.9 billion in the first. (For more information, see the box "State Tobacco Settlements" on page 12 of the April 1999 SURVEY.) By industry, the largest contribution to the upturn in domestic nonfinancial corporate profits was made by food and kindred products, which increased $10.9 billion after decreasing $14.5 bil- 10. Profits from the rest of the world is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. These estimates include capital consumption adjustments (but not inventory valuation adjustments) and are derived from BEA'S international transactions accounts. 11. Cash flow from current production is undistributed profits with inventory valuation and capital consumption adjustments plus the consumption of fixed capital. 12. Domestic industry profits are estimated as the sum of corporate profits before tax and the inventory valuation adjustment; they are shown in NIPA table 6.16c (on page D-16 of this issue). Estimates of the capital consumption adjustment do not exist at a detailed industry level; they are available only for total financial and total nonfinancial industries. Table 5.—Corporate Profits [Seasonally adjusted] Billions of dollars (annual rate) Level Percent change (quarterly rate) Change from preceding quarter 1999 1998 1999 1999 IV -6.6 -7.3 -1.2 1998 I -5.3 -12.1 .6 -12.7 6.9 10.1 3.3 47.1 42.5 13.4 29.0 4.6 10.9 6.3 -1.0 -1.0 -1.0 -1.0 -1.3 -.1 2.4 0.8 1.9 -.4 2.4 -7.6 -5.8 3.9 -0.6 -1.3 -.1 1.2 6.4 13.7 -.6 14.3 -7.4 -5.5 1.8 -2.1 7.6 7.2 6.4 5.7 5.9 10.3 4.9 4.7 7.2 11.7 11.6 104.6 752.6 250.7 501.9 -17.5 4.5 4.4 1.7 2.6 3.9 5.4 -3.0 1.6 -4.5 1.7 5.4 -12.4 -7.6 -4.8 -1.8 4.4 44.5 15.1 29.4 .6 .7 .6 -.4 .6 -1.0 -1.7 -0.1 -1.0 6.3 6.4 6.2 Cash flow from current production 847.5 -5.8 9.2 4.9 34.7 -.7 1.2 .6 4.3 Domestic industry profits: Corporate profits of domestic industries with IVA . Financial Nonfinancial Manufacturing Transportation and public utilities Wholesale trade Retail trade Other 662.8 146.2 516.6 195.5 94.1 50.0 73.0 103.9 -11.9 -1.9 -9.9 -2.5 8.3 -1.2 -17.5 -.2 -17.3 -10.5 -3.0 -7.6 -.3 4.2 38.1 13.2 24.9 11.0 4.4 3.7 6.2 -.5 -1.8 -1.4 -1.9 -1.2 -4.Q 3.8 .1 -5.2 1.3 -.9 1.9 .2 6.0 .7 -.4 3.9 -2.7 -.1 -3.4 ^5.4 -4.2 -14.1 -.6 4.2 6.1 9.9 5.1 6.0 4.9 7.9 9.4 -.5 -O.002 .001 .003 -.005 0.001 0 -.004 .004 Profits from current production . Domestic industries Financial Nonfinancial Rest of the world Receipts (inflows) Payments (outflows) IVA CCAdj Profits before tax Profits tax liability Profits after tax .... 767.4 143.5 623.8 101.4 161.5 60.1 -6.1 -42 2.0 0 -5.3 9.5 .4 5.2 .4 -.3 3.7 Dollars Unit price, costs, and profits of nonfinancial corporations: Unit price Unit labor cost Unit nonlabor cost Unit profits from current production 1.061 .700 .224 .137 0 .002 .000 -.003 1. Quarterly percent changes are not annualized. NOTE.-Levels of these and other profits series are in NIPA tables 1.14,1.16, 6.16C, and 7.15. 0.001 0 -.001 .002 IVA Inventory valuation adjustment CCAdj Capital consumption adjustment -1.6 .5 SURVEY OF CURRENT BUSINESS lion. Smaller upturns were posted by wholesale and retail trade and by the transportation and public utilities group, which includes communications. These upturns were partly offset by downturns in the industrial machinery, electronic equipment, and "other" durable goods industries. Profits of domestic financial corporations increased $13.2 billion after decreasing $0.2 billion. The largest contribution to the upturn was made by commercial banks. Profits before tax (PBT) increased $44.5 billion after decreasing $12.4 billion. The difference between the $44.5 billion increase in PBT and the $47.1 billion increase in profits from current production reflected changes in the inventory valuation adjustment that were partly offset by changes in the capital consumption adjustment. The inventory valuation adjustment removes inventory profits and losses from business income; in the first quarter, inventory losses decreased $1.8 billion.13 The capital consumption adjustment converts depreciation that is valued at historical cost and based on service lives and depreciation patterns specified in the tax code to depreciation that is valued at replacement cost and based on empirical evidence on the prices of used equipment and structures in resale markets; in the first quarter, the capital consumption adjustment increased $4.4 billion.14 Q 13. As prices change, companies that value inventory withdrawals at original acquisition (historical) costs may realize inventory profits or losses. Inventory profits—a capital-gains-like element in profits—result from an increase in inventory prices, and inventory losses—a capital-loss-like element in profits—result from a decrease in inventory prices. In the NIPA'S, inventory profits or losses are removed from business incomes by the inventory valuation adjustment (IVA); a negative IVA removes inventory profits, and a positive IVA removes inventory losses. 14. For information on depreciation in the NIPA'S, see Arnold J. Katz and Shelby W. Herman, "Improved Estimates of Fixed Reproducible Tangible Wealth, 1929-95," SURVEY 77 (May 1997): 69-92. July 1999 • 5 SURVEY OF CURRENT BUSINESS July 1999 Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade TABLES 1, 2, and 3 show quarterly and monthly estimates of real inventories, sales, and inventory-sales ratios, respectively. Table 4 shows real manufacturing inventories by stage of fabrication. Real estimates are in chained (1992) dollars. Data availability Quarterly estimates for 1994:^-1998:11 of real manufacturing and trade inventories, sales, and inventorysales ratios and of real manufacturing inventories by stage of fabrication were published in the October 1998 SURVEY OF CURRENT BUSINESS. The estimates for 1998:111 were published in the April 1999 SURVEY. The estimates for 1959-98:1 are available as downloadablefileson BEA'S Web site at <www.bea.doc.gov>; click on Catalog of Products, look under National, National Income and Product Accounts, 1998 Underlying NIPA Historical, and click "Free download." The estimates for 1959-98:1 are also available on diskette from BEA: Product number NDN-0211, price $60.00. To order using Visa or MasterCard, call the BEA Order Desk at 1-800-704-0415 (outside the United States, 202-606-9666). To order by mail, send a check made payable to "Bureau of Economic Analysis, BE-53" to BEA Order Desk (BE-53), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. Table 1.—Real Manufacturing and Trade Inventories, Seasonally Adjusted, End of Period Table 2.—Real Manufacturing and Trade Sales, Seasonally Adjusted at Monthly Rate [Billions of chained (1992) dollars] [Billions of chained (1992) dollars] Nov. Manufacturing and trade Dec. Jan.' Feb.- Mar/ 455.1 454.3 458.2 455.1 454.2 454.4 454.3 453.7 Durable goods Primary metal industries Fabricated metal products Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Motor vehicles and equipment Other transportation equipment ... Other durable goods 1 „ 289.8 23.7 29.3 64.7 289.4 23.1 29.5 65.5 291.6 23.7 29.4 65.0 289.8 23.7 29.3 64.7 288.7 23.6 29.5 65.0 289.6 23.5 29.5 65.1 289.4 23.1 29.5 65.5 288.5 23.0 29.6 65.3 42.2 70.9 15.6 55.2 59.6 42.9 68.9 15.7 53.2 60.3 42.6 71.4 15.5 55.9 60.0 42.2 70.9 15.6 55.2 59.6 42.0 69.2 15.4 53.8 60.0 42.5 69.3 15.3 54.1 60.2 42.9 68.9 15.7 53.2 60.3 43.1 68.0 15.3 52.7 60.3 Nondurable goods Food and kindred products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastic products Other nondurable goods 2 '. .'... 165.4 35.1 15.1 43.4 12.2 165.0 35.9 15.0 43.4 12.0 166.7 35.1 15.1 44.1 13.1 165.4 35.1 15.1 43.4 12.2 165.7 35.5 15.0 43.7 12.4 165.0 35.8 14.9 43.7 11.8 165.0 35.9 15.0 43.4 12.0 165.3 36.3 14.9 43.8 11.6 15.8 43.3 15.8 42.4 15.9 43.3 15.8 43.3 15.9 42.9 15.9 42.4 15.8 42.4 15.8 42.3 278.8 281.0 277.3 278.8 278.3 280.3 281.0 281.5 179.8 99.2 30.1 69.5 181.5 99.8 31.5 68.8 178.5 99.1 30.5 179.8 99,2 30.1 69.5 180.1 98.4 30.1 68.8 181.2 99.4 30.6 69.2 181.5 99.8 31.5 68.8 180.9 100.8 32.4 305.7 309.7 306.3 305.7 308.7 307.7 309.7 311.6 158.4 73.8 84.8 147.1 29.1 118.0 160.0 74.1 86.1 149.5 29.6 119.9 159.7 75.8 84.0 146.4 29.3 117.1 158.4 73.8 84.8 147.1 29.1 118.0 160.5 74.9 85.8 147.9 29.5 118.5 158.8 73.4 85.6 148.8 29.6 119.2 160.0 74.1 86.1 149.5 29.6 119.9 162.0 75.6 86.6 Manufacturing Durable goods NonourflDiG QOOQS . Groceries and farm products . Other nondurable goods Retail trade . Durable goods Motor vehicle dealers 3 .... Other durable goods 3 Nondurable goods Food stores Other nondurable goods. 149.4 29.4 120.0 * Preliminary. r Revised. 1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and related products; and miscellaneous manufacturing industries. 2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather and leather products. 3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers. Beginning with 1981, these inventories are included in "other durable goods." NOTES.—Manufacturing inventories are classified by the type of product produced by the establishment holding the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory. Chained (1992) dollar inventory series are calculated as the product of the chain-type quantity index and the average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. Jan/ Nov. Dec. 772.8 789.8 771.6 781.4 779.7 791.4 330.2 334.4 329.5 333.5 330.9 333.8 Durable goods Primary metal industries Fabricated metal products Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Motor vehicles and equipment Other transportation equipment ... Other durable goods J 195.6 13.5 18.5 50.2 197.3 13.9 18.6 51.0 195.6 13.5 18.6 49.9 196.8 13.5 18.7 50.6 195.7 13.8 18.7 50.5 196.2 13.8 18.6 51.1 200.0 14.1 18.6 51.4 199.2 13.8 18.6 33.9 44.7 29.5 15.2 37.8 34.1 44.6 30.3 14.2 38.4 33.9 44.9 29.3 15.6 37.9 34.3 44.6 29.9 14.6 38.3 34.2 43.9 29.9 14.0 37.9 33.7 44.0 30.0 14.1 38.5 34.5 45.7 31.1 14.6 39.0 35.1 44.3 30.1 14.2 38.6 Nondurable goods Food and kindred products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastic products Other nondurable goods 2 135.7 38.1 12.1 28.1 14.5 138.1 38.4 12.3 28.5 15.9 135.0 38.0 12.1 27.9 14.0 137.7 38.4 12.3 28.9 15.6 136.3 37.9 12.2 27.9 15.0 138.6 38.4 12.4 28.6 16.0 139.5 38.8 12.1 28.9 16.7 137.1 38.4 12.1 28.8 14.0 12.4 30.6 12.7 31.0 12.3 30.7 12.5 30.5 12.3 31.2 12.8 30.9 12.8 30.9 12.5 31.1 Apr* 1,039.3 1,044.9 1,041.6 1,039.3 1,041.1 1,042.3 1,044.9 1,046.8 Manufacturing and trade . Manufacturing Merchant wholesalers . Durable goods Nondurable goods Groceries and farm products . Other nondurable goods Retail trade . Durable goods Motor vehicle dealers 3 ... Other durable goods 3 .... Nondurable goods Food stores Other nondurable goods. Feb." Mar/ 798.3 Apr." 791.0 335.1 213.1 217.2 212.7 216.3 213.7 217.8 220.2 217.7 111.8 101.2 35.9 65.6 116.1 101.1 35.2 66.1 111.4 101.3 36.0 65.5 113.2 103.0 35.9 67.3 113.7 99.9 34.4 116.9 101.0 35,5 65.8 117.7 102.5 35.8 117.7 100.0 35.7 64.5 230.1 238.8 230.0 232.2 235.7 240.4 240.3 238.9 96.0 48.2 48.5 133.9 34.3 101.1 50.7 51.2 95.7 47.9 48.5 134.1 34.4 99.7 97.3 49.0 49.0 134.7 34.4 100.3 99.4 49.7 50.5 102.5 51.5 51.8 136.1 34.1 102.1 137.7 34.6 101.6 50.9 51.5 138.5 34.7 104.0 100.9 50.3 51.5 137.8 34.3 103.7 137.4 34.4 103.1 103.2 p Preliminary. r Revised. 1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and related products; and miscellaneous manufacturing industries. 2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather and leather products. 3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers. Beginning with 1981, these inventories are included in "other durable goods." current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. July 1999 SURVEY OF CURRENT BUSINESS Table 3.—Real Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted Table 4.—Real Manufacturing Inventories by Stage of Fabrication, Seasonally Adjusted, End of Period [Ratio, based on chained (1992) dollars] [Billions of chained (1992) dollars] 1999 1999 Nov. Manufacturing and trade Manufacturing Durable goods Primary metal industries Fabricated metal products Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Motor vehicles and equipment.... Other transportation equipment .. Other durable goods 1 Nondurable goods Food and kindred products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastic Other nondurable goods^".'.".".";.".'."! Merchant wholesalers Durable goods Nondurable goods Groceries and farm products Other nondurable goods Retail trade Durable goods Motor vehicle dealers 3 Other durable goods 3 Nondurable goods Food stores Other nondurable goods Dec. Jan.' Feb.' Mar.' Apr." 1.35 1.32 1.35 1.33 1.34 1.32 1.31 1.32 1.38 1.36 1.39 1.37 1.37 1.36 1.34 1.35 1.48 1.75 1.58 1.29 1.47 1.66 1.59 1.29 1.49 1.76 1.59 1.30 1.47 1.76 1.57 1.28 1.48 1.71 1.58 1.29 1.48 1.71 1.59 1.28 1.45 1.64 1.59 1.27 1.45 1.67 1.59 1.25 1.25 1.59 .53 3.64 1.58 1.26 1.55 .52 3.74 1.57 1.26 1.59 .53 3.59 1.58 1.23 1.59 .52 3.77 1.56 1.23 1.58 .51 3.85 1.58 1.26 1.57 .51 3.85 1.57 1.24 1.51 .50 3.64 1.55 1.23 1.53 .51 3.71 1.56 1.22 .92 1.24 1.55 .84 1.20 .94 1.22 1.53 .76 1.23 .92 1.25 1.58 .94 1.20 .92 1.23 1.50 .79 1.22 .94 1.23 1.57 .82 1.19 .93 1.20 1.53 .74 1.18 .93 1.23 1.50 .72 1.21 .94 1.23 1.52 .82 1.28 1.42 1.25 1.37 1.29 1.41 1.27 1.42 1.29 1.38 1.23 1.37 1.23 1.37 1.27 1.36 1.31 1.29 1.30 1.29 1.30 1.29 1.28 1.29 1.61 .98 .84 1.06 1.56 1.59 .96 .84 1.58 .99 .87 1.55 .98 .86 1.04 1.60 .98 .85 1.05 1.03 1.05 1.05 1.54 .97 .88 1.03 1.54 1.01 .91 1.07 1.33 1.30 1.33 1.32 1.31 1.28 1.29 1.30 1.65 1.53 1.75 1.10 .85 1.18 1.58 1.46 1.68 1.09 .86 1.16 1.67 1.58 1.73 1.09 .85 1.17 1.63 1.51 1.73 1.09 .85 1.18 1.62 1.51 1.70 1.09 .86 1.16 1.55 1.43 1.65 1.08 .86 1.16 1.58 1.46 1.67 1.08 .85 1.15 1.61 1.50 1.68 1.08 .86 1.16 p Preliminary. ' Revised. 1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and related products; and miscellaneous manufacturing industries. 2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather and leather products. 3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers. Beginning with 1981, these inventories are included in "other durable goods." NOTE.—Manufacturing inventories are classified by the type of product produced by the establishment holding the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory. 1999 Nov. Dec. Jan.' Feb.' Mar. Apr." Materials and supplies Manufacturing Durable goods Primary metal industries Fabricated metal products Industrial machinery and equipment Electronic and other electric equipment Motor vehicles and equipment Other transportation equipment ... Other durable goods' Nondurable goods Food and kindred products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastic products Other nondurable goods 2 149.8 150.0 151.3 149.8 150.0 150.3 150.0 149.2 8.1 10.0 19.3 90.1 7.9 10.1 19.9 90.3 8.1 10.2 19.3 8.1 10.0 19.3 89.5 8.0 10.0 19.6 90.1 7.9 10.1 19.5 90.1 7.9 10.1 19.9 7.8 10.1 19.7 15.9 7.0 7.1 22.0 16.1 7.0 7.1 22.3 16.1 7.0 7.5 22.3 15.9 7.0 7.1 22.0 15.9 7.1 7.1 22.0 16.1 7.3 7.2 22.2 16.1 7.0 7.1 22.3 16.0 7.2 6.8 22.2 60.8 10.9 7.4 14.2 3.7 60.0 11.3 7.3 14.1 3.6 61.1 10.9 7.4 14.0 4.4 60.8 10.9 7.4 14.2 3.7 60.7 11.1 7.4 14.3 3.7 60.3 11.1 7.3 14.2 3.7 60.0 11.3 7.3 14.1 3.6 59.7 11.2 7.3 14.2 3.4 6.5 17.9 6.4 17.1 6.5 17.9 6.5 17.9 6.5 17.6 6.5 17.4 6.4 17.1 6.4 16.9 148.0 146.4 149.3 148.0 146.6 146.7 146.4 146.7 119.6 7.9 8.7 24.7 117.5 7.7 8.7 24.5 120.4 7.9 8.8 24.9 119.6 7.9 8.7 24.7 117.9 7.9 8.7 24.7 118.0 7.9 8.7 25.0 117.5 7.7 8.7 24.5 116.8 7.6 8.6 24.6 14.8 5.1 43.4 15.1 15.1 5.1 41.6 15.0 15.1 4.7 44.0 15.1 14.8 5.1 43.4 15.1 14.9 4.6 42.1 15.1 15.0 4.2 42.4 15.1 15.1 5.1 41.6 15.0 15.4 4.3 41.4 15.2 28.3 5.4 1.5 8.0 2.9 28.7 5.7 1.6 8.1 2.8 28.7 5.3 1.5 8.5 3.0 28.3 5.4 1.5 8.0 2.9 28.5 5.5 1.5 8.0 2.8 28.6 5.7 1.6 8.1 2.7 28.7 5.7 1.6 8.1 2.8 29.7 6.1 1.5 8.4 2.8 2.2 8.4 2.2 8.3 2.2 8.3 2.2 8.4 2.2 8.4 2.2 8.2 2.2 8.3 2.2 8.5 Work*! n-process Manufacturing Durable goods Primary metal industries Fabricated metal products Industrial machinery and equipment Electronic and other electric equipment Motor vehicles and equipment Other transportation equipment Other durable goods» Nondurable goods Food and kindred products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastic ahernondurabiegoods2"".!!'.!'.!!'.!'.! Finished goods 157.3 157.8 157.6 157.3 157.6 157.4 157.8 157.8 Durable goods Primary metal industries Fabricated metal products Industrial machinery and equipment Electronic and other electric equipment Motor vehicles and equipment Other transportation equipment Other durable goods 1 81.1 7.8 10.6 20.8 81.7 7.5 10.8 21.1 80.9 7.7 10.5 21.0 81.1 7.8 10.6 20.8 81.2 7.7 10.8 20.7 81.5 7.7 10.7 20.7 81.7 7.5 10.8 21.1 82.1 7.6 11.4 3.6 4.7 22.4 11.7 3.6 4.5 22.8 11.4 3.7 4.4 22.5 11.4 3.6 4.7 22.4 11.1 3.6 4.6 22.7 11.5 3.7 4.5 22.8 11.7 3.6 4.5 22.8 22.9 Nondurable goods Food and kindred products Paper and allied products Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastic products Other nondurable goods 2 76.4 18.8 6.2 21.3 5.7 76.3 19.0 76.4 18.8 6.1 21.3 5.5 76.9 18.9 6.3 21.6 5.7 6.2 21.3 5.7 76.6 18.9 6.1 21.4 5.9 76.1 19.0 6.1 21.4 5.5 76.3 19.0 . 6.1 21.3 5.5 76.0 19.0 6.1 21.2 5.4 7.2 17.1 7.2 17.0 7.2 17.0 7.2 17.1 7.2 17.0 7.2 16.7 7.2 17.0 7.2 16.9 Manufacturing 10.9 21.0 11.6 3.8 4.5 Preliminary. 1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and related products; and miscellaneous manufacturing industries. 2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather and leather products. NOTES.—Manufacturing inventories are classified by the type of product produced by the establishment holding the inventory. Chained (1992) dollar inventory series are calculated as the product of the chain-type quantity index and the average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. 8 SURVEY OF CURRENT BUSINESS July 1999 U.S. Multinational Companies: Operations in 1997 By Raymond J. Mataloni, Jr. HE COMBINED domestic and foreign operations of nonbank U.S. multinational companies (MNC'S) continued to grow at a strong pace in 1997, according to preliminary estimates from the annual survey of U.S. direct investment abroad conducted by the Bureau of Economic Analysis (BEA).1 Current-dollar estimates of the worldwide T 1. The year 1989 is used for comparison because it was a benchmark survey year for U.S. direct investment abroad and because before 1994, gross product estimates (which are the basis for much of the analysis in this article) were only available for U.S. parents in the years covered by benchmark surveys. In addition, in 1989, like in 1997, economic growth continued in the United States and in most major host countries. gross product of U.S. MNC'S (U.S. parents and majority-owned foreign affiliates (MOFA'S) combined) increased 5.6 percent in 1997, compared with an 8.1-percent increase in 1996 and an average annual increase of 5.5 percent from 1989 to 1996 (table 1). Two other key measures of MNC operations grew much faster in 1997 than in 198996. MNC employment increased 6.1 percent, This article presents highlights from the 1996 and 1997 annual surveys. More detailed estimates will be available later this year (see the box "Data Availability" on page 15). Table 1 .-Gross Product, Employment, and Capital Expenditures of Nonbank U.S. MNC's, U.S. Parents, and Foreign Affiliates, 1982-97 Affiliates MNC's worldwide Parents and all affiliates Parents and MOFA's MNC's worldwide Parents Total MOFA's Other Gross product Millions of dollars: 1982 1983 .. . 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 r 1996 1997P n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,019,734 n.a. n.a. n.a. n.a. n.a. n.a. 1,364,878 n.a. n.a. n.a. n.a. 1,717,488 1,831,046 1,978,948 2,089,796 n.a. n.a. n.a. n.a. 4.8 5.5 8.1 5.6 796,017 n.a. n.a. n.a. n.a. n.a. n.a. 1,044,884 n.a. n.a. n.a. n.a. 1,313,792 1,365,470 1,480,638 1,570,490 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 223,717 216,683 220,331 220,074 231,644 269,734 297,556 319,994 356,033 355,963 361,524 359,179 403,696 465,576 498,310 519,306 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Percent change at annual rates: 1982-96 1989-96 1995-96 1996-97 Number of employees Thousands: 1982 . . . 1983 1984 1985 1986 1987 1988 1989 1990 1991 pr Preliminary. Revised. n.a. Not available. 25,345 24,783 24,548 24,532 24,082 24,255 24,141 25,388 25,264 24,837 23,727 23,253 22,973 22,923 22,543 22,650 22,498 23,879 23,786 23,345 4.5 5.1 8.4 6.1 18,705 18,400 18,131 18,113 17,832 17,986 17,738 18,765 18,430 17,959 n.a. n.a. n.a. n.a. 6,640 6,383 6,418 6,419 6,250 6,270 6,404 6,622 6,834 6,878 5.9 6.5 7.0 4.2 5,022 4,854 4,842 4,810 4,711 4,664 4,761 5,114 5,356 5,387 Parents and all n.a. n.a. n.a. n.a. 1,618 1,530 1,576 1,609 1,539 1,605 1,643 1,508 1,478 1,492 1992 1993 1994 1995 19961997' Percent change at annual rates: 1982-96 1989-96 1995-96 1996-97 Parents and MOFA's Parents Total MOFA's Other 24,190 24,222 25,670 25,921 26,334 27,885 22,812 22,760 24,273 24,500 24,867 26,392 17,530 17,537 18,565 18,576 18,790 19,867 6,660 6,685 7,105 7,345 7,544 8,018 5,282 5,223 5,707 5,924 6,077 6,525 1,378 1,461 1,398 1,421 1,467 1,493 0.3 0.5 1.6 5.9 0.3 0.6 1.5 6.1 0.0 0.0 1.2 5.7 0.9 1.9 2.7 6.3 1.4 2.5 2.6 7.4 -0.7 -0.4 3.2 1.8 248,262 n.a. n.a. n.a. n.a. 328,240 n.a. n.a. n.a. 233,078 197,534 203,791 221,509 203,809 199,171 223,814 260,488 274,614 269,221 272,049 271,661 303,364 323,616 340,510 387,148 188,266 160,656 168,692 185,027 169,131 162,139 177,203 201,808 213,079 206,290 208,834 207,437 231,917 248,017 260,048 298,902 n.a. n.a. n.a. 44,812 36,878 35,099 36,482 34,678 37,032 46,611 58,680 61,535 62,931 63,215 64,224 71,447 75,599 80,462 88,246 15,184 n.a. n.a. n.a. n.a. n.a. n.a. 16,302 n.a. n.a. n.a. n.a. 24,876 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2.7 3.9 5.2 13.7 2.3 3.7 4.9 14.9 n.a. n.a. n.a. n.a. 4.2 4.6 6.4 9.7 n.a. n.a. n.a. n.a. Capital expenditures Millions of dollars: 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996' 1997' Percent change at annual rates: 1982-96 1989-96 1995-96 1996-97 n.a. n.a. n.a. n.a. n.a. n.a. 276,790 MNC Multinational company MOFA Majority-owned foreign affiliate n.a. n.a. n.a. n.a. n.a. n.a. 74,982 n.a. n.a. n.a. n.a. 96,323 SURVEY OF CURRENT BUSINESS July 1999 1996.2 These favorable economic conditions resulted in the expansion of existing MNC operations and the growth of MNC operations through acquiring or establishing other businesses, both in the United States and abroad. The upturn in new investment partly reflected the growing availability of investment opportunities abroad The strong growth in MNC operations in as a result of legal and economic changes—such 1997 reflected continued economic growth and as the privatization of electric utilities and telea strong upturn in new investments. In phone companies and the liberalization of direct 1997, real gross domestic product (GDP) in- investment policies in foreign host countries. creased 3.9 percent in the United States, up from a 3.4-percent increase in 1996; in major 2. The average real GDP growth rate for major host countries is a weighted average covering host countries that are members of the Organisation for host countries, real GDP increased 3.2 percent, Economic Co-Operation and Development; these countries hosted roughly on average, up from a 2.4-percent increase in 80 percent of MOFA gross product in 1997. compared with a 1.5-percent increase in 1996 and negligible growth in 1989-96. Capital expenditures increased 13.7 percent, compared with a 5.2-percent increase in 1996 and an average annual increase of 3.9 percent in 1989-96. Key Terms The following key terms are used to describe U.S. multinational companies (MNC'S) and their operations. For a comprehensive discussion of the terms and the concepts used, see Raymond J. Mataloni, Jr., "A Guide to BEA Statistics on U.S. Multinational Companies," SURVEY OF CURRENT BUSINESS 75 (March 1995): 38-55. U.S. MNC'S U.S. multinational company. The U.S. parent and its foreign affiliates. U.S. parent. A person, resident in the United States, who owns or controls 10 percent or more of the voting securities, or the equivalent, of a foreign business enterprise. "Person" is broadly defined to include any individual, branch, partnership, associated group, association, estate, trust, corporation or other organization (whether organized or not under the laws of any State), or any government entity. If incorporated, the U.S. parent is the fully consolidated U.S. enterprise consisting of (1) the U.S. corporation whose voting securities are not owned more than 50 percent by another U.S. corporation and (2) proceeding down each ownership chain from that U.S. corporation, any U.S. corporation (including Foreign Sales Corporations located within the United States) whose voting securities are more than 50 percent owned by the U.S. corporation above it. A U.S. parent comprises the domestic operations of a U.S. MNC, covering operations in the 50 States, the District of Colombia, the Commonwealth of Puerto Rico, and all other U.S. areas. U.S. direct investment abroad (USDIA). The ownership or control, directly or indirectly, by one U.S. resident of 10 percent or more of the voting securities of an incorporated foreign business enterprise or the equivalent interest in an unincorporated business enterprise. Foreign affiliate. A foreign business enterprise in which there is U.S. direct investment, that is, in which a U.S. person owns or controls (directly or indirectly) 10 percent or more of the voting securities or the equivalent. Foreign affiliates comprise the foreign operations of a U.S. MNC over which the parent is presumed to have a degree of managerial influence. Majority-owned foreign affiliate (MOFA). A foreign affiliate in which the combined ownership of all U.S. parents exceeds 50 percent. MOFA'S comprise the foreign operations of a U.S. MNC that are controlled by the parent or parents. Operations of U.S. MNC'S Gross product. The contribution to host-country gross domestic product, which is the goods and services produced by labor and property located in that country. Gross product, often referred to as "value added," can be measured as gross output (sales or receipts and other operating income plus inventory change) minus intermediate inputs (purchased goods and services). Alternatively, it can be measured as the sum of the costs incurred (except for intermediate inputs) and the profits earned in production. The gross product estimates presented here were prepared by summing cost and profit data collected in the annual and benchmark surveys of USDIA. For the derivation of the current-dollar estimates of gross product, see Raymond J. Mataloni, Jr., and Lee Goldberg, "Gross Product of U.S. Multinational Companies, 1977-91," SURVEY 74 (February 1994): 57. Profit-type return. Profits from the production of goods and services in the current period. It is measured before income taxes, and it excludes nonoperating items (such as special charges and capital gains and losses) and income from equity investments. Capital expenditures. Expenditures made to acquire, add to, or improve property, plant, and equipment (PP&E). PP&E includes land, timber, mineral and like-rights owned, structures, machinery, equipment, special tools, and other depreciable property; construction in progress; and tangible and intangible exploration and development costs. Changes in PP&E due to changes in entity—such as mergers, acquisitions, and divestitures—or to changes in accounting principles are excluded. Capital expenditures are measured on a gross basis; sales and other dispositions of fixed assets are not netted against them. Employment. The number of full-time and part-time employees on the payroll at yearend. If a parent or affiliates* employment was unusually high or low because of temporary factors (for example, a strike) or large seasonal variations, the number that reflected normal operations or an average for the year was requested. Origin of output. In this article, this term refers to the decomposition of a firm's output (sales plus inventory change) into the output that originates within the firm and the output that originates elsewhere and that is incorporated in the intermediate inputs purchased by the firm. The intermediate inputs can also be decomposed into those that are purchased locally and those that are purchased from abroad. Source of change in gross product. In this article, this term refers to the decomposition of the year-to-year change in the gross product of U.S. parents and MOFA'S into changes in operations, the addition of parents and MOFA'S to the survey universe, the departure of parents and MOFA'S from the survey universe, and all other changes. 10 • July 1999 SURVEY OF CURRENT BUSINESS Additional highlights of U.S.-MNC operations in 1997 follow: • Worldwide production and productive resources of U.S. MNC'S remained concentrated in the United States: U.S. parents accounted for about three-fourths, and MOFA'S for about one-fourth, of MNC gross product, capital expenditures, and employment. These shares have been relatively stable since at least 1989. • U.S. exports of goods involving U.S. parents, their foreign affiliates, or both accounted for 63 percent of all U.S. exports of goods, down from 65 percent in 1989. Intra-MNC exports (goods shipped by U.S. parents to their foreign affiliates) accounted for 42 percent of the MNC-associated exports, up from 38 percent in 1989. • U.S. MNC'S accounted for 40 percent of U.S. imports of goods, down from 42 percent in 1989. Intra-MNC imports (goods shipped by foreign affiliates to their U.S. parents) accounted for 42 percent of these MNC- associated imports, up from 38 percent in 1989. • Newly acquired or established foreign affiliates continued to be concentrated in countries with large and prosperous markets rather than in countries with low labor costs. Although low-wage countries have been attracting a rising share of the new investments, affiliates in high-wage countries still accounted for 71 percent of all new affiliates and for 59 percent of their employment. • The return on assets for nonfinancial MOFA'S, at 10.8 percent, continued to exceed the return on assets for all nonfinancial corporations (chart 1). The higher rate of return for MOFA'S may be needed to offset the added risks and costs to U.S. parents of operating abroad. • Real gross product of MOFA'S in manufacturing grew more than twice as fast in 1997 (7.7 percent) as in 1989-96 (3.5 percent). The strong growth reflected both the economic growth in most host countries and Data on U.S. Direct Investment Abroad BEA collects two broad sets of data on U.S. direct investment abroad (USDIA): (1) Financial and operating data of U.S. parent companies and their foreign affiliates, and (2) balance of payments and direct investment position data.1 This article presents the first set of data; the balance of payments and direct investment position data appear in the following articles in this issue of the SURVEY OF CURRENT BUSINESS: Russell B. Scholl, "The International Investment Position of the United States in 1998"; Douglas B. Weinberg, "U.S. International Transactions, First Quarter 1999"; and Rosaria Troia and Sylvia E. Bargas, "Direct Investment Positions for 1998: Country and Industry Detail." BEA data on USDIA are classified by International Surveys Industry groups adapted from the Standard Industrial Classification (sic) Manual, 1987—the classification system used, until recently, as the standard for industry classification in Federal economic statistics. The sic system has been superceded by the 1997 North American Industrial Classification System (NAICS). BEA has developed new ISI codes that are based on the NAICS, and for USDIA, these new codes will be first used for the data collected in the 1999 benchmark survey. Financial and operating data.—The data on the overall operations of U.S. parent companies and their foreign 1. For a comprehensive discussion of these two sets of data, see Raymond J. Mataloni, Jr., "A Guide to BEA Statistics on U.S. Multinational Companies," SURVEY 75 (March 1995): 38-55. This guide is available on BEA'S Web site; go to <www.bea.doc.gov> and click on International, Articles. affiliates are collected in BEA'S annual and benchmark surveys of USDIA. The data cover balance sheets and income statements, employment and compensation of employees, research and development expenditures, sources of finance, and trade in goods. In addition, the gross product of U.S. parent companies and their majority-owned foreign affiliates is estimated from the data reported in these surveys. Except in benchmark survey years, these data cover only nonbank U.S. multinational companies (MNC'S) because U.S; MNC'S in banking (1987 Standard Industrial Classifications 6011, 602, 602, 606, 6712, and 608) are exempt from reporting. All the financial and operating data are on afiscalyear basis. The data cover the entire operations of U.S. parent companies and their foreign affiliates, irrespective of the percentage of U.S.-parent ownership. Balance of payments and direct investment position data.—These data, covering bank and nonbank U.S. MNC'S, are collected in the quarterly survey of USDIA. The data cover the cross-border transactions and positions between U.S. parents and their foreign affiliates, so these data focus on the parent's share, or interest, in the affiliate rather than on the affiliate's size or scale of operations. The major items included in the U.S. balance of payments are direct investment capital flows, direct investment income, royalties and license fees, and other services transactions between U.S. parents and their foreign affiliates. July 1999 SURVEY OF CURRENT BUSINESS the addition of newly acquired or established affiliates. Revisions to the 1996 estimates.—The estimates of U.S.-MNC operations for 1996 were revised to incorporate the final results of the 1996 Annual Survey of U.S. Direct Investment Abroad.3 The year-to-year percent changes for the three key measures were revised less than 1 percentage point from the changes shown in the preliminary estimates: The increase in gross product was revised up 0.8 percentage point to 8.1 percent; the increase in employment was revised down 0.2 percentage point to 1.6 percent; and the increase in capital expenditures was revised up 0.2 percentage point to 5.3 percent. Organization of the article.—The first part of this article analyzes the worldwide operations of U.S. MNC'S; the second part analyzes their domestic (U.S.-parent) operations; and the third part analyzes their foreign (foreign-affiliate) operations. 3. The preliminary 1996 estimates were published in Raymond J. Mataloni, Jr., "U.S. Multinational Companies: Operations in 1996," SURVEY OF CURRENT BUSINESS 78 (September 1998): 47-73. CHART 1 Return on Assets of Nonfinancial Majority-Owned Foreign Affiliates and U.S. Domestic Nonfinancial Corporations, 1989-97 Nonfinancial Majority-Owned Foreign Affiliates Worldwide Operations of U.S. MNC'S This section examines worldwide U.S.-MNC operations and compares the domestic and foreign aspects of these operations.4 Changes in gross product Gross product of all U.S. MNC'S grew 5.6 percent in 1997, to $2,090 billion; the U.S.-parent component of U.S.-MNC gross product grew 6.1 percent, and the MOFA component grew 4.2 percent. Available evidence suggests that for both parents and MOFA'S, these increases reflected increases in real gross product to a greater extent than they reflected increases in prices. The growth of U.S. parents' gross product, at 6.1 percent, substantially exceeded the 1.4-percent rate of U.S. price inflation (as measured by the GDP implicit price deflator for all private U.S. businesses, except depository institutions). Despite the dampening effect of the significant appreciation of the U.S. dollar, the gross product of MOFA'S grew 4.2 percent in dollar value, exceeding the 2.8-percent average rate of price inflation in the host countries.5 4. In most of this section, the examination of the foreign operations of U.S. MNC'S uses the data for MOFA'S rather than data for all foreign affiliates, because parents and MOFA'S are conceptually under U.S. managerial control (other foreign affiliates may be under the control of foreign owners) and because the necessary data items for this analysis are collected only for MOFA'S. Although MOFA'S and U.S. parents are under the control of one or more U.S. parents, in some cases the U.S. parent is, in turn, under the control of a foreign parent company; in 1997, U.S. parents that were ultimately controlled by foreign parents accounted for 11 percent of all U.S. parents and for 8 percent of their gross product. 5. In 1997, the weighted average U.S.-dollar price of the currencies of 23 major host countries (in terms of MOFA gross product) fell 7.8 percent. This decline lowered the dollar value of MOFA gross product by a similar amount when the data reported to BEA in dollars was translated from foreign currencies as was generally necessary. The average rate of price inflation in these host countries was derived as a weighted average (in terms of MOFA gross product), using, in most cases, the GDP implicit price deflators for the countries. Acknowledgments U.S. Domestic Nonfinancial Corporations 1989 90 91 92 93 94 95 96 97 NOTE-.The return on assets equals the ratio of profit-type return plus interest paid to total assets (at current cost). Nonfinancial industries are all industries except depository institutions; finance, except depository institutions; and insurance. For U.S. domestic nonfinancial corporations, data on property income are from tables 1.16 and 8.18 in the national income and product accounts. Data on total assets are from the Federal Reserve Board's flow of funds accounts. U.S. Department of Commerce, Bureau of Economic Analysis The survey from which the estimates were derived was conducted under the supervision of James Y. Shin with contributions by Joan O. Adams, Barbara S. Clark, Margo R. Collier, Charles R. Gravitz, Jeanne Hicks, Barbara K. Hubbard, Christine J. Lee, Nefertari I. Lee, Marcia S. Miller, Juanita L. Mortimer, Pearl Rivers, Nancy F. Steffen, Rubena I. Thomas, and Dwayne Torney. Computer programming for data estimation and the generation of data tables was provided by Arnold Gilbert with the assistance of Fritz Mayhew and Diane Young. • 11 12 • July 1999 SURVEY OF CURRENT BUSINESS Table 2.—Selected Data for Nonbank U.S. MNC's, U.S. Parents, and MOFA's, by Industry of U.S. Parent, 1989,1996, and 1997 MNC's worldwide Millions of dollars Gross product Profittype return Parents Thousands Number of Capital expendi- employtures ees Millions of dollars Gross product Profittype return MOFA's Thousands Number Capital of expendi- employtures MOFA share of worldwide MNG total (percent) Thousands Millions of dollars Gross product Profittype return Number of Capital expendi- employtures Gross product Profittype return Number Capital of expendiemploytures 1989 All Industries Petroleum Manufacturing Food and Kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries 1,364,878 165,680 793,771 79,472 141,006 45,775 116,146 251,434 260,488 23,879.4 1,044,884 164,910 201,808 18,765.4 319,994 31,337 146,963 19,533 86,524 58,680 5,114.0 45,259 15,530 60,749 4,959 15,009 3,259 14,443 14,675 34,506 2,621 9,046 1,820 6,857 206.2 3,664.1 337.3 626.1 158.6 655.1 26 27 23 33 19 34 41,465 786.0 133,168 13,791.1 11,982 1,473.1 29,341 1,881.1 7,222 843.2 18,392 1,905.0 93,128 586,568 60,310 97,119 37,556 70,887 15,807 86,214 14,574 23,389 579.8 72,552 26,790 98,662 10,127.0 207,203 6,335 684.6 1,249.9 1,479.4 2,851.9 3,357.4 582.6 56,139 121,141 143,417 22,587 9,218 11,552 19,347 3,176 1,408.0 2,014.6 5,297.1 50,535 57,090 234,975 37,358 9,361 20,295 5,402 11,535 1,135.8 1,255.0 11,004 1,093.3 18,642 22,423 4,953 2,104.4 2,604.0 434.2 12,376 39,151 39,150 6,179 3,153 10,437 9,492 2,472 2,590 5,660 5,911 1,121 386.1 747.5 753.4 148.4 26 26 22 25 7,581 13,628 50,194 1,107.6 1,700.0 4,816.7 12,180 9,909 11,971 3,815 1,818 2,137 2,425 3,047 2,906 300.4 314.6 480.4 21 16 9 260,048 18,790.0 498,310 130,287 80,462 6,076.8 24 475.1 104,447 8,959.9 306,599 36,760 982.3 69,381 1,022.2 560.9 19,594 1,164.6 53,450 25,219 82,960 9,306 26,094 2,920 14,381 17,081 47,509 3,306 10,279 1,807 6,332 178.6 4,083.7 421.6 684.4 238.2 651.9 27 31 30 40 30 36 1,181.2 11,374 7,662 11,224 4,334 7,765 11,558 6,463 1,927 556.0 755.2 776.4 357.2 32 31 25 34 10,816 4,580 2,378 2,500 3,360 216.8 575.7 664.7 17 19 11 2,089,796 484,998 387,148 26,392.8 1,570,490 336,994 298,902 19,867.4 519,306 148,004 88,246 6,525.4 25 177.0 4,220.1 361.8 700.4 240.7 734.7 6,600 27 33 33 42 28 40 38,398 9,594 16,242 68,515 160,292 182,567 28,766 12,371 21,989 28,839 5,648 13,594 24,302 28,334 6,074 62,715 66,999 20,221 7,767 39,495 10,006 16,675 53,100 246,946 1,799 16,406 5,949 19,162 43,887 8,219 1996 All industries Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries 340,510 24,866.8 1,978,948 653.7 229,827 51,971 43,267 1,071,324 242,399 162,488 13,043.6 114,050 33,411 12,637 1,403.9 196,665 60,397 30,921 1,706.6 58,014 7,688 8,793 799.1 148,792 32,298 18,817 1,816.5 1,480,638 326,666 125,380 764,725 77,290 127,284 38,420 95,342 26,752 159,439 24,105 34,303 5,873 17,917 119,637 215,534 218,632 56,708 33,612 33,848 40,042 9,303 29,343 32,256 30,827 10,193 1,737.2 2,438.5 3,141.8 1,039.1 87,732 168,884 169,773 41,753 22,238 26,186 96,029 142,684 382,376 48,354 23,427 81,499 14,094 21,151 89,318 1,286.4 2,997.5 5,846.3 71,797 116,126 360,857 26,186 114,979 9,331 20,642 5,881 12,485 28,818 4,969 21,578 20,698 24,364 8,266 1,683.3 2,365.4 681.9 31,905 46,650 48,859 14,955 37,538 18,847 79,121 11,594 17,791 81,232 1,069.6 2,421.8 5,181.6 24,232 26,558 21,519 1997 All industries Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries MNC Multinational company MOFA Majority-owned foreign affiliate 660.2 229,602 53,556 49,215 1,080,824 248,837 166,815 12,842.8 107,813 31,681 12,744 1,094.6 199,911 61,564 34,843 1,667.2 9,971 7,188 852.1 55,242 148,586 36,362 20,669 1,838.5 125,214 24,200 765,122 154,521 69,852 20,092 126,931 33,172 41,926 6,942 92,094 19,045 30,187 116,314 9,184 23,258 5,609 14,069 483.2 8,622.7 732.8 966.8 611.4 1,103.8 104,388 315,702 37,961 72,980 13,316 56,492 29,356 94,316 11,589 28,392 3,029 17,317 19,028 50,501 3,560 11,585 1,579 127,535 220,862 220,876 69,184 37,272 36,554 35,434 13,503 1,760.2 2,442.9 3,187.3 1,166.4 94,413 167,277 172,630 51,621 25,986 24,283 25,002 8,000 21,241 18,823 24,130 9,867 1,657.6 2,375.2 756.9 33,122 53,585 48,246 17,563 11,286 12,271 10,432 5,503 7,034 13,333 6,809 2,303 585.1 785.3 812.1 409.5 33 32 25 35 106,548 160,626 443,012 54,011 15,991 1,290.2 24,611 24,983 3,710.2 90,481 117,973 6,723.0 81,872 130,070 416,591 43,991 19,993 86,290 13,083 21,457 107,993 1,052.1 3,024.3 5,928.3 24,676 30,556 26,421 10,020 4,618 4,191 2,908 3,526 9,980 238.1 685.9 794.7 18 18 12 28,275 32,156 30,939 12,170 1,175.1 SURVEY OF CURRENT BUSINESS Domestic and foreign shares of MNC operations July 1999 • 23 percent to 25 percent, and the MOFA share of MNC employment rose from 21 percent to 25 percent (table 2). In contrast, the MOFA share of worldwide MNC profit-type return fell from 34 percent to 31 percent, probably in response to cyclical factors here and abroad that were relatively less favorable to MOFA'S in 1997 than in 1989. By industry, the most significant shift towards foreign operations was in manufacturing: The MOFA share of MNC gross product rose from 26 percent in 1989 to 29 percent in 1997; the MOFA Worldwide production and the productive resources of U.S. MNC'S remained concentrated in the United States: In 1997, U.S. parents accounted for about three-fourths of MNC gross product, capital expenditures, and employment and for over two-thirds of MNC profit-type return. From 1989 to 1997, however, the distribution of gross product and employment shifted slightly from the United States to abroad: The MOFA share of worldwide MNC gross product edged up from Table 3.—Origin of Output of Nonbank U.S. MNC's, by Major Industry of U.S. Parent, 1989,1996, and 1997 Millions of dollars Sales to unaffilipersons Inventory change Share of total output, in percent Purchases from Gross product Total outputl Total U.S. parents MOFA's the MNC2 Purchases from Gross product Total U.S. parents MOFA's the MNC 1989 AH industries Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment c Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services', Other industries 3,780,150 15,656 3,795,806 1,364,878 1,044,884 319,994 2,430,928 36 454,570 1,949,221 238,629 321,167 122,068 249,741 169,909 432,713 414,994 254,746 -335 454,235 10,151 1,959,372 -564 238,065 1,745 322,912 610 122,678 2,935 252,676 1,898 171,807 1,133 433,846 2,395 417,389 1,234 255,980 165,680 793,771 79,472 141,006 45,775 116,146 68,515 160,292 182,567 28,766 93,128 72,552 288,555 586,568 207,203 1,165,601 60,310 19,162 158,593 97,119 43,887 181,906 37,556 8,219 76,903 70,887 45,259 136,530 56,139 12,376 103,292 121,141 39,151 273,554 143,417 39,150 234,822 22,587 6,179 227,214 36 41 33 44 37 46 40 37 44 11 -1,058 545 5,119 62,715 66,999 246,946 50,535 57,090 234,975 12,180 9,909 11,971 369,555 59,107 320,897 15 53 43 5,646,502 11,484 5,657,986 1,978,948 1,480,638 498,310 3,679,038 35 623,595 2,800,312 308,270 476,671 142,579 399,720 356,720 587,987 528,363 428,822 838 624,433 229,827 1,832 2,802,144 1,071,324 -2,656 305,614 114,050 1,789 478,460 196,665 636 143,215 58,014 -1,431 398,289 148,792 3,822 360,542 119,637 33 588,020 215,534 -362 528,001 218,632 5,367 434,189 56,708 37 433,328 125,561 562,724 432,270 126,106 567,843 28 21 30 25 30 31 28 33 28 34 9 12 45 41 8 16 11 8 14 7 18 7 9 9 2 3 8 2 64 64 59 67 56 63 54 60 63 56 89 85 47 57 1996 All industries Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries 125,380 104,447 394,606 764,725 306,599 1,730,820 77,290 36,760 191,564 127,284 69,381 281,795 38,420 19,594 85,201 95,342 53,450 249,497 87,732 31,905 240,905 168,884 46,650 372,486 169,773 48,859 309,369 41,753 14,955 377,481 37 41 41 37 33 37 41 13 71,797 116,126 360,857 506,405 135,934 533,823 16 51 42 6,068,351 24,765 6,093,116 2,089,796 1,570,490 519,306 4,003,320 34 603,962 2,899,447 313,201 481,990 153,719 413,411 383,665 623,904 529,559 488,712 -1,157 602,805 229,602 15,525 2,914,972 1,080,824 772 313,973 107,813 2,433 484,423 199,911 -781 152,938 55,242 -572 412,839 148,586 2,959 386,624 127,535 8,370 632,274 220,862 2,344 531,903 220,876 5,527 494,239 69,184 125,214 104,388 373,203 765,122 315,702 1,834,148 69,852 37,961 206,160 126,931 72,980 284,512 97,696 41,926 13,316 92,094 56,492 264,253 94,413 33,122 259,089 167,277 53,585 411,412 172,630 48,246 311,027 51,621 17,563 425,055 38 37 602,021 277,880 913,903 413 738 2,296 602,434 278,618 916,199 96,029 142,684 382,376 24,232 26,558 21,519 38 26 20 27 25 27 27 24 24 29 32 10 12 42 39 9 17 11 12 15 14 13 9 8 9 3 65 63 62 63 59 59 63 67 63 59 87 4 10 2 84 49 58 9 66 17 11 12 15 9 14 62 63 66 59 64 64 67 65 58 86 1997 Ail industries Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries 655,657 314,483 1,106,086 683 656,340 800 315,283 3,387 1,109,473 1. Equals sales to unaffiliated persons plus inventory change; also equals gross product plus purchases from outside the MNC. 2. Equals total output less gross product. Includes purchases from minority-owned foreign affili- 106,548 160,626 443,012 81,872 130,070 416,591 24,676 30,556 26,421 549,792 154,657 666,461 34 41 36 36 33 35 42 14 16 51 40 26 21 26 22 26 27 22 24 26 32 10 12 41 38 ates, which could not be excluded because the necessary data are unavailable, MNC Multinational company MOFA Majority-owned foreign affiliate 9 8 9 4 4 10 2 84 49 60 13 SURVEY OF CURRENT BUSINESS 14 • July 1999 share of MNC capital expenditures rose from 26 percent to 30 percent; and the MOFA share of MNC employment rose from 27 percent to 33 percent. Production abroad by U.S. MNC'S may have been stimulated by new market opportunities and improved business conditions abroad, such as the further integration of the European Union, the end of hyperinflation in Brazil and Argentina, and the economic liberalizations in Eastern Europe. Origin of output The output of U.S. MNC'S (sales to unaffiliated customers plus inventory change) consists of both the gross product that originates within the MNC'S themselves and the gross product that originates elsewhere and is incorporated in the intermediate inputs purchased by MNC'S from unaffiliated suppliers. The gross product originating in U.S. MNC'S consists of the gross product of both the U.S. parents and their foreign affiliates. The origins of U.S.-MNC output in 1997 were essentially unchanged from 1989: The share of the output of U.S. MNC'S that originated within the MNC'S edged down from 36 percent to 34 percent (table 3, column 8). Underlying this stability were offsetting changes by industry. For example, in industrial machinery and equipment, the share of output originating within MNC'S decreased from 46 percent to 36 percent. The share of MNC output that was accounted for by U.S.-parent gross product edged down from 28 percent to 26 percent. The share accounted for by MOFA gross product edged up from 8 percent to 9 percent. U.S.-MNC-associated trade in goods In 1997, U.S.-MNC-associated trade—U.S. trade involving U.S. parents, their foreign affiliates, or both—accounted for 63 percent of all U.S. exports of goods and for 40 percent of all U.S. imports of goods (table 4 and chart 2).6 U.S. MNC'S accounted for a larger share of exports than of imports, partly reflecting the intrafirm sourcing patterns of MNC'S; parents tend to be a much more important source of supply to their affiliates than the affiliates are to their parents. 6. MNc-associated trade accounts for an even larger share of U.S. trade in goods if U.S. businesses owned by foreign MNC'S are included. In 1996— the latest year for which data are available—U.S. affiliates of foreign MNC'S accounted for 22 percent of U.S. exports of goods and 32 percent of U.S. imports of goods. As noted in footnote 4, however, these U.S. affiliate shares overlap the U.S.-MNC shares because some U.S. parents belong to both groups. In 1997, trade by U.S. parents that were also U.S. affiliates of foreign companies accounted for 13 percent of MNC-associated exports and 26 percent of MNCassociated imports. (See the addenda to table 4.) Of the $434 billion in U.S.-MNC-associated exports in 1997, 42 percent represented trade between U.S. parents and their foreign affiliates— intra-MNC trade—and 58 percent represented U.S.-MNC trade with others. Data on trade by broad product category from the most recent benchmark survey of U.S. direct investment abroad, covering 1994, indicate that most of the intra-MNC exports consist of machinery (57 percent of total intra-MNC exports in 1994), chemicals (13 percent), and road vehicles and parts (12 percent).7 Of the $251 billion in MNC trade with 7. In the 1994 benchmark survey, exports and imports of U.S. parents and majority-owned foreign affiliates were desegregated into 12 product categories on the basis of the Standard International Trade Classification, Revision 2, United Nations Statistical Papers, sen M, no. 34 (New York: United Nations, 1975). Table 4.-U.S. Trade in Goods Associated with Nonbank U.S. MNC's, 1989,1996, and 1997 [Millions of dollars, unless otherwise noted] Line MNC-associated U.S. exports, total 1989 1996 1997 236,371 405,721 161,751 161,359 433,978 183,062 181,115 Intra-MNC trade Shipped by U.S. parents to their MOFA's Shipped by U.S. parents to their other foreign affiliates 89,539 86,050 3,489 392 1,947 MNC trade with others Shipped by U.S. parents to foreigners other than their own affiliates a which: Shipped by U.S. parents to their foreign parent groups , Shipped to foreign affiliates by U.S. persons other than their own parents To MOFA's 146,832 243,970 250,916 133,813 211,692 218,227 MNC-associated U.S. imports, total „ Intra-MNC trade Shipped by MOFA's to their U.S. parents Shipped by other foreign affiliates to their U.S. parents MNC trade with others Shipped to U.S. parents by foreigners other than their own affiliates Of which: Shipped to U.S. parents by their foreign parent groups Shipped by foreign affiliates to U.S. persons other than their own parents By MOFA's By other foreign affiliates Addenda: All U.S. exports of goods U.S.-MNC-associated U.S. exports as a percentage of total (line 1/line 21) * 100 Intra-U.S.-MNC exports as a percentage of total (line 2/line 21) MOO All U.S. imports of goods U.S.-MNC-associated U.S. imports as a percentage of total (line 11/ line 24) * 100 Intra-U.S.-MNC imports as a percentage of total (line 12/ line 24] * 100 U.S. exports of goods by U.S. parent companies that are also U.S. affiliates of foreign companies U.S. imports of goods by U.S. parent companies that are also U.S. affiliates of foreign companies MNC Multinational company MOFA Majority-owned foreign affiliate n.a. Not available. 10,413 22,627 20,720 13,019 11,437 1,582 32,278 26,601 5,677 32,689 27,426 5,263 201,182 326,200 77,307 71,283 137,160 133,388 147,405 145,434 6,024 3,772 1,971 123,875 189,040 202,521 103,788 161,427 171,230 32,398 61,893 63,974 20,087 13,015 7,072 27,613 18,939 8,674 31,291 21,335 9,956 363,836 625,075 689,182 65 65 63 25 473,647 26 795,289 27 870,671 42 41 40 16 17 17 n.a, 60,341 56,953 86,920 91,345 SURVEY OF CURRENT BUSINESS others, 87 percent represented exports shipped by U.S. parents to foreigners other than their foreign affiliates, and 13 percent represented exports shipped to foreign affiliates by U.S. persons other than their U.S. parents. Data from the 1994 benchmark survey indicate that U.S. parents' exports to foreigners other than their foreign affiliates consist mainly of machinery (27 percent in 1994), "other" transportation equipment, mainly aircraft (14 percent), and chemicals (12 percent) and that exports shipped to foreign affiliates by U.S. persons other than U.S. parents consist mainly of machinery (53 percent). July 1999 Of the $350 billion in U.S.-MNC-associated imports of goods in 1996, 42 percent represented intra-U.S.-MNC trade, and 58 percent represented U.S.-MNC trade with others. Data from the 1994 benchmark survey indicate that most of the intraMNC imports consist of road vehicles and parts (38 percent in 1994) and machinery (37 percent). Of the $203 billion in MNC trade with others, 85 percent represented imports shipped to U.S. parents by foreigners other than their foreign affiliates, and 16 percent represented imports shipped by foreign affiliates to U.S. persons other than their U.S. parents. Data from the U.S. Trade in Goods Associated with U.S. Multinational Companies in 1997 U.S. Exports $689 Billion MNC-Associated Exports (63%) \ \ Intra-MNC Exports (27%) I \ Exports Shipped by \ U.S. Parents \ | to Foreigners Other Than Their Own Affiliates / , (32%) / Imports Shipped to U.S. Parents by Foreigners Other Than Their Own Affiliates (20%) Exports Not Associated withU.S.MNC's (37%) Exports Shipped to Foreign Affiliates by U.S. Persons Other Than Their Own Parents (5%) U.S. Imports $871 Billion I MNC-Associated Imports (40%) Imports Not Associated withU.S.MNCs (60%) Imports Shipped by Foreign Affiliates to U.S. Persons Other Than Their Own Parents (4%) MNC Multinational company US. Department of Commerce, Bureau of Economic Analysis Data Availability This article presents a summary of the preliminary estimates of the worldwide operations of U.S. multinational companies (MNC'S) from the 1997 Annual Survey of U.S. Direct Investment Abroad and the final estimates from the 1996 Annual Survey of U.S. Direct Investment Abroad. More detailed estimates, including the gross product estimates, will be available later this year on BEA'S Web site, on diskettes, and in printed publications; availability will be announced on the inside back cover of the SURVEY OF CURRENT BUSINESS. The most recent benchmark survey results, for 1994, are available on BEA'S Web site, on diskette, and in the publication U.S. Direct Investment Abroad: 1994 Benchmark Survey, Final Results. Detailed estimates of U.S.-MNC operations for 1983-93 and 1995 and preliminary estimates for 1996 are available on BEA'S Web site (go to <www.bea.doc.gov>, and click on Catalog of Products) and on diskettes. For information on the diskette products, see the Catalog of Products, or call 1-800-704-0415 (outside the United States, call 202-606-9666) for a copy of the catalog. For information on publications, see the Product Guide of the International Investment Division on the Web site, or write to the International Investment Division, BE-50, Bureau of Economic Analysis, Washington, DC 20230. Among the recent publications is a collection of BEA studies on international direct investment; see the inside back cover of the SURVEY. • 15 l6 SURVEY OF CURRENT BUSINESS • July 1999 1994 benchmark survey indicate that U.S. parents' imports from foreigners other than their foreign affiliates consist mainly of machinery (35 percent in 1994), petroleum and coal products (15 percent) and "other" manufactures (15 percent) and that U.S. imports shipped by foreign affiliates to unaffiliated U.S. persons consist mainly of petroleum (27 percent), other manufactures (19 percent), and machinery (18 percent). U.S. Parents' Operations This section examines the following selected aspects of the domestic (U.S.-parent) operations of U.S. MNC'S: The change in U.S.-parent gross product by industry and by source of change in 1996-97; the U.S.-parent share of private GDP in 1989 and 1997; and the origin of U.S.-parent output in 1989 and 1997. decreases were particularly sharp in food and in industrial machinery. The increase in wholesale trade primarily reflected increased sales to meet strong demand. This increase and the decrease in manufacturing also reflected the reclassification of some U.S. parent companies from manufacturing to wholesale trade.9 The increase in "other" industries was concentrated in electric, gas, and sanitary services and in retail trade, mainly reflecting the entry of U.S. companies that acquired or established their first foreign affiliate in 1997. The increase in finance (except depository institutions), insurance, and real estate primarily reflected increased revenues as a result of favorable financial market conditions. The increase in services mainly reflected the entry of new parent companies, but it also reflected increased sales to meet strong demand for new products, such as enhanced computer software. Changes in gross product The gross product of all U.S. parents increased 6.1 percent in 1997, to $1,570 billion, compared with an average annual increase of 5.1 percent in 1989-96 (table 5). By industry.—In 1997, U.S.-parent gross product increased most rapidly in wholesale trade (23.6 percent), in "other" industries (15.4 percent), in finance (except depository institutions), insurance, and real estate (14.0 percent), and in services (12.0 percent).8 U.S.-parent gross product decreased in manufacturing industries; the 8. "Other" industries consists of agriculture, forestry, and fishing; mining; construction; transportation; communication; electric, gas, and sanitary services; and retail trade. Table 5.—Gross Product of Nonbank U.S. Parents by Major Industry for 1989,1996, and 1997 All industries Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade 1996 1997 Change, 198996 199697 89,852 5.1 6.1 93,128 125,380 125,214 -166 4.3 -0.1 586,568 60,310 97,119 37,556 70,887 56,139 121,141 143,417 764,725 77,290 127,284 38,420 95,342 87,732 169,773 765,122 69,852 126,931 41,926 92,094 94,413 167,277 172,630 397 -7,438 -353 3,506 -3,248 6,681 -1,607 2,857 3.8 3.6 3.9 0.3 4.3 6.5 4.8 2.4 0.1 -9.6 -0.3 9.1 -3.4 7.6 -1.0 1.7 22,587 41,753 51,621 9,868 9.1 23.6 1,044,884 1,480,638 1,570,490 Finance (except depository institutions), insurance, and real estate 50,535 71,797 81,872 10,075 5.1 14.0 Services 57,090 116,126 130,070 13,944 10.6 12.0 234,975 360,857 416,591 55,734 6.3 15.4 Other industries 9. Each U.S. parent is classified in the industry that accounts for the largest portion of its sales or, for holding companies, its total income. Many U.S. parents are involved in a variety of business activities; changes in the mix of these activities can cause a parent's industry classification to change, but redassifications due to minor or temporary shifts in industry mix are avoided. A parent is redassified by industry only if the change in the primary activity from the prior year is significant or if the change has occurred for 2 successive years. The change of a parent company's industry from manufacturing to wholesale trade is related to the percentage of that parent's output originating within the parent itself. Parents classified in manufacturing are primarily engaged in the transformation of materials or substances into new products, and parents classified in wholesale trade are engaged in selling merchandise produced by others to businesses. Percent change at annual rates Millions of dollars 1989 By source of change.—In 1997, the gross product of U.S. parents increased $89.9 billion; $53.4 billion of this increase was attributable to changes in the operations of U.S. companies that were parents in both 1996 and 1997 (table 6). Even so, the $22.3 billion that was attributable to the entry of new parent companies was much stronger in 1997 than in 1995 or 1996 and largely reflected the Table 6.—Sources of Change in Gross Product for Nonbank U.S. Parents, 1996-97 Millions of dollars Line 1996 level Total change New parents l Changes in operations2 Parents departing the universe3 Other changes 4 1997 level 1,480,638 , , 22,253 53,442 -4,905 19,062 1,570,490 1. Parents that established or acquired their first foreign affiliate in 1997. 2. Consists of changes in existing operations and changes resulting from parents acquiring, establishing, selling, or liquidating parts of their consolidated operations. BEA generally requires survey respondents to fully consolidate their parent operations. 3. Parents that sold or liquidated their last foreign affiliate in 1997. 4. Equals the change in the gross product of parents not accounted for in lines 3^5. It includes changes resulting from the addition to the survey universe of parents that were required to report in earlier years but did not. SURVEY OF CURRENT BUSINESS entry of new parents in electric, gas, and sanitary services and in retail trade. July 1999 provide the basis for direct investment in other industries. Although the overall U.S.-parent share of the gross product of private U.S. businesses was stable from 1989 to 1997, there were offsetting changes among industries: The U.S.-parent share in manufacturing decreased from 63 percent to 60 percent; the share in services increased from 6 percent to 8 percent; and the share in all other industries combined increased from 16 percent to 19 percent. The increase in services partly reflects the entry of new U.S. parent companies. These additions have been widespread across service industries, but they have been pronounced in computer and data processing services, motion pictures, and management and public relations services. U.S.-parent shares of private GDP The gross product of U.S. parents accounted for 26 percent of the gross product of all private U.S. businesses in 1997, the same as in 1989 and in 1996 (table 7).10 The U.S.-parent share was highest in manufacturing, partly reflecting the firm-specific advantages (such as superior production or marketing techniques) of U.S. manufacturers that allow them to overcome the additional costs entailed in producing in foreign markets. The U.S.-parent share in services remained low. U.S. direct investment in some service industries may be inhibited by the structure of the industries in some host countries. For example, U.S. direct investment in health care services is constrained or precluded in countries where the government plays a prominent role in the delivery of health care. In addition, some service industries that are characterized by small-scale production (such as dry cleaners and hair stylists) may lack the firm-specific advantages that often Origin of output The output of U.S. parents consists of both the gross product that originates within the parents themselves and the gross product that originates elsewhere and is incorporated in the intermediate inputs purchased by parents from foreign affiliates and from unaffiliated suppliers. In 1997, gross product originating in U.S. parents accounted for 32 percent of parent output, compared with 33 percent in 1989 (table 8, column 11). The industries with the highest shares were services, "other" industries (mainly communication and electric and gas utilities), and "other" manufacturing (mainly instruments and related products). The share in services is high partly because the production of services tends to be labor-intensive and is not as easily outsourced as the production of goods. The high share in 10. Generally, at the all-industries level, the estimates of U.S.-parent gross product are conceptually consistent with the estimates of gross product for all U.S. businesses in the national income and product accounts. However, for individual industries, inconsistencies may result from differences in the basis for the industrial distribution of the estimates. The industrial distributions of gross product for all U.S. businesses are based on data collected from establishments, which are classified by the principal product or service produced at each establishment, whereas the industrial distributions of U.S.-parent gross product are based on data collected from enterprises (companies), which are classified by the principal product or service produced by all of their establishments combined. Because the establishments of large companies usually are classified in several industries, the distributions of data by industry of establishment can differ significantly from those by industry of enterprise. In this article, U.S.-parent gross product as a share of the gross product for all private U.S. businesses is computed only at the highly aggregated level shown in table 7. Table 7.—Gross Product of Nonbank U.S. Parents and Gross Product of All Nonbank U.S. Private Businesses by Major Industry for 1989,1996, and 1997 Millions of dollars Gross product of U.S. parents All industries Manufacturing Services All other industries Gross product of all private U.S. businesses1 Gross product of U.S. parents U.S.-parent share of gross product of all private U.S. businesses 1997 Gross product of all private U.S. businessesl Gross product of U.S. parents Gross product of all private U.S. businesses1 1996 1989 1997 1,044,884 4,056,084 1,480,638 5,767,362 1,570,490 6,123,014 26 26 26 671,911 1,074,173 870,152 1,383,354 873,403 1,458,196 63 63 60 57,524 952,060 118,123 1,525,018 133,809 1,637,507 6 8 8 315,449 2,029,851 492,363 2,858,990 1. For improved comparability with U.S.-parent gross product, gross product of all private U.S. businesses was adjusted to remove categories not applicable to nonbank U.S. parents—such as gross product of depository institutions. In addition, housing product of owner-occupied farm housing (part of farm product) and nonfarm housing product (part of real estate product) were removed because U.S. parents are not involved in these activities. Business transfer payments were also removed because few U.S. parents are in industries that receive most of the business transfer „ payments in the United States. NOTE.—In this table, petroleum is not shown as a separate major industry. Instead, in order to be consistent with the all-U.S. data on gross product originating by industry, U.S. parent gross product in the various petroleum subindustries is distributed among the other major industries. Percent 1996 1989 563,278 3,027,311 16 17 19 L Thus, manufacturing includes petroleum and coal products; "all other industries" includes petroleum wholesale trade, gasoline service stations, petroleum tanker operations, pipelines, and storage; and services includes oil and gas field services. A significant portion of U.S.-parent gross product in petroleum and coal products is accounted for by integrated petroleum companies that have, in addition to their manufacturing activities, significant petroleum extraction activities; because the extraction activities cannot be identified separately in the U.S.-parent data, and to improve comparability between the estimates for U.S. parents and those for all U.S. businesses, they are included in manufacturing. For consistency, gross product estimates for the "oil and gas extraction without refining" industry are also included in manufacturing rather than in "all other industries," which includes mining. • 17 SURVEY OF CURRENT BUSINESS 18 • July 1999 communications and in electric and gas utilities partly reflects industry regulations that have historically granted exclusive production and distribution rights to a few large companies. The high share in instruments and related products may partly reflect the proprietary knowledge that is embodied in these products and that firms may protect by internalizing production. In manufacturing, the origin of U.S.-parent output shifted away from internal production, as the share of U.S.-parent output that was accounted for by their own gross product decreased from 38 percent to 34 percent; the shift was pronounced for parents in industrial machinery, particularly in computers and components, and in electric equipment, particularly in consumer Table 8.—Origin of Output of Nonbank U.S. Parents, by Major Industry, 1989,1996, and 1997 Millions of dollars Share of total output, in percent Purchases Addendum: Imports of goods Inventory change Total output l Gross product Shipped Total 2 Total 1 Ulal Shipped by foreign affiliates3 unaffiliated foreign persons Other 4 Local content II Q U.O. parent gross product Imports nf Ol goods from foreign affiliates Purchases from outside the MNC Addendum: Local content of output5 1989 All industries Petroleum Manufacturing Food and Kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries 3,136,837 328,989 1,553,374 190,617 235,731 104,727 171,239 146,277 361,979 342,804 226,707 394,461 106,517 526,789 178,526 74,738 328,525 -464 6,945 1,560,319 254 190,871 817 236,548 346 105,073 172,686 1,447 147,409 1,132 363,160 1,181 344,572 1,768 227,956 1,249 93,128 586,568 60,310 97,119 37,556 70,887 56,139 121,141 143,417 22,587 235,397 973,751 130,561 139,429 67,517 101,799 91,270 242,019 201,155 205,369 25,976 106,532 3,609 11,783 5,665 16,660 13,169 44,973 10,674 34,644 7,789 61,122 395,699 106,731 531,081 50,535 57,090 234,975 345,164 49,641 296,106 (D) 508 (D) (D) 219 (D) 13,474 3,150,311 1,044,884 2,105,427 1,238 214 4,292 966 3,708 2,088 11,763 5,382 31,808 5,407 2,492 103,788 1,926,901 2,971,785 33 2 64 94 302,549 209,421 867,219 1,453,787 187,262 126,952 224,765 127,646 99,408 61,852 156,026 85,139 134,240 78,101 318,187 197,046 333,898 190,481 193,312 170,725 28 38 32 41 36 41 38 33 42 10 2 4 1 2 2 7 4 9 2 1 69 58 68 57 62 52 58 58 57 89 92 93 98 95 95 90 91 88 97 85 106,223 (D) ( ) 13 53 44 r) o (D) 46 (D) (D) 100 (D) 18,187 45,410 2,643 8,075 3,577 4,897 7,787 13,165 5,267 32,152 357 289 7,393 49,133 D ( ) D 1996 All industries Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries 4,478,970 428,067 2,119,731 223,293 326,770 115,037 269,979 281,920 489,143 413,588 349,012 517,346 220,137 844,677 6,785 4,485,755 1,480,638 3,005,117 298,587 137,160 161,427 2,706,530 4,187,168 33 3 64 93 302,574 125,380 764,725 1,357,352 146,365 77,290 200,388 127,284 77,198 38,420 173,688 95,342 197,092 87,732 319,847 168,884 242,773 169,773 307,601 41,753 44,976 191,858 4,816 20,069 5,705 38,035 34,974 71,154 17,106 46,358 8,140 120,380 1,368 7,614 2,332 29,462 15,108 56,843 7,654 6,004 382,978 36,836 257,598 71,478 1,165,494 1,930,219 141,549 218,839 3,448 307,603 180,319 12,455 109,913 3,373 71,493 230,995 135,653 8,573 19,866 249,850 162,118 417,577 14,311 248,693 395,440 225,667 9,452 40,354 302,996 261,243 29 36 35 39 33 35 31 35 41 12 2 6 1 2 2 11 5 12 2 2 69 58 65 59 65 54 64 54 57 86 89 91 98 94 95 86 88 85 96 87 445,723 104,704 487,162 8 (D) (D) (D) (D) 57 (D) \) 98 427,954 -113 2,346 2,122,077 362 223,655 902 327,672 581 115,618 269,030 -949 284,824 2,904 488,731 -412 412,546 -1,042 342 349,354 174 693 3,342 517,520 220,830 848,019 71,797 116,126 360,857 14,097 42 2,190 (D) (D) (D) (D) (D) (D) 11,907 473,065 833,922 14 53 43 o 1997 All industries Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries 4,859,568 23,406 4,882,974 1,570,490 3,312,484 318,635 147,405 171,230 2,993,849 4,564,339 32 3 65 93 412,833 2,233,109 226,871 331,127 126,882 296,209 307,526 524,935 419,558 396,163 412,713 -120 16,799 2,249,908 1,132 228,003 332,178 1,051 243 127,125 191 296,400 310,262 2,736 533,817 8,882 422,122 2,564 399,399 3,236 125,214 287,499 765,122 1,484,786 69,852 158,151 205,247 126,931 41,926 85,199 92,094 204,306 215,849 94,413 167,277 366,540 249,492 172,630 51,621 347,778 43,170 206,060 4,753 23,042 5,999 38,128 37,717 76,488 19,933 50,404 8,523 127,870 1,824 10,254 2,778 29,346 16,558 58,598 8,512 7,957 34,647 369,543 244,329 78,190 1,278,726 2,043,848 2,929 153,398 223,250 309,136 12,788 182,205 3,221 79,200 121,126 8,782 258,272 166,178 21,159 272,545 178,132 17,890 290,052 457,329 11,421 229,559 402,189 42,447 297,374 348,995 30 34 31 38 33 31 30 31 41 13 2 6 1 3 2 10 5 11 2 2 68 60 69 59 65 59 64 58 57 85 90 91 98 93 95 87 88 86 95 87 (D) (D) 434 17,552 2,620 (D) (D) 59 (D) (D) 98 552,886 249,348 1,015,230 185 735 553,071 250,083 2,571 1,017,801 81,872 130,070 416,591 471,199 120,013 601,210 * Less than $500,000 or 0.5 percent. Suppressed to avoid disclosure of data of individual companies. 1. Equals sales plus inventory change; also equals gross product plus purchases. 2. Equals total output less gross product. 3. As reported on parents' Forms. 4. Includes purchases of goods and services from U.S. residents and purchases of services from foreign resiD 0 /£)\ 14,932 (D) (D) (D) (D) 583,658 1,000,249 15 52 41 (D) (D) 0 dents. 5. Equals gross product plus "other" purchases. The local content of output is overstated to the extent that "other" purchases include imported services and that imported goods and services are embodied in purchases from domestic suppliers. (These items were not reported separately and thus could not be identified and included in foreign content.) MNC Multinational company July 1999 SURVEY OF CURRENT BUSINESS mestic sources.) In manufacturing, the share edged down from 93 percent to 91 percent. In petroleum, it edged down from 92 percent to 90 percent. electronics. In these industries, the movement to unaffiliated suppliers was partly in response to increased global competition; to improve their competitiveness, parents specialized in areas in which they had an advantage and relied on unaffiliated suppliers for other inputs or finished products. In petroleum, the origin of U.S.-parent output shifted slightly toward internal production. The share of U.S.-parent output that was accounted for by the parents' gross product edged up from 28 percent to 30 percent. The share of U.S. parents' output that was accounted for by local (U.S.) content—U.S.parent gross product and purchases from U.S. suppliers—was 93 percent in 1997, compared with 94 percent in 1989. The industries with the highest U.S. content were services (100 percent) and food and kindred products (98 percent).11 The high share in services partly reflects the tendency towards internal production. The share in food and kindred products is high partly because the United States is a major agricultural producer, so most of the inputs are available locally at competitive prices. In wholesale trade, the local-content share of the output of U.S. parents edged up from 85 percent to 87 parent. (In this industry, local content consists primarily of purchases from do- Foreign Affiliates' Operations This section examines selected aspects of the foreign (foreign-affiliate) operations of U.S. MNC'S. First, the 1996-97 change in employment by all affiliates is examined, and the patterns of newly acquired or established affiliates in 1997 are presented. The remainder of the section focuses on selected aspects of the operations of majority-owned foreign affiliates (MOFA'S). All affiliates The broadest measures of the foreign operations of U.S. MNC'S cover all affiliates, regardless of the degree of U.S. ownership. The discussion of all-affiliate operations uses data on employment because estimates of gross product are available only for MOFA'S. The total employment of nonbank foreign affiliates increased 6.3 percent to 8.0 million in 1997, compared with an average annual increase of 1.9 percent in 1989-96 (table 9). The unusually large increase reflected both new investments and the expansion of existing operations in industries— such as personnel supply services, computer component assembly, and telephone utilities—that typically employ many workers. 11. The local content of U.S.-parent output is overstated to the extent that domestic purchases include the services imported by the parents themselves and the imported goods and services that are embodied in parents' purchases from domestic suppliers. (These items were not reported separately and thus could not be identified and included in foreign content.) Table 9.—Employment by Nonbank Foreign Affiliates, by Major Area and Industry of Affiliate, 1989,1996, and 1997 Thousands of employees 1989 All areas, all industries . 1996 1997 Percent change, at annual rates Change, 1996-97 1989-96 199&-97 6,622.1 7,544.1 8,018.0 473.9 1.9 6.3 955.2 2,699.1 1,307.9 116.8 92.0 1,422.0 29.1 920.5 3,167.0 1,529.2 121.6 77.8 1,715.1 12.9 941.9 3,333.9 1,629.2 186.6 77.4 1,835.8 13.2 21.4 166.9 100.0 65.0 -0.4 120.7 0.3 -0.5 2.3 2.3 0.6 -2.4 2.7 -11.0 2.3 5.3 6.5 53.5 -0.5 7.0 2.3 285.2 4,191.1 483.5 580.4 222.9 557.4 659.7 823.2 863.9 533.2 165.7 481.5 965.3 232.9 4,392.6 563.6 614.1 245.1 542.9 713.5 705.4 1,008.0 558.1 193.0 837.7 1,329.7 226.1 4,592.9 598.0 622.4 244.7 634.1 774.5 724.2 995.0 588.0 218.8 988.9 1,403.3 -6.8 200.3 34.4 8.3 -0.4 91.2 61.0 18.8 -13.0 29.9 25.8 151.2 73.6 -2.9 0.7 2.2 0.8 1.4 -0.4 1.1 -2.2 2.2 0.7 2.2 8.2 4.7 -2.9 4.6 6.1 1.4 -0.2 16.8 8.5 2.7 -1.3 5.4 13.4 18.0 5.5 By major area Canada Europe Latin America and Other Western Hemisphere Africa Middle East Asia and Pacific International1 By major industry Petroleum Manufacturing Food and Kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate . Services Other industries 1. Consists of affiliates that have operations spanning more than one country and that are engaged in petroleum shipping, other water transportation, or offshore oil and gas drilling. • 19 20 SURVEY OF CURRENT BUSINESS • July 1999 The increase was widespread by geographic area. By industry, most of the increase was accounted for by affiliates in manufacturing and in services. France were among the high-wage countries that attracted significant amounts of new investment in 1997. Low-wage countries have nevertheless been attracting a rising proportion of the new inNewly acquired or established affiliates.—In 1997, vestments. Their share of new investments rose steadily from 18 percent in 1989 to 30 percent 489 new affiliates were acquired or established in 1996 before slipping to 29 percent in 1997. by U.S. MNC'S, up significantly from 294 in 1995 South Africa, Brazil, and China were among the and 413 in 1996 (table 10). These affiliates had low-wage countries that attracted relatively large a combined employment of 228,000, up from amounts of new investment in 1997. 138,000 in 1995 and 150,000 in 1996. The rapid Manufacturing continued to be the primary increase in new investments in 1995-97 partly industry for new investments. In 1997, it acreflected the new investment opportunities and counted for 35 percent of all new affiliates and the improved business climates created by ecofor 41 percent of their employment. "Other nomic and legal changes, such as the privatization industries" also accounted for some large new of electric utilities in the United Kingdom and investments; for example, some U.S. providers Australia, the liberalization of foreign direct inof electric power and telecommunications servvestment policies, the end of hyperinflation in ices acquired foreign affiliates as a result of Brazil and Argentina, and the reinstatement of host-country privatizations. the U.S. foreign tax credit on investment in South Africa. Majority-owned foreign affiliates In 1997, new affiliates continued to be primarily located in high-wage countries. These affiliates In 1997, majority-owned foreign affiliates (MOFA'S) accounted for 71 percent of all new affiliates and accounted for 90 percent of all foreign affiliates. for 59 percent of their employment. This large The MOFA share of the employment of all affilishare suggests that U.S. direct investment abroad ates was 81 percent, up from 77 percent in 1989 tends to be attracted more by access to large (table 1). These high percentages are consistent and prosperous markets than by access to lowwith the "internalization" theory of the origins wage labor. The United Kingdom, Germany, and of MNC'S, which suggests that MNC'S tend to have Table 10.-Newly Acquired or Established Nonbank Foreign Affiliates by Major Area and Industry of Affiliate, 1997 Number of newly acquired and established affiliates Total Acquired All areas, all industries . Established Millions of dollars Total assets Sales Thousands of employees 241 248 129,189 41,129 227.7 By major area Canada Europe Latin America and Other Western Hemisphere Africa Middle East Asia and Pacific International1 28 265 99 8 2 87 0 18 145 36 4 2 36 0 10 120 63 4 0 51 0 4,389 84,115 18,113 5,626 79 16,867 0 1,361 28,115 3,892 4,097 71 3,593 0 13.4 115.8 16.2 54.0 0.6 27.8 0.0 Addenda 2 : High-wage country sample Low-wage country sample Non-sample countries 284 115 90 151 59 31 133 56 59 25,639 9,661 29,974 9,933 1222 127.8 89.0 10.9 By major industry Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate . Services Other industries 20 173 10 33 32 31 14 14 39 55 126 51 64 10 120 4 22 27 25 5 8 29 32 30 14 35 10 53 6 11 5 6 9 6 10 23 96 37 29 7,076 18,892 2,589 3,698 2,088 3,777 485 2,438 3,818 3,640 45,588 5,050 48,943 656 12,171 1,800 1,530 953 2,367 633 2,016 2,872 4,798 2,966 2,226 18,312 2.0 92.7 11.1 15.3 10.8 16.4 5.8 11.5 21.7 6.1 6.7 20.6 99.7 1. See footnote 1 to table 9. 2. The distinction between "high-wage" countries and "low-wage" countries is based on estimates of average hourly wages of production workers of majority-owned foreign affiliates (MOFA's) in manufacturing; the estimates were derived from data collected in the 1994 benchmark survey of U.S. direct investment abroad. To ensure the significance of the data underlying this distinction, the analysis is restricted to host countries in which employment by manufacturing MOFA's totalled NOTE.—The data in this table cover only newly acquired or established foreign affiliates. They exclude data for consolidated units of existing foreign affiliates that were acquired or established during the year. SURVEY OF CURRENT BUSINESS firm-spetific advantages that must be preserved by strict control of operations.12 In all but 20 host countries, more than threefourths of all affiliates are majority owned. Saudi Arabia, at 43 percent, and Israel, at 56 percent, are among the countries that had a relatively low percentage of MO FA'S in 1997. In some countries, laws constrain, or have constrained, the level of foreign ownership of domestic businesses or have assessed lower taxes on, or provided other benefits to, businesses that have majority local ownership. In India, the percentage of MOFA'S was relatively low, at 58 percent, in 1997, but it was up substantially from 22 percent in 1989. The rapid rise in the MOFA share partly reflected the Indian Government's New Industrial Policy, adopted in 1991, which significantly liberalized the country's foreign direct investment policy. One change raised the maximum permitted foreign ownership of newly acquired or established Indian businesses to 51 percent in most sectors. Despite these changes, the share of the Indian economy accounted for by production by MOFA'S remained July 1999 relatively low in 1997. (For details, see the section "MOFA share of host-country GDP.") Changes in gross product—The gross product of MOFA'S increased 4.2 percent in 1997, to $519.3 billion, compared with an average annual increase of 6.5 percent in 1989-96 (table 11). The slowdown was primarily accounted for by affiliates in Europe and in Asia and Pacific, and it mainly reflected a substantial decline in the U.S.dollar price of foreign currencies. In contrast, MOFA gross product in Latin America and Other Western Hemisphere, Canada, and Africa grew faster in 1997 than in 1989-96. The increase in Latin America and Other Western Hemisphere was strong enough to overcome the dampening effect of the significant appreciation of the U.S. dollar against the two primary currencies in the region—the Brazilian real and the Mexican peso; the increase was widespread across industries, reflecting robust economic conditions in the host countries and the addition of newly acquired or established MOFA'S. In Canada, the increase was concentrated in transportation equipment manufacturing and largely reflected increased production to meet strong demand in the United States. In Africa, the increase was concentrated in manufacturing and mainly reflected newly established affiliates in South Africa. In Eastern Europe, affiliate operations continued to grow rapidly, but they remained quite small; MOFA gross product in this area increased 12. According to this theory, these advantages, such as superior production or marketing techniques, are necessary so that MNC'S can overcome the various barriers to investing abroad, such as foreign languages and unfamiliar business environments. For a discussion of this theory, see Stephen H. Hymer, The International Operations of National Firms (Cambridge, MA: MIT Press, 1976). For a recent appraisal of the theory, see John H. Dunning and Alan M. Rugman, "The Influence of Hymer's Dissertation on the Theory of Foreign Direct Investment" in The Theory of Multinational Enterprise^ vol. 1 (Cheltenham, United Kingdom: Edward Elgar Publishing, 1996). Table 11.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, by Major Area and Industry of Affiliate, 1989,1996, and 1997 Millions of dollars 1989 All areas, all industries 1996 1997 Change, 1996-97 Percent change at annual rat JS 1989-96 1996-$7 319,994 498,310 519,306 20,996 6.5 4.2 52,114 179,758 29,601 5,299 4,891 46,875 1,457 53,783 291,732 51,965 8,248 4,552 86,168 1,862 57,554 297,604 60,579 8,875 4,322 88,943 1,429 3,771 5,872 8,614 627 -230 2,775 -433 0.5 7.2 8.4 6.5 -1.0 9.1 3.6 7.0 2.0 16.6 7.6 -5.1 3.2 -23.3 77,195 172,008 13,643 32,059 7,623 30,430 12,646 33,764 41,843 37,947 3,439 14,612 14,793 109,870 250,351 24,437 50,478 11,002 37,023 23,345 37,809 66,257 54,472 17,161 37,840 28,617 110,818 256,442 25,579 52,987 11,549 37,318 26,183 43,471 59,355 56,446 21,441 44,292 29,866 948 6,091 1,142 2,509 547 295 2,838 5,662 -6,902 1,974 4,280 6,452 1,249 5.2 5.5 8.7 6.7 5.4 2.8 9.2 1.6 6.8 5.3 25.8 14.6 9.9 0.9 2.4 4.7 5.0 5.0 0.8 12.2 15.0 -10.4 3.6 24.9 17.1 4.4 By major area Canada Europe Latin America and Other Western Hemisphere .... Mi*ie'ES'^^\3!!!!!!"!!!!!"!!!!!!!!!!!!!!!!!."!!!!!!!!!!!!!!!"!'.!!!!!!!!!!!!!!!!!"!!!!!! Asia and Pacific International1 By major industry Petroleum .... Manufacturing Food and kindred products * Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment .... Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance and real estate Services Other industries 1. See footnote 1 to table 9. • 21 SURVEY OF CURRENT BUSINESS 22 • July 1999 26.7 percent, to $3.9 billion, but the level was only 1 percent as large as that in Western Europe. By industry, affiliates in services and manufacturing accounted for most of the increase in MOFA gross product. In 1997, $14.3 billion of the $21.0 billion increase in MOFA gross product was attributable to changes in existing operations (table 12). The entry of new MOFA'S contributed $7.0 billion, up significantly from 1996. share of host-country GDP.—In 1997, the gross product of MOFA'S accounted for 7 percent or more of the gross domestic product (GDP) of four of the host countries shown in table 13: Ireland (17 percent), Singapore (9 percent), Canada (9 percent), and the United Kingdom (7 percent). The relatively high MOFA shares of host-country GDP in these countries can be traced to some of the following factors: A common language with the United States, marketing and commercial legal systems similar to those in the United States, geographic proximity to the United States, the availability of a skilled work force, political stability, and low corporate tax rates. The MOFA share of host-country GDP was less than 1 percent in four of the host countries shown in table 13: India, China, the Republic of Korea, and Japan. The low shares in most of these countries partly reflect past or present barriers to investment, including limits on foreign ownership. MOFA Origin of output—The output of MOFA'S consists of both the gross product that originates in the MOFA'S themselves and the gross product that originates elsewhere and that is incorporated in intermediate inputs purchased by MOFA'S Table 12.—Sources of Change in Gross Product for Nonbank Majority-Owned Foreign Affiliates, 1996-97 Millions of dollars Line 1996 level Total change New MOFA's Acquired by U.S. parents Established by U.S. parents Changes in existing operations! Sales or liquidations of MOFA's Other changes 2 1997 level 498,310 20,996 6,988 4,666 2,322 14,325 -11,054 10,737 519,306 1. Also includes changes resulting from MOFA's acquiring, establishing, selling, or liquidating parts of their consolidated operations. BEA permits survey respondents to consolidate affiliate operations that are in the same country if the affiliates are also in the same industry or are integral parts of a single business operation. 2. Equals the change in the gross product of MOFA's not accounted for in lines 3-7. It includes changes resulting from the addition to the survey universe of MOFA's that were exempt from reporting in earlier years and MOFA's that were required to report in earlier years but did not. MOFA Majority-owned foreign affiliate from U.S. parents, other foreign affiliates, or from unaffiliated suppliers. In 1997, gross product originating in MOFA'S accounted for 26 percent of MOFA output, compared with 31 percent in 1989 (tables 14 and 15, column 12). The industries with the highest shares of MOFA gross product were "other" manufacturing (mainly tobacco products), services, and petroleum. The high MOFA share in tobacco products partly reflects the fact that these products have relatively few material components that could be outsourced. Like the U.S.-parent Table 13.—Gross Product of MOFA's as a Percentage of GDP of Selected Host Countries, 1989,1996, and 1997 1989 Ireland Singapore Canada United Kingdom .. Honduras Costa Rica Belgium Netherlands Australia New Zealand . Hong Kong .... Norway Chile Switzerland .... Colombia Venezuela Mexico Brazil Germany 2 France Portugal Philippines Indonesia United Arab Emirates Thailand Peru Argentina Sweden 1997 1996 12.4 8.0 9.5 6.2 5.6 4.0 5.6 5.8 4.6 4.9 2.3 5.0 4.6 2.7 2.9 2.9 1.7 2.4 £l 13.5 10.6 8.9 7.1 6.3 6.3 5.1 4.4 4.6 4.4 4.1 4.2 4.1 3.6 2.8 3.1 3.0 3.1 2.7 2.6 16.5 9.4 9.2 6.8 6.4 5.7 5.5 5.5 5.0 4.8 4.8 4.4 4.1 3.7 3.3 ^3.2 3.2 3.0 2.9 2.7 2.7 2.6 2.6 2.5 2.3 2.2 2.2 2.1 2.0 1.9 Italy 8 2.5 2.7 2.6 2.5 2.9 1.9 1.6 2.1 2.0 1.8 Spain Finland Guatemala ... Denmark South Africa Egypt Ecuador Greece Turkey Israel 1.9 .9 1.9 1.2 .8 1.1 2.8 1.2 .4 .8 1.6 1.6 1.5 1.4 1.0 1.4 1.4 1.1 1.0 1.1 1.8 1.8 1.7 1.5 1.4 1.2 1.2 1.1 1.1 1.0 .5 .3 0.6 0.5 0.2 0.1 0.6 0.5 0.3 0.2 Japan Korea, Republic of China India 2.3 2.2 2.4 4.2 4.3 2.5 1.9 n * Less than 0.05 percent. 1. A share could not be calculated for this country for 1989, because dollar-denominated estimate of host-country GDP was incompatible with dollar-denominated estimate of MOFA gross product. Because the economy of the host country was experiencing hyperinflation in 1989, most MOFA operating there translated their financial statements from host-country currency to dollars daily, following U.S. generally accepted accounting principles. These daily translations, which are used to derive the dollar-denominated estimate of MOFA gross product, are not comparable the annual average exchange rate that is used to derive the dollar-denominated estimate of hostcountry GDP. 2. On October 3, 1990, the former German Democratic Republic became of the Federal Republic of Germany (FRG). Accordingly, the 1989 data shown in this table pertain to the FRG before unification and the post-1990 data pertain to the FRG after unification. NOTE.—The countries are sorted in descending order of their 1997 values. Where two countries have the same 1997 value in the table, they were sorted using unrounded values. Host country GDP data for all countries except Hong Kong are from the International Monetary Fund, International Financial Statistics, April 1999 Edition (Washington, DC: International Monetary Fund, 1999). Data for Hong Kong are from the Web site for the Census and Statistics Department of the Hong Kong Special Administrative Region. GDP Gross domestic product MOFA Majority-owned foreign affiliate July 1999 SURVEY OF CURRENT BUSINESS • 23 Table 14.—Origin of Output for Nonbank MOFA's, by Major Industry of Affiliate, 1989,1996, and 1997 Millions of dollars Share of total output, in percent Purchases U.S. content Addendum: U.S. exports of goods to MOFA's U.S. Foreign content Sales tory change Output1 Gross product Total2 Total Shiped by U.S. parents3 Shipped by unaffiliated U.S. persons Other4 Foreign content of output5 Total Total U.S. exports of MOFA gross Other product of goods by unshipped affiliby U.S. ated parents U.S. persons 1989 All industries Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries ... 1,019,966 2,182 1,022,148 319,994 702,154 97,488 86,050 11,437 604,666 924,660 90 31 59 10 8 1 179,420 509,308 50,791 94,652 21,032 100,319 602 4,299 -245 421 -51 1,073 180,022 77,195 513,607 173,298 50,546 13,643 95,073 32,059 20,981 7,623 101,392 31,720 102,827 340,309 36,903 63,014 13,358 69,672 2,462 66,493 2,078 7,342 1,756 11,682 1,869 57,707 1,465 6,500 1,409 10,837 593 8,786 613 842 348 845 100,365 273,816 34,825 55,672 11,602 57,990 177,560 447,114 48,468 87,731 19,225 89,710 99 87 96 92 92 88 43 34 27 34 36 31 56 53 69 59 55 57 1 13 4 8 8 12 1 11 3 7 7 11 1 1 2 1 39,678 114,391 88,444 204,295 658 1,000 1,442 105 40,336 115,391 89,886 204,400 12,646 33,764 41,843 36,760 27,690 81,627 48,043 167,640 8,122 27,874 7,639 26,797 7,286 23,841 6,370 25,247 837 4,032 1,269 1,550 19,568 53,753 40,404 140,843 32,214 87,517 82,247 177,603 80 76 92 87 31 29 47 18 49 47 45 69 20 24 8 13 18 21 7 12 2 3 1 1 51,137 32,466 43,342 -3,203 202 178 47,934 32,668 43,520 3,439 14,509 14,793 44,495 18,159 28,727 1 448 1,286 388 838 8 44,494 17,711 27,441 47,933 32,220 42,234 100 99 97 7 44 34 93 54 63 3 2 26,601 1,187,017 1,685,327 448 0 f] 1996 All industries Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries 1,868,588 90 27 63 10 9 1 3,048 185,993 1,936 651,712 120,259 100,117 2,631 76,193 1,954 124,502 13,502 12,005 2,664 23,984 1,934 121,051 19,588 17,284 1,113 20,142 677 1,497 729 2,305 182,945 531,453 73,562 111,000 21,320 101,463 292,815 781,804 97,999 161,478 32,322 138,486 99 87 97 92 92 88 37 28 24 29 31 23 62 59 73 63 61 64 1 13 3 8 8 12 1 11 2 7 6 11 0 2 1 1 2 1 70,933 151,319 83,731 319,877 19,907 47,676 14,291 59,543 18,312 35,996 12,631 55,767 1,595 11,679 1,660 3,776 51,026 103,643 69,440 260,334 74,371 141,452 135,697 314,806 79 75 90 84 25 20 44 15 54 55 46 70 21 25 10 16 19 19 8 15 2 6 1 1 92,708 58,569 66,117 25 2,116 2,969 22 1,984 1,533 3 132 1,436 92,683 56,453 63,148 109,844 94,293 91,765 100 98 97 16 39 30 84 59 67 0 2 3 0 2 2 0 0 2 27,426 1,256,329 1,775,635 4,699 1,873,287 498,310 1,374,977 187,960 161,359 295,863 109,870 902,063 250,351 100,630 24,437 174,980 50,478 34,986 11,002 158,074 37,023 295,615 899,737 100,189 174,362 34,355 159,289 248 2,326 441 618 631 -1,215 93,787 188,321 149,434 371,726 491 807 554 2,623 94,278 189,128 149,988 374,349 23,345 37,809 66,257 54,472 109,757 98,233 93,520 112 -1,824 1,214 109,869 96,409 94,734 17,161 37,840 28,617 1997 All industries Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries 1,982,817 1,359 1,984,176 519,306 1,464,870 208,541 181,115 89 26 63 11 9 1 177,217 4,898 3,646 685,028 133,109 112,482 78,581 1,993 2,582 132,186 15,819 14,347 24,966 2,579 1,951 122,118 20,300 18,014 1,252 20,626 589 1,472 628 2,286 172,319 551,919 75,999 116,367 22,387 101,818 283,137 808,361 101,578 169,354 33,936 139,136 98 86 98 91 93 87 38 27 25 29 32 23 60 59 73 63 61 64 2 14 2 9 7 13 1 12 2 8 5 11 0 2 1 1 2 1 22,356 54,920 14,553 64,397 20,592 42,819 12,766 60,328 1,764 12,101 1,787 4,069 54,830 104,674 75,843 282,494 81,013 148,145 135,198 338,940 78 73 90 84 25 21 40 14 53 52 51 70 22 27 10 16 20 21 9 15 2 6 1 1 22 2,411 3,704 20 2,330 2,309 2 81 1,395 105,634 67,260 76,704 127,075 111,552 106,570 100 98 97 17 39 27 83 59 70 0 2 3 0 2 2 0 0 1 288,059 942,604 103,895 184,902 36,244 159,921 -24 -1,134 265 271 271 ^85 288,035 110,818 941,470 256,442 104,160 25,579 185,173 52,987 36,515 11,549 159,436 37,318 102,909 203,317 151,417 401,744 460 -252 -1,666 1,593 103,369 203,065 149,751 403,337 26,183 43,471 59,355 56,446 77,186 159,594 90,396 346,891 127,013 112,823 110,574 84 1,140 -300 127,097 113,963 110,274 21,441 44,292 29,866 105,656 69,671 80,408 * Less than $500,000 or 0.5 percent. 1. Equals sales plus inventory change; also equals gross product plus purchases. 2. Equals total output less gross product 3. As reported on affiliates' forms. 4. Includes purchases of goods and services from foreign residents and purchases of services from U.S. residents. 5. Equals gross product plus "other" purchases. The foreign content of output is overstated to the extent that "other" purchases include services exported from the United States and that goods and services exported from the United States are embodied in purchases from foreign suppliers. (These items were not reported separately and thus could not be identified and included in U.S. content.) MOFA Majority-owned foreign affiliate 24 SURVEY OF CURRENT BUSINESS • July 1999 share, the MOFA share in services is high partly because the production of services tends to be labor-intensive and is not as easily outsourced as the production of goods. The share in petroleum is high partly because the large fixed capital costs that must be incurred to reach a profitable scale of operation allows a small number of highly integrated companies to dominate production. The shift to unaffiliated suppliers from 1989 to 1997 was widespread across geographic areas. It was also widespread across industries, but it was most pronounced in manufacturing, MOFA'S in some industries probably sought to decrease their reliance on internal production in order to meet rising global competition by specializing in areas in which they had an advantage and by rely- ing on unaffiliated suppliers for other inputs and finished products. The U.S. content of MOFA output was 11 percent in 1997, compared with 10 percent in 1989. The geographic areas with the highest U.S. content were Canada and Latin America and Other Western Hemisphere, particularly in Mexico. In Canada and Mexico, the high U.S. content mainly reflects these countries' proximity to, and strong economic ties with, the United States. In Canada, the U.S. content of MOFA output increased from 22 percent in 1989 to 27 percent in 1997; this increase was widespread across manufacturing industries and may have been related to the initial implementation of the Canada-United States Free Trade Agreement in 1989 and the North American Free Trade Agreement in 1994. Table 15.—Origin of Output for Nonbank Majority-Owned Foreign Affiliates, by Major Area of Affiliate, 1989,1996, and 1997 Share of total output, in percent Millions of dollars U.S. content Purchases Addendum: U.S. exports of goods to MOFA's Foreign content Sales Inventory change Output» Gross product Total 2 Total All areas Canada Europe Latin America and Other Western Hemisphere Africa Middle East . . . Asia and Pacific International Shipped Shipped by unafby U.S. filiated parU.S. ents 3 persons Other 4 Foreign content of output 5 Total Total MOFA gross product Other 2,182 1,022,148 319,994 702,154 97,488 86,050 11,437 604,666 924,660 10 173,251 573,270 1,309 -813 174,560 572,457 52,114 179,758 122,446 392,699 37,843 29,888 32,050 27,585 5,792 2,303 84,603 362,811 136,717 542,569 22 5 87,014 11,576 8,021 161,640 5,196 530 -267 -43 1,444 22 87,544 11,309 7,978 163,084 5,218 29,601 5,299 4,891 46,875 1,457 57,943 6,010 3,087 116,209 3,761 11,236 9,495 1,741 46,707 n 16,136 1,355 98J18 76,308 (D) 7,611 145,593 (D) 1,019,966 367 17,491 3 O 13 61 11 ] 10 1996 All areas Canada Europe Latin America and Other Western Hemisphere Africa Middle East Asia and Pacific International 1,873,287 498,310 1,374,977 187,960 161,359 26,601 1,187,017 1,685,327 90 231,717 53,783 46 -78 1,049,235 291,732 177,934 757,503 59,280 51,577 45,903 46,362 13,377 5,215 118,654 705,926 172,437 997,658 74 95 51,965 8,248 4,552 86,168 1,862 128,423 11,981 6,578 287,994 4,565 28,017 716 585 47,781 4 24,111 459 484 44,035 4 3,906 257 100 3,745 0 100,406 11,265 5,993 240,213 4,561 152,371 19,513 10,545 326,381 6,423 84 96 95 87 100 1,464,870 208,541 181,115 27,426 1,256,329 1,775,635 193,169 68,208 54,502 13,706 124,961 182,515 785,416 55,041 49,672 5,368 730,375 1,027,979 73 95 1,868,588 231,671 1,049,313 178,619 19,986 10,596 371,988 6,415 1,769 243 534 2,174 12 180,388 20,229 11,130 374,162 6,427 1997 All areas Canada Europe Latin America and Other Western Hemisphere Africa Middle East Asia and Pacific International 1,982,817 250,429 1,085,571 213,155 22,795 9,571 396,610 4,686 1,359 1,984,176 519,306 57,554 294 250,723 -2,551 1,083,020 297,604 3,176 612 33 -144 -63 216,331 23,407 9,604 396,466 4,623 60,579 8,875 4,322 88,943 1,429 155,752 34,768 30,082 705 539 14,532 503 396 5,282 307,523 49,312 45,920 4 4 3,194 * Less than 0.5 percent. Suppressed to avoid disclosure of data of individual companies. 1. Equals sales plus inventory change; also equals gross product plus purchases. 2. Equals total output less gross product. 3. As reported on affiliates' forms. 4. Includes purchases of goods and services from foreign residents and purchases of services from U.S. resiD 4,686 120,984 181,563 166 13,827 22,702 107 4,779 9,101 3,392 258,211 347,154 0 3,190 4,619 84 97 95 88 100 dents. 5. Equals gross product plus "other" purchases. The foreign content of output is overstated to the extent that "other" purchases include services exported from the United States and that goods and services exported from the United States are embodied in purchases from foreign suppliers. (These items were not reported separately and thus could not be identified and included in U.S. content.) MOFA Majority-owned foreign affiliate SURVEY OF CURRENT BUSINESS July 1999 • 25 than on market exchange rates, and they provide more meaningful comparisons across time because they are in chained dollars. In Latin America and Other Western Hemisphere, the U.S. content of MOFA output rose from 13 percent to 16 percent, partly as a result of currency-related valuation changes.13 Real gross product of MOFA'S in manufacturing.— Changes in the current-dollar measures of MOFA operations can sometimes be difficult to interpret because they can be strongly influenced by changes in prices and exchange rates. (The effects of exchange-rate changes that are unrelated to the relative prices of goods and services in various countries can be especially problematic.) To overcome these limitations, BEA recently began producing estimates of real gross product for MOFA'S.14 These new estimates provide more meaningful comparisons of gross product across countries because they are based on purchasing-power-parity exchange rates rather CHART 3 Real Gross Product of MOFA's in Manufacturing and Industrial Production in 19 OECD Countries, 1982-97 Index (1993=100) 135| 13. The dollar-denominated measures of the operations of affiliates in the two largest economies in the area—Mexico and Brazil—were affected by changes in the host-countries' currencies. From 1989 to 1997, the Mexican peso lost over two-thirds of its value against the U.S. dollar, and Brazil introduced a new currency, the real. The effects of these changes cannot be precisely measured; however, a devaluation of host-country currency generally depresses the U.S.-dollar value of affiliate sales, but it has no direct effect on the dollar value of U.S. exports to affiliates, so that, all else equal, the U.S.-content share of affiliate output is raised. The effect on U.S. content may be mitigated to the extent that, after a devaluation, MOFA'S substitute locally purchased goods for more expensive U.S. goods. However, it is unlikely that such substitution is significant, at least in the short run, because locally produced substitutes are not usually readily available. I 1982 84 86 I I I I I I I I I 88 90 92 94 96 MOFA Majority-ownedforeignaffiliate OECD Organisation for Economic Cooperation and Development NOTE-The 19 OECD countries covered in ttiis chart are Australia, Austria, Belgium, Canada, Denmark, Finland, Ranee, Germany, Greece, Ireland, Daly, Japan, Luxembourg, the Netherlands, New Zealand, Norway; Spain, Sweden, and the United KinQdofn. The composite index of industrial production was derived by weighting each country's index by the country's share in the cumulative dollar value of real gross product of MOFA's in manufacturing In 1962-97. 14. For a summary of the methodology used to derive the real gross product estimates and for the 1982-88 and 1990-93 estimates, see Raymond j . Mataloni, Jr., "Real Gross Product of U.S. Companies' Majority-Owned Foreign Affiliates in Manufacturing," SURVEY 77 (April 1997): 8-17. U.S. Department of Commerce, Bureau of Economic Analysis Table 16.—Current-Dollar and Real Gross Product of Majority-Owned Foreign Affiliates in Manufacturing, by Country, 1989 and 1994-97 Billions of current dollars 1989 1994 1995 1996 Percent change, at annual rates 1997 97 All countries 172.0 205.2 238.9 250.4 256.4 6.1 19 OECD countries Australia Austria Belgium 141.4 159.3 5.8 1.3 6.8 25.3 0.6 0.3 185.0 5.9 1.2 8.3 16.5 36.7 0.3 4.8 8.3 18.9 41.0 0.4 6.9 8.6 10.9 0.7 7.2 0.4 0.4 5.5 0.8 12.6 0.8 9.0 0.4 0.3 6.4 2.7 33.6 53.9 189.8 6.8 1.5 7.5 25.9 0.7 0.7 20.7 40.4 0.4 7.0 9.1 13.3 0.6 8.8 1.5 0.5 6.1 2.4 35.7 189.9 7.2 1.4 7.5 28.8 0.7 0.9 20.1 38.4 0.4 9.5 9.5 12.6 0.6 9.5 1.9 0.4 6.4 2.1 32.0 0.0 0.4 -0.2 0.0 2.8 0.0 0.1 -0.6 -2.0 0.0 2.5 0.3 -0.7 0.0 0.6 0.4 0.0 0.3 -0.3 -3.7 60.5 66.6 6.1 Canada Denmark Finland France Germany' Greece Ireland Italy Japan Luxembourg Netherlands New Zealand Norway Spain oweden United Kingdom . All other countries.. 6.9 0.7 5.0 28.9 0.4 0.1 11.8 25.8 0.2 3.5 7.8 7.7 0.5 7.8 0.3 0.1 5.7 1.0 27.4 30.6 26.7 45.9 26.9 0.7 0.4 198996 5.0 -0.1 14.2 7.1 -1.8 12.1 48.7 9.9 7.7 12.1 12.3 2.7 9.6 3.9 2.2 30.3 25.2 1.1 15.2 4.5 12.0 Change, 1989 199697 1994 1995 1996 1997 199?97 Percent change, at annual rates 1989- 199697 2.4 All countries 160.1 171.4 185.7 197.1 212.3 15.1 3.5 7.7 0.0 5.9 -12.0 0.4 10.9 1.1 15.5 -3.0 -5.0 0.5 35.7 19 OECD countries Australia Austria Belgium Canada Denmark Finland France Germany' Greece Ireland 126.1 125.8 5.2 136.9 5.5 1.0 5.2 145.8 6.1 1.0 5.9 23.9 0.4 0.5 13.4 26.0 0.4 5.7 6.9 26.6 0.4 0.6 japan Luxembourg Netherlands New Zealand Norway Spain Sweden United Kingdom All other countries Residual 5.7 0.5 5.9 0.4 0.2 4.8 7.1 0.5 9.0 0.6 0.0 0.8 2.7 0.0 0.1 1.2 2.2 0.0 2.6 0.9 0.3 0.0 1.2 0.4 0.0 0.9 0.0 -4.2 6.0 1.4 -2.9 9.3 1.6 -2.3 5.9 47.4 5.9 1.9 4.3 8.7 0.5 6.1 0.7 -1.4 26.1 21.3 -1.2 11.4 6.5 11.3 1.0 14.5 11.1 8.9 30.4 9.2 8.5 3.6 -5.3 0.0 131.9 5.1 0.7 5.4 25.3 0.4 0.3 11.6 25.3 0.3 5.6 7.0 7.1 28.4 0.0 4.6 -11.7 -10.2 10.0 ' Less than $50 million or 0.5 percent 1. See footnote 2 to table 13. NOTE-Chained (1993) dollar series were derived by extrapolating the base-year (1993) PPP-exchangerate-based current-dollar value of the corresponding series by a Fisher quantity index. Because the formula for the Fisher quarttity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not addi- Billions of chained (1993) dollars Italy 6.5 0.6 4.7 27.4 0.3 0.0 9.5 23.3 0.3 3.4 6.7 5.0 0.4 6.5 0.3 0.1 5.0 0.7 25.8 33.9 -0.3 0.9 5.3 25.0 0.3 0.2 11.6 26.2 0.3 4.2 7.2 5.4 0.5 5.5 0.4 0.2 4.7 0.6 22.4 45.6 -0.4 1.7 25.8 53.9 -0.3 6.0 1.3 0.3 14.6 28.3 0.4 8.3 7.8 7.4 0.5 7.2 1.7 0.3 4.6 5.5 1.4 27.3 60.0 0.0 1.4 23.2 66.1 -0.7 i.o! 10.0 5.6 46.0 12.9 3.6 9.0 19.2 33.6 0.8 18.8 0.0 -15.2 10.0 live. B e residual line is the difference between the total line and the sum of the most detailed lines. For a summary of the methodology used to derive the chained-dollar estimates, and for the 1982-88 and 1990estimates, see "Real Gross Product of U.S. Companies' Majority-Owned Foreign Affiliates in Manufacturing," SURvia'OF CURRENT BUSINESS 77 (April 1W7M-17. O E C D Organisation for Economic Co-Operaoon and Development M 26 • July 1999 SURVEY OF CURRENT BUSINESS The real gross product of MOFA'S in manufacturing grew more than twice as fast in 1997 (7.7 percent) as in 1989-96 (3.5 percent) (table 16).15 The faster growth partly reflected the faster growth in industrial production in most host countries. The real gross product of manufacturing MOFA'S in the 19 member countries of the Organisation for Economic Co-Operation and Development grew faster (6.5 percent) in 1997 than total industrial production partly because of the entry of new MOFA'S (chart 3). Industrial production in these countries grew 4.6 percent in 1997, compared with 1.1 percent in 1996. 15. The real gross product grew much faster (8 percent) than the currentdollar gross product (2 percent) in 1997. The slower growth in the currentdollar gross product reflected the dampening effect of the appreciation of the U.S. dollar. (See also footnote 5.) The $15.1 billion increase in the real gross product of MOFA'S in manufacturing in 1997 was concentrated in Canada (up $2.7 billion), Ireland (up $2.6 billion), and Germany (up $2.2 billion). In Canada and Germany, the increases primarily reflected rising production of motor vehicles to meet strong demand; in Germany, the acquisition of new affiliates that manufacture automobile components also contributed. In Ireland, the increase primarily reflected the rising production of new, higher value pharmaceuticals to meet strong demand, mainly in other European countries. The real gross product of manufacturing MOFA'S in the United Kingdom decreased sharply ($4.2 billion), partly because of the sale of a few large MOFA'S. Tables 17 through 21 follow. H SURVEY OF CURRENT BUSINESS July 1999 • 27 Table 17.1 .-Selected Data for Nonbank U.S. Parents, by Industry of U.S. Parent, 1996 Millions of dollars Sales Total assets Net income Total All industries . Petroleum Oil and gas extraction Crude petroleum extraction (no refining) and gas Oil and gas field services Petroleum and coal products Integrated petroleum refining and extraction Petroleum refining without extraction Petroleum and coal products, not elsewhere classified Petroleum wholesale trade Other Goods Services Investment income 1 3,105,123 1,185,679 188,168 304,191 260,048 100,551 1,480,638 846,847 18,790.0 389,178 33,010 5,880 A 26,186 2,669 1,840 829 18,676 17,343 1,179 1,683 7 7 31,999 1,160 125,380 5,404 3,406 1,997 102,021 94,694 6,352 31,225 1,811 475.1 39.7 2,609,397 (D) 4,921 291,292 269,206 (D) 9$ 8,266 (D) to 0 280 280 (*) o (D) (D) 2,119,731 1,971,284 217,480 30,122 114,730 72,628 223,293 34,747 98,932 89,614 219,524 Chemicals and allied products Industrial chemicals and synthetics Drugs Soap, cleaners, and toilet goods Agricultural chemicals Chemical products, not elsewhere classified 475,205 165,143 195,450 75,597 14,999 24,016 Primary and fabricated metals Primary metal industries Ferrous Nonferrous Fabricated metal products (D) 703 458 26,597 26,530 fi 975 599 8 3,392 2,702 89,973 764,725 465,536 8,959.9 9,331 1,457 5,116 2,759 1,264 77,290 8,564 47,353 21,373 33,083 3,618 16,861 12,605 982.3 73.9 529.4 379.0 20,642 9,094 6,804 2,661 21,011 4,253 14,269 1,554 563 784 4,756 1,299 218 716 127,284 45,268 51,784 17,915 4,026 8,291 66,546 23,177 26,460 9,940 2,098 4,870 1,022.2 325.8 381.1 179.8 40.3 95.2 38,420 19,112 11,137 7,975 19,308 25,280 12,072 7,006 5,065 13,209 560.9 260.4 131.3 129.1 300.5 95,342 6,381 10,913 40,674 37,375 63,615 3,929 6,744 27,256 25,687 1,164.6 69.4 133.2 417.9 544.1 153 133 118,271 30,176 156,315 114,979 3,682 D 87 0 87 0 22,198 2,427 15,941 3,830 467 4 299 160 2 2 38,924 6,731 21,972 4,902 1,568 1,520 6 42 283 552 429 2,919 (D) (D) 326,770 115,132 120,165 53,901 13,821 23,751 319,632 113,648 116,672 52,628 13,553 23,131 6,671 1,480 3,194 1,113 115,337 55,309 26,090 29,219 60,028 115,037 60,263 29,770 30,493 54,774 113,283 59,145 1,734 1,099 (D) (D) 635 20 19 19 0 1 5,164 2,932 1,550 1,382 2,232 5,881 3,450 1,752 1,698 2,431 1,016 (D) Industrial machinery and equipment Farm and garden machinery Construction, mining, and materials handling machinery Computer and office equipment Other 289,376 23,596 36,090 134,757 94,934 269,979 20,644 32,654 129,817 86,864 237,467 19,159 31,185 108,091 79,033 30,712 1,800 s 21,244 1,208 2,282 12,873 4,881 12,485 15,316 517 1,148 7,099 3,721 495 597 11,416 2,808 Electronic and other electric equipment Household appliances Household audio and video, and communications equipment Electronic components and accessories Electronic and other electric equipment, not elsewhere classified 399,063 11,164 65,227 263,638 59,035 281,920 15,194 74,216 129,999 62,511 248,882 15,194 70,631 29,455 3,582 21,012 21,578 16,503 0 0 0 (D) (D) (D) (D) 3,582 Transportation equipment Motor vehicles and equipment Other 615,380 480,747 134,634 489,143 359,368 129,775 439,478 320,587 118,892 25,784 15,445 10,339 23,881 23,336 Other manufacturing Tobacco products Textile products and apparel Lumber, wood, furniture, and fixtures Paper and allied products Printing and publishing Rubber products Miscellaneous plastics products Glass products Stone, clay, and nonmetallic mineral products Instruments and related products ... Other 497,556 393,018 16,009 33,389 20,232 13,600 66,607 13,682 9,198 (D) 413,588 16,043 33,474 43,632 92,098 57,340 26,919 19,893 20,168 13,637 75,815 14,570 179,297 105,063 74,235 349,012 184,242 164,770 341,209 178,355 162,854 3,096,185 961,628 2,115,142 8,899 10,517 517,346 118,034 395,663 8 8 8 291,303 33,452 105,579 10,383 3,749 75,017 16,429 12,210 62,512 38,968 7,349 8,002 23,232 220,137 20,743 91,022 6,912 1,954 55,906 26,249 7,613 21,543 197,436 10,514 79,703 6,912 1,738 46,014 25,039 13,128 8,130 1,319 8 1,091,523 3,913 24,314 18,443 146,452 399,779 319,927 178,696 844,677 4^263 15,106 31,636 121,439 224,392 124,513 323,328 376,695 Services Hotels and other lodging places Business services Advertising Equipment rental (except automotive and computers) . Business services, not elsewhere classified Automotive rental and leasing Motion pictures, including television tape and film . Health services Engineering, architectural, and surveying services . Management and public relations services Other Other industries Agriculture, forestry, and fishing Mining Construction Transportation Communication Electric, gas, and sanitary services . Retail traBe ' (D) 26537 36^511 128,784 88,954 26,359 17,882 24,917 16,168 88,077 32$ * Less than $500,000 (±). Suppressed to avoid disclosure of data of individual companies. 1. Some parents and majority-owned foreign affiliates (MOFA's), primarily those in finance and insurance, include investment income in sales or gross operating revenues. Most parents and MOFA's not in finance or insurance consider investment income an incidental revenue source and include it in their income statements in a separate "other income" category, rather than in sales. BEA collects separate data on investment income to ensure that— D (°) 54,138 (D) 1,436 20,139 1,588 (D) 9.6 1,171 23,319 21,407 1,314 9,259 8,697 -38 105 2,444 2,397 266 618 640 30.1 356.0 308.0 33.7 14.2 41.4 38.0 2,504 1,737 (j 22 95,926 Finance (except depository institutions), insurance, and real estate . Finance, except Depository institutions Insurance Real estate Ho left no o Thousands of employees 428,067 8,734 5,369 3,364 301,139 277,752 19,804 3,584 94,250 23,944 5,459 , Compensation of employees 4,478,970 9,630 Wholesale trade Durable goods Nondurable goods Gross product 553,341 28,578 18,340 10,238 325,106 307,253 13,541 4,312 157,338 42,320 h Food and kindred products Grain mill and bakery products . Beverages Research and development expenditures 7,821,047 79,161 Manufacturing Capital expenditures 503 198 305 513 553 636 214 2,790 14,675 2,993 4,249 13,523 3,170 6,447 7,754 2,088 87,732 3,902 24,260 35,661 23,909 58,983 2,656 17,208 21,341 17,778 1,181.2 74.9 304.9 438.6 362.7 24,291 17,390 6,901 20,698 16,268 4,429 24,769 16,851 7,918 168,884 109,244 59,640 111,300 68,999 42,301 1,683.3 954.1 729.3 338 0 27 0 108 81 0 0 (*) 8 10 104 23,482 169,773 6,394 11,827 14,906 42,415 23,745 9,873 7,281 8,600 3,960 35,601 5,171 106,729 2,689 7,982 9,420 22,215 15,787 7,715 4,308 5,150 2,497 25,628 3,338 6,672 5,346 1,326 41,753 20,528 21,225 26,771 15,109 11,662 681.9 307.5 374.4 5,214 363,707 4 742 301,253 148,425 58,740 89,668 17 0 43,876 11,488 31,018 71,797 28,342 40,477 1,793 1,185 72,906 27,954 43,987 905 60 1,069.6 268.0 787.8 13.3 0.4 1,158 40 805 15,529 650 6,386 116,126 9,548 50,184 3,302 1,072 28,801 17,009 3,325 10,707 19,368 5,255 4,289 13,450 80,232 5,917 37,784 2,783 2,421.8 305.9 1,047.7 39.6 12.3 355.3 640.5 71.2 167.2 418.9 78.0 55.5 277.5 360,857 1,112 6,925 9,062 67,065 120,187 73,143 83,364 170,177 (D) 91,300 50,491 D ( ) (DD) ( ) 0 216 9,763 535 (D) (D) 537 D () (D) 23,791 1,682 13,475 1,235 318,664 3,585 34 58 (D) 689 6,768 D () (D) (D) 29 783 (D) 0 545 24,364 10,094 762 395 1,633 1,543 6,127 2,269 1,497 2,447 8,359 2,556 (D) 76 271 697 971 1,640 1,287 1,041 1,960 1,223 324 780 187 574 251 482 184 6,605 3,623 6,412 595 734 P) 1,132 5,079 541 591 1,789 1,412 4,356 8,266 5,332 2,934 11,594 2,826 8,648 116 5 197 170 28 17,791 1,500 6,260 5,365 0 5,035 0 0 130 675 0 (D) 57 3 724 8 376 0 0 284 114 174 321 0 9 5,051 4,963 5,000 936 36 (D) 802 3,538 2,089 2,467 8 (D 176 372 206 235 27 (*) 5 5 162 466,584 1,398 51,393 81,232 1,544 139 175 1,068 1,958 63 41 (D) 19 (D) (D) 32223 11,807 /D\ /D\ 7,812 119,374 210,732 122,950 4,203 o 1 9 33 382 184 328 461 (D) 863 980 5,552 23,133 10,428 10,210 11,060 39,749 15,573 11,738 R 1,200 84 (D) where it is included in total sales-it is not misclassified as sales of services. 531 19,397 15,073 2,075 4,319 13,020 4,833 3,744 8,540 803 3,665 7,804 44,530 47,625 20,688 45,063 - 2,365.4 46.4 301.5 252.6 416.3 384.4 154.8 112.4 111.3 59.4 440.7 85.7 5,181.6 30.0 70.2 153.3 983.4 860.2 327.5 2,757.1 28 SURVEY OF CURRENT BUSINESS • July 1999 Table 17.2.—Selected Data for Nonbank U.S. Parents, by Industry of U.S. Parent, 1997 Millions of dollars Sales Total assets Net income Total Goods Services Investment income 1 Capital expenditures Research and development expenditures Gross product Compensation of employees Thousands of employees 8,567,320 4,859,568 3,298,115 1,357,524 203,928 326,370 298,902 108,610 1,570,490 894,807 19,867.4 459,873 37,967 21,369 16,597 347,233 317,145 25,617 4,472 44,840 29,834 412,833 13,031 6,526 6,505 307,771 272,701 31,450 3,620 77,525 14,506 375,448 37,006 11,381 7,908 (D) (D) (D) (D) 0 ( ) ( ) 0 0 30 813 113 829 217 30,187 5,103 2,546 2,557 20,832 18,650 2,020 30,900 2,716 296,054 264,457 30,448 1,026 -133 1,159 28,377 27,451 1,779 Si (D) 378 12 12 0 336 336 2,000 2,250 483.2 52.7 11.7 41.0 370.9 312.3 45.1 13.5 32.4 27.2 2,695,247 2,233,109 2,075,301 126,823 30,985 Food and kindred products Grain mill and bakery products Beverages Other 223,583 47,291 118,619 57,674 226,871 43,074 98,441 85,356 221,720 43,056 94,427 84,237 5,150 1 0 1 0 Chemicals and allied products Industrial chemicals and synthetics Drugs Soap, cleaners, and toilet goods Agricultural chemicals Chemical products, not elsewhere classified 479,925 151,255 197,019 76,413 24,437 30,801 331,127 109,127 125,726 53,108 17,376 25,791 324,778 108,052 122,536 51,720 17,083 25,387 5,828 1,075 2,839 1,227 521 Primary and fabricated metals Primary metal industries Ferrous Nonferrous Fabricated metal products 129,337 60,124 27,754 32,370 69,212 126,882 66,821 32,285 34,536 60,061 125,031 1,822 (D) (D) 69 Industrial machinery and equipment Farm and garden machinery Construction, mining, and materials handling machinery Computer and office equipment Other 293,541 27,320 40,584 139,117 86,518 296,209 23,586 34,115 149,656 88,853 263,175 21,602 32,299 122,896 86,378 Electronic and other electric equipment Household appliances Household audio and video, and communications equipment Electronic components and accessories Electronic and other electric equipment, not elsewhere classified .. 438,066 11,004 71,713 290,650 64,698 307,526 15,913 79,896 145,958 65,759 Transportation equipment Motor vehicles and equipment Other 640,194 509,252 130,942 Other manufacturing Tobacco products Textile products and apparei Lumber, wood, furniture, and fixtures Paper and allied products Printing and publishing Rubber products Miscellaneous plastics products Glass products Stone, clay, and nonmetallic mineral products Instruments and related products Other 490,602 All industries Petroleum Oil and gas extraction Crude petroleum extraction (no refining) arid gas Oil and gas field services Petroleum and coal products Integrated petroleum refining and extraction Petroleum refining without extraction Petroleum and coal products, not elsewhere classified Petroleum wholesale trade Other Manufacturing , ; Wholesale trade Durable goods Nondurable goods Finance (except depository institutions), insurance, and real estate Finance, except depository institutions Insurance , Real estate Holding companies Services Hotels and other lodging places Business services Advertising Equipment rental (except automotive and computers) Computer and data processing services Business services, not elsewhere classified Automotive rental and leasing Motion pictures, including television tape and film Health services Engineering, architectural, and surveying services Management and public relations services Other „ Other industries Agriculture, forestry, and fishing Mining Construction Transportation Communication Electric, gas, and sanitary services Retail trade , * Less than $500,000 (±). Suppressed to avoid disclosure of data of individual companies. 1. See footnote 1 to table 17.1. D 2,220 2,032 5 39 (D) (D) 125,214 7,226 3,487 3,739 104,794 95,128 8,640 1,026 6,545 6,649 159,765 116,314 96,141 765,122 464,162 8,622.7 19,711 1,149 14,588 3,973 9,184 1,700 4,882 2,603 1,396 69,852 11,206 39,201 19,445 29,792 4,917 13,362 11,513 732.8 103.6 289.4 339.8 39,803 9,005 21,441 6,149 22,760 3,834 15,459 1,582 2,408 23,258 10,244 7,465 2,786 1,450 1,313 126,931 41,765 52,724 17,468 5,779 9,195 67,165 21,117 27,433 9,713 3,567 5,333 966.8 273.4 373.0 171.2 48.5 100.8 29 26 26 0 3 6,355 3,309 1,632 1,677 3,045 5,609 3,268 1,511 1,757 2,341 1,113 41,926 21,127 11,350 9,777 20,799 26,937 13,167 7,285 5,882 13,769 611.4 286.6 134.3 152.3 324.8 31,302 1,732 16,653 691 1,564 8,234 3,581 538 668 (D) (D) 621 786 (D) 22,699 1,580 2,461 13,553 5,106 14,069 (D) 12,552 2,895 92,094 7,040 11,274 41,023 32,757 59,875 4,268 6,447 27,033 22,127 1,103.8 71.4 122.9 408.7 500.8 267,639 15,913 76,288 112,179 63,258 34,282 5,605 26,102 21,241 19,090 0 0 0 (D) (D) 366 462 201 1,814 20,243 3,678 4,453 13,393 2,933 8,437 8,184 2,268 94,413 4,267 23,971 41,504 24,671 60,302 2,847 17,733 21,802 17,920 1,175.1 74.2 305.5 , ; 444.5 351.0 524,935 387,398 137,537 473,504 346,117 127,387 28,685 18,651 10,034 22,746 22,630 23,948 18,708 5,240 18,823 14,362 4,461 24,931 17,097 7,834 167,277 107,173 60,103 108,866 67,007 41,859 1,657.6 898.6 759.1 399,454 16,766 34,639 19,752 351 0 14 0 110 93 0 0 21,147 16,071 70,852 13,755 9,982 (D) 419,558 16,800 34,738 46,461 96,251 48,903 25,413 17,690 21,504 16,124 80,840 14,834 959 172,630 6,412 12,819 15,228 40,729 20,460 10,512 6,448 9,657 5,783 39,116 5,467 111,226 2,577 8,427 9,897 23,731 13,791 7,577 3,972 5,420 2,908 29,535 3,390 2,375.2 41.9 292.7 263.6 421.9 329.1 145.1 103.2 110.5 68.6 510.2 88.4 216,964 131,803 85,161 396,163 214,248 181,915 383,040 204,758 178,281 51,621 26,735 24,886 32,635 18,421 14,214 756.9 367.1 389.8 3,514,546 1,507,802 1,989,821 8,579 8,344 552,886 167,531 381,631 3,723 5,613 1,052.1 326.0 709.7 15.9 335,065 35,984 133,882 12,950 3,883 83,878 33,171 13,016 64,620 42,742 7,857 11,035 25,929 249,348 21,229 107,650 8,503 2,032 63,222 33,892 7,195 12,838 12,741 20,919 1,288 11 545 D ) 634 20,285 1,345,625 3,939 24,939 18,956 163,175 505,260 420,980 208,376 1,015,230 4,709 15,717 35,858 127,534 272,085 186,726 372,602 435,220 4,380 28,017 39,939 131,119 54,670 24,801 14,921 26,739 18,977 108,367 1 (D) (D) D ) 6,063 D ) 66,283 D 32,189 s 11,242 D 18 4,014 1,118 290 397 R 1,194 25,973 3,607 R $ 160 2 7 116 799 161 59 1,615 1,571 391 637 369 (D) (D) 510 207 304 603 792 1,925 23,934 21,442 1,910 582 24,130 10,197 857 387 1,798 1,526 3,296 2,301 1,177 (D) 90 341 1,535 1,430 5,361 1,435 2,163 7,578 2,311 1,493 1,014 2,150 1,044 3,866 120 938 688 (D) 11,962 8,785 3,177 1,161 7,877 3,010 4,867 9,867 6,557 3,310 2,552 2,082 168,939 57,068 16,996 39,338 -363 1,097 13,083 4,427 8,543 p) 378,334 85,537 289,931 2,866 318 (D) (D) 81,872 40,919 39,523 1,726 -296 79,818 37,436 41,174 1,140 68 0.5 23,494 224,831 1,023 14,885 5,907 (D) 5 784 0 0 189 595 0 (D) (D) 4 (D) 7,637 21,457 1,937 7,368 613 152 220 365 0 5 90,153 6,714 44,657 3,337 5,766 1,106 5,797 5,535 985 (D) 17 (*) 5 5 176 130,070 10,051 60,592 4,303 1,184 31,578 23,526 3,247 13,107 17,244 5,666 6,844 13,320 3,024.3 312.7 1,529.9 51.4 11.9 363.6 1,103.0 67.6 210.4 440.8 84.7 104.1 274.0 D ) 95,430 43,868 D ) D ) D ) (D) 5092 D 13,773 0 250 12,885 638 (D) (D) (D) 34 84 43 4,942 (D) (D) (D) 45 0 93,093 8,503 1,783 50,148 32,659 (D) (D) r) ?5 704 457 (D) 86,608 (D) o 926 250 272 98 14 6,084 470 o 0 0 5,556 2582 2i897 223 794 (D) 107,993 1,913 77 43 (D) (D) 0 578,569 1,441 56,329 209 1,079 20,626 2,017 364,832 125,801 251,192 184,416 7,613 1 38 33 654 267 292 157 247 () (D) 328 (D) (D) 1,113 1,215 6,727 23,838 11,278 11,912 1,825 1,128 12,875 60,077 19,666 12,213 D 200 574 263 548 226 S , 1,072 3,152 >) 1,436 R 1,480 116 47 416,591 1,304 6,930 10,082 74,313 138,045 89,894 96,025 584 21,745 18,991 1,780 4,574 13,602 5,140 5,318 8,367 197,139 844 3,704 8,355 48,990 57,449 24,455 53,342 5,928.3 29.3 65.2 155.4 1,022.0 1,053.2 403.9 3,199.3 July 1999 SURVEY OF CURRENT BUSINESS • 29 Table 18.—Selected Data for Nonbank Foreign Affiliates, by Country and Major Industry of Affiliate, 1996 and '1997 Total assets Sales 1996 1997 Millions of dollars Millions of dollars Net income U.S. exports of goods shipped to affiliates All countries Canada Europe .. Austria Belgium Denmark Finland France Germany Greece Ireland Italy ... Luxembourg Netherlands Norway Portugal Spain. Sweden Switzerland Turkey United Kingdom Other. Latin America and Other Western Hemisphere South America Argentina Brazil Chile Colombia Ecuador Peru Venezuela Other Central America Costa Rica Guatemala Honduras Mexico Panama Other Other Western Hemisphere Bahamas Barbados Bermuda Dominican Republic Jamaica Netherlands Antilles Trinidad and Tobago United Kingdom Islands, Caribbean Other Sales Net income ees U.S. exports of goods shipped U.S. imports of goods shipped to by affiliates affiliates Compensation of employees Thousands of employ- ees 138,962 194,029 164,773 252,601 7,544.1 3,397,262 2,356,416 155,267 215,751 178,696 261,243 254,442 10,963 60,501 67,041 30,744 920.5 294,943 274,205 13,654 70,037 72,199 31,393 941.9 1,761,758 1,181,252 70,298 52,141 26,282 141,021 3,167.0 1,914,373 1,214,194 77,854 55,676 27,677 144,067 3,333.9 11,640 74,452 15,097 53,134 8.646 4,673 135,934 1,303 3,214 (D) 1,599 7,894 1,386 25.9 135.5 25.3 12.4 448.8 (D) 1,139 3,729 1,198 1,540 7,564 1,372 3,734 144,057 14,031 53,501 8,666 5,074 130,883 165 1 227 27.8 133.1 26.9 13.2 483.7 234,508 4,392 30,339 74,035 3,545 130,053 3$ 145,828 221,703 2,925 45,298 61,178 17,128 163,898 244,320 4,305 27,292 72,851 3,523 122,202 16,231 6,058 32,344 85,638 4,109 816,570 26,336 14,294 8,086 44,395 18,971 66,187 6,771 310,612 19,960 376^16 223,494 (D) 136,147 28,542 60,118 17,693 8,721 2,002 4,206 12,514 2,351 110,578 20,968 55,155 8,608 9,823 2,000 2,970 9,121 1,934 92,080 79,666 2,124 1,147 566 2,875 263 259 7,531 8,572 4,312 32,966 6,112 1,306 7,807 160.7 213,029 3,184 57,948 66,091 18,373 179,751 1,096 121 56 (D) (D) 831 87 1,624 140 168 186 (D) (D) (D) 229 15,220 15,666 8.155 37.4 29.8 144.0 59.6 52.3 26.4 949.5 169.7 16,936 6,150 35,298 18,976 93,348 5,012 923,207 30,578 14,193 8,263 44,555 19,490 67,620 8,685 337,907 24,452 18,020 1,384 16,563 1,529.2 458,889 268,912 30,849 36,691 225 469 1,488 795 9,056 (DJ 639 473 787 6,007 3,331 4,175 493 697 (D) 168 33,828 1,829 23,547 29,809 31,260 26,174 7,684 1,081 3,845 4,041 458 556 669 (D) (D) 1,094 1,047 ISD () 1,395 155 151 254 (D) 21,403 25,126 9,554 7,975 981 4,083 959 768 -541 172 8,547 33,249 P) 22,371 1,915 8,998 148,589 1,996 839 3,341 35,287 (P) 31 ( i1 3,424 143 164 (D) ( ) (D) (D) 964 (D) 618 22,332 267 353 2203 1.330 6,874 1,246 15,060 D () 528 2,822 41 (D) (D) 3.198 D 1,129 2,510 159 71,676 2,314 80.542 8,179 135 128 80,061 6,404 2,049 2,330 14,517 66,892 20,624 621 5,228 7,597 334 31 (D) A 187 180 4,320 D 120 8 23,400 3,258 4,353 7,364 8,426 2,254 Middle East Israel . Saudi Arabia United Arab Emirates Other .. 35,428 9,350 14,189 1,852 10,038 23,792 7,546 8,329 2,844 5,074 3,210 592,934 94,370 14,066 48.077 4.411 19,645 248,276 21.468 17,998 21,731 10,631 48,418 19,517 20,887 3,441 519,680 69,945 11,403 43,418 3,747 10,546 206,371 22,326 16,759 13,817 8,705 76,770 16.970 16.381 2,523 27,708 3,379 20,152 7,636 293,099 862,708 112,705 212,628 46,003 112,605 77,464 131,162 170,141 210,945 1,334,682 131,596 258,895 379,482 1,048,782 122,982 199,082 43,343 169,917 102,461 231,770 179,228 391,443 118,192 114,861 180,937 1,272 129 395 726 345 789 605 1,328 228 1,049 935 2,774 64 986 1,408 1,630 706 6,121 1,023 889 68 982 * Less than $500,000 (±). Suppressed to avoid disclosure of data of individual companies. 1. See footnote 1 to table 9. NOTE.—Size ranges are given in employment cells that are suppressed. The size ranges are A—1 to 499; 9.0 818.2 26.6 11.5 23.9 731.8 17.4 24,216 8,885 52 29 185 56 2,093 1,392 56.4 31 5 (D) 48 54 141 1.9 3.7 3.3 115 (D) 146 211 229 465 17,585 2,767 2,906 263 1,048 6,303 2,109 1,669 57 4 18,077 3,155 56,095 125,053 6,952 3,059 14,255 16,603 1,602 2,913 9,471 20,026 5,814 20,079 4,683 49,409 15,312 10,970 60,168 15,436 35,993 29 4,819 2,163 8,541 ^ 3,462 D 201 595 92 722 82 58 78 50,123 4,833 1,259 8,629 1,861 5,863 889 938 128 320 654.6 105.6 320.4 48.7 48.4 13.5 14.5 94.4 20307 8 33 (D) 63 761 32 132 303 294 690 311 120 163 95 207 184 15,228 2,849 8,508 9.6 195 105 128 (D) 3$ 137 2,258 612.6 21.4 57.6 188.5 641 65 123 (70J 7,025 27,929 3,621 5,820 5,940 12,548 Total assets 2,233,698 Africa Egypt •• Nigeria South Africa Other ., By major industry Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation eouipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate ... Services Other industries affiliates Thousands of employ- 276,909 1,329 4,899 4,902 International1 by Compensation of employees 3,091,927 19]488 2,302 32,841 3,010 Asia and Pacific Australia China .. Hong Kong India... Indonesia Japan . Korea, Republic of Malaysia New Zealand Philippines Singapore Taiwan Thailand Other., U.S. imports of goods shipped 484 (D) 134 21 75 644 (D) 2,554 1,885 0 1,023 145 144 n 27 1,014 1,503 581 1,310 2,448 1,115 8 34 0 799 213 321 36,327 1,294 1,043 49,873 8,838 B 3,008 560 5,401 598 4,015 40 849 15,966 D ( ) (D) 20 0 13,115 137,095 2,867 7,694 3,608 29,647 22,072 57,748 13,458 12,090 1 310 2,162 827 363 761 24,522 1,949 1,174 2,027 801 2,899 1,469 1,099 135 456 12,057 141,966 14,222 25,407 7,863 22,302 14,280 26423 31,468 27,073 10,553 32030 28,922 7.1 J 5.7 0.8 4.1 12.0 154 8,393 2,311 2,231 17,014 1,172 466 1,726 732 9,155 171 434 9.2 1,997 8,153 169.4 136 106 711 (D) 1,706 5,971 2,745 41.6 32.4 158.6 55.7 39,582 27.5 977.2 158 (D) 516 6,111 215 486 56 118 96,787 2,324 1,342 1,212 88,063 10,641 25,170 168,604 2,245 8 38,281 1,560 173 (D) M 37,650 29,599 1,629.2 17,145 2,854 9,958 694.7 106.9 340.8 57.4 52.0 13.7 18.1 95.1 10.8 D ( ) 174 2,922 994 1,041 301 201 175 1,535 28,948 11,299 135 386 241 878.8 26.8 12.6 24.3 793.0 15.5 195 115 136 8,488 23,941 27,714 10,605 (D) (D) (D) 86 127 60 184 64 10,021 1,547 55.7 70 67 344 R (D) 1,156 48 53 301 1.8 3.7 8.0 n n n 2,623 21 73 231 (D) 0.8 4.8 6.6 G 2,739 186.6 24.5 10.0 106.0 46.1 967 (D) 229 (D) 5,406 8 1,546 153 240 86 2,460 (D) (D) 29,150 3,565 4,595 11,552 9,437 2,653 39,411 10.093 15,378 1,928 12,011 24,950 8,499 9,307 2,603 1,715.1 280.3 135.3 110.3 60.9 61.9 409.0 65.3 119.6 63.0 97.1 114.8 66.6 117.6 13.5 628,118 96,250 18,460 56,124 7,194 21,572 266,028 18,004 18,704 21,899 10,225 51,448 20,741 17,126 4,344 536,462 68,519 14,989 49,517 4,525 10,350 205,072 22,419 19,520 13,791 8,756 82,114 17,554 16,771 2,564 26,231 3,899 1,106 2,809 12.9 20,926 8,545 1,422 232.9 4,392.6 563.6 614.1 245.1 542.9 713.5 7054 1008.0 558.1 193.0 837.7 1,329.7 295,313 884,113 112,875 220,923 47,209 123,273 84,525 131 550 163,757 223,451 1,498,127 154,234 342,025 360,452 1,086,129 127,710 207,988 44,679 178,257 110,625 244,199 172671 422,285 135,331 128639 223,580 19,778 61,660 8,810 17,900 2,043 9,033 6,905 6198 10772 15,218 42,922 6843 8,846 /D\ /D\ 125 782 93 173 17,224 1,134 7,390 L 1,330 8,364 ( ) 136 243 (D) 838 D 782 306 66 -8 102,144 15,154 2,342 33,719 9,975 1,628 4,558 1,501 (D) 4.9 8.5 (D) n 241 116,214 3,006 (D) (D) 627.4 21.8 65.5 205.5 240 761 820 (D) (D) 40,602 3,828 6,442 12,873 17,459 77.8 46.3 18.2 630 2,110 9,131 970 54 476 G 54.3 45.5 (D) 2,778 10,187 1,003 4,934 1,193 121.6 12.5 9.3 40 133,844 24,019 67,380 10,931 10,695 2,184 3,941 12,450 2,244 83,500 625 1,536 2,744 174,071 36,527 79,240 20,476 10,513 2,059 5,584 16,155 3,517 852 700 168 139 8,018.0 357 719 778 799 625 904 8 -22 1,439 5,925 741 1,892 2,487 610 P) 3 47 403 (D) 757 85 130 292 250 755 (D) 186 175 (D) 51,831 4,718 1,537 9,842 240 16,900 2,125 3,096 301 (D) 198 2,778 (D) (D) 33 1,723 628 1,211 2,449 1,211 914 4 799 195 243 37,336 1,304 1,399 5,199 50,583 9,425 1,229 3,300 88 408 426 795 5,584 23,463 1,792 1,329 2,153 307 (D) 39 1,075 14,988 1,482 7,047 2,464 1,532 91 60 4 (D) 18 0 4,986 138,582 2,960 16,740 2,854 20,878 22,620 56,851 15,679 65,428 13,406 150,204 3,561 10,683 3,938 30012 25,026 61,609 15374 12,656 26 214 175 1,407 4,554 1,174 -476 2441 4,287 a V 301 2,128 721 3,113 1,604 1,040 195 412 11,356 142,403 14,064 24,872 7,671 24,977 15,036 26420 29363 27,124 12,629 35661 32,070 6.5 J 5.6 77.4 47.9 18.9 4.6 6.0 1,835.8 304.2 175.4 122.9 72.5 66.2 396.7 59.8 141.9 60.5 91.8 124.4 70.8 131.9 16.7 13.2 226.1 4,592.9 598.0 622.4 244.7 634.1 774.5 7242 9950 588.0 218.8 988 9 1,403.3 500 to 999; G-1,000 to 2,499; H-2,500 to 4,999; 1-5,000 to 9,999; J 10,000 to 24,999; K—25,000 to 49,999; L-50,000 to 99,999; M-100,000 or more. 30 SURVEY OF CURRENT BUSINESS • July 1999 Table 19.1.—Selected Data for Majority-Owned Nonbank Foreign Affiliates, by Country and by Major Industry of Affiliate, 1996 Millions of dollars Sales Total assets Net income Total Goods Services Investment income> Capital expenditures Research and development expenditures U.S. exports of goods shipped to MOFA's U.S. imports of goods shipped by MOFA's Gross product Compensation of employees Thousands of employees 2,657,831 1,868,588 1,588,324 238,114 42,149 118,918 80,462 14,039 187,960 152,327 498,310 210,744 Canada 244,572 231,671 202,347 22,326 6,998 10,236 9,359 1,563 59,280 62,060 53,783 27,242 832.3 Europe 1,613,154 1,049,313 891,206 133,696 24,411 63,987 40,250 9,662 51,577 25,177 291,732 127,439 2,794.4 Austria Belgium Denmark Finland France 8,268 61,451 8,265 3,400 128,653 14,420 46,409 8,156 4,588 126,738 13,277 41,203 6,140 4,059 109,250 1,048 4,531 1,824 3,989 13,767 2,497 2,014 38,570 1,548 6,307 1,305 25.4 103.0 23.7 12.0 408.1 Germany Greece Ireland 181,451 2,459 44,339 55,485 16,329 147,508 195,067 3,930 27,050 68,196 3,189 98,299 14,637 5,730 29,903 15,468 84,845 3,137 784,541 17,285 All countries Italy LuxGmDouro Netherlands « Norway Portugal Spain Sweden Switzerland Turkey United Kingdom Other 437 16,241 1,247 4,112 5,256 1,315 5,015 3,087 169,802 3,581 24,786 60,998 3,039 83,423 22,717 2,548 6,368 3,687 283 113 66 684 703 37 11,112 3,764 12,968 7,916 41,688 16,232 65,499 5,812 287,941 15,215 11,245 6,803 38,143 13,008 59,877 5,542 222,733 14,296 1,630 1,041 3,196 2,888 4,661 261 93 72 349 336 961 9 52,867 12,341 14,321 772 147 232 14,506 1,548 1,580 6,495 542 721 2,338 1,762 1,227 490 180 108 356 (D) 44 1,303 3,211 302 249 187 178 135 128 6,060 3,073 8,147 139 81 (D) 1,069 2,166 5 193 554 41 6,367 1,804 2,358 12,015 1,129 2,477 2,203 1,305 1,106 1,226 97 2,028 460 303 1,388 1,554 792 436 570 198 9,026 69 300,682 178,619 153,191 20,522 4,906 17,488 10,284 South America Argentina Brazil Chile Colombia Ecuador Peru Venezuela Other 105,807 18,673 52,971 13,256 7,201 1,424 3,777 6,874 1,631 94,714 16,824 50,054 7,108 8,100 1,362 2,507 6,980 1,780 83,528 13,978 45,791 5,800 7,551 1,165 2,311 5,261 1,670 9,872 2,588 3,506 1,147 1,314 6,693 3,527 7,338 1,455 3,454 816 428 30 326 485 159 620 528 131 335 730 85 Central America Costa Rica Guatemala Honduras Mexico Panama Other 57,616 2,568 53,987 2,040 1,057 1,123 46,402 2,148 1,217 50,875 2,004 1,014 2,743 4,244 2,354 331 21 -6 49 24 38 43,695 1,984 1,196 2,382 2,586 1,258 2,142 130 20 369 0 7 3 325 34 1 137,260 1,802 3,310 77,346 1,402 3,044 15,770 2,042 29,967 2,577 29,918 18,788 7,907 3,223 Africa EqvDt Nigeria South Africa Other Middle East Israel Saudi Arabia United Arab Emirates Other Latin America and Other Western Hemisphere 591 606 32,906 20,328 616 Other Western Hemisphere Bahamas Barbados Bermuda Dominican Republic Jamaica Netherlands Antilles Trinidad and Tobago United Kingdom Islands, Caribbean Other Asia and Pacific Australia China Hona Kona India Indonesia japan Korea, Republic of Malaysia New Zealand Philippines SinaaDore . . . VUlJJUf/VIV Taiwan Thailand Other International2 (D\ 95 675 192 92 852 1,783 14,673 1,571 1,363 981 760 622 7,504 (D) 1,297 470 183 186 1,691 101 36 36 139 79 1,022 4,771 (D) 64 50 63 258 757 161 79 14 10 28 9 1,312 (D) 24,833 3,078 5,750 4,617 11,387 19,986 2,645 4,250 5,663 7,429 18,010 2,355 4,076 4,946 6,633 1,845 15,177 3,629 4,331 1,622 5,595 10,596 3,162 1,229 2,470 3,735 8,337 2,583 2,184 440,626 75,917 10,436 45,404 2,206 16,083 167,241 6,314 16,020 14,170 7,228 45,755 16,265 14,372 3,214 371,988 54,214 8,678 40,762 1,952 9,594 110,776 9,074 16,188 8,491 6,938 74,394 14,673 14,243 2,011 315,231 44,293 8,069 34,318 1,812 9,134 85,945 7,637 14,636 7,304 6,330 70,747 10,772 12,412 1,822 51,129 9,001 18,787 6,415 2 6,413 60 160 108 79 385 513 206 13 0 222,909 715,110 78,123 185,011 37,759 103,388 69,101 100,420 141,307 205,311 1,275,740 110,877 127,885 295,615 899,737 100,189 174,362 34,355 159,289 93,787 188,321 149,434 371,726 109,757 98,233 93,520 284,306 876,953 99,975 174,280 34,315 11,307 21,408 1,376 5,623 109 415 22,564 1,377 1,392 1,079 529 3,262 3,388 1,625 176 356 874 234 296 182 218 150 (D) 590 306 720 190 753 (D) 2 318 12 338 (D) 131 7 1 54 71 76 14 14 21 26 1,146 1,847 2,145 3,324 2,759 96 677 3,685 1,221 3,497 4,530 565 930 304 385 1,969 6,551 13 139 60 285 78 54 46 592 8 4 134 70 55 20 234 26 41 54 2,398 428 283 173 663 725 921 5,628 920 19 821 31 45 2,267 1,168 1,205 282 291 182 449 23,109 2,935 756 1,296 897 354 33 119 392 16,417 4,261 1,239 46 982 253 1,705 4,268 1,139 2,178 610 404 1,426 1,623 554 580 519 561 6,101 1,932 762 747 82 924 366 705 254 12,243 49,549 5,962 14,741 1,363 9,118 5,087 4,058 9,221 15,018 34,983 4,424 2,699 17,577 37,962 3,351 8,564 1,640 4,562 6,054 7,227 6,563 4,757 2,169 8,429 9,569 2,538 496 a 18 92 327 443 190 27 225 (D) 6,065 1,305 153 186 61,097 1,401 9,288 21,259 1,181 17,221 188 120 56 665 229 831 52 2,139 15,625 8,095 40 546 335 158 6,527 2,949 9,448 4,947 8,193 1,781 82,224 3,379 1,483 611 5,017 593 20,634 31,783 369 1,887 8,330 6,076.8 556.4 11.5 56.7 173.4 430 8.7 7,212 149.3 1,408 30,781 1,212 32.5 28.9 134.4 49.3 48.8 20.4 826.4 125.7 761 5,588 2,930 3,980 382 28,017 29,188 51,965 19,250 1,159.0 421 42 346 6 9 1 8 9 1 7,139 1,034 3,662 3,389 12,977 2235 7,774 421 620 79 186 987 150 428 183 248 151 129 66 35,975 6,121 21,082 2,478 2,217 683 725 851 100 284 829 180 533.1 76.1 287.4 37.1 42.7 10.8 12.8 58.9 125 2 1 (*) 121 1 20,194 23,706 11,778 5,201 149 77 147 641 65 123 580 233 256 186 94 125 19,142 22,796 10,125 4,571 585 92 685 82 58 76 115 212 6 29 43 63 716 28 132 266 290 585 308 77 131 69 52 29 313 271 175 51 2,093 4,213 1,071 41.9 161 755 1.7 3.2 3.0 832 127 174 41 44 124 144 115 9 60 461 71 8,248 1,460 86.5 930 124 139 708 488 33.3 36.4 0 9 0 0 0 «J 21 1 1 18 1 170 169 9 2,076 409 25 38 9 6 1,333 34 23 16 14 88 75 5 (*) 135 2,050 31 5 (D) 146 211 0 (D) 484 (D) 2,552 n 1,023 27 1,502 274 976 2,144 1,514 629 399 -378 2,977 1,322 3,019 7.4 584.1 25.7 10.1 23.2 501.5 16.9 6.7 19.0 4.9 0.2 3.0 4.8 2.2 9.0 7.8 785 751 0 34 0 4,552 1,053 86,168 17,335 2,073 6,127 33,570 7,311 1,149.7 636 8,611 32,566 1,282 1,029 4,257 157 458 38 559 432 134 601 16,200 2,525 2,846 2,080 263 40 806 47,781 4,789 954 1,030 6,241 2,080 1,575 567 1,295 1,637 1,368 585 409 200 174 42.9 27.0 7.4 4.2 4.3 2222 827 776 127 101.4 81.7 24.2 50.5 167.2 32.2 111.3 38.8 62.4 102.3 59.9 83.4 12.1 0 1,862 415 11.9 12,663 125,531 2,269 7,079 3,431 28,745 21,202 51,798 11,007 12,038 109,870 250,351 24,437 50,478 11,002 37,023 23,345 37,809 66,257 54,472 17,161 37,840 28,617 8,845 122,782 11,032 22,773 6,803 20,933 13,049 21,875 26,315 26,086 9,930 27,372 15,729 174.7 3,666.1 378.2 537.3 206.9 498.9 645.4 577.5 821.9 524.7 172.7 712.4 826.2 464 4,015 15,965 1,484 51 527 20 n 4 116 3,048 120,259 2,631 13,502 2,664 19,588 19,907 47,676 14,291 59,543 5,665 25,677 2,533 4,553 2,662 2,131 9,801 2,846 3,506 2,575 13,464 972 1,077 1,321 525 2,737 1,314 By major industry Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries * Less than $500,000. Suppressed to avoid disclosure of data of individual companies. 1. See footnote 1 to table 17.1. 2. See footnote 1 to table 9. D (D) (°) 185,937 147,455 355,847 230 11,744 59,244 214 82 41 (D) (D) 2383 i|846 15,267 69,912 85,943 34,276 2 0 0 0 s 1 133 611 39,615 545 0 MOFA Majority-owned foreign affiliate 12,205 390 3,673 177 1,273 1,132 4,024 1,536 735 12 946 25 25 2,116 2,969 1 309 1,785 July 1999 SURVEY OF CURRENT BUSINESS • 31 Table 19.2.—Selected Data for Majority-Owned Nonbank Foreign Affiliates, by Country and by Major Industry of Affiliate, 1997 Millions of dollars Sales Net income Total assets Total Goods Services Investment income > Capital expenditures Research and development expenditures U.S. exports of goods shipped to MOFA's U.S. imports of goods shipped by MOFA's Gross product Compensation of employees Thousands of employees 2,929,023 1,982,817 1,664,198 272,919 45,700 136,043 88,246 14,075 208,541 166,769 519,306 219,374 264,643 250,429 217,337 25,600 7,491 12,263 11,041 1,825 68,208 67,482 57,554 28,100 858.3 Europe .... 1,759,939 1,085,571 906,383 153,247 25,941 73,443 44,184 9,478 55,041 26,766 297,604 130,882 2,988.6 Austria. Belgium Denmark Finland France . 7,575 68,082 7,687 3,683 125,627 13,542 47,059 8,216 4,989 121,177 12,297 41,660 6,309 4,419 104,330 1,176 4,657 1,775 117 310 1,139 3,724 165 1,197 143 162 168 139 3,948 13,350 2,505 2,138 37,024 1,508 5,849 1,314 27.5 102.2 25.8 12.8 438.6 Germany Greece Ireland Luxembourg Netherlands .! 178,062 2,693 56,975 57,373 17,610 164,982 186,642 3,936 30,138 68,056 3,244 107,838 164,431 3,587 27,637 61,281 3,126 92,578 Norway Portugal Spain Sweden Switzerland Turkey United Kingdom Other 15,578 5,752 30,642 16,430 92,514 3,859 884,647 20,169 12,933 8,107 40,634 16,657 66,901 6,996 320,377 18,128 10,991 6,941 37,181 13,375 61,500 6,695 231,091 16,954 359,685 213,155 134,732 26,902 66,995 15,225 7,728 1,517 4,957 9,637 1,769 113,362 19,932 58,685 9,119 8,913 1,497 3,718 9,612 1,887 69,432 2,946 All countries Canada Italy Latin America and Other Western Hemisphere South America Argentina Brazil Chile Colombia .!..!...!!!! Ecuador Peru Venezuela Other ! Central America Costa Rica Guatemala Honduras Mexico Panama Other 790 700 40,821 23,482 695 155,521 2,038 4,183 97,575 1,690 3,302 11,517 2,021 30,462 2,734 Other Western Hemisphere Bahamas Barbados Bermuda Dominican Republic Jamaica Netherlands Antilles Trinidad and Tobago United Kingdom Islands, Caribbean Other Africa N& zzzzzi South Africa Other Middle East Israel Saudi Arabia United Arab Emirates"!!!.!!.! Other Asia and Pacific Australia China Hono Kona India .TJIZZZZ !!..! Indonesia Japan Korea, Republic^'!!!!!!!!!!!! Malaysia New Zealand .!.!!!!.!..!!..!.!!!! Philippines Singapore Taiwan Thailand other !!!!!!.!.!!!.!! International2 481 437 2,572 1,900 282 344 406 199 499 69 742 132 71 15,558 1,289 3,792 4,799 1,238 4,899 3,239 19,876 2,335 6,073 8,552 4,299 284 5,676 2,964 104 97 8,363 2,003 2,247 15,461 1,418 1,848 7 323 569 (D) 479 23 39 176 375 230 6 78 65 593 302 40 11,620 3,640 1,854 1,110 3,194 3,151 4,430 289 88 56 259 131 971 12 74,340 14,946 975 199 803 17,296 1,963 178,377 29,687 5,091 22,671 11,388 98,513 16,498 52,824 7,415 8,196 1,205 3,351 7,257 1,766 13,477 3,207 5,185 1,425 1,372 8,331 1,688 3,761 958 511 6 462 748 56 630 553 127 488 948 135 64,651 2235 1,237 1,212 56,360 2,285 1,322 60,596 2,194 1,171 1,088 52,856 1,999 1,288 3,576 5,288 2,441 302 53 -8 61 48 56 3,845 1,041 2,172 265 33 227 676 279 91 25 24 43 10 479 0 8 2 446 21 1 7,929 1,037 4,149 35,141 19,268 12,635 3,238 872 1,743 16,576 1,824 1,440 1,908 6,473 626 267 343 2,312 111 41 58 122 3,058 1,760 1,762 1,056 9,139 1,479 454 111 17,285 2,017 3,404 266 717 282 753 490 806 306 78 930 8 149 205 752 2,406 5,221 891 6,554 4,746 4,465 1,694 30,729 3,188 6,377 7,069 14,095 22,795 2,843 4,494 7,024 8,434 20,474 2,457 4,278 5,998 7,740 2,186 15,018 3,842 4,548 1,658 4,971 9,571 3,236 1,157 2,391 2,787 7,098 2,587 2,399 485,708 71,847 14,286 53,686 3,584 16,074 200,017 5,275 16,326 13,661 7,298 48,696 18,353 12,477 4,129 396,610 55,615 11,898 47,623 2,604 9,282 114,113 9,055 18,620 8,131 7,640 79,705 15,596 14,641 2,087 334,529 44,729 11,133 39,755 2,338 8,675 88,181 7,638 16,958 6,906 6,952 75,444 10,997 13,012 1,812 55,114 9,986 13,301 4,686 0 4,686 235,862 744,753 81,770 194,030 38,761 108,997 76,906 103,658 140,630 217,076 1,440,860 133,758 156,715 288,059 942,604 103,895 184,902 36,244 159,921 102,909 203,317 151,417 401,744 127,013 112,823 110,574 274,086 922,888 103,575 184,809 36,010 13,973 19,169 (D) 147 2,034 2,330 (D) 386 216 1,003 582 642 996 334 427 3 265 8 395 D () 136 0 0 23 112 74 7 14 23 30 6,968 741 900 24 6,462 1,406 227 567 39 40 23,126 1,326 1,479 1,077 2,806 591 3,891 3,971 1,412 259 91 183 148 97 370 628 217 16 0 628 739 403 59 9,454 9,119 (D) 423 54 50 615 7 4 81 65 75 11 273 52 45 55 786 664 (D) 67 58 95 392 994 1,110 5,051 1 370 ' 69 127 2,585 367 157 258 56 2,379 1,801 162 181 177 526 918 289 33 79 516 23,858 3,630 1,017 2,605 16,961 3,575 1,568 1,331 1,046 15 302 1,473 4,330 1,556 2,138 313 2,024 1,459 360 1,456 560 562 459 4,654 1,845 990 682 104 745 442 893 474 350 15,249 55,773 7,333 16,233 1,757 8,456 6,469 6,264 9,261 14,837 41,227 6,446 2,509 20,044 39,698 3,456 9,588 1,454 4,341 5,263 8,703 6,893 5,038 3,574 8,596 11,297 40 1,535 2,718 1,475 240 (D) 6,333 1,992 227 158 135 106 711 419 56,879 1,318 12,075 21,741 1,049 19,782 601 20,464 30,058 371 2,083 8,310 6,525.4 579.0 11.7 64.8 187.6 396 8.4 7,583 158.3 1,544 190 83 2,310 16,480 8,297 56 667 522 43 437 7 12 1 10 11 1 137 4 1 398 162 6,266 2,619 9,690 4,630 8,449 2,033 87,916 4,191 34,768 35,703 60,579 21,445 1,229.1 9,291 1,559 4,270 4,112 14,633 2,388 8,837 630 759 101 368 111 440 139 301 201 102 112 40,783 6,762 23,590 2,823 2,509 647 570.2 81.1 300.9 40.3 44.3 11.0 15.2 69.3 196 8.2 23,974 27,506 13,559 5,870 193 135 243 779 93 173 553 299 304 182 102 136 22,789 26,275 12,009 5,220 528 86 127 60 102 293 613.1 25.7 11.2 24.3 530.7 15.0 1,503 4,085 6,236 n 192 198 2,322 ifi1 o8 (*) o (*) o 0 8 0 26 1 (*) 22 2 209 209 8 0 1,870 365 35 84 22 5 1,087 42 32 18 12 73 87 5 1 0 1,492 511 6,101 1,493 70 67 339 180 197 8 (D) 388 (D) 705 51 130 278 246 503 203 26 142 132 49,312 4,690 1,226 9,820 1,330 173 2,643 794 918 103 341 1,056 2,778 1,066 220 2,618 8,875 1,809 8 921 2,972 1,758 3,224 160 170 935 543 4,322 1,420 956 403 177 811 I!) n (D) 1,406 689 (D) 749 379 -110 622 (D) 1,160 1,802 640 383 178 218 33,511 1,249 1,316 5,184 88,943 18,933 3,099 7,133 35,350 7,831 1,008 3,101 4o 162 446 85 400 2,130 1,319 6,985 2,355 1,473 1,402 2,812 403 171 59 942 39 43 280 148 118 9 56 168 80 15,431 2,030 3,020 301 238 36,754 1,410 38.1 31.5 143.0 45.4 47.9 21.8 897.0 147.1 761 5,462 2,345 3,668 221 4,686 39 1,029 14,988 1,454 54 4 712 18 0 4,898 133,109 2,582 15,819 2,579 20,300 22,356 54,920 14,553 64,397 13,384 139,131 3,089 10,146 3,735 29,075 24,312 56,795 11,979 12,278 671 5,378 25,038 2,273 4,912 3,119 2,104 9,087 2,921 3,437 208 592 13,243 977 1,228 1,329 523 2,911 1,425 1,429 790 185 369 110,818 256,442 25,579 52,987 11,549 37,318 26,183 43,471 59,355 56,446 21,441 44,292 29,866 9,222 124,098 10,743 22,487 6,750 21,523 13,817 22,564 26,215 26,072 12,205 31,266 16,511 838 6.1 45.8 1.5 3.3 7.6 18.6 4.8 0.3 3.3 4.3 2.2 108.6 11.9 8.3 50.0 38.4 42.9 28.5 6.5 3.7 4.3 1,285.7 227.8 135.8 111.1 38.4 51.3 178.3 31.8 132.3 35.1 57.5 110.5 62.6 97.9 15.4 12.1 By major industry Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, Services Other industries * Less than $500,000. Suppressed to avoid disclosure of data of individual companies. 1. See footnote 1 to table 17.1. 2. See footnote 1 to table 9. D (DD) () 202,037 150,132 386,454 222 15,580 64,968 319 93 233 B 1,271 1,270 15,133 81,936 97,103 45,606 0 548 1 0 1 (D) (D) 9 15 157 44,855 141 0 MOFA Majority-owned foreign affiliate 138 12,114 362 4,047 125 993 1,271 3,847 1,468 737 (D) 962 P) 22 2,411 3,704 1 298 1,677 180.6 3,880.2 376.6 550.5 204.8 563.1 718.9 609.9 856.4 556.0 199.4 842.5 866.8 SURVEY OF CURRENT BUSINESS 32 • July 1999 Table 20.1.—Employment of Majority-Owned Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1996 [Thousands of employees] Manufacturing All industries Primary Food and Chemicals and and allied kindred products fabricated products metals Petroleum Total Industrial Electronic machinery and other Transportation and electric equipment equipment equipment Other manufacturing Finance (except depository instituWholesale tions), trade insurance, and real estate Services Other industries 6,076.8 174.7 3,666.1 378.2 537.3 206.9 498.9 645.4 577.5 821.9 524.7 172.7 712.4 826.2 Canada 832.3 18.0 363.5 32.0 41.2 31.3 27.7 27.1 103.8 100.4 75.7 25.8 86.1 263.2 Europe 2,794.4 50.9 1,683.5 154.3 267.2 116.9 264.2 205.5 290.6 385.0 278.4 85.4 430.5 265.9 Austria Belgium Denmark Finland France 25.4 103.0 23.7 12.0 408.1 0.5 1.9 0.2 0.4 4.6 14.8 63.5 9.2 5.6 242.2 2.0 8.5 H 0.1 12.3 1.3 17.0 1.0 1.2 41.2 0.3 2.8 0.5 0.9 34.2 1.6 6.7 0.5 0.3 51.4 1.3 3.7 1.1 0.5 20.9 5.3 10.3 0.6 0.2 18.1 2.9 14.5 H 2.3 64.1 6.2 14.4 8.5 3.2 44.3 0.6 2.0 0.7 0.1 4.0 2.2 16.3 4.0 0.6 91.3 1.1 4.9 1.1 2.2 21.8 Germany Greece Ireland Italy Luxembourg Netherlands 556.4 11.5 56.7 173.4 8.7 149.3 4.6 0.4 0.3 3.2 0.1 3.9 400.7 6.3 49.0 120.4 6.9 78.8 21.5 3.3 2.2 8.5 0.0 9.9 43.1 1.8 6.9 24.1 0.0 15.4 22.9 0.3 1.4 8.2 0.6 7.7 61.0 125.8 0.0 0.5 13.8 0.0 7.5 69.1 0.7 16.8 25.7 5.9 17.8 32.1 2.8 2.1 20.2 0.3 23.6 6.6 0.3 1.5 2.2 0.1 7.1 49.1 1.3 2.8 16.6 0.5 27.6 63.3 0.3 1.1 10.9 0.7 8.2 Norway 32.5 28.9 134.4 49.3 48.8 204 826.4 125.7 5.7 0.4 0.7 0.4 1.5 06 19.2 2.2 6.2 189 89.6 29.9 16.9 122 416.0 96.5 2.2 4.7 14.2 H 1.4 28 35.8 19.4 0.6 2.4 14.5 14.9 2.9 1.5 62.2 15.1 0.7 0.1 4.3 0.1 0.5 0.3 25.3 5.8 25.1 0.1 9.1 1.2 0.6 3.4 3.5 2.4 0.0 86.7 3.1 57.4 0.1 13.8 15.0 0.3 11.4 0.4 87 9.2 1.4 3.5 H 36.0 J 0.2 1.4 30.6 0.5 0.0 08 65.3 9.7 0.8 1.1 13.4 6.1 H 104.7 K 4.2 5.6 17.8 9.8 13.9 4.3 55.0 10.0 0.2 0.2 2.1 1.4 1.4 0.1 54.2 0.7 15.4 3.0 8.8 4.1 12.1 22 167.8 4.8 0.9 0.8 15.3 3.7 3.0 0.9 114.2 11.4 All countries SDain Sweden Switzerland Turkey United Kingdom Other n 1,159.0 35.3 839.7 124.0 122.4 32.7 43.9 181.9 148.9 185.8 41.1 18.3 83.9 140.9 South America Argentina Brazil Chile Colombia Ecuador Peru . . Venezuela Other 533.1 76.1 287.4 37.1 42.7 10.8 12.8 58.9 7.4 29.0 6.4 3.9 G 3.4 1.3 1.3 11.0 F 363.3 45.8 236.4 128 20.9 3.8 3.2 37.0 3.3 72.2 16.0 32.1 20 4.9 2.0 1.2 12.4 1.7 72.1 10.6 40.9 3.4 6.0 0.9 0.9 8.8 0.5 20.8 1.6 12.7 3.3 1.1 0.3 0.3 1.5 0.0 25.4 0.2 24.3 29.9 1.3 24.8 0.4 0.8 0.0 0.0 2.6 0.0 55.5 7.9 41.3 F G 0.0 0.0 3.7 0.0 87.5 8.3 60.4 H I 0.7 0.8 7.2 1.1 25.1 3.8 8.7 3.8 2.7 0.8 1.4 3.4 0.4 13.1 2.1 2.6 6.1 0.8 0.3 0.0 1.2 40.0 10.6 15.8 4.2 4.7 1.0 0.5 3.1 0.2 62.7 7.5 20.2 I 10.3 3.7 6.3 3.2 H Central America Costa Rica Guatemala Honduras Mexico Panama Other 584.1 25.7 10.1 232 501.5 16.9 6.7 3.4 0.1 0.4 0.1 0.9 0.8 1.0 456.9 11.5 5.1 8.9 424.1 2.5 4.9 50.8 2.1 1.8 5.5 40.7 0.3 0.4 47.8 1.3 1.6 0.3 43.3 1.0 0.2 11.8 0.8 0.6 0.1 9.8 0.1 0.5 18.3 0.0 0.0 0.0 18.3 0.0 0.0 151.9 H 0.0 0.0 147.6 0.0 G 93.4 0.0 0.0 0.0 93.4 0.0 0.0 82.9 H 1.1 3.0 71.0 1.1 G 14.5 0.6 0.4 0.2 11.8 1.1 0.4 3.9 0.0 0.2 0.2 3.1 0.3 0.1 34.7 0.1 G 0.0 33.0 A 70.7 13.4 H 13.8 28.6 J 0.2 41.9 1.7 3.2 3.0 19.0 4.9 0.2 3.0 4.8 2.2 2.9 0.1 0.2 0.4 0.1 0.2 19.4 0.4 0.2 0.1 13.2 2.8 1.0 0.0 0.0 0.0 0.8 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 86.5 9.0 7.8 33.3 36.4 44.1 4.1 1.6 20.5 17.9 4.2 0.6 0.0 1.6 2.0 2.4 0.4 0.0 1.9 0.1 1.6 0.5 0.0 1.1 1.2 0.0 0.0 1.2 0.0 n n 17.0 1.4 6.0 G I 7.1 0.3 0.1 3.5 3.2 n 9.2 0.3 2.8 1.4 0.5 0.5 0.0 0.6 2.6 0.6 7.4 0.7 0 0 4.7 1.1 0 0.9 0 0.4 12.4 2.3 1.4 5.9 2.8 Si 1.6 0.1 0.1 0.5 0.3 0.2 0.1 0.2 0.1 1.3 0.1 (*) 0.6 0.1 0.1 1.8 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15.4 0.1 0.2 0.0 11.8 1.7 0.0 0.1 1.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 2.6 0.2 0.0 0.0 0.6 1.1 0.0 0.3 15.0 0.1 0.0 5.2 9.7 9.2 1.0 0.2 5.8 2.2 0.9 0.0 0.0 0.3 0.7 6.3 2.3 0.0 2.3 1.6 9.1 0.2 0.1 G 42.9 27.0 7.4 42 4.3 6.5 0.0 1.2 2.0 3.3 13.6 12.5 0.4 0.4 0.4 2.3 G 0.2 0.0 A 1.2 0.9 0.3 0.0 0.1 0.4 0.2 0.5 0.4 o 01 1.4 G 0.0 0.2 A 2.4 1.6 0.1 0.6 0.1 0.4 0.0 0.0 0.0 0.0 7.7 7.7 0.0 0.0 0.0 0.1 0.1 0.2 17.9 12.9 4.3 0.6 0.1 2.1 0 1.3 0.4 0.4 1,149.7 222.2 101.4 81.7 24.2 50.5 167.2 32.2 111 3 38.8 62.4 102.3 59.9 83.4 12.1 38.6 4.7 0.6 1.0 0.1 14.1 2.0 0.1 33 G 1.2 2.9 01 4.4 H 721.8 100.3 86.4 37.2 18.9 20.6 86.6 17.9 98 9 19.5 50.7 77.4 33.7 68.3 5.4 58.4 19.5 2.9 0.5 3.2 1.0 3.9 1.1 1.1 H 10.1 0.4 1.8 8.4 G 92.9 16.2 14.2 2.5 4.1 5.0 22.1 2.4 2.1 1.0 7.4 2.5 5.5 4.4 3.4 21.4 7.0 H 1.7 A A 160.1 11.3 10.5 1.7 7.1 1.2 26.9 G 207 0.2 0.6 42.7 2.2 134.3 22.6 J 15.7 G I 14.1 H 172 J 6.7 4.1 I I 0.0 118.0 17.2 5.6 16.7 3.9 17 33.4 7.3 42 3.3 3.9 8.5 5.1 5.0 2.4 42.0 6.4 0.6 5.9 0.4 09 13.7 0.9 17 09 G 2.2 47 G 0.2 87.7 36.0 1.5 7.1 0.4 02 23.6 G 1 9 H 0.5 5.4 H 1.0 F 141.7 57.7 6.7 13.8 0.4 130 7.9 H 13 11.9 8.5 118.3 2,567.1 130.9 2.1 40.8 35.9 Latin America and Other Western Hemisphere ... . ... Other Western Hemisphere Bahamas Barbados Bermuda Dominican Republic Jamaica Netherlands Antilles United Kingdom Islands Caribbean Other Africa Eqypt Nigeria South Africa Other ... Middle East Israel Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India Indonesia . ... Japan Korea Republic of Malaysia New Zealand Philippines Snaaoore Taiwan Thailand Other : I ..'. '. international' Addenda: Eastern Europe2 European Union (15 3 OPE!;4 :....:. •"" :::....:... ::.. n 2.4 G 1.8 0.2 0.1 1.2 0.8 1.1 A 0.8 n °;° K n n 221.5 2.8 42.3 14.5 0.7 3.5 16.2 4.9 560 0.2 25.8 23.6 14.8 16.1 0.3 0.0 33.0 20.9 G 0.6 G F 0.9 F 00 & 2.8 H 0.0 n n n SI 0.3 n ri 0 H 5.9 J H A 3.4 91.1 1,551.7 60.0 19.4 128.5 13.7 * Fewer than 50 employees. D Suppressed to avoid disclosure of data of individual companies. 1. See footnote 1 to table 9. 2. "Eastern Europe" comprises Albania, Armenia, Azerbaijan, Belarus, Bulgaria, Czech Republic, Estonia, Georgia, Hungary, Kazakhstan, Latvia, Lithuania, Moldova, Poland, Romania, Russia, Slovakia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan. 3. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom. n 0 0.1 0.0 0.0 11.2 247.0 15.6 5.7 109.5 2.1 3.1 257.5 1.9 17.3 180.9 6.1 9.7 279.9 4.3 24.6 348.4 16.3 9.8 246.0 6.1 0.7 82.9 2.2 3.6 396.0 8.2 11.1 249.7 18.5 4. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Prior to 1995, Gabon was also a member. NOTE.—Size ranges are given in employment cells that are suppressed. The size ranges are A—1 to 499; F— 500 to 999; G-1,000 to 2,499; H-2,500 to 4,999; 1-5,000 to 9,999; J—10,000 to 24,999; KT-25,000 to 49,999; L-50,000 to 99,999; M-100,000 or more. SURVEY OF CURRENT BUSINESS July 1999 • 33 Table 20.2.—Employment of Majority-Owned Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1997 (Thousands of employees] Manufacturing All industries Petroleum Total Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real Services Other industries 6,525.4 180.6 3,880.2 376.6 550.5 204.8 563.1 718.9 609.9 856.4 556.0 199.4 858.3 18.6 374.7 38.3 38.7 29.2 36.2 27.7 104.5 100.0 77.0 27.4 93.6 267.0 2,988.6 49.2 1,743.7 147.7 271.9 119.4 278.2 226.1 304.2 3963 293.8 102.2 515.1 284.6 27.5 102.2 25.8 12.8 438.6 0.6 1.8 0.3 0.4 4.1 15.3 61.5 10.2 6.3 256.6 1.9 6.2 2.3 0.1 13.3 1.1 18.8 1.0 1.2 46.1 0.2 2.6 0.5 0.9 35.3 1.7 6.2 1.4 0.4 50.8 1.9 3.8 1.6 0.8 21.6 5.4 10.9 0.6 0.3 21.7 3.1 13.1 2.9 2.7 67.8 6.9 15.0 8.3 3.5 43.8 0.6 1.9 F 0.1 4.7 2.8 16.9 5.4 0.5 104.4 1.4 5.1 G 2.1 25.0 579.0 11.7 64.8 187.6 8.4 158.3 4.7 0.5 0.3 3.2 0.1 3.9 413.4 6.6 55.1 124.8 6.6 79.5 15.7 3.2 2.2 8.3 0.0 9.6 41.9 1.7 8.0 24.1 0.0 14.6 26.5 0.3 1.2 6.5 0.6 5.8 65.2 130.3 0.0 0.6 14.6 0.0 8.2 67.6 1.2 17.4 27.2 5.8 19.5 35.6 2.7 2.4 28.0 0.2 11.4 66.3 0.1 14.8 16.2 0.0 10.4 20.8 0.4 23.4 6.9 0.3 0.6 2.0 0.1 14.3 56.5 1.3 4.1 26.4 0.5 28.5 61.8 0.3 2.3 10.4 0.7 8.7 38.1 31.5 143.0 45.4 47.9 21.8 897.0 147.1 5.8 0.4 0.7 0.4 1.1 0.6 17.8 2.7 6.5 21.1 95.2 23.5 16.1 12.9 421.8 110.8 1.9 5.2 0.1 0.1 4.3 0.1 0.3 0.4 28.1 5.6 2.0 0.6 3.8 4.7 2.7 0.0 85.4 2.8 0.4 9.9 9.3 40.8 21.0 0.2 1.0 29.6 0.4 0.2 0.4 65.3 14.7 0.9 1.8 18.2 7.1 6.4 4.4 101.6 27.7 4.2 5.2 17.7 12.2 14.2 5.0 57.6 14.8 0.2 A 2.1 1.3 1.4 0.1 63.6 1.1 20.4 3.5 13.5 2.9 35.7 21.7 1.0 2.4 16.1 7.1 2.6 1.8 64.9 17.3 1.0 G 13.8 3.8 3.0 0.9 131.0 11.2 1,229.1 38.7 877.6 128.9 127.9 33.2 46.3 192.6 163.4 185.3 51.5 22.4 97.6 141.3 South America . Argentina Brazil Chile Colombia Ecuador Peru . . . . Venezuela.... Other 570.2 81.1 300.9 40.3 44.3 11.0 15.2 69.3 8.2 31.6 20.6 3.9 4.0 40.8 3.2 76.2 11.7 43.3 3.7 6.6 1.0 1.2 8.2 0.4 20.5 1.7 12,3 3.4 1.1 0.3 0.3 1.6 0.0 24.3 0.5 22.6 0.4 0.1 0.0 0.0 0.8 28.2 0.5 23.9 0.4 0.8 0.0 0.0 2.6 0.0 66.3 10.5 45.5 F 1.1 1.3 12.3 F 72.5 12.2 35.5 2.0 5.5 2.0 1.7 12.0 1.6 G 0.0 0.0 7.5 0.0 H H 0.6 0.9 8.1 1.0 32.3 4.2 14.6 3.2 3.1 0.9 1.9 3.7 0.6 15.0 2.6 4.0 6.1 0.9 0.3 47.7 10.5 17.8 5.4 5.1 1.0 0.5 7.1 0.3 73.8 11.9 22.6 J 10.0 3.9 7.4 4.4 H Central America . Costa Rica Guatemala Honduras Mexico ... ; Panama Other 613.1 25.7 11.2 24.3 530.7 15.0 6.1 4.0 0.1 0.4 0.1 1.5 0.9 1.0 487.7 11.9 5.4 10.2 453.9 2.3 4.0 54.9 2.2 1.8 6.2 44.0 0.3 0.4 48.5 1.2 1.8 0.2 43.9 0.8 0.5 12.5 0.8 0.6 0.1 10.4 0.1 0.5 21.8 0.0 0.0 0.0 21.8 0.0 0.0 164.3 H 0.0 0.0 159.3 0.0 G 97.1 0.0 0.0 0.0 97.1 0.0 0.0 H 1.1 3.7 77.5 1.1 G 14.6 0.6 A 0.2 11.9 G 0.4 42.5 0.1 1.5 0.0 40.9 0.1 60.3 13.1 H 13.7 19.2 J 0.5 45.8 1.5 3.3 7.6 18.6 4.8 0.3 3.3 4.3 2.2 3.1 0.1 0.2 0.2 0.2 0.2 20.1 0.4 0.2 0.2 12.8 2.8 0.1 0.6 2.7 0.5 1.5 0.0 0.0 0.0 0.8 0.1 3.2 0.2 0.0 0.0 0.8 0.9 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.2 0.0 0.0 0.0 0.0 14.8 0.1 0.2 0.0 11.1 1.7 0.1 4.7 0.1 0.1 H 0.3 0.2 0.1 A 0.3 7.4 0.2 2.8 G 0.5 A 0.0 F 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 n n 108.6 11.9 8.3 50.0 38.4 17.9 1.5 6.5 G I 61.7 5.3 H 0.3 4.0 0.7 0.0 1.4 2.0 3.5 1.5 0.0 1.8 0.1 3.0 0.5 0.0 2.5 1.4 0.0 0.0 1.4 0.0 K 0.1 0.0 22.0 J 1.0 0.0 0.0 0.3 0.7 11.6 H 0.0 6.2 G 9.4 A 0.1 19.3 0.1 0.7 H 12.4 2.3 1.4 5.7 3.0 7.1 1.5 35.6 42.9 28.5 6.5 3.7 4.3 6.8 0.0 1.6 1.6 3.5 14.9 14.0 0.3 0.3 0.4 G G 0.0 0.0 0.2 1.4 1.1 0.3 0.0 0.1 0.3 0.2 1.2 1.1 0.0 8.4 8.4 0.0 0.0 0.0 0 0.0 0.0 0.0 0.0 G G 0.0 0.2 0.1 1.2 0.5 0.1 0.6 0.1 0.4 18.1 13.9 3.3 0.7 0.1 1.5 0 1.1 0.3 0.1 106.4 40.2 1.9 7.5 2.2 0.4 31.5 3.2 2.9 4.6 A 5.8 3.6 1.1 G 159.6 60.3 11.7 17.2 0.4 14.5 J H 1.7 I H 7.2 13.0 4.7 All countries . Canada Europe . Belgium Denmark.... Finland France Germany Greece Ireland Italy Luxembourg . Netherlands.. Norway Portugal Spain Sweden Switzerland Turkey United Kingdom . Other I. Latin America and Other Western Hemisphere .. Other Western Hemisphere , Bahamas Bermuda Dominican Republic Jamaica Netherlands Antilles Trinidad and Tobago United Kingdom Islands, Caribbean . Other .„.. Africa Egypt N§eria South Africa . Other Middle E a s t . Saudi Arabia United Arab Emirates . Other Asia and Pacific . Australia China Hong Kong India Indonesia Korea, Republic of., Malaysia New Zealand Philippines Singapore Taiwan Thailand Other international1 Addenda: Eastern Europe 2 European Union (15) 3 OPEC 4 ... 6.0 4.2 G 4.6 n 1.1 0.1 1.1 1,285.7 227.8 135.8 111.1 38.4 51.3 178.3 31.8 132.3 35.1 57.5 110.5 62.6 97.9 15.4 40.8 5.3 1.2 12.1 8.8 139.9 2,733.8 141.3 0.9 0.3 12.7 H A 3.3 G 1.3 2.9 0.1 4.4 3.1 2.6 39.0 36.6 45.9 237.6 13.9 807.5 97.1 112.5 60.9 29.9 21.0 85.7 16.7 118.7 18.7 44.7 78.7 35.3 81.0 6.5 14.0 2.5 1.2 a o.o 0.2 54.8 18.6 4.0 0.2 2.9 1.2 3.6 1.1 0.8 H 8.0 0.3 1.5 8.2 G A 18.8 3.1 3.8 H F 0.2 2.5 0.3 0.4 0.3 0.5 1.0 0.8 0.9 0.1 n 0.1 197.7 12.0 12.1 0.5 13.3 1.2 27.3 2.5 32.7 0.2 0.6 45.9 H K o 2.9 <Q n 261.2 2.8 55.5 35.6 3.2 3.4 16.3 4.9 64.7 0.1 21.7 21.8 15.8 15.0 0.3 36.3 20.7 4.9 0.5 G F 0.9 0.6 0.0 & 3.1 H A 0.2 8.7 54.6 9 A 140.6 23.4 15.6 4.0 I 13.4 4.7 17.4 J 6.6 4.1 I I A 1.0 0.2 3.2 2.7 125.3 18.6 7.8 17.7 4.3 1.8 30.3 6.1 3.8 3.1 4.6 13.6 5.4 4.9 3.5 4.3 12.1 2.2 205.3 6.5 n ff 0.2 0.2 46.0 6.4 0.6 6.9 1.2 0.9 14.9 0.8 1.9 0.9 G 2.4 5.1 1.9 A 7.2 0.7 0 0 4.7 G 0 0.9 0.6 H 6.4 F 3.4 105.6 1,597.4 63.9 21.7 119.9 13.3 * Fewer than 50 employees. Suppressed to avoid disclosure of data of individual companies. See footnote 1 to table 9. See footnote 2 to table 20.1. See footnote 3 to table 20.1. See footnote 4 to table 20.1. D 1. 2. 3. 4. NOTE.—Size ranges are given in employment cells that are suppressed. The size ranges are A—1 to 499; F— 500 to 999; G—1,000 to 2,499; H-2,500 to 4,999; 1—5,000 to 9,999; J—10,000 to 24,999; K-25,000 to 49,999; 98.1 16.3 16.6 2.7 4.5 5.5 21.7 2.6 2.6 1.2 7.3 2.6 6.0 4.3 4.2 0 n 1.6 2.8 8423 13.7 249.2 15.4 5.6 112.9 1.8 2.8 270.7 1.9 20.1 199.0 6.0 L-50,000 to 99,999; M-100,000 or more. 14.7 288.7 8.2 27.0 357.0 17.3 14.5 255.6 6.4 1.0 99.3 2.1 5.4 474.0 11.5 10.6 268.6 20.8 34 SURVEY OF CURRENT BUSINESS • July 1999 Table 21.1.—Gross Product of Majority-Owned Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1996 [Millions of dollars] Manufacturing All industries Petroleum Total Food and kindred products Chemicals and allied products Primary Industrial Electronic and machinery and other fabricated and electric metals equipment equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries 498,310 109,870 250,351 24,437 50,478 11,002 37,023 23,345 37,809 66,257 54,472 17,161 37,840 Canada 53,783 9,020 25,933 2,294 3,933 1,910 2,407 1,707 7,315 6,367 4,552 3,454 3,200 7,624 Europe 291,732 65,165 149,872 13,994 31,883 6,588 21,663 11,298 20,433 44,012 34,535 6,372 25,342 10,447 Austria Belgium Denmark Finland France 3,989 13,767 2,497 2,014 38,570 1,251 2,149 355 1,539 7,486 719 736 20,737 259 678 235 6 123 16 188 27 88 2,121 83 513 23 23 4,456 122 313 42 127 1,424 700 853 68 31 236 1,743 209 285 4,487 835 2,152 1,109 536 4,954 58 301 37 2 592 221 1,476 210 51 4,555 85 202 67 97 1,248 Germany Greece Ireland 9,631 681 763 7,494 184 3,212 40,386 399 1,420 13 80 356 42 376 6,634 2 313 1,994 7 673 2,741 9 1,280 1,082 8,513 0 Luxembourg Netherlands 61,097 1,401 9,288 21,259 1,181 17,221 13,039 35 1,748 1,791 582 3,092 3,588 173 1,065 2,591 170 3,668 1,291 64 276 338 119 -1,700 3,973 66 88 1,268 46 2,633 2229 19 82 439 12 559 Norway Portugal Spain Sweden Switzerland Turkey United Kingdom Other 6,527 2,949 9,448 4,947 8,193 1,781 82,224 3,379 4,850 768 263 413 1,104 344 24,750 462 760 6,126 2,353 3,230 1,049 59 26 252 536 73 346 67 64 39 1,876 220 707 1,052 1,680 1,336 2,063 310 5,930 35 36 197 214 428 11 3,996 -125 11 70 2,187 34 0 57 5,481 273 372 183 610 432 1,186 57 7,795 119 100 150 571 198 181 9 4,056 143 51,965 South America Argentina Brazil Chile. Colombia Ecuador Peru .. Venezuela Other. 35,975 Central America Costa Rica Guatemala Honduras Mexico Panama Other All countries Italy Latin America and Other Western Hemisphere Other Western Hemisphere Bahamas Barbados Bermuda Dominican Republic Jamaica Netherlands Antilles Trinidad and Tobago United Kingdom Islands, Caribbean Other Africa South Africa Other Middle East Israel Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India Indonesia Japan Korea, Republic of.... Malaysia New Zealand Philippines Singapore Taiwan Thailand Other International» Addenda: Eastern Europe 2 European Union (15) 3 OPEC 4 ...... * Less than $500,000. Suppressed to avoid disclosure of data of individual companies. 1. See footnote 1 to table 9. D 592 6,484 7,014 9,130 649 8,849 1,918 2,906 149 611 798 0 1,362 3,197 115 175 5,233 5,134 191 2,948 2,288 0 2,400 49 162 19 742 36 820 0 202 28,617 35,696 2,552 135 208 580 247 233 161 3,187 322 1,384 1,393 841 112 5,789 348 5 65 40 1,310 120 118 29 325 239 228 0 5,975 30 1,238 615 6,657 33,796 4,857 7,033 1,494 1,671 1,944 8,195 8,602 3,192 1,156 3,145 4,020 5,075 1,236 3,810 1,066 11 164 238 19 53 226 154 4,844 943 2,954 177 352 28 43 321 27 1,246 n 502 36 408 11 13 5,641 204 4,970 67 6,817 1,382 4,635 136 51 0 0 0 23 1 34 0 162 0 0 238 0 259 147 163 586 148 23,927 3,582 16,910 734 1,064 66 151 1,186 234 293 52 1,607 357 648 196 111 24 103 129 41 486 146 143 172 7 7 -3 10 5 1,797 339 1,190 63 101 6 13 61 25 3,083 463 449 956 240 25 549 172 230 11,778 580 233 256 10,125 313 271 514 31 97 20 98 84 184 9,421 206 116 93 8,862 74 70 1,021 46 33 74 854 9 6 1,990 37 28 3 1,893 23 5 255 14 7 2 221 4 7 717 0 0 0 717 0 0 1,321 40 0 0 1,268 0 13 2,554 0 0 0 2,554 0 0 1,564 69 49 14 1,356 37 39 866 297 11 2 442 101 12 37 477 1 4 4 37 -11 2 9 2 462 45 -2 137 223 56 2 4,213 161 755 1,514 629 399 -378 832 127 174 48 29 34 34 38 13 705 31 148 448 25 197 111 3 78 6 14 26 0 2 0 15 0 0 0 0 6 199 21 0 0 20 70 0 82 1 6 -7 0 0 0 0 0 0 -7 0 0 -111 0 0 0 0 0 0 1 -112 0 121 0 1 9 0 0 0 0 110 0 0 0 0 0 0 0 0 0 0 0 220 4 2 0 162 41 12 2 7 2 719 34 117 324 14 168 -389 8 40 2 632 9 470 946 1 5 -4 15 -410 -14 871 16 134 201 7 28 475 29 0 0 376 50 461 23 19 0 1 8,248 930 2,977 1,322 3,019 6,032 812 2,935 149 2,135 1,114 43 35 613 422 167 -24 18 77 96 389 51 17 244 77 131 9 0 63 59 68 1 0 64 3 19 7 0 11 2 36 0 0 36 0 303 -1 0 117 187 468 57 5 350 56 126 0 -2 67 60 154 29 0 96 29 354 -10 3 47 315 4,552 1,053 567 2,759 780 723 28 45 -16 90 82 4 0 3 25 28 24 1 -28 36 38 32 0 1 5 523 523 0 0 0 0 0 0 0 0 68 43 0 22 3 225 153 23 44 5 97 3 7 39 48 474 174 270 39 -3 217 0 179 25 13 38856 6,806 1,375 1,292 328 315 13,325 1,227 2,204 1,478 1,247 6,676 1,415 1,078 3,035 941 22 30 33 22 1,196 86 19 187 272 24 89 91 23 7,216 842 230 79 79 11,175 515 176 20 69 26 7,854 173 604 640 4 26 2,111 321 1,344 20 341 1,533 526 202 10 1,830 1,396 4 17 6,904 1,813 389 171 120 142 2,888 162 77 63 452 305 389 192 53 11,499 1,433 161 1,845 67 43 4,043 998 279 320 186 1,121 624 315 63 5,957 662 53 1,067 6 35 2,578 60 203 21 157 420 428 260 6 5,525 1,948 55 411 8 20 1,949 164 34 238 18 402 227 43 9 4,914 1,699 52 977 12 1,073 430 84 35 127 110 133 127 45 9 6,121 21,082 2,478 2,217 274 976 2,144 683 1,295 1,637 86,168 17,335 2,073 6,127 432 5,665 25,677 2,533 4,553 2,662 2,131 9,801 2,846 3,506 827 1,741 358 695 8 1,104 1,596 19,418 4,787 376 535 11 4,179 3,352 477 413 1,049 25 1,764 652 1,862 821 3,059 -178 58,991 9,647 271,852 13,455 9 916 2,040 91 873 178 41 4 9 15 1 21 0 7 11 215 20 23 7 9 73 20 66 2 1,031 4,930 209 365 10 6 4,434 63 352 -1 -6 12 76 51 0 -8 0 142 145 0 n 853 364 1,516 612 12,078 14 47 1,738 101 335 101 77 1,909 380 377 1,199 167 164 182 175 0 1,041 2,422 142,579 1,587 322 13,144 270 264 30,533 479 112 6,304 84 30 21,286 52 2. See footnote 2 to table 20.1. 3. See footnote 3 to table 20.1. 4. See footnote 4 to table 20.1. 198 10,639 60 273 20,092 250 1,223 40,582 392 567 30,839 244 82 "5 31 23,607 383 136 10,014 1,496 SURVEY OF CURRENT BUSINESS July 1999 • 35 Table 21.2.—Gross Product of Majority-Owned Nonbank Foreign Affiliates, Country by Industry of Affiliate, 1997 [Millions of dollars] Manufacturing All industries Petroleum Total Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment Other manufacturing Wholesale trade Finance (except depository institutions), insurance, and real estate Services Other industries 519,306 110,818 256,442 25,579 52,987 11,549 37,318 26,183 43,471 59,355 56,446 21,441 44,292 Canada 57,554 8,828 28,764 2,431 3,762 2,045 2,814 1,796 9,389 6,527 4,992 4,088 3,842 7,039 Europe 297,604 66,236 147,471 14,259 32,980 6,769 21,652 12,474 22,786 36,550 35,424 8,006 29,175 11,292 Austria Belgium Denmark Finland France 3,948 13,350 2,505 2,138 37,024 1,249 1,895 1,354 7,517 99 128 547 65 25 123 263 108 238 573 816 62 38 193 898 266 1,566 2,127 1,019 133 192 58 70 5,014 1,342 Germany Greece Ireland Italy Luxembourg Netherlands Norway Portugal Spain Sweden Switzerland Turkey United Kingdom Other All countries 332 587 727 850 222 793 169 6 95 183 15 170 29 73 5,901 20,121 1,859 5,178 1,936 3,989 1,377 1,375 4,406 4,148 49 238 65 4 498 56,879 1,318 12,075 21,741 1,049 19,782 8,037 38,358 2,280 4,744 1,691 6,077 2,782 9,050 11,733 3,714 1,069 3,819 1,882 401 180 11 77 367 41 360 9 163 1,866 1,025 1,742 1,784 1,376 2,963 1,380 10 806 1,062 67 191 141 57 70 63 82 2,163 0 38 819 0 862 49 4,248 2,457 20 102 489 12 467 6,266 2,619 9,690 4,630 8,449 2,033 87,916 4,191 4,781 20 246 508 71 186 56 603 809 3,361 172 620 150 980 843 0 3,316 9,476 1,231 1,996 443 774 122 218 642 232 161 200 1,510 1,016 841 153 5 43 35 162 26 336 276 257 0 3,759 6,272 1,477 6,187 2,149 6,658 391 409 125 34 384 7,309 814 213 308 757 304 9,515 9,459 0 55 184 12 30 2 564 24 6,405 2,077 2,941 1,270 32,044 3,120 60,579 6,663 38,347 5,465 8,808 1,770 2,022 South America Argentina Brazil Chile. Colombia Ecuador Peru . Venezuela Other 40,783 6,762 23,590 2,823 2,509 4,930 1,274 1,393 25,993 3,782 18,283 4,027 5,444 1,027 3,326 1,437 1,213 2,384 382 795 92 235 635 123 805 183 160 267 24 67 305 96 192 401 28 61 386 22 Central America Costa Rica Guatemala Honduras Mexico Panama Other. 13,559 11,060 1,404 2,350 234 123 129 47 41 101 45 36 4 10,424 1,201 2,229 83 67 8 7 25 12 Other Western Hemisphere Bahamas Barbados Bermuda Dominican Republic Jamaica Netherlands Antilles Trinidad and Tobago United Kingdom Isfands, Caribbean Other. Africa South Africa Other Middle East Israel Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India Indonesia Japan Korea, Republic of Malaysia New Zealand Philippines Singapore Taiwan... Thailand Other ..... International • Addenda: Eastern Europe 2 OPEC 4 * Less than $500,000. Suppressed to avoid disclosure of data of individual companies. 1. See footnote 1 to table 9. D 29,866 238 1,402 2,812 647 28,827 1,156 72 187 1,526 724 101 992 216 61 4 15 48 0 160 66 78 16 9 0 18 0 178 941 484 37 112 203 79 61 90 4,322 2,790 719 656 25 29 9 96 93 0 0 3 62 39 24 1 -2 33 27 39,613 7,208 2,068 1,409 3,209 1,020 6,999 1,773 493 363 128 29 48 23 405 189 116 136 12,621 1,138 2,799 7 953 1,425 104 18 225 270 19 81 71 35 161 87 87 397 186 434 188 42 773 184 66 80 11 9 223 13 6 16 24 79 22 38 2 671 481 600 49 5,378 25,038 2,273 4,912 3,119 2,104 9,087 2,921 3,437 3,813 3,499 1,821 2,988 1,898 1,183 5,745 1,584 1,015 838 609 84 1,429 1,153 3,877 276 665 13,825 60371 9,462 471 423 964 28 -34 2,183 3 419 5,127 1,177 6,523 587 170 159 173 23 10 14 33 5 2,303 3,987 125 118 6 14 161 31 1,119 580 (*) 4 12 2 605 103 24 147 274 56 2 1 6 536 20 120 201 7 31 535 28 0 -4 438 61 9 57 2 10 -29 -2 8 134 23 1,868 377 19,039 4,849 4840 •t,o*tu 955 51 123 556 23 121 120 88,943 18,933 3,099 7,133 8,136 -272 -43 14 8 9 237 903 203 17 2 549 119 13 1,529 73 30 961 189 2909 0 45 0 6,109 757 2,922 1,738 122 219 164 22 101 185 52 8,875 921 2,972 1,758 3,224 1,160 1,802 131 154 230 15 43 315 63 36 0 0 0 0 0 0 -13 50 0 956 403 606 65 180 0 0 404 0 24 0 0 24 74 0 1 883 7 2,252 5,058 329 9 18 1,014 220 10,813 440 9 -1 0 0 23 1 33 0 2 0 16 2 0 2 0 8 622 63 4,989 1,431 2,982 28 6 18 231 114 3 -6 883 17 1,066 373 6,186 38 22 60 O 296 18 7 2 256 9 3 937 0 0 0 937 0 0 1,644 2,714 1,715 67 0 0 0 0 0 57 39 23 1,567 2,714 1,521 0 10 0 0 40 35 -128 0 88 0 2 18 0 0 0 0 69 0 0 0 0 0 0 0 1 0 0 0 250 4 2 0 191 37 14 2 11 2 78 33 o6 0 -223 6,171 1,497 3,854 1,294 -110 766 5,542 1,448 675 626 1,707 1,450 3,029 404 58 65 38 49 47 24 577 34 179 0 0 0 0 0 0 1 -129 38 2,822 112 196 503 267 186 13 58 61 1,112 5,469 1,050 304 46 29 213 115 293 9 14 39 1,995 13 177 811 749 379 150 3,633 1,092 6,236 2,322 569 3,158 15 102 293 12,009 580 1,166 683 12 124 31 181 127 207 553 299 304 D 201 289 1,381 468 1,773 O 7 -5 19 -295 2 -8 497 1,514 -121 479 179 650 413 1,242 400 1,450 A 0 667 532 254 36 852 274 254 25 -14 1 694 294 178 403 363 0 0 5 0 62 5 0 12 40 0 -11 3 45 3 0 70 2 33 0 491 199 169 58 80 86 337 25 53 318 39 33 0 1 5 414 414 0 0 0 0 0 0 0 0 75 51 0 21 3 103 32 12 54 5 89 1 4 37 47 549 268 241 42 -2 73 0 31 37 4 10,724 8,511 517 364 15 159 18 173 809 729 8 74 2,026 1,510 7,372 2,032 10,792 1,559 6,898 1,176 6,904 2,155 5,697 1,985 105 18 -10 30 65 23 0 -9 0 149 155 -6 -5 191 349 161 72 301 60 1,993 1,382 71 50 6 50 77 573 33 24 1,633 3,404 2,393 2,620 323 460 810 201 228 178 76 207 52 155 538 441 328 32 353 57 265 22 396 269 31 28 4,682 176 696 10 6 2,081 153 1,722 30 362 3,590 1,559 117 375 -1 590 211 10 1,539 124 164 186 137 1 1,324 437 194 42 112 1,176 20 1,079 501 73 33 205 142 120 161 48 43 276 3,007 139,697 1,974 391 334 125 34 361 329 109 63 174 31523 6553 21199 11827 22361 1,433 32847 558 13386 30741 7 796 27 269 342 564 63 44 118 434 409 306 140 465 10 791 1,478 2. See footnote 2 to table 20.1. 3. See footnote 3 to table 20.1. 4. See footnote 4 to table 20.1. SURVEY OF CURRENT BUSINESS July 1999 The International Investment Position of the United States at Yearend 1998 By Russell B. Scholl Harlan W. King directed the preparation of the estimates; Christopher A. Gohrband prepared several of the accounts with the assistance of Elena Nguyen, and Douglas B. Weinberg prepared the direct investment accounts at current cost. HE NET international investment position of the United States—U.S.-owned assets abroad less foreign-owned assets in the United States—at yearend 1998 was a negative $1,239.2 billion with direct investment valued at the current cost of tangible assets, and it was a negative $1,537.5 billion with direct investment valued at the current market value of owners' equity (table A, chart 1).1 For both measures, the net positions were more negative in 1998 than they were in 1997. The net foreign ownership of assets in the United States remains a small, but increasing, share of the total financial wealth of all U.S. households—4.2 percent at yearend 1998, up from 3.2 percent at yearend 1997. The net position on both bases became more negative mainly as a result of large net financial inflows and strong price appreciation in foreignowned assets in the United States (table B). This appreciation, which reflected the steep rise in U.S. stock market prices from yearend 1997 to T yearend 1998, greatly increased the value of foreign holdings of U.S. stocks and of owner's equity of foreign direct investment in the United States. U.S.-owned assets abroad also increased as the CHART 1 Net International Investment Position of the United States at Yearend, 1984-98 Billion $ 7,000 6,000 WITH DIRECT INVESTMENT POSITIONS VALUED AT CURRENT COST — U.S. Assets Abroad Foreign Assets in the United States 5,000 - - -Net 4,000 3,000 2,000 1,000 O 1. This issue also contains a companion article, "Direct Investment Positions for 1998: Country and Industry Detail." The detailed estimates presented in that article are available only on a historical-cost basis. -1,000 -2,000 Table A.—Summary Components of the U.S. Net Position at Yearend [Billions of dollars] 1998 Net position: At current cost At market value -1,239.2 -1,537.5 8,000 WITH DIRECT INVESTMENT POSITIONS VALUED AT MARKET VALUE 7,000 6,000 5,000 4,000 U.S. Government and foreign official assets Direct investment: At current cost At market value U.S. and foreign securities and U.S. currency Bank- and nonbank-reported claims and liabilities -607.7 244.7 -53.6 -1,008.3 132.2 3,000 2,000 1,000 Table B.—Changes in the Net International Investment Position, 1998 0 [Billions of dollars] -1,000 At market value Total change Financial flows Valuation adjustments: Price changes Exchange rate changes Other valuation changes -471.2 -209.8 -319.3 56.3 1.6 -2,000 1984 86 88 90 92 94 U.S. Department of Commerce, Bureau of Economic Analysis 96 98 SURVEY OF CURRENT BUSINESS result of financial outflows and price appreciation, but the increase, which was mostly limited to U.S.-owned European stocks, was significantly smaller than that in foreign-owned assets in the United States. The net exchange rate adjustment principally reflected the effect on U.S.-owned foreign stocks of the appreciation of European and some Asian currencies against the U.S. dollar in 1998; this appreciation was partly offset by the depreciation of Canadian and Latin American currencies. In 1998, U.S. assets abroad in a few categories increased strongly as a result of large net financial outflows and of price and exchange rate appreciation. U.S. direct investment abroad on both valuation bases increased as a result of record net outflows that were bolstered by heavy acquisitions in certain countries. At market value, the increase was augmented by a large increase in owner's equity as a result of the steep rise in European stock prices. U.S. holdings of foreign stocks increased as a result of rising European stock prices, appreciation of European currencies, and strong net U.S. purchases, mostly in the first half of the year. U.S. purchases near yearend were bolstered by two exceptionally large acquisitions of U.S. companies through exchanges of stock with U.S. shareholders.2 U.S. holdings of foreign bonds were restrained by heightened risk aversion in the second half of the year, as markets reacted to Russia's debt moratorium and Brazil's 2. For more information on these transactions, see page 52 in "Direct Investment Positions for 1998: Country and Industry Detail" in this issue. financial problems. In this more cautious environment, U.S. purchases were mainly new bond issues of highly rated foreign borrowers. U.S. banks' and nonbanking concerns' claims on foreigners increased considerably less in 1998 than in 1997, reflecting slower economic growth in many industrial countries and financial and economic problems in many emerging countries. Foreign assets in the United States increased as a result of sizable net private financial inflows and continued large price appreciation in foreign holdings of U.S. stocks. Record inflows into U.S. corporate securities and foreign direct investment were attracted by sustained U.S. economic growth, low and stable inflation, long-term interest-rate differentials favoring dollar assets, and rising asset prices. In particular, foreign holdings of U.S. corporate bonds advanced as a result of record net foreign purchases and rising U.S. bond prices; concurrently, foreign investors shifted away from U.S. Treasury bonds as their yields declined to low levels. Taking advantage of this strong demand and shift in preferences, U.S. corporate borrowers, especially U.S. federally sponsored agencies, issued near record amounts of new bonds abroad. Foreign holdings of U.S. stocks increased as a result of both large price appreciation and strong net purchases, mainly in the first half of the year. Foreign direct investment in the United States on both valuation bases increased as a result of record financial inflows, including the two exceptionally large acquisitions through exchanges Improvements in the Estimates As is customary each July, the estimates of the U.S. international investment position incorporate new source data and methodological improvements that relate to the changes incorporated in the annual revision of the U.S. international transactions accounts. This year, the following major changes are introduced. The estimates of U.S. portfolio holdings of foreign securities for 1994-98 are revised, reflecting the incorporation of newly available preliminary results of the U.S. Treasury Department's and the Federal Reserve System's Benchmark Survey of U.S. Portfolio Investment Abroad. This survey covered U.S. ownership of outstanding foreign long-term securities as of December 31, 1997. This survey was a followup to a similar survey of U.S. portfolio investment abroad as of March 1994. The 1997 survey was conducted by the United States as part of an initiative coordinated by the International Monetary Fund in which 29 participating countries surveyed their residents' portfolio investment abroad. (The new position data also enable BEA to develop improved estimates of the associated flows of interest and dividend income receipts, which were incorporated into BEA'S international transactions accounts released in June 1999). Estimates of the positions of U.S. direct investment abroad and of foreign direct investment in the United States on the current-cost basis have been revised back to 1976 to incorporate improved estimates of the currentcost adjustment. These improvements include the introduction of geometric depreciation, an improved treatment of transfers of equipment and structures by direct investment affiliates, newly available equipment and structures price indexes, and newly available data for capital investment, depreciation, depletion, and expensed exploration and development costs by direct investment affiliates. (These improvements also affect income and financial flows in BEA'S revised international transactions accounts released in June 1999.) For additional information about these changes, see "U.S. International Transactions, Revised Estimates for 1982-98" in this issue. July 1999 • 37 SURVEY OF CURRENT BUSINESS 38 • July 1999 of stock with U.S. shareholders. Even excluding these acquisitions, direct investment inflows were still strong, reflecting other acquisition activity and strong business conditions in the United States. The market value of foreign direct investment was further augmented by the sharp rise in U.S. stock prices. U.S. liabilities to foreigners reported by U.S. banks and nonbanking concerns increased much less in 1998 than in 1997, a record year; banks slowed their short-term funding from abroad, and foreigners reduced their U.S. deposits. In addition, international bond funds withdrew funds from U.S. securities dealers to meet the liquidity needs associated with capital market uncertainties in the second half of the year. This article presents the major changes in U.S. assets abroad and in foreign assets in the United States, including direct investment valued both at current cost and at market value, in 1998. Tables 1, 2, and 3 at the end of the article present detailed estimates of the yearend positions. Revisions.—The estimates of the U.S. international investment position have been revised back to 1976. For yearend 1997, the net negative position has been revised from $1,223.6 billion to $968.2 billion with direct investment at current cost and from $1,322.5 billion to $1,066.3 billion with direct investment at market value (table 4). The major sources of these revisions are in U.S.owned foreign securities of Europe, and to a lesser extent, of Latin America, that were uncovered in a recent U.S. Treasury benchmark survey. On the current-cost basis, sizable revisions to the direct investment positions, both U.S. direct investment abroad and foreign direct investment in the United States, reflected the incorporation of improved estimates of the current-cost adjustment in the valuation methodology. On the market-value basis, large revisions reflected the incorporation of revised source data. (For more information, see the box "Improvements in the Estimates") Changes in U.S. Assets Abroad Bank claims Claims on foreigners reported by U.S. banks increased $28.1 billion, to $1,013.9 billion, in 1998, reflecting a sharp slowdown in U.S. banks' lending abroad to the lowest level since 1994 and a withdrawal of U.S. security dealers' lending to foreign-based investment funds (table C). Lending overseas was affected by the economic slowdown abroad, especially in Asia, and by banks' increased focus on customer creditworthiness, particularly after the Russian default and the heightened financial problems in Brazil late in 1998. In particular, exposure to emergingmarket countries and Japan was reduced. U.S. lending to Europe, which was boosted by strong merger and acquisition activity, and to Canada was strong; most of the lending was by Europeanand Canadian-owned banks in the United States. U.S. banks' claims of foreign-owned banks in the United States were also boosted by a transfer of business to U.S. offices from Europe by recently merged European banks. U.S. banks' own claims payable in dollars increased $26.6 billion, to $734.8 billion, sharply less than in the prior years; banks reduced their exposure, mainly to emerging-market countries and Japan, where economic recession and troubled financial conditions reduced demand for bank credit. Foreign-owned banks in the United States lent to affiliates in Europe, where credit demand was underpinned by ongoing merger and acquisition activity. U.S.-owned banks provided only temporary funding to offices in Caribbean banking centers, so that claims changed little. Claims reported by U.S. securities dealers decreased sharply, reflecting cutbacks on renewing credit to international bond funds in the United Kingdom and Caribbean; this decrease followed heightened concerns about risk in the aftermath of the near collapse of a large U.S. hedge fund in September. U.S. banks' domestic customers' claims payable in dollars decreased $2.0 billion, to $184.4 billion, as U.S. depositors became more cautious in their dealings with banks exposed to overseas financial difficulties. U.S. banks' own and customers' claims payable in foreign currencies increased $3.5 billion, to $94.7 billion. Banks sharply reduced their claims on Japan in the first half of the year and increased their foreign currency claims on Europe in the second half. Table C—U.S. Claims Reported by U.S. Banks at Yearend [Billions of dollars] 1997 Total bank-reported claims Bank own claims, payable in dollars On unaffiliated foreign banks On own foreign offices On other foreigners Bank customer claims, payable in dollars Total claims payable in foreign currencies 1998 985.8 1,013.9 708.2 109.2 431.7 167.3 186.4 91.2 734.8 105.7 484.4 144.7 184.4 94.7 July 1999 SURVEY OF CURRENT BUSINESS Foreign securities Foreign securities held in U.S. portfolios increased $229.6 billion, to $1,969.0 billion, in 1998.3 This increase reflected substantial price appreciation in U.S. holdings of Western European stocks and net U.S. purchases of foreign stocks and bonds in the first half of the year that were augmented by the two exceptionally large acquisitions through exchanges of stock with U.S. shareholders in the fourth quarter. Net exchange rate appreciation mostly reflected the appreciation in European currencies and the Japanese yen against the U.S. dollar in 1998. Excluding the two large exchanges of stock, U.S. investors shifted to net sales of foreign securities, especially in the second half of the year, when Russia and Brazil encountered financial difficulties, economic weakness continued in Asia, and a large U.S. hedge fund nearly failed. In this unsettled financial environment, the share of U.S. pension fund assets abroad declined to 14 percent from 18 percent, and new investment in U.S. mutual funds that specialize in foreign assets fell by two-thirds. Some mutual funds had withdrawals, especially emerging market targeted funds. U.S. holdings of foreign stocks increased $206.1 billion, to $1,407.1 billion (table D). The increase resulted from $80.3 billion in price appreciation, primarily in Western European stocks,from$77.6 3. These estimates incorporate the preliminary results from the U.S. Treasury Department's and the Federal Reserve System's Benchmark Survey of U.S. Ownership of Foreign Long-term Securities as of December 31,1997. A list of U.S. foreign portfolio holdings by country of issue is presented in tables D and E. For more information, see page 67 of "U.S. International Transactions, Revised Estimates for 1982-98" in this issue. Table D.—U.S. Holdings of Foreign Stocks by Major Areas at Yearend billion in net purchases, which included the two large exchanges of stock, and from $48.0 billion in exchange rate appreciation, reflecting the appreciation of European and Asian currencies against the dollar. Excluding the two exchanges of stock, U.S. investors reduced their holdings in the year: Following the Asian crisis late in 1997, net purchases remained weak in the first half of 1998, and as a result of the financial turbulence of the second half of 1998, U.S. investors became net sellers. • U.S. holdings of Western European stocks increased 34 percent, mostly as a result of price and exchange rate appreciation and the two large acquisitions of British and German stocks in payment for the direct investments in the United States. Boosted by prospects of the European Union and strong merger activity, European stock prices increased an average of 22 percent in 1998. Continental currencies also appreciated strongly against the U.S. dollar in the second half of the year. Excluding the two large acquisitions, U.S. investors sold European stocks, reflecting concerns about slowing growth in Europe. • U.S. holdings of Japanese stocks decreased 9 percent, as a 9-percent drop in Japanese stock prices was only partly offset by exchange rate appreciation of the Japanese yen against the dollar and small net U.S. purchases of Japanese stocks. U.S. demand was sharply curtailed by the economic recession and the problems of financial firms in Japan. • U.S. holdings of Canadian stocks declined 13 percent as a result of net U.S. sales and of price and exchange rate depreciation. Canadian investments suffered from [Billions of dollars] 1998 Total holdings Western Europe a which: United Kingdom Finland France Germany Ireland Italy Netherlands Spain Sweden Switzerland Canada Japan Latin America Of which: Argentina Brazil Mexico Other Western Hemisphere Of which: Bermuda Netherlands Antilles Other countries Of which: Australia Hong Kong Singapore 1,407.1 289.5 32.9 110.1 82.3 19.6 54.9 135.0 35.3 43.2 72.2 61.6 123.1 51.6 8.9 17.6 21.7 56.4 28.3 23.9 211.0 35.9 26.7 10.3 Table E.—U.S. Holdings of Foreign Bonds by Major Areas at Yearend [Billions of dollars] 1998 Total holdings Western Europe Of which: United Kingdom France Germany Sweden '.. Canada Japan Latin America Of which: Argentina Brazil Mexico Other Western Hemisphere .. Of which: Cayman Islands Other countries Of which: Australia Korea International organizations .... 538.4 211.0 54.7 14.9 42.8 17.4 12.9 13.0 105.7 28.6 92.9 24.9 19.9 28.3 19.8 13.1 64.4 15.6 10.4 16.0 561.8 212.8 61.7 14.4 43.5 14.8 11.8 12.9 109.6 27.6 99.2 27.8 16.2 30.9 23.0 14.9 75.0 16.2 13.9 14.6 • 39 40 SURVEY OF CURRENT BUSINESS • July 1999 weak commodity prices and sluggish overseas demand for Canadian exports. • U.S. holdings of other foreign stocks, primarily of stocks of emerging countries, decreased 5 percent. Holdings of Latin American stocks decreased as a result of the substantial price depreciation. Holdings of Asian stocks increased, reflecting strong net purchases early in the year that were partly offset by an 8-percent drop in the prices of Asian stocks. U.S. holdings of foreign bonds increased $23.4 billion, to $561.8 billion (table E). Net purchases slowed to $25.1 billion, as U.S. asset managers limited the additions to their overseas exposure and focused on highly rated foreign new issues in the U.S. market. Price appreciation of $18.4 billion, primarily in industrial countries' bonds, nearly offset the $20.1 billion effect of exchange rate depreciation, mainly in Canadian and emerging countries' currencies. Despite the drop in U.S. long-term interest rates, foreign new bond issues in the United States slowed sharply; in particular, new issues of Latin American and Asian emerging countries faced elevated risk premiums in the second half of the year, when markets reacted to unfolding problems in Russia and Brazil. U.S. investment in highly rated corporate bonds from Western Europe, Canada, and Japan continued strong. Net sales of outstanding bonds of emerging countries more than doubled. U.S. direct investment abroad and other private assets U.S. direct investment abroad at current cost increased $119.2 billion, to $1,123.4 billion, in 1998; at market value, it increased $356.0 billion, to $2,140.5 billion (table F). Direct investment net financial outflows increased to a record $132.8 billion. Equity outflows accelerated to a record, and intercompany debt outflows tripled; in contrast, reinvested earnings decreased slightly, mainly as a result of reduced earnings of foreign affiliates in Asia and Latin America. Acquisition activity was particularly strong in the United Kingdom, Table F.—Changes in U.S. Direct Investment Abroad, 1998 [Billions of dollars] At current cost Total change Financial outflows Equity capital Intercompany debt Reinvested earnings Price changes Exchange rate changes Other valuation changes ... 119.2 132.8 59.4 58.7 14.7 2.9 2.0 -18.5 At market value 356.0 132.8 59.4 58.7 14.7 217.4 12.8 -7.0 Canada, and Australia. U.S. financial flows to several emerging-market countries slowed as a result of economic and financial problems in those countries. At current cost, the large financial outflows accounted for most of the increase in the position. At market value, the financial outflows were augmented by a substantial increase in U.S. owner's equity, primarily as a result of the steep rise in European stock prices in 1998. Claims on unaffiliated foreigners reported by U.S. nonbanking concerns increased $33.8 billion, to $596.2 billion, considerably below the 1997 record increase. U.S. depositing at banks in the United Kingdom and the Caribbean slowed significantly, and funding from U.S. financial firms to their foreign finance affiliates, which surged in the first quarter, fell off as capital markets abroad became unsettled later in the year. U.S. official reserve assets and other U.S. Government assets U.S. official reserve assets increased $11.2 billion, to $146.0 billion in 1998. The U.S. reserve position at the International Monetary Fund (IMF) was boosted by dollar borrowing from the IMF by Russia, Korea, Indonesia, and Brazil. Foreigncurrency reserves increased mainly because of coordinated intervention purchases of Japanese yen in midyear and because of exchange rate appreciation in holdings of Japanese yen and German marks. U.S. Government assets other than reserve assets increased $0.4 billion, to $82.4 billion, as new U.S. Government credits to foreigners slightly exceeded repayments. Changes in Foreign Assets in the United States Foreign official assets Foreign official assets increased $0.3 billion, to $836.1 billion, in 1998, as net financial outflows were more than offset by price appreciation in holdings of U.S. corporate securities and U.S. Treasury bonds. Disruptions in exchange markets, especially those resulting from Russia's and Brazil's problems, led to sales of dollar assets by several industrial and developing countries. These countries mainly liquidated deposits and short-term Treasury obligations so that they could intervene in exchange markets by buying their currencies with dollars, OPEC countries also reduced their assets in the Unites States. SURVEY OF CURRENT BUSINESS Bank liabilities U.S. liabilities to private foreigners and international financial institutions reported by U.S. banks increased $46.1 billion, to $1,017.1 billion, in 1998. This increase represented a marked slowddwn from the record inflows in 1997. In 1998, U.S. banks borrowed less from abroad to finance their lending, especially to the overseas interbank market. In addition, foreign incentives to deposit in U.S. banks lessened as U.S. short-term interest rates fell and as the dollar depreciated against European currencies and the Japanese yen after midyear. In addition, international bond funds withdrew funds, mostly from U.S. securities dealers, in order to meet liquidity needs as capital market uncertainties escalated in the second half of the year (table G). U.S. banks5 own liabilities payable in dollars increased $23.7 billion, to $805.4 billion. Early in 1998, U.S. banks repaid some large-scale borrowings from banks abroad that had been made in the final quarter of 1997, partly to finance their overseas interbank lending. In midyear, U.S. borrowing from abroad resumed, mostly from banks in the Caribbean and Europe; this borrowing was primarily to finance lending to home offices by Canadian- and European-owned banks in the United States. Later in the year, Japaneseowned offices in the United States stepped up their borrowing from home offices in Japan to replace heavy withdrawals by unaffiliated foreign banks; home office funds were tapped to avoid the elevated risk premiums that would have applied to funds borrowed in the United States as a result of the continued financial problems with Japanese banks. U.S. dollar liabilities of foreignowned banks were also boosted by a transfer of business to U.S. offices from Europe by recently merged European banks. U.S.-owned banks limited their borrowing from overseas, mostly from Caribbean offices, as U.S. domestic deposit inflows were ample. Deposits were withdrawn from U.S. banks, especially by unaffiliated residents in Western Europe and the Caribbean banking cen- July 1999 ters, as concern over cross-border risk increased and as the dollar depreciated against European currencies and the Japanese yen. International bond funds also withdrew funds from U.S. securities dealers to meet margin calls and to limit losses in the aftermath of the near collapse of a large U.S. hedge fund. U.S. banks' custody liabilities payable in dollars, which represent U.S. nonbanks' short- and medium-term borrowing from banks abroad, increased $38.8 billion, to $110.6 billion. The substantial increase was bolstered by a surge in the third quarter, when longer term capital markets became unstable. U.S. bank's liabilities payable in foreign currencies decreased $16.4 billion, to $101.1 billion, as banks reduced their foreign currency borrowing from, and lending to, customers overseas. U.S. Treasury securities U.S. Treasury securities held by private foreigners and by international financial institutions increased $65.1 billion, to $727.3 billion, in 1998 (table H). The increase reflected intermittent net purchases of U.S. Treasury securities—nearly two-thirds less than the near record in 1997— and price appreciation in U.S. Treasury bonds as the yield on the benchmark 30-year Treasury issue fell to its lowest level since 1967. Foreign purchases were attracted by widening yield differentials favoring U.S. Government bonds over most foreign government bonds, by a relatively strong dollar in the first half of the year, and by investors' flight to safety and liquidity when capital markets were disrupted in the second half of the year. The slowdown in U.S. Treasury securities may also be attributed to a surge of foreign investments in higher yielding U.S. corporate securities. Western European holdings of U.S. Treasury securities rose moderately, reflecting a marked slowdown in purchases as rising stock and bond Table H.-Foreign Official and Private Holdings of US. Treasury Securities by Country at Yearend [Billions of dollars] Table G.-U.S. Liabilities Reported by U.S. Banks at Yearend [Billions of dollars] 1997 Total liabilities Bank own liabilities, payable in dollars To unaffiliated foreign banks To own foreign offices To other foreigners Bank custody liabilities Total liabilities payable in foreign currencies 971.0 781.7 157.1 485.1 139,5 71.8 117.5 1998 1,017.1 805.4 113.4 562.8 129.2 110.6 101.1 Rank 1997 Total holdings Japan United Kingdom Germany Peoples Republic of China Hong Kong Singapore Spain British West Indies Switzerland Taiwan 1,252.0 288.6 259.2 96.8 49.3 36.0 36.4 53.1 35.5 28.7 34.8 1998 1,361.3 292.6 276.9 100.2 48.7 46.0 45.0 43.7 39.7 35.0 33.6 42 SURVEY OF CURRENT BUSINESS • July 1999 prices in Europe and a weakening dollar in the second half of the year reduced investor demand after record buying in 1997. Asian holdings increased, mainly reflecting strong purchases when global concerns mounted about the risks in emerging markets in the second half of the year. Large holdings in the Caribbean were reduced slightly, as price appreciation was offset by strong sales by international bond funds. Holdings of all other countries gained as a result of price appreciation. Table I.—Foreign Private Holdings of U.S. Corporate and Agency Bonds by Major Areas at Yearend [Billions of dollars] 1998 715.2 452.6 362.7 11.0 15.1 Total holdings Western Europe Of which: United Kingdom France Germany Italy Netherlands Canada Japan Latin America Other Western Hemisphere Other countries 900.7 585.9 467.9 14.6 19.8 2.8 3.2 13.1 17.0 98.8 14.0 84.9 47.9 16.4 23.2 108.6 20.1 105.8 57.1 U.S. currency U.S. currency held by foreigners increased $16.6 billion, to $228.3 billion; large shipments to Eastern Europe, including Russia, were reduced partly because currency-importing banks had difficulty raising funds for payment and partly because new market developments enabled Russia to obtain recirculated, counterfeit-resistant U.S. currency from European banks. Shipments to Latin America increased, reflecting increased demand for U.S. currency as a result of deteriorating financial conditions in a few countries in the second half of the year. Other U.S. securities Foreign holdings of U.S. securities, other than U.S. Treasury securities, increased $443.1 billion, to $2,021.8 billion, in 1998; the increase was bolstered by record net foreign purchases of U.S. bonds and by substantial price appreciation of U.S. stocks. Net purchases of U.S. corporate bonds and of federally sponsored agency bonds surged in the first half of the year, when foreign investors were attracted by the rise in U.S. bond prices, by the higher yields on U.S. issues than on most other industrial countries' bonds, and by the U.S. dollar's strength in exchange markets. Demand was also spurred by a shift to higher yielding corporate issues when interest rates on U.S. Treasury bonds fell to their lowest level since 1967. Foreign holdings of U.S. stocks increased as a result of sharply higher U.S. stock prices in 1998 and of strong foreign net purchases in the first half of the year. The brisk-paced U.S. economy and steady growth in corporate earnings contributed to these strong inflows. Foreign holdings of U.S. corporate and agency bonds increased $185.5 billion, to $900.7 billion, mainly as the result of $170.5 billion in record net purchases that were encouraged by a nearly 2-percent rise in bond prices in 1998. U.S. borrowers, especially U.S. federally sponsored agencies, issued $87.1 billion of new bonds overseas; these bonds were mainly high-quality, mortgage-backed securities that became even more attractive in a low-interest-rate environment and the financial market turmoil after midyear. U.S. nonbank financial corporations remained heavy issuers, but at a level slightly below that in 1997, and U.S. banks reduced their issuance by two-thirds, partly as a result of the ample availability of alternate funding. Nearly two-thirds of the new issues were dollar denominated, and over two-thirds were straight fixed rate; the use of floating-rate notes slowed sharply. Strong foreign demand was also evident in large net purchases of outstanding U.S. bonds. Foreign holdings are highly concentrated in the United Kingdom, where lead underwriters of U.S. overseas issues reside, in Japan, and in the Caribbean (table I). Foreign holdings of U.S. stocks increased $257.6 billion, to $1,121.1 billion, reflecting $210.0 billion in price appreciation and a near-record $47.5 billion in net foreign purchases. Holdings were bolstered by a 27-percent increase in U.S. stock prices in 1998. Net foreign purchases were especially strong in the first half of the year. In the second half, purchases slowed when investors became concerned about a possible global economic slowdown and when confidence was jolted by the near failure of a large U.S. hedge fund. Table J.—Foreign Private Holdings of U.S. Corporate Stocks by Major Areas at Yearend [Billions of dollars] 1998 Total holdings Western Europe Of which: United Kingdom France Germany Italy Netherlands Canada Japan Latin America Other Western Hemisphere .. Other countries 863.5 503.2 226.8 24.4 35.5 10.4 51.7 92.7 68.0 17.1 94.6 87.9 1,121.1 695.0 304.7 34.9 50.7 14.9 73.8 108.6 81.8 21.7 114.7 99.3 SURVEY OF CURRENT BUSINESS Consequently, Asian investors and Caribbeanbased mutual funds sold off large amounts of U.S. stocks. Western European investors' interest in U.S. stocks was robust throughout the year. Canadian and Japanese holdings also increased; net sales, which accelerated in 1998, partly offset the strong price gains (table J). Foreign direct investment in the United States and other liabilities Foreign direct investment in the United States valued at current cost increased $114.7 billion, to $878.7 billion, in 1998; at market value, it increased $551.7 billion, to $2,194.1 billion (table K). In 1998, net financial inflows of $193.4 billion exceeded the 1997 record. Net equity inflows increased sharply to a record level, boosted by the two exceptionally large acquisitions through exchanges of stock with U.S. shareholders; reinvested earnings increased, but less than in 1997; and net intercompany debt inflows increased slightly. At current cost, the record net financial inflows were partly offset by a large, negative valuation adjustment (mainly related to the two exceptionally large acquisitions); this adjustment is made to reconcile market-based transactions July 1999 Table K.—Changes in Foreign Direct Investment in the United States, 1998 [Billions of dollars] At current cost Total change Financial inflows Equity capital Intercompany debt Reinvested r—!— Price changes Exchange rate Other valuation changes 114.7 193.4 154.2 12.8 26.4 -3.9 0 -74.8 At market value 551.7 193.4 154.2 12.8 26.4 362.3 0 -4.0 values with much smaller book values, which are the bases for valuing nontangible assets—such as patents and copyrights—in the current-cost estimates. At market value, net financial inflows were boosted by substantial price appreciation in owners' equity that resulted from the steep rise in U.S. stock prices. Liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns increased $7.2 billion, to $460.8 billion, down from the 1997 record increase of $106.8 billion. U.S. corporate borrowing from foreign banks and financial inflows to U.S. financial affiliates from foreign financial affiliates both slowed markedly in the second half of the year, when overseas markets became unsettled. Tables 1 through 4 follow. [^| • 43 SURVEY OF CURRENT BUSINESS 44 • My 1999 Table 1.—International Investment Position of the United States at Yearend, 1997 and 1998 [Millions of dollars] Changes in position in 1998 (decrease (-)) Attributable to: Type of investment Une Net international investment position of the United States: With direct investment positions at current cost (line 3 less line 24) .. With direct investment positions at market value (line 4 less line 25) U.S.-owned assets abroad: With direct investment positions at current cost (lines 5+10+15) With direct investment positions at market value (lines 5+10+16) ... U.S. official reserve assets Gold Special drawing rights Reserve position in the International Monetary Fund Foreign currencies U.S. Government assets, other than official reserve assets U.S. credits and other long-term assets5 Repayable in dollars Other 6 U.S. foreign currency holdings and U.S. short-term assets U.S. private assets: With direct investment at current cost (lines 17+19+22+23) With direct investment at market value (lines 18+19+22+23) Direct investment abroad: At current cost.., At market value Foreign securities Bonds Corporate stocks U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere eign-o Foreign-owned assets s in the te United U d States: With direct investment at current cost ((lines 26+33) With Wih direct investment at market value (lines 26+34) Foreign official assets in the United States U.S. Government securities U.S. Treasury securities Other Other U.S. Government liabilities7 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets Other foreign assets: With direct investment at current cost (lines 35+37+38+39+42+43) .. With direct investment at market value (lines 36+37+38+39+42+43). Direct investment in the United States: At current cost At market value U.S. Treasury securities U.S.currency U.S. securities other than U.S. Treasury securities Corporate and other bonds Corporate stocks U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere r Revised. 1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation at current exchange rates. 2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value of assets. 3. Reflects changes in the value of the official gold stock due to fluctuations in the market price of gold. 4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins; also reflects replenishment through open market purchases. These de- Position, 1997 r Valuation adjustments Total Position, 1998' Financial flows Price Exchange rate (a) (b) (c) (d) -968,208 -209,819 -167,585 -1,066,262 -209,819 -319,300 45,380 56,282 61,064 1,633 101,041 315,522 43,704 54,584 -15,293 -3,833 422,270 659,091 4,930,896 5,947,983 -£28 -628 5,024 -10 -10 11,170 -638 576 6,040 5,192 146,006 75,291 10,603 24,111 36,001 422 572 601 -29 -150 82,382 80,179 79,874 305 2,203 Other changes 2 (a+b+c+d) -270,960 -1,239,168 -471,204 -1,537,466 4,508,626 292,818 292,818 134,836 75,929 10,027 18,071 30,809 6,784 81,960 79,607 79,273 334 2,353 429 574 602 -28 -145 4,291,830 5,072,096 285,605 285,605 101,669 316,150 38,685 49,565 -15,281 -3,821 410,678 647,499 4,702,508 5,719,595 1,004,228 1,784,494 1,739,400 538,400 1,201,000 132,829 132,829 102,817 25,064 77,753 2,892 217,373 98,777 18,441 80,336 1,957 12,837 27,962 -20,079 48,041 -18,465 -7,005 119,213 356,034 229,556 23,426 206,130 1,123,441 2,140,528 1,968,956 561,826 1,407,130 562,396 985,806 25,041 24,918 5,610 3,156 3,175 9 33,826 28,083 596,222 1,013,889 5,476,834 6,355,154 502,637 502,637 268,626 634,822 -1,676 -1,698 -76,357 -5,466 693,230 1,130,295 6,170,064 7,485,449 835,709 614,530 589,792 24,738 21,459 135,384 64,336 -21,684 -3,625 -9,957 6,332 -3,113 -11,469 -3,477 22,437 9,344 9,152 192 -409 13,093 -409 344 5,719 -805 6,524 •^3,113 -11,469 9,207 836,053 620,249 588,987 31,262 18,346 123,915 73,543 4,641,125 5,519,445 524,321 524,321 246,189 612,385 -1,676 -1,698 ^75,948 -5,057 692,886 1,129,951 5,334,011 6,649,396 764,045 1,642,365 662,228 211,628 1,578,694 715,196 193,375 193,375 46,155 16,622 218,026 170,539 47,487 -3,877 362,319 18,961 22 -74,848 -3,957 231,105 21,019 210,086 -6,005 -6,005 114,672 551,737 65,116 16,622 443,126 185,553 257,573 878,717 2,194,102 727,344 228,250 2,021,820 900,749 1,121,071 453,555 970,975 9,412 40,731 -1,100 7,232 46,118 460,787 1,017,093 3 149 5,118 1,517 4 427 922 3,675 -1,080 5,387 monetizations/monetizations are not included in international transactions capital flows. 5. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts that are not being serviced. 6. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third country's currency, or by delivery of materials or transfer of services. 7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies. SURVEY OF CURRENT BUSINESS July 1999 • 45 Table 2.-U.S. Assets Abroad and Foreign Assets in the United States by Area [Millions of dollars] Amounts outstanding, by area Western Europe Type of investment Line 1997' U.Sa"Owned assets abroad! U.S. official reserve assets 1998' Canada 1997' 1998' 1997' U.S. Government assets, other than official reserve assets U.S. credits and other long-term assets2 Repayable in dollars Other3 U.S. foreign currency holdings and U.S. short-term assets .... U.S. private assets: Direct investment abroad Foreign securities Bonds Corporate stocks U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns . U.S. claims reported by U.S. banks, not included elsewhere 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Foreign-owned assets in the United States: Foreign official assets in the United States U.S. Government securities U S Treasury securities Other Other U.S. Government liabilities7 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets Direct investment in the United States U.Sf Treasury securities -. U.S. currency U.S. securities other than U.S. Treasury securities Corporate and other bonds , Corporate stocks U.S. liabilities to unaffiliated for- eigners reported by U.S. nonbanking concerns . U.S. liabilities reported by U.S. banks, not included elsewhere Addenda: U.S. Treasury securities, foreign official plus private holdings (lines 19 + 25, above) U.S. liabilities reported by U.S. banks, foreign official plus private (lines 22 + 31, above) pr Preliminary. Revised. 1. Includes U.S. gold stock valued at market price. 2. Also includes paid-in capital subscription to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to be payable to the U.S. Government over periods in excess of 1 year. Excludes World War i debts that are not being serviced. • 3. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third country's currency, or by delivery of materials or transfer of services. 1998' 17,942 22,646 12,867 13,355 17,942 6,446 6,374 6,353 21 72 22,646 5,796 5,741 5,723 18 55 12,867 33 13,355 44 Gold Special drawing rights Reserve position in the International Monetary Fund Foreign currencies Latin America and Other Western Hemisphere Japan 33 925,100 1,172,656 176,400 211,000 212,830 105,700 714,100 959,826 70,700 265,902 288,578 13,531 349,990 391,593 57,822 230,797 10,857 171,250 109,601 61,649 9,452 79,383 () 163,400 28,600 134,800 10,880 91,718 1997' 12,317 and unallocated1 1997' 1998' 104,027 110,005 75,929 75,291 10,027 10,603 18,071 24,111 15,213 15,166 15,049 117 47 44 150,695 27,617 123,078 13,979 55,168 1998' Other countries, international 246,200 112,700 133,500 248,281 389,585 15,039 60,268 61,503 15,005 58,067 59,433 14,897 57,871 59.254 196 179 108 34 2,201 2,070 230,278 244,077 122,216 80,400 89,562 108,062 147,900 154,515 261,170 23,802 23,043 400,597 87,148 97,799 80,685 209,294 97,632 111,662 177,2565 () 260,814 124,434 136,380 193,1635 () 4,76! 8 955,793 1,280,960 109,664 131,853 452,597 585,934 16,967 23,218 503,196 695,026 92,697 108,635 215,1935 215,9645 7,722 6,5625 () () () 528,805 417,401 573,823 402,052 12,218 30,633 166,835 98,842 67,993 21,381 (5) 190,398 108,630 81,768 15,6645 () 211,628 137,108 49,158 87,950 32,0035 () 157,795 58,533 99,262 29,4345 () 13,268 288,601 292,634 131,676 128,352 290,720 308,254 32,007 101,151 131,304 418,810 421,036 138,364 154,609 4. Positions at current costs or market value are not available by area; country detail are available only at historical costs in the article "Direct Investment Positions on a Historical Cost Basis, 1998; Country and Industry Detail," elsewhere in this issue of the SURVEY. 5. Details are not shown separately. 6. Details not shown separately are included in totals in line 17. 7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies. SURVEY OF CURRENT BUSINESS 46 • July 1999 Table 3.—International Investment Position of the United States at Yearend, 1984-98 [Millions of dollars] Line Type of investment Net international investment position of the United States: With direct investment positions at current cost (line 3 less line 24) With direct investment positions at market value (line 4 less line 25) 1984' 1987 r 1985 162,924 57,401 132,114 94,846 -32,834 U.S. official reserve assets Gold 1 Special drawing rights '. ZZZZL'. "".!'.!!.... Reserve position in the International Monetary Fund Foreign currencies 1991 r 1992' 1993 r 1994' -76,815 -175,350 -254,926 -240,553 -301,550 -421,096 -295,261 -300,480 48,729 U.S.-owned assets abroad: With direct investment at current cost (lines 5+10+15) 1,191,947 1,272,774 1,452,502 With direct investment at market value (lines 1,125,158 1,300,672 1,592,439 5+10+16) 1990'- 1988 8,691 1996r 1997 -500,170 -578,705 -968,208 -1,239,168 -422,617 -547,493 -1,066,262 -1,537,466 2,149,982 2,254,506 2,298,640 2,718,424 2,956,788 3,405,761 3,958,502 4,508,626 4,930,896 -49,141 -166,846 -263,097 -454,605 -180,373 -174,290 1,626,644 1,806,438 2,045,503 1,756,910 2,006,590 1995 r 2,464,196 3,055,316 159,223 92,561 11,240 9,488 45,934 147,435 87,168 8,503 11,759 40,005 164,945 102,556 9,039 11,818 41,532 2,348,081 2,291,734 2,468,351 105,040 81,202 5,641 11,541 6,656 117,930 85,834 7,293 11,947 12,856 139,875 102,428 8,395 11,730 17,322 162,370 144,179 127,648 107,434 10,283 9,637 11,349 9,745 13,090 17,363 168,714 105,164 174,664 102,406 9,951 9,048 44,551 10,989 9,076 52,193 84,971 82,883 89,637 88,710 81,993 83,903 87,112 1,598 1,613 86,117 85,388 83,923 1,465 84,489 1,780 87,752 85,814 84,087 1,727 82,421 1,482 81,365 80,040 1,325 79,144 77,498 76,272 1,226 80,722 79,087 77,987 1,100 81,029 79,106 78,100 1,006 2,088 1,938 927 781 729 586 628 1,646 1,635 1,923 3,276,086 3,869,663 4,544,502 5,288,892 5,947,983 163,394 176,061 160,739 100,110 101,279 10,039 11,037 10,312 12,030 14,649 15,435 41,215 49,096 38,294 134,836 75,929 10,027 18,071 30,809 146,006 75,291 10,603 24,111 36,001 80,123 77,814 77,336 478 81,095 78,548 78,120 428 82,046 79,637 79,261 376 81,960 79,607 79,273 334 82,382 80,179 79,874 305 2,309 2,547 2,409 2,353 2,203 1,893,325 2,016,139 2,070,483 2,472,450 2,713,271 3,148,605 3,715,717 4,291,830 4,702,508 935,147 1,094,990 1,362,927 1,505,660 1,776,294 2,094,878 2,035,077 2,229,984 2,236,039 2,809,342 3,032,569 3,612,507 4,301,717 5,072,096 5,719,595 U.S. Government assets, other than official reserve assets U.S. credits and other long-term assets 2 Repayable in dollars Other 3 U.S. foreign currency holdings and U.S. short-term assets 81,103 U.S. private assets: With direct investment at current cost (lines 17+19+22+23) With direct investment at market value (lines 18+19+22+23) Direct investment abroad: At current c o s t 4 5 At market value 4 Foreign securities6 Bonds 6 Corporate stocks 6 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns 7 U.S. claims reported by U.S. banks, not included elsewhere8 Foreign-owned assets in the United States: With direct investment at current cost (lines 26+33) With direct investment at market value (lines 26+34) Foreign official assets in the United States U.S. Government securities U.S. Treasury securities 9 Other 9 Other U.S. Government liabilities 10 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 9 1,001,936 1,067,092 1,222,990 1,375,394 337,363 270,574 62,810 25,994 358,454 386,352 119,403 75,020 44,383 390,137 530,074 158,123 85,724 72,399 459,980 590,246 188,589 93,889 94,700 1,576,142 1,792,300 492,309 692,461 232,849 104,187 128,662 529,882 832,460 314,294 116,949 197,345 590,010 731,762 342,313 144,717 197,596 613,692 827,537 455,750 176,774 278,976 633,074 798,630 515,083 200,817 314,266 690,655 748,505 843,253 940,243 1,027,547 1,067,803 1,307,155 1,526,243 1,169,636 1,467,985 853,528 321,208 392,827 465,057 543,862 627,460 776,809 1,002,928 1,004,228 1,784,494 1,739,400 538,400 1,201,000 1,123,441 2,140,528 1,968,956 561,826 1,407,130 130,138 141,872 167,392 177,368 197,757 234,307 265,315 256,295 254,303 242,022 322,980 367,567 449,978 562,396 596,222 445,631 447,363 507,338 549,457 653,227 713,817 695,687 690,402 985,806 1,013,889 1,029,023 1,215,373 1,485,336 993,044 1,205,826 1,493,870 1,703,459 1,708,181 1,981,788 2,300,429 2,390,535 2,556,056 2,719,736 3,013,685 3,257,268 3,905,931 4,537,207 5,476,834 1,997,899 2,397,222 2,458,580 2,731,448 2,918,801 3,235,689 3,450,376 4,292,280 5,091,995 6,355,154 6,170,064 7,485,449 199,678 202,482 241,226 144,665 145,063 178,916 138,168 138,438 173,310 6,625 6,497 5,606 14,959 15,803 17,993 283,058 220,548 213,713 6,835 26,734 14,882 27,920 16,397 31,838 15,005 31,520 14,382 829,345 1,012,891 1,244,110 1,420,401 1,659,752 793,366 1,003,344 1,252,644 1,425,123 264,432 272,966 96,078 50,122 309,803 140,863 168,940 311,478 316,200 82,588 55,583 341,732 90,703 26,090 13,964 686,245 693,118 768,149 857,511 322,036 341,746 373,293 398,538 437,263 260,934 263,612 291,228 311,199 329,317 252,962 257,201 285,911 305,994 322,600 7,972 6,411 5,317 6,717 5,205 15,667 15,200 15,374 17,243 18,610 20,801 671,710 799,033 497,776 610,469 482,773 590,704 15,003 19,765 23,573 23,257 835,709 614,530 589,792 24,738 21,459 836,053 620,249 588,987 31,262 18,346 73,386 107,394 113,098 31,001 42,967 52,209 135,384 64,336 123,915 73,543 2,722,051 3,234,221 3,738,174 4,641,125 5,334,011 1,675,863 2,055,476 2,085,287 2,332,910 2,481,538 2,726,267 2,915,159 3,620,570 4,292,962 5,519,445 6,649,396 764,045 1,642,365 662,228 211,628 1,578,694 715,196 878,717 2,194,102 727,344 228,250 2,021,820 900,749 1,121,071 36,495 26,265 39,880 24,942 38,396 30,333 54,967 32,178 509,422 381,687 373,050 8,637 22,113 69,721 35,901 535,217 407,152 396,887 10,265 23,678 Other foreign assets in the United States: With direct investment at current cost (lines 35+37+38+39+42+43) 34 36+37+38+39+42+43) Direct investment in the United States: At current c o s t 5 ' ' At market value n U.S. Treasury securities U.S. currency U.S. securities other than U.S. Treasury securities9 Corporate and other bonds 9 Corporate stocks 9 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns 12 U.S. liabilities reported by U.S. banks, not included elsewhere 7 1,958,683 2,017,242 2,157,518 2,282,473 2,504,263 With direct investment at market value (lines 208,356 172,377 62,121 40,797 128,477 32,421 96,056 9 77,415 229,543 219,996 87,954 46,036 207,868 82,290 125,578 437,941 534,734 166,541 67,118 482,864 231,673 251,191 471,556 539,601 152,452 85,933 460,644 238,903 221,741 493,745 669,137 170,295 101,317 546,008 274,136 271,872 497,112 696,177 197,739 114,804 599,447 299,287 300,160 546,394 175,643 375,419 391,530 100,877 61,261 392,292 191,314 200,978 110,187 144,548 167,093 213,406 208,908 220,666 229,038 674,330 564,745 619,377 757,853 1,005,726 1,229,118 235,684 358,537 502,562 169,484 157,185 186,846 739,695 971,356 1,199,461 368,077 481,214 588,044 371,618 490,142 611,417 239,817 300,424 346,727 312,179 354,497 432,972 518,833 Preliminary. 1. U.S. official gold stock valued at market price. 2. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts that are not being serviced. 3. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third country's currency, or by delivery of materials or transfer of services. 4. A break in series in 1994 reflects the incorporation of results of the 1994 benchmark survey of U.S. direct investment abroad and the r e c t i f i c a t i o n from the direct investment capital accounts to the nonbank investment accounts of intercompany debt transactions between parent companies and affiliates that are not depository institutions and that are primarily engaged in financial intermediation. Estimates for 1984-93 are linked to both the 1982 and 1989 benchmark surveys of U.S. direct investment abroad. 5. Estimates for 1984 forward reflect 1992 base-year price indexes for tangible assets, which replace the 1987 Dase-year price indexes previously used in the national income and product accounts. 6. Estimates include results of the Benchmark Surveys of U.S. Ownership of Foreign Long-term Securities as of March 31,1994, and as of December 31,1997, conducted by the U.S. Department of the Treasury. 7. Breaks in series reflect the following: In 1986, the introduction of data from the Bank of International Settle- 221,501 133,734 696,449 355,822 340,627 585,355 637,126 633,251 637,245 652,705 677,147 784,925 815,043 828,248 863,498 453,555 970,975 460,787 1,017,093 ments (BIS) for the Netherlands; BIS data was introduced for France and Italy in 1989; BIS coverage for Austria, Switzerland and Asian banking centers was also improved in 1989. BEA methodology for estimating positions visa-vis Canada and Germany was adjusted beginning in 1993, and vis-a-vis Asian banking centers in 1994. In 1994, intercompany debt transactions between companies and affiliates that are not depository institutions and that are primarily engaged in financial intermediation are reclassified from the direct investment capital accounts to the nonbank investment accounts. 8. A break in series in 1988 reflects the introduction of data on holdings of foreign commercial paper. 9. Estimates include results of 1978, 1984, 1989, and 1994 portfolio benchmark surveys conducted by the U.S. Department of the Treasury. 10. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies. 11. Estimates for 1984 forward are linked to both the 1987 and 1992 benchmark surveys of foreign direct investment in the United States. 12. A break in series in 1994 reflects the r e c t i f i c a t i o n of intercompany debt transactions between parent companies and affiliates that are not depository instiutions and that are primarily engaged in financial intermediation from the direct investment capital accounts to the nonbank investment accounts. NOTE.—Revised area tables for 1984-98 are available upon request from the Balance of Payments Division (BE58), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. July 1999 SURVEY OF CURRENT BUSINESS Table 4.—Revisions to the International Investment Position of the United States at Yearend, 1997 [Millions of dollars] Line Type of investment Net international investment position of the United States: With direct investment positions at current cost (line 3 less line 24) With direct investment positions at market value (line 4 less line 25) U.S.-owned assets abroad: With direct investment at current cost (lines 5+10+15) With direct investment at market value (lines 5+10+16) U.S. official reserve assets Gold Special drawing rights Reserve position in the International Monetary Fund Foreign currencies U.S. Government assets, other than official reserve assets U.S. credits and other long-term assets Repayable in dollars Other U.S. foreign currency holdings and U.S. short-term assets U.S. private assets: With direct investment at current cost (lines 17+19+22+23) With direct investment at market value (lines 18+19+22+23) Direct investment abroad: At current cost At market value Foreign securities Bonds Corporate stocks U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns .. U.S. claims reported by U.S. banks, not included elsewhere Foreign-owned assets in the United States: With direct investment at current cost (lines 26+33) With direct investment at market value (lines 26+34) Foreign official assets in the United States U.o. Government securities U.S. Treasury securities Other Other U S Government liabilities . .. U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets Other foreign assets in the United States: With direct investment at current cost (lines 35+37+38+39+42+43) With direct investment at market value (lines 36+37+38+39+42+43) Direct investment in the United States: At current cost At market value U.S. Treasury securities U.S. currency U.S. securities other than U.S. Treasury securities Corporate and other bonds Corporate stocks U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere Previously published Revised Revision -1,223,568 -1,322,455 -968,208 -1,066,262 255,360 256,193 4,237,311 5,007,119 4,508,626 5,288,892 271,315 281,773 134,836 75,929 10,027 18,071 30,809 134,836 75,929 10,027 18,071 30,809 0 0 0 0 0 81,483 79,573 78,942 631 1,910 81,960 79,607 79,273 334 2,353 477 34 331 -297 443 4,020,992 4,790,800 4,291,830 5,072,096 270,838 281,296 1,023,872 1,793,680 1,446,301 445,049 1,001,252 562,396 988,423 1,004,228 1,784,494 1,739,400 538,400 1,201,000 562,396 985,806 -19,644 -9,186 293,099 93,351 199,748 0 -2,617 5,460,879 6,329,574 5,476,834 6,355,154 15,955 25,580 833,901 614,390 589,850 24,540 20,577 135,026 63,908 835,709 614,530 589,792 24,738 21,459 135,384 64,336 1,808 140 -58 198 882 358 428 4,626,978 5,495,673 4,641,125 5,519,445 14,147 23,772 751,845 1,620,540 661,961 211,625 1,577,984 718,076 859,908 453,555 970,008 764,045 1,642,365 662,228 211,628 1,578,694 715,196 863,498 453,555 970,975 12,200 21,825 267 3 710 -2,880 3,590 0 967 • 47 48 SURVEY OF CURRENT BUSINESS July 1999 Direct Investment Positions for 1998 Country and Industry Detail By Sylvia E. Burgas and Rosaria Troia HE POSITIONS of U.S. direct investment abroad (USDIA) and foreign direct investment in the United States (FDIUS)—whether measured on the basis of historical cost, current cost, or market value—grew strongly in 1998 (table 1). This article presents the country and industry detail underlying the two positions. The estimates are prepared on a historical-cost basis; thus, most investments reflect price levels of earlier time periods. Because of inflation, estimates on this valuation basis understate the current values of the positions, BEA'S current-cost and market-value estimates correct for this downward bias, but they are only available at an aggregate level.1 On a historical-cost basis, the USDIA position grew 13 percent in 1998, and the FDIUS position grew 17 percent; for FDIUS, the rate of increase was the largest since 1989. For both positions, a substantial portion of the growth was attributable to a surge in capital flows for new investments, which coincided with a global boom in mergers and acquisitions. Equity capital flows for acquiring or establishing T new affiliates set new records by large margins. The dollar value of acquisition-related flows was boosted by high valuations in the equity markets of the United States and a number of other countries. Favorable economic conditions in the United States, Europe, and Canada also contributed to the strong growth in the direct investment positions. The strength of these economies created strong incentives to invest there. Additionally, the earnings of parent companies in these areas remained at high levels and provided a source of funds for investment abroad. Unfavorable economic conditions in a number of countries in Asia and Latin America did not appear to significantly affect either of the positions. The USDIA position continued to grow in these areas, as U.S. investors acquired new affiliates and increased their funding of existing ones. Depressed asset prices in several countries were an inducement to U.S. investors, despite declines in the earnings of foreign affiliates in those countries. The FDIUS position of parents in Asia expanded as parent companies in Japan—by far the largest source of Asian direct investment in 1. The current-cost and market-value estimates are discussed in "The International Investment Position of the United States in 1998" in this issue. Table 1.—Alternative Direct Investment Position Estimates, 1997 and 1998 Acknowledgments [Millions of dollars] The data for the U.S. direct investment position abroad were drawn from a survey that was conducted under the supervision of Mark W. New, assisted by Jennifer C. Chilzer, Laura A. Downey, Javier J. Hodge, Marie K. Laddomada, Sherry Lee, Leila C. Morrison, Gary M. Solamon, and Dwayne Torney. Computer programming for data estimation and tabulation was provided by Marie Colosimo and Arnold Gilbert. The data for the foreign direct investment position in the United States were drawn from a survey that was conducted under the supervision of Gregory G. Fouch, assisted by Howard S. Chenkin, Peter J. Fox, Tracy K. Leigh, Beverly E. Palmer, and Linden L. Webber. Computer programming for data estimation and tabulation was provided by Karen E. Poffel, assisted by Fritz H. Mayhew. Valuation method Position at yearend 1997' Changes in 1998 (decrease (-)) Total Capital flows Valuation adjustments Position at yearend 1998^ U.S, direct investment abroad: Historical cost Current cost Market value 865,531 115,034 1,004,228 119,213 1,784,494 356,034 121,644 -6,610 980,565 132,829 -13,616 1,123,441 132,829 223,205 2,140,528 Foreign direct investment in the United States: Historical cost Current cost Market value 693,207 118,549 764,045 114,672 1,642,365 551,737 188,960 -70,411 811,756 193,375 -78,703 878,718 193,375 358,362 2,194,102 p Preliminary. r Revised. SURVEY OF CURRENT BUSINESS the United States—continued to invest in their existing U.S. affiliates, even though problems in the Japanese economy curtailed Japanese investors' ability to finance new U.S. investments. The position of Latin American parents declined slightly; the decline was related to financial restructuring among affiliates with parents in the Caribbean. July 1999 • 49 The largest component of capital flows underlying the changes in both positions was equity capital, which includes the funds used to acquire and establish new affiliates and capital contributions to existing affiliates. Equity capital accounted for almost half of the total outflows for USDIA and over four-fifths of the total inflows for FDIUS. Key Terms Below are definitions and descriptions of some of the key terms filiates to parents. Reinvested earnings are the parents' claim on the used in this article. For a more detailed discussion of these terms undistributed after-tax earnings of the affiliates. and the methodologies used to prepare the estimates, see Foreign Direct investment position. The value of direct investors' equity Direct Investment in the United States: 1992 Benchmark Survey, Final in, and net outstanding loans to, their affiliates. The position may Results (Washington, DC: U.S. Government Printing Office, 1995) be viewed as the parents' contributions to the total assets of their and U.S. Direct Investment Abroad: 1994 Benchmark Survey, Final affiliates or as the financing provided in the form of equity (including Results (Washington, DC: U.S. Government Printing Office, 1998). reinvested earnings) or debt by parents to their affiliates. Financing obtained from other sources, such as local or foreign third-party Direct investment. Investment in which a resident of one country borrowing, is excluded. obtains a lasting interest in, and a degree of influence over the management of, a business enterprise in another country. In the United BEA provides estimates of the positions for USDIA and for FDIUS States, the criterion used to distinguish direct investment from other that are valued on three bases—historical cost, current cost, and types of investment is ownership of at least 10 percent of the voting market value. At historical cost, the positions are valued according securities of an incorporated business enterprise or the equivalent to the values carried on the books of affiliates; thus, most investinterest in an unincorporated business enterprise. ments reflect price levels of earlier time periods. At current cost, the portion of the position representing parents' shares of their affiliates' 17.5. direct investment abroad (USDIA). The ownership or control, tangible assets (property, plant, and equipment and inventories) is directly or indirectly, by one U.S. resident of 10 percent or more revalued from historical cost to replacement cost. At market value, of the voting securities of an incorporated foreign business enterthe owners' equity portion of the position is revalued to current prise or the equivalent interest in an unincorporated foreign business market value using indexes of stock prices. enterprise. Foreign direct investment in the United States (FDIUS). The ownValuation adjustments to the historical-cost position. Adjustments ership or control, directly or indirectly, by one foreign resident of to account for the differences between changes in the position, which 10 percent or more of the voting securities of an incorporated U.S. are measured at book value, and direct investment capital flows, business enterprise or the equivalent interest in an unincorporated which are measured at transactions value. (Unlike the positions U.S. business enterprise. on a current-cost and market-value basis, the historical-cost position is not adjusted to account for changes in the replacement cost Foreign affiliate. A foreign business enterprise in which a single of the tangible assets of affiliates or in the market value of parent U.S. investor (that is, a U.S. parent) owns at least 10 percent of the companies' equity in affiliates.) voting securities, or the equivalent. U.S. affiliate. A U.S. business enterprise in which a single foreign Valuation adjustments to the historical-cost position consist of investor (that is, a foreign parent) owns at least 10 percent of the currency translation and "other" adjustments. Currency-translation voting securities, or the equivalent. adjustments are made to account for changes in the exchange rates Direct investment capital flows. Funds that parent companies prothat are used to translate affiliates' foreign-currency-denominated vide to their affiliates net of funds that affiliates provide to their assets and liabilities into U.S. dollars. The precise effects of curparents. For USDIA, capital flows also include the funds that U.S. rency fluctuations on these adjustments depend on the value and direct investors pay to unaffiliated foreign parties when affiliates are currency composition of affiliates' assets and liabilities. Depreciation acquired and the funds that U.S. investors receive from them when of foreign currencies against the dollar usually results in negative affiliates are sold. Similarly, FDIUS capital flows include the funds translation adjustments because it tends to lower the dollar value of that foreign direct investors pay to unaffiliated U.S. residents when foreign-currency-denominated net assets. Similarly, appreciation of affiliates are acquired and the funds that foreign investors receive foreign currencies usually results in positive adjustments because it from them when affiliates are sold. tends to raise the dollar value of foreign-currency-denominated net Direct investment capital flows consist of equity capital, intercomassets. pany debt, and reinvested earnings. Equity capital flows are the net "Other" adjustments are made to account for differences between of equity capital increases and decreases. Equity capital increases the proceeds from the sale or liquidation of affiliates and their book consist of payments made by parents to third parties for the purvalues, for differences between the purchase prices of affiliates and chase of capital stock when they acquire an existing business, as their book values, for writeoffs resulting from uncompensated exprowell as funds that parents provide to their affiliates that increase priations of affiliates, for changes in industry of affiliate or country of their ownership interest in the affiliates. Equity capital decreases foreign parent, and for capital gains and losses (other than currency are funds parents receive when they reduce their equity interest in translation adjustments). These capital gains and losses represent existing affiliates. Intercompany debt flows result from changes in the revaluation of the assets of ongoing affiliates for reasons other net outstanding loans and trade accounts between parents and their than exchange-rate changes, such as the partial sale of the assets for affiliates; they include loans by parents to affiliates and loans by afan amount different from their historical cost. 50 SURVEY OF CURRENT BUSINESS • July 1999 U.S. Direct Investment Abroad The U.S. direct investment position abroad valued at historical cost—the book value of U.S. direct investors' equity in, and net outstanding loans to, their foreign affiliates—was $980.6 billion at the end of 1998 (table 2 and chart 1). The largest positions remained those in the United Kingdom ($178.6 billion, or 18 percent of the total), in Canada ($103.9 billion, or 11 percent of the total), and in the Netherlands ($79.4 billion, or 8 percent of the total) (table 3.2 and chart 2). Table 2.—U.S. Direct Investment Position Abroad and Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 1982-98 Percent change from preceding year Millions of dollars Yearend 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 U.S. direct investment position abroad Foreign direct investment position in the United States 124,677 137,061 164,583 184,615 220,414 263,394 314,754 368,924 394,911 419,108 423,131 467,412 480,667 535,553 ''598,021 '•693,207 '873,256 207,752 212,150 218,093 238,369 270,472 326,253 347,179 381,781 430,521 467,844 502,063 564,283 612,893 699,015 r 795,195 '•865,531 '980,565 ... .., U.S. direct investment position abroad Foreign direct investment position in the United States 2.1 2.8 9.3 13.5 20.6 6.4 10.0 12.8 8.7 7.3 12.4 9.9 20.1 12.2 19.4 19.5 19.5 17.2 7.0 6.1 1.0 10.5 (l) 14.1 13.8 8.8 13.3 11.4 11.7 15.9 17.1 0 Preliminary. 1. The USDIA and FDIUS positions reflect a discontinuity between 1993 and 1994 due to the rectification from direct investment to other investment accounts of intercompany debt between parent companies and affiliates that are nondepository financial intermediaries. In 1998, the USDIA position increased $115.0 billion, or 13 percent, following a 9-percent increase in 1997. The following table shows the change in position in 1998 by the type of capital flow and valuation adjustment:2 [Billions of dollars] Total Capital outflows Equity capital Increases Decreases Intercompany debt. Reinvested earnings. Valuation adjustments Currency translation Other 115.0 121.6 59-4 79-9 20.4 14.7 47-5 -6.6 0.7 -7-3 Capital outflows for USDIA were a record $121.6 billion in 1998 (the previous record of $99.5 billion was set in 1997). Almost 50 percent of the outflows were accounted for by net equity capital outflows, which were up $15.5 billion from 1997; almost 40 percent was accounted for by reinvested earnings, which were down $3.7 billion; and the remainder was accounted for by intercompany debt outflows, which were up $10.3 billion. Equity capital outflows reached a record $59.4 billion, up 35 percent from their 1997 levels. Equity capital increases, which result from equity investments by U.S. parents in both new and existing foreign affiliates, were $79.9 billion and 2. Valuation adjustments to the historical-cost position are made to account for differences between changes in the position, measured at book value, and capital flows, measured at transactions value (see the box "KeyTerms"). CHART 2 CHART 1 U.S. Direct Investment Position Abroad, 1998: Host-Country Shares Direct Investment Positions On a Historical-Cost Basis, 1982-98 Blliion $ 1000 900 • U.S. Direct Investment Position Abroad " Foreign Direct Investment Position in the United States Canada (10.6%) Netherlands (8.1%) Germany (4.4%) ^ ^ k Bermuda ( 4 . 2 % ) / ^ ^ ^ BI 800 / \ / France (4.0%) ^ ^ ^ ^ B j 700 Japan (3.9%) ^ ^ ^ ^ 3 600 500 Brazil (3.9%) \~^gJ0$L (3.8%) \/jM Australia (3.4%) \ ^ ^ B Panama ( 2 . 7 % ) ^ ^ ( 400 ^^^^^^^Othpr ^ 9 ft0/ ^ 300 200 100 1902 United Kingdom \(18.2%) 84 86 88 90 92 94 US. Department of Commerce, Bureau of Economic Analysis US. Department of Commerce, Bureau of Economic Analysis SURVEY OF CURRENT BUSINESS primarily reflected acquisitions. These increases were partly offset by equity capital decreases of $20.4 billion; equity capital decreases result when U.S. parents sell off stock or other equity in their foreign affiliates and when foreign affiliates return invested capital to U.S. parents (transactions that are recorded as U.S. capital inflows). Acquisition activity by U.S. direct investors was strong in 1998. Funds available to U.S. parent companies were plentiful as a result of rising equity markets and continued strong economic growth in the United States. In addition, relatively favorable economic conditions in the United Kingdom, Canada, and Australia, where a substantial portion of the acquisition activity was concentrated, increased the attractiveness of direct investments in these countries. Finally, several large acquisitions resulted from opportunities created by privatizations of electric utilities and telecommunications companies abroad. Acquisition activity was particularly strong in the United Kingdom, where there were substantial new investments in electric utilities, manufacturing, insurance, and services. Although down 7 percent from a record level in 1997, reinvested earnings remained high at $47.5 billion in 1998, reflecting a pattern of strong earnings and high rates of reinvestment that began in 1995. In each year during 1995-98, total earnings exceeded $85 billion, and the share that was reinvested was at least 50 percent, well above the 35-percent average share in 1982-94. In 1998, the share was 53 percent. The 7-percent decline in reinvested earnings mirrored an even sharper decline in earnings. Both declines were centered in Asia and Latin America—particularly in some countries where economic conditions deteriorated significantly, such as Japan, Malaysia, Indonesia and Brazil. Earnings and reinvested earnings also declined in Australia and Mexico, partly because the depreciation of their currencies lowered the value of these items in terms of U.S. dollars. The intercompany debt outflows primarily resulted from increased lending by parents to their foreign affiliates. These outflows were more than accounted for by outflows to Europe, particularly to the United Kingdom, the Netherlands, and Ireland. The capital outflows were partly offset by a $6.6 billion downward adjustment to the value of the position. Several foreign affiliates were acquired by U.S. direct investors for more than book value, so a downward adjustment was necessary to reconcile the purchase price, which is reflected in July 1999 • capital outflows (and would otherwise determine the measured change in position), with the book values used in computing the historical-cost position. (See valuation adjustments in the box "Key Terms.") Changes by country More than half of the $115.0 billion increase in the USDIA position in 1998 was accounted for by increases in Europe. Major changes in the position by area and by country are shown in the following table: [Billions of dollars] All countries Europe Of which: United Kingdom Netherlands Switzerland 115.0 69.4 25.5 15.0 6.2 Latin America and Other Western Hemisphere Of which: Panama Bermuda Brazil Mexico , 18.1 Asia and Pacific Of which: Japan Australia 15.2 Canada 5-9 34 2.7 1.7 44 3.8 7-9 The position in Europe increased 17 percent. Within Europe, the United Kingdom had by far the largest increase, followed by the Netherlands and Switzerland. In the United Kingdom, equity investments to acquire companies were substantial, especially in "other industries" (primarily electric utilities); manufacturing (primarily transportation equipment); finance (except depository institutions), insurance and real estate (FIRE) (primarily insurance); and services. U.S. parent companies are attracted to the United Kingdom because of its large, prosperous market and because of the similarity of its business culture, legal framework, and language to that of the United States; in addition, the United Kingdom is often used as a springboard for investing elsewhere in Europe. In both the Netherlands and Switzerland, a large portion of the increase in the position was accounted for by reinvested earnings—particularly those of holding companies classified in FIRE, which, in turn, reflected strong earnings of operating affiliates held by these companies. The position in Latin America and Other Western Hemisphere increased 10 percent; the increase was almost entirely in capital outflows, mostly 51 52 • July 1999 SURVEY OF CURRENT BUSINESS equity capital. Within the area, the largest increases were in Panama, Bermuda, Brazil, and Mexico. In Panama, the increase consisted largely of valuation adjustments, mainly reflecting capital gains in FIRE. In Bermuda, the increase consisted largely of reinvested earnings of holding companies in FIRE and reflected earnings of operating affiliates located in other countries. In Brazil, the increases were largely in new investments in electric utility and telecommunications companies (classified in "other industries") that were made in response to opportunities created by privatizations. In Mexico, the largest increases were in FIRE and in "other industries" (primarily retail trade and telecommunications) and were split between reinvested earnings and equity capital outflows. The position in Asia and Pacific increased 10 percent; the largest increases were in Japan and Australia. In Japan, by far the largest increase was in FIRE. In Australia, most of the increase was in equity capital outflows for acquisitions of new affiliates in FIRE. The position in Canada increased 8 percent. More than 8o percent of the increase was accounted for by equity capital. By industry, the largest increases were in "other industries" (primarily retail trade), "other manufacturing" (primarily paper and allied products), FIRE, and petroleum. leum company and the acquisition of a motor vehicle manufacturer by foreign firms in the same industries as the acquired firms.3 Both transactions were accomplished by exchanging stock; the shareholders of the premerger firms exchanged their stock for stock in the new foreign firms that were created through the mergers. Taken together, these exchanges resulted in large, but almost entirely offsetting, capital flows in the U.S. balance of payments: The large capital inflows on direct investment that resulted from the foreign investors' acquisition of stock of the U.S. companies were offset by the capital outflows on foreign securities that resulted from the U.S. stockholders receiving the stock of the newly established foreign firms.4 The two transactions significantly affected the positions in petroleum and manufacturing. In petroleum, the position expanded 27 percent, following several years of almost no growth. (The annual growth rate in 1987-97 was 1 percent.) The acquisition also changed the parentcountry composition of the position in petroleum; roughly half was accounted for by the United Kingdom at yearend 1998, compared with slightly more than a fourth at yearend 1997. The Foreign Direct Investment in the United States 4. The USDIA position was not affected by these two transactions, because the exchanges of stock did not result in any single U.S. investor owning as much as 10 percent of the shares of the new foreign firms. The foreign direct investment position in the United States valued at historical cost—the book value of foreign direct investors' equity in, and net outstanding loans to, their U.S. affiliates— was $811.8 billion at the end of 1998 (table 2 and chart 1). The largest position remained that of the United Kingdom, ($151.3 billion, or 19 percent of the total), which widened its margin over Japan, the country with the second-largest position ($132.6 billion, or 16 percent). The Netherlands had the third largest position ($96.9 billion, or 12 percent), slightly ahead of Germany ($95.0 billion, or 12 percent) (table 4.2 and chart 3). In 1998, the FDIUS position increased $118.5 billion, or 17 percent, following an increase of 16 percent in 1997. Two exceptionally large transactions contributed to the overall increase. The two transactions—each of which significantly exceeded the size of any previous single investment—involved the acquisition of a petro- 3. The International Investment and Trade in Services Survey Act prohibits BEA from disclosing information from its direct investment surveys in a manner that allows the data supplied by an individual respondent to be identified. The act also provides that with the prior written consent of the respondent, information supplied by the respondent may be disclosed. For these two large investments, BEA obtained consent for limited disclosure in order to present useful results from the survey. CHART 3 Foreign Direct Investment Position in the United States, 1998: Parent-Country Shares — — ^ U n i t e d Kingdom (18.6%) Netherlands / (11.9%) [ ^ ^ 2. y B ^ ^ ^ ^ V a h e r (17.8%) Germany (11.7%)^^T Canada (9.2%) France (7.7%) U.S. Department of Commerce, Bureau of Economic Analysis SURVEY OF CURRENT BUSINESS acquisition of the automobile manufacturer contributed to a 21-percent increase in the position in manufacturing, nearly twice the annual growth rate in 1987-97. Although these two transactions accounted for nearly a fourth of the overall increase, growth in the position would have been 13 percent even without them. Investment in the United States was indirectly boosted by the recessionary conditions in some other parts of the world and by a perceived widening of the risk differential between investing in the United States and investing in many developing countries. In particular, economic difficulties in Asia and Latin America caused some foreign direct investors to place a high value on the "safe harbor" provided by the economic stability of the United States. Growth in the position also reflected favorable economic conditions in Europe and Canada, which helped parents from those areas to acquire affiliates in the United States and to contribute additional capital to their existing U.S. affiliates. Although the economic situation deteriorated sharply in Japan, capital flows from Japanese parents to their existing U.S. affiliates continued, resulting in a 6-percent increase in Japan's direct investment position in the United States. However, because of the weakness of the Japanese economy, Japanese investments in new U.S. affiliates remained at historically low levels. The following table shows the change in the FDIUS position in 1998 by type of capital flow and valuation adjustment: [Billions of dollars] Total Capital inflows Equity capital Increases Decreases Intercompany debt Reinvested earnings Valuation adjustments Currency translation Other , 118.5 189.0 154.2 176.0 21.8 26.4 8.4 -70.4 (*) -70.4 * Less than $500,000. Capital inflows for FDIUS were a record $189.0 billion in 1998 (the previous record of $105.5 billion was set in 1997). Most—82 percent—of the capital inflows were net inflows of equity capital ($154.2 billion). The rest were accounted for by intercompany debt flows ($26.4 billion) and reinvested earnings ($8.4 billion). The capital inflows were partly offset by a substantial downward adjustment—$70.4 billion—to the value of the position, which was primarily related to the two large transactions. Both the petroleum company and the motor vehicle manufacturer were acquired by foreign direct investors for considerably more than book value; the downward adjustment was made to reconcile the transactions values of the acquisitions, which are reflected in capital inflows (and would otherwise determine the measured change in position), with the much smaller book values that are recorded in the historical-cost position. Total acquisition activity by foreign direct investors was at record levels and coincided with a sharp increase in overall merger and acquisition activity in the United States.5 A general factor behind the surge in acquisitions was the desire to reduce costs through economies of scale in response to heightened global competition. In addition, the desire of foreign investors to gain access to the advanced and growing technological capability of the United States led to a number of acquisitions of telecommunication and information-related businesses. (Funds provided by foreign parents for such acquisitions exceeded $25 billion.) High valuations in the U.S. equity markets boosted the dollar value of acquisition-related inflows. Equity capital inflows—the net of equity capital increases and equity capital decreases reached a record $154.2 billion, more than double the previous record of $64.7 billion in 1997. Equity capital increases—at $176.0 billion—reflected the acquisitions of U.S. businesses by foreigners and additional equity contributions to existing U.S. affiliates. These increases were partly offset by equity capital decreases—at $21.8 billion—which reflected selloffs of affiliates by, and returns of capital to, foreign direct investors (transactions that are recorded as U.S. capital outflows). Intercompany debt inflows were $26.4 billion, up from $24.3 billion. More than half of the inflows were from parents in Luxembourg and 5. See Mahnaz Fahim-Nader, "Foreign Direct Investment in the United States: New Investment in 1998," SURVEY OF CURRENT BUSINESS 79 (June 1999): 16-23. Preliminary data from BEA'S survey of new foreign direct investments, summarized in that article, indicate that total outlays to acquire or establish U.S. businesses, including those financed by capital inflows from foreign parents, were up 188 percent to $201.0 billion in 1998, following a 13-percent decrease in 1997. These data cover only transactions involving U.S. businesses newly acquired or established by foreign direct investors and include financing other than that from the foreign parent, such as local borrowing by existing U.S. affiliates. In contrast, the changes in the FDIUS position described in this article reflect transactions of both new and existing U.S. affiliates with their foreign parents or other members of the foreign parent group and valuation adjustments, and exclude financing not provided by the foreign parent. Notwithstanding these differences, the two types of data are related. Any outlays to acquire or establish U.S. businesses that are funded by foreign parent groups are part of capital inflows for FDIUS, a component of the change in the position. Data from the new investments survey indicate that foreign parent groups funded $155.3 billion, or yj percent, of outlays to acquire or establish new U.S. affiliates in 1998, compared with $37.4 billion, or 54 percent, in 1997. July 1999 • 53 SURVEY OF CURRENT BUSINESS 54 • July 1999 were partly related to several acquisitions in manufacturing and services. Reinvested earnings were $8.4 billion in 1998— about half their level in 1997. The decrease primarily reflected a drop in earnings, but a lower rate of reinvestment also contributed. Earnings fell $5.5 billion; the drop was more than accounted for by petroleum and finance (except depository institutions). The decrease in petroleum reflected the drop in oil prices. In finance, earnings shifted to losses; more than half of this shift was accounted for by Swiss-owned investment firms that were restructuring. The share of earnings that were reinvested was 30 percent, down from an unusually high 49 percent in 1997 but in line with an average rate of 32 percent in 1994-96. Reinvested earnings were negative in food manufacturing, finance, petroleum, real estate, and "other industries." (Negative reinvested earnings are recorded when affiliates incur losses or distribute earnings to their foreign parents in excess of their current earnings.) Changes by country Almost all—90 percent—of the $118.5 billion increase in the FDIUS position in 1998 was accounted for by parents in Europe. Within Europe, the largest dollar increase was in the position of parents in Germany, followed by the positions of parents in the United Kingdom, Switzerland, Luxembourg, and France. Outside Europe, the largest increases were by parents in Japan and Canada. Major changes in the positions by area and by country are shown in the following table: [Billions of dollars] All countries. Europe Of which Germany United Kingdom. Switzerland Luxembourg France 118.5 107.3 23.8 20.0 157 14.9 12.7 Asia and Pacific. Of which: Japan 7.0 Canada 5.0 74 The position of Germany increased 33 percent. Most of this increase was accounted for by the acquisition of the motor vehicle manufacturer. This acquisition substantially changed the industry composition of Germany's position; more than half was accounted for by manufacturing at yearend 1998. Germany's overall position was also increased by additional equity investments in existing affiliates that are depository institutions. The acquisition of a major petroleum company accounted for most of the increase in the United Kingdom's overall position and was the primary factor behind a more than twofold increase in its position in petroleum. The overall position was also increased by additional equity investments in existing affiliates in manufacturing, petroleum, wholesale trade, finance, and services (some of which financed acquisitions by these affiliates) and by reinvested earnings of affiliates in manufacturing (particularly chemicals), services, and wholesale trade. These increases were partly offset by equity capital outflows and downward adjustments to the position that were related to sell-offs of telecommunications and insurance affiliates. The position of Swiss parents increased 41 percent. Nearly two-thirds of the increase was in insurance. Swiss investors acquired a number of U.S. insurance companies, some from foreign parents in other countries.6 In addition, Swiss parents contributed substantial capital to their existing insurance affiliates. These changes— which more than doubled Switzerland's position in insurance—reflected Swiss insurers' desires to consolidate into larger, more efficient units and to become better able to spread risks. The position of Luxembourg parents nearly quadrupled; the increase reflected intercompany borrowing by affiliates in manufacturing and—to a lesser extent—services. In both industries, the borrowing was related to the acquisitions of new U.S. affiliates. The increase in the position of French parents was concentrated in machinery, "other manufacturing," and chemicals. The increase in machinery resulted from acquisitions of telecommunications equipment businesses; the increase in "other manufacturing" resulted from capital contributions to existing affiliates; and the increase in chemicals resulted from affiliate borrowing from foreign parents. More than three-fourths of the increase in the position of Japanese parents was accounted for by equity capital contributions to existing affiliates. These capital contributions were concentrated in the three industries that account for the largest shares of Japan's position—wholesale trade, finance (except depository institutions), and "other 6. The acquisition of a U.S. affiliate by a foreign parent in one country from a foreign parent in another country is recorded as an upward adjustment (positive valuation adjustment) to the position of the acquiring country that is offset by a downward adjustment (negative valuation adjustment) to the position of the selling country. SURVEY OF CURRENT BUSINESS manufacturing." Reinvested earnings in "other manufacturing" also boosted the position. The increase in the position of Canadian parents was more than accounted for by equity capital inflows, which were the third largest of any country. By industry, the largest increases in the position were in "other industries," finance, real estate, and machinery, Tables 3 and 4 follow. £3 July 1999 • 55 SURVEY OF CURRENT BUSINESS 56 • July 1999 Table 3.1.—U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 1997 [Millions of dollars] Manufacturing All industries Primary Industrial Electronic TransporFood and Chemicals and machinery and other tation and allied fabricated kindred and electric products products metals equipment equipment equipment Petroleum Total Other manufacturing Finance (except depository DeposiinstituWholesale tor tions), trade institutions insurance, and real Services Other industries 865,531 280,332 32,465 77,112 31,624 56,006 40,169 293,116 42,342 Canada 96,031 44,464 4,606 7,393 2,060 11,485 1,041 20,186 4,307 7,868 Europe 420,108 136,593 14,242 48,558 11,164 23,931 23,342 154,513 26,039 18,863 2,638 17,430 2,173 1,312 35,800 913 8,302 580 44 5,276 64 257 3,513 117 4,603 146 1,543 31 -$ -136 17,243 30 734 153 8 3,246 2,164 8,191 4,018 38,490 634 12,862 14,809 10,109 64,361 19,126 114 7,271 9,657 2,243 14,540 819 -10 700 605 0 1,125 3,471 65 2,760 2,526 0 8,446 870 154 10,149 106 4,353 721 7,397 35,850 1,587 56 371 956 63 4,772 6,934 820 271 6,293 3,273 3,976 535 All countries Austria Belgium Denmark Finland France Germany Greece. Italy ...."!"Z"!!Z!Z!Z!Z!""!Z!Z""!!!Z!!!"" Luxembourg Netherlands . Norway Portugal Spain 1,425 11,232 5,463 SwitzerlandTZ!" I!"""!"!"!!"!""""!!"!""!! Turkey United Kingdom Other '. 1,822 South America Argentina Brazil Chile Ecuador '"" Peru Venezuela Other '. Central America Costa Rica Guatemala Panama Other JI~ZI~Z—IZ Other Western Hemisphere Bahamas Barbados Bermuda Dominican Republic Jamaica Netherlands Antilles TrinidflCS 3no ToDdCio United Kingdom Islands, Caribbean Other Africa South Africa Other. Middle East Israel Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India Indonesia Japan Korea, Republic of Malaysia New Zealand Philippines Singapore Taiwan Thailand Other International' Addenda: Eastern Europe2 European Union (15)3 OPEC 4 31,420 1,041 153,108 Latin America and Other Western Hemisphere Mexc io 776 178,505 9,917 46,124 68,372 10,004 35,091 8,975 4,436 838 2,467 5,381 1,181 7,225 1,426 1,888 47,735 1,544 357 183 24,181 1,312 29,748 3,479 21,848 756 1,188 197 185 1,881 214 14,903 21,056 413 62,397 1,599 !.'.... • 791 37,660 476 1,948 4,423 651 14,051 797 11,157 1,612 1,387 2,451 5,706 8,803 2,028 3,826 567 2,382 146,610 29,910 5,071 19,267 1,563 6,664 33,725 6,430 6,522 6,523 3,295 17,864 4,668 3,946 1,161 461 150 1,333 (D) 21 217 665 D 1,380 57 76 223 408 159 14,080 100 35 8 257 D 21,228 3,020 910 594 183 4,038 4,222 (D) 1,260 451 342 3,446 40 1,081 (D) 4,317 2,869 7,201 371,846 20,466 1,320 22,177 9,530 fl 249 (D) 20 a 1,590 182 3,802 (D) 9,491 4,394 913 2,429 141 344 66 57 366 79 5,055 82 69 152 4,715 28 34 482 -6 2,916 3 16,266 595 1,934 10,733 950 5,013 390 307 55 79 234 41 6,897 3,637 3,357 150 10,201 (D) 4,685 & 89 0 2,584 124 50 3 2,376 0 1 49,529 7,592 2,753 2,942 348 363 14,218 2,795 4,349 1,043 1,657 7,007 3,020 1,400 42 8 141 107 75 5,921 17,539 2,936 842 1,584 274 11,440 663 2,927 90 80 30 3,560 1,128 252 14 -4 18 411 755 6 n 365 998 0 159 n 1,773 247 1,444 987 1 0 0 9,962 2,525 377 335 145 193 2,817 512 583 120 414 310 1,351 271 41 385 126 13,199 (D) 10,942 1,954 4,621 3,382 529 23 304 1 338 (D) 98 74 56 7 -39 1,736 35 87,422 53,109 1,535 256 34,614 368 75 354 948 8 963 1,247 40 8,992 21 3,595 19,736 4 270 0 64 15,847 8 60,708 2,451 11,9 ( 491 1,654 1,492 139 59 06 466 23,371 2,533 D 54 1,088 542 1,733 308 574 38 813 74 0 0 735 0 5 71 0 0 26 128 0 4 139 27 62 668 2,021 465 2,554 1,133 1 5 0 1,075 1,852 28 224 1,453 20 33 -2 1 72 23 157 -7 0 119 45 3,909 56 22 (D) 3,821 8 2,191 51 iD 1,073 -62 4 642 479 1,265 191 105 D 13,607 128 1,110 1,100 2,282 450 2,663 38 663 3,942 869 251 D 28,224 6,471 619 3,592 344 147 8,288 -15 377 5,560 1,995 74 1,074 41 36 3,429 73 8 290 192 1,096 157 41 33 14,870 6,636 254 4,329 9 1,891 255 -52 97 77 239 94 1,448 1,540 129,440 2,466 531 12,903 428 338 45,952 471 * Less than $500,000 (±). Suppressed to avoid disclosure of data of individual companies. 1. "international" consists of affiliates that have operations spanning more than one country and that are engaged in petroleum shipping, other water transportation, or offshore oil and gas drilling. 2. "Eastern Europe" comprises Albania, Armenia, Azerbaijan, Belarus, Bulgaria, Czech Republic, Estonia, Georgia, Hungary, Kazakhstan, Latvia, Lithuania, Moldova, Poland, Romania, Russia, Slovakia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan. 3. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, D 900 8 1,120 1,186 9 1,524 1,472 6,429 1,294 1,218 178D () 971 62,925 83 8,367 161 39 17,191 32 -17 10,680 152 14 12,044 531 551 22,304 692 287 26,670 505 705 17,944 (D) 2,223 134,475 1,795 20 23,974 470 1,106 17,165 (D) Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom. 4. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. SURVEY OF CURRENT BUSINESS July 1999 • 57 Table 3.2.—U.S. Direct Investment Position Abroad on a Historical-Cost Basis, 1998 [Millions of dollars] Manufacturing All ndustries Petroleum Total Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic Transporand other tation electric equipment equipment Other manufacturing Wholesale trade Depository institutions Finance (except depository institutions), insurance, and real estate Services Other industries 980,565 91,113 304,690 33,871 83,589 17,098 34,755 34,531 35,615 65,231 75,188 42,029 337,600 52,514 Canada 103,908 12,559 46,428 5,143 8,295 3,231 3,046 2,174 11,179 13,359 7,265 1,203 22,057 4,598 9,799 Europe 489,539 30,640 154,864 15,433 53,149 9,750 19,890 12,458 15,116 29,068 40,750 25,614 178,179 33,810 25,682 Austria Belgium Denmark Finland France 3,838 18,920 2,628 1,700 39,188 152 156 286 1,062 8,969 30 45 1,012 5,390 2 189 104 1,162 1,004 18,974 11 3,615 308 4,227 P) 295 538 -8 2,716 60 361 216 1,007 160 114 472 5 P) 638 14 4,034 P) P] 302 2,358 Germany Greece Ireland 42,853 2,860 22,259 1,848 3,887 75 91 45 15,936 14,638 14,930 79,386 P) P) 8,090 8,559 2,556 16,242 922 -S 669 406 2 3,894 660 2 177 137 0 185 All countries Italy Luxembourg Netherlands Norway Portugal Spain Sweden Switzerland Turkey United Kingdom Other Latin America and Other Western Hemisphere South America Argentina Brazil Chile Colombia Ecuador Peru Venezuela Other ; . . , , Africa N&'::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: South Africa . Other ; !.....!.!!! Middle East Israel Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India LZZ"!IZ!"ZI"""IZZ"! Indonesia japan < . Korea, Republic of Malaysia New Zealand Philippines Singapore Taiwan Thailand Other International1 Addenda: Eastern Europe 2 European Union (15) 3 * 0 10,212 P) 17 114 1,756 1,211 1,496 2,859 53 17,345 3 -5 933 6 217 928 4 1,860 124 P) 6,910 21,986 4,412 4,738 1,801 1,667 11,444 1,945 4,728 3,429 3,057 14,859 1,308 5,118 3,659 18 845 1,094 576 117 188 215 1,516 1,856 294 352 70 83 192 43 39 1,159 fl 236 P) I P) 13,491 1,955 1,925 2,363 7,247 8,984 1,423 1,696 1,942 635 435 56 8 864 587 P) P) 10,599 3,067 4,209 3,010 49 1,628 2,383 2,344 710 41 270 284 2,613 2,415 -193 161,797 33,676 6,348 20,802 1,480 6,932 38,153 7,365 6,193 6,136 3,192 19,783 4,937 5,721 1,080 23,228 4,344 51,065 6,387 3,729 3,122 4,578 2,981 8,143 433,658 23,252 1,531 24,953 11,742 911 600 190 4,610 4,496 149 83 256 197 1,579 14,224 2,940 4,199 1,045 1,634 8,438 3,258 1,633 P) 4 u460 B 283 2,920 49 166 75 71 14 0 2,801 662 122 4 -40 16 528 380 3 P) 440 13 99 109 P) 529 P) P) P) 2 -352 0 0 0 0 3 n 295 32 20 237 7 -1 52 13 0 124 (*) 159 440 (*) 165 -48 1 193 50 8 37 2 -66 65 50 15 20 16 0 10 -11 1,710 1,709 P)3 P) 1 0 0 1,426 9,747 14,975 2,672 359 167 282 586 463 167 227 -17 173 581 175 29 -61 39 0 0 0 22 -5 2,116 81 5 697 308 P) P) 8 2,495 58 82 658 P) P) o 204 307 24 0 369 0 Pi 1,338 287 P) 81 0 P) P) 340 508 342 168 68 96 230 148 0 22 141 0 66,978 P) fi P) P) 25 P) o 1,900 702 6,022 P) 28 16 390 144 27 o 7,973 448 3,390 -354 2,203 32 10 P) P) P) (*) 14 P) n 2,097 224 22 0 0 0 0 0 0 4,744 137 32 535 50 1,463 P) 403 0 569 0 -15 14,267 2,105 4,472 1,054 15,713 349 1,324 P) 814 -17 0 0 831 0 0 681 293 1,077 41,076 P) 483 20 2 (*) 438 10 13 812 P) o P)8 P) 9,666 2,749 325 348 128 131 2,608 530 306 122 477 255 1,372 334 -19 -110 8 365 22 5 25 33 153 45 70 2 P) P) P) P) P 411 P) 98,845 952 137 58 2 84 3,198 2,215 102 83 184 1,082 6,985 7,997 1,549 371 191 190 P) Pj 774 11,596 42,836 11,995 1,898 28 334 289 P) 9,446 44 7,690 1,130 5,524 P) 2,725 P) 1,526 537 50 6,478 2,472 429 186 59 305 T£ P) 4,590 2,444 1,905 126 6,638 7655 '765 30,325 3,654 22,292 5,156 11,022 166 2,332 1,905 7,831 6,967 1,565 1,825 183 2,388 1,510 92 332 7$ 73,290 11,489 37,802 9,132 4,317 15,188 2,759 41 99 3,433 10 192 4,038 3 15 715 0 348 -9 3,509 3,089 1,407 7,106 0 8,464 45 56,387 2,126 67 4,570 239 2,009 P) 7,778 2,124 P) 124 0 8 303 397 2,403 1 2,587 1,470 422 162 301 30 75 536 40 48 3,089 P) g 12,250 974 54 676 P) P) 1,658 -188 34 1,128 9,784 P) -38 1,684 P) P) 15 37 48,008 18 47 208 4,371 200 5,262 1,453 7 9,711 113 P) 321 863 52 609 196,655 P] 199 79 15 515 90 316 576 168 97 15,603 1,530 4,045 -3 0 0 0 0 0 0 2 P) o 0 0 0 o 112 12 1,472 1,230 78 35 3,588 2,043 288 743 15 16 558 2,747 280 648 -4 2,669 35 483 4,763 1,191 243 3 2,066 0 0 0 48 3 3,233 P) 26 2 2,066 3,415 1,092 0 0 68 8 P) 0 0 0 0 0 0 0 P) P)4 2,864 0 346 9 2,022 P) P 43 0 0 P) P) R 11 5 5 0 n P) 19 o 293 25 150 305 P) P) 20 92 146 145 67 592 490 51 55 -4 319 91 105 122 1 9,777 1,278 1,005 1,062 35 P) -2,277 -1,585 P) o 58 11 5 IIP) 338 163 P) 108 212 87 4 32 153 29 29,563 1,622 4,637 P) P) (*) 5 0 4,206 25,145 1,108 P) P) P) 4 378 501 8 'PI P) 2,230 2,490 29 P) 57,837 1,401 357 131 275 37,519 1,591 g 20 39 -3 4,400 20 13,711 1 144 422 31 612 0 263 43 0 P) P) 162 59 P) P) P) 348 50 P) P) 1,660 n P 645 P) -15 1,187 -60 4 8 -44 P) P) P) P) P) 18,692 2,057 10,862 2,595 35,714 8.347 6,438 2,198 15,798 7,748 372 127 771 31 407 5,054 1,637 5,007 1,009 4,373 54 500 186 539 356 171 40 12,318 1,415 393 38 352 P) 3,169 446 84 60 187 681 163 42 28 P) P) 166 274 172 P) 737 0 5 5 591 118 18 808 36 322 64 112 280 137 473 SP) 303 876 1,664 46J 19,48^ 1,533 0 0 0 106 P) P) P) P) 1,009 1,651 46 13,144 2,194 4,948 205 627 18,446 15 65,846 3,103 290 98 475 P) P 3,368 1,034 P) P) 261 694 782 814 0 1 724 '128 184 401 P) 3,695 224 10,365 1,881 2,251 1,508 288 727 614 486 P) P) 3,245 368 386 627 3,769 337 351 103 496 P) 53 1,382 212 -38 -27 P)2 4 148 122 98 1,597 1,888 146,007 2,155 515 427 112 45 -12 44 757 264 313 14,155 49,798 9,308 19,100 11,841 14,555 27,250 32,324 20,190 599 211 167 24 117 312 725 474 P) * Less than $500,000 (±). D Suppressed to avoid disclosure of data of individual companies. 1. "International" consists of affiliates that have operations spanning more than one country and that are engaged in petroleum shipping, other water transportation, or offshore oil and gas drilling. 2. "Eastern Europe" comprises Albania, Armenia, Azerbaijan, Belarus, Bulgaria, Czech Republic, Estonia, Georgia, Hungary, Kazakhstan, Latvia, Lithuania, Moldova, Poland, Romania, Russia, Slovakia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan. 3. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, 2,201 9 993 & 1,529 7,435 3,359 5,508 604 46,436 1,913 25,877 26,957 Other Western Hemisphere Bahamas Barbados Bermuda Dominican Republic Jamaica Netherlands Antilles Trinidad and Tobago United Kingdom Isfands, Caribbean Other 1 . 831 335 1,078 565 9 7,609 1,474 12,807 6,053 37,616 1,069 178,648 9,588 2,587 5,697 1,315 Central America Costa Rica Guatemala Honduras .... Mexico Panama Other 58 2,826 3,184 2,267 A P) 77,432 2,845 154,733 2,125 41 31,699 1,260 23,751 685 P) Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom. 4. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. 5 8 • July 1999 SURVEY OF CURRENT BUSINESS Table 4.1 .—Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 1997 [Millions of dollars] Manufacturing All industries Petroleum Total Food and kindred products Chemicals and allied products Primary and fabricated metals Machinery Other manufacturing Wholesale trade Depository institutions Retail trade Finance, except depository institutions Insurance Real estate Services Other industries 693,207 42,085 273,122 26,710 88,831 23,366 46,636 87,580 87,630 16,718 38,118 43,413 70,492 40,060 38,521 Canada 69,866 3,177 27,811 8,017 2,673 4,569 4,191 8,361 4,190 1,023 2,211 5,382 7,545 7,805 2,021 8,701 Europe 432,622 29,750 197,819 16,430 78,954 14,317 31,522 56,597 39,015 12,901 21,902 14,071 55,421 12,756 22,335 26,653 (D) 2,893 (D) (D) 118 (D) 303 79 248 265 282 840 834 837 19 (D) (D) (D) (D) (D) 136 (D) (D) -3 5 56 25 -26 1,782 1,911 15 302 2,692 5,335 4,cS 3 468 206 143 12,250 1,647 4,101 2,181 -536 All countries Austria Belgium Denmark Finland France 1,829 6,438 2,929 3,557 49,503 Germany Ireland Italy Liechtenstein Luxembourg Netherlands 71,289 10,493 3,089 126 5,363 89,570 (D) 298 1,221 3,529 5 708 0 11 134 8 (D) 1,615 29,099 2,350 639 294 (D) 0 12,949 (D) 4 (D) 194 34,522 2,748 627 4 2,941 31,565 1,380 3,045 2,266 12,842 38,281 131,315 11,680 8,576 21,187 58,342 688 (D) 92 33,546 3,427 South and Central America Brazil Mexico Panama Venezuela Other 10,212 742 Other Western Hemisphere Bahamas Bermuda Netherlands Antilles United Kingdom Islands, Caribbean Other 23,333 1,905 3,092 5,722 12,022 Norway Spain Sweden Switzerland United Kingdom Other Latin America and Other Western Hemisphere 3,315 6,023 -376 507 593 924 390,601 4,466 3,342 (D) 211 0 (D) (D) 202 (D) 438 6,127 1,056 8,907 1,148 -5 4 (D) 296 (D) 823 468 66 2,029 10,630 1,074 5,685 1,268 12,148 1,420 6,303 (D) 15 -1 (D) 683 3 802 458 250 9 (D) (D) (D) 120 13,004 22,072 417 o n Q (D) 2,208 4,578 7 88 (D) 267 (D) 790 0 0 D ( ) 3 252 6,025 2,642 13 (D) 108 1,120 (D) (D) o ,4$ P) 166 85 w 2.& 2,691 3,081 29 75 55 157 596 27 (D) 448 5,922 3,233 42 (D) 688 707 174 -6 171 P) 271 100 8 117 39 -593 1,976 (°) 19,334 3,594 51 311 (D) 232 45 6 3,930 360 995 480 198 1,896 2,179 796 3,774 5,241 6,157 3,739 2,779 1,524 -783 273 316 -13 410 -44 -23 -14 425 78 459 -48 9 -74 21 5 8 -4 2 10 2,994 642 -3 334 300 1 11 (D) (D) _5 (D) 329 11 88 225 -1 5 1,457 (D) -14 -58 -91 (D) 12 (D) -1 2 -193 -198 295 -7 304 1 0 -3 -54 (D) _3 -56 (D) (D) (D) —10 236 237 66 1,050 571 391 779 0 125 3 1,754 354 245 776 SI-9 3,409 430 173 1,323 293 530 201 208 1,007 34 (D) 1,580 2 (D) 505 r) -64 -39 400 140 108 399 (D) 'i 169 24 H 155 -1 4,211 fi 2,689 (D) 29 n 631 -7 -M -109 3,657 127 423 1,217 1,867 24 8584 115 n -14 -61 -47 -51 () 47 4 94 944 923 5 4 7 (D) 0 0 D 1 -4 n 4,215 4,522 -16 212 8D (0i n 42,632 2,414 316 3 0 D ( ) 28,463 175,177 793 -51 122 8 0 (D) 5,762 -25 14 1,047 1,253 n 1,946 (°) (D) ( 1 r) 9 -1 0 1,859 20 -1 53 (D) -3 0 0 1 37,356 48 87 3,362 0 n1 394 -3 184 900 (D) 165 687 303 1 6 1 0 -219 -1 -219 8o 585 571 199 192 0 (D) 7 0 p 4,036 D -96 -53 -4 -6 -35 -3 0 fl 10,143 0 0 0 20,745 1,201 -4 fiD () 9P) 28 (D) 836 167 293 (D) 0 5 210 564 0 (D o D () 4,598 386 -40 89 4,169 -$ (D o> (D) A H § 1 s 0 1,942 9,408 91 91 2 -1 42,153 o 0 -64 648 9 15 -25 213 801 17 40,628 28 18 1,865 7,550 17,019 (D) -32 1 47 49 -25 138 15 196 476 71 9D ((*)) —•) 242 <3 8 7 (D) 68 95 693 556 0 48 167 3 10,850 13,800 65,282 13,461 29,745 52,888 36,659 12,608 20,456 0 -8 -1 -4 -38 5 8 660 5 •j 38 ip\ 1,280 D ( ) (D) 2,386 144 0 0 2,925 0 0 (D) v) 440 0 897 41 19,399 43 22 (D) 10 12,667 325 99 n 5 1,369 9,088 46 69 901 -22 0 18,145 825 (D) Do (-1 ) 2,178 2,039 8,245 14 35 3,166 -37 1 -7 (D) _-| 7,481 18,979 0 0 0 ( ) -14 1 14 172 304 26 o (D) 3,220 3,843 * Less than $500,000 (±). D Suppressed to avoid disclosure of data of individual companies. 1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, 5,034 1,516 4,989 267 (D) Q (D) 8,415 7 0 Addenda: European Union (15) » 16,107 39 400 -78 n n -14 3,271 2,749 446 6,372 (D) 6,593 1,955 2,935 221 91 204 4,971 >) Middle East Israel Kuwait Lebanon Saudi Arabia United Arab Emirates Other 149,115 14,703 1,797 125,131 -70 298 772 2,878 1,285 3,227 1,465 -33 1,498 Asia and Pacific Australia Hong Kong Japan Korea, Republic of Malaysia New Zealand '. Philippines Singapore Taiwan Other n (D) 12,528 1,171 1,801 8,170 Africa South Africa Other 1,565 76 77 587 7 43,049 (D) 9D () 3 47,938 1 915 273 -1 1,404 56 0 -2 n a 1 16,855 9 (D) 156 -39 (j 0 -5 0 0 8 10,529 1,974 6,055 3,719 298 34 10,038 51 3 7,977 18 174 1,589 -8 -1 34 -1 -11 0 18 66 15 605 44 27 20,169 26,330 42 PI 1,243 43 69 11,952 2,902 46 D Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom. 2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. SURVEY OF CURRENT BUSINESS July 1999 • 59 Table 4.2.—Foreign Direct Investment Position in the United States on a Historical-Cost Basis, 1998 [Millions of dollars] Manufacturing All industries Petroleum Total Food and kindred products Chemicals and allied products Primary and fabricated metals Machinery Other manufacturing Wholesale Retail trade Depository institutions Finance, except depository institutions Insurance Services Other industries 811,756 53,254 329,346 18,112 101,351 128,112 96,261 50,858 80,378 44,436 43,409 Canada 74,840 2,633 26,152 4,268 2,762 5,467 8,783 5,098 7,130 7,861 9,084 10,786 Europe 539,906 42,771 252,893 11,589 91,041 41,591 95,423 43,554 18,914 65,745 14,303 24,059 1 1 5 51 3 (D) 253 (D) All countries Austria Belgium Denmark Finland Franco 4,872 9,577 3,229 4,321 62,167 Germany Ireland Italy Liechtenstein Luxembourg Netherlands 95,045 13,227 3,830 118 20,214 96,904 Norway Spain .' Sweden Switzerland 8 ...""! ".".!'" Middle East Israel Kuwait Lebanon Saudi Arabia United Arab Emirates Other Asia and Pacific Australia Hono KonQ ••••••••••*« japan Korea Republic of Malaysia New Zealand Philippines Sinaaoore . 298 2,004 1,858 4,859 11,916 1,067 609 4,029 7,025 -333 586 -173 887 573 -14 588 1 1 -3 -216 -102 -55 -7 -2 -50 437 8 423 -2 6 270 -54 495 -108 -10 -52 2,394 (D) 2,000 482 -% -120 10,395 357 3,262 131 552 795 1,792 -9 43 841 -90 -88 -2 7,831 966 2,459 601 9 () -89 3 285 89 352 69 1,813 3,120 -222 .8 8 514 0 1,133 8n -11 -14 -14 n 522 165 0 (D) 1,951 -68 -1 5,843 135 11,395 472 123 10,036 14 43 224,885 -24 1,567 2 517 184 867 -3 2$ 1,957 19 8 246 236 9 0 2 0 0 21,949 1,278 40 20,522 8,978 1 73,967 -18 12,296 39,429 n n 95 -46 90,214 170 a 1,801 1 5,356 2 4,105 1,472 1,736 232 176 1 174 17 320 333 8 284 182 1,588 440 226 f 85 3,873 441 644 255 2,614 «0 1,296 272 173 -55 791 116 432 116 234 8 8 2,465 6$ -292 0 15 199 497 911 -61 41,330 448 1 2,209 638 188 41 (D) 2,131 40 48 744 211 -74 -1 -72 0 0 0 45,096 2,982 358 39,918 27 57 20 13 244 269 154 2,028 2,579 10,099 137 7,709 36 o 2,097 132,569 481,731 4,939 () * Less than $500,000 (±). Suppressed to avoid disclosure of data of individual companies. 1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, D «A 1,229 Other Addenda: European Union (15) * 110 4,301 350 4,072 156,085 14,755 J l '—.ZZZ1Z 3,547 31 65 47 4,329 32,210 £ 26,277 3 3 •...•......•#*...• 378 5 4 (D) 7,093 3,261 1,741 -268 -2 2,577 6,531 47 35,10 414 *•••*..• 12,405 1,980 423 65 1,311 5,606 3 5,545 270 10 5,578 1,854 Africa South Africa .!!!!..!".""..!"!. Other 7,095 17,091 (D) 3,851 901 8 803 16,189 24,795 -14 20,294 2,141 2,674 4,727 r. A 233 10,184 11,695 0 11,505 2,292 Other Western Hemisphere Bahamas Bermuda Netherlands Antilles .. United Kingdom Islands, Caribbean 3,187 19 (D) 14,034 485 1,018 2,010 1,012 1,972 206 -1,567 14,564 54,011 151,335 584 South and Central America Brazil Mexico Panama Venezuela Other TaiwarV \ 131 734 -82 1 312 739 3,616 Latin America and Other Western Hemisphere Other q 186 (D) 2,701 148 () 131 129 3 216 8 125 46 3,657 3 111 -1 112 284 -2 3 0 37 n 13,101 691 268 ,0,743 19,307 45,598 -55 599 43,114 673 16 179 -6 267 558 254 40,509 () 191 493 125 208 8 17,445 3 71 -2 1,258 45 -02 0 -1 125 2 14,272 24 24,095 649 16,441 (D) 48,631 14,008 3,690 9,469 6,436 4,202 314 7,304 15 207 -4 0 69 53 1,910 2 -11 47 -3 -146 33,837 23,722 (D) 8 Italy, . . Luxembourg, „ . Netherlands, Portugal, . . . Spain, . . Sweden, and the United Kingdom. 2. - • -Exporting • 2. iOPEC is the Organization of- -Petroleum Countries. Its members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. 6o SURVEY OF CURRENT BUSINESS July 1999 U.S. International Transactions, Revised Estimates for 1982-98 By Christopher L Bach is customary each June, the estimates of .S. international transactions have been revised to incorporate methodological and statistical revisions. This year, like last year, a number of improvements have been implemented as part of continuing efforts by the Bureau of Economic Analysis (BEA) to address gaps in coverage of the transactions. In large part, the gaps have arisen because of the dynamic nature of international markets. The major improvements this year respond to rapid changes in both the capital markets and services markets. Also this year, the treatment of current- and capital-account transactions is modified to bring it into closer alignment with international guidelines, BEA is among those agencies in the United States and in other countries that has been both a strong supporter of, and a major contributor to, the development of the international guidelines recommended in the fifth edition of the International Monetary Fund's Balance of Payments Manual1 Many important changes in the international guidelines are patterned after the innovations and changes undertaken by BEA in the U.S. international transactions and direct investment accounts in recent years, BEA has already adopted many of the most important changes included in the Manual and, with this change, it is moving forward to eliminate one of the few remaining differences between the guidelines and the U.S. international accounts. Certain income transactions that were previously included in services account are now reclassified to the income account, and their coverage has been expanded, for 1986-98. This change places all income transactions together; consequently, both the services account and income account are redefined. In the direct investment income and financial accounts, new measures of the current-cost adjustment are introduced for 1982-98. This change more closely aligns the accounts with economic, rather than business, accounting requirements. In the investment income account, greatly improved estimates of income receipts are introduced based on preliminary results of a benchmark survey of the stock of U.S. portfolio investment in long-term foreign securities as of December 31,1997. The updated position estimates enable BEA to develop improved estimates of bond interest and dividend receipts for 1994-98. The new position data are included in the U.S. international investment position. In the services account, results from a onetime survey are incorporated into estimates of travel payments for 1997-98, and a revised methodology and updated source data for medical services receipts are introduced for 1995-98. • The accounts are now divided into three groups—a current account, a capital account, and a financial account. This change is made to provide a more focused picture of different types of transactions and to remove certain transactions from the current account that may distort the analysis of underlying trends in the balances on goods, services, income, and current transfers. Previously, the accounts were divided into a current account and a capital account. In the new capital account, new estimates of immigrants' transfers are introduced for 1982-98; these estimates are a key component of this account. In the income account, new estimates of the compensation of temporary nonagricultural workers in the United States are introduced for 1986-98. In the goods account, improvements to the seasonal adjustment of exports for 1996-98 have reduced the amount of "residual" seasonally. 1. See "The International Monetary Fund's New Standards for Economic Statistics" SURVEY OF CURRENT BUSINESS 76 (October 1996): 37-47. SURVEY OF CURRENT BUSINESS The new presentation and the newly available benchmark data, improved methodologies, and reclassification are discussed in the remaining sections of this article. In addition to these major revisions, revisions result from the incorporation of regularly available data from BEA'S annual and quarterly surveys, from the U.S. Treasury Department's and the Federal Reserve System's quarterly and monthly surveys, and supplemental data from other U.S. Government agencies and private sources. For 1998, as a result of all changes, the current-account deficit is reduced $12.9 billion, to $220.6 billion (table 1). By account, $0.8 billion is removed from goods exports and $1.9 billion is removed from goods imports, resulting in a deficit that is $1.1 billion lower than previously estimated (table 2). For services, $3.3 billion is added to services receipts and $0.5 billion removed from services payments, resulting in a surplus that is $3.8 billion higher than previously estimated. For income, $15.7 billion is added to income receipts and $5.4 billion to income payments, resulting in a deficit that is $10.3 billion lower than previously estimated. For net unilateral current transfers, $2.2 billion is added, resulting in an increase in net current transfers of $2.2 billion. Net financial inflows and their July 1999 components were revised down $27.3 billion, to $209.8 billion. Details on revisions to individual series are shown in table 4 at the end of the article. Changes in presentation Restructuring of the accounts.—U.S. international transactions are now presented in three groups— a current account, a capital account, and a financial account. Previously, transactions were presented in two groups—a current account and a capital account. The current account is redefined by removing a small part of the previous measure of unilateral transfers and including it in the new capital account. The previous capital account becomes the new financial account. The changes are intended to provide a more focused picture of different types of international transactions. Reclassification of capital transfers from the current account to the new capital account is designed to separate transactions that mainly represent changes in ownership of existing assets, which affect nations' balance sheets, from current transfers, which affect nations' income and product in the current period. For example, Table 1.—Revisions to the Current-Account Estimates [Millions of dollars; quarterly data are seasonally adjusted] Exports of goods and services and income receipts Previously published Revised Revision Imports of goods and services and income payments Previously published Revised 1982 1983 1984 1985 1986 1987 1988 1989 ........ 1990 361,436 351,306 395,850 382,749 400,881 449,312 560,664 643,012 700,552 366,926 356,156 400,052 387,806 406,060 456,227 567,260 649,902 708,135 5,490 4,850 4,202 5,057 5,179 6,915 6,596 6,890 7,583 1991 1992 1993 1994 1995 1996 1997 1998 722,653 742,337 769,919 861,574 999,491 1,063,971 1,179,380 1,174,055 729,513 748,431 776,404 868,041 1,005,715 1,074,425 1,197,206 1,192,231 6,094 6,485 6,467 6,224 10,454 17,826 18,176 -946,008 -763,187 -823,167 -950,529 IV. 240,452 247,013 253,187 258,837 242,057 248,496 254,785 260,373 1996:1 ... II .. III . IV. 260,386 263,135 262,430 278,017 1997:1 . II III IV ..., 1998:1 ... II .. 1995:1 Revision Unilateral current transfers, net Previously published Revised Revision -1,291 -1,497 -2,139 -17,075 -17,718 -20,598 -22,700 -24,818 -24,047 -26,139 -27,116 -27,821 -1,080,107 -1,158,309 -1,294,904 -1,365,648 -1,083,844 -1,161,533 -1,298,705 -1,368,718 -2,980 -4,706 -5,257 -4,521 -3,737 -3,224 -3,801 -3,070 5,032 -35,230 -38,142 -39,391 -34,638 -40,577 -39,691 -41,855 9,819 -35,873 -38,522 -39,192 -35,437 -42,187 -41,966 -44,075 1,605 1,483 1,598 1,536 -262,749 -272,451 -273,127 -271,784 -263,716 -273,314 -274,013 -272,802 -967 -863 -886 -1,018 -3,623 -8,110 -8,938 -8,967 -6,868 -8,397 -8,836 -9,336 -245 -287 102 262,090 265,687 266,217 280,425 1,704 2,552 3,787 2,408 -278,128 -287,364 -293,777 -299,036 -277,914 -287,958 -295,037 -300,625 214 -594 -1,260 -1,589 -10,473 -8,777 -9,043 -12,284 -10,920 -9,185 -9,507 283,765 295,287 300,481 299,843 287,363 300,113 305,865 303,869 3,598 4,826 5,384 4,026 -311,881 -321,342 -329,130 -332,549 -312,914 -322,090 -331,384 -332,317 -1,033 -748 -2,254 232 -8,874 -9,035 -9,445 -12,337 298,740 292,165 285,837 297,312 302,289 298,463 291,493 299,985 3,549 6,298 5,656 2,673 -336,330 -339,746 -341,499 -348,076 -335,380 -340,977 -344,182 -348,180 950 -1,231 -2,683 -9,428 -9,390 -10,032 -13,001 -355,964 -377,577 -474,144 -484,106 -530,478 -594,825 -664,167 -721,686 -759,646 -732,068 -758,481 -735,048 -817,910 -160 -4 59 -€9 -1,123 -1,409 -104 -12,574 -5,347 -9,494 -10,096 -13,030 -9,927 -9,886 -10,787 -13,474 Previously published -11,443 -43,985 -98,951 -123,987 -17,075 -17,718 -20,598 -22,700 -24,679 -23,909 -25,988 -26,963 -34,669 -355,804 -377,573 -474,203 -484,037 -529,355 -593,416 -662,876 -720,189 -757,507 Balance on current account Revised -6,113 -39,138 -94,690 -119,000 -149,236 -139 -138 -151 -153 6,848 -153,154 -168,013 -128,201 -104,139 -91,624 -123,046 -98,900 -79,332 4,787 ^,383 -51,374 4,284 -50,629 -85,286 -643 -380 199 -799 -1,610 -2,275 -2,220 -86,133 -123,825 -162,645 Revision 5,330 4,847 4,261 4,987 3,918 5,368 5,155 5,239 12,292 8,667 745 847 2,145 1,688 -134,915 -155,215 -233,448 -121,680 -113,566 -129,295 -143,465 -220,562 11,750 12,886 -369 -30,920 -33,548 -28,878 -21,914 -30,527 -33,215 -28,064 -21,765 393 333 814 149 -447 -408 -464 -290 -28,215 -33,006 -40,390 -33,303 -26,744 -31,456 -38,327 -32,774 1,550 2,063 529 -473 -459 -€51 -€93 -36,990 -35,090 -38,094 -45,043 -34,898 -31,471 -35,615 -41,478 2,092 3,619 2,479 3,565 -499 -496 -755 -473 -47,018 -56,971 -65,694 -63,765 -43,018 -52,400 -€3,476 -€1,669 4,000 4,571 2,218 2,096 -115,254 5,620 1,471 • 6l SURVEY OF CURRENT BUSINESS 62 • July 1999 reclassification of such items partly reflects the need to remove distortions in current-account balances that can be caused by debt forgiveness. In the 1980's, a number of countries, including the United States, forgave large amounts of the debt accumulated by a number of developing countries. For some of these countries, the debt forgiveness caused movements that obscured underlying trends in their current-account balances. Table 2.—Revisions to Estimates of Goods, Services, and Income [Millions of dollars; quarterly data seasonally adjusted] Goods exports Previously published 1986 1987 1988 1989 1990 1991 Revised Income receipts Services exports Revision Previously published Revised Previously published Revision Revised Revision 223,344 250,208 320,230 362,120 389,307 416,913 223,344 250,208 320,230 362,120 389,307 416,913 86,350 98,593 111,068 127,233 147,922 164,333 85,442 97,591 110,030 126,216 146,751 163,043 -908 -1,002 -1,038 -1,017 -1,171 -1,290 91,186 100,511 129,366 153,659 163,324 141,408 97,274 108,428 137,000 161,566 172,078 149,558 6,088 7,917 7,634 7,907 8,754 8,150 1992 1993 1994 1995 1996 1997 1998 440,352 456,832 502,398 575,845 611,983 679,325 671,055 440,352 456,832 502,398 575,845 612,057 679,715 670,246 176,982 186,385 201,434 219,802 238,792 258,268 260,385 175,557 184,951 199,675 217,637 237,749 258,828 263,661 -1,425 -1,434 -1,759 -2,165 -1,043 560 3,276 125,003 126,702 157,742 203,844 213,196 241,787 242,615 132,523 134,621 165,968 212,233 224,619 258,663 258,324 7,520 7,919 8,226 8,389 11,423 16,876 15,709 1995:1 || Ill IV 139,016 142,103 145,909 148,817 139,016 142,103 145,909 148,817 52,334 53,385 56,506 57,575 51,805 52,767 56,035 57,027 -629 -618 -471 -548 49,102 51,525 50,772 52,445 51,236 53,626 52,841 54,529 2,134 2,101 2,069 2,084 1996:1 II III IV 150,855 152,130 151,253 157,745 150,438 152,612 151,991 157,016 -417 482 738 -729 57,534 59,204 58,119 63,932 56,928 58,842 58,104 63,871 -606 -562 -15 -61 51,997 51,801 53,058 56,340 54,724 54,233 56,122 59,538 2,727 2,432 3,064 3,198 1997:1 II Ill IV 163,499 169,240 172,302 174,284 162,979 169,895 173,447 173,394 -520 655 1,145 -890 62,685 64,776 65,628 65,175 62,781 64,788 65,838 65,425 96 12 210 250 57,581 61,271 62,551 60,384 61,603 65,430 66,580 65,050 4,022 4,159 4,029 4,666 1998:1 II III IV 171,190 164,543 163,414 171,908 170,665 165,198 164,259 170,124 -525 655 845 -1,784 65,004 65,697 63,943 65,741 65,166 66,691 65,025 66,780 162 994 1,082 1,039 62,546 61,925 58,480 59,663 66,458 66,574 62,209 63,081 3,912 4,649 3,729 3,418 . . 74 390 -809 Goods imports Previously published Revised Income payments Services imports Revision Previously published Revised Revision Previously published Revised Revision 1986 1987 1988 1989 1990 1991 -368,425 -409,765 -447,189 -477,365 -498,337 -490,981 -368,425 -409,765 -447,189 -477,365 -498,337 -490,981 -81,835 -92,349 -99,965 -104,185 -120,021 -121,196 -80,147 -90,787 -98,526 -102,479 -117,659 -118,459 1,688 1,562 1,439 1,706 2,362 2,737 -79,095 -91,302 -115,722 -138,639 -139,149 -119,891 -81,907 -94,273 -118,452 -141,842 -143,649 -125,608 -2,812 -5,971 -2,730 -5,203 -4,500 -5,717 1992 1993 1994 1995 . ... 1996 1997 . 1998 -536,458 -589,441 -668,590 -749,574 -803,320 -877,279 -919,040 -536,458 -589,441 -668,590 -749,574 -803,327 -876,366 -917,178 -119,561 -125,715 -136,155 -145,964 -156,029 -170,520 -181,514 -116,476 -122,281 -131,878 -141,447 -150,797 -166,907 -181,011 3,085 3,434 4,277 4,517 5,232 3,613 503 -102,462 -102,754 -141,263 -184,569 -198,960 -247,105 -265,094 -110,253 -111,445 -150,061 -192,823 -207,409 -255,432 -270,529 -7,791 -8,691 -8,798 -8,254 -8,449 -8,327 -5,435 1995:1 || Ill IV -183,093 -190,539 -188,077 -187,865 -183,093 -190,539 -188,077 -187,865 -35,586 -36,388 -36 t 838 -37,156 -54,533 -35,236 -55,665 -36,015 1,053 1,152 1,173 1,141 -44,070 -45,524 -48,212 -46,763 -46,090 -47,539 -50,271 ^8,922 -2,020 -2,015 -2,059 -2,159 1996:1 II .... Ill IV -193,467 -200,965 -202,806 -206,082 -193,038 -200,763 -203,196 -206,330 429 202 -090 -248 -58,023 -38,573 -39,644 -59,786 -36,673 -37,171 -38,367 -38,587 1,350 1,402 1,277 1,199 -46,638 -47,826 -51,327 -53,168 -48,203 -50,024 -53,474 -55,708 -1,565 -2,198 -2,147 -2,540 1997:1 II Ill IV -213,222 -218,336 -221,598 -224,123 -212,187 -217,773 -222,362 -224,044 1,035 563 -764 79 -41,092 -42,195 -43,437 -43,795 -40,185 ^1,099 -42,646 -42,976 907 1,096 791 819 -57,567 -60,811 -64,095 -64,631 -60,542 -63,218 -66,376 -65,297 -2,975 -2,407 -2,281 -666 1998:1 II Ill IV -227,223 -229,321 -228,313 -534,183 -225,541 -228,698 -229,228 -233,711 1,682 623 -515 472 -44,343 -45,154 -45,541 -46,476 -43,628 -45,152 ^5,780 -46,455 715 2 -239 21 -64,764 -65,271 -67,645 -67,417 -66,211 -67,127 -69,174 -68,014 -1,447 -1,856 -1,529 -597 -7 913 1,862 SURVEY OF CURRENT BUSINESS The accounts for both current and capital transfers are designed as the accounts where offsetting entries are made to the exchanges of real or financial assets that are recorded in the current or financial accounts. Entries for transfers in the current and financial accounts reflect transactions for which there is no "quid pro quo"—such as the export of agricultural commodities under aid programs, the remittances of funds by immigrants, and debt forgiveness—and thus have no offsetting entries except those made in the current and capital transfers accounts. In contrast, entries for transactions other than transfers have offsetting entries in the current and financial accounts. For example, exports of goods give rise to payments from, or claims on, foreign residents, and imports of goods give rise to payments by U.S. residents, or liabilities to, foreign residents. Another change intended to provide a more focused picture of different types of international transactions is the reclassification, within the current account, of compensation of employees from the services account to the income account. Reclassifying the compensation of employees places all income together, whether it be a return to labor or capital, while at the same time providing a more accurate picture of trade in services. Capital transfers.—The newly defined capital account consists of capital transfers and the acquisition and disposal of nonproduced nonfinancial assets. The major types of capital transfers are debt forgiveness and migrants' transfers (goods and financial assets accompanying migrants as they leave or enter the country); capital transfers also include the transfer of title to fixed assets, the transfer of funds linked to the sale or acquisition of fixed assets, gift and inheri- tance taxes, death duties, uninsured damage to fixed assets, and legacies. The acquisition and disposal of nonproduced nonfinancial assets includes sales and purchases of nonproduced assets, such as the rights to natural resources, and sales and purchases of intangible assets, such as patents, copyrights, trademarks, franchises, and leases. Generally, capital transfers result in a change in the stock of assets of an economy, while current transfers affect the level of disposable income and influence the consumption of goods and services. Although conceptually important, capitalaccount transactions are believed to be generally small for the United States; however, they are important to other countries, and they also may occasionally be significant for the United States, especially in the case of debt forgiveness and the transfer of major U.S. Government assets. Furthermore, extensive source data from which to prepare reliable estimates are not available. Therefore, the new capital account includes, for capital transfers^ only estimates of U.S. Government debt forgiveness, which are shown as an outflow, and limited estimates of immigrants' transfers, which are shown as an inflow. Both of these items were previously included in the current account. Estimates of other types of capital transfers have not been developed, because of the lack of source data. Capital transactions in nonproduced nonfinancial assets are believed to be small. The accounts include only small amounts for purchases and sales of rights to natural resources and for purchases and sales of franchises. No details for the new capital account are shown, because the estimates are small and incomplete. Some capital transactions, such as the transfer of funds linked to the sale or acquisition of fixed assets, remain in the current account Acknowledgments The revised estimates were prepared under the general direction of Anthony DiLullo, with the assistance of Paul Farello, Truetella Fuller, and other staff of the Balance of Payments Division. Douglas Weinberg prepared the new estimates of the current-cost adjustment, Harlan King, the benchmark estimates of U.S. portfolio investment abroad; Steve Baldwin, the new estimates of compensation of nonagricultural workers and of medical services receipts; Michael Mann and Joan Bolyard, the revised estimates of travel payments; William McCormick, the new estimates of immigrant's transfers; Barbara Berman, the new identification of securities brokers' and dealers' financial transactions in tables 8 and 9; and Kwok Lee, Emily Huske, and the staff of the Goods Branch, the revised estimates of goods. The revisions to the estimates of U.S. direct investment abroad were prepared under the supervision of Patricia Walker of the International Investment Division (IID), and the revisions to the estimates of foreign direct investment in the United States were prepared under the supervision of Gregory Fouch of IID. Special assistance was provided by William L. Griever of the Federal Reserve Board, who conducted the benchmark survey of U.S. portfolio investment abroad, and by Diane Oberg and the staff of the Bureau of the Census' Foreign Trade Division, who conducted the study of "residual" seasonally of goods. July 1999 • 63 64 • July 1999 SURVEY OF CURRENT BUSINESS because they cannot be disentangled from other current-account transactions. Others remain in the current account because they are conceptually difficult to classify as either current or capital transactions. However, large transactions will be judged on a case-by-case basis and classified as capital transactions if they clearly fit the definition of capital transactions. Other changes in presentation.—Several other modifications are made to the presentation of the accounts. In table 1 of the standard presentation of the U.S. international transactions accounts, lines 1 and 18 have been relabeled, but their content has not changed. In addition, subtotals for exports of goods and services and for imports of goods and services (lines 2 and 19) have been added, in order to correspond with the balance on goods and services (line 73) in the memoranda items and for ease of use of the tables. Unilateral transfers are now split between current transfers and capital transfers to accommodate the division of the accounts into a current account, a capital account, and a financial account. The income account now contains two components: Investment income receipts and payments on assets and liabilities, and compensation of employees. The terminology for lines 40 and 55 in table 1 of the standard presentation is clarified to indicate the ownership of assets, as well as the location of the resident entities. The initial allocation of special drawing rights is removed from the transactions accounts and included more appropriately in the investment position accounts. In tables 8 and 9, the activities of U.S. securities brokers and dealers are now separately identified, permitting more accurate measurement of financial flows of U.S.-owned and foreign-owned banks. In table 1 of the standard presentation, the sequence of lines 66 and 67 has been reversed from the previous presentation to permit the juxtaposition of transactions in securities. Redefinition of services and income Compensation of employees, which was previously included indistinguishably in services, is now reclassified to the income account. Consequently, the income account now contains two components—investment income receipts and payments on assets and liabilities, and compensation of employees, which includes wages, salaries, and other benefits, in cash or in kind, earned by or received from individuals in countries other than those in which they are residents. This reclassification removes a reconciliation item between the U.S. international transactions accounts and the U.S. national income and product accounts, and it removes one of the few remaining differences between the U.S. presentation and international guidelines. Compensation receipts.—Three components are reclassified to compensation receipts: Compensation receipts of U.S. residents employed temporarily abroad, compensation receipts of U.S. residents employed by international organizations in the United States (such as the World Bank, the International Monetary Fund, and the United Nations), and compensation receipts of U.S. residents employed by embassies and consulates of foreign governments in the United States. Compensation receipts of U.S. residents employed temporarily abroad are based on estimates provided by statistical offices in the United Kingdom, Germany, and Canada. For 1998, these receipts totaled $0.2 billion. Compensation receipts of U.S. residents employed by international organizations are estimated by multiplying the number of U.S. residents employed by these organizations by an estimate of their average compensation. The number of U.S. employees was provided by the international organizations. For 1998, the value of these transactions was $1.5 billion. Receipts are gross of U.S. and foreign income taxes withheld. Previously, this item was implicitly covered as part of an aggregate estimate of all expenditures by these organizations in the United States. Compensation receipts of U.S. residents employed by embassies and consulates of foreign governments in the United States are estimated as a share of earnings of all workers employed in the United States by foreign governments (mainly residents of their home country). The estimate was based on information provided by several embassies on compensation paid to U.S. residents and on information provided by the Department of State on the number of diplomatic and nondiplomatic personnel employed by all embassies and consulates in the United States. For 1998, the value of these transactions was $0.2 billion. Receipts are gross of U.S. and foreign income taxes withheld. Previously, this item was implicitly covered as part of an aggregate estimate of all expenditures by these organizations in the United States. July 1999 SURVEY OF CURRENT BUSINESS Compensation payments,—-Four components are reclassified to compensation payments: Compensation paid to Canadian and Mexican workers who commute to work in the United States, compensation paid to foreign students studying at colleges and universities in the United States, compensation paid to foreign professionals temporarily residing in the United States, and compensation paid to temporary agricultural workers. The amount reclassified was $4.6 billion in 1998. Payments are gross of U.S. and foreign taxes withheld. To this amount is added a new component—compensation paid to foreign temporary nonagricultural workers, which is discussed in a separate section. Its value in 1998 was $2.5 billion. These five components make up total compensation payments. • 65 proved estimates of economic depreciation and improved estimates of charges taken by direct investment affiliates for depreciation, depletion, and expensed exploration and development expenditures (table 3).2 The difference between economic depreciation, which is computed using consistent service lives and prices of the current period, and depreciation reported by direct investment affiliates using financial accounting principles is one part of the current-cost adjustment. Additions to reported earnings for charges taken by direct investment affiliates for depletion and for expensed exploration and development expenditures are additional parts of the current-cost adjustment. The revised estimates of economic depreciation reflect an improved method for calculating economic depreciation that is consistent with the method used in the national income and product accounts, an improved treatment of transfers of used equipment and structures by direct investment affiliates, improved separate estimates of equipment and structures investment by affiliates, shortened service lives for equipment and structures stocks in some foreign countries, revised prices for equipment and structures investment Historical revisions.—In essence, the reclassification of compensation results in a redefinition of the services account and the income account. Consequently, services receipts and payments, income receipts and payments, and the balance on services and the balance on income are restated for 1986-98; source data to make this reclassification for earlier years are not available. 2. For a discussion of the current-cost adjustment, see Howard Murad, "U.S. International Transactions," SURVEY 72 (June 1992): 72-73. For a description of the process in which economic depreciation is computed, see the description of the current-cost method in "Technical Notes" in J. Steven Landefeld and Ann M. Lawson, "Valuation of the U.S. Net International Investment Position," SURVEY 71 (May 1991): 47-49. Current-cost adjustment The current-cost adjustment to direct investment income and capital has been revised to reflect im- Table 3.—Sources of Revisions to the Current-Cost Adjustment [Millions of dollars] (Credits +; debits - ) 1982 1983 1987 1985 1988 1990 1991 1992 1993 1994 1995 1997 1998 U.S. direct investment abroad: Current-cost adjustment (table 5, line 8 and table 5, line 22 with sign reversed): Revised Changes due to improved estimates of depreciation, depletion, and expensed exploration and development expenditures Changes due to improved estimates of economic QpC d l i o As a result of revised price and investment data . As a result of shortened service lives As a result of improved separate estimates of equipment and structures investment As a result of improved treatment of transfers of used equipment and structures As a result of improved method Previously published 3,421 5,733 4,564 5,124 -1,109 -972 -1,416 -1,190 -•08 5,311 -67 -1,462 6,029 -41 8,113 126 7,047 -156 -1,593 3,053 3,501 -1,000 -1,696 5,850 -231 -1,559 -290 -326 -361 3,205 4,860 -2,069 3,011 4,955 -1,797 2,192 5,009 -701 2,654 Hil 676 1,186 1,057 878 411 -163 -264 -2 -103 59 -51 -71 0 5,493 -586 -85 -1,477 -1,401 -1,511 4,216 6,122 6,537 5,537 -29 31 6,893 -228 -2,074 6,062 -143 -1,674 7,576 -180 -1,900 7,446 7,407 8,267 10,439 11,185 55 1 -2,393 -4,556 -2,503 -1,094 6,412 -362 5,482 -783 -2,736 5,220 -299 -3,179 6,584 1,458 -3,826 5,635 1,222 -4,132 3,814 n.a. n.a. 7,165 -180 -5,307 -2,386 -304 -312 -349 -345 -361 -396 -495 -691 -824 -958 2,728 5,734 -616 3,649 6,161 -1,799 2,700 6,445 -2,423 2,892 6,161 -770 3,854 6,163 -1,032 3,775 5,816 -1,327 3,839 5,205 -7 4,974 4,777 4,998 4,827 1,963 4,778 4,878 4,580 5,001 4,814 6,239 4,516 4,840 7,307 n.a. n.a. 8,465 729 410 357 -529 -395 -1,753 -1,889 -2,343 -872 -4,522 -3,776 -4,415 -2,406 -2,145 -5,351 -881 599 -919 521 -1,037 665 -1,691 697 -3,038 162 -3,559 -282 -2,846 417 -1,991 1,401 -946 1,259 1,070 1,565 2,287 n.a. -330 -611 Foreign direct investment in the United States: Current-cost adjustment (table 5, line 49 and table 5, line 63 with sign reversed): Revised Changes due to improved estimates of depreciation, depletion, and expensed exploration and development expenditures Changes due to improved estimates of economic depreciation As a result of revised price and investment data .... As a result of improved separate estimates of equipment and structures investment As a result of improved treatment of transfers of used equipment and structures As a result of improved method Previously published -1 0 -131 145 394 107 214 256 206 213 256 156 76 -20 -82 -44 -30 196 429 324 352 1,187 -1,193 1,346 1,054 1,211 -1,357 819 1,393 -1,670 1,337 -1,826 522 519 -1,802 1,362 246 -1,882 1,293 319 -1,835 -233 -1,449 507 -1,224 -1,572 -1,584 -787 -2,460 1,670 -605 -2,854 503 -314 1,845 -4,374 -1,170 3,276 -4,123 -2,701 -1,167 1,060 NOTE.—Reading from previously published estimates to revised estimates, changes attributable to a source of revision are computed after the introduction of preceding sources of revision. For example, changes attributable to the improved treatment of transfers of used equipment and structures are computed after the introduction of the improved method. 1,274 -1,082 796 -3,507 1,119 n.a. n.a. -3,351 66 • July 1999 SURVEY OF CURRENT BUSINESS in the United States and in foreign countries, and revised investment data for direct investment affiliates.3 The improved estimates of charges taken by direct investment affiliates for depreciation, depletion, and expensed exploration and development expenditures reflect revised data reported by affiliates and improved interpolation procedures for years in which data are not reported. ferred into direct investment affiliates to have remaining service lives and exposures to equipment and structures price changes that were too long. The previous treatment for used equipment and structures that were transferred out of direct investment affiliates caused equipment and structures that remained in affiliates to have remaining service lives and exposures to equipment and structures price changes that were too short. Improved method for calculating economic depreciation.—The improved method for calculating economic depreciation was developed using empirical evidence on prices of used equipment and structures in resale markets that shows that depreciation for most types of assets approximates a geometric pattern. Previously, economic depreciation estimates were derived using straight-line depreciation and assumed patterns of retirements. For equipment, the new depreciation rates are faster than the old ones in the early years of an asset's life and slower in the later years. For structures, the new rates are slower throughout an asset's life. As a result, the revisions from the improved method are relatively small for equipment and relatively large for structures. Improved separate estimates of equipment and structures investment.—The revised estimates of economic depreciation reflect improved separate estimates of equipment and structures investment by direct investment affiliates. Separate estimates of this investment are needed to implement the perpetual-inventory method, but direct investment affiliates report only their combined investment in equipment and structures to BEA. Improved separate estimates are derived by applying relationships between equipment and structures spending in the U.S. economy that vary over time to combined investment reported by affiliates. Previously, separate estimates were derived by applying relationships between equipment and structures spending that were fixed at one point in time. The previous method was inaccurate because the composition of investment between equipment and structures spending changes over time. Inaccuracies in the disaggregation of investment can lead to inaccuracies in the estimates of economic depreciation and gross and net stocks generated by the perpetual-inventory method, because equipment and structures investment have different depreciation rates and price indexes. Improved treatment of transfers of used equipment and structures.—Estimates of economic depreciation are computed using a perpetual-inventory method that calculates estimates of the currentcost value of the net stock of equipment and structures on direct investment affiliates' balance sheets as follows. The historical-cost value of the gross stock of equipment and structures is computed using past and current values of equipment and structures investment by direct investment affiliates. If the historical-cost value of the gross stock of equipment and structures using this method differs from the historical-cost value of the gross stock of equipment and structures reported by affiliates for a particular year, the difference is treated as a transfer of used equipment and structures into or out of direct investment affiliates for that year, and the historical-cost value using the method is recomputed. Previously, any difference for a particular year was treated as an addition to or subtraction from investment in new equipment and structures for that year, and the historical-cost value using the method was recomputed. The previous treatment caused used equipment and structures that were trans3. For a description of the method used to compute economic depreciation, also known as the consumption of fixed capital, in the national income and product accounts, see Arnold J. Katz and Shelby Herman, "Improved Estimates of Fixed Reproducible Tangible Wealth, 1929-95," SURVEY 77 (May 1997): 69-74. Shortening of equipment and structures service lives.—The revised estimates of economic depreciation for U.S. direct investment abroad reflect a shortening of equipment and structures service lives for some foreign countries and regions in the perpetual-inventory method. This change was made because a comparison of annual historicalcost depreciation using the method with that reported by foreign affiliates of U.S. parents revealed that annual historical-cost depreciation using the method was lower than that reported by foreign affiliates, and net stock using the method was higher than net stock reported by foreign affiliates, in all years for which reported data exist. One possible reason for these discrepancies is that the foreign service lives used in the method were too long relative to the service lives used by foreign affiliates to compute depreciation for their financial accounts. Because empirical SURVEY OF CURRENT BUSINESS data on equipment and structures service lives for smaller industrial countries and for nonindustrial countries are severely limited, the service lives for these countries used in the method are largely judgmental estimates. In light of the discrepancies noted above, some of the more judgmental estimates of foreign service lives were shortened. This action closed most of the gap between annual historical-cost depreciation using the method and that reported by foreign affiliates. Revised price and investment data.—The revised estimates of economic depreciation also reflect revised prices for equipment and structures investment in the United States and in foreign countries and revised investment data reported by direct investment affiliates. The revised prices for equipment and structures investment in the United States partly reflect revisions to the distribution of asset types by industry in BEA'S estimates of U.S. fixed reproducible tangible wealth.4 Historical revisions.—Revisions to the currentcost adjustment are made for 1982-98. For U.S. direct investment aborad, the adjustment for 1998 is revised up from $8.5 billion to $11.2 billion, thereby raising income receipts and the offsetting outflows in the capital accounts. For foreign direct investment in the United States, the adjustment is revised up from $3.4 billion to $4.4 billion, thereby raising income payments and the offsetting inflows in the capital accounts. Other private income receipts The Department of the Treasury and the Federal Reserve System's Board of Governors recently provided to BEA preliminary results of their 1997 benchmark survey of U.S. portfolio investment in foreign long-term securities. This benchmark survey was a followup of a similar survey as of March 1994 and was conducted as part of coordinated portfolio surveys by 29 countries under the auspices of the International Monetary Fund. The survey collected data on the aggregate market value and composition of foreign longterm securities owned by U.S. residents as of December 31, 1997. Long-term securities include bonds with original maturities of more than 1 year, all equities, and warrants and rights to purchase bonds and equities. Both custodians and investors were surveyed to ensure comprehensiveness. Custodians located in the United States who managed the safe-keeping 4. Katz and Herman, "Improved Estimates," 71. of $20 million or more in foreign long-term securities for themselves or on behalf of other U.S. residents were covered; most foreign securities are held by U.S. custodians or sub-custodians. Investors located in the United States who owned foreign long-term securities of $20 million were also surveyed. Summary-level data from investors were compared with detailed data collected from custodians, both to check on the completeness of coverage and to eliminate duplication of coverage. In all, 2,200 custodians and investors participated in the survey. Survey data were collected on an individual security basis by international security identification number or a national numbering identification code. The final survey data will be aggregated by industry, by country, by type of security, by type of instrument, and by currency. Preliminary results of the survey show larger U.S. holdings than previously estimated. The total value of foreign bond and stock holdings as of December 31, 1997, was $1,739.4 billion, or $293.1 billion higher than BEA'S estimate of $1,446.3 billion, BEA'S estimates of yearend positions for 1994-97 are revised to incorporate the survey results. The 20-percent understatement in the estimated position is a strong reason for more frequent benchmark surveys, because serious erosion of the quality of the estimates can occur rather quickly. Annual positions since the 1994 benchmark survey are estimated by measuring subsequent changes in U.S. holdings of foreign securities and changes in their valuation. Given the dynamics of securities markets from March 1994 to December 1997, both factors probably contributed to the understatement of the position. During the period, net purchases and gross trading of foreign stocks by U.S. residents increased at unprecedented rates, bolstered by the substantial foreign diversification of U.S. institutional investors' portfolios. In addition, U.S. investors' direct access to foreign markets and to foreign money managers was considerably enhanced by advances in automated trading systems and telecommunications and by market deregulation overseas. This direct overseas access compounded the problems of accurate measurement and coverage, particularly for a statistical collection system that is based primarily on the collection of data from traditional financial intermediaries. Valuation changes were also difficult to measure. Since 1994, stock price appreciation has July 1999 • 67 68 • July 1999 SURVEY OF CURRENT BUSINESS been especially large in stock markets around the world, and the substantial price gains could only be estimated from national market averages, which were limited to national weights based on the geographic holdings that were reported in the 1994 benchmark survey. The foreign currency depreciation in foreign securities in U.S. portfolios was insignificant, and most of it was the result of the decline in Asian currencies in 1997. However, exchange markets were volatile, and the foreign currency composition of asset holdings is difficult to assess. Foreign bonds.—The benchmark survey estimate of U.S. holdings of foreign bonds is $538.4 billion at yearend 1997, compared with BEA'S previous estimate of $445.0 billion. BEA uses separate estimation procedures for dollar-denominated and foreign currencydenominated bonds. This division reflects the conventions used by BEA for estimating both positions and income. However, the preliminary results of the survey do not yet provide this division by currency, so an evaluation of estimation procedures cannot be attempted until the survey's final results on geography, currency, maturity structure, and type of instrument are available. However, the geographic distribution of holdings is similar in both the preliminary survey results and in BEA'S estimates, except for a few large discrepancies in major market countries where bonds of all countries can be traded. The survey revealed significantly higher holdings of British, German, Italian, Canadian, Latin American and International financial institution bonds than were estimated by BEA. Conversely, BEA overestimated the holdings of French, Swiss, Dutch, Spanish, and Asian emerging market bonds. This geographic disparity is largely attributable to the difficulty in tracking globally issued bonds by transactor rather than by debtor, particularly in major market countries where bonds of all countries can be traded. The increase in reported bond holdings in the survey has resulted in a re-estimation of associated interest receipts. Receipts are estimated by applying market yields to revised portfolio holdings. As a result of the improved estimates, interest income receipts on bonds are revised up $5.5 billion, to $33.9 billion, for 1997. Foreign stocks.—The benchmark survey estimate of U.S. holdings of foreign stocks is $1,201.0 billion at yearend 1997, compared with BEA'S previous estimate of $1,001.3 billion. As with foreign bonds, the primary reasons for underes- timation are incomplete coverage of transactions and inexact valuation, largely as a result of the dramatic growth in worldwide equity values since March 1994 and the slump in stock prices and exchange rates of several emerging market countries late in 1997. The survey showed significantly larger holdings of French, German, Italian, Dutch, Swiss, Latin American, Japanese, and Asian emerging-market stocks than were estimated by BEA. Conversely, BEA'S estimates of British and Canadian stocks were overestimated. In the British case, the London market serves as an exchange for stocks of nearly all countries, and transactions in foreign stocks on the London exchange are not necessarily all in British stocks. The increase in reported stock holdings in the survey has resulted in a re-estimation of the associated dividend receipts, which are estimated by applying market rates to portfolio holdings. As a result of the improved estimates, dividend income receipts are revised up $2.7 billion, to $28.0 billion, for 1997. Historical revisions.—In order to avoid a major break in series, the position estimates for bonds and stocks, and for the related interest and dividend flows, were carried backward from yearend 1997 to March 1994, the date of the previous benchmark. The adjustment is based on the cumulative volume of trading over the period. Medical services receipts Estimates of receipts for medical services provided to foreign residents at U.S. hospitals are revised for 1995-98, using a revised methodology and newly available source data. The original methodology and estimates covering 1985 were based on information obtained from hospital administrators at major medical centers, university hospitals, and hospitals in major foreign visitor destinations. New York and Boston hospitals were tabulated separately using data from a published report. In addition, a judgmental estimate was made for hospital patients not covered above. Estimates of admissions were multiplied by an estimated average hospital charge and by an estimate for outside physicians' fees that ranged from 30 to 40 percent of the average hospital charges. Outpatient treatment was considered negligible, and expenditures for ambulatory treatment and drugs provided outside a hospital were not covered. The estimate for 1985 was extrapolated forward with the price indexes for hospital and physicians' services in the U.S. consumer price index. SURVEY OF CURRENT BUSINESS Inpatient estimates.—Estimates based on a revised methodology were prepared by obtaining information on hospital inpatients (patients who spent at least one night at the hospital) from State regulatory agencies, hospital associations, and hospitals with international medical centers. Information for the 16 States that contained the great majority of foreign patients was obtained from regulatory agencies in 9 States, from hospitals in 5 States, and from hospital associations in 2 States. The regulatory agencies and hospital associations developed their information from special codes in their accounting systems that identified most foreigners. Inpatient charges—which covered all hospital staff physicians' fees, tests, drugs, and room and board—were available for nine States, and the weighted average of these charges was used for the States where charges were not available. An addition of 25 percent for outside physicians' fees was made based on data provided by individual hospitals. An estimate of foreign inpatients in the remaining 34 States and the District of Columbia was also made. These inpatients are largely those admitted through emergency rooms. Ratios of foreigners admitted through emergency rooms, for the several States who supplied this information from hospital admission records, to total foreign visitors by State, available from the Immigration and Naturalization Service (INS), were calculated. An average of these ratios was applied to total INS data on foreign visitors to each of the 34 States in order to estimate the total number of foreigners admitted to hospitals through emergency rooms in these 34 States. It was assumed that the number of foreigners who came specifically to those States to receive medical services was negligible. The weighted average of hospital charges estimated above for nine States and adjusted for outside physicians' fees was applied to the foreign inpatients admitted through emergency rooms to obtain total inpatient charges for this type of treatment. Outpatient estimates.—Outpatient treatment has increased dramatically since 1985. Foreign patients receive a range of outpatient services, including outpatient surgery, physical rehabilitation and therapy, dermatology and AIDS treatments, and consultations. Individual hospitals provided approximate data on the number of outpatients and on the associated charges per outpatient. Ratios of outpatients to inpatients and the outpatient charges were applied to the individual State inpatient data to calculate the total outpatient charges. Total receipts.—Total medical receipts from foreign patients were derived by summing the inpatient charges from the 16 primary States, the inpatient charges from the other 34 States and the District of Columbia, and the outpatient charges. Like the original methodology, this methodology does not cover expenditures for ambulatory treatment and drugs provided outside a hospital. Estimates for 1998 forward are extrapolated using the consumer price index for hospitals and related services and a judgmental factor to account for changes in the number of foreign patients. The mix of inpatient and outpatient treatments is held constant. Annual revisions to medical receipts in 1995-98 were small—$16 million in 1995, $132 million in 1996, $224 million in 1997, and $318 million in 1998—indicating that the original methodology was adequate. The total number of foreign patients is estimated at about 35,000 in 1985. The total number of foreign patients grew to about 135,000 in 1997. Overseas travel payments Estimates of U.S. residents' expenditures while traveling overseas are revised to incorporate the results of a one-time survey by D.K. Shifflet covering 1998. The results of this survey, which was completed by U.S. residents after they returned home from their trip, were compared with the results of the International Trade Administration's ongoing in-flight survey that BEA uses to measure U.S. travelers' expenditures, which is completed by travelers on their flights as they depart the United States. BEA used the one-time survey to determine the relationship between a U.S. traveler's expected expenditures and that traveler's post-trip reported expenditures by comparing expected per-person per-day expenditures with post-trip expenditures for three major regions: Europe; Asia and Pacific; and Latin America and Other Western Hemisphere (excluding Mexico). The results of this comparison indicate that U.S. travelers' expected expenditures in Latin America understated post-trip reported expenditures by 8 percent, expected expenditures in the Asia and Pacific region understated post-trip reported expenditures by 5 percent, and expected expenditures in Europe neither understated nor overstated post-trip reported expenditures. BEA has adjusted its estimates from the ongoing survey to correct for these understatements in 1998. These adjustments raise travel payments by $1.7 billion. Limited information indicates that July 1999 • 69 70 SURVEY OF CURRENT BUSINESS • July 1999 the differences between expected and post-trip expenditures to Latin America and to the Asia and Pacific region narrow before 1998. Therefore, BEA has adjusted its 1997 estimates of travel payments using one-half the value of the adjustments in 1998. BEA has not adjusted its estimates for the years before 1997. It is self-evident that expected expenditures may not accurately represent actual expenditures abroad. However, post-trip expenditures are also a particularly difficult item to report accurately, especially when the survey is conducted as much as 3 months after the completion of the trip. Expenditures abroad involve numerous payments using various payment methods, such as credit cards, U.S. currency, foreign currency, travelers checks, and prepayments. Most travelers probably do not maintain sufficiently detailed records and may lack the time required to conduct a careful accounting. Moreover, travelers may not readily know the converted dollar value of credit card transactions made in foreign currencies until they receive their bills. Therefore, the results of this one-time survey should not be treated as conclusive. In addition to the difficulties cited above, the sample size of the one-time survey was small; the relation of the one-time sample to the ongoing sample used by BEA is unknown; and the relationship between expected and actual expenditures may vary over time, BEA will periodically reassess the relationship between expected and actual expenditures. U.S. Government grants The estimates of U.S. Government grants are revised up as a result of more complete inclusion of freight charges for the shipment of commodities, largely to developing countries, for 1989-98. Congressional appropriations for foreign assistance include funds for shipment, as well as funds for the commodities donated, but statistical reporting systems failed to accurately capture the freight charges. The improvement raises estimates of U.S. Government grants by more than $0.5 billion annually for 1992-95; thereafter, the revisions are small, totaling $0.1 billion in 1998. Compensation of temporary nonagricultural workers Compensation of foreign residents employed temporarily in the United States is revised for 1986-98 to include the earnings of temporary undocumented nonagricultural workers (that is, workers who are illegally in the United States with no work authorization), whose primary residence is usually Mexico. Until now, no estimates of this compensation have been included in the accounts. Authorities on immigration agree that large numbers of undocumented workers are employed temporarily in the United States. Estimates of these workers based on apprehensions data from the INS are very approximate and do not provide a reliable basis for earnings estimates. However, data for 1990-95 indicate a moderately stable relationship between the number of undocumented nonagricultural workers and the number of undocumented agricultural workers.5 This relationship forms the basis for the new compensation estimates. The estimate of total compensation of temporary undocumented nonagricultural workers is calculated as the number of such workers multiplied by the annual hours worked and their average hourly wage. For all years, the number of workers is calculated by multiplying the number of undocumented agricultural workers by the ratio of nonagricultural to agricultural workers indicated by the surveys. Based on other survey data, annual employment per year is estimated at approximately 1,000 hours. The average wage is estimated based on evidence that undocumented workers generally earn above the minimum wage, but below the prevailing wage rate of legal workers in any given occupation. For 1996, an average wage rate based on a published study of migrant labor in San Diego County is used. For other years, this wage rate is extrapolated by an average of wage rates published by the Bureau of Labor Statistics for occupations often filled by undocumented workers. For 1998, compensation was $2.5 billion; for 1986, it was $1.0 billion. Temporary undocumented nonagricultural workers totaled about 400,000 in 1998, double the estimated 200,000 in 1986. Immigrants' transfers Immigrants' transfers are a key component of the new capital account. New estimates of the amount of wealth that immigrants bring with them when they enter the United States have been developed for 1982-98. The estimates are based on the number of individuals immigrating to the 5. See Mexico-United States Binational Commission, "Characteristics of Mexican-Born Migrants," in Migration Between Mexico and the United States: A Report on the Binational Study on Immigration (online, <www.utexas.edu/lbj/uscir/binational.html>, 1997). See also Douglas S. Massey, Mexican Migration Project (University of Pennsylvania, 1996). SURVEY OF CURRENT BUSINESS United States each year, the per capita gross domestic product (GDP) of their home country, and wealth-to-income ratios. Immigrants entering the United States include both legal and undocumented foreign-born individuals who expect to reside in the United States for more than 1 year. Legal immigration totals by country of birth and year of entry are from the INS, and estimates of undocumented foreignborn individuals are based on INS published work, BEA estimates these totals for 1996-98. Annual immigration flows are estimated for over 200 countries. Annual per capita GDP, converted into U.S. dollars, is used as a proxy estimate of income for immigrants from each country for each year of entry, GDP and population estimates are from the United Nations and the International Monetary Fund. The wealth-to-income relationships were derived from periodic current population reports from the Bureau of the Census, based on a longitudinal study on wealth and asset ownership of households in the United States for 1933, 1988, 1991, and 1993. The Census Bureau sample for these reports is thought to more closely resemble the characteristics of the newly arriving immigrant population than the sample in the Federal Reserve Board's survey of consumer finance. However, the Federal Reserve Board's survey would have yielded similar results. For each quintile of the population, the Census Bureau study provided estimates of median household income and wealth. The quintile estimates of median income and wealth for the population with an average age under 35 years were applied to the immigrant population, whose average age is also under 35. In order to arrive at estimates of immigrant transfers, the number of immigrants from each country for each year is multiplied by the associated per capita GDP of each country converted into U.S. dollars, with the resulting product for each country further multiplied by the wealth-to-income ratio derived from U.S. relationships. Several assumptions and adjustments are made. First, because the INS data indicate that the average age of immigrants is under 35, it is assumed that the wealth-to-income ratio from the same under-35 average age group in the United States is the most appropriate ratio to apply. Second, the wealth-to-income ratio based on Census Bureau data is halved to adjust the U.S. household statistics of the census surveys to the nature of the immigrant population, INS data show that about 50 percent of immigrants are heads of households and about 50 percent are individuals joining family members already in the United States. The downward adjustment of the ratio captures the larger wealth of heads of households but recognizes that individuals joining families are likely to have less wealth than heads of households. Third, the wealth-to-income ratio for immigrants from Mexico and Central America is lowered further, based on the assumption that many are from lower income strata and consequently have fewer assets upon arrival in the United States. "Residual" seasonality BEA and the Bureau of the Census seasonally adjust estimates of goods exports and goods imports at the five-digit end-use commodity category level, which is the most detailed level of end-use classification available. Aggregate goods series—total exports, total imports, and all major end-use categories—are derived as the sum of detailed seasonally adjusted series. Comparisons of the directly adjusted series with the corresponding series that are derived as the sum of individually seasonally adjusted series show differences that are sometimes called "residual'' seasonality. With the introduction of seasonal factors newly developed this year, "residual" seasonality of exports is reduced by more than 50 percent from what it would be if old seasonal factors were used. The new seasonal factors also lead to a total export series that exhibits a lower average quarterly change and a lower average absolute quarterly change. The new total export series, as compared with the old, is smoother and shows smaller exports in the fourth quarter and larger exports in the third quarter in recent years. Aircraft exports continue to be seasonally adjusted. Application of new seasonal factors to total imports resulted in little change in the "residual" seasonality of imports. The process that BEA and the Bureau of the Census use to develop seasonally adjusted estimates is complex and detailed. Over 300 series are tested for seasonality each year. Tests are conducted using the X-12 ARIMA program, which provides the diagnostic measures used in making both seasonal adjustment and trading-day adjustment decisions. Currently, based on diagnostics developed for each individual series, more than 96 percent of the value of total exports and 97 percent of the value of total imports receive at least one type of adjustment. About 125 of 150 July 1999 72 • July 1999 SURVEY OF CURRENT BUSINESS export series and 130 of 150 import series receive at least one adjustment. Revised estimates of goods exports and goods imports for 1996-98 are published both in BEA'S international transactions accounts and in the joint Census Bureau-BEA press release on monthly goods and services. The revisions to the quarterly estimates are mostly due to the newly introduced seasonal factors. Table 4 follows. H July 1999 SURVEY OF CURRENT BUSINESS • 73 Table 4.—Major Sources of Revisions, 1982-1998 [Millions of dollars] (Credits +; d e b i t s - ) 1 1982 1983 1984 1985 1986 1987 1988 1989 | 1990 1992 1991 1993 1994 1995 1996 1997 1998 International transactions Current account Other private services receipts (line 10): Revised Changes due to rectification of employee compensation Revisions due to updated source data Previously published Direct investment tecetats (line 14V Revised Changes due to improved estimates of current-cost adjustment Revisions due to updated source data Previously published 26,779 28,193 30,222 35,858 39,170 46,531 48,597 52,541 60,121 63,502 72,412 85,566 92,116 -908 -S93 -1,017 -1,172 -1,290 -1,425 -1,434 27,687 29,186 -995 -46 31,253 36,875 40,341 47,821 50,022 53,975 -1,543 -216 61,880 -1,761 -292 65,555 -1,756 1,095 73,073 -1,802 2,903 84,465 -1,857 3,244 90,729 29,412 31,800 35,464 35,604 37,148 46,532 58,732 62,260 66,309 59,062 58,005 67,708 77,874 95,991 103,314 115,795 102,846 5,490 4,850 4,202 5,057 5,180 6,923 6,639 6,892 7,569 6,864 6,093 6,467 5,483 2,827 23,922 26,950 31,262 30,547 31,968 39,608 52,092 55,368 58,740 52,198 51,912 61,241 72,391 93,164 2,028 1,484 99,802 3,132 3,256 109,407 2,720 -321 100,447 82,423 109,768 114,958 137,507 150,001 1,201 81,230 3,370 431 105,967 5,625 600 108,733 8,297 365 128,845 10,063 1,338 138,600 Other private Income receipts (line 15): Revised Changes to dividends and bond interest income due to 1997 outward portfolio benchmark Revisions due to updated source data Previously published Compensation of employees: receipts nine 17): Revised ... Changes due to rectification of employee compensation Revisions due to updated source data Previously published 908 994 995 1,017 1,172 1,290 1,425 1,434 1,543 1,761 1,756 1,802 1,857 908 993 995 1,017 1,172 1,290 1,425 1,434 1,543 1,761 1,756 1,802 1,857 (2) (2) (2) (2) 2 2 2 2 2 2 2 () () () () () () n\ () Travel payments (line 23): Revised Changes due to one-time survey for -62,051 -56,105 1998 .... Revisions due to updated source data Previously published .. .. -850 19 -51,220 -1,700 -677 -53,728 Other private services payments (line 27): Revised Changes due to medical services Changes due to rectification of employee compensation Revisions due to updated source data Previously published Direct investment payments (line 31): Revised Changes due to improved estimates of current-cost adjustment Revisions due to updated source data Previously published -2,103 -4,209 -160 -1,943 -4,206 -13,146 -16,485 -17,667 -18,930 -22,229 -25,590 -22,296 -26,261 -30,386 -35,249 -16 -37,975 -132 -43,909 -244 -47,670 -318 1,678 10 -14,834 1,436 3 -19,106 1,697 9 -20,636 2,353 -24,590 2,732 6 -28,328 3,077 -18,047 -25,381 3,310 9 -29,580 3,710 492 -34,588 3,980 610 -39,823 4,023 1,272 ^•3,138 4,327 429 -48,421 4,586 532 -52,470 -8,664 -7,282 -7,192 -8,058 -12,576 -7,424 -3,907 1,742 -3,341 -9,133 -23,467 -32,186 -35,568 -46,575 -43,441 59 -69 -133 -633 -883 -917 -1,036 -1,691 -3,039 -3,559 -2,846 -1,991 -6,723 -7,213 -7,058 -7,425 -11,693 -6,507 -2,871 3,433 -302 -5,574 -20,621 -30,195 -3,352 1,425 -33,641 -1,075 174 -45,674 -1,064 3,419 -45,796 -2,678 -2,338 -1,847 -2,286 -3,464 ^,026 -4,752 -6,132 -5,952 -6,263 -6,300 -6,756 -7,106 -1,678 -1,561 -1,436 -1,697 -2,353 -2,732 -3,077 -3,310 -3,710 -3,980 -4,023 -1,000 -777 -411 -589 -1,111 -1,295 -1,675 -1,822 -2,241 -2,282 -2,264 -2,422 -7 (2) (2) (2) -2,525 5 Compensation of employees: payments (line 34): Revised Changes due to rectification of employee compensation Changes due to new estimates of Revisions due to updated source data Previously published U.S. Government grants (line 36): Revised Changes due to rectification of debt Changes due to freight grants Revisions due to updated source data Previously published Private remittances and other transfers (line 38): Revised Changes due to rectification of immigrants' transfers Revisions due to updated source data Previously published ~123 -4,586 -10,860 -10,359 29,193 -16,320 -17,036 -14,978 -11,190 -15,337 -12,386 -13,057 207 -138 -18 -10,911 7,220 -136 -10 -17,433 5,130 -345 248 24,160 57 -552 1 -15,826 667 -865 -17 -16,821 1,085 -546 -15,508 434 -475 21 -11,170 0 -316 2 -15,023 183 -321 -158 -12,090 22 -150 -437 -12,492 -10,564 -11,330 -12,893 -13,481 -14,238 -15,599 -15,510 -17,383 -19,658 -20,796 -22,384 -25,341 -26,668 -137 -3 -10,424 -152 14 -11,192 -161 10 -12,742 -171 -2 -13,308 -190 5 -14,053 -167 -33 -15,399 -130 6 -15,386 -130 -13 -17,240 -130 -190 -19,338 -140 -621 -20,035 -147 -1,125 -21,112 -155 -1,778 -23,408 -154 -1,455 -25,059 315 301 365 493 336 -6,579 -4,479 612 -88 -469 372 672 292 617 -4,499 -12,578 -16,546 -19,121 -24,205 -35,278 -22,815 -43,726 -37,519 -38,233 -48,733 -84,412 -80,697 -99,481 -52,694 -109,955 -132,829 -5,057 -5,180 -6,923 -6,639 -6,892 -7,569 -6,864 -6,093 -6,467 -5,483 -2,827 -7,728 -12,344 -14,065 -19,025 -28,355 -16,175 -36,834 -29,950 -31,369 -42,640 -77,945 -75,214 -96,654 -3,132 -2,028 -2,720 -9,594 15,020 1,824 -81,072 -121,843 -131,933 Capital and financial account Capital account Capital account transactions, net (line 39): Introduction of capital account estimates into the international accounts 199 209 235 Financial account U.S direct investment abroad (line 51): Revised ... Changes due to improved estimates of current-cost adjustment Revisions due to updated source data Previously published Foreign direct investment in the United States (line 64): Revised Changes due to improved estimates of current-cost adjustment Revisions due to updated source data Previously published -5,490 991 -4,850 -4,202 12,624 10,461 24,689 20,079 35,756 58,852 58,161 68,653 48,951 23,695 20,975 52,552 47,438 59,644 88,977 109,264 193,375 160 3 -59 69 133 633 883 917 1,036 1,691 3,039 3,559 2,846 1,991 12,464 10,457 24,748 20,010 35,623 58,219 57,278 67,736 47,915 22,004 17,936 48,993 44,592 57,653 3,352 8,003 77,622 1,075 14,740 93,449 1,064 -3,918 196,229 J4 SURVEY OF CURRENT BUSINESS • July 1999 Table 4.—Major Sources of Revisions, 1982-1998—Continued [Millions of dollars] (Credits+; debits-)1 1982 1983 1984 1985 1986 1987 1988 | 1989 | 1990 1991 1992 1993 1994 1995 1996 1997 1998 International investment position (at yearend) U.S. direct investment abroad (lines 17 and 18): Revised: At current cost At market value Changes due to improved methods: At current cost At market value Revisions due to updated source data: At current cost At market value Previously published: At current cost At market value 368,453 346,095 337,363 358,454 390,137 459,980 492,309 529,882 590,010 613,692 633,074 690,655 748,505 843,253 -18.549 -50,212 -30,476 -36,306 -41,338 -45,116 -34,515 -30,527 -30,021 -30,615 -56,352 -24,101 -3,643 -6,398 387,002 376,307 367,839 394,760 431,475 505,096 526,824 560,409 620,031 644,307 659,426 714,756 Foreign securities (line 19): Revised Changes due to 1997 outward portfolio benchmark Revisions due to updated source data Previously Dublished Foreign direct investment in the United States (lines 35 and 36): Revised: At current cost At market value Changes due to improved methods: At current cost At market value Revisions due to updated source data: At current cost At market value Previously published: At current cost At market value » 948,668 58,962 889,706 849,651 115,284 208,356 229,543 264,432 311,478 375,419 437,941 471,556 493,745 497,112 546,394 564,745 619,377 -2,364 -3,168 -2,845 -1,783 -1,401 -1,973 251 2,024 4,244 1,803 ^3,430 ^,468 3,593 5,119 184,394 211,201 231,326 265,833 313,451 375,168 435,917 467,312 491,942 500,542 550,862 561,152 ^3,132 8 5,317 9,159 -16,512 -9,186 (2) 936,954 1,023,872 1,517,084 1,793,680 (2) M H 187,826 293,099 1,054,352 1,280,159 1,446,301 181,226 176,870 -5,028 1,169,636 1,467,985 1,739,400 1,968,956 174,506 1. Credits +: An increase in U.S. receipts and U.S. liabilities, or a decrease in U.S. payments and U.S. claims. Debits - : An increase in U.S. payments and U.S. claims, or a decrease in U.S. receipts and U.S. liabilities. 2. Estimates were not published previously. 752,148 940,243 1,004,228 1,123,441 1,526,243 1,784,494 2,140,528 614,258 878,717 674,330 764,045 1,229,118 1,642,365 2,194,102 3,352 1,075 4,016 5,446 11,125 21,825 666,962 751,845 1,223,672 1,620,540 8 a 8 SURVEY OF CURRENT BUSINESS July 1999 75 U.S. International Transactions, First Quarter 1999 By Douglas B. Weinberg quarter of 1998 (table A, chart 1).1 The increase was more than accounted for by a large increase in the deficit on goods that resulted from a decrease in exports and an increase in imports. Partly offsetting was a small increase in the surplus on services, a small decrease in the deficit on income, and a decrease in net unilateral current transfers. In the financial account, net recorded financial inflows—the difference between changes in The international transactions accounts have been revised to reflect the incorporation of methodological and statistical improvements. In addition, some types of transactions have been reclassifiedy and some table formats have been changed. For a discussion of these changes, see "U.S. International Transactions, Revised Estimates for 1982-98" in this issue. HE u.s. current-account deficit—the balance on trade in goods and services, the balance on income, and net unilateral current transfers— increased to $68.6 billion in the first quarter of 1999 from $61.7 billion (revised) in the fourth T 1. Quarterly estimates of U.S. current- and financial-account components are seasonally adjusted when statistically significant seasonal patterns are present. The accompanying tables present both adjusted and unadjusted Table A.—Summary of U.S. International Transactions [Millions of dollars, seasonally adjusted] Line Lines in tables 1 and 10 in which transactions are included are indicated in ( ) 1997 1997 1998 1,197,206 679,715 258,828 258,663 1,192,231 670,246 263,661 258,324 1999 1998 Change: 1998 IV1999 1 Current account Exports of goods and services and income receipts (1) ... Goods, balance of payments basis (3) Services (4) Income receipts (12) Imports of goods and services and income payments (18) Goods, balance of payments basis (20) Services (21) Income payments (29) Unilateral current transfers, net (35) -1,298,705 -1,368,718 -917,178 -876,366 -181,011 -166,907 -270,529 -255,432 287,363 162,979 62,781 61,603 291,493 164,259 65,025 62,209 299,985 170,124 66,780 63,081 296,227 164,292 67,803 64,132 -3,758 -5,832 1,023 1,051 -312,914 -322,090 -331,384 -332,317 -335,380 -340,977 -344,182 -212,187 -217,773 -222,362 -224,044 -225,541 -228,698 -229,228 -40,185 -41,099 -42,646 -42,976 -43,628 -45,152 -45,780 -60,542 -63,218 -66,376 -65,297 -66,211 -67,127 -69,174 -348,180 -233,711 -46,455 -68,014 -354,712 -238,495 -47,361 -68,856 -6,532 -4,784 -906 -842 3,376 300,113 169,895 64,788 65,430 305,865 173,447 65,838 66,580 303,869 173,394 65,425 65,050 302,289 170,665 65,166 66,458 298,463 165,198 66,691 66,574 -41,966 -44,075 -9,347 -9,494 -10,096 -13,030 -9,927 -9,886 -10,787 -13,474 -10,098 292 617 135 56 19 82 143 160 148 166 170 -465,296 -1,010 -292,818 -6,784 -144,665 4,480 -91,124 -112,578 -116,929 -4,524 -730 -236 -59,599 -120,517 -444 -1,945 -62,097 -2,026 -50,607 -2,369 9,227 4,068 59,834 6,437 68 -464,354 -429 -285,605 -76 -149,069 377 65 -298 -90,590 -112,225 -112,470 ^83 -81 -59,074 -118,089 185 -60,256 -50 ^8,188 147 5,012 197 53,200 751,661 18,119 733,542 502,637 -21,684 524,321 185,303 27,524 157,779 152,767 -6,177 158,944 188,126 23,260 164,866 225,466 -26,488 251,954 96,817 11,004 85,813 162,466 -10,551 173,017 93,547 -46,489 140,036 149,805 24,352 125,453 -143,192 10,126 -6,875 -30,228 -39,952 -67,141 5,657 10,291 31,878 -37,695 -15,684 -196,651 91,921 -104,730 3,231 ^1,966 -246,932 82,650 -164,282 -12,205 -44,075 -220,562 617 209,819 -49,208 22,596 -26,612 1,061 -9,347 ^34,898 135 40,638 -47,878 23,689 -24,189 2,212 -9,494 -31,471 56 61,643 -48,915 23,192 -25,723 204 -10,096 -05,615 19 75,548 -50,650 22,449 -28,201 -247 -13,030 -41,478 82 108,537 -54,876 21,538 -33,338 247 -9,927 -43,018 143 37,218 -63,500 21,539 -41,961 -553 -9,886 -52,400 160 41,949 -64,969 19,245 -63,587 20,325 -43,262 -4,933 -13,474 -61,669 166 99,198 -74,203 -10,616 20,442 117 -53,761 -10,499 -4,724 209 3,376 -10,098 -68,583 -6,914 4 170 84,097 -15,101 Capital and financial account Capital account 10 Capital account transactions, net (39) Financial account U.S.-owned assets abroad, net (increase/financial outflow U.S. official reserve assets, net (41) U.S. Government assets, other than official reserve assets, net (46) U.S. private assets, net (50) Foreign-owned assets in the United States, net (increase/ financial inflow (+)) (55) Foreign official assets in the United States, net (56) .... Other foreign assets in the United States, net (63) Statistical discrepancy (sum of above items with sign (70) Memoranda: Balance on goods (71) Balance on services (72) Balance on goods and services (73) .. Balance on income (74) Unilateral current transfers, net (75) ... Balance on current account (76) Capital account transactions, net (39) Net financial flows (40 and 55) • Preliminary. -143,465 292 286,365 -45,724 -6,965 -10,787 -63,476 148 31,450 74,870 -74,935 8,568 -15,784 66,302 -59,151 22,011 76 • July 1999 SURVEY OF CURRENT BUSINESS U.S.-owned assets abroad and changes in foreignowned assets in the United States—were $84.1 billion in the first quarter, down from $99.2 billion (revised) in the fourth. Financial inflows for foreign-owned assets in the United States slowed sharply, and transactions in U.S.-owned assets abroad shifted to financial inflows. The statistical discrepancy—errors and omissions in recorded transactions—was a negative $15.7 billion in the first quarter, compared with a negative $37.7 billion in the fourth. The following are highlights for the first quarter of 1999: • Exports of goods decreased sharply after a fourth-quarter surge, and imports of goods continued to increase. • Direct investment income receipts and payments both increased, and other income receipts and payments changed little or decreased. • Net U.S.-owned assets abroad decreased for the first time since the second quarter of 1991. • U.S. transactions in foreign securities shifted to net sales from substantial net purchases in the fourth quarter that resulted from two large fourth-quarter acquisitions of U.S. companies by foreign companies through exchanges of stock. Net foreign purchases of U.S. securities slowed as a result of a shift to net foreign sales of U.S. Treasury securities. • U.S. banks' claims on foreigners and U.S. banks' liabilities to foreigners both decreased for the second consecutive quarter. The first-quarter decreases largely reflected the re- duction of positions with U.S. banks' own foreign offices. U.S. dollar in exchange markets In the first quarter, the U.S. dollar appreciated 1 percent on a nominal, trade-weighted quarterly average basis against a group of 26 currencies of important U.S. trading partners (table B, chart 2). Within the broad group, the dollar was unchanged against a group of 7 currencies that trade widely in international markets, including the Canadian dollar, the euro, the Japanese yen, the British pound, the Swiss franc, the Australian dollar, and the Swedish krona. The dollar appreciated 2 percent against a group of the remaining 19 currencies, including the currencies of U.S. trading partners in Latin America, Asia, the Middle East, and Eastern Europe (see table B for definitions). Trading conditions in foreign CHART 1 U.S. Current-Account Balance and Its Components Billion $ 30 Revisions to the Estimates for the Fourth Quarter of 1998 The preliminary current-account balance and component estimates for the fourth quarter of 1998 were revised to incorporate improved methodologies, newly available source data, and changes to the presentation of the accounts (see "U.S. International Transactions, Revised Estimates for 1982-1998" in this issue). The current-account deficit for the fourth quarter was revised to $61.7 billion from $63.8 billion. The goods deficit was revised to $63.6 billion from $62.3 billion (based on new seasonal factors and updated Census Bureau data). The services surplus was revised to $20.3 billion from $19.3 billion (based on improved methodologies, newly available source data, and the reclassification of employee compensation). The deficit on income was revised to $4.9 billion from $7.8 billion (based on updated survey data, updated capital flow and position data, improved estimates of the current-cost adjustment, and the reclassification of employee compensation). Net unilateral current transfers were revised to $13.5 billion from $13.0 billion (based on improved methodologies, newly available source data, and the reclassification of capital transfers). Net financial inflows and their components were revised to $99.2 billion from $94.3 billion. -80 1992 93 94 95 96 97 Seasonally adjusted U.S. Department of Commerce, Bureau of Economic Analysis 98 SURVEY OF CURRENT BUSINESS exchange markets stabilized in the first quarter after being disrupted in the third and fourth quarters of 1998 by uncertainties related to the financial problems in Russia and Brazil. On January 1,1999, the third stage of the European Economic and Monetary Union began with the introduction of the euro as the currency used in financial markets by the 11 third-stage countries. The U.S. dollar appreciated against the euro throughout most of the first quarter, partly as July 1999 • 77 a result of the disparity between the prospects for economic growth in the United States and in the euro area countries. Data released during the quarter indicated that the U.S. economy continued to grow strongly, but that the euro area economy remained relatively weak. The spread between future U.S. and euro area short-term interest rates implied by futures market prices CHART 2 Nominal Indexes of Foreign Currency Price of the U.S. Dollar New Indexes of Foreign Currency Price of the U.S. Dollar January 1 9 9 9 = 1 0 0 110 The Federal Reserve Board has developed new summary indexes of the foreign exchange value of the U.S. dollar to replace the G—10 index. The new indexes provide better measures of U.S. trade competitiveness because they include a broader set of currencies and because they are adjusted for the effects of inflation. The new indexes also use a weighting scheme that better measures the competitiveness of U.S. goods in U.S. and foreign markets and that takes into account the changing structure of trade patterns and exchange rates. Separate indexes for the broadest group of currencies, for the major international currencies, and for the other currencies included in the broadest group have been developed. The nominal indexes for the three groups— which have moved in mostly the same direction in recent years, but which have diverged over periods in the past—are useful for the analysis of short-term developments in foreign exchange markets. 80 * Other important trading partners 70 60 1998 1995 1996 1997 Note.-See table B for definitions of the indexes. Monthly average rates. Data: Federal Reserve Board. Indexes rebassd by BEA. U.S. Department of Commerce. Bureau of Economic Analysis 1999 Table B.—Indexes of Foreign Currency Price of the U.S. Dollar [January 1999=100] 1999 1998 I II III IV I 1999 1998 Mar. Apr. May June July Aug. Sept Oct Nov. Dec. Jan. Feb. Mar. Nominal:' Broad 2 Major currencies3 Other important trading partners4 .... 100.4 103.8 96.0 100.9 105.4 95.3 103.8 107.3 99.5 100.4 101.4 99.0 101.4 101.7 101.0 99.7 103.8 94.6 99.5 104.4 93.5 100.4 104.9 94.8 102.8 106.8 97.7 103.0 107.5 97.4 104.8 109.3 99.1 103.6 105.0 101.9 100.7 101.2 100.0 100.6 102.0 98.7 99.9 101.1 98.3 100.0 100.0 100.0 101.5 101.5 101.4 102.7 103.6 101.6 Real: 1 Broad 2 Major currencies3 Other important trading partners4 .... 102.3 102.7 101.7 102.3 104.3 99.6 105.0 106.7 102.7 100.6 100.9 100.1 101.2 101.8 100.5 101.3 102.7 99.4 101.0 103.3 97.9 101.7 103.7 99.2 104.1 105.9 101.8 104.5 106.9 101.4 106.1 108.8 102.6 104.3 104.4 104.1 101.1 100.6 101.8 100.7 101.4 99.7 99.9 100.6 98.9 100.0 100.0 100.0 101.1 101.6 100.5 102.6 103.7 101.1 94.1 95.2 99.7 101.6 99.5 93.2 94.1 95.1 96 5 97.9 101.0 1002 101 7 1014 101.6 100.0 98.6 999 107.8 107.7 107.3 n.a. 100.2 106.5 113.1 83.2 74.6 106.3 106.3 106.0 n.a. 99.8 107.7 119.8 85.6 75.9 104.4 104.4 104.1 n.a. 99.8 106.0 123.6 93.8 77.5 98.6 98.6 98.6 n.a. 98.5 98.2 105.5 98.8 79.1 103.3 103.3 103.3 103.3 101.1 102.9 102.8 98.3 117.8 108.3 108.2 107.8 n.a. 99.3 107.5 113.9 84.6 75.0 107.5 107.4 107.3 n.a. 98.7 108.6 116.3 83.9 75.5 105.2 105.2 104.9 n.a. 100.7 106.7 119.1 84.8 75.9 106.2 106.2 105.8 n.a. 100.0 107.9 123 9 88.1 76.3 106.5 106.5 106.2 n.a. 100.4 109.2 1243 87.9 76.8 105.9 105.9 105.6 n.a. 101.0 107.8 127.7 92.5 77.5 100.7 100.7 100.6 n.a. 98.1 101.0 97.1 97.1 97.1 n.a. 97.4 96.5 1069 1003 78.6 99.7 99.7 99.7 n.a 99.3 100.0 106.2 984 78.9 99.0 98.9 99.0 n.a 98.7 98.2 103.3 97.8 79.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 103.5 103.5 103.5 103.5 101.4 103.0 103.0 98.8 127.4 106.5 106.5 106.5 106.5 101.8 105.8 1055 96.1 126.0 Selected currencies: (nominal)5 Canada European currencies: Germany France Italy Euro area 6 United Kingdom Switzerland japan Mexico Brazil 1. For more information on the nominal and real indexes of the foreign exchange value of the U.S. dollar, see Federal Reserve Bulletin, vol. 84 (October 1998): 811-18. 2. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners, including the currencies of the euro-area countries, Australia, Canada, Japan, Sweden, Switzerland, United Kingdom, Argentina, Brazil, Chile, Columbia, Mexico, Venezuela, China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Israel, Saudi Arabia, and Russia. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA. 3. Weighted average of the foreign exchange value of the U.S. dollar against broad-index currencies that circulate widely outside the country of issue, including the currencies of euro-area countries, Australia, Canada. Japan, Sweden. Switzerland, and the United Kingdom. The weight for each currency is its broad-index weight divided by the sum of the broad-index weights for all of the currencies included in the major currency index. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA. 4. Weighted average of the foreign exchange value of the U.S. dollar against broad-index currencies that do 1187 100.9 78.1 not circulate widely outside the country of issue, including the currencies of Argentina, Brazil, Chile, Colombia, Mexico, Venezuela, China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Israel, Saudi Arabia, and Russia. The weight for each currency is its broad-index weight divided by the sum of the broad-index weights for all of the currencies included in the other important trading partners index. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA. 5. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA. 6. The euro area includes Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. Exchange rates (but not index values with January 1999-100) for the individual euro-area currencies can be derived from the euro exchange rate by using the fixed conversion rales (in currencies per euro) as shown below: 13.7603 Austrian schillings: 40.3399 Belgian francs; S.94S73 Finnish markkas; 6.55957 French francs; 1.95583 German marks; .787564 Irish pounds; 193627 Italian lira; 40.3399 Luxembourg francs; 220371 Netherlands guilders; 200.482 Portuguese escudos: 166.386 Spanish pesetas. SURVEY OF CURRENT BUSINESS 78 • July 1999 widened in favor of the dollar, partly as a result of a growing belief in financial markets that the disparity between economic growth prospects would lead to a tightening of monetary conditions in the United States relative to those in the euro area. The dollar appreciated against the Japanese yen throughout much of the first quarter, partly as a result of the disparity between the outlook for economic growth in the United States and in Japan. In the United States, indications of economic strength were partly responsible for a sharp rise in long-term interest rates. In Japan, indications of continuing economic contraction were partly responsible for a lowering of shortterm interest rates to nearly zero. In addition, Japanese long-term interest rates began to decline midway through the quarter after rising sharply since the fourth quarter. The combination of the decline in Japanese long-term interest rates and the rise in U.S. long-term interest rates increased the relative attractiveness of investing in U.S. bonds and supported the dollar's appreciation. The Brazilian real was devalued on January 13 despite the announcement in late 1998 of a financial assistance package for Brazil by the International Monetary Fund. Because financial market participants had already reduced Brazilian positions, reaction to the devaluation was restrained, compared with the reaction to other recent disturbances in emerging markets. Spreads on emerging market bonds over U.S. Treasury bonds widened immediately after the devaluation but narrowed by the end of the quarter. How- ever, spreads remained elevated from levels that existed before the Russian currency devaluation and debt moratorium in August 1998. Current Account Goods and services The deficit on goods and services increased to $53.8 billion in the first quarter from $43.3 billion in the fourth. The increase was attributable to an increase in the deficit on goods, to $74.2 billion from $63.6 billion. The surplus on services edged up to $20.4 billion from $20.3 billion. Goods.—The deficit on goods increased $10.6 billion, to $74.2 billion, in the first quarter. The increase resulted from a decrease in exports and an increase in imports. Exports.—Exports decreased $5.8 billion, or 4 percent, to $164.3 billion in the first quarter. Quantities decreased 3 percent, and prices decreased 1 percent (table C).2 The value of exports declined to essentially the same level as in the third quarter of 1998, following a fourth-quarter surge. In the first quarter, nonagricultural exports decreased $4.1 billion, or 3 percent, to $152.5 billion; quantities decreased 2 percent, and prices changed little. In value, nearly all major 2. Quantity (real) estimates are calculated using a chain-type Fisher formula with annual weights for all years and quarters except for the most recent year, which is calculated using quarterly weights. Real estimates are expressed as chained (1992) dollars. Price indexes (1992=100) are also calculated using a chain-type Fisher formula. Table C—-U.S. Trade in Goods, Current and Chained (1992) Dollars, and Percent Changes from Previous Period [Balance of payments basis, millions of dollars, quarters seasonally adjusted] Chained (1992) dollars1 Current dollars 1999 1998 1997 Exports Agricultural products Nonagricultural products Petroleum and products NonDotroiGuni prooucts •••««#•««•»•••«••«••••••••* t •• 1998 I II III IV \P 1999 1998 I II III IV \P 679,715 58,425 621,290 670,246 53,106 617,140 170,665 14,017 156,648 165,198 13,203 151,995 164,259 12,300 151,959 170,124 13,586 156,538 164,090 11,849 152,241 717,339 49,254 671,785 730,951 49,227 685,938 183,906 12,651 172,141 179,368 12,080 168,322 180,109 11,495 169,787 187,568 13,001 175,688 182,142 11,577 171,689 876,366 71,772 804,594 917,178 50,903 866,275 225,541 13,600 211,941 228,698 13,392 215,306 229,228 12,458 216,770 233,711 11,453 222,258 238,279 10,494 227,785 932,899 66,728 865,318 1,037,580 71,384 965,700 250,045 16,915 233,158 257,543 18,497 238,963 261,975 18,566 243,288 268,017 17,406 250,291 275,717 17,686 257,807 Percent change from previous period (current dollars) 1997 1998 I II III Exports Agricultural products Nonaaricultural products 11.1 -5.0 12.8 -1.4 -9.1 -.7 -1.6 -7.0 -1.1 -3.2 -5.8 -3.0 -0.6 -6.8 Imports Petroleum and products Nonpetroleum products 9.1 -1.3 10.1 4.7 -29.1 7.7 .7 -20.6 2.4 1.4 -1.5 1.6 .2 -7.0 .7 1. Because chain indexes use weights of more than one period, the corresponding chained dollar estimates are usually not additive. Percent change from previous period (chained (1992) dollars) 1999 1998 1998 1997 \P IV 1999 1998 1997 1998 I II \P IV III -3.5 -12.8 -2.7 15.2 1.6 16.7 -2.5 -4.5 -2.2 4.1 -.1 2.1 -0.4 -2.7 -.2 0.4 10.5 3.0 -4.8 .9 13.1 3.5 -2.9 -11.0 -2.3 2.0 -6.1 2.5 2.0 -8.4 2.5 13.9 4.6 14.8 11.2 7.0 11.6 3.7 1.3 4.0 3.0 9.4 2.5 1.7 .4 1.8 2.3 -6.2 2.9 2.9 1.6 3.0 3.6 1.9 SURVEY OF CURRENT BUSINESS commodity categories decreased. Most of the decrease in capital goods was attributable to a drop in civilian aircraft, which had surged in the last two quarters of 1998; oil drilling, mining, and construction machinery decreased sharply after moderate declines in the previous five quarters, and semiconductors increased strongly for the third consecutive quarter. Nonagricultural industrial supplies and materials decreased, mostly as a result of declines in nonmonetary gold, in fuel products, and in chemicals. Automotive products decreased, following a fourth-quarter surge that was mostly attributable to the resumption of full production after a North American auto strike. Agricultural exports decreased $1.8 billion, or 13 percent, to $11.8 billion; quantities decreased 11 percent, and prices decreased 2 percent. In value, most of the decrease was accounted for by declines in raw cotton and in soybeans. The decline in raw cotton was particularly steep, partly as a result of a fall in demand and the depletion of funds available to support U.S. cotton exports under a U.S. Government program. Imports.—Imports increased $4.8 billion, or 2 percent, to $238.5 billion in the first quarter. Quantities increased 3 percent, and prices decreased 1 percent (table C). The value of nonpetroleum imports continued to rise, and the value of petroleum imports continued to fall. Nonpetroleum imports increased $5.6 billion, or 2 percent, to $227.9 billion; quantities increased 3 percent, and prices changed little. In value, more than half of the increase was accounted for by automotive products, which increased as a result of increases in passenger cars, mostly from Canada and Japan, and in trucks, buses, and special purpose vehicles, mostly from Canada and Mexico. Consumer goods were boosted by a surge in nondurable goods, particularly medical, dental and pharmaceutical preparations from Western Europe. In capital goods, there were strong increases in computers, peripherals, and parts, in semiconductors, and in telecommunications equipment. In contrast, nonpetroleum industrial supplies and materials decreased, partly as a result of a sharp decline in iron and steel products for the second consecutive quarter. Petroleum imports decreased $0.9 billion, or 8 percent, to $10.6 billion (chart 3). The decrease was attributable to a decline in prices, which fell from an average of $11.40 per barrel to $10.38, the lowest quarterly level since the first quarter of 1974. The value and average price of petroleum imports have decreased by about 50 percent July 1999 • since the fourth quarter of 1996. In the first quarter, the average number of barrels imported daily increased to 11.20 million from 11.01 million. Balances by area.—The deficit on goods with Latin America and Other Western Hemisphere increased $4.6 billion, to $6.1 billion, in the first quarter, largely as a result of an increase in the deficit with Mexico and a decrease in the surplus with Brazil.3 The deficit with Asia, excluding Japan, increased $4.2 billion, to $31.9 billion, and the deficit with Canada increased $3.6 billion, to $9.0 billion. In contrast, the deficit with Western Europe decreased $2.5 billion, to $8.5 billion, and 3. Seasonally adjusted estimates for areas and countries are derived by applying seasonal factors for total U.S. agricultural and nonagricultural exports to the unadjusted agricultural and nonagricultural exports for areas and countries and by applying seasonal factors for total U.S. petroleum and nonpetroleum imports to the unadjusted petroleum and nonpetroleum imports for areas and countries. (The seasonal factors are derived from the seasonal adjustment of U.S. exports and U.S. imports byfive-digitend-use commodity category.) The components are then summed to derive seasonally adjusted exports and imports for areas and countries. CHART 3 U.S. Petroleum Imports Billion$ 25 • Non-OPEC -OPEC 20 15 10 • hi] jiij Hill IIIllI [L I Millions of barrels per day Price per barrel 11.5 10.5 1995 1996 1997 1998 p Preliminary U.S. Department of Commerce, Bureau of Economic Analysis 1999" 79 SURVEY OF CURRENT BUSINESS • July 1999 the deficit with Japan decreased $0.1 billion, to $17.6 billion. Services.—The surplus on services increased $0.1 billion, to $20.4 billion, in the first quarter. Receipts increased to $67.8 billion from $66.8 billion, and payments increased to $47.4 billion from $46.5 billion. Travel receipts increased to $18.1 billion from $17.9 billion. The small increase was largely attributable to a rise in the number of overseas visitors to the United States. Travel payments increased to $14.6 billion from $14.1 billion as a result of a rise in payments to overseas countries and to Canada. Passenger fare receipts edged up to $4.9 billion from $4.8 billion, and passenger fare payments edged up to $5.2 billion from $5.1 billion. "Other" transportation receipts were virtually unchanged at $6.6 billion; both port expenditure receipts and freight receipts changed little. "Other" transportation payments were unchanged at $7.8 billion; a small decrease in freight payments was offset by a small increase in port expenditure payments. Receipts for "other" private services increased to $24.1 billion from $23.2 billion. The increase was more than accounted for by a rise in receipts for business, professional, and technical services. Payments for "other" private services edged up to $12.4 billion from $12.3 billion. Income The deficit on income decreased to $4.7 billion in the first quarter from $4.9 billion in the fourth. Income receipts increased to $64.1 billion from $63.1 billion, and income payments increased to $68.9 billion from $68.0 billion. Investment income.—Receipts of investment income on U.S.-owned assets abroad increased to $63.7 billion from $62.6 billion, and payments of investment income on foreign-owned assets in the United States increased to $67.0 billion from $66.2 billion. Receipts of income on U.S. direct investment abroad increased to $27.0 billion from $25.6 billion. The increase was largely accounted for by increases in the earnings of finance affiliates, mostly in Latin America, and of banking affiliates, mostly in Europe and the Caribbean. Earnings of petroleum affiliates rose slightly, but remained depressed, partly as a result of low crude oil prices. Earnings of manufacturing affiliates edged up. Payments of income on foreign direct investment in the United States increased to $12.4 billion from $11.1 billion. The increase was largely accounted for by increases in the earnings of manufacturing affiliates, particularly those owned by Western European and Canadian companies, and of insurance affiliates. Earnings of banking affiliates decreased, largely as a result of a decline in the earnings of Japanese-owned affiliates. "Other" private income receipts decreased to $35.8 billion from $36.0 billion. Decreases in receipts of interest on bank and nonbank claims, resulting mostly from a decline in average yields, more than offset an increase in receipts on foreign securities. "Other" private income payments decreased to $31.9 billion from $32.4 billion. Decreases in payments of interest on bank and nonbank liabilities, which resulted from declines in average liabilities outstanding and in average yields, more than offset an increase in payments on U.S. securities. U.S. Government income receipts decreased to $0.9 billion from $1.0 billion, and U.S. Government income payments were unchanged at $22.7 billion. Compensation of'employees.—As part of this year's annual revision of the U.S. international transactions accounts, compensation of employees has been reclassified to the income account from the services account to reflect the fact that compensation of employees is more appropriately classified as a return on a factor of production. For more information on the reclassification, see "U.S. International Transactions, Revised Estimates for 1982-98" in this issue. In the first quarter, receipts for employee compensation were unchanged at $0.5 billion, and payments for employee compensation edged higher to $1.9 billion from $1.8 billion. Unilateral current transfers Unilateral transfers, which were previously shown in the current account, have been split into unilateral current transfers and unilateral capital transfers. Unilateral current transfers remain in the current account. Unilateral capital transfers—which are transfers of existing assets or claims and so do not reflect current productionhave been reclassified to, but are not shown separately in, the newly defined capital account. For more information, see "U.S. International Transactions, Revised Estimates for 1982-98" in this issue. In the first quarter, net unilateral current transfers were $10.1 billion, compared with $13.5 billion July 1999 SURVEY OF CURRENT BUSINESS • 8l large net U.S. purchases. Fourth-quarter net U.S. purchases of foreign securities were boosted by two exceptionally large acquisitions of U.S. companies by foreign companies through exchanges of stock. in the fourth. The decrease was more than accounted for by a decline in U.S. Government grants, which were boosted in the fourth quarter by grants to Israel. Capital Account U.S. official reserve assets.—Net U.S. official reserve assets decreased $4.1 billion in the first quarter, in contrast to an increase of $2.4 billion in the fourth (table D). The first-quarter decrease was largely attributable to payments of U.S. dollars by foreign countries to the International Monetary Fund (IMF) that exceeded the demand for U.S. dollars through IMF member drawings, which reduced the U.S. reserve position in the IMF. In a transfer of assets that had no net effect on U.S. official reserve assets, the United States paid in euros the equivalent value of $3.7 billion from U.S. foreign currency reserves to the IMF in exchange for an equal increase in the U.S. reserve position in the IMF; the payment of euros satisfied the U.S. portion of an IMF quota increase that must be paid in foreign currency reserve assets. The capital account is a newly defined account that is intended to capture capital transfers of existing assets and claims and the acquisition and disposal of nonproduced nonfinancial assets. For more information, see "U.S. International Transactions, Revised Estimates for 1982-98" in this issue. In the first quarter, net capital account transactions—which consist mainly of debt forgiveness and transfers of goods and financial assets by migrants as they enter or leave the country—were unchanged at $0.2 billion. Financial Account The financial account had previously been shown as the capital account. For more information, see "U.S. International Transactions, Revised Estimates for 1982-98" in this issue. In the first quarter, net recorded financial inflows were $84.1 billion, down from $99.2 billion in the fourth. Financial inflows for foreignowned assets in the United States slowed sharply, and transactions in U.S.-owned assets abroad shifted to financial inflows. Claims reported by banks.—U.S. claims on foreigners reported by U.S. banks decreased $35.2 billion in the first quarter, following a decrease of $37.2 billion in the fourth. In the first quarter, U.S. claims on foreigners in most areas of the world decreased, partly as a result of weak foreign demand for external bank credit, the curtailment of lending by U.S. banks to emerging market countries, and an increase in the attractiveness to U.S. banks of investing in long-term U.S. Government securities, which increased in yield during the quarter, rather than extending bank loans at short-term interest rates. Banks' own claims payable in dollars decreased $39.6 billion, following a decrease of $33.7 billion. The first-quarter decrease was more than U.S.-owned assets abroad Net U.S.-owned assets abroad decreased $9.2 billion in the first quarter, in contrast to an increase of $50.6 billion in the fourth. The shift to financial inflows was more than accounted for by a shift to net U.S. sales of foreign securities from Table D.-Selected•rransactions with Official Agencies [Millions of dollars] 1997 1997 I Changes in foreign official assets in the United States, net (decrease - ) (table 1 line 56) Industrial countriesl Members of OPEC 2 Other countries Activity under U.S. official reciprocal currency arrangements with foreign monetary authorities:3 Foreign drawings, or repayments (-), net Drawings Repayments 27,524 -6,177 17,910 6,561 7,137 1,673 2,477 -14,411 -6,784 -236 -1,010 --3,500 -3,500 p Preliminary. 1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. 2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes II 18,119 -21,684 10,200 -7,025 12,124 -11,499 -4,205 -3,160 Changes in U.S. official reserve assets, net (increase - ) (table 1, line 41) 1998 1999 1998 Ill IV 23,260 -26,488 4,729 -19,000 4,224 -910 14,307 -6,578 -730 ^,524 I II III 11,004 -10,551 ^ 6 , 4 8 9 - 5 6 -9,740 -6,174 -1,257 -657 -11,642 12,317 -154 -28,673 -444 -1,945 -2,026 IV \P Change: 1998 I V 19991 24,352 8,945 2,057 13,350 8,568 3,679 4,730 159 -15,784 -5,266 2,673 -13,191 -2,369 4,068 6,437 4,480 -0,500 -3,500 Ecuador beginning January 1993 and Gabon beginning January 1995. 3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund. 82 • July 1999 SURVEY OF CURRENT BUSINESS accounted for by the repayment of borrowings by foreign banks to U.S. banks. U.S. claims on foreign public borrowers increased, partly as a result of lending by U.S. securities brokers and dealers to public borrowers in Western Europe and Asia. Banks' own claims payable in foreign currencies increased $5.8 billion, following an increase of $4.1 billion. The first-quarter increase was more than accounted for by increases in claims on Western Europe and on the Caribbean. Banks' domestic customers' claims decreased $1.4 billion, following a decrease of $7.6 billion. In the first quarter, an increase in banks' domestic customers' dollar deposits abroad was more than offset by decreases in customers' other claims. Foreign securities.—Net U.S. sales of foreign securities were $8.5 billion in the first quarter, following net purchases of $70.8 billion in the fourth quarter that included two exceptionally large acquisitions of U.S. companies by foreign companies through exchanges of stock. If the effects of these exchanges are excluded, net U.S. sales of foreign stocks of $8.3 billion in the first quarter are about a third greater than net U.S. sales in the fourth quarter. Net U.S. sales of foreign bonds were $0.1 billion, down from $8.6 billion. Net U.S. sales of foreign stocks continued for the third consecutive quarter. In the first quarter, net U.S. sales of foreign stocks in European markets increased, partly as a result of U.S. investors' concerns that economic growth in some euro area countries remained weak and that the depreciation of the euro against the dollar would lead to capital losses. In contrast, net U.S. purchases from Japan accelerated, as Japanese stock prices rose sharply amid indications that Japanese companies were intensifying their restructuring efforts. Net U.S. purchases of other Asian stocks increased modestly. Net U.S. sales of foreign bonds were small, following moderate net sales in the last two quarters of 1998, and gross trading volume continued to decline from levels reached at the peak of last year's global financial market turmoil. In the first quarter, new foreign issues in the United States were restrained by rising U.S. long-term interest rates and by the absence of borrowers from Western Europe. Issuance by emerging market countries picked up, partly as a result of an increase in borrowing by Latin American governments; issuance by corporations from emerging markets remained depressed. Net U.S. sales of outstanding bonds slowed, partly as a result of a shift to net U.S. purchases from Japan. Direct investment—Net financial outflows for U.S. direct investment abroad were $38.3 billion in the first quarter, up from $30.8 billion in the fourth. The increase was largely accounted for by an increase in net equity outflows that partly resulted from acquisitions of manufacturing companies in Western Europe and from equity outflows to existing foreign affiliates in Australia, Indonesia, and Thailand. Reinvested earnings increased as a result of a rise in affiliate earnings. In contrast, net intercompany debt outflows decreased. Foreign-owned assets in the United States Net foreign-owned assets in the United States increased $74.9 billion in the first quarter, following an increase of $149.8 billion in the fourth. The sharp slowdown in financial inflows was more than accounted for by a drop in net inflows for foreign direct investment in the United States, which were boosted in the fourth quarter by the two exceptionally large acquisitions of U.S. companies by foreign companies. First-quarter inflows were also slowed by a shift to net foreign sales of U.S. Treasury securities and by a smaller increase in net foreign official assets in the United States in the first quarter than in the fourth. Foreign official assets.—Net foreign official assets in the United States increased $8.6 billion in the first quarter, following an increase of $24.4 billion in the fourth (table D). The fourth-quarter increase was mostly accounted for by increases in assets of industrial countries and of a few members of OPEC. Liabilities reported by banks.—U.S. liabilities to foreigners reported by U.S. banks, excluding U.S. Treasury securities, decreased $14.5 billion in the first quarter, following a decrease of $21.8 billion in the fourth. The first-quarter decrease partly reflected weak U.S. and foreign demand for bank credit, the availability of adequate funding for U.S. banks from domestic sources, and an increase in the attractiveness to foreigners of investing in long-term bonds, which increased in yield during the quarter, rather than investing in short-term bank deposits. Banks' own liabilities payable in dollars decreased $9.2 billion, following a decrease of $27.2 billion. The first-quarter decrease was mostly attributable to the repayment of borrowings by foreign-owned banks in the United States to their own offices in Japan, the Caribbean, and the United Kingdom. U.S. liabilities to nonbank private foreigners increased, partly as a result of SURVEY OF CURRENT BUSINESS borrowing by U.S. brokers and dealers through repurchase agreements with bond mutual funds in the Caribbean. Bank-reported liabilities payable in foreign currencies increased $4.3 billion, following an increase of $4.5 billion. The first-quarter increase was mostly accounted for by increases in liabilities to Western Europe and to the Caribbean. Banks' custody liabilities payable in dollars decreased $9.7 billion, in contrast to an increase of $0.9 billion. U.S. Treasury securities.—Net foreign transactions in U.S. Treasury securities shifted to net foreign sales of $11.4 billion in the first quarter from net foreign purchases of $24.4 billion in the fourth. U.S. Treasury bond prices declined in the first quarter, as yields rose from the historically low levels reached in the fourth quarter. The decline in prices was partly attributable to investors' concerns that U.S. inflation might soon accelerate and to an easing of tensions in financial markets that reduced the demand for U.S. Treasury securities as safe and liquid investments. Net foreign purchases of short-term U.S. Treasury securities decreased sharply to $1.5 billion from a record $16.9 billion. Net foreign transactions in long-term U.S. Treasury securities shifted to net foreign sales of $12.9 billion from net foreign purchases of $7.5 billion. Net sales of long-term securities by some Asian investors were partly attributable to an increase in the returns available on Japanese securities and to portfolio rebalancing at the end of the Japanese fiscal year. Net sales by the Caribbean accelerated, and net sales by Western Europe slowed sharply. Other U.S. securities.—Net foreign purchases of U.S. securities other than U.S. Treasury securities increased to $59.5 billion in the first quarter from $49.3 billion in the fourth. Net foreign purchases of U.S. stocks were $9.4 billion, up from $8.4 billion, and net foreign purchases of U.S. corporate and other bonds were $50.1 billion, up from $40.9 billion. The increase in net foreign purchases of U.S. stocks was partly attributable to a rise in U.S. stock prices. Net foreign purchases by Western Europe increased sharply, partly reflecting the attractiveness of continued strong U.S. economic growth relative to the weaker growth in some European countries. In contrast, transactions by Japanese investors shifted to net sales, partly as a result of a surge in Japanese stock July 1999 • 83 prices that boosted the attractiveness of investing in Japanese equities. Transactions by the Caribbean also shifted to net sales. The acceleration in net foreign purchases of U.S. corporate and other bonds was largely attributable to an increase in net foreign purchases of U.S. federally sponsored agency bonds. A shift to net purchases of agency bonds by the Caribbean more than offset decreases in net purchases by Western Europe and by Japan. New issues sold abroad by U.S. corporations were relatively weak for the second consecutive quarter as a result of curtailed issuance by nonbank financial corporations. Net foreign purchases of other U.S. bonds remained strong, partly reflecting the attractive spreads available on U.S. corporate bonds in an environment of improving liquidity for U.S. corporate issues. U.S. currency.—Net outflows of U.S. currency were $2.4 billion in the first quarter, down from $6.3 billion in the fourth. Direct investment.—Net financial inflows for foreign direct investment in the United States fell sharply to $19.1 billion in the first quarter from $120.5 billion in the fourth, when they were boosted by the two exceptionally large acquisitions of U.S. companies by foreign firms. Firstquarter net equity inflows decreased to their lowest level since the second quarter of 1995, and net intercompany debt inflows also declined. These decreases were partly offset by an increase in reinvested earnings. Tables 1 through 10a follow. Q Data Availability The current and historical estimates that are presented in tables l-ioa of the U.S. international transactions accounts are available as compressed files on BEA'S Web site at <www.bea.doc.gov>; click on Catalog of Products, and look under International Accounts Products, Balance of Payments. The estimates are also available from BEA on the following diskettes: • U.S. International Transactions. The most recently released annual and quarterly estimates are available as a l-year subscription (four installments)— product number IDS-OOOI, price $80.00. The subscription also includes the diskette of the historical estimates (see below). • U.S. International Transactions, First Quarter 1999. Annual estimates for 1996-1998 and quarterly estimates for 1997:1-1999:1 on a single diskette— product number iDN-0236, price $20.00. • U.S. International Transactions, Historical Series. All the available historical annual and quarterly estimates on a single diskette—product number iDN-0237, price $20.00. To order, call the BEA Order Desk at 1-800-704-0415 (outside the United States, call 202-606-9666). SURVEY OF CURRENT BUSINESS 84 • July 1999 Table 1.—U.S. International [Millions 1 1966 1967 1968 46,454 49,353 54,911 38,926 41,333 45,543 29,310 30,666 9,616 2,721 10,667 3,191 Travel Passenger fares Other transportation 1,590 317 2,333 Royalties and license fees 5 Other private services 5 U.S. Government miscellaneous services . Income receipts Income receipts on U.S.-owned assets abroad .... Direct investment receipts Other private receipts U.S. Government receipts Compensation of employees 1970 1971 1972 60,132 68,387 72,384 81,986 113,050 49,220 56,640 59,677 67,222 91,242 33,626 36,414 42,469 43,319 49,381 71,410 11,917 3,939 12,806 4,138 14,171 4,214 16,358 5,472 17,841 5,856 1,646 371 2,426 1,775 411 2,548 2,043 450 2,652 2,331 544 3,125 2,534 615 3,299 1,516 814 326 1,747 951 336 1,867 1,024 353 2,019 1,160 343 2,331 1,294 332 7,528 7,528 5,260 1,669 599 8,021 8,021 5,603 1,781 636 9,367 9,367 6,591 2,021 756 10,913 10,913 7,649 2,338 925 -38,468 -41,476 -48,671 -35,987 -38,729 -45,293 Goods, balance of payments basis 2 -25,493 -26,866 -32,991 Services3 Direct defense expenditures -10,494 -3,764 -11,863 -4,378 -2,657 -753 -2,161 Line (Credits+; d e b i t s - ) 1973 1974 1975 1976 1977 1978 1979 220,516 287,965 178,428 224,131 142,075 184,439 36,353 8,209 39,692 6,981 Current account Exports of goods and services and income receipts Exports of goods and services Goods, balance of payments basis 2 Services3 Transfers under U.S. military agency sales contracts 4 , Imports of goods and services and income payments . Imports of goods and services Travel Passenger fares Other transportation Other private services 5 U.S. Government miscellaneous services . Income payments Income payments on foreign-owned assets in the United States , Direct investment payments Other private payments U.S. Government payments Compensation of employees Unilateral current transfers, net U.S. Government grants 4 U.S. Government pensions and other transfers .... Private remittances and other transfers 6 157,936 132,585 107,088 25,497 6,256 172,090 19,832 5,369 148,484 120,897 98,306 22,591 5,197 27,971 5,826 184,655 152,301 120,816 31,485 7,554 2,817 699 3,579 3,412 975 4,465 4,032 1,104 5,697 4,697 1,039 5,840 5,742 1,229 6,747 6,150 1,366 7,090 7,183 1,603 8,136 8,441 2,156 9,971 2,545 1,546 347 2,770 1,764 357 3,225 1,985 401 3,821 2,321 419 4,300 2,920 446 4,353 3,584 489 4,920 3,848 557 5,885 4,717 620 6,184 5,439 520 11,748 11,748 8,169 2,671 907 12,707 12,707 9,160 2,641 906 14,765 14,765 10,949 2,949 21,808 21,808 16,542 4,330 936 27,587 27,587 19,157 7,356 1,074 25,351 25,351 16,595 7,644 1,112 29,375 29,375 18,999 9,043 1,332 32,354 32,354 19,673 11,057 1,625 42,088 42,088 25,458 14,788 1,843 63,834 63,834 38,183 23,356 2,295 -53,998 -59,901 -66,414 -79,237 -137,274 -132,745 -162,109 -193,764 -229,870 -281,657 ^9,129 -64,386 -60,979 -72,665 -69,342 -125,190 -120,181 -148,798 -179,547 -208,191 -248,696 -35,807 -39,866 -45,579 -55,797 -70,499 -103,811 -98,185 -124,228 -151,907 -176,002 -212,007 -12,302 -4,535 -13,322 -4,856 -14,520 -4,855 -15,400 —4,819 -1,784 -18,843 -4,629 -21,379 -6,032 -21,996 -4,795 -24,570 -4,895 -27,640 -6,823 -62,189 -7,352 -36,689 -6,294 -3,207 -629 -2,157 -3,030 -885 -2,367 -3,373 -1,080 -2,455 -3,980 -1,215 -2,843 -4,373 -1,290 -3,130 -5,042 -1,596 -5,520 -6,526 -1,790 -4,694 -5,980 -2,095 -5,942 -6,417 -2,263 -5,708 -6,856 -2,568 -6,852 -7,451 -2,748 -7,972 -6,475 -2,896 -9,124 -9,413 -3,184 -10,906 -140 -506 -513 -166 -565 -561 -186 -668 -631 -221 -751 -586 -224 -827 -576 -241 -456 -592 -294 -1,043 -589 -385 -1,180 -640 -346 -1,262 -722 -472 -1,551 -789 -482 -2,006 -911 -504 -2,190 -951 -671 -2,573 -1,099 -831 -2,822 -1,239 -2,481 -2,481 -711 -1,221 -549 -2,747 -2,747 -821 -1,328 -598 -3,378 -3,378 -876 -1,800 -702 -4,869 -4,869 -848 -3,244 -777 -6,515 -5,515 -375 -3,617 -1,024 -5,435 -5,435 -1,164 -2,428 -1,844 -6,572 -6,572 -1,284 -2,604 -2,684 -9,655 -9,655 -1,610 -4,209 -6,836 -12,084 -12,084 -1,331 -6,491 -4,262 -12,564 -12,564 -2,234 -5,788 -4,542 -13,311 -13,311 -3,110 -6,681 -4,520 -14,217 -14,217 -2,834 -5,841 -6,542 -21,680 -21,680 -4,211 -8,795 -8,674 -62,961 -32,961 -6,357 -15,481 -11,122 -4,955 -3,802 -499 -655 -5,294 -3,844 -671 -679 -5,629 -4,256 -637 -836 -5,735 -4,259 -537 -939 -6,156 -4,449 -611 -1,096 -7,402 -6,589 -696 -1,117 -8,544 -6,665 -770 -1,109 -€,913 -4,748 -915 -1,250 -9,249 -7,293 -939 -1,017 -7,075 -5,101 -1,068 -906 -5,686 -3,519 -1,250 -917 -5,226 -2,990 -1,378 -859 -5,788 -3,412 -1,532 -644 -6,593 ^,015 -1,658 -920 -7,321 -9,757 -10,977 -11,585 -8,470 -11,758 -13,787 -22,874 -34,745 -39,703 -51,269 -34,785 -61,130 -64,915 570 571 53 1,170 -870 1,173 -1,179 -967 3,066 866 468 1,350 382 706 547 7 153 -1 158 -1,467 -849 -2,558 9 -33 182 -172 -1,265 -30 732 -65 1,249 4,231 -4,683 6 -65 3 -466 -617 -78 -2,212 -268 -675 -118 -121 -294 158 -189 257 366 -5,001 4,826 541 -3,474 -5,941 2,475 -9 -4,214 -6,943 2,596 133 -3,693 -6,445 2,719 33 -4,660 -7,470 2,941 -131 -3,746 -7,697 3,926 25 4 142,716 114,745 Capital and financial account Capital account 39 Capital account transactions, net Financial account U.S.-owned assets abroad, net (increase/financial outflow (-)) 537 -538 -94 -1,023 -870 -1,173 -1,034 822 3,348 787 16 389 2,156 U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, net -1,543 -2,513 1,235 -265 -2,423 -3,638 1,005 209 -2,274 -3,722 1,386 62 -2,200 -3,489 1,200 89 -1,589 -3,293 1,721 -16 -1,884 -4,181 2,115 182 -1,568 -6,819 2,086 165 -2,644 -4,638 2,596 -602 U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere -6,347 -6,418 -720 -7,386 -4,805 -1,308 -7,833 -5,295 -1,569 -6,206 -6,960 -1,549 -10,229 -7,590 -1,076 -12,940 -7,618 -1,113 -12,925 -7,747 -618 -20,388 -11,353 -671 -33,643 -9,052 -1,854 -35,380 -14,244 -6,247 ^4,498 -11,949 -8,885 -60,717 -11,890 -6,460 -57,202 -16,056 -3,626 -61,176 -25,222 -4,726 -442 233 -779 -495 -1,203 233 -126 -570 -696 -967 -1,229 -2,980 -1,054 -6,506 -2,383 -6,980 -3,221 -19,516 -1,357 -13,532 -2,296 -21,368 -1,940 -11,427 -3,853 -63,667 -5,014 -26,213 3,661 7,379 9,928 12,702 6,359 22,970 21,461 18,388 35,341 17,170 38,018 53,219 67,036 40,852 -672 -1,527 -1,548 21 113 742 3,451 2,261 2222 39 83 1,106 -774 -769 -798 29 -15 10 -1,301 -2,343 -2,269 -74 251 792 6,908 9,439 9,411 28 -456 -2,075 26,879 26,570 26,578 -6 -510 819 10,475 8,470 8,213 257 182 1,638 185 6,026 641 59 582 936 4,126 323 10,546 4,172 3,270 902 301 5,818 254 7,027 5,563 4,658 905 1,517 -2,158 2,104 17,693 9,892 9,319 573 4,627 969 2,205 36,816 32,538 30,230 2,308 1,400 773 2,105 33,678 24,221 23,555 666 2,476 5,551 1,430 -13,665 -21,972 -22,435 463 -40 7,213 1,135 4,333 425 -656 906 3,928 698 -135 1,016 10,703 807 136 4,414 14,002 1,263 -68 3,130 -550 1,464 81 2,189 -3,909 367 -24 2,289 949 -39 4,507 12,362 2,800 -216 4,041 24,796 4,760 697 378 1,100 10,143 2,603 2,590 2,503 1,500 20,326 4,347 2,783 1,284 1,500 16,403 3,728 534 2,437 1,900 476 2,882 584 1,765 1,475 3,871 792 8,886 2,014 -6,298 369 -6,911 815 4,754 1,035 4,702 1,844 16,017 319 628 -578 10,990 1,086 6,719 16,141 1,621 32,607 629 -205 438 -1,516 -219 -9,779 -1,879 -2,654 -2,558 4,417 8,955 -4,099 9,236 24,349 3,817 -877 2,940 5,047 -4,955 3,031 3,800 -1,196 2,604 5,274 -6,294 2,583 635 -685 250 5,990 -6,629 611 607 -516 91 6,044 -5,735 399 2,603 -349 2,254 6,233 -6,156 2,331 -2,260 957 -1,303 7,272 -7,402 -1,433 -6,416 973 -5,443 8,192 -8,544 -5,795 911 989 1,900 12,153 -6,913 7,140 -5,505 1,213 -4,292 15,503 -9,249 1,962 8,903 3,501 12,404 12,787 -7,075 18,116 -9,483 3,401 -6,082 16,063 -31,091 3,845 -27,246 18,137 -5,226 -14,335 -33,927 4,164 -29,763 20,408 -5,788 -15,143 -27,568 3,003 -24,565 30,873 -6,593 -285 U.S. official reserve assets, net Gold 7 Special drawing rights Reserve position in the International Monetary Fund Foreign currencies Foreign-owned assets in the United States, net (increase/financial inflow (+)) Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities 9 Other 10 Other U S Government liabilities 11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. securities other than U.S. Treasury securities U.S. currency U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere Statistical discrepancy (sum of above Hems with sign reversed) Memoranda: Balance on goods (lines 3 and 20) Balance on services (lines 4 and 21) Balance on goods and services (lines 2 and 19) Balance on income (lines 12 and 29) Unilateral current transfers, net (line 35) Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 1 3 See footnotes on page 105. 14 4,295 33,358 7,897 2,178 2,254 3,000 15 54,516 11,877 4,060 1,351 3,000 15 SURVEY OF CURRENT BUSINESS July 1999 • 85 Transactions of dollars] 1980 1982 1981 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 344,440 380,928 366,926 356,156 400,052 387,806 406,060 456,227 567,260 649,902 708,135 729,513 748,431 776,404 868,041 1,005,715 1,074,425 1,197,206 1,192,231 271,834 294,398 275,236 266,106 291,094 289,070 308,786 347,799 430,260 488,336 536,058 579,956 615,909 641,783 702,073 793,482 849,806 938,543 933,907 224,250 237,044 211,157 201,799 219,926 47,584 9,029 57,354 10,720 64,079 12,572 64,307 12,524 10,588 2,591 11,618 12,913 3,111 12,560 12,393 3,174 12,317 10,947 3,610 12,590 16 215,915 223,344 250,208 320,230 362,120 389,307 416,913 440,352 456,832 502,398 575,845 612,057 679,715 670,246 71,168 . 9,969 73,155 8,718 85,442 8,549 97,591 11,106 110,030 9,284 126,216 8,564 146,751 9,932 163,043 11,135 175,557 12,387 184,951 13,471 199,675 12,787 217,637 14,643 237,749 15,736 258,828 17,561 263,661 17,155 17,177 4,067 13,809 17,762 4,411 14,674 20,385 5,582 15,438 23,563 7,003 17,027 29,434 8,976 19,311 36,205 10,657 20,526 43,007 15,298 22,042 48,385 15,854 22,631 54,742 16,618 21,531 57,875 16,528 21,958 58,417 16,997 23,754 63,395 18,909 26,081 69,751 20,413 26,074 73,301 20,789 27,006 71,250 19,996 25,518 36,808 92,116 16 16 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 7,284 10,250 5,603 17,444 5,778 18,192 6,177 19,255 6,678 20,035 8,113 26,779 10,174 28,193 12,139 30,222 13,818 35,858 16,634 39,170 17,819 46,531 20,841 48,597 21,695 52,541 26,712 60,121 30,289 63,502 32,470 72,412 33,781 85,566 398 517 576 666 714 878 595 526 664 587 668 690 841 883 887 818 893 824 818 72,606 72,606 37,146 32,898 2,562 86,529 86,529 32,549 50,300 3,680 91,690 91,690 "29,412 58,160 4,118 90,050 90,050 31,800 53,418 4,832 108,958 108,958 35,464 68,267 5,227 98,736 98,736 35,604 57,633 5,499 97,274 96366 37,148 52,806 6,413 108,428 107,434 46,532 55,592 5,311 137,000 136,005 58,732 70,571 6,703 908 994 995 161,566 160,549 62,260 92,638 5,651 1,017 172,078 170,906 66,309 94,072 10,525 1,172 149,558 148,268 59,062 81,186 8,019 1,290 132,523 131,098 58,005 65,977 7,115 1,425 134,621 133,187 67,708 60,353 5,126 1,434 212,233 210,472 95,991 109,768 4,713 1,761 224,619 222,863 103,314 114,958 4,591 1,756 258,663 256,861 115,795 137,507 3,559 1,802 258,324 256,467 102,846 150,001 3,620 1,857 -533,774 -364,196 -555,964 -577,577 -474,144 -484,106 -530,478 -594,825 -664,167 -721,686 -759,646 -735,048 -763,187 -623,167 -450,529 -1,083,844 -1,161,533 -1,298,705 -1,368,718 -291,241 -310,570 -299,391 -323,874 -400,166 -410,950 -448,572 -500,552 -545,715 -579,844 -615,996 -609,440 -652,934 -711,722 -600,468 -891,021 -954,124 -1,043,273 -1,098,189 -549,750 -265,067 -247,642 -268,901 -532,418 -338,088 -568,425 -409,765 -447,189 -477,365 -498,337 -190,981 -536,458 -589,441 -668,590 -749,574 -803,327 -676,366 -917,178 -41,491 -10,851 -45,503 -11,564 -51,749 -12,460 -54,973 -13,087 -67,748 -12,516 -72,862 -13,108 -60,147 -13,730 -90,787 -14,950 -98,526 -15,604 -102,479 -15,313 -117,659 -17,531 -118,459 -16,409 -116,476 -13,835 -122,281 -12,086 -131,878 -10,217 -141,447 -10,043 -150,797 -11,029 -166,907 -11,698 -181,011 -12,841 -10,397 -3,607 -11,790 -11,479 -4,487 -12,474 -12,394 ^,772 -11,710 -13,149 -6,003 -12,222 "-22,913 16 -5,735 -14,843 -24,558 -6,444 -15,643 -25,913 -6,505 "-17,766 -59,310 -7,283 -19,010 -32,114 -7,729 -50,891 -33,416 -8,249 -22,172 -37,349 -10,531 -24,966 -55,322 -10,012 -54,975 -58,552 -10,603 -23,767 -40,713 -11,410 -24,524 -43,782 -13,062 -26,019 -44,916 -14,663 -27,034 -48,048 -15,818 -27,403 -52,051 -18,138 -28,959 -56,105 -19,797 -30,457 -650 -3,562 -1,287 -795 -8,159 -1,460 -943 -8,001 -1,568 -1,168 -9,040 -1,534 -1,170 -10,203 -1,735 -1,401 "-13,146 -1,686 -1,857 -16,485 -1,893 -5,601 -17,667 -1,921 -2,528 -18,930 -1,871 -3,135 -22,229 -1,919 -4,035 -25,590 -5,116 -5,161 "-22,296 -5,263 -5,032 -26,261 -2,255 -5,852 -30,386 -2,560 -6,919 -55,249 -2,623 -7,837 -37,975 -5,687 -9,390 ^3,909 -5,762 -11,292 -47,670 -2,849 -42,532 -42,532 -8,635 -51,214 -12,684 -53,626 -53,626 -6,898 -29,415 -17,313 -56,572 -56,572 "-2,103 -35,187 -19,282 -53,703 -53,703 -4,209 -30,501 -18,993 -73,977 -73,977 -8,664 -44,158 -21,155 -73,156 -73,156 -7,282 -42,745 -23,129 -81,907 -79,229 -7,192 -47,412 -24,625 -2,678 -94,273 -91,935 -8,058 -57,659 -26,218 -5,338 -118,452 -116,605 -12,576 -72,314 -31,715 -1,847 -141,842 -139,556 -7,424 -93,768 -38,364 -5,286 -143,649 -140,185 -5,907 -95,508 -40,770 -5,464 -125,608 -121,582 1,742 -82,452 •^0,872 -4,026 -110,253 -105,501 -3,341 -63,079 -39,081 -4,752 -111,445 -106,313 -9,133 -57,804 -39,376 -5,132 -150,061 -144,109 -23,467 -76,450 -44,192 -5,952 -192,823 -186,560 -52,186 -97,004 -57,370 -6,263 -207,409 -201,109 -55,568 -97,901 -67,640 -6,300 -555,432 -248,676 -46,575 -114,051 -68,050 -6,756 -270,529 -263,423 -43,441 -128,863 -91,119 -7,106 -6,349 -11,702 -17,139 -17,778 -20,661 -22,762 -24,818 -24,047 -26,139 -27,116 -27,821 9,819 -35,873 -38,522 -59,192 -55,437 -42,187 -41,966 -44,075 -5,486 -1,818 -1,044 -5,145 -2,041 l6 -4,516 -6,087 -2,251 -8,801 -6,469 -2,207 -9,103 -8,696 -2,159 -9,805 -11,268 -2,138 -9,357 -11,883 -2,372 -10,564 -10,309 -5,409 -11,330 -10,537 -5,709 -12,893 -10,860 -2,775 -13,481 -10,359 -5,224 -14,238 29,193 -3,775 -15,599 -16,320 -4,043 -15,510 -17,036 -4,104 -17,383 -14,978 -4,556 -19,658 -11,190 -5,451 -20,796 -15,337 -4,466 -22,384 -12,386 -4,239 -25,341 -13,057 -4,350 -26,668 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 199 209 235 315 301 365 493 336 -6,579 -4,479 612 -68 -469 372 672 292 617 39 7,085 6,276 -724 -2,909 -1,214 16 16 16 16 165,968 . 164,425 77,874 82,423 4,128 1,543 -65,815 -113,054 -127,825 -66,423 -40,515 -44,946 -111,933 -79,540 -106,860 -175,662 -81,570 -64,732 -74,877 -201,014 -176,566 -330,675 -380,762 -465,296 -292,818 40 -7,003 -4.082 -4,965 -1,196 -3,131 -5,858 312 9,149 -3,912 -25,293 -2,158 5,763 3,901 -1,379 5,346 -9,742 6,668 -1,010 -6,784 41 42 1,136 -1,667 -6,472 -730 -2,491 -661 -1,371 -2,552 -1,041 -66 -979 -995 -1,156 -897 -509 2,070 7,588 127 -535 -192 471 731 -44 494 -2,697 -797 5,293 -608 -2,466 -6,468 370 -25,229 2,316 -2,692 4,277 -441 1,025 -5,064 -177 -567 6,307 -537 -5,869 -546 1,501 -942 -1,280 7,578 -350 -3,575 2,915 -149 -5,118 -1,517 -5,162 -9,860 4,456 -5,097 -9,674 4,413 -5,006 -9,967 5,012 -2,821 -7,657 4,719 -2,022 -9,084 6,089 2,967 -7,680 10,370 1,233 -5,608 6,725 2,924 -12,879 16,776 -974 -1,667 -7,408 5,807 -590 -5,383 5,088 -989 -5,025 3,930 68 -5,417 5,438 -429 -4,676 4,102 242 164 -6,131 -10,063 4,292 -560 -51 -5,489 -9,599 4,490 -579 117 973 1,006 -6,506 7,625 -113 277 115 2,317 -8,410 10,856 -130 -66 -351 -6,311 6,270 -310 -45 -984 -4,859 4,125 -550 106 47 145 -73,651 -19,222 -3,568 -103,875 -9,624 -5,699 -116,729 16 -4,499 -7,983 -60,222 -12,578 -6,762 -31,896 -16,546 -4,756 -38,268 -19,121 -7,481 -110,224 -24,205 -4,271 -69,694 -55,278 -5,251 -105,915 -22,815 -7,980 -151,602 -43,726 -52,070 -81,729 -37,519 -28,765 -73,419 -58,233 -15,673 -77,111 -48,733 -49,166 -199,284 -84,412 -146,253 -181,542 -60,697 -60,309 -319,949 -99,481 -100,074 -586,441 -92,694 -115,859 -464,354 -109,955 -89,174 -285,605 -132,829 -102,817 43 44 45 46 47 48 49 50 51 52 -4,023 -46,838 -4,377 -84,175 6,823 -111,070 -10,954 -29,928 533 -10,342 -1,323 -21,773 -59,975 -7,046 -42,119 -21,193 -53,927 -27,646 -58,160 -57,824 12,379 11,097 -610 -587 21,175 766 -11,127 30,615 -56,336 -4,200 -45,286 -75,108 -86,333 -91,555 -120,403 -144,822 -25,041 -24,918 53 54 62,612 86,232 96,578 88,783 117,973 146,452 230,345 249,016 246,948 225,307 142,028 111,332 171,815 283,230 307,306 467,552 574,847 751,661 502,637 15,497 11,895 9,708 2,187 3,593 5,085 5,779 -694 5,845 6,496 6,972 3,140 4,703 4,690 39,758 43,050 41,741 1,309 -467 -319 -2,506 33,910 30,243 29,576 13 739 555 45,387 44,802 43,238 1,564 -2,326 3,918 -1,007 8,503 1,532 ^76 602 545 -1,119 -1,139 -838 -501 -159 3,145 4,960 6,322 5,019 1,303 -338 -5,670 2,646 40,477 22,403 18,454 3,949 2,191 16,571 -688 71,753 53,014 48,952 4,062 1,313 14,841 2,585 39,583 36,827 30,750 6,077 1,564 3,665 -5,473 109,880 72,712 68,977 3,735 -105 34,008 3,265 127,390 120,679 115,671 5,008 -516 5,704 1,323 18,119 -2,161 -6,690 4,529 -1,798 22,286 -208 -21,684 -3,625 -4,957 6,332 -5,113 -11,469 -3,477 55 56 57 58 59 60 61 62 47,115 16,918 15 2,645 5,457 4,500 81,272 25,195 15 2,927 6,905 3,200 203,629 58,852 -7,643 42,120 5,400 131,338 20,975 37,131 30,043 13,400 211,477 52,552 24,381 80,092 18,900 267,723 47,438 34,274 56,971 23,400 357,672 59,644 99,548 96,367 12,300 447,457 88,977 154,996 130,240 17,362 733,542 109,264 146,433 196,258 24,782 524,321 193,375 46,155 218,026 16,622 63 64 65 66 67 615 917 -4,434 3,304 908 -1,747 -350 -1,798 -2,857 -1,469 35,648 33,150 34,364 -1,214 2,195 1,187 -884 92,986 12,624 15 7,027 6,085 4,000 82,938 10,461 15 8,689 8,164 5,400 114,833 24,689 23,001 12,568 4,100 147,570 20,079 20,433 50,962 5,200 194,696 35,756 3,809 70,969 4,100 605 16 844 645 1,383 667 160 4,976 1,835 1,868 3,385 -1,586 17,389 16,147 14,846 1,301 1,367 -1,484 1,359 207,190 58,161 20,239 26,353 5,800 216,804 68,653 29,618 38,767 5,900 108,118 48,951 -2,534 1,592 18,800 93,944 23,695 18,826 35,144 15,400 149 6,852 10,743 42,128 -5,383 65,633 -118 50,342 16,626 33,849 9,851 41,045 3,325 76,737 18,363 86,537 32,893 63,744 22,086 51,780 45,133 -3,824 -3,115 3,994 13,573 16,216 10,489 25,063 1,302 104,338 59,637 30,176 39,404 16,478 107,779 149,026 9,412 40,731 68 69 20,886 21,792 37,224 16,630 17,059 17,242 30,524 -7,196 -17,535 48,920 25,454 -46,405 -46,921 3,157 -6,571 -23,683 -65,462 -143,192 10,126 70 -25,500 6,093 -19,407 30,073 -8,349 2,317 -28,023 11,852 -16,172 32,903 -11,702 5,030 -56,485 12,329 -24,156 35,118 -17,139 -6,177 -67,102 9,335 -57,767 36,347 -17,778 -39,198 -112,492 3,419 -109,073 34,981 -20,661 -94,753 -122,173 -145,081 5,295 -139,786 15,368 -24,818 -149,236 -159,557 6,804 -152,753 14,155 -54,047 -162,645 -126,959 11,504 -115,455 18,548 -26,139 -123,046 -115,245 23,736 ^91,509 19,724 -27,116 -98,900 -109,030 29,091 -79,939 28,429 -27,821 -79,332 -74,068 44,584 -29,484 23,950 9,819 4,284 -96,106 59,081 -37,025 22,269 -55,873 -50,629 -132,609 62,669 -69,940 23,176 -58,522 -65,286 -166,192 67,797 -98,395 15,907 -39,192 -121,680 -173,729 76,190 -97,539 19,410 -55,437 -113,566 -191,270 86,952 -104,318 17,210 -42,187 -129,295 -196,651 91,921 -104,730 3,231 -41,966 -143,465 -546,932 82,650 -164,282 -12,205 -44,075 -220,562 71 72 73 74 75 76 294 -121,880 25,580 -52,762 -119,062 SURVEY OF CURRENT BUSINESS 86 • July 1999 Table 1.—U.S. International [Millions Not seasonally adjusted (Credits+; d e b i t s - ) 1 Line 1987 Current account 105,047 112,479 114,501 124,200 135,490 141,103 141,291 149,376 85,739 87,820 93,773 61,614 77,852 84,150 Services3 Transfers under U.S. military agency sales contracts 4 22,821 3,113 24,056 3,235 26,206 2,584 24,508 2,174 108,082 81,222 26,860 2,540 111,665 61,683 102,608 77,006 25,602 2,441 107,906 Goods, balance of payments basis 2 80,467 57,646 30,054 2,536 27,515 1,767 4,756 1,325 3,926 5,827 1,784 4,167 5,691 1,664 4,489 5,933 1,820 4,676 7,117 2,233 4,874 9,201 2,930 4,916 7,182 1,993 4,845 2,239 7,359 3,056 7,313 122 2,686 2,890 7,026 179 2,869 3,694 7,860 103 2,377 6,542 124 7,288 2,231 4,446 2,502 6,979 24,580 24,334 10,333 12,617 1,384 26,740 26,492 11,848 13,366 1,279 33,385 33,136 13,311 18,502 1,323 248 32,882 32,633 13,972 15,936 2,725 249 33,022 32,775 15,341 16,227 1,207 246 30,426 30,176 13,296 15,737 1,143 250 -158,672 247 249 250 -156,964 -165,217 -168,591 -173,395 -129,801 -107,442 -22,359 -3,831 -6,293 -1,648 -5,173 -603 -4,343 -468 -27,163 -26,687 -3,012 -16,441 -7,234 -476 -6,262 -2,297 -552 -3,412 -136,691 -137,941 -141,281 -111,540 -25,151 -3,868 -110,605 -27,336 -3,851 -117,602 -8,498 -2,008 -5,329 -10,388 -2,320 -5,241 -3,935 -1,753 -5,147 -640 -4,349 -459 -364 -4,341 -530 -694 -4,633 -463 Exports of goods and services and income receipts Exports of goods and services .-. Travel Passenger fares Other transportation Other private services 5 U.S. Government miscellaneous services Income receipts Income receipts on U.S.-owned assets abroad . Direct investment receipts Other private receipts U.S. Government receipts Compensation of employees Imports of goods and services and income payments 177 26,681 26,431 11,054 13,872 1,505 250 -153,837 -134,348 -147,969 -112,883 -124,684 -129,789 -133,197 -93,587 -19,296 -3,613 -101,248 -104,400 -23,436 -3,608 -25,389 -3,788 -110,530 -22,667 -3,942 Other transportation -5,521 -1,489 -4,097 -8,221 -1,899 -4,710 Royalties and license fees 5 Other private services 5 U.S. Government miscellaneous services . -381 • -466 ^,097 -436 -5,302 -2,248 -4,916 -458 -4,136 -540 -24,049 -23,498 Imports of goods and services Goods, balance of payments basis 2 Services3 Direct defense expenditures Travel % -21,465 -20,836 Income payments . Income payment ...... investment payments.. Other private payments U.S. Government payments Compensation of employees -2,090 -12,294 -6,452 -629 -6,396 Unilateral current transfers, net U.S. Government grants 4 U.S. Government pensions and other transfers . Private remittances and other transfers 6 -2,116 -543 -5,738 -23,285 -22,673 -2,139 -14,031 -6,503 -612 -5,458 -2,283 -506 -2,669 -2,538 -14,433 -6,527 -551 -5,790 -2,245 -574 -2,971 -6,266 -1,648 -5,287 -552 ^,435 -538 -25,475 -24,929 -1,292 -16,901 -6,736 -546 -7,403 ^3,665 -786 -2,952 7,923 124 7,413 189 173 37,711 37,461 16,108 19,906 1,447 -23,679 -4,054 -28,526 -28,068 -3,524 -16,814 -7,730 -458 -30,650 -30,237 -3,162 -18,842 -3,233 -5,622 -1,982 -644 -2,997 -5,984 -2,395 -588 -3,001 -8,271 -3,863 118 130 136 -413 -32,114 -31,614 -£,879 -20,217 -8,518 -500 -924 -3,483 Capital and financial account Capital account 94 87 Capital account transactions, net Financial account U.S.-owned assets abroad, net (increase/financial outflow (-)) U.S. official reserve assets, net 7 7,501 -28,437 -28,474 -30,770 32 1,503 -26,505 39 -51,120 3,419 -30,131 3,741 1,534 1,956 -7,380 1,925 76 606 1,274 -171 335 3,255 -210 407 -165 -205 722 3,225 155 446 901 180 69 -210 -35 202 -7,547 -173 307 1,791 -121 -378 1,010 -153 -92 289 -2,067 2,360 -4 929 -1,343 -1,675 -2,118 1,867 159 2,388 -116 1,031 108 -820 -2,021 1,177 23 1,988 -1,458 3,386 60 3,474 -1,388 4,776 86 -28,795 -9,457 -1,159 -1,319 -34,801 -3,398 -2,056 -724 -25,724 -5,705 1,318 -22,623 65,396 1,706 -6,318 -4,504 -3,454 15,982 -45,728 -8,974 -1,500 -5,217 -30,037 -36,169 -1,818 -3,294 -2,568 -28,489 31,882 75,064 53,185 86,818 24,925 27,568 27,730 -162 -48 -1,751 -844 6,006 6,055 5,853 202 -442 -1,974 -3,197 -3,769 572 810 -417 -155 1,886 -508 10,801 12,624 11,927 697 178 -1,264 -737 6,956 55,160 14,167 3,443 7,464 1,300 6,399 22,387 76,017 21,467 5,412 600 12,593 -22,849 69,058 14,250 5,473 9,702 2,200 6,742 30,691 Gold Special drawing rights Reserve position in the International Monetary Fund Foreign currencies U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, net -31,764 -9,316 -287 -2,814 U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns .... U.S. claims reported by U.S. banks, not included elsewhere 5,666 -7,107 -1,749 -5,715 20,237 -22,873 Foreign-owned assets in the United States, net (increase/financial inflow (+)) ... 42,227 57,917 83,477 14,199 12,131 764 1,555 841 714 -131 -360 10,445 11,340 11,084 256 -1,228 615 -283 12,863 -2,826 18,372 500 6,151 -7,032 47,472 9,178 -2,431 15,960 1,700 5,595 17,470 82,713 21,095 -2,835 12,676 1,000 Statistical discrepancy (sum of above items with sign reversed) -15,119 11,377 -3,971 6,517 -5,788 -18,942 31,089 -23,893 Balance on goods (lines 3 and 20) Balance on services (lines 4 and 21) Balance on ooods and services (lines 2 and 19) Balance on income (lines 12 and 29) Unilateral current transfers, net (line 35) Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 1 3 , -35,941 -39,565 619 -38,946 3,456 -42,786 817 -41,969 2,633 -5,790 -45,126 -41,265 1,841 -30,436 3,243 -30,318 1,708 -39,424 4,952 -7,403 -27,193 5,719 -3,262 -41,874 -27,736 -28,610 4,496 -5,622 -29,735 -32,753 2,718 -30,035 2,735 -5,984 -33,284 -33,452 3,835 -29,617 5,597 -8,271 -32,291 Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other U.S. G o w m m e S l J a S i e s " U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 Other foreign assets in the United States, net Direct investment U.S. Treasury securities , U.S. securities other than U.S. Treasury securities U S currency U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns ., U.S. liabilities reported by U.S. banks, not included elsewhere See footnotes on page 105. 12,193 -62 -1,115 3,543 3,525 -32,416 3,115 -5,396 -34,697 712 -5,458 -40,948 -35 -625 19,776 19,120 656 148 -205 261 45,416 15,716 449 6,656 2,200 -39 44,121 31,978 8,278 5,911 2,423 -3,954 -11,383 6,764 1,700 7,159 33,515 SURVEY OF CURRENT BUSINESS July 1999 • 87 Transactions—Continued of dollars] Not seasonally adjusted 1990 1989 I II I IV III II 1991 IV III I 1992 III II I IV II Line IV III 157,041 165,324 160,931 166,605 171,960 176,625 173,567 185,983 181,053 183,124 179,810 185,527 185,617 187,933 185,003 189,877 1 117,893 124,276 121,405 124,762 129,928 134,511 132,592 139,027 138,613 145,970 144,719 150,654 151,649 153,507 153,023 157,730 2 88,559 94,076 87,030 92,455 96,328 99,590 92,910 100,479 101,891 106,511 100,336 108,175 109,192 110,856 105,749 114,555 3 29,334 2,161 30,200 2,142 34,375 2,417 32,307 1,844 33,600 2,147 34,921 2,327 39,682 2,954 38,548 2,502 36,722 2,688 39,459 2,748 44,383 2,586 42,479 3,112 42,457 3,399 42,651 3,006 47,274 3,158 43,175 2,824 4 5 7,553 2,270 5,000 8,643 2,483 5,184 11,003 3,387 5,087 9,007 2,517 5,255 9,289 3,192 5,318 10,541 3,663 5,334 12,466 4,526 5,680 10,712 3,917 5,710 9,544 3,094 5,382 12,033 3,818 5,559 14,736 5,034 5,806 12,072 3,908 5,884 12,283 3,834 5,276 13,680 4,034 5,343 15,977 4,944 5,420 12,802 3,806 5,492 6 7 8 3,178 9,016 155 3,301 8,300 146 3,307 9,033 143 4,032 9,508 144 3,579 9,931 145 3,966 8,890 200 4,120 9,765 170 4,970 10,585 153 4,095 11,720 200 4,272 10,884 145 4,263 11,744 213 5,189 12,182 132 4,883 12,650 131 5,113 11,204 272 5,153 12,323 299 5,692 12,420 139 9 10 11 39,148 38,899 15,386 22,363 1,150 249 41,048 40,799 15,941 23,870 988 249 39,526 39,270 14,504 22,898 1,869 256 41,844 41,581 16,429 23,507 1,645 263 42,032 41,750 16,658 23,001 2,091 282 42,114 41,822 16,914 23,073 1,835 292 40,976 40,684 14,983 23,660 2,036 292 46,956 46,650 17,749 24,338 4,563 306 42,440 42,122 16,739 22,679 2,704 318 37,155 36,836 14,675 20,486 1,675 319 35,090 34,765 12,901 19,821 2,043 325 34,873 34,545 14,747 18,200 1,597 328 33,969 33,631 14,829 17,083 1,719 338 34,426 34,080 15,868 16,678 1,534 346 31,981 31,618 13,862 15,771 1,984 363 32,148 31,770 13,447 16,445 1,878 378 12 13 14 15 16 17 -171,048 -183,809 -183,781 -183,048 -180,958 -186,972 -195,370 -196,346 -177,864 -162,438 -187,899 -186,848 -177,403 -190,501 -196,829 -198,454 -136,886 -146,806 -147,773 -148,380 -145,563 -150,947 -158,226 -161,261 -144,068 -150,117 -156,239 -159,016 -149,958 -161,575 -169,103 -172,298 -113,925 -120,776 -119,217 -123,447 -119,793 -121,451 -125,260 -131,833 -116,404 -119,828 -124,518 -130,231 -122,891 -131,718 -138,203 -143,646 18 19 20 -22,961 -3,946 -26,030 -3,908 -28,556 -3,722 -24,933 -3,736 -25,770 -4,006 -29,496 -3,910 -32,966 -4,463 -29,428 -5,152 -27,664 -5,169 -30,289 -3,933 -31,721 -3,597 -28,785 -3,710 -27,067 -3,714 -29,857 -3,438 -30,900 -3,309 -28,652 -3,374 21 22 -6,438 -1,739 -6,274 -8,827 -2,161 -5,499 -10,748 -2,560 -5,705 -7,403 -1,790 -5,694 -7,266 -2,171 -5,928 -10,289 -2,782 -5,996 -11,935 -3,224 -6,434 -7,859 -2,354 -6,608 -6,770 -2,033 -6,011 -6,816 -2,641 -6,181 -10,862 -2,884 -6,510 -7,874 -2,455 -6,273 -7,772 -2,371 -5,768 -10,459 -2,716 -5.715 -11,787 -2,974 -6,239 -8,534 -2,542 -6,045 23 24 25 -610 -4,522 -431 -636 -4,560 -439 -572 -4,763 -486 -710 -5,085 -515 -715 -5,222 ^63 -698 -5,326 -494 -600 -5,600 -510 -923 -6,081 -451 -682 -6,328 -472 -1,006 -6,224 -489 -1,080 -6,170 -618 -1,067 -6,869 -537 -1,359 -5,592 -491 -1,106 -5,808 -616 -1,520 -4,487 -584 -1,177 -6,409 -572 26 27 28 -34,162 -33,646 -2,040 -22,369 -9,237 -516 -37,004 -36,477 -3,058 -23,893 -9,526 -527 -36,008 -35,451 -2,203 -23,478 -9,770 -557 -34,668 -33,982 -123 -24,028 -9,831 -686 -35,395 -34,604 -700 -23,882 -10,022 -791 -36,026 -35,224 -1,557 -23,546 -10,121 -802 -37,144 -36,261 -1,999 -24,039 -10,223 -683 -35,085 -34,097 348 -24,041 -10,404 -988 -33,796 -32,912 1,087 -23,549 -10,450 -884 -32,321 -31,389 -235 -20,934 -10,220 -932 -31,660 -30,622 -562 -19,794 -10,266 -1,038 -27,832 -26,660 1,451 -18,175 -9,936 -1,172 -27,445 -26,339 785 -17,333 -4,791 -1,106 -28,926 -27,787 -1,813 -16,152 -6,822 -1,139 -27,727 -26,506 -1,730 -14,996 -9,780 -1,221 -26,156 -24,870 -584 -14,598 -9,688 -1,286 29 30 31 32 33 34 -6,373 -2,422 -659 -3,292 -5,628 -1,995 -552 -3,081 -6,736 -2,830 -652 -3,255 -6,379 -3,614 -912 -3,853 -6,897 -2,556 -721 -3,620 -7,609 -3,613 -655 -3,341 -7,509 -3,088 -739 -3,682 -6,806 -1,102 -1,109 -3,595 14,649 19,445 -773 ^1,023 3,966 8,285 -680 -3,638 -2,947 1,730 -774 -3,903 -6,849 -267 -1,548 -4,035 -7,747 -3,040 -722 -3,985 -8,242 -3,532 -1,008 -3,702 -7,951 -3,161 -692 -3,898 -11,932 -6,586 -1,421 -3,926 35 36 37 38 128 133 139 -64 -19 157 165 +m -941 73 -3,786 175 152 111 173 176 39 -55,705 -10,926 -54,169 -64,862 36,410 -39,250 -45,192 -33,538 -11,760 -1,097 -17,624 -34,252 -12,569 -17,954 -15,135 -29,219 40 ^,000 -12,095 -5,996 -3,202 -3,177 371 1,739 -1,091 -353 1,014 3,877 1,225 -1,057 1,464 1,952 1,542 -188 316 -4,128 68 -159 -12,004 -211 337 -6,122 -204 -23 -2,975 -247 234 -3,164 -216 493 94 363 8 1,368 -93 -4 -995 31 -341 -43 -190 72 1,132 6 -114 3,986 -23 17 1,232 -172 111 -996 -168 1 1,631 -173 -118 2,243 2,829 -2,685 1,398 41 42 43 44 45 891 -1,007 1,894 3 -287 -1,174 834 53 592 -2,136 2,759 -32 37 -1,292 1,238 91 -716 -1,871 1,229 -74 -836 -2,019 1,169 14 -332 -1,349 1,044 -28 4,201 -3,171 7,414 -43 619 -2,018 2,700 -63 -508 -1,061 755 -202 3,281 -8,724 12,442 -437 -469 -1,077 880 -272 -329 -1,517 1,256 -68 -372 -1,247 1,014 -139 -322 -1,980 1,429 229 -644 -2,664 2,108 -89 46 47 48 49 -52,595 -14,067 -2225 -9,293 -27,010 1,456 -10,430 -6,192 -5,767 23,844 -48,765 -11,298 -9,149 -5,924 -22,394 -51,698 -7,932 -4,504 -6,662 -32,600 40,303 -11,849 -8,580 3,019 57,713 -38,785 -6,657 -11,037 -5,069 -16,022 -46,599 -19,380 -1,037 -15,514 -10,668 -36,648 367 -6,111 -10,260 -18,644 -12,026 -15,578 -9,960 -40 13,552 -1,602 -2,986 -12,021 7,902 5,503 -24,782 -11,104 -12,550 3,341 -4,469 -35,009 -8,565 -11,142 -106 -15,196 -11,184 -21,767 -8,668 7,562 11,689 -19,046 -11,917 -8,196 -6,620 7,687 -16,765 -6,792 -13,059 -3,737 6,823 -30,116 -8,257 -19,243 2,408 -5,024 50 51 52 53 54 66,429 11,492 74,461 72,924 -22,849 42,200 64,190 58,487 8,217 13,386 33,931 55,799 31,023 51,051 36,424 53,317 55 7,700 5,355 4,634 721 -307 2,197 455 -5,115 -9,823 -9,726 -97 314 3,823 572 13,060 12,966 12,776 190 -338 -211 643 -7,142 -6,966 -7,535 569 492 -833 165 -6,421 -6,698 -6,177 -521 -195 598 -126 6,207 4,081 3,735 346 1,160 1,240 -274 13,937 12,469 12,335 134 ^08 2,141 -265 20,186 20,391 19,683 708 1,310 -594 -921 5,569 126 155 -29 769 3,908 766 -4,914 -3,764 -3,545 -219 253 -1,517 115 3,854 6,095 5,621 474 771 -3,107 95 12,879 13,690 12,615 1,075 -426 -768 383 20,988 15,380 14,916 464 -73 5,568 113 20,879 12,950 11,251 1,699 518 7,486 -75 -7,524 593 -319 912 607 -7,724 -1,000 6,133 -6,520 -7,394 874 1,138 11,241 274 56 57 58 59 60 61 62 58,730 18,348 9,561 8,544 1,400 6,637 14,240 16,606 15,837 2,489 9,365 2,300 12,000 -25,385 61,402 11,913 12,544 10,270 200 -1,121 27,596 80,067 22,556 5,024 10,588 2,000 4,570 35,329 -16,428 15,749 -1,891 1,311 3,600 12,904 -48,101 35,993 14,758 1,857 2,114 4,400 6,713 6,151 50,253 9,272 544 -2,874 5,500 16,838 20,973 38,301 9,173 -3,044 1,041 5,300 8,678 17,153 2,648 3,946 4,739 5,023 4,800 -586 -15,274 18,300 14,087 13,461 14,872 2,200 -2,549 -23,771 30,077 -660 -1,196 10,310 4,200 4,761 12,661 42,920 6,322 1,822 4,939 4,200 -4,741 30,378 10,034 2,029 686 4,569 1,300 5,689 -4,239 30,171 6,662 10,231 10,467 1,100 3,954 -2,243 43,948 3,853 4,908 2,531 6,100 4,854 21,702 47,184 8,430 21,306 12,476 4,900 -924 996 63 64 65 66 67 68 69 9,527 23,414 9,155 6,824 2,353 14,850 10,149 -1,898 -13,354 -17,016 -1,465 -14,551 -19,072 -22,398 -1,685 -3,766 70 -25,366 6,373 -18,993 4,986 -6,373 -20,380 -26,700 4,171 -22,529 4,044 -5,628 -54,113 -32,187 5,819 -26,368 3,518 -6,736 -29,586 -30,992 7,373 -23,619 7,176 -8,379 -24,822 -23,465 7,830 -15,635 6,637 -6,897 -15,895 -21,861 5,425 -16,436 6,089 -7,609 -17,957 -32,350 6,716 -25,634 3,832 -7,509 -29,312 -31,354 9,121 -22,234 11,871 -5,806 -16,169 -14,513 9,058 -5,455 8,645 14,649 17,838 -13,317 9,170 -4,147 4,834 3,966 4,653 -24,182 12,663 -11,520 3,431 -2,947 -11,036 -22,056 13,694 -8,362 7,041 -5,849 -7,171 -13,699 15,389 1,690 6,524 -7,747 467 -20,862 12,794 -8,068 5,500 -6,242 -10,809 -32,454 16,374 -16,080 4,254 -7,951 -19,777 -29,091 14,523 -14,568 5,992 -11,932 -20,509 71 72 73 74 75 76 16 16 SURVEY OF CURRENT BUSINESS 88 • July 1999 Table 1.—W.S. International [Millions Not seasonally adjusted (Credits +; debits -)» Line Current account Exports of goods and services and income receipts Exports of goods and services Goods, balance of payments basis 2 Services3 Transfers under U.S. military agency sales contracts4 . Travel Passenger fares Other transportation Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services . Income receipts Income receipts on U.S.-owned assets abroad Direct investment receipts Other private receipts U.S. Government receipts Compensation of employees Imports of goods and services and income payments . Imports of goods and services Goods, balance of payments basis 2 Services3 Direct defense expenditures Travel Passenger fares Other transportation Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services . Income payments Income payments on foreign-owned assets in the United States . Direct investment payments Other private payments U.S. Government payments Compensation of employees Unilateral current transfers, net U.S. Government grants4 U.S. Government pensions and other transfers Private remittances and other transfers6 Capital and financial account Capital account 39 Capital account transactions, net Financial account U.S.-owned assets abroad, net (increase/financial outflow (-)) U.S. official reserve assets, net Gold 7 Special drawing rights Reserve position in the International Monetary Fund Foreign currencies U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets8 U.S. foreign currency holdings and U.S. short-term assets, net U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere Foreign-owned assets in the United States, net (increase/financial inflow (+)) Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other 10 Other U.S. Government liabilities11 !..l!!.l.!.l! U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets12 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. securities other than U.S. Treasury securities U.S. currency U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere Statistical discrepancy (sum of above Hems with sign reversed) Memoranda: Balance on goods (lines 3 and 20) Balance on services (lines 4 and 21) Balance on goods and services (lines 2 and 19) Balance on income (lines 12 and 29) Unilateral current transfers, net (line 35) Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 13 See footnotes on page 105. 1993 189,622 193,937 156,562 160,867 112,163 115,849 44,399 3,690 45,018 3,419 12,710 3,800 5,392 4,994 13,608 204 33,060 32,720 16,289 15,040 1,390 340 -188,851 -163,509 -136,130 -27,379 -3,177 -8,108 -2,486 -5,887 -1,118 -6,028 -575 -55,342 -24,197 -12 -14,483 -9,702 -1,145 -6,019 -3,007 -598 -4,414 1994 191,583 157,900 108,080 49,820 3,625 14,410 17,156 3,989 4,966 5,447 5,499 5,400 5,260 13,141 12,015 286 225 33,070 33,682 32,720 33,317 17,045 16,743 14,575 15,124 1,100 1,450 350 365 -205,260 -210,986 -177,583 -183,552 -146,411 -150,278 -31,172 -33,274 -3,194 -2,919 -10,749 -12,265 -2,894 -3,281 -6,151 -6,239 -1,317 -1,219 -6,410 -6,652 -556 -601 -27,676 -27,434 -26,460 -26,110 -2,270 -2,947 -13,826 -13,878 -8,962 -9,687 -1,324 -1,216 -8,544 -3,342 -3,468 -4,097 -1,036 -813 ^,040 -4,432 201,263 166,453 120,740 45,713 2,736 202,358 165,488 118,584 46,904 2,860 1995 212,682 220,403 173,316 177,695 123,868 53,827 3,714 124,772 48,544 3,244 14,644 13,599 12,818 3,870 4,147 3,773 5,387 5,856 5,620 6,310 6,550 6,040 13,777 15,408 13,953 168 251 150 36,870 39,366 34,809 36,504 34,430 38,991 18,064 17,630 18,586 15,614 17,301 19,605 1,139 800 1,186 366 375 379 -218,071 -211,439 -232,228 -187,078 -180,048 -196,569 -156,622 -150,146 -162,953 -30,456 -29,902 -33,616 -2,797 -2,695 -8,998 -9,591 -11,848 -2,908 -2,749 -3,401 -6,024 -5,247 -6,390 -1,591 -1,259 -1,378 -7,056 -7,411 -7,172 -523 -530 -538 -35,659 -30,993 -31,391 -29,546 -30,033 -34,220 -3,904 -3,815 -5,529 -15,617 -16,032 -18,112 -10,025 -10,186 -10,579 -1,447 -1,358 -1,439 -8,274 -12,617 -8,267 -2,488 -6,463 -2,946 -845 -1,657 -747 -4,941 -4,497 ^,574 232,598 185,574 135,174 241,243 189,571 139,114 196,108 144,799 50,457 3,407 51,309 3,502 17,208 5,025 6,099 6,497 15,058 226 42,708 42,315 19,804 21,437 1,074 393 -250,037 -210,059 -173,836 -36,223 -2,487 -13,341 -3,789 -5,934 50,400 2,969 13,747 3,955 6,412 7,355 15,702 260 47,024 46,615 21,420 24,080 1,115 409 -256,825 -213,792 -181,655 -32,137 -2,366 -9,595 -2,964 -6,671 6,999 16,285 202 51,672 51,233 23,063 26,855 1,315 439 -255,178 -209,488 -177,469 -32,019 -2,572 -1,432 -7,561 -679 -1,570 -5,358 -613 -9,140 -3,119 -5,595 -1,547 -5,354 -692 -39,978 -38,426 -7,061 -20,225 -11,140 -1,552 -3,565 -3,323 -1,257 -4,985 -43,033 -41,430 -7,062 -22,081 -12,287 -1,603 -13,086 -5,221 -1,707 -5,158 -45,690 -44,235 -7,021 -23,914 -13,300 -1,455 -9,005 -2,964 -713 -5,328 13,157 4,227 6,180 253,168 200,807 140,948 59,859 4,041 14,887 19,475 4,349 5,653 6,576 6,549 7,662 7,280 16,190 14,584 262 158 53,782 52,361 53,342 51,919 23,069 24,985 27,677 27,225 1,173 1,132 442 440 -274,044 -279,814 -226,221 -229,094 -190,053 -190,433 -36,168 -38,661 -2,447 -2,446 -12,208 -13,457 -4,232 -3,883 -7,019 -6,743 -1,567 -1,787 -8,684 -9,058 -636 -562 -47,823 -50,720 -46,317 -49,095 -7,820 -5,830 -24,391 -24,413 -14,106 -14,852 -1,506 -1,625 261,414 206,996 150,984 56,012 3,693 15,876 4,680 6,776 8,348 16,443 196 54,418 53,978 24,874 28,011 1,093 440 -274,808 -226,218 -191,619 -34,599 -2,578 -10,111 -3,429 -5,677 -2,018 -9,153 -633 -48,590 ^16,913 -7,515 -24,286 -15,112 -1,677 -2,491 -816 -4,752 -8,808 -2,698 -910 -5,200 -9,565 -3,037 -1,012 -5,516 141 152 -704 -70 153 146 272 -299 253 -54,106 -545 -77,239 -673 -42,379 -44,389 3,537 -33,063 -165 -56,755 2,033 -5,318 -114,573 -2,722 -42,778 -1,893 -106,989 -59 -118 -48 -378 -194 -1,668 2,036 -562 -53,368 -14,286 -51,940 -113 -50 -480 -340 -2,925 1,580 1,005 -76,227 -29,547 -36,272 -101 ^3 45 399 -757 1,120 36 -42,719 -31,193 -19,540 -108 251 3,394 477 -1,006 1,648 -165 -48,403 -16,249 -9,229 -111 273 -327 -323 -1,372 1,383 -334 -32,575 -19,394 -12,405 -121 -27 2,181 -543 -2,248 937 368 -57,845 -13,861 -19,135 -867 -526 -3,925 -553 -1,622 1,072 -3 -60,464 -21,854 -7,631 -156 -786 -1,780 -225 -862 649 -12 -111,626 -16,213 -23,313 362 -991 -1,264 252 -1,028 1,522 -242 -41,137 -23,211 -36,144 -147 -163 501 -458 -1,347 882 7 -106,722 -38,203 -32,986 1,725 -12,133 -2,215 10,229 -20,966 -1,959 -960 184 -12,195 -12,654 -2,631 -28,348 -24,580 -47,520 13,729 4,489 -31,804 -3,729 111,881 24,277 24,076 23,106 970 718 ^15 -102 90,170 57,416 83,184 76,536 103,160 108,873 10,568 1,074 897 177 659 9,588 -753 9,455 8,282 5,922 2,360 -5 2,143 -965 19,358 18,697 16,475 2,222 284 1,177 -800 11,550 13,778 13,013 765 907 -3,415 280 67,378 12,445 3,258 17,782 6,400 87,604 19,900 8,052 37,411 3,600 79,602 5,773 9,912 21,070 5,500 47,961 6,341 -7,098 12,352 6,300 63,826 14,959 5,661 13,389 4,700 21,956 11,258 10,132 1,126 -562 10,995 265 81,204 9,834 30,011 15,734 6,400 39,302 21,116 20,598 518 -504 18,918 -228 42,281 12,095 -292 15,205 5,900 202 8,774 7,456 1,318 626 -9,243 45 76,334 20,365 25,799 10,160 6,900 129,655 37,072 26,560 25,234 1,326 54 7,510 2,948 125,864 19,073 20,443 19,098 1,345 932 -2,486 184 92,583 12,638 30,439 20,606 1,900 86,562 18,351 37,295 32,128 1,900 97,323 18,821 1,803 27,899 2,100 -215 -19,740 6,531 2,842 27,205 3,885 14,756 5,856 31,491 4,269 25,797 -1,620 26,737 -3,683 -5,357 -30,588 15,490 -10,852 -14,031 13,493 -16,605 -47,333 16,516 30,184 7,041 -7,203 20,313 17,379 11,864 15,136 5,157 -23,967 17,021 -6,947 7,717 -8,019 -7,248 -30,562 13,845 -16,717 5,394 -5,544 -19,867 -42,198 16,547 -25,651 6,248 -9,342 -28,745 -35,882 15,257 -20,625 3,817 -12,617 -29,425 -31,562 17,002 -14,560 5,479 -8,274 -17,355 -38,181 14,928 -23,253 3,707 -8,267 -27,813 -49,968 17,604 -32,364 2,730 -9,565 -39,199 ^•6,481 18,263 -28,218 3,991 -13,086 -37,313 -38,355 18,438 -19,917 5,982 -9,005 -22,940 -49,485 21,198 -28,287 1,641 -8,808 -35,454 -40,635 21,413 -19,222 5,828 -9,565 -22,959 -459 147 -22,601 -983 -47,067 822 -140 -228 -615 487 -545 1,763 -331 -22,105 -16,092 -28,208 -166 313 675 -304 -773 891 -422 -47,585 -24,488 -29,833 -6,130 28,325 -725 7,461 25,152 10,937 1,745 1,080 665 -469 8,257 1,404 59,747 86,451 17,466 6,750 5,668 1,082 132 9,485 1,099 14,215 8,113 13,363 9,694 3,000 17,764 1,461 -45,254 15,141 -30,113 5,959 -8,059 -32,213 191 20,822 July 1999 • SURVEY OF CURRENT BUSINESS 89 Transactions-Continued of dollars] Not seasonally adjusted 1997 1996 I 262,140 206,863 151,467 II III 265,745 211,381 1998 Line \P I II III IV I II III IV 263,468 283,072 301,186 235,544 307,444 288,254 236,457 232,905 168,021 226,261 166,560 69,897 4,514 242,928 178,022 300,755 233,738 170,371 299,641 223,894 285,889 223,614 302,687 207,668 157,386 303,581 241,003 174,468 64,906 4,091 17,159 5,061 6,941 63,367 4,606 15,652 4,581 6,201 64,884 4,489 18,119 5,000 6,261 68,875 3,979 20,354 5,733 6,367 66,535 4,081 17,125 4,682 6,689 65,965 4,372 9,070 22,394 190 64,516 64,066 26,440 36,808 818 450 8,655 23,453 219 67,017 66,553 27,804 37,826 923 464 8,716 22,108 191 8,866 23,377 199 10,571 23,178 209 66,736 66,273 27,095 38,412 766 463 61,993 61,528 22,779 37,744 1,005 465 -335,151 -270,066 -228,998 -324,302 -341,493 -273,914 -351,539 -282,050 -232,395 62,578 62,113 25,168 36,019 926 465 -351,384 9,231 25,330 205 64,579 64,109 27,329 35,814 966 470 55,396 3,389 14,950 4,673 6,147 154,189 57,192 3,726 17,405 4,912 6,480 145,650 62,018 4,074 160,751 63,143 4,547 19,385 5,637 6,482 18,011 5,191 6,965 162,703 60,911 4,146 16,080 4,789 6,591 7,682 18,266 289 7,682 16,800 187 9,093 19,129 207 8,030 21,081 194 55,277 54,838 25,534 27,935 1,369 439 54,364 53,926 25,074 27,942 910 438 8,013 18,217 210 55,800 55,360 24,933 29,008 1,419 440 172,430 63,114 4,810 18,164 4,970 6,755 8,144 20,049 222 59,178 58,739 27,773 30,073 893 439 62,275 61,824 29,020 31,847 957 451 65,642 65,192 30,526 33,916 750 450 21,898 5,969 6,719 8,537 22,042 218 66,230 65,779 29,809 34,936 1,034 451 -269,569 -287,971 -300,992 -237,559 -199,469 -38,090 -2,695 -12,604 -4,161 -6,955 -1,741 -9,277 -657 -547,168 -505,550 -303,001 -247,514 -302,632 -221,883 -187,742 -34,141 -2,742 -10,110 -3,547 -6,389 -322,783 -559,141 -338,139 -271,427 -41,618 -2,808 -14,755 -4,521 -7,124 -5,284 -9,434 -692 -60,412 -48,909 -9,112 -23,974 -15,823 -1,503 -8,616 -210,566 -242,639 -205,122 -217,002 -225,244 -36,948 -2,784 -37,517 -5,832 -42,139 -2,714 -10,579 -3,589 -6,935 -2,032 -10,349 -680 -11,030 -3,930 -6,897 -5,092 -10,070 -666 -13,761 -4,941 -730 -5,054 -10,683 -696 -46,183 -3,005 -16,013 -5,298 -7,332 -53,824 -52,195 -9,777 -24,767 -17,651 -1,629 -55,487 -53,738 -9,159 -25,564 -19,015 -1,749 -63,642 -62,033 -11,916 -28,083 -22,034 -1,609 -5,503 -744 -6,369 -9,668 -2,777 -1,229 -5,662 -12,930 -5,610 -1,483 -6,837 -69,993 -58,455 -11,402 -26,744 -20,309 -1,538 -9,622 152 168 172 -74,653 17 -€3,099 -523 -199 -849 1,065 -210 -1,076 1,013 -147 -74,460 -26,899 -34,620 -1,780 -6,915 -658 -47,686 -46,267 -7,520 -23,596 -15,151 -1,419 -10,973 -4,447 -1,010 -5,516 1999 IV -258,689 -518,032 -40,657 -3,098 -11,662 -4,232 -7,147 -227,633 -46,281 -3,061 -2,583 -11,230 -722 -41,068 -3,147 -11,247 -3,969 -7,440 -2,661 -11,926 -678 -65,085 -63,234 -9,975 -30,406 -52,853 -1,851 -13,250 -5,367 -1,359 -6,524 -65,613 -63,987 -10,012 -31,292 -22,683 -1,626 -10,143 -2,340 -1,025 -6,778 -67,579 -65,898 -11,089 -31,849 -22,960 -1,681 -9,494 -69,489 -67,631 -11,540 -33,314 -52,777 -1,858 -10,607 -2,168 -919 -6,407 -2,807 -665 -6,935 -2,939 -10,907 -672 -49,655 -3,276 -17,234 -6,722 -7,820 293,888 1 229,309 163,344 2 3 4 5 6 7 8 15,758 4,596 6,473 -343,266 -583,536 -239,118 -44,418 -3,406 -275,023 -12,016 -4,518 -7,957 -12,356 -4,756 -7,591 -3,138 -12,025 -704 -15,193 -6,325 -7,533 -2,587 -11,915 -667 -2,685 -12,153 -765 -3,081 -12,695 -745 -67,848 -65,907 -10,800 -32,408 -22,699 -1,941 -230,903 -44,120 -3,550 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 -2,306 -1,079 -6,237 -9,083 -2,290 -851 -6,942 -66,712 -64,954 -13,282 -28,818 -22,854 -1,758 -10,011 -2,423 -950 -6,638 180 135 56 19 82 143 160 148 166 170 39 -86,183 7,489 -156,827 -148,171 -62,888 -444 -63,492 -730 -109,444 -4,524 -121,852 4,480 -93,213 -536 -114,468 -315 -1,945 -2,026 -44,586 -2,369 6,168 4,068 -133 -220 -170 848 -183 6,824 -150 -4,221 -153 65 -1,205 1,158 112 72 -1,031 -986 188 -5,078 -136 -227 -1,924 -218 -81 -1,192 1,133 -52 -152,575 -34,232 -16,787 -114,115 -24,271 -39,462 -104,985 -23,456 -8,976 -62,363 -40,589 -14,116 185 -1,285 1,332 138 -61,651 -22,981 14,994 -60 -1,043 938 55 -156,196 -23,769 -31,704 -483 -1,156 699 -26 -119,424 -44,507 -32,886 563 3 3,502 147 -1,336 1,574 -91 -62,008 -17,011 -53,640 -298 -1,616 1,329 -11 -92,679 -27,996 -23,949 -139 -463 -128 377 -1,426 1,832 -29 -182 -85 -177 105 -1,192 1,214 83 -93,777 -55,015 -55,895 72 1,055 3,353 -76 -1,170 1,119 -25 -133 54 -157 -568 -1,512 683 261 -146 -28 -141 -316 -1,245 1,020 -91 40 41 42 43 44 45 46 47 48 49 -42,167 -24,752 -70,809 1,953 .-41,356 8,488 50 51 52 -15,210 2,269 -22,000 643 -9,090 -33,777 •40,033 -60,690 -37,880 -63,676 -9,825 -30,909 -54,791 -25,591 -47,907 -24,646 -6,596 -1,062 -14,327 -27,704 -20,320 -33,344 16,202 37,192 -405 35,226 53 54 91,799 51,950 55,839 55,685 154 -375 -3,303 -211 112,273 13,616 -1,934 -3,378 1,444 48 14,217 1,285 150,435 23,284 26,135 24,908 1,227 411 -1,677 -1,585 220,340 38,540 40,639 38,456 2,183 ^00 -3,533 1,834 185,000 27,524 23,105 22,351 754 -394 8,123 -3,310 153,383 -6,177 -11,411 -12,373 962 -444 4,643 1,035 189,318 23,260 10,316 7,604 2,712 -776 12,817 903 223,960 -56,488 -24,171 -24,272 101 -184 -3,297 1,164 96,693 11,004 13,946 11,336 2,610 -1,028 -958 -956 163,275 -10,551 -20,064 -20,318 254 -607 9,488 832 94,776 147,893 24,352 33,398 31,836 1,562 -1,054 -7,133 -859 74,634 -46,489 -30,905 -32,811 1,906 -224 -12,866 -2,494 8,568 9,409 3,416 5,993 -1,605 666 98 55 56 57 58 59 60 61 62 39,849 28,761 18,031 29,391 -5,391 98,657 17,343 26,967 31,179 4,542 127,151 17,223 38,727 35,118 7,382 181,800 25,650 71,271 34,552 7,829 157,476 26,553 33,050 45,015 3,484 159,560 24,920 37,928 53,890 4,822 166,058 25,320 40,133 62,673 6,576 250,448 32,471 35,322 34,680 9,900 85,689 26,892 -5,557 76,810 746 173,826 21,755 25,759 71,785 2,349 141,265 26,135 -1,438 20,103 7,277 123,541 118,593 24,391 49,328 6,250 66,066 18,893 -11,434 59,507 2,440 63 64 65 66 67 -557 -33,386 16,367 2,259 25,629 3,072 28,840 20,534 5,274 32,726 26,275 5,081 47,390 90,685 32,707 -48,909 18,040 34,138 11,875 77,313 -53,210 -21,811 11,205 -14,545 68 69 1,104 -18,500 -17,232 -2,035 44,533 -30,834 -10,599 -29,546 -29,406 -73,641 -258 9,763 42,460 -41,839 -21,401 70 -36,275 21,255 -15,020 7,591 -10,973 -18,402 -45,280 19,102 -56,178 3,952 -8,616 -30,842 -69,900 20,400 -39,500 1,976 -9,668 -47,192 •49,815 26,195 -23,620 3,691 -12,930 -32,859 -42,419 23,394 -19,025 2,282 -9,622 -26,365 -44,572 20,975 -53,597 2,000 -9,083 -30,680 -58,684 23,714 -34,970 -482 -10,011 -45,463 -50,976 23,838 -27,138 -569 -13,250 -40,957 -47,661 22,710 -24,951 1,404 -10,143 -33,690 -59,612 18,603 -41,009 -843 -9,494 -51,346 -75,009 19,220 -55,789 -7,496 -10,607 -73,892 -64,650 22,117 -42,533 -5,270 -13,831 -61,634 -67,559 21,845 -45,714 -3,664 -10,193 -59,571 71 72 73 74 75 76 -13,831 -5,742 -1,541 -6,548 -68,243 -66,510 -11,955 -31,891 -52,664 -1,733 -10,193 -2,135 -892 -7,166 29 30 31 32 33 34 35 36 37 38 9 0 • July 1999 SURVEY OF CURRENT BUSINESS Table 1.—U.S. International [Millions Seasonally adjusted 1987 (Credits +; debits - ) ' Line Current account 104,539 111,434 116,483 123,766 134,789 139,842 143,702 148,928 80,030 84,674 60,202 88,936 94,155 102,040 106,895 109,145 64,217 75,655 24,472 3,235 24,719 2,584 26,385 2,442 79,542 27,353 2,539 80,941 23,334 3,113 69,093 25,062 2,174 28,204 2,536 112,181 84,092 28,089 1,767 Other transportation 5,340 1,544 3,969 5,774 1,749 4,147 6,353 1,900 4,538 6,711 2,109 4,708 7,138 2,227 4,868 7,722 2,365 4,837 7,863 2,276 4,897 Royalties and license fees 5 Other private services 5 U.S. Government miscellaneous services 2,383 6,876 109 2,440 6,995 132 6,096 1,809 4,373 2,626 2,721 7,235 2,863 7,403 149 2,974 7,435 3,015 7,557 172 3,288 7,827 171 Income receipts Income receipts on U.S.-owned assets abroad , Direct investment receipts Other private receipts U.S. Government receipts Compensation of employees 24,509 24,263 10,297 26,760 26,512 11,744 13,366 32,749 32,500 13,858 15,936 2,706 249 32,947 32,700 15,164 16,227 1,309 34,557 34,308 14,601 18,502 1,205 249 36,747 36,497 15,109 19,906 -161,916 -134,466 -109,963 -163,373 Exports of goods and services and income receipts ., Exports of goods and services Services 3 Transfers under U.S. military agency sales contracts 4 , Travel , 12,617 1,349 Imports of goods and services and income payments . Imports of goods and services Goods, balance of payments basis 2 Services 3 Direct defense expenditures Travel Passenger fares Other transportation Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services . Income payments Income payments on foreign-owned assets in the United States . Direct investment payments Other private payments U.S. Government payments Compensation of employees Unilateral current transfers, net U.S. Government grants 4 U.S. Government pensions and other transfers .... Private remittances and other transfers6 1,402 248 7,086 145 27,547 27,297 141 29,611 12,074 13,872 1,351 29,361 12,415 15,737 1,209 250 250 246 -138,977 -146,219 -151,208 -158,425 -117,296 -123,185 -127,245 -96,023 -21,273 -3,613 -100,648 -22,537 -3,608 -104,412 -52,833 -0,788 -132,828 -108,682 -7,094 -1,741 -4,208 -7,360 -1,821 -4,708 -7,187 -1,836 -4,836 -7,668 -1,886 -5,258 -392 -3,840 -464 -585 -474 -4,113 ^53 -4,214 -508 -527 -4,318 -547 -51,681 -21,037 -2,291 -12,294 -23,034 -22,403 -1,869 -14,031 -23,963 -53,421 -2,461 -14,433 -6,452 -644 -5,310 -6,503 -631 -6,696 -6,527 -642 -1,439 -16,901 -6,736 -521 -2,115 -5,283 -5,890 -2,246 -7,149 -3,664 -593 -2,820 -612 -3,032 -597 -2,598 -24,146 -3,942 -25,597 -55,076 -606 -2,879 172 247 -135,118 1,482 250 -172,875 -135,489 -140,646 -115,489 -616 -4,364 -492 -27,450 -26,976 -3,301 -16,441 -7,234 -474 -6,272 -2,298 -678 -3,296 -644 -4,382 -473 -28,255 -27,779 -3,209 -110,901 -24,588 -3,851 -6,081 -1,878 -6,191 -672 -4,419 -496 -30,519 -30,094 -3,019 -18,842 -8,233 ^25 -6,118 -2,395 -677 -3,046 109 118 130 136 -50,037 -36,147 -7,380 1,925 -35 202 -7,547 -173 307 1,791 1,960 -1,458 3,358 60 3,457 -1,388 4,759 86 -44,617 -7,863 -1,500 -5,217 -30,037 -41,529 -7,178 -3,294 -2,568 -58,489 87,271 -54,503 -3,831 -7,990 -1,932 -6,278 -110,836 -24,282 -3,868 -7,692 -1,917 -5,306 -3,235 -16,814 -7,730 -476 -5,867 -1,981 -677 -55,157 -4,054 -8,351 -2,003 -6,116 -671 -4,502 -460 -32,229 -31,755 -3,020 -50,217 -6,518 -474 -7,884 -3,863 -677 -3,344 Capital and financial account Capital account Capital account transactions, net 94 87 Financial account U.S.-owned assets abroad, net (increase/financial outflow (-)) Special drawing rights '."..'. !!!!'."....".'.!!!....!!!.' Reserve position in the International Monetary Fund Foreign currencies U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns . U.S. claims reported by U.S. banks, not included elsewhere ........ Foreign-owned assets in the United States, net (increase/financial inflow (+)) .. Foreign official assets in the United States, net U.S. Government securities U S Treasury securities9 . Other 10 .... Other U.S. Government liabilities11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. securities other than U.S. Treasury securities U.S. currency U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns .. U.S. liabilities reported by U.S. banks, not included elsewhere 71 72 73 74 75 76 -33,008 3,742 2,822 1,502 -23,500 32 -210 407 -165 -205 722 3,225 155 446 901 180 69 1,274 -171 335 3,255 -168 -2,118 1,791 310 -2,067 2,381 -4 868 -1,343 2,327 -116 -1,597 -2,814 1,109 -37,618 -12,215 -2,056 -724 -22,623 2,917 -5,107 -4,504 -3,454 15,982 -22,685 -2,666 1,318 712 -22,873 -28,195 -8,857 -1,159 -1,319 -16,860 42,337 57,425 83,242 66,011 32,134 74,639 52,904 14,199 12,131 12,193 10,444 11,340 11,084 256 -1,228 615 -583 764 1,555 19,980 19,776 19,120 656 148 -205 261 24,925 27,568 27,730 6,006 6,055 5,853 202 ^42 810 -417 -1,974 !'.'.!!!....!.!!!. U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, net 70 70a -26,798 3,419 -27,853 1,956 8,120 U.S. official reserve assets, net -6 -978 1,126 -153 -6,604 -1,749 -5,715 20,237 -62 -1,115 3,543 -360 28,138 12,973 -5,826 18,372 500 6,151 -7,032 Statistical discrepancy (sum of above Kerns with sign reversed) 0 / which seasonal adjustment discrepancy -10,796 4,323 Memoranda: Balance on goods (lines 3 and 20) Balance on services (lines 4 and 21) . Balance on goods and services (lines: Balance on income (lines 12 and 29) . Unilateral current transfers, net (line 35) Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 1 3 . 2,061 -37,266 2,828 -5,310 -39,748 See footnotes on page 105. -39,327 159 -30,049 -7,601 -287 46,981 8,687 -2,431 841 714 -131 -35 -625 82,478 108 -162 -48 -1,751 -844 7,209 8,531 5,911 2,423 600 -210 -654 -2,021 1,144 23 -9,954 -11,383 10,801 12,624 -3,197 -3,769 572 11,927 697 -155 1,886 -508 178 -1,264 -737 68,633 13,825 5,473 9,702 2,200 6,742 30,691 54,878 13,885 3,443 7,464 1,300 6,399 22,387 76,470 21,920 5,412 6,764 1,700 -19,429 4,464 -2,835 12,676 1,000 6,656 44,121 46,031 16,331 449 -4,888 2,200 -39 31,978 -14,868 -4,897 8,712 2,195 -1,666 -1,614 4,122 -21,859 -2,917 25,427 -5,662 -40,446 1,935 -38,511 -40,195 1,886 -34,308 1,882 -32,426 -31,294 3,071 -28,223 -31,397 2,932 3,726 -5,696 -40,481 3,584 -5,890 -40,615 -39,589 916 -38,673 4,014 -29,960 3,616 -38,309 5,299 -6,272 -33,399 4,692 -6,867 -59,398 -56,344 4,038 -28,465 4,518 -7,884 -31,831 15,960 1,700 5,595 17,470 9,763 20,860 -7,149 -41,808 12,593 -22,849 -6,118 -58,424 7,159 33,515 SURVEY OF CURRENT BUSINESS July 1999 • 91 Transactions—Continued of dollars] Seasonally adjusted 1989 II 1 1 IV III II IV III I II Line 1992 1991 1990 III 1 IV II IV III 156,807 164,011 162,832 166,254 171,897 175,380 175,393 185,468 181,160 182,260 180,925 185,176 185,931 187,219 186,166 189,114 1 117,784 123,100 122,261 125,193 130,046 133,291 133,471 139,252 138,932 144,970 145,288 150,769 152,050 152,726 153,791 157,341 2 87,426 92,208 90,163 92,323 95,301 97,573 96,339 100,094 101,345 104,529 103,732 107,307 108,344 109,025 109,593 113,390 3 30,358 2,162 30,892 2,143 32,098 2,417 32,870 1,844 34,745 2,148 35,718 2,327 37,132 2,955 39,158 2,502 37,587 2,689 40,441 2,748 41,556 2,586 43,462 3,112 43,706 3,399 43,701 3,005 44,198 3,158 43,951 2,824 4 5 8,535 2,579 5,089 8,679 2,506 5,204 9,220 2,723 5,000 9,770 2,850 5,234 10,435 3,504 5,413 10,543 3,714 5,356 10,489 3,755 5,593 11,539 4,326 5,680 10,529 3,352 5,480 12,064 3,964 5,579 12,533 4,212 5,734 13,260 4,328 5,837 13,619 4,152 5,376 13,716 4,157 5,365 13,562 4,141 5,352 13,845 4,168 5,436 6 7 8 3,383 8,444 166 3,382 8,829 149 3,463 9,157 118 3,591 9,427 154 3,807 9,293 145 4,070 9,508 200 4,317 9,853 170 4,442 10,516 153 4,348 10,989 200 4,366 11,575 145 4,436 11,842 213 4,668 12,125 132 5,153 11,876 131 5,203 11,983 272 5,295 12,391 299 5,192 12,347 139 9 10 11 39,023 38,774 15,358 22,363 1,053 249 40,911 40,662 15,726 23,870 1,066 249 40,571 40,315 15,581 22,898 1,836 256 41,061 40,798 15,595 23,507 1,696 263 41,851 41,569 16,618 23,001 1,950 282 42,089 41,797 16,764 23,073 1,960 292 41,922 41,630 15,973 23,660 1,997 292 46,216 45,910 16,953 24,338 4,619 306 42,228 41,910 16,622 22,679 2,609 318 37,290 36,971 14,634 20,486 1,851 319 35,637 35,312 13,547 19,821 1,944 325 34,407 34,079 14,262 18,200 1,617 328 33,881 33,543 14,824 17,083 1,636 338 34,493 34,147 15,664 16,678 1,805 346 32,375 32,012 14,383 15,771 1,858 363 31,773 31,395 13,134 16,445 1,816 378 12 13 14 15 16 17 -176,160 -182,839 -180,488 -182,199 -186,573 -186,647 -192,037 -194,385 -184,081 -182,409 -183,969 -184,594 -183,456 -190,988 -192,461 -196,284 -141,617 -146,148 -144,665 -147,414 -150,620 -150,933 -155,312 -159,127 -149,942 -150,365 -152,679 -156,455 -155,587 -162,325 -165,165 -169,858 -116,477 -120,907 -118,873 -121,108 -122,447 -122,169 -125,389 -128,332 -120,141 -120,705 -123,479 -126,656 -126,284 -133,277 -136,887 -140,010 18 19 20 -25,140 -3,946 -25,241 -3,908 -25,792 -3,722 -56,306 -3,736 -28,173 -4,006 -28,764 -6,910 -59,923 -4,463 -30,795 -6,152 -29,801 -5,169 -29,660 -6,933 -29,200 -3,597 -29,799 -3,710 -29,303 -3,714 -29,048 -3,438 -28,278 -3,309 -29,848 -6,374 21 22 -8,154 -2,059 -5,374 -6,083 -2,060 -5,490 -6,404 -2,090 -6,654 -8,777 -2,040 -6,652 -8,197 -2,506 -6,023 -9,490 -5,669 -6,062 -9,385 -2,727 -6,308 -9,278 -5,627 -6,573 -6,434 -2,298 -€,122 -9,065 -2,527 -€,262 -8,816 -5,516 -6,352 -8,007 -2,672 -6,239 -9,475 -2,626 -5,902 -9,575 -2,579 -5,794 -9,644 -2,629 -6,074 -9,858 -2,769 -6,999 23 24 25 -€22 -4,543 -442 -647 -4,615 -438 -681 -4,877 -*64 -%n -1,392 -5,703 -491 -1,137 -5,909 -616 -1,497 -4,541 -584 -1,134 -6,142 -572 26 27 28 -34,543 -34,031 -2,425 -22,369 -9,237 -612 -36,691 -36,140 -2,721 -23,893 -9,526 -551 -€,306 -2,422 -695 -3,189 128 16 -732 -5,246 ^63 -710 -5,429 -494 -797 -5,733 -510 -696 -5,818 -451 -916 -6,390 -472 -1,033 -6,351 -489 -1,061 -6,240 -618 -1,025 -6,609 -537 -35,823 -65,252 -2,004 -23,478 -9,770 -571 -4,896 -527 -64,785 -64,131 -572 -24,028 -9,831 -654 -35,953 -35,135 -1,231 -23,882 -10,022 -618 -65,714 -34,875 -1,208 -23,546 -10,121 -639 -36,725 -35,858 -1,596 -24,039 -10,223 -867 -35,258 -34,317 128 -24,041 -10,404 -941 -34,139 -33,240 759 -53,549 -10,450 -899 -32,044 -31,063 91 -20,934 -10,220 -981 -31,290 -30,267 -207 -19,794 -10,266 -1,023 -28,139 -27,013 1,098 -18,175 -9,936 -1,126 -27,869 -26,692 432 -17,333 -9,791 -1,177 -28,663 -27,477 -1,503 -16,152 -9,822 -1,186 -57,296 -56,122 -1,346 -14,996 -8,780 -1,174 -56,426 -25,210 -924 -14,598 -9,688 -1,216 29 30 31 32 33 34 -5,963 -1,995 -671 -3,297 -€,866 -5,830 -719 -3,317 -7,983 -3,614 -691 -3,678 -6,793 -5,556 -803 -3,434 -7,923 -3,613 -811 -6,499 -7,635 -3,088 -612 -3,735 -5,472 -1,102 -798 -6,572 14,756 19,444 -869 -3,819 3,536 8,285 -877 -6,872 -3,039 1,730 -880 -3,889 -5,438 -267 -1,150 -4,021 -7,767 -3,040 -807 -3,820 -€,631 -3,532 -1,197 -3,902 -€,046 -3,161 -1,021 -3,864 -11,430 -6,586 -919 -3,925 35 36 37 38 133 139 -64 -19 157 165 -6,882 -941 73 -3,786 175 152 111 173 176 39 -53,771 -€,270 -51,748 -€1,876 37,747 -67,288 -43,801 -38,228 -10,651 663 -15,988 -38,757 -11,538 -16,351 -13,690 -33,298 40 ^,000 -12,095 -5,996 -3,202 -3,177 371 1,739 -1,091 -353 1,014 3,877 1,225 -1,057 1,464 1,952 1,542 -188 316 -4,128 68 -159 -12,004 -211 337 -6,122 -204 -23 -2,975 -547 234 -3,164 -216 493 94 363 8 1,368 -93 -4 -^95 31 -841 -43 -190 72 1,132 6 -114 3,986 -23 17 1,232 -172 111 -896 -168 1 1,631 -173 -118 2,243 2,829 -2,685 1,398 41 42 43 44 45 961 -1,007 1,965 3 -306 -1,174 815 53 489 -2,136 2,657 -32 87 -1,292 1,288 91 -756 -1,871 1,189 -74 -796 -2,019 1,209 14 -338 -1,349 1,039 -28 4,205 -3,171 7,419 -43 549 -2,018 2,630 -63 -423 -1,061 840 -502 3,256 -8,724 12,417 -437 -459 -1,077 890 -272 -259 -1,517 1,326 -68 -302 -1,247 1,084 -139 -392 -1,980 1,359 229 -715 -2,664 2,038 -69 46 47 48 49 -50,732 -12,204 -2,225 -9,293 -27,010 4,131 -7,754 -6,192 -5,767 23,844 -46,241 -8,774 -9,149 -6,924 -22,394 -68,761 -14,995 -4,504 -6,662 -32,600 41,680 -10,472 -8,580 3,019 57,713 -66,863 -4,735 -11,037 -6,069 -16,022 ^5,202 -17,983 -1,037 -15,514 -10,668 -41,341 -4,326 -6,111 -10,260 -18,644 -10,847 -14,399 -9,960 -40 13,552 72 -1,312 -12,021 7,902 5,503 -23,122 -9,444 -12,550 3,341 -4,469 -39,524 -13,080 -11,142 -106 -15,196 -10,222 -20,805 -6,668 7,562 11,689 -17,513 -10,384 -6,196 -6,620 7,687 -15,250 -5,277 -13,059 -3,737 6,823 -34,125 -12,266 -19,243 2,408 -5,024 50 51 52 53 54 66,761 11,074 74,162 73,311 -22,713 41,329 63,347 60,065 8,446 12,790 33,374 56,724 31,326 50,587 35,775 54,125 55 7,700 5,355 4,634 721 -307 2,197 455 -5,115 -5,823 -9,726 -87 314 3,823 572 13,060 12,966 12,776 190 -338 -211 643 -7,142 -6,966 -7,535 569 492 -833 165 -6,421 -6,698 -6,177 -521 -195 598 -126 6,207 4,081 3,735 346 1,160 1,240 -274 13,937 12,469 12,335 134 -408 2,141 -265 20,186 20,391 19,683 708 1,310 -694 -921 5,569 126 155 -29 769 3,908 766 -4,914 -3,764 -3,545 -219 253 -1,517 115 3,854 6,095 5,621 474 771 -3,107 95 12,879 13,690 12,615 1,075 -426 -768 383 20,988 15,380 14,916 464 -73 5,568 113 20,879 12,950 11,251 1,699 518 7,486 -75 -7,524 593 -619 912 607 -7,724 -1,000 6,133 -6,520 -7,394 874 1,138 11,241 274 56 57 58 59 60 61 62 59,061 18,679 9,561 8,544 1,400 6,637 14,240 16,188 15,419 2,489 9,365 2,300 12,000 -25,385 61,102 11,613 12,544 10,270 200 -1,121 27,596 80,453 22,942 5,024 10,588 2,000 4,570 35,329 -16,292 15,885 -1,891 1,311 3,600 12,904 -48,101 35,122 13,887 1,857 2,114 4,400 6,713 6,151 49,410 8,429 544 -2,874 5,500 16,838 20,973 39,879 10,751 -3,044 1,041 5,300 8,678 17,153 2,877 4,175 4,739 5,023 4,800 -586 -15,274 17,703 13,490 13,461 14,872 2,200 -5,549 -23,771 29,520 -1,216 -1,196 10,310 4,200 4,761 12,661 43,845 7,247 1,822 4,939 4,200 -4,741 30,378 10,338 2,333 686 4,569 1,300 5,689 -4,239 29,708 6,199 10,231 10,467 1,100 3,954 -2,243 43,299 3,204 4,908 2,531 6,100 4,854 21,702 47,992 9,238 21,306 12,476 4,900 -924 996 63 64 65 66 67 68 69 12,541 3,014 21,854 -1,560 1,969 -7,186 12,557 5,733 6,454 4,101 14,992 142 4,568 -5,581 -566 1,332 -€,689 4,665 -16,913 103 -7,517 -6,032 -13,286 1,265 -14,648 4,424 -21,947 451 -7,917 -6,232 -2,403 1,363 70 70a -29,051 5,218 -23,833 4,480 -6,306 -25,659 -28,699 5,651 -23,048 4,220 -5,963 -24,791 -28,710 6,306 -22,404 4,748 -6,866 -24,522 -28,785 6,564 -22,221 6,276 -7,983 -23,928 -27,146 6,572 -20,574 5,898 -6,793 -21,469 -24,596 6,954 -17,642 6,375 -7,923 -19,190 -29,050 7,209 -21,841 5,197 -7,635 -54,279 -28,238 8,363 -19,875 10,958 -5,472 -14,389 -18,796 7,786 -11,010 8,089 14,756 11,835 -16,176 10,781 -5,395 5,246 3,536 3,387 -19,747 12,356 -7,391 4,347 -3,039 -6,083 -19,349 13,663 -5,686 6,268 -5,438 -4,856 -17,940 14,403 -3,537 6,012 -7,767 -5,292 -24,252 14,653 -9,599 5,830 -6,631 -12,400 -27,294 15,920 -11,374 5,079 -8,046 -14,341 -26,620 14,103 -12,517 5,347 -11,430 -18,600 71 72 73 74 75 76 16 SURVEY OF CURRENT BUSINESS 92 • July 1999 Table 1.—U.S. International [Millions Seasonally adjusted 1993 (Credits +; debits - ) » Line 1995 1994 Current account 190,577 157,562 111,862 45,700 3,690 193,492 191,999 200,335 203,174 212,111 221,275 231,483 242,057 254,785 260,373 160,382 157,907 165,931 166,542 172,841 178,136 184,557 190,821 194,870 201,944 205,844 114,185 111,429 119,356 118,382 123,025 127,629 133,362 139,016 142,103 145,909 148,817 46,197 3,419 46,575 2,736 48,160 2,860 49,816 3,244 50,507 3,714 51,195 2,969 51,805 3,407 52,767 3,502 56,035 4,041 57,027 3,693 Travel Passenger fares Other transportation 14,204 4,106 5,493 14,469 4,115 5,517 46,478 3,626 14,486 4,207 5,391 14,716 4,100 5,557 14,399 4,176 5,496 14,714 4,280 5,873 14,493 4,292 6,046 14,810 4,251 6,339 14,863 4,538 6,295 15,041 4,500 6,561 16,357 4,869 6,528 17,133 5,001 6,697 Royalties and license fees 5 , Other private services 5 U.S. Government miscellaneous services 5,257 12,746 204 5,504 12,887 5,376 13,167 225 5,557 13,741 168 6,541 14,437 251 6,655 14,900 150 6,668 15,068 226 6,849 7,219 15,281 202 7,429 15,717 260 15,576 7,822 16,156 262 7,819 16,488 33,015 33,110 32,760 16,854 14,575 1,331 350 34,092 33,727 34,404 34,025 17,267 15,614 1,144 36,632 36,266 39,270 43,139 42,746 20,343 21,437 365 379 1,046 366 -196,453 -205,324 -205,492 -215,901 -219,188 -170,725 -177,868 -178,459 -184,671 -187,420 -141,069 -29,656 -3,177 -147,571 -147,926 -152,875 -30,297 -3,194 -31,796 -2,797 Travel Passenger fares Other transportation -9,830 -2,716 -6,030 -9,827 -2,754 -6,215 -30,533 -2,919 -10,045 -2,906 -6,076 -155,009 -32,411 -2,695 -11,011 -3,034 -6,203 -10,879 -3,179 -6,174 Royalties and license fees 5 Other private services 5 U.S. Government miscellaneous services -1,143 -6,185 -575 -1,258 -1,300 -6,686 -1,331 -1,612 -7,242 -25,728 -24,518 -333 -14,483 -9,702 -1,210 -27,456 -26,185 -2,672 -13,826 -9,687 -1,271 -8,138 -0,007 -904 -4,227 , Exports of goods and services and income receipts Exports of goods and services Goods, balance of payments basis 2 Services3 Transfers under U.S. military agency sales contracts 4 , Income receipts Income receipts on U.S.-owned assets abroad . Direct investment receipts Other private receipts U.S. Government receipts Compensation of employees Imports of goods and services and income payments .. Imports of goods and services Goods, balance of payments basis 2 3 Services Direct defense expenditures Income payments Income payments on foreign-owned assets in the United States Direct investment payments Other private payments U.S. Government payments Compensation of employees Unilateral current transfers, net U.S. Government grants 4 U.S. Government pensions and other transfers Private remittances and other transfers 6 32,675 16,314 15,040 1,321 340 286 -6,493 -556 17,273 15,124 1,330 -601 -6,897 -523 17,919 17,301 966 393 50,797 22,747 26,855 53,626 53,186 52,841 196 54,529 54,089 24,962 24,592 27,225 52,399 23,690 27,677 1,369 1,032 440 28,011 1,116 409 440 442 -244,852 -254,558 -263,716 -273,314 -274,013 -272,802 -505,325 -211,206 -217,626 -225,775 ^223,742 -223,880 -171,977 -33,348 -2,487 -177,752 -190,539 -35,236 -2,447 -188,077 -35,665 -2,446 -187,865 -33,454 -2,366 -183,093 -34,533 -2,572 -11,045 -3,348 -6,776 -10,976 -3,308 -6,629 -10,982 -O.404 -6,754 -11,302 -3,655 -6,781 -11,084 -3,745 -6,861 -1,312 -7,500 -638 -1,421 -1,508 -7,592 -679 -6,054 -613 -1,569 -8,560 -31,768 -30,325 -4,107 -16,032 -10,186 -1,443 -35,413 -03,919 -5,228 -18,112 -10,579 -1,494 -39,527 -38,031 -6,666 -20,225 -11,140 -1,496 -43,352 -41,834 -7,466 -22,081 -12,287 -1,518 -6,717 -2,946 -974 -4,797 -9,843 -3,323 -1,555 -4,965 -704 -630 -31,230 -29,861 -4,219 -15,617 -10,025 -9,557 -12,036 -4,097 -1,071 -4,389 -6,463 -1,061 -4,512 -8,193 -2,488 -964 -4,741 147 83 141 152 -0,468 -1,068 ^,255 988 375 -231,932 -196,519 -163,852 -32,667 -2,669 -10,882 -3,227 -6,439 21,308 24,080 1,129 51,236 1,195 439 -27,033 -25,750 -1,910 -13,878 -9,962 -1,283 -1,369 38,895 18,302 19,605 46,926 46,517 158 -36,015 -2,578 -11,550 -3,861 -6,639 -1,654 -1,773 -692 -46,090 -44,539 -8,761 -636 -47,539 -45,978 -9,094 -662 -7,325 -23,914 -13,300 -1,551 -7,481 -24,391 -14,106 -1,561 -50,271 -48,710 -9,445 -24,413 -14,852 -1,561 -48,922 -47,333 -7,935 -24,286 -15,112 -12,438 -6,221 -1,063 -5,154 -8,868 -8,397 -2,491 -8,836 -2,698 -5,142 -980 -4,926 -5,165 -9,336 -3,037 -736 -5,563 -70 153 146 272 -299 253 -111,552 -2,964 -762 -973 -1,923 -6,831 -633 -1,589 Capital and financial account Capital account 39 Capital account transactions, net Financial account -21,606 -45,958 -53,090 -80,360 -43,198 -31,121 -113,618 -41,527 -383 822 -545 -673 -59 3,537 -165 -62,409 2,033 -63,976 U.S. official reserve assets, net Gold 7 Special drawing rights Reserve position in the International Monetary Fund Foreign currencies -5,318 -2,722 -1,893 191 -140 -228 -615 -166 313 675 -118 ^8 -378 -113 -80 -480 -101 -3 45 -108 3,394 -111 273 -027 -121 -27 2,181 -867 -526 -3,925 -156 -786 -1,780 362 -991 -1,264 -147 -163 501 U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, net 487 -945 1,763 -331 -304 -773 891 -422 -194 -1,668 2,036 -340 -2,925 477 -1,006 1,648 -165 -023 -1,372 1,383 -334 -943 -2,248 937 -653 -225 -862 649 368 -1,622 1,072 -O -12 252 -1,028 1,522 -242 -458 -1,347 882 7 -21,110 -15,097 -28,208 ^6,476 -23,379 -29,833 -52,352 -13,270 -51,940 1,580 1,005 -79,347 -32,667 -36,272 399 -757 1,120 36 -40,200 -28,674 -19,540 -47,212 -15,058 -9,229 -30,633 -17,452 -12,405 -63,499 -19,515 -19,135 -58,105 -19,495 -7,631 -110,671 -15,258 -23,313 -39,886 -21,960 -06,144 -111,285 -42,766 -02,986 -6,130 28,325 -725 7,461 5,896 6,962 1,725 -12,133 -2,215 10,229 -20,966 -1,959 -960 184 -12,195 -12,654 -2,631 -28,348 -24,580 -47,520 13,729 4,489 -31,804 -0,729 U.S.-owned assets abroad, net (increase/financial outflow (-)) U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere Foreign-owned assets in the United States, net (increase/financial inflow (+)) 70 70a 71 72 73 74 75 76 -562 251 25,399 59,335 85,990 112,507 90,581 57,157 82,270 77,298 103,645 129,345 124,768 109,794 Foreign official assets in the United States, net U.S. Government securities U S Treasury securities 9 Other 10 Other U.S. Government liabilities 11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 10,937 1,745 17,466 6,750 5,668 1,082 132 9,485 1,099 19,073 20,443 24,277 24,076 23,106 970 718 -415 10,568 1,074 9,455 8,282 5,922 2,360 -5 2,143 -965 19,358 18,697 202 8,774 7,456 1,318 37,072 26,560 25,234 39,302 11,550 13,778 13,013 765 1,177 -800 626 -9,243 45 21,956 11,258 10,132 1,126 -562 Other foreign assets in the United States, net Direct investment U.S. Treasury securities u!s. securities other than U.S. Treasury securities U.S. currency U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns . . U.S. liabilities reported by U.S. banks, not included elsewhere 14,462 8,360 47,702 6,082 Statistical discrepancy (sum of above items with sign reversed) Of which seasonal adjustment discrepancy Memoranda: Balance on goods (lines 3 and 20) Balance on services (lines 4 and 21) Balance on goods and services (lines 2 and 19) Balance on income (lines 12 and 29) Unilateral current transfers, net (line 35) Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 1 3 See footnotes on page 105. ^69 8,257 1,404 19,098 1,345 932 -2,486 184 -102 897 177 659 9,588 -753 16,475 2,222 284 10,995 265 1,326 54 7,510 2,948 21,116 20,598 518 -504 18,918 -228 77,096 21,127 25,799 10,160 6,900 81,689 10,319 30,011 15,734 6,400 92,273 12,328 30,439 20,606 1,900 85,466 17,255 37,295 32,128 1,900 98,244 19,742 1,803 27,899 2,100 17,764 1,461 11,864 15,136 13,493 -16,605 16,516 30,184 17,216 357 -54,878 -7,545 23,270 2,448 -48,436 17,531 -42,168 20,370 -30,905 -21,798 2,570 -8,836 -09,048 21,012 -18,036 5,607 5,900 66,917 11,984 3,258 17,782 6,400 -215 -19,740 6,531 2,842 27,205 3,885 14,756 5,856 31,491 25,797 -1,620 26,737 -7,203 20,313 10,680 5,523 7,099 58 -9,933 -6,250 -4,686 671 -26,666 3,922 15,283 -207 -17,659 -6,807 20,471 3,092 4,743 -29,207 16,044 -13,163 7,287 -8,138 -14,014 -33,386 -06,497 15,945 -20,552 7,059 -9,557 -23,050 -33,519 14,779 -18,740 3,174 -36,627 15,749 -20,878 4,864 -6,193 -24,207 -40,827 17,149 -23,678 3,857 -8,717 -28,538 -44,348 17,159 -27,189 3,612 -9,843 -03,420 -44,390 -44,077 17,272 -26,805 5,146 13,363 9,694 3,000 41,869 11,683 -292 15,205 15,900 -17,486 5,654 -6,791 -20,623 88,230 20,526 8,052 37,411 80,013 6,184 9,912 -7,098 3,600 21,070 5,500 12,352 6,300 62,912 14,045 5,661 13,389 4,700 -12,036 -27,602 17,741 -26,649 3,574 -12,438 -05,513 -8,868 -30,527 6,087 -8;397 -33,215 -28,064 907 -3,415 280 -9,336 -21,765 July 1999 SURVEY OF CURRENT BUSINESS • 93 Transactions—Continued of dollars] Seasonally adjusted 1997 1996 I II I IV III 1999 1998 II III IV I II IV III Line I" 262,090 265,687 266,217 280,425 287,363 300,113 305,865 303,869 302,289 298,463 291,493 299,985 296,227 1 207,366 211,454 210,095 220,887 225,760 234,683 239,285 238,819 235,831 231,889 229,284 236,904 232,095 2 150,438 152,612 151,991 157,016 162,979 169,895 173,447 173,394 170,665 165,198 164,259 170,124 164,292 3 56,928 3,389 58,842 3,726 58,104 4,074 63,871 4,547 62,781 4,146 64,788 4,810 65,838 4,514 65,425 4,091 65,166 4,606 66,691 4,489 65,025 3,979 66,780 4,081 67,803 4,372 4 5 16,847 4,989 6,263 17,651 5,058 6,490 16,163 4,869 6,438 19,090 5,497 6,882 18,331 5,156 6,701 18,333 5,149 6,761 18,530 5,225 6,691 18,107 5,259 6,855 17,903 4,916 6,338 18,260 5,185 6,268 17,149 5,052 6,339 17,938 4,843 6,575 18,082 4,940 6,614 6 7 8 7,911 17,240 289 7,898 17,832 187 8,198 18,152 210 8,463 19,185 207 8,232 20,021 194 8,372 21,141 222 8,690 21,970 218 8,488 22,435 190 8,882 22,302 219 9,002 23,296 191 9,029 23,278 199 9,894 23,240 209 9,454 24,136 205 9 10 11 54,724 54,285 25,082 27,935 1,268 439 54,233 53,795 24,746 27,942 1,107 438 56,122 55,682 25,395 29,008 1,279 440 59,538 59,099 28,087 30,073 939 439 61,603 61,152 28,443 31,847 862 451 65,430 64,980 30,098 33,916 966 450 66,580 66,129 30,312 34,936 881 451 65,050 64,600 26,942 36,808 850 450 66,458 65,994 27,338 37,826 830 464 66,574 66,111 26,744 38,412 955 463 62,209 61,744 23,124 37,744 876 465 63,081 62,617 25,639 36,019 959 464 64,132 63,662 26,961 35,814 887 470 12 13 14 15 16 17 18 19 -277,914 -287,958 -295,037 -300,625 -312,914 -322,090 -331,384 -332,317 -335,380 -340,977 -344,182 -348,180 -354,712 -229,711 -237,934 -241,563 -244,917 -252,372 -258,872 -265,008 -267,020 -269,169 -273,850 -275,008 -280,166 -285,856 -193,038 -200,763 -203,196 -206,330 -212,187 -217,773 -222,362 -224,044 -225,541 -228,698 -229,228 -233,711 -238,495 20 -36,673 -2,742 -37,171 -2,695 -38,367 -2,808 -38,587 -2,784 -40,185 -2,832 -41,099 -2,714 -42,646 -3,005 ^2,976 -3,147 -43,628 -3,098 -45,152 -3,061 -45,780 -3,276 -46,455 -3,406 -47,361 -3,550 21 22 -11,942 -3,862 -6,526 -11,768 -3,893 -6,990 -12,139 -3,995 -6,991 -12,199 -4,068 -6,895 -12,901 -4,295 -7,036 -12,844 -4,615 -7,319 -13,151 ^»,705 -7,203 -13,155 -4,523 -7,400 -13,736 -4,629 -7,321 -14,168 -4,958 -7,590 -14,070 -5,085 -7,700 -14,131 -5,125 -7,849 -14,628 -5,186 -7,764 23 24 25 -1,794 -9,149 -658 -1,812 -9,356 -657 -2,291 -5,451 -692 -1,941 -10,020 -680 -2,104 -10,351 -666 -2,138 -10,773 -696 -2,613 -11,247 -722 -2,535 -11,538 -678 -2,955 -11,217 -672 -2,694 -12,014 -667 -2,721 -12,163 -765 -2,923 -12,276 -745 -3,151 -12,378 -704 26 27 28 -48,203 -46,693 -7,946 -23,596 -15,151 -1,510 -50,024 -48,464 -3,667 -23,974 -15,823 -1,560 -53,474 -51,904 -9,486 -24,767 -17,651 -1,570 -55,708 -54,048 -9,469 -25,564 -19,015 -1,660 -60,542 -68,908 -11,855 -26,744 -20,309 -1,634 -63,218 -61,543 -11,426 -28,083 -22,034 -1,675 -66,376 -64,673 -13,001 -28,818 -22,854 -1,703 -65,297 -63,552 -10,293 -30,406 -22,853 -1,745 -66,211 -64,476 -10,501 -31,292 -22,683 -1,735 -67,127 -65,376 -10,567 -31,849 -22,960 -1,751 -69,174 -67,381 -11,290 -33,314 -22,777 -1,793 -68,014 -66,188 -11,081 -32,408 -22,699 -1,826 -68,856 -66,992 -12,437 -31,891 -22,664 -1,864 29 30 31 32 33 34 -10,920 -4,447 -1,157 -5,316 -9,185 -2,503 -1,103 -6,579 -5,507 -2,777 -1,111 -5,619 -12,574 -5,610 -1,095 -5,869 -9,347 -2,306 -1,026 -6,015 -5,494 -2,290 -1,070 -6,134 -10,096 -2,423 -1,074 -6,599 -13,030 -5,367 -1,069 -6,594 -9,927 -2,340 -1,079 -6,508 -9,886 -2,168 -1,095 -6,623 -10,787 -2,807 -1,106 -6,874 -13,474 -5,742 -1,071 -6,661 -10,098 -2,135 -1,104 -6,859 35 36 37 38 152 168 172 180 135 56 19 82 143 160 148 166 170 39 -71,680 -61,367 -34,509 -163,203 -144,665 -51,124 -112,578 -116,929 -59,599 -120,517 -€2,097 -50,607 9,227 40 17 -523 7,489 -315 4,480 -236 -730 ^,524 -444 -1,945 -2,026 -2,369 4,068 -199 -849 1,065 -133 -220 -170 848 -183 6,824 -146 -28 -141 72 1,055 3,353 -133 54 -157 -139 -463 -128 -150 -4,221 -153 -182 -35 -177 72 -1,031 -986 188 -2,078 -136 -227 -1,924 -218 563 3 3,502 41 42 43 44 45 -210 -1,076 1,013 -147 -668 -1,512 683 261 105 -1,192 1,214 83 -316 -1,245 1,020 -91 -76 -1,170 1,119 -25 -298 -1,616 1,329 -11 377 -1,426 1,832 -29 65 -1,205 1,158 112 -81 -1,192 1,133 -22 -483 -1,156 699 -26 185 -1,285 1,332 138 -50 -1,043 938 55 147 -1,336 1,574 -91 46 47 48 49 -71,487 -23,926 -34,620 -60,276 -15,279 -23,640 -52,103 -23,341 -25,895 -162,572 -30,145 -31,704 -149,069 -30,726 -16,787 -90,590 -25,907 -23,949 -112,225 -22,381 -39,462 -112,470 -30,941 -8,976 -69,074 -37,300 -14,116 -118,089 -43,172 -32,886 -60,256 -21,586 14,994 -48,188 -30,773 -70,809 5,012 -38,297 8,488 50 51 52 -15,210 2,269 -22,000 643 -9,090 -33,777 -40,033 -60,690 -37,880 -63,676 -9,825 -30,909 -24,791 -25,591 ^7,907 -24,646 -6,596 -1,062 -14,327 -27,704 -20,320 -33,344 16,202 37,192 ^05 35,226 53 54 92,184 111,759 149,096 221,807 185,303 152,767 188,126 225,466 96,817 162,466 93,547 149,805 74,870 55 51,950 55,839 55,685 154 -375 -3,303 -211 13,616 -1,934 -3,378 1,444 48 14,217 1,285 23,284 26,135 24,908 1227 411 -1,677 -1,585 38,540 40,639 38,456 2,183 -400 -3,533 1,834 27,524 23,105 22,351 754 -394 8,123 -3,310 -6,177 -11,411 -12,373 962 -444 4,643 1,035 23,260 10,316 7,604 2,712 -776 12,817 903 -26,488 -24,171 -24,272 101 -184 -3,297 1,164 11,004 13,946 11,336 2,610 -1,028 -958 -956 -10,551 -20,064 -20,318 254 -807 9,488 832 ^6,489 -30,905 -32,811 1,906 -224 -12,866 -2,494 24,352 33,398 31,836 1,562 -1,054 -7,133 -359 8,568 9,409 3,416 5,993 -1,605 666 98 56 57 58 59 60 61 62 40,234 29,146 18,031 29,391 -2,391 98,143 16,829 26,967 31,179 4,542 125,812 15,884 38,727 35,118 7,382 183,267 27,117 71,271 34,552 7,829 157,779 26,856 33,050 45,015 3,484 158,944 24,304 37,928 53,890 4,822 164,866 24,128 40,133 62,673 6,576 251,954 33,977 35,322 34,680 9,900 85,813 27,016 -2,557 76,810 746 173,017 20,946 25,759 71,785 2,349 140,036 24,906 -1,438 20,103 7,277 125,453 120,505 24,391 49,328 6,250 66,302 19,129 -11,434 59,507 2,440 63 64 65 66 67 -657 -33,386 16,367 2,259 25,629 3,072 -2,035 44,533 28,840 20,534 5,274 32,726 26,275 5,081 47,390 90,685 32,707 -48,909 18,040 34,138 11,875 77,313 -53,210 -21,811 11,205 -14,545 68 69 6,088 4,984 -19,104 -604 -26,432 -9,200 -26,010 4,824 -5,875 4,724 -30,228 -682 -39,952 -10,546 -67,141 6,500 5,657 5,915 10,291 528 31,878 -10,582 -37,695 4,144 -15,684 5,717 70 70a -42,600 20,255 -22,345 6,521 -10,920 -26,744 -48,151 21,671 -26,480 4,209 -9,185 -31,456 -51,205 19,737 -31,468 2,648 -9,507 -38,327 -49,314 25,284 -24,030 3,830 -12,574 -32,774 -49,208 22,596 -26,612 1,061 -9,347 -34,898 -47,878 23,689 -24,189 2,212 -9,494 -31,471 -48,915 23,192 -25,723 204 -10,096 -35,615 -50,650 22,449 -28,201 -247 -13,030 -41,478 -54,876 21,538 -33,338 247 -9,927 -43,018 -63,500 21,539 -41,961 -553 -9,886 -52,400 -64,969 19,245 -45,724 -6,965 -10,787 -63,476 -63,587 20,325 ^13,262 -4,933 -13,474 -61,669 -74,203 20,442 -63,761 -4,724 -10,098 -68,583 71 72 73 74 75 76 94 SURVEY OF CURRENT BUSINESS • July 1999 Table 2.-U.S. Trade [Millions 1985 Line 1986 1987 1988 226,471 253,904 323,335 1990 1991 1992 1993 1994 1995 1996 1997 421,764 448,161 465,090 512,626 584,742 625,075 1,046 1,224 1,181 848 779 751 38 264 22 Balance of payments adjustments to Census trade data: EXPORTS Exports of goods, Census basis' including r including military grant shipments rts and 212,621 363,836 392,924 741 225 689,182 682,138 Adjustments: 567 Private gift parcel remittances 194 174 257 253 Gold exports, nonmonetary 406 457 718 593 544 1,345 6,812 1,298 1,607 1,845 1,980 -4,549 -607 -5,686 -692 -6,221 -675 -4,667 -256 -5,162 -66 -4,970 -1,152 -7,767 -1,664 -8,166 -1,273 -9,370 -1,794 -6,641 -1,073 -12,427 -1,606 -9,116 -1,069 -10,903 -1,556 223,344 250,208 320,230 362,120 389,307 416,913 440,352 456,832 502,398 575,845 612,057 679,715 670,246 365,672 406,283 441,926 473,647 495,980 743,543 795,289 869,704 911,896 559 1,376 872 2,163 1,643 -645 2,133 1,830 3,577 2,120 82 2,134 2,120 87 1,348 2,264 2,752 3,129 92 3,066 3,350 53 4,948 3,595 54 3,536 3,704 49 2,908 3,572 -1,005 613 -1,199 -81 -1,330 -137 -1,686 426 -1,086 -1,050 -292 -646 -90 -471 -6 -503 -65 -634 2 -1,200 -47 409,765 447,189 477,365 749,574 803,327 876,366 917,178 Inland U.S. freight to Canada U.S.-Canadian reconciliation adjustments, n.e.c, net 2 Exports transferred under U.S. military agency sales contracts identified in Census documents3 Other adjustments, net 4 -6,461 Equals: Exports of goods, adjusted to balance of payments basis excluding ^military" (table 1, line 3) 215,915 IMPORTS Imports of goods, Census basis' (general imports) 532,663 Adjustments: Electric energy Gold imports, nonmonetary Inland freight in Canada U.S.-Canadian reconciliation adjustment, n.e.c., net 2 . Imports of U.S. military agencies identified in Census documents3 Other adjustments, n e t 5 6 1,021 adjusted to balance of payments " (table 1, line 20) 1.. Equals: Imports of basis, excluding 85 1,887 2,809 84 6,775 2,768 -936 -871 -115 -676 498,337 490,981 536,458 589,441 948 2,525 Trade in goods, by area and country, adjusted to balance of payments basis, excluding military:7 EXPORTS 215,915 223,344 250,208 320,230 362,120 389,307 416,913 440,352 456,832 502,398 575,845 612,057 679,715 670,246 56,006 48,418 4,803 6,086 8,956 4,556 7,250 11,088 5,679 7,588 60,367 51,841 5,456 7,119 10,461 4,748 7,190 11,152 5,715 8,526 68,582 59,504 6,143 7,947 11,525 5,465 8,026 13,749 6,649 9,078 86,409 14,252 6,670 9,714 18,064 8,466 11,945 98,423 84,536 8,445 11,584 16,393 7,089 11,272 20,346 9,407 13,887 111,381 96,282 10,371 13,682 18,299 7,853 12,769 22,929 10,379 15,099 116,812 101,289 10,697 15,338 20,763 8,450 13,260 21,515 11,266 15,523 114,454 100,623 9,956 14,589 20,349 8,594 13,429 22,398 11,308 13,831 111,256 94,992 9,352 13,228 18,437 6,305 12,639 25,658 9,373 16,264 115,349 105,375 11,080 13,610 18,745 6,999 13,319 25,972 15,650 9,974 132,481 121,441 12,835 14,240 21,877 8,674 16,226 28,018 19,571 11,040 138,022 124,457 12,662 14,441 22,940 8,607 16,332 30,221 19,254 13,565 152,965 138,854 13,895 15,805 24,205 8,927 19,671 35,911 20,440 14,111 159,107 145,926 14,265 17,522 26,388 8,911 18,816 37,899 22,125 13,181 Canada 2 Japan Australia, New Zealand, and South Africa 9 Australia o Eastern Europe 55,425 22,148 6,966 5,060 56,495 26,352 62,009 27,630 74,290 37,185 81,090 43,864 83,464 47,806 85,891 47,213 91,361 46,874 101,156 46,683 114,830 51,813 127,553 63,131 135,166 65,961 152,069 64,599 156,810 56,595 5,073 5,289 6,809 8,101 8,303 8,261 9,582 10,501 11,713 11,911 11,775 3,249 2,070 2,259 3,805 5,522 4,338 4,839 5,630 6,183 5,346 5,721 7,271 7,748 7,365 Latin America and Other Western Hemisphere , Brazil Mexico Venezuela Other 30,796 3,310 13,386 3,063 11,037 30,762 3,878 34,949 4,084 14,551 3,530 12,784 43,659 4,244 48,817 4,863 54,295 5,042 75,379 5,742 78,204 5,930 92,012 7,916 20,583 4,532 14,300 24,678 2,964 28,109 3,052 18,092 63,251 6,137 33,138 4,600 19,376 40,494 5,316 23,827 41,478 4,475 26,321 50,743 3,954 29,399 95,830 11,152 46,189 4,602 33,887 108,838 12,335 56,758 4,660 35,085 134,630 15,805 71,144 6,583 41,098 141,599 15,029 78,388 6,462 41,720 Other countries in Asia and Africa 7 Asia79 Members of OPEC China Hong Kong Korea, Republic of Singapore Taiwan Africa 7 9 Members of OPEC 41,147 35,297 6,215 3,860 2,753 5,728 3,444 4,568 5,600 1,534 42,225 36,329 5,780 3,065 2,981 5,863 3,344 5,115 5,639 68,021 60,514 7,399 5,100 5,665 10,637 5,757 12,066 7,183 1,170 76,129 68,030 8,362 5,774 6,281 13,116 7,315 10,982 7,973 1,342 90,257 81,217 11,194 6,261 8,099 14,875 8,728 12,684 8,661 1,703 97,869 88,229 12,597 7,399 9,020 13,840 9,511 14,509 9,144 1,813 105,017 95,623 12,277 8,732 9,844 14,071 10,827 15,337 8,983 1,940 113,377 104,028 11,344 9,242 11,417 12,168 16,116 8,956 1,815 140,628 130,436 12,287 11,754 14,203 24,205 14,904 18,528 9,905 1,437 145,084 135,326 13,857 11,927 13,874 25,636 16,254 17,540 9,325 1,708 155,793 144,786 16,045 12,723 15,065 24,601 17,550 19,159 10,617 1,528 136,995 125,980 15,455 13,977 12,849 15,782 15,557 17,234 10,584 1,465 52 174 558 295,221 338,129 355,699 386,483 389,758 17,113 189,975 18,326 219,390 20,225 236,131 24,156 269,076 23,382 257,106 Total, all countries ( A - 8 ) . Western Europe European Union Belgium and Luxembourg France Germany 8 Italy 1 : :zr.;....:z Netherlands United Kingdom Other Western Europe, excluding EU International organizations and unallocated , 12,310 3,095 11,479 43,685 5,780 3,507 3,975 7,647 4,048 7,097 5,596 783 178 74,464 7,385 9,913 16,312 79,162 70,904 8,030 4,791 6,783 13,893 8,002 11,079 7,973 1,630 224 Memoranda: Industrial countries 7 0 / which: Euro area " Members of OPEC 7 Other countries 7 See footnotes on page 105. 140,545 150,302 165,613 207,317 234,247 253,812 261,288 265,116 11,397 63,795 '"iO,386 10,714 73,881 13,777 99,084 12,669 115,030 12,712 122,225 18,446 136,790 19,726 155,422 270,621 '""ii'm 167,295 SURVEY OF CURRENT BUSINESS July 1999 • 95 in Goods of dollars] Seasonally adjusted Not seasonally adjusted 1997 I II 1998 III 1 IV II 1997 1999 III IV I \p II 1998 III IV I 1999 Line \p IV III II 1 164,944 174,967 169,041 180,230 172,703 170,341 160,624 178,470 166,448 165,219 172,432 175,929 175,602 172,997 167,517 167,499 174,125 167,396 187 181 156 172 157 147 132 131 139 187 181 156 172 157 147 132 131 139 2 27 3 27 22 22 4 5 -1,932 -496 -2,177 -563 -2,754 -2,253 -127 -2,338 -151 -2,095 -072 -2,837 -533 -3,633 -500 -2,669 -601 -1,932 ^96 -2,177 -563 -2,754 117 117 -2,253 -127 -2,338 -151 -2,095 -372 -2,837 -533 -3,633 -500 -2,669 -601 6 7 162,703 172,430 166,560 178,022 170,371 168,021 157,386 174,468 163,344 162,979 169,895 173,447 173,394 170,665 165,198 164,259 170,124 164,292 8 202,969 214,175 224,492 228,068 216,714 226,659 230,785 237,738 230,293 210,035 214,946 221,609 223,114 224,223 227,724 227,618 232,331 237,885 9 14 11 14 11 12 10 11 12 13 12 17 1,980 907 917 982 914 11 204 891 8 686 926 10 333 939 1,093 835 20 796 872 1,352 914 10 333 939 1,093 982 8 686 926 17 1,980 917 11 204 891 12 1,352 835 20 796 872 907 -118 -144 -178 -194 -301 -306 -311 -282 -273 -118 -144 -178 -194 -301 -306 -311 -582 -273 -10 -8 2 18 -1 -2 -18 -26 -36 -10 -8 2 18 -1 -2 -18 -26 -36 14 15 205,122 217,002 225,244 228,998 218,032 227,633 232,395 239,118 230,903 212,187 217,773 222,362 224,044 225,541 228,698 229,228 233,711 238,495 16 162,703 172,430 166,560 178,022 170,371 168,021 157,386 174,468 163,344 162,979 4103,099 CO QQR 173,447 173,394 170,665 165,198 164,259 170,124 164,292 1 38,600 35,044 3,432 3,827 6,132 2,228 4,752 9,535 5,138 3,556 39,863 35,144 3,383 3,964 6,272 2,329 4,820 9,331 5,045 4,719 35,335 32,377 3,399 3,724 5,742 2,005 4,775 8,156 4,576 2,958 39,167 36,289 3,681 4,290 6,059 2,365 5,324 8,889 5,681 2,878 41,240 38,360 3,907 4,688 6,391 2,379 5,103 10,085 5,807 2,880 39,587 36,444 3,559 4,403 6,561 2,156 4,481 9,771 5,513 3,143 37,191 34,161 3,376 3,863 6,288 2,019 4,285 9,302 5,028 3,030 41,089 36,961 3,423 4,568 7,148 2,357 4,947 8,741 5,777 4,128 41,287 38,499 3,465 5,014 6,862 2,299 4,741 9,809 6,309 2,788 38,675 35,154 3,450 3,848 6,153 2,234 4,765 9,554 5,150 3,521 39,224 34,558 3,318 3,888 6,162 2,294 4,750 9,163 4,983 4,666 36,816 33,704 3,530 3,870 5,972 2,093 4,971 8,487 4,781 3,112 38,250 35,438 3,597 4,199 5,918 2,306 5,185 8,707 5,526 2,812 41,320 38,439 3,916 4,707 6,412 2,388 5,115 10,094 5,807 2,881 38,857 35,762 3,487 4,318 6,440 2,119 4,401 9,574 5,423 3,095 38,795 35,624 3,523 4,025 6,552 2,105 4,472 9,686 5,261 3,171 40,135 36,101 3,339 4,472 6,984 2,299 4,828 8,545 5,634 4,034 41,571 38,770 3,470 5,068 6,871 2,317 4,771 9,924 6,349 2,801 2 3 4 5 6 7 8 9 10 11 36,813 16,401 38,786 16,604 36,819 15,733 39,651 15,861 39,646 14,800 40,835 14,063 35,892 14,042 40,437 13,690 40,070 14,432 37,045 16,331 38,118 16,483 38,200 16,437 38,706 15,348 39,767 14,764 40,129 13,894 37,372 14,692 39,542 13,245 40,276 14,472 2,823 3,100. 3,088 2,900 3,117 2,838 2,918 2,902 2,543 2,831 3,040 3,205 2,835 3,127 2,777 3,038 2,833 2,565 12 13 14 15 1,807 2,111 1,741 2,089 1,999 2,299 1,655 1,412 1,213 1,787 2,108 1,833 2,020 1,961 2,284 1,745 1,375 1,204 16 29,481 3,374 15,638 1,296 9,173 32,487 3,831 16,999 1,663 9,994 35,163 4,106 18,494 1,827 10,736 37,499 4,494 20,013 1,797 11,195 35,309 3,470 19,507 1,851 10,481 35,517 3,786 19,175 1,762 10,794 34,410 3,677 19,129 1,433 10,171 36,363 4,096 20,577 1,416 10,274 32,125 2,974 18,738 1,443 8,970 29,576 3,387 15,710 1,294 9,185 31,998 3,759 16,734 1,641 9,864 36,534 4,264 19,212 1,899 11,159 36,522 4,395 19,488 1,749 10,890 35,361 3,484 19,556 1,855 10,466 34,910 3,710 18,844 1,729 10,627 35,899 3,832 19,931 1,499 10,637 35,429 4,003 20,057 1,379 9,990 32,362 3,019 18,863 1,451 9,029 17 18 19 20 21 36,778 34,417 3,270 2,867 3,486 6,345 4,343 4,548 2,277 39,479 36,828 3,948 2,926 3,938 6,986 4,290 4,551 2,554 38,681 35,398 3,698 2,971 3,809 5,849 4,726 4,594 3,161 40,855 38,143 5,129 3,959 3,832 5,421 4,191 5,466 2,625 34,260 31,684 4,104 3,180 3,192 3,369 3,914 4,688 2,482 32,882 30,273 3,490 3,116 3,410 3,700 3,805 4,098 2,495 31,278 28,523 3,043 3,172 3,097 3,532 3,948 3,753 2,625 38,575 35,500 4,818 4,509 3,150 5,181 3,890 4,695 2,982 31,674 29,327 2,844 2,777 2,986 4,729 3,875 3,791 2,274 36,734 34,398 3,258 2,874 3,481 6,322 4,360 4,536 2,252 38,924 36,301 3,894 2,896 3,889 6,893 4,192 4,503 2,528 40,422 36,976 3,880 3,107 3,971 6,122 4,899 4,816 3,318 39,713 37,111 5,013 3,846 3,724 5,264 4,099 5,304 2,519 34,365 31,804 4,118 3,209 3,195 3,369 3,935 4,710 2,467 32,347 29,772 3,429 3,066 3,361 3,664 3,716 4,033 2,462 32,718 29,818 3,192 3,312 3,230 3,706 4,104 3,927 2,765 37,565 34,586 4,716 4,390 3,063 5,043 3,802 4,564 2,890 31,842 29,494 2,843 2,784 2,983 4,732 3,929 3,822 2,275 296 365 496 371 421 310 359 375 310 290 364 519 355 414 310 380 361 312 22 23 24 25 26 27 28 29 30 31 12 32 95,754 99,630 92,225 98,874 100,019 98,643 91,291 99,805 4,862 62,087 5,976 66,824 6,021 68,314 7,297 71,851 6,376 63,976 5,562 63,816 4,835 61,260 6,609 68,054 99,352 26806 4,597 59,395 96,004 98,122 95,958 96,399 100,198 96,954 95,201 97,405 4,842 62,133 5,899 65,874 6,298 71,191 7,117 69,878 6,387 64,080 5,468 62,776 5,071 63,987 6,456 66,263 99,911 26949 4,606 59,775 33 34 35 36 SURVEY OF CURRENT BUSINESS 96 • July 1999 Table 2.-U.S. Trade [Millions 1985 Line 1986 1987 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Trade in goods, by area and country, adjusted to balance of payments basis, excluding military7—Continued: IMPORTS Total, all countries ( A - 1 6 ) . Western Europe European Union Belgium and Luxembourg France Germany8 Italy ...... .. '•;.' ...'. Netherlands United Kingdom Other Western Europe, excluding EU Canada 2 Japan Australia, New Zealand, and South Africa9 . Australia 77,455 62,595 3,270 8,908 19,526 9,354 4,121 14,475 2,941 14,860 70,244 65,653 5,601 2,697 368,425 409,765 447,189 477,365 498,337 490,981 536,458 589,441 749,574 803,327 876,366 917,178 74,163 3,938 9,542 24,526 10,347 4,097 15,056 6,657 14,796 96,129 81,455 4,223 10,506 26,941 10,916 4,814 17,210 6,845 14,674 102,597 86,036 4,504 12,498 26,313 11,513 5,950 17,651 7,607 16,561 102,388 85,508 4,537 12,909 24,675 11,895 4,937 17,965 8,590 109,162 91,342 4,584 13,042 28,000 12,665 4,930 19,960 8,161 17,820 4,110 13,202 26,036 11,702 4,852 18,259 7,625 16,200 111,384 93,983 4,695 14,651 28,731 12,247 5,741 19,939 7,979 17,401 120,948 102,239 7,056 15,214 28,494 13,197 8,481 21,494 8,303 18,709 132,918 120,967 8,464 16,674 31,678 14,782 6,004 24,861 18,504 11,951 147,722 134,260 8,757 17,179 36,770 16,335 6,408 26,774 22,037 13,462 161,665 146,328 9,498 18,633 38,840 18,295 7,481 28,838 24,743 15,337 175,771 160,146 10,849 20,607 43,018 19,383 7,601 32,496 26,192 15,625 194,016 176,081 8,769 24,005 49,727 20,942 7,545 34,416 30,677 17,935 80,753 73,600 84,578 84,612 89,800 89,935 93,530 90,373 93,032 92,251 100,867 97,401 113,310 107,228 131,120 119,137 147,142 123,461 158,668 115,171 170,058 121,658 175,806 121,850 4,881 5,372 2,595 2,961 3,519 3,854 4"409 4,073 3,682 3,297 3,203 3,402 1,847 1,979 1,919 2,165 2,067 2,267 1,799 1,976 3,524 5,828 7,014 7,004 8,481 Latin America and Other Western Hemisphere . Brazil Mexico Venezuela Other 46,110 7,193 19,104 6,520 13,293 42,015 6,990 17,665 4,812 12,548 47,295 8,177 5,652 13,177 51,451 9,462 23,312 5,168 13,509 57,502 8,426 27,128 6,765 15,183 64,354 7,962 30,509 9,496 16,387 6,842 31,496 8,179 16,473 69,175 7,609 35,609 8,182 17,775 75,172 7,479 40,429 8,417 18,847 88,528 8,682 50,055 8,371 21,420 105,268 8,832 62,787 9,764 23,885 124,913 8,773 75,088 13,419 27,633 140,430 9,625 86,713 13,477 30,615 145,730 10,102 95,454 9,180 30,994 Other countries in Asia and Africa 79 . Asia 7 9 Members of OPEC China Hong Kong Korea, Republic of Singapore Taiwan Africa 79 Members of OPEC 71,178 61,054 8,613 3,830 7,935 9,978 4,126 15,482 9,891 5,946 82,431 72,262 8,319 4,689 8,782 12,804 4,589 19,757 10,064 4,309 103,283 91,259 11,557 6,299 9,830 16,963 6,149 24,611 11,950 5,938 113,045 102,098 11,325 8,540 10,243 20,160 7,947 24,864 10,865 5,287 128,089 113,810 14,843 11,998 9,710 19,753 8,966 25,482 14,149 7,565 134,674 118,464 17,887 15,204 9,475 18,436 9,800 22,642 16,102 9,641 134,850 120,304 15,532 19,002 9,279 16,983 9,968 23,020 14,406 8,381 151,973 136,986 16,206 25,727 9,792 16,649 11,310 24,594 14,799 7,989 165,962 150,281 15,734 31,540 9,554 17,088 12,798 25,095 15,445 8,493 187,856 173,481 16,213 38,787 9,696 19,605 15,357 26,706 14,090 7,090 215,565 199,734 17,689 45,544 10,286 24,148 18,583 28,971 15,605 6,804 232,037 212,825 21,012 51,511 9,854 22,611 20,348 29,909 18,950 8,234 255,087 234,887 21,753 62,555 10,285 23,145 20,077 32,631 19,924 8,788 263,505 247,324 18,905 71,170 10,540 23,914 18,353 33,111 15,844 5,832 218,953 245,352 283,229 292,477 299,922 294,282 316,281 347,842 425,394 443,162 476,460 501,736 22,834 96,301 18,893 104,180 24,416 125,683 23,016 140,944 29,243 155,645 37,024 161,391 33,431 163,268 32,377 187,800 32,644 208,955 31,674 247,080 34,257 289,923 42,665 317,500 44,018 355,888 33,917 381,525 -122,173 -145,081 -159,557 -126,959 -115,245 -109,030 -74,068 -96,106 -132,609 -166,192 -173,729 -191,270 -196,651 -246,932 -21,449 -14,177 1,533 -2,822 -10,570 -4,798 3,129 -3,387 2,738 -7,272 -28,592 -22322 1,518 -2,423 -14,065 -5,599 3,093 -3,904 -942 -6,270 -27,547 -21,951 1,920 -5,559 -15,416 -6,451 3,212 -3,461 -196 -5,596 -16,188 -11,572 2,881 -2,585 -12,061 -4,843 3,764 413 859 -4,616 -3,965 -972 3,908 -1,325 -3,282 -4,806 6,335 2,381 817 -2,993 2,219 4,940 5,787 640 -9,701 -4,812 7,839 2,969 2,218 -2,721 14,826 15,503 6,587 2,136 -5,273 -3,252 8,408 3,256 3,641 -677 3,070 6,640 5,261 -62 -8,382 -3,653 7,688 2,459 3329 -3,570 -9,692 -7,247 2,296 -1,986 -10,057 -6,892 4,158 4,164 1,070 -5,445 -17,569 -15,592 2,616 -3,064 -12,933 -7,783 7,315 1,111 -2,854 -1,977 -15,241 -12,819 4,078 -2,939 -14,893 -7,661 9,818 1,244 -2,466 -2,422 -53,643 -21,871 3,164 -4,192 -15,900 -9,688 8,851 1,383 -5,489 -1,772 -22,806 -21,292 3,046 -4,802 -18,813 -10,456 12,070 3,415 -5,752 -1,514 -34,909 ^30,155 5,496 -6,483 -23,339 -12,031 11,271 3,483 -8,552 -4,754 -14,819 -43,505 1,365 2,363 -13,198 -54,401 -11,591 -56,948 -10,322 -52,615 -6,845 -49,666 -6,634 -42,567 -7,141 -45,038 -9,506 -50,527 -12,154 -60,545 -16,290 -67,324 -19,589 -60,330 -23,502 -49,210 -17,989 -57,059 -18,996 -65,255 2,478 2,328 3,290 4,247 3,894 4,188 5,015 4,812 6,379 7,099 7,844 7,030 6,403 1,402 91 340 1,640 3,455 2,071 3,040 3,654 -482 -1,293 267 -733 -3,534 Latin America and Other Western Hemisphere Brazil Mexico Venezuela Other -15,314 -3,883 -5,718 -3,457 -2,256 -11,253 -3,112 -5,355 -1,717 -1,069 -12,346 -4,093 -5,738 -2,122 -393 -7,792 -5,218 -2,729 -636 791 -8,685 -3,563 -2,450 -3,801 1,129 -10,059 -2,920 -2,400 -6,444 1,705 261 -705 1,642 -3,579 2,903 6,204 -1,867 4,885 -2,866 6,052 3,032 -1,549 1,049 -3,942 7,474 3,484 -766 688 -4,417 7,979 -9,438 2,320 -16,598 -5,162 10,002 -16,075 3,562 -18,330 -6,759 7,452 -5,800 6,180 -15,569 -6,894 10,483 -4,131 4,927 -17,066 -2,718 10,726 Other countries in Asia and Africa 7 9 Asia79 Members of OPEC China Hong Kong Korea, Republic of Singapore Taiwan -50,031 -25,757 -2,398 30 -5,182 -4,250 -682 -10,914 -4,291 -4,412 -40,206 -35,933 -5,539 -1,624 -5,801 -6,941 -1,245 -14,642 -4,425 -3,401 -53,793 -47,574 -5,777 -5,792 -5,855 -9,316 -2,101 -17,514 -6,354 -5,155 -45,024 -41,584 -3,926 -3,440 -4,578 -6,523 -5,190 -12,798 -3,682 -4,117 -51,960 -45,780 -6,481 -6,224 -3,429 -6,637 -1,651 -14,500 -6,176 -6,223 -55,512 -47,560 -9,857 -10,413 -2,692 -4,543 -1,798 -11,563 -8,129 -8,011 -44,593 -39,087 -4,338 -12,741 -1,180 -2,108 -1,240 -10,336 -5,745 -6,678 -54,104 -48,757 -3,609 -18,328 -772 -2,809 -1,799 -10,085 -5,655 -6,176 -60,945 -54,658 -3,457 -22,808 290 -3,017 -1,971 -9,758 -6,462 -6,553 -74,479 -69,453 -4,869 -29,545 1,721 -2,616 -3,189 -10,590 -5,134 -5,275 -74,937 -69,298 -5,402 -33,790 3,917 57 -3,679 -10,443 -5,700 -5,367 -86,953 -77,499 -7,155 -39,584 4,020 3,025 -4,094 -12,369 -9,625 -6,526 -99,294 -90,101 -5,708 -49,832 4,780 1,456 -2,527 -13,472 -9,307 -7,260 -126,510 -121,344 -3,450 -57,193 2,309 -8,132 -5,796 -15,877 -5,260 -4,367 52 174 558 389 Eastern Europe International organizations and unallocated , Memoranda: Industrial countries7 Of which: Euro area 1 0 , Members of OPEC 7 Other countries7 BALANCE (EXCESS OF EXPORTS +) Total, all countries Western Europe European Union Belgium and Luxembourg France Germany8 Italy Netherlands United Kingdom Other Western Europe, excluding EU . Canada 2 Japan Australia, New Zealand, and South Africa 9 Australia Eastern Europe 100 101 102 103 104 105 106 107 108 Africa 79 Members of OPEC International organizations and unallocated Industrial countries 7 Of which: Euro area 1 ' Members of OPEC 7 Other countries7 See footnotes on page 105. 178 224 -78,408 -95,050 -64,053 -75,912 -58,230 -46,110 -32,994 -51,165 -77,221 -94,615 -87,265 -87,463 -89,977 -111,978 -11,437 -32,506 -8,507 -41,524 -13,702 -51,802 -6,239 -41,860 -16,574 -40,615 -24,312 -39,166 -14,985 -26,478 -12,651 -32,378 -13,952 -41,660 -14,561 -57,105 -15,931 -70,533 -22,440 -61,369 -19,862 -86,812 -10,535 -124,419 SURVEY OF CURRENT BUSINESS July 1999 • 97 in Goods-Continued of dollars] Not seasonally adjusted Seasonally adjusted 1997 I II 1999 1998 III IV I II III IV \p 1997 I II 1998 III IV 1 II 1999 III IV Line \p 205,122 217,002 225,244 228,998 218,032 227,633 232,395 239,118 230,903 212,187 217,773 222,362 224,044 225,541 228,698 229,228 233,711 238,495 37 40,937 37,295 2,708 4,578 10,062 4,499 1,815 7,593 6,040 3,642 45,147 41,252 3,959 5,024 11,015 4,784 1,869 7,953 6,648 3,895 43,076 39,295 2,065 5,490 10,299 4,912 1,949 8,112 6,468 3,781 46,611 42,304 2,117 5,515 11,642 5,188 1,968 8,838 7,036 4,307 45,018 40,693 2,164 5,392 11,468 5,023 1,686 8,110 6,850 4,325 48,154 43,973 2,139 6,120 12,355 5,138 1,889 8,703 7,629 4,181 48,533 44,029 2,176 6,022 12,042 5,240 1,897 8,579 8,073 4,504 52,311 47,386 2,290 6,471 13,862 5,541 2,073 9,024 8,125 4,925 48,566 44,717 2,451 6,098 12,466 5,229 1,852 8,823 7,798 3,849 42,333 38,577 2,775 4,747 10,417 4,659 1,872 7,855 6,252 3,756 45,316 41,408 3,969 5,048 11,049 4,801 1,879 7,989 6,673 3,908 42,512 38,780 2,034 5,420 10,160 4,852 1,925 8,011 6,378 3,732 45,610 41,381 2,071 5,392 11,392 5,071 1,925 8,641 6,889 4,229 46,554 42,106 2,242 5,586 11,843 5,196 1,750 8,391 7,098 4,448 48,401 44,196 2,149 6,154 12,428 5,159 1,898 8,742 7,666 4,205 47,884 43,434 2,141 5,942 11,885 5,171 1,873 8,457 7,965 4,450 51,177 46,345 2,237 6,323 13,571 5,416 2,024 8,826 7,948 4,832 50,109 46,152 2,521 6,296 12,842 5,398 1,909 9,119 8,067 3,957 38 39 40 41 42 43 44 45 46 47 41,931 30,102 43,071 29,398 41,088 30,730 43,968 31,428 43,231 30,327 44,796 29,952 41,779 29,837 46,000 31,734 47,684 31,098 43,345 31,183 43,183 29,485 40,521 30,309 43,009 30,681 44,685 31,403 45,003 30,068 41,172 29,392 44,946 30,987 49,246 32,082 1,201 1,126 1,293 1,261 1,262 1,435 1,315 1,360 1,093 1,235 1,131 1,280 1,235 1,306 1,441 1,297 1,328 1,139 48 49 50 51 1,854 2,030 2,350 2,247 2,423 2,858 2,874 2,744 2,402 1,918 2,040 2,322 2,201 2,513 2,867 2,834 2,685 2,470 52 32,858 2,327 19,890 3,320 7,321 34,972 2,506 21,522 3,289 7,655 36,110 2,545 22,184 3,401 7,980 36,490 2,247 23,117 3,467 7,659 34,759 2,281 22,523 2,479 7,476 36,683 2,647 23,961 2,347 7,728 36,492 2,683 23,814 2,192 7,803 37,796 2,491 25,156 2,162 7,987 37,327 2,387 24,940 1,841 8,159 33,916 2,411 20,580 3,360 7,565 35,089 2,512 21,606 3,295 7,676 35,675 2,509 21,913 3,376 7,877 35,750 2,193 22,614 3,446 7,497 35,872 2,365 23,273 2,518 7,716 36,864 2,658 24,093 2,355 7,758 36,026 2,645 23,505 2,176 7,700 36,968 2,434 24,583 2,131 7,820 38,471 2,469 25,717 1,883 8,402 53 54 55 56 57 56,239 51,061 4,864 12,558 2,130 5,090 4,569 7,261 5,125 2,276 61,258 56,083 5,449 14,452 2,242 5,802 5,129 7,929 5,095 2,430 70,597 65,499 5,853 18,412 3,080 6,247 5,399 8,660 5,012 2,179 66,993 62,244 5,587 17,133 2,833 6,006 4,980 8,781 4,692 1,903 61,012 56,614 4,651 14,811 2,317 5,619 4,545 7,777 4,332 1,614 63,755 59,345 4,563 16,823 2,486 5,917 4,686 8,009 4,334 1,809 71,565 67,611 5,088 20,462 3,134 6,076 4,616 8,686 3,837 1,312 67,173 63,754 4,603 19,074 2,603 6,302 4,506 8,639 3,341 1,097 62,733 59,223 4,517 16,428 2,233 6,447 4,170 7,970 3,442 1,173 58,257 52,994 4,989 13,103 2,221 5,277 4,730 7,538 5,208 2,295 61,529 56,343 5,462 14,539 2,256 5,828 5,150 7,960 5,106 2,434 69,743 64,689 5,793 18,194 3,041 6,165 5,330 8,547 4,968 2,170 65,558 60,861 5,509 16,719 2,767 5,875 4,867 8,586 4,642 1,889 63,208 58,721 4,763 15,431 2,413 5,828 4,699 8,066 4,418 1,631 64,054 59,631 4,586 16,931 2,496 5,938 4,705 8,042 4,346 1,817 70,623 66,712 5,039 20,205 3,093 5,986 4,547 8,561 3,795 1,302 65,620 62,260 4,517 18,603 2,538 6,162 4,402 8,442 3,285 1,082 64,978 61,375 4,640 17,097 2,326 6,666 4,310 8,253 3,532 1,189 58 59 60 61 62 63 64 65 66 67 68 115,046 119,874 117,274 124,266 120,945 125,571 122,682 132,538 120,252 115,694 121,512 125,094 126,148 120,946 129,548 11,168 85,960 11,433 96,537 10,957 93,775 8,744 88,343 8,719 93,343 8,592 101,121 7,862 98,718 129,530 33285 7,531 93,842 119,002 i'0,460 79,616 10,644 82,541 11,191 86,330 11,339 95,329 10,844 91,688 8,912 91,535 8,758 93,792 8,517 99,765 7,730 96,433 133,701 34348 7,712 97,082 69 70 71 72 -42,419 -44,572 -58,684 -50,976 -47,661 -59,612 -75,009 -64,650 -67,559 -49,208 -47,878 -48,915 -50,650 -54,876 -63,500 -64,969 -63,587 -74,203 73 -2,337 -2,251 724 -751 -3,930 -2,271 2,937 1,942 -902 -66 -5,284 -6,108 -576 -1,060 -4,743 -2,455 2,951 1,378 -1,603 824 -7,741 -6,918 1,334 -1,766 -4,557 -2,907 2,826 44 -1,892 -823 -7,444 -6,015 1,564 -1,225 -5,583 -2,823 3,356 51 -1,355 -1,429 -3,778 -2,333 1,743 -704 -5,077 -2,644 3,417 1,975 -1,043 -1,445 -8,567 -7,529 1,420 -1,717 -5,794 -2,982 2,592 1,068 -2,116 -1,038 -11,342 -9,868 1,200 -2,159 -5,754 -3,221 2,388 723 -3,045 -1,474 -11,222 -10,425 1,133 -1,903 -6,714 -3,184 2,874 -283 -2,348 -797 -7,279 -6,218 1,014 -1,084 -5,604 -2,930 2,889 986 -1,489 -1,061 -3,658 -3,423 675 -899 -4,264 -2,425 2,893 1,699 -1,102 -235 -6,092 -6,850 -651 -1,160 -4,887 -2,507 2,871 1,174 -1,690 758 -6,696 -5,076 1,496 -1,550 -4,188 -2,759 3,046 476 -1,597 -620 -7,360 -6,943 1,526 -1,193 -6,474 -2,765 3,260 66 -1,363 -1,417 -5,234 -3,667 1,674 -879 -5,431 -2,808 3,365 1,703 -1,291 -1,567 -9,544 -8,434 1,338 -1,836 -5,988 -3,040 2,503 832 -2,243 -1,110 -9,089 -7,810 1,382 -1,917 -5,333 -3,066 2,599 1,229 -2,704 -1,279 -11,042 -10,244 1,102 -1,851 -6,587 -3,117 2,804 -281 -2,314 -798 -8,538 -7,382 949 -1,228 -6,971 -3,081 2,862 805 -1,718 -1,156 74 75 76 77 78 79 80 81 82 83 -5,118 -13,701 -4,285 -12,794 -4,269 -14,997 -4,317 -15,567 -3,585 -15,527 -3,961 -15,889 -5,887 -15,795 -5,563 -18,044 -7,614 -16,666 -6,300 -14,852 -5,065 -13,002 -2,321 -13,872 -4,303 -15,333 -4,918 -16,639 -4,874 -16,174 -3,800 -14,700 -5,404 -17,742 -8,970 -17,610 1,622 1,974 1,795 1,639 1,855 1,403 1,603 1,542 1,450 1,596 1,909 1,925 1,600 1,821 1,336 1,741 1,505 1,426 84 85 86 87 -47 81 -609 -158 -424 -559 -1,219 -1,332 -1,189 -131 68 -489 -181 -652 -583 -1,089 -1,310 -1,266 88 -3,377 1,047 -4,252 -2,024 1,852 -2,485 1,325 -4,523 -1,626 2,339 -947 1,561 -3,690 -1,574 2,756 1,009 2,247 -3,104 -1,670 3,536 550 1,189 -3,016 -628 3,005 -1,166 1,139 -4,786 -585 3,066 -2,082 994 ^,685 -759 2,368 -1,433 1,605 -4,579 -746 2,287 -6,202 587 -6,202 -398 811 H340 976 -4,870 -2,066 1,620 -3,091 1,247 -4,872 -1,654 2,188 859 1,755 -2,701 -1,477 3,282 772 2,202 -3,126 -1,697 3,393 -511 1,119 -3,717 -663 2,750 -1,954 1,052 -5,249 -626 2,869 -127 1,187 -3,574 -677 2,937 -1,539 1,569 -4,526 -752 2,170 -6,109 550 -6,854 -432 627 89 90 91 92 93 -19,461 -16,644 -1,594 -9,691 1,356 1,255 -226 -2,713 -2,848 -1,980 -21,779 -19,255 -1,501 -11,526 1,696 1184 -839 -3,378 -2,541 -2,065 -31,916 -50,101 -2,155 -15,441 729 -398 -673 -4,066 -1,851 -1,683 -26,138 -24,101 ^58 -13,174 999 -585 -789 -3,315 -2,067 -1,532 -26,752 -24,930 -547 -11,631 875 -2,250 -631 -3,089 -1,850 -1,193 -30,873 -29,072 -1,073 -13,707 924 -2,217 -681 -3,911 -1,839 -1,499 -40,287 -39,088 -2,045 -17,290 -37 -2,544 -668 -4,933 -1,212 -953 -28,598 -28,254 215 -14,565 547 -1,121 -616 -3,944 -359 -722 -31,059 -29,896 -1,673 -13,651 753 -1,718 -295 -4,179 -1,168 -863 -21,523 -18,596 -1,731 -10,229 1,260 1,045 -370 -3,002 -2,956 -2,005 -22,605 -50,042 -1,568 -11,643 1,633 1,065 -958 -3,457 -2,578 -2,070 -29,321 -27,713 -1,913 -15,087 930 -43 -431 -3,731 -1,650 -1,651 -25,845 -23,750 -496 -12,873 957 -611 -768 -3,282 -2,123 -1,534 -28,843 -26,917 -645 -12,222 782 -2,459 -764 -3,356 -1,951 -1,217 -31,707 -29,859 -1,157 -13,865 865 -2,274 -989 -4,009 -1,884 -1,507 -37,905 -36,894 -1,847 -16,893 137 -2,280 -443 ^,634 -1,030 -922 -28,055 -27,674 199 -14,213 525 -1,119 -600 -3,878 -395 -721 -33,136 -31,881 -1,797 -14,313 657 -1,934 -381 -4,431 -1,257 -877 94 95 96 97 98 99 100 101 102 103 104 -19,292 -20,244 -25,049 -25,392 -20,926 -26,928 -31,391 -02,733 -6,598 -17,529 -6,192 -19,136 -5,412 -58,223 -3,660 -51,924 -2,368 -24,367 -3,157 -29,527 -3,757 -39,861 -1,253 -30,664 -30,178 -6,479 -2,934 -34,447 -22,998 -22,130 -19,736 -25,113 -24,896 -29,194 -25,745 -32,143 -6,802 -20,408 -5,292 -20,456 -5,041 -24,138 -3,727 -21,810 -2,525 -27,455 -3,290 -31,016 -3,446 -35,778 -1,274 -30,170 -33,790 -7,399 -3,106 -37,307 105 106 107 108 98 SURVEY OF CURRENT BUSINESS • July 1999 Table 2.—U.S. Trade [Millions 1985 Line 1986 1987 1989 1990 1991 1992 1993 1994 1995 1996 1997 Trade in goods, by principal end-use category, adjusted to balance of payments basis, excluding military: Exports of goods, balance of payments basis, excluding military (A-6) 215,915 223,344 250,208 320,230 362,120 389,307 416,913 440,352 456,832 502,398 575,845 612,057 679,715 670,246 29,631 186,284 27,174 196,170 29,847 220,361 38,810 281,420 42,195 319,925 40,197 349,110 40,144 376,769 44,049 396,303 43,705 413,127 47,062 455,336 57,229 518,616 61,487 550,570 58,425 621,290 53,106 617,140 24,566 23,522 25,229 33,770 37,475 35,172 35,829 40,336 40,692 41,957 50,475 55,534 51,506 46,398 23,219 12,525 3,866 5,213 3,733 1,264 2,854 2,843 21,738 9,795 3,288 2,677 4,306 1,559 3,238 2,840 23,059 10,505 3,272 3,267 4,311 1,897 3,484 2,862 30,788 15,398 5,105 5,120 4,915 2,698 4,148 3,629 34,038 18,061 6,122 6,835 3,996 3,141 5,010 3,830 31,405 14,790 4,016 6,246 3,570 3,335 5,614 4,096 31,784 13,256 3,485 5,199 3,994 3,872 5,995 4,667 35,921 14,838 4,647 5,103 4,452 4,477 6,427 5,727 36,589 14,400 4,904 4,688 4,594 4,561 6,698 6,336 37,832 13,583 4,269 4,345 4,364 5,445 7,393 7,047 46,102 18,612 5,688 7,642 5,428 6,618 7,869 7,575 51,204 21,230 6,413 8,874 7,364 7,185 8,080 7,345 47,540 16,136 4,329 5,682 7,506 7,244 8,269 8,385 43,021 14,361 3,808 4,802 4,942 6,751 8,102 1,347 1,104 1,784 1,507 2,170 1,843 2,982 2,550 3,437 2,886 3,767 3,102 4,045 3,319 4,415 3,613 4,103 3,210 4,125 3,180 4,373 3,324 4,330 3,117 3,966 2,791 3,377 2,352 61,159 64,720 70,052 90,019 105,503 109,826 109,592 111,870 121,547 146,372 147,998 158,274 148,270 6,346 1,617 1,509 1,319 1,901 5,358 842 1,220 1,544 1,752 6,389 1,660 1,106 1,762 1,861 7,388 1,988 1,261 1,868 2,271 7,977 2,266 1,300 1,775 2,636 8,591 2,800 1,461 1,761 2,569 8,144 2,517 1,422 1,382 2,823 7,904 2,014 1,640 1,365 2,885 1,576 1,295 1,297 2,700 8,989 2,644 1,305 1,535 3,505 10,889 3,717 1,390 1,762 4,020 10,037 2,743 1,367 1,693 4,234 10,603 2,718 1,553 1,665 4,667 9,780 2,575 1,451 1,270 4,484 54,813 11,800 11,774 4,599 5,707 59,362 9,945 9,911 4,123 4,430 63,663 9,207 9,180 3,490 4,633 82,631 9,660 9,580 4,193 4,480 91,849 12,828 12,614 4,678 6,392 96,912 15,237 14,722 5,040 8,362 101,682 15,170 15,104 5,289 8,357 101,688 14,364 14,260 4,924 7,620 105,002 12,713 12,571 3,643 7,502 112,558 12,041 11,959 3,445 6,968 135,483 13,778 13,673 4,295 8,096 137,961 15,556 15,404 4,439 9,631 147,671 16,520 16,291 4,122 10,419 138,490 13,294 13,034 3,683 8,075 Paper and paper base stocks Textile supplies and related materials Chemicals, excluding medicinals Building materials, except metals Other nonmetals 4,143 3,077 17,155 3,183 4,144 4,883 3,272 17,862 3,592 4,713 6,106 3,711 20,987 4,562 5,537 7,672 4,595 26,116 6,105 8,411 5,603 8,706 6,620 30,444 7,592 9,706 9,298 6,809 29,840 8,078 8,483 6,999 7,371 8,118 8,399 6,313 27,563 7,585 9,130 30,082 8,751 10,750 14,487 9,284 42,985 9,061 13,410 12,483 9,555 42,472 9,261 10,302 10,104 8,183 35,137 8,839 11,900 12,785 10,700 46,865 9,482 16,655 Metals and nonmetallic products Steelmaking materials Iron and steel products Nonferrous metals Nonmonetary gold Other precious metals Other nonferrous metals Other metals and nonmetallic products 11,311 1,303 1,411 5,377 1,769 418 3,190 3,220 15,095 1,394 1,412 9,007 5,691 441 2,875 3,282 13,553 1,284 1,546 6,841 2,627 580 3,634 3,882 21,514 1,752 2,443 12,535 5,811 701 6,023 4,784 22,535 2,474 4,009 10,846 2,961 890 6,995 5,206 22,685 2,109 3,478 11,431 3,730 795 6,906 5,667 23,444 1,713 4,258 27,224 1,774 3,669 14,649 9,147 894 4,608 7,132 26,354 1,853 3,936 12,279 5,815 1,025 5,439 8,286 32,478 2,746 5,828 33,372 2,117 5,448 14,602 5,122 1,595 7,885 9,302 15,481 6,940 1,449 7,092 6,328 22,997 1,626 3,779 10,963 4,540 902 5,521 6,629 10,326 11,451 11,596 79,322 82,815 92,707 119,103 138,908 152,543 166,453 176,070 182,096 205,248 233,778 253,252 295,742 300,130 63,963 65,469 74,641 96,014 110,534 118,709 128,227 136,596 147,913 172,090 205,910 220,359 252,069 243,656 7,030 56,933 6,643 3,285 1,737 4,175 7,390 58,079 5,647 3,061 1,999 4,052 66,045 4,974 3,133 2,178 4,438 11,210 84,804 6,564 4,026 2,638 5,412 11,796 98,738 8,445 5,150 3,060 5,500 13,390 105,319 8,848 5,359 3,044 5,875 14,608 113,619 9,644 6,220 3,032 6,060 15,480 121,116 9,620 6,658 3,406 6,430 16,959 130,954 9,474 7,506 3,613 7,037 19,674 152,416 10,216 9,176 4,379 7,941 23,040 182,870 11,517 10,160 5,240 9,019 24,112 196,247 12,693 10,287 5,801 27,977 224,092 15,965 12,614 6,502 11,773 27,301 216,355 15,943 11,727 6,275 12,540 13,058 13,163 14,975 19,472 22,869 23,735 25,017 26,291 28,422 31,922 37,088 40,178 45,619 42,803 14,703 4,412 4,170 1,444 3,306 15,649 5,054 4,438 1,315 3,701 18,817 6,560 5,097 1,647 4,226 23,965 9,035 6,534 1,787 5,371 24,476 11,795 8,232 2232 6,979 25,888 13,324 9,398 2,136 7,712 27,293 14,348 10,294 2,490 9,221 28,763 15,987 11,450 2,581 9,930 29,317 19,122 13,513 2,381 10,569 33,320 25,178 16,296 2,465 11,523 39,654 34,153 20,248 2,718 13,073 43,719 35,768 20,323 2,924 14,748 49,360 38,861 23,996 3,288 16,114 45,246 37,650 24,956 3,442 15,773 13,528 6,897 1,831 15,449 7,476 1,897 16,387 7,717 1,679 21,209 10,538 1,880 26,582 13,722 1,792 32,195 18,415 1,639 36,587 22,765 1,639 37,725 24,457 1,749 32,678 20,144 1,505 31,475 18,704 1,683 26,128 12,861 1,740 30,792 15,660 2,101 41,359 23,584 2,314 53,547 31,819 2,927 24,945 25,097 27,583 33,397 34,888 36,465 40,008 47,027 52,534 57,776 61,829 65,021 74,029 73,156 19,383 6,322 2,312 2,236 8,513 19,368 6,649 2,734 2,098 7,887 20,250 6,610 3,169 2,109 8,362 22,948 7,275 3,113 2,508 10,052 22,599 6,922 2,157 2,802 22,480 6,311 2,847 2,882 10,440 23,824 6,087 2,602 3,178 10,718 21,741 5,890 2,584 2,502 10,765 11,957 28,064 6,434 3,254 3,940 14,436 31,719 7,548 4,402 3,365 16,404 34,046 7,303 4,978 3,597 18,168 35,138 7,840 5,140 3,625 18,533 39,764 9,282 6,016 3,899 20,567 40,573 8,611 6,328 4,324 21,310 5,562 389 677 949 5,729 590 642 920 3,577 7,333 1,313 10,449 2,747 1,187 1,246 5,269 12,289 3,877 1,250 1,320 5,842 14,724 4,648 1,653 1,342 7,081 17,528 5,381 2,576 1,502 23,203 8,181 2,957 1,788 10,277 24,470 8,069 2,513 1,923 11,965 26,057 8,897 2,309 2,157 12,694 27,783 9,429 2,752 2,239 29,883 9,125 3,870 2,309 14,579 34,265 7,508 4,860 2,911 32,583 7,585 4,131 2,562 18,305 26,981 37,317 43,719 46,858 51,424 54,655 59,981 64,425 70,056 77,366 79,261 13,539 16,674 19,747 22,023 24,635 25,986 29,148 31,390 34,090 37,284 38,437 Agricultural products Nonagricultural products Foods, feeds, and beverages Agricultural Grains and preparations Wheat.......... Corn Soybeans Meat products and poultry Vegetables, fruits, nuts, and preparations Other agricultural foods, feeds, and beverages Nonagricultural (fish, distilled beverages, etc.) Fish and shellfish Industrial supplies and materials Agricultural Raw cotton Tobacco, unmanufactured Hides and skins, including furskins Other agricultural industrial supplies Nonagricultural Energy products Fuels and lubricants Coal and related fuels Petroleum and products ..... Capital goods, except automotive Machinery, except consumer-type Electric generating machinery, electric apparatus, and parts Nonelectric, including parts and attachments Oil drilling, mining, and construction machinery Industrial engines, pumps, and compressors Machine tools and metalworking machinery Measuring, testing, and control instruments Other industrial, agricultural, and service industry machinery Computers, peripherals, and parts Semiconductors Telecommunications equipment Other office and business machines Scientific, hospital, and medical equipment and parts Civilian aircraft, engines, parts Civilian aircraft, complete, all types Other transportation equipment Automotive vehicles, engines, and parts To Canada , Passenger cars, new and used Trucks, buses, and special purpose vehicles Engines and engine parts Other parts and accessories To other areas Passenger cars, new and used Trucks, buses, and special purpose vehicles Engines and engine parts Other parts and accessories Consumer goods (nonfood), except automotive Consumer nondurable goods, manufactured Medical, dental, and pharmaceutical preparations, including vitamins Consumer durable goods, manufactured Household and kitchen appliances and other household goods , Unmanufactured consumer goods (gem stones, nursery stock) Exports, n.e.c See footnotes on page 105. 3,547 14,593 779 953 4,288 16,730 9,058 20,307 11,145 3,563 13,363 15,262 34,664 2,266 5,920 15,027 5,725 1,809 7,493 12,150 8,919 44,979 7,977 18,010 33,161 1,566 5,763 14,236 5,485 2,018 6,733 8,130 2,950 5,722 3,304 6,703 10,756 3,483 8,379 4,303 11,907 4,402 18,876 4,796 21,976 5,352 22,882 6,215 24,934 6,589 26,582 28,411 7,282 30,332 7,988 33,072 9,261 37,056 10,642 37,570 2,341 2,455 3,031 4,193 6,718 7,624 8,927 10,077 10,747 11,608 12,189 13,811 15,435 15,344 1,172 1,535 1,767 1,996 1,953 1,855 2,087 2,422 2,703 2,894 3,026 3,254 14,330 16,960 13,706 15,905 17,939 15,903 14,985 15,889 18,966 20,196 22,798 23,031 741 11,330 10,460 July 1999 SURVEY OF CURRENT BUSINESS • 99 in Goods—Continued of dollars] Seasonally adjusted Not seasonally adjusted 1997 I II 1998 III IV I II 1999 III IV \p 1997 I II 1998 IV III I II 1999 III IV Line \p 162,703 172,430 166,560 178,022 170,371 168,021 157,386 174,468 163,344 162,979 169,895 173,447 173,394 170,665 165,198 164,259 170,124 164,292 1 15,177 147,526 13,496 158,934 13,177 153,383 16,575 161,447 14,638 155,733 12,507 155,514 11,267 146,119 14,694 159,774 12,183 151,161 14,465 148,514 14,528 155,367 14,360 159,087 15,072 158,322 14,017 156,648 13,203 151,995 12,300 151,959 13,586 156,538 11,832 152,460 2 3 13,227 11,643 11,881 14,755 12,621 10,735 10,215 12,827 11,014 12,918 12,746 12,452 13,390 12,351 11,468 10,702 11,877 10,802 4 12,168 4,429 873 1,774 2,195 1,643 1,949 1,952 10,695 3,655 886 1,373 1,189 1,802 2,055 1,994 10,809 3,866 1,441 1,253 851 1,897 2,048 2,147 13,868 4,186 1,129 1,282 3,271 1,902 2,217 2,292 11,759 4,142 974 1,228 1,787 1,707 1,903 2,220 10,012 3,252 819 1,093 635 1,817 2,120 2,188 9,266 3,121 972 1,096 542 1,621 1,872 2,110 11,984 3,846 1,043 1,385 1,978 1,606 2,207 2,347 10,092 3,412 799 1,230 1,289 1,496 1,938 1,957 11,849 4,218 931 1,691 1,772 1,743 2,064 2,052 11,678 3,996 1,061 1,444 1,890 1,778 2,023 1,991 11,522 3,954 1,238 1,359 1,396 1,885 2,141 2,146 12,491 3,968 1,099 1,188 2,448 1,838 2,041 2,196 11,484 3,928 1,026 1,168 1,468 1,797 1,987 2,304 10,647 3,549 960 1,157 1,034 1,785 2,084 2,195 9,866 3,234 823 1,183 893 1,617 1,999 2,123 11,024 3,650 999 1,294 1,547 1,552 2,032 2,243 9,895 3,243 859 1,155 967 1,585 2,049 2,051 5 6 7 8 9 10 11 12 1,059 780 948 642 1,072 760 887 609 862 619 723 444 949 693 843 596 922 698 1,069 768 1,068 758 930 628 899 637 867 601 821 540 836 591 853 620 907 662 13 14 38,571 41,376 39,219 39,108 38,754 37,695 35,383 36,438 33,955 38,560 40,513 39,653 39,548 38,637 36,932 36,015 36,686 34,109 15 2,931 862 452 468 1,149 2,728 722 504 445 1,057 2,314 472 226 396 1,220 2,630 662 371 356 1,241 2,794 855 381 375 1,183 2,413 593 455 347 1,018 1,948 429 233 288 998 2,625 698 382 260 1,285 2,006 194 405 302 1,105 2,550 626 387 436 1,101 2,782 728 464 426 1,164 2,765 674 368 412 1,311 2,506 690 334 391 1,091 2,458 649 330 352 1,127 2,481 607 400 333 1,141 2,362 589 381 298 1,094 2,479 730 340 287 1,122 1,862 146 357 282 1,077 16 17 18 19 20 35,640 3,831 3,806 988 2,513 38,648 4,049 4,013 1,025 2,475 36,905 4,240 4,203 1,089 2,714 36,478 4,400 4,269 1,020 2,717 35,960 3,566 3,530 936 2,299 35,282 3,423 3,385 975 2,084 33,435 3,216 3,165 923 1,938 33,813 3,089 2,954 849 1,754 31,949 2,592 2,540 697 1,595 36,010 3,907 3,882 1,038 2,539 37,731 4,051 4,016 1,019 2,482 36,888 4,193 4,156 1,058 2,698 37,042 4,369 4,237 1,007 2,700 36,179 3,635 3,598 979 2,324 34,451 3,425 3,387 971 2,090 33,653 3,175 3,125 897 1,924 34,207 3,059 2,924 836 1,737 32,247 2,652 2,601 738 1,615 21 22 23 24 25 3,121 2,524 11,360 2,379 4,071 3,167 2,741 12,182 2,514 4,266 3,235 2,700 11,826 2,364 4,088 3,262 2,735 11,497 2,225 4,230 3,214 2,300 11,612 2,030 4,571 3,145 2,388 11,538 2,028 4,570 2,936 2,099 10,883 1,939 4,400 2,855 2,132 10,946 1,980 4,469 2,863 2,167 10,866 1,965 4,404 3,134 2,557 11,400 2,441 4,041 3,132 2,633 11,721 2,427 4,187 3,215 2,748 11,919 2,371 4,152 3,304 2,762 11,825 2,243 4,275 3,217 2323 11,563 2,083 4,546 3,111 2,291 11,116 1,958 4,489 2,931 2,151 11,107 1,946 4,480 2,891 2,154 11,193 1,990 4,495 2,865 2,189 10,905 2,016 4,396 26 27 28 29 30 8,354 496 1,427 3,723 1,686 270 1,767 2,708 9,729 605 1,479 4,756 2,322 569 1,865 2,889 8,452 638 1,510 3,359 862 470 2,027 2,945 8,129 527 1,504 3,189 855 500 1,834 2,909 8,667 410 1,583 3,745 1,324 718 1,703 2,929 8,190 427 1,499 3,283 1,094 545 1,644 2,981 7,962 359 1,312 3,421 1,303 364 1,754 2,870 8,342 370 1,369 3,787 1,764 391 1,632 2,816 7,092 271 1,335 2,721 715 510 1,496 2,765 8,530 542 1,432 3,801 1,686 271 1,844 2,755 9,580 568 1,435 4,773 2,322 570 1,881 2,804 8,290 606 1,525 3,238 862 474 1,902 2,921 8,264 550 1,528 3,215 855 494 1,866 2,971 8,812 448 1,576 3,820 1,324 721 1,775 2,968 8,061 399 1,460 3,300 1,094 548 1,658 2,902 7,863 339 1,340 3,310 1,303 360 1,647 2,874 8,425 380 1,387 3,806 1,764 389 1,653 2,852 7,224 298 1,328 2,776 715 510 1,551 2,822 31 32 33 34 35 36 37 38 68,899 74,273 73,872 78,698 74,548 74,008 71,530 80,044 74,452 69,457 73,349 76,966 75,970 75,183 72,893 74,753 77,301 75,415 39 58,521 62,363 64,397 66,788 61,867 60,460 58,573 62,756 59,766 59,137 62,609 65,688 64,635 62,540 60,627 59,866 60,623 60,449 40 6,510 52,011 3,285 3,137 1,404 2,692 7,092 55,271 3,685 3,292 1,591 2,943 7,065 57,332 4,586 2,997 1,721 2,925 7,310 59,478 4,409 3,188 1,786 3,213 6,949 54,918 4,210 2,815 1,697 3,362 6,766 53,694 4,136 3,042 1,572 3,179 6,594 51,979 3,877 2,795 1,463 2,869 6,992 55,764 3,720 3,075 1,543 3,130 6,811 52,955 2,920 3,016 1,374 3,070 6,612 52,525 3,312 3,251 1,453 2,640 7,065 55,544 3,592 3,257 1,575 2,891 7,077 58,611 4,595 3,077 1,768 3,044 7,223 57,412 4,466 3,029 1,706 3,198 7,041 55,499 4,229 2,896 1,744 3,326 6,747 53,880 4,066 3,003 1,550 3,120 6,631 53,235 3,940 2,883 1,507 2,978 6,882 53,741 3,708 2,945 1,474 3,116 6,910 53,539 2,990 3,097 1,402 3,027 41 42 43 44 45 46 10,563 11,515 11,658 11,883 11,060 11,224 10,211 10,308 9,908 10,773 11,234 11,879 11,733 11,248 10,938 10,443 10,174 10,067 47 11,907 9,475 4,907 716 3,925 12,027 9,578 5,869 816 3,955 12,402 9,961 6,319 838 3,925 13,024 9,847 6,901 918 4,309 11,473 9,407 5,991 869 4,034 10,873 8,809 6,031 853 3,975 10,719 9,327 6,151 843 3,724 12,181 10,107 6,783 877 4,040 11,107 10,581 6,146 688 4,145 11,728 9,453 5,329 735 3,851 12,482 9,765 5,963 820 3,965 12,965 10,062 6,272 855 4,094 12,185 9,581 6,432 878 4,204 11,382 9,413 6,384 891 3,986 11,273 8,983 6,108 857 3,982 11,203 9,368 6,181 857 3,875 11,388 9,886 6,283 837 3,930 11,036 10,521 6,599 707 4,093 48 49 50 51 52 9,902 5,710 476 11,367 6,850 543 8,934 4,600 541 11,156 6,424 754 12,010 7,136 671 12,904 7,654 644 12,122 6,464 835 16,511 10,565 777 13,867 7,874 819 9,844 5,648 476 10,197 5,675 543 10,737 6,296 541 10,581 5,965 754 11,972 7,092 671 11,622 6,377 644 14,052 8,256 835 15,901 10,094 777 14,147 8,145 819 53 54 55 18,182 19,695 16,722 19,430 19,821 19,319 14,997 19,019 18,435 17,599 18,336 19,104 18,990 19,272 18,142 17,060 18,682 17,862 56 10,009 2,294 1,368 1,017 5,330 10,802 2,812 1,475 1,023 5,492 8,669 1,804 1,372 875 4,618 10,284 2,372 1,801 984 5,127 10,796 2,350 1,697 1,091 5,658 11,004 2,514 1,990 1,091 5,409 7,806 1,366 1,176 910 4,354 10,967 2,381 1,465 1,232 5,889 11,177 2,259 1,548 1,333 6,037 9,616 2,194 1,374 957 5,091 9,717 2,367 1,316 943 5,091 10,249 2,396 1,558 1,015 5,280 10,182 2,325 1,768 984 5,105 10,387 2,322 1,699 1,024 5,342 10,079 2,149 1,785 1,029 5,116 9,180 1,779 1,375 1,033 4,993 10,927 2,361 1,469 1,238 5,859 10,684 2,179 1,544 1,251 5,710 57 58 59 60 61 8,173 1,961 1,119 768 4,325 8,893 2,083 1,167 725 4,918 8,053 1,508 1,110 673 4,762 9,146 1,956 1,464 745 4,981 9,025 2,016 1,431 686 4,892 8,315 1,918 1,034 646 4,717 7,191 1,546 759 613 4,273 8,052 2,105 907 617 4,423 7,258 1,789 741 668 4,060 7,983 1,852 1,061 762 4,308 8,619 1,995 1,162 704 4,758 8,855 1,857 1,303 706 4,989 8,808 1,804 1,334 739 4,931 8,885 1,934 1,370 684 4,897 8,063 1,837 1,038 624 4,564 7,880 1,885 900 642 4,453 7,755 1,929 823 612 4,391 7,178 1,719 710 671 4,078 62 63 64 65 66 18,372 19,740 19,148 20,106 19,146 20,146 19,705 20,264 19,432 18,862 19,385 19,451 19,668 19,592 19,788 20,084 19,797 19,894 67 8,935 9,343 9,398 9,608 9,210 9,751 9,805 9,671 9,689 9,228 9,243 9,260 9,553 9,470 9,627 9,703 9,637 9,952 68 2,210 8,748 2,367 9,544 2,189 9,027 2,495 9,737 2,413 9,154 2,709 9,578 2,681 9,112 2,839 9,726 3,021 8,809 2,222 8,947 2,288 9,357 2,260 9,403 2,491 9,349 2,425 9,349 2,610 9,398 2,762 9,531 2,845 9,292 3,040 9,021 69 70 3,628 3,975 3,851 3,981 3,819 3,974 3,723 3,828 3,705 3,668 3,869 3,953 3,945 3,862 3,865 3,833 3,784 3,757 71 689 853 723 761 782 817 788 867 934 687 785 788 766 773 763 850 868 921 72 5,452 5,703 5,718 5,925 5,481 6,118 5,556 5,876 6,056 5,583 5,566 5,821 5,828 5,630 5,975 5,645 5,781 6,210 73 100 • July 1999 SURVEY OF CURRENT BUSINESS Table 2.-U.S. Trade [Millions 1986 Line 1987 1988 1990 1991 1992 1993 1994 1997 1995 1998 Trade in goods, by principal end-use category, adjusted to balance of payments basis, excluding military— Continued: Imports of goods, balance of payments basis, excluding military (A-16) Z .:. 338,088 368,425 409,765 447,189 477,365 498,337 490,981 536,458 589,441 749,574 803,327 876,366 917,178 Petroleum and products 6 , Nonpetroleum products ..... 51,384 286,704 34,279 334,146 42,944 366,821 39,632 407,557 50,901 426,464 62,284 436,053 51,740 439,241 51,579 484,879 51,475 537,966 51,275 617,315 56,155 693,419 72,743 730,584 71,772 804,594 50,903 866,275 Foods, feeds, and beverages . 21,850 24,376 24,809 24,928 24,898 26,407 26,205 27,610 27,866 30,958 33,176 35,710 16,318 4,433 3,081 2,706 3,806 1,606 3,766 5,532 3,928 1,273 17,735 5,387 4,263 2,815 4,076 1,759 3,699 6,641 4,746 1,247 17,266 3,664 2,710 3,305 4,426 1,916 3,955 7,543 5,591 1,356 17,467 3,145 2,284 3,475 4,640 1,906 4,303 7,461 5,423 1,504 17,561 3,275 2,274 3,385 4,855 1,799 4,247 7,337 5,405 1,590 19,131 3,009 1,766 4,080 5,711 1,865 4,466 7,276 5,207 1,730 18,613 2,908 1,738 4,031 5,299 1,773 4,604 7,592 5,651 1,595 19,738 2,669 1,563 4,071 5,593 1,982 5,424 7,872 5,670 1,828 19,828 2,431 1,382 4,257 5,559 1,943 5,638 8,038 5,900 1,737 22,007 3,259 2,270 3,916 5,943 2,133 6,754 8,951 6,642 1,826 24,085 4,078 2,986 3,928 6,467 2,368 7,246 9,091 6,734 1,845 26,483 4,118 2,491 3,769 7,390 2,793 8,413 9,227 6,663 2,045 29,283 5,039 3,575 4,162 7,632 3,254 9,195 10,412 7,702 2,189 30,311 4,484 3,069 4,314 8,245 3,627 9,640 10,931 8,117 2,300 Industrial supplies and materials 114,008 104,210 113,746 122,684 135,363 145,168 132,963 140,591 152,437 164,946 185,005 209,476 217,357 203,095 Agricultural Nonagricultural products Energy products Fuels and lubricants6 2,728 111,280 56,885 55,866 2,722 101,488 38,550 37,680 3,107 110,639 46,781 45,796 3,404 119,280 43,703 42,878 4,183 131,180 54,919 54,279 3,987 141,181 66,534 65,985 4,255 128,708 56,279 55,704 4,556 136,035 56,820 56,146 4,558 147,879 57,390 56,645 4,722 160,224 58,080 57,019 5,571 179,434 62,178 61,228 6,461 203,015 80,257 79,311 6,251 211,106 80,242 79,194 5,890 197,205 59,436 58,327 6,906 3,957 8,608 6,240 3,640 7,372 4,642 8,936 7,427 4,428 5,417 9,812 7,391 4,546 10,211 5,499 12,380 7,401 5,027 9,633 5,503 13,954 7,647 6,671 9,471 5,656 15,021 7,337 7,087 8,450 6,135 15,290 6,825 8,084 8,232 6,866 16,872 8,282 9,455 8,320 7,550 18,081 10,556 10,330 8,931 8,182 21,359 12,684 11,047 12,879 8,617 25,552 12,819 12,503 10,871 8,843 26,897 15,035 13,353 10,676 10,108 29,164 16,822 14,147 11,223 10,348 29,239 17,909 14,618 25,044 1,244 10,083 10,031 3,176 1,988 2,120 2,747 3,686 30,133 1,190 9,961 15,243 7,856 2,156 2,645 2,586 3,739 28,023 1,277 10,822 11,893 3,784 1,889 2,981 3,239 4,031 35,059 1,921 12,587 15,476 4,861 2,026 3,669 4,920 5,075 32,853 2,242 11,739 14,960 3,651 2,168 3,507 5,634 3,912 30,075 2,049 11,121 13,091 2,452 2,523 3,241 4,875 3,814 27,645 1,828 10,076 12,145 2,897 2,342 2,790 4,116 3,596 29,508 1,719 10,884 13,228 3,808 2,065 2,895 4,460 3,677 35,652 1,840 11,751 18,128 8,821 1,823 3,588 3,896 3,933 39,941 2,255 16,122 16,728 4,738 2,028 5,260 4,702 4,836 2,957 16,176 20,260 5,290 2,516 6,217 6,237 5,493 47,759 3,044 17,221 21,679 7,747 2,494 5,071 6,367 5,815 49,947 2,998 18,165 22,036 6,608 2,643 5,830 6,955 6,748 54,432 3,273 21,183 22,836 6,527 3,942 6,210 6,157 7,140 61,287 71,990 85,128 102,202 112,156 116,061 120,802 134,252 152,305 184,369 221,429 228,075 253,281 269,558 54,647 64,850 77,408 93,540 101,592 104,623 108,093 120,589 139,961 171,419 208,939 213,458 234,701 244,884 6,740 47,907 3,249 2,341 2,845 1,717 8,025 56,825 3,108 2,668 3,435 2,024 9,518 3,502 3,215 3,320 2,472 11,539 82,001 4,231 3,963 3,686 2,944 12,521 89,071 4,118 3,406 4,213 3,003 13,846 90,777 3,919 3,464 4,063 2,948 14,260 93,833 3,209 3,264 4,098 3,074 15,336 105,253 2,948 3,618 3,599 3,456 17,421 122,540 4,314 4,094 4,263 3,777 20,030 151,389 5,325 5,758 5,163 4,641 24,150 184,789 5,481 6,176 6,644 5,601 24,749 188,709 5,201 6,266 7,503 5,960 27,920 206,781 6,381 6,541 8,250 6,723 29,074 215,810 8,007 7,338 8,813 7,360 12,985 Agricultural Coffee, cocoa, and sugar Green coffee Meat products and poultry Vegetables, fruits, nuts, and preparations Wine and related products Other agricultural roods, feeds, and beverages . Nonagricultural (fish, distilled beverages, etc) Fish and shellfish Whiskey and other alcoholic beverages Paper and paper base stocks Textile supplies and related materials . Chemicals, excluding medicinals Building materials, except metals Other nonmetals 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 Metals and nonmetallic products Steelmaking materials Iron and steel products Nonferrous metals Nonmonetary gold Other precious metals Bauxite and aluminum Other nonferrous metals Other metallic and nonmetallic products . Capital goods, except automotive .... Machinery, except consumer-type Electric'generating machinery, electric apparatus and Nonelectric, including parts and attachments Oil drilling, mining, and construction machinery Industrial engines, pumps, and compressors ... Machine tools and metalworking machinery .... Measuring, testing, and control instruments Other industrial, agricultural, and service industry machinery Computers, peripherals, and parts Semiconductors Telecommunications equipment Other office and business machines Scientific, hospital, and medical equipment and parts Transportation equipment, except automotive Civilian aircraft, engines, parts Civilian aircraft, complete, all types 41,242 15,776 18,073 20,908 23,021 21,928 23,358 26,149 31,852 36,707 38,195 41,552 44,400 8,365 5,596 6,031 2,686 2,092 5,939 6,920 3,310 2,656 14,839 7,784 8,129 3,605 2,951 18,358 10,963 9,408 4,134 3,406 21,434 12,329 9,583 4,435 3,861 22,941 12,169 9,492 4,153 4,607 26,000 13,084 9,939 4,197 5,040 31,686 15,475 10,776 4,901 5,436 38,026 19,482 11,275 5,414 5,746 46,160 26,156 14,184 6,242 5,908 56,277 39,042 15,331 6,861 61,513 36,707 13,360 6,795 7,209 70,176 36,881 14,774 7,350 8,153 72,475 33,417 17,074 7,347 9,579 6,640 5,314 1,833 7,140 6,085 1,903 7,720 6,577 2,081 7,889 3,030 10,564 9,436 2,927 11,438 10,471 2,708 12,709 11,737 3,326 13,663 12,581 3,806 12,344 11,275 3,800 12,950 11,298 12,490 10,709 3,590 14,617 12,671 3,920 18,580 16,598 4,547 24,674 21,814 7,049 64,905 78,061 85,174 87,947 87,356 91,787 102,420 118,271 123,797 128,939 139,811 149,055 125 126 127 128 129 From Canada , Passenger cars, new and used Trucks, buses, and special purpose vehicles . Engines and engine parts Other parts and accessories 24,355 11,090 4,769 1,795 6,701 24,618 11,764 4,213 1,577 7,064 24,531 10,185 5,261 1,720 7,365 29,198 13,256 6,081 1,977 7,884 29,600 12,878 6,928 2,075 7,719 29,862 13,701 6,926 1,794 7,441 28,785 14,048 6,725 1,383 31,703 14,403 8,274 1,565 7,461 37,334 18,269 8,744 1,910 8,411 42,251 44,383 22,159 23,920 8,710 1,960 9,422 9,011 1,816 9,636 45,916 24,138 8,835 2,541 10,402 49,317 25,125 10,226 2,823 11,143 51,374 27,316 9,190 3,340 11,528 130 131 132 133 134 From other areas Passenger cars, new and used Trucks, buses, and special purpose vehicles . 40,550 24,897 4,775 2,541 8,337 53,443 33,469 6,198 3,035 10,741 60,643 37,738 5,483 3,696 13,726 58,749 33,797 4,267 4,558 16,127 57,756 31,600 3,481 5,748 16,927 58,618 32,929 2,738 5,502 17,449 56,911 32,260 2,490 5,264 60,084 32,630 2,377 5,502 19,575 33,970 2,477 6,517 22,122 76,020 38,952 3,086 8,146 25,836 79,414 39,905 3,814 8,901 26,794 83,023 41,725 4,840 9,210 27,248 90,494 47,096 5,542 8,905 28,951 97,681 52,049 5,775 9,195 30,662 27,681 14,519 4,562 34,708 79,355 33,355 17,432 4,878 41,451 88,824 39,432 20,292 5,558 44,893 96,425 43,118 20,775 5,904 47,763 103,621 46,232 22,756 5,959 51,386 105,053 48,785 23,903 6,622 50,574 107,777 50,314 24,626 6,570 51,722 122,656 58,133 29,303 7,291 58,457 134,076 63,174 31,671 8,402 63,829 146,274 68,413 34,565 9,063 70,013 160,030 75,382 37,783 9,347 76,535 172,091 80,779 39,604 9,772 82,587 193,936 93,493 46,812 10,576 90,564 216,654 104,089 52,689 10,873 11,161 4,647 6,780 13,604 5,773 8,091 16,066 7,196 6,410 17,218 7,984 5,824 18,656 8,873 18,729 9,729 6,380 18,920 9,396 6,662 21,182 11,335 7,458 22,536 12,425 8,253 25,265 12,754 9,148 27,777 13,943 9,819 31,037 15,424 11,023 34,687 18,102 11,458 39,186 19,256 14,325 3,446 4,222 4,851 5,634 5,624 5,329 5,991 6,810 7,082 9,277 8,494 8,687 9,556 3,947 4,549 4,499 5,544 6,003 5,694 5,741 7,073 7,848 8,113 8,725 9,879 10,866 9,702 6,222 10,433 6,450 12,084 7,191 13,003 7,878 13,971 9,238 17,168 10,331 17,538 10,577 19,562 11,790 20,337 12,344 23,772 15,042 26,137 16,406 29,036 18,552 32,286 20,582 37,574 24,044 3,480 3,983 4,893 5,125 4,733 6,837 6,961 7,772 7,993 8,730 9,731 10,484 11,704 13,530 124 Automotive vehicles, engines, and parts . Engines and engine parts Other parts and accessories 135 136 137 138 139 140 Consumer goods (nonfood), except automotive Consumer nondurable goods, manufactured Textile apparel and household goods, except rugs Footwear of leather, rubber, and other materials Consumer durable goods, manufactured Household and kitchen appliances and other household 141 142 143 Toys, shooting, and sporting goods, including bicycles Television and video receivers Radio and stereo equipment, including records, tapes, and disks Unmanufactured consumer goods (gemstones, nursery stock) 144 145 146 147 U.S. goods returned . Other products, including balance of payments adjustments not included above (minimum value shipments and miscellaneous imports) See footnotes on page 105. SURVEY OF CURRENT BUSINESS July 1999 • 101 in Goods—Continued of dollars] Not seasonally adjusted Seasonally adjusted 1997 1 II 1998 I IV III II 1997 1999 IV III I \p II 1998 IV III I H 1999 Line \P IV III 205,122 217,002 225,244 228,998 218,032 227,633 232,395 239,118 230,903 212,187 217,773 222,362 224,044 225,541 228,698 229,228 233,711 238,495 74 19,168 185,954 17,665 199,337 17,700 207,544 17,239 211,759 13,449 204,583 13,336 214,297 12,526 219,869 11,592 227,526 10,416 220,487 19,369 192,818 17,682 200,091 17,586 204,776 17,135 206,909 13,600 211,941 13,392 215,306 12,458 216,770 11,453 222,258 10,594 227,901 75 76 9,371 9,977 9,947 10,400 10,246 10,420 9,939 10,637 10,405 9,372 9,870 10,305 10,148 10,206 10,330 10,314 10,392 10,427 77 7,207 1,244 7,083 1,369 7,404 1,044 7,109 1,009 7,651 7,922 1,159 6,929 1,092 7,510 1,258 7,515 1,141 7,633 1,121 7,653 7,635 792 797 605 782 852 888 783 694 964 704 977 641 1,022 1,475 1,048 1,843 1,077 2,197 1,059 1,629 681 972 7,590 1,494 1,038 1,052 1,898 7,398 1,108 928 7,841 1,450 1,044 1,079 2,409 7,710 1,154 2,299 7,589 1,382 1,040 1,113 2,015 622 835 861 936 729 926 940 2,062 2,164 1,577 2,245 2,388 1,734 2,356 2,864 2,144 2,532 2,996 2,247 2,174 2,405 1,817 2,356 2,710 2,029 2,471 2,830 2,114 1,020 2,149 1,042 2,447 2,792 2,073 78 79 80 81 82 83 84 85 86 87 815 979 871 623 1,099 2,010 1,032 2,639 2,986 2,157 1,019 2,614 1,895 7,366 1,345 1,004 1,067 1,863 1,071 1,976 1,078 1,948 1,030 2,049 1,092 2,096 1,114 2,152 867 765 807 838 844 892 889 905 941 2,262 2,483 1,846 2,205 2,443 1,777 2,284 2,504 1,814 2,308 2,715 2,038 2,398 2,750 2,073 2,336 2,696 2,033 2,406 2,815 2,099 2,419 2,681 2,001 2,479 2,739 1,984 465 518 586 620 464 550 587 699 513 543 554 544 548 537 585 552 626 595 54,794 55,577 53,754 53,232 50,813 52,634 51,054 48,594 46,376 55,299 54,768 53,627 53,663 51,345 51,775 51,080 48,895 46,975 88 1,614 53,180 21,554 21,325 1,686 53,891 19,390 19,155 1,518 52,236 19,715 19,412 1,433 51,799 19,583 19,302 1,540 49,273 15,489 15,275 1,632 51,002 15,368 15,071 1,392 49,662 14,778 14,396 1,326 47,268 13,801 13,585 1,364 45,012 12,520 12,302 1,560 53,739 21,593 21,337 1,619 53,149 19,547 19,298 1,574 52,053 19,746 19,487 1,498 52,165 19,356 19,072 1,488 49,857 15,526 15,274 1,557 50,218 15,558 15,243 1,465 49,615 14,830 14,507 1,380 47,515 13,522 13,303 1,314 45,661 12,593 12,336 89 90 91 92 2,542 2,375 7,432 3,722 3,303 2,625 2,609 7,401 4,459 3,604 2,713 2,595 7,270 4,469 3,647 2,796 2,529 7,061 4,172 3,593 2,830 2,562 7,841 4,086 3,474 2,857 2,746 7,611 4,599 3,708 2,773 2,590 6,878 4,748 3,757 2,763 2,450 6,909 4,476 3,679 2,739 2,423 7,581 4,569 3,577 2,594 2,459 7,104 3,956 3,465 2,592 2,500 7,151 4,302 3,540 2,713 2,556 7,526 4,296 3,546 2,777 2,593 7,383 4,268 3,596 2,883 2,646 7,487 4,360 3,640 2,815 2,628 7,364 4,419 3,634 2,780 2,556 7,195 4,526 3,658 2,745 2,518 7,193 4,604 3,686 2,784 2,503 7,247 4,854 3,740 93 94 95 96 97 12,252 11,603 11,670 12,192 13,315 13,800 14,070 13,247 11,940 13,803 11,827 12,065 12,991 14,113 14,138 13,190 12,568 13,517 606 745 784 863 810 961 881 621 584 688 707 738 865 922 903 831 617 676 4,385 5,633 2,176 4,711 6,654 2,739 4,595 4,743 4,474 5,006 5,559 5,740 1,364 1,164 1,645 1,567 1,853 5,767 5,736 1,833 5,201 5,606 1,643 1,027 1,418 1,518 1,762 4,247 5,001 4,625 6,545 2,739 4,494 4,729 4,474 5,092 4,884 5,732 1,687 5,661 5,803 1,833 4,456 5,019 1,560 1,446 1,775 5,178 5,664 1,643 1,023 1,490 1,508 1,788 1,243 1,468 1,498 1,789 98 99 100 101 102 103 104 105 106 107 490 556 741 715 952 882 1,318 1,649 1,628 1,575 1,784 1,693 1,403 1,884 1,705 1,534 1,638 1,722 4,656 5,754 1,687 794 1,681 1,592 1,771 957 1,466 1,480 1,754 810 4,572 5,670 2,176 1,241 1,500 1,450 1,771 496 557 741 704 952 886 1,297 1,701 1,638 1,449 1,800 1,640 1,464 1,820 1,709 1,620 1,634 1,761 1,634 1,619 1,777 5,460 5,637 1,364 1,163 1,526 1,584 1,800 792 964 810 57,298 62,318 65,777 67,888 64,594 67,085 67,304 70,575 67,521 59,265 62,639 65,505 65,872 66,673 67,293 67,047 68,545 69,766 53,420 57,936 60,516 62,829 59,461 60,647 61,033 63,743 61,191 55,350 58,320 60,223 60,808 61,496 60,924 60,753 61,711 63,380 108 6,330 47,090 1,415 1,551 2,054 1,517 6,884 51,052 1,716 1,708 2,105 1,627 7,188 53,328 1,593 1,585 1,916 1,722 7,518 55,311 1,657 1,697 2,175 1,857 7,069 52,392 2,035 1,787 2,065 1,837 7,191 53,456 2,145 1,806 2,251 1,860 7,335 53,698 1,976 1,817 2,262 1,804 7,479 56,264 1,851 1,928 2235 1,859 7,360 53,831 1,905 1,925 1,942 1,819 6,608 48,742 1,391 1,564 2,104 1,540 6,871 51,449 1,568 1,659 2,010 1,635 7,090 53,133 1,665 1,603 1,978 1,727 7,351 53,457 1,757 1,715 2,158 1,821 7,328 54,168 2,022 1,799 2,111 1,859 7,176 53,748 1,966 1,755 2,164 1,870 7,278 53,475 2,046 1,843 2,318 1,812 7,292 54,419 1,973 1,941 2,220 1,819 7,633 55,747 1,898 1,937 1,995 1,842 109 110 111 112 113 114 9,648 10,774 10,283 10,847 10,931 11,558 10,691 11,220 11,091 9,757 10,372 10,515 10,908 11,048 11,125 10,965 11,262 11,234 115 15,614 8,523 3,296 1,712 1,760 16,939 9,025 3,400 1,836 1,922 18,735 9,721 3,771 1,849 2,153 18,888 9,612 4,307 1,953 2,318 16,942 8,857 4,015 1,870 2,053 17,259 8,277 4,128 1,865 2,307 18,381 8,120 4,338 1,828 2,481 19,893 8,163 4,593 1,784 2,738 18,273 8,245 4,464 1,681 2,486 16,576 8,673 3,489 1,749 1,899 17,630 9,176 3,570 1,879 1,950 18,311 9,642 3,748 1,826 2,118 17,659 9,390 3,967 1,896 2,186 17,980 8,985 4,236 1,915 2,213 17,919 8,389 4,314 1,905 2,341 17,904 8,062 4,287 1,801 2,437 18,672 7,981 4,237 1,726 2,588 19,390 8,355 4,707 1,728 2,661 116 117 118 119 120 3,878 3,433 4,382 3,892 1,067 5,261 4,744 1,472 5,059 4,529 1,254 5,133 4,460 1,204 6,438 5,710 1,948 6,271 5,590 1,935 6,832 6,054 1,962 6,330 5,483 1,787 3,915 3,472 754 754 4,319 3,828 1,067 5,282 4,760 1,472 5,064 4,538 1,254 5,177 4,501 1,204 6,369 5,641 1,948 6,294 5,616 1,935 6,834 6,056 1,962 6,386 5,539 1,787 121 122 123 34,946 35,648 32,745 36,472 36,476 37,087 33,434 42,058 43,360 34,966 34,610 35,374 34,861 36,334 36,340 36,073 40,308 42,906 124 12,514 6,617 2,442 13,024 6,779 2,671 11,230 5,464 2,495 12,549 6,265 2,618 12,860 6,649 2,537 12,732 6,940 2,024 10,724 5,481 1,989 16,511 9,018 3,182 1,068 3,243 12,609 6,885 2,364 12,094 6,134 2,579 12,570 6,188 2,780 12,044 5,918 2,503 12,779 6,805 2,406 12,042 6,433 2,016 12,025 6,201 2,242 652 712 761 698 703 779 817 2,708 2,669 2,841 2,925 2,865 2,814 2,765 14,528 7,877 2,526 1,041 3,084 16,281 9,139 2,947 1,029 3,166 125 126 127 128 129 695 766 674 688 741 834 724 2,760 2,808 2,597 2,978 2,933 2,934 2,530 15,058 8,246 2,640 1,041 3,131 22,432 11,383 1,429 2,369 7,251 22,624 11,857 1,303 2,211 7,253 21,515 11,235 1,419 2,021 6,840 23,923 12,621 1,391 2,304 7,607 23,616 12,423 1,318 2,355 7,520 24,355 12,988 1,465 2,300 7,602 22,710 11,724 1,521 2,161 7,304 27,000 14,914 1,471 2,379 8,236 26,849 14,387 1,723 2,427 8,312 22,357 11,475 1,458 2,315 7,109 22,516 11,856 1,310 2,188 7,162 22,804 12,105 1,386 2,131 7,182 22,817 11,660 1,388 2,271 7,498 23,555 12,466 1,338 2,319 7,432 24,298 13,017 1,476 2,281 7,524 24,048 12,751 1,482 2,248 7,567 25,780 13,815 1,479 2,347 8,139 26,625 14,384 1,746 2,364 8,131 130 131 132 133 134 41,301 20,380 9,950 2,560 18,510 45,388 21,919 10,490 2,644 21,277 54,915 27,169 14,539 2,917 25,003 52,332 24,025 11,833 2,455 25,774 47,577 23,646 11,658 2,645 21,102 51,657 24,912 12,093 2,665 24,126 60,787 30,060 16,279 3,017 27,835 56,633 25,471 12,659 2,546 28,636 52,483 26,518 12,878 2,707 23,057 45,610 21,799 10,863 2,643 21,522 47,862 23,083 11,563 2,709 22,409 49,346 23,855 11,957 2,602 22,893 51,118 24,756 12,429 2,622 23,740 52,351 25,216 12,714 2,709 24,431 54,284 26,090 13,196 2,726 25,377 54,749 26,451 13,401 2,727 25,570 55,270 26,332 13,378 2,711 26,321 57,308 28,105 13,941 2,788 26,445 135 136 137 138 139 7,429 3,214 2,263 8,430 4,034 2,646 9,587 5,179 3,354 9,241 5,675 3,195 8,530 3,767 2,577 9,700 4,173 3,350 10,619 5,354 4,273 10,337 5,962 4,125 9,453 3,750 3,072 8,224 4,140 2,777 8,500 4,598 2,870 8,777 4,553 2,939 9,186 4,811 2,872 9,373 4,826 3,191 9,779 4,735 3,619 9,802 4,715 3,725 10,232 4,980 3,790 10,337 4,784 3,774 140 141 142 2,531 2,567 1,968 2,347 2,753 2,488 1,830 2,040 2,117 2,190 2,340 2,460 2,498 2,362 2,236 2,291 143 2,619 2,892 2,526 2,908 2,289 2,370 2,598 2,622 2,704 2,817 2,728 2,617 2,758 144 1,624 1,965 2,411 2,192 2,743 2,533 2,829 7,412 4,599 8,094 5,129 8,106 5,238 8,674 5,616 8,326 5,486 8,750 5,893 9,877 6,066 10,621 6,599 10,758 6,814 7,675 4,801 8,024 5,084 8,205 5,324 8,382 5,373 8,632 5,722 8,676 5,829 9,965 6,142 10,301 6,351 11,113 7,029 145 146 2,813 2,965 2,868 3,058 2,840 2,857 3,811 4,022 3,944 2,874 2,940 2,881 3,009 2,910 2,847 3,823 3,950 4,084 147 102 • July 1999 SURVEY OF CURRENT BUSINESS Table 3.-Private [Millions Not seasonally adjusted Line 1996 1997 1997 221,120 240,443 245,688 56,571 58,082 65,165 60,625 Travel (table 1, line 6) Passenger fares (table 1, line 7) Other transportation (table 1, line 8) , Freight Port services 69,751 20,413 26,074 11,146 14,929 73,301 20,789 27,006 11,789 15,217 71,250 19,996 25,518 11,178 14,340 16,080 4,789 6,591 2,894 3,697 18,164 4,970 6,755 2,962 3,793 21,898 5,969 6,719 2,876 3,843 17,159 5,061 6,941 3,057 3,884 Royalties and license fees (table 1, line 9 ) . Affiliated U.S. parents' receipts U.S. affiliates' receipts Unaffiliated Industrial processes' Other 2 "....!... 32,470 24,556 22,719 1,837 7,914 3,566 4,348 33,781 25,024 23,221 1,803 8,757 3,552 5,205 36,808 26,761 24,712 2,049 10,047 4,138 5,909 8,030 5,943 5,672 8,144 5,995 5,690 305 2,149 869 1,279 8,537 6,316 5,729 9,070 6,770 6,130 640 2,300 Other private services (table 1, line 10) . Affiliated services U.S. parents' receipts U.S. affiliates' receipts Unaffiliated services Education Financial services Insurance, net Premiums received 72,412 22,931 14,118 8,813 49,481 7,887 8,229 2,168 5,929 3,761 3,301 19,466 8,429 85,566 27,272 17,271 10,001 58,294 8,343 11,539 2,485 6,133 3,648 3,949 22,467 9,511 92,116 28,321 18,212 10,109 63,795 8,964 13,698 2,842 6,985 4,143 3,689 24,338 10,264 21,081 6,127 3,830 20,049 6,769 4,274 2,495 22,042 7,000 4,390 2,610 22,394 7,376 4,777 2,599 13,280 1,053 2,721 613 1,507 15,042 15,018 934 5,332 2,227 137,081 152,447 165,321 48,048 15,818 27,403 16,539 10,864 52,051 18,138 28,959 17,654 11,305 7,837 5,406 761 4,645 2,431 1,319 1,112 Other private services (table 1, line 27) Affiliated services U.S. parents' payments U.S. affiliates' payments Unaffiliated services ... Education Financial services Insurance, net Premiums paid Losses recovered Telecommunications Business, professional, and technical services .... Other unaffiliated services 3 Memoranda: Balance on goods (table 1, line 71) Balance on private services (line 1 minus line 27) Balance on goods and private services (lines 53 and 54) -107,231 Exports of private services . Telecommunications Business, professional, and technical services Other unaffiliated services3 Imports of private services Travel (table 1, line 23) .. Passenger fares (table 1, line 24) Other transportation (table 1, line 25) Freight Port services Royalties and license fees (table 1, line 26) Affiliated U.S. parents' payments U.S. affiliates' payments Unaffiliated Industrial processes' Other 2 See footnotes on page 105. 271 2,087 866 1,221 2,297 14,954 3,339 587 2,221 890 1,331 926 1,374 2,199 1,753 2,996 626 3,301 644 1,594 950 5,601 2,309 1,540 914 1,001 5,745 2,476 5,790 2,499 34,019 38,729 42,456 37,243 56,105 19,797 30,457 19,412 11,048 11,030 3,930 6,897 4,153 2,744 13,761 4,941 7,290 4,557 2,733 16,013 5,298 7,332 4,420 2,912 11,247 3,969 7,440 4,524 2,916 9,390 6,967 989 5,978 2,423 1,418 1,006 11,292 8,374 1,169 7,205 2,918 1,546 1,372 2,092 2,054 1,461 224 2,583 1,942 246 1,696 2,661 2,037 298 37,975 15,548 7,084 8,464 22,427 1,253 2,907 3,885 14,522 10,637 8,290 5,547 546 43,909 10,070 17,728 8,927 8,801 26,181 1,395 3,563 6,002 15,233 9,231 8,351 6,358 511 47,670 19,095 9,730 9,365 28,575 1,538 3,771 6,908 18,581 11,673 8,125 7,684 549 -191,270 -196,651 87,996 -108,655 -246,932 80,367 -166,565 84,039 2,521 602 1,493 891 1,527 221 1,306 565 349 217 4,076 1,850 2,226 5,994 273 776 1,237 593 351 242 10,683 4,211 2,160 2,051 6,472 344 918 1,458 641 355 11,230 4,362 2,253 2,109 6,868 441 997 1,032 1,739 624 363 261 11,926 5,079 2,664 2,415 6,847 337 872 1,593 3,854 2,261 2,088 1,612 137 1,672 4,078 2,407 2,139 96 3,694 2,236 2,059 1,559 134 -42,419 22,552 -19,867 -44,572 19,353 -25,219 -58,684 22,709 -35,975 -50,976 23,382 -27,594 1,279 3,607 2,328 2,065 1,504 1,683 144 SURVEY OF CURRENT BUSINESS July 1999 • 103 Services Transactions of dollars] Seasonally adjusted Not seasonally adjusted I II 1997 1999 1998 \p IV III I II 1998 IV III I II 1999 Line \P IV III 58,542 60,204 64,697 62,245 61,388 58,441 59,756 61,106 61,144 60,341 62,011 60,847 62,490 63,226 1 15,652 4,581 6,201 2,824 3,377 18,119 5,000 6,261 2,801 3,460 20,354 5,733 6,367 2,669 3,698 17,125 4,682 6,689 2,884 3,805 15,758 4,596 6,473 2,794 3,680 18,331 5,156 6,701 2,911 3,789 18,333 5,149 6,761 2,929 3,831 18,530 5,225 6,691 2,896 3,794 18,107 5,259 6,855 3,052 3,802 17,903 4,916 6,338 2,872 3,465 18,260 5,185 6,268 2,769 3,498 17,149 5,052 6,339 2,684 3,654 17,938 4,843 6,575 2,852 3,722 18,082 4,940 6,614 2,845 3,769 2 3 4 5 6 8,655 6,277 5,805 8,716 6,256 5,899 8,866 6,328 5,950 10,571 7,900 7,058 9,231 6,534 5,961 8,232 6,145 5,827 8,372 6,223 5,826 8,690 6,469 5,861 8,488 6,188 5,708 8,882 6,504 5,963 9,002 6,542 6,066 9,029 6,491 6,091 9,894 7,223 6,591 9,454 6,757 6,114 7 8 9 10 11 12 13 472 357 378 842 573 318 397 608 480 541 476 400 632 643 2,378 2,538 1,053 1,485 2,671 1,094 1,578 2,697 1,093 1,604 2,087 2,149 2,221 2,300 2,378 866 869 890 926 973 1,405 2,460 1,018 1,442 1,221 1,279 1,331 1,374 1,405 2,460 1,018 1,442 2,538 1,053 1,485 2,671 1,094 1,578 2,697 1,093 1,604 23,453 6,752 4,503 2,249 16,701 3,629 3,132 22,108 7,058 4,657 2,401 15,050 1,142 3,778 23,377 7,111 4,282 2,829 16,266 2,416 3,419 23,178 7,400 4,770 2,630 15,778 1,777 3,369 25,330 7,239 4,573 2,666 18,091 3,866 3,350 20,021 6,340 3,915 2,425 13,681 1,990 2,521 21,141 6,839 4,265 2,574 14,302 2,054 2,721 21,970 7,082 4,518 2,564 14,888 2,105 2,996 22,435 7,012 4,574 2,438 15,423 2,194 3,301 22,302 6,987 4,608 2,379 15,315 2,160 3,132 23,296 7,114 4,631 2,483 16,182 2,251 3,778 23,278 7,184 4,411 2,773 16,094 2,310 3,419 23,240 7,036 4,561 2,475 16,204 2,243 3,369 24,136 7,502 4,681 2,821 16,634 2,312 3,350 973 908 882 894 983 950 900 891 934 914 926 908 882 6,164 2,649 6,299 2,680 6,544 2,655 5,332 2,303 5,601 2,330 1,032 5,790 2,463 900 6,017 2,490 1,001 5,745 2,416 926 5,858 2,444 5,858 2,527 6,017 2,513 6,164 2,583 6,299 2,640 6,544 2,752 14 15 16 17 18 19 20 21 22 23 24 25 26 36,887 42,553 45,614 40,267 39,866 36,687 37,689 38,919 39,151 39,858 41,424 41,739 42,304 43,107 27 11,662 4,232 7,147 4,485 2,663 15,193 5,325 7,533 4,829 2,705 17,234 5,722 7,820 5,016 2,805 12,016 4,518 7,957 5,082 2,875 12,356 4,756 7,591 4,831 2,760 12,901 4,295 7,036 4,203 2,833 12,844 4,615 7,319 4,583 2,736 13,151 4,705 7,203 4,411 2,792 13,155 4,523 7,400 4,457 2,943 13,736 4,629 7,321 4,548 2,773 14,168 4,958 7,590 4,858 2,732 14,070 5,085 7,700 4,999 2,701 14,131 5,125 7,849 5,006 2,843 14,628 5,186 7,764 4,889 2,875 28 29 30 31 32 2,939 2,001 2,587 1,943 2,685 2,001 3,081 2,429 3,138 2,476 2,104 1,539 2,138 1,545 2,613 1,972 2,535 1,911 2,955 2,017 2,694 2,050 2,721 2,037 2,923 2,271 3,151 2,489 290 273 298 308 319 221 224 246 298 290 273 298 308 319 1,711 1,670 1,703 2,121 2,157 1,318 1,321 1,726 1,613 1,727 1,777 1,739 1,963 2,170 938 372 567 644 382 262 684 392 292 652 401 252 662 408 254 565 349 217 593 351 242 641 355 286 624 363 261 938 372 567 644 382 262 684 392 292 652 401 252 662 408 254 33 34 35 36 37 38 39 10,907 4,014 2,047 1,967 6,893 11,915 4,759 2,367 2,392 7,156 12,153 4,881 2,405 2,476 7,272 12,695 5,441 2,911 2,530 7,254 12,025 4,799 2,345 2,454 7,226 10,351 4,306 2,066 2,240 6,045 10,773 4,298 2,210 2,088 6,475 11,247 4,454 2,305 2,149 6,793 11,538 4,670 2,346 2,324 6,868 11,217 4,267 2,288 1,979 6,950 12,014 4,856 2,424 2,432 7,158 12,163 4,974 2,453 2,521 7,189 12,276 4,998 2,565 2,433 7,278 12,378 5,083 2,614 2,469 7,295 683 696 717 746 794 602 613 626 644 683 696 717 746 794 1,657 1,722 1,026 1,780 1,063 1,826 1,080 1,860 1,066 1,493 1,507 1,540 1,594 1,657 1,722 1,026 1,780 1,063 1,826 1,080 1,860 1,066 974 955 974 955 1,010 1,717 4,572 2,855 2,032 1,884 484 932 377 902 335 827 324 776 347 918 367 997 358 872 356 927 401 902 404 827 1,736 4,770 3,034 2,014 1,968 1,753 4,910 3,157 2,029 2,045 1,816 4,998 3,183 2,024 2,103 1,279 3,607 2,328 2,065 1,504 1,458 3,694 2,236 2,059 1,559 1,593 3,854 2,261 2,088 1,612 1,672 4,078 2,407 2,139 1,683 1,702 4,329 2,627 2,050 1,786 1,010 1,717 4,572 2,855 2,032 1,884 401 932 1,702 4,329 2,627 2,050 1,786 1,736 4,770 3,034 2,014 1,968 1,753 4,910 3,157 2,029 2,045 1,816 4,998 3,183 2,024 2,103 129 135 138 148 122 96 134 137 144 129 135 138 148 122 40 41 42 43 44 45 46 47 48 49 50 51 52 -47,661 21,655 -26,006 -69,612 17,651 -41,961 -75,009 19,083 -55,926 -64,650 21,978 -42,672 -67,559 21,522 -16,037 -49,208 21,754 -27,454 -47,878 22,067 -25,811 -48,915 22,187 -26,728 -50,650 21,993 -28,657 -64,876 20,483 -34,393 -63,500 20,587 -42,913 -64,969 19,108 -45,861 -63,587 20,186 -43,401 -74,203 20,119 -54,084 53 54 55 300 927 378 380 104 SURVEY OF CURRENT BUSINESS • July 1999 Table 4.—Selected U.S. Government Transactions [Millions of dollars] Not seasonally adjusted Line A1 U.S. Government grants and transactions increasing Go\ :s, total . 1997 1996 1997 20,254 17,941 17,610 3,502 3,986 3,972 6,481 3,559 3,351 3,971 6,729 3,562 15,337 15,337 5,498 12,571 12,386 3,836 8,550 13,079 13,057 4,075 8,982 2,306 2,306 606 1,701 2,359 2,290 394 1,896 2,516 2,423 536 1,887 5,389 5,367 2,300 3,067 2,345 2,340 596 1,744 2,169 2,168 340 1,829 2,824 2,807 590 2,217 5,742 5,742 2,549 3,193 2,135 2,135 509 1,626 183 22 93 21 0 17 5,025 1,833 2,562 —6 5,417 1,588 3,163 -4 670 4,676 1,580 2,431 -3 667 1,170 427 589 1 154 1,616 411 1,033 1,426 415 844 1,192 385 647 166 n 1,156 444 610 -7 109 1,285 413 627 2 243 1,043 338 548 1 157 1,336 394 751 173 1,205 336 697 -6 178 159 22 5 26 -5 -138 38 -55 -17 91 3 By category Grants, net U.S.' Government current grants, net (table i , line 36, with sign reversed) Financing military purchases' Other grants , Cash contributions received from coalition partners for Persian Gulf operations , Debt forgiveness (table 1, part of Line 39, with sign reversed) Credits and other long-term assets (table 1, line 47, with sign reversed) Capital subscriptions and contributions to international financial institutions, excluding IMF . Credits repayable in U.S. dollars Credits repayable in other than U.S. dollars Foreign currency holdings and short-term assets, net (table 1, line 49 with sign reversed) Foreign currency holdings (excluding administrative cash holdings), net Receipts from: Sales of agricultural commodities Interest Repayments of principal Reverse grants Other sources Less currencies disbursed for: Grants and credits in the recipient's currency Other grants and credits Other U.S. Government expenditures < Assets acquired in performance of U.S. Government guarantee and insurance obligations, net . Other assets held under Commodity Credit Corporation Charter Act, net 2 Assets financing military sales contracts, net Other short-term assets (including changes in administrative cash holdings), net -106 -20 -47 71 -145 22 25 12 29 26 O 77 -147 n -17 -18 n 1,580 1,012 11,532 1,528 325 1,150 65 42 457 427 268 2,024 399 29 171 17 5 172 411 312 2,130 405 346 192 6 -15 12,473 6,306 2,889 2,589 457 11,664 5,285 3,030 2,187 259 11,253 5,441 3,042 2,304 215 2,266 792 717 660 77 2,132 211 581 1,927 943 220 2,089 390 133 583 45 59 27 77 7,782 17 -17 6,277 14 42 6,357 1 Repayments on U.S. Government long-term assets, total (table 1, line 48) Receipts of principal on U.S. Government credits Under Agricultural Trade Development and Assistance Act and related programs Under Foreign Assistance Act and related programs Under Export-Import Bank Act Under Commodity Credit Corporation Charter Act Under other credit programs Receipts on other long-term assets 3,930 3,278 402 1,585 942 175 175 652 5,438 4,751 506 1,753 1,745 501 246 687 4,102 3,354 302 1,507 923 375 247 748 1,119 946 39 529 345 33 U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 60) Associated with military sales contracts2 U.S. Government cash receipts from foreign governments (including principal repayments on credits financing military sales contracts), net of refunds' Less U.S. Government receipts from principal repayments Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United States .;. Plus financing of military sales contracts by U.S. Government5 (line A39) By long-term credits By short-term credits' -. By grantsx Less transfers of goods and services (including transfers financed by grants for military purchases, and by credits)/1 2/ (table 1, line 5) Associated with U.S. Government grants and transactions increasing Government assets (including changes in retained accounts)7 (line A45) Associated with other liabilities Sales of nuclear material by Department of Energy/U.S Enrichment Corporation Sales of space launch and other services by National Aeronautics and Space Administration Other sales and miscellaneous operations -316 -311 -1,798 -1,725 -3,113 -3,101 15,009 867 11,874 1,307 2,589 457 -2,643 2,187 259 -117 18 415 407 2,062 428 118 347 20 -6 336 343 4,851 497 13 371 10 -1 61 385 181 2,074 388 140 209 16 10 176 183 1,879 512 6 202 7 12 130 2,666 785 840 476 102 2,618 998 733 558 65 4,114 2,710 740 493 16 2,275 778 662 635 375 495 63 493 268 57 477 136 41 1 -15 1,320 -6 1,353 1,329 1,163 96 340 393 331 3 167 -394 -368 12,525 2,803 333 -32 2,304 215 -648 660 77 1,236 18 394 180 1,868 186 467 207 10 7 258 2,030 927 717 348 37 2,565 894 825 631 4,383 2,841 838 690 44 2,210 541 585 599 90 569 161 51 312 13 45 563 186 3 646 30 34 509 472 20 7 -1 2,368 2 10 1.284 12 1,322 2 -59 1,406 1 49 2,347 1,352 1,832 1,669 181 578 683 113 113 163 1,158 974 190 306 324 24 130 184 1,133 948 32 534 223 159 578 30 276 238 32 3 121 1,332 1,085 106 470 243 153 113 246 743 134 227 219 32 131 196 -431 -776 -781 -184 -145 -1,082 -607 -752 -224 -212 -1,054 -1,056 -1,605 -1,612 3,645 83 3,085 342 2,341 111 3,036 342 3,166 105 2,488 274 3,835 87 1,694 323 -341 476 102 -432 558 65 -1,222 493 16 -195 635 -922 631 1,412 690 44 -791 599 90 1,927 2,089 583 375 493 477 17,561 17,155 4,146 4,810 4,514 4,091 4,606 -8 -8 •8 Q -34 3 5 -3 -3 -7 -41 62 -18 7 -10 -11 3 -2 0 -72 338 376 5,138 384 33 393 32 49 85 2,132 -8 -61 n 7 20 413 273 2,442 244 147 347 10 -29 15,736 n 34 0 O 1,588 1,330 11,067 1,729 505 1,080 53 -17 571 See footnotes on page 105. 12 11 -15 -7 1,833 1,168 13,767 1,432 216 1,161 58 77 -5 34 -43 5 191 30 2 -210 By disposition3 Estimated transactions involving no direct dollar outflow from the United States Expenditures on U.S. goods Expenditures on U.S. services4 Financing of military sales contracts by U.S. Government6 (line C6) By long-term credits By short-term credits1 By grants1 U.S. Government grants and credits"toi repay prior U.S. Government credits 14 U.S. Government long- and short-term credits to repay prior U.S. private credits6 and other assets Increase in liabilities associated with U.S. Government grants and transactions increasing Government assets (including changes in retained accounts)7 (line C11) Less receipts on short-term U.S. Government assets (a) financing military sales contracts' (b) financing repayment of private credits and other assets, and (c) financing expenditures on U.S. goods Less foreign currencies used by U.S. Government other than for grants or credits (line A22) Estimated dollar payments to foreign countries and international financial institutions -112 11 18 27 -100 By program Capital subscriptions and contributions to international financial institutions, excluding IMF Under Agricultural Trade Development and Assistance Act and related programs Under Foreign Assistance Act and related programs Under Export-Import Bank Act Under Commodity Credit Corporation Charter Act Under other grant and credit programs Other foreign currency assets acquired (lines A16, A17, and A19) Less foreign currencies used by U.S. Government other than for grants or credits (line A22) Other (including changes in administrative cash holdings), net 1 18 -19 348 37 1 1,574 1,378 51 595 259 473 : 312 563 646 509 4,489 3,979 4,081 4,372 •2 «•) 0 -55 -53 -1 -1 -20 2 5 2 SURVEY OF CURRENT BUSINESS July 1999 105 FOOTNOTES TO U.S. INTERNATIONAL TRANSACTIONS TABLES 1-1OA General notes for all tables: P Preliminary. * Less than $500,000 ( ± ) Suppressed to avoid disclosure of data of individual companies, n.a. Not available. 1. Credits, +: Exports of goods and services and income receipts; unilateral current transfers to the United States; capital account transactions receipts; financial inflows—increase in foreign-owned assets (U.S. liabilities) or decrease in U.S.-owned assets (U.S. claims). Debits, - : Imports of goods and services and income payments; unilateral current transfers to foreigners; capital accounts transactions payments; financial outflows—decrease in foreign-owned assets (U.S. liabilities) or increase in US.-owned assets (U.S. claims). 2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents, excludes imports of goods under direct defense expenditures identified in Census import documents, and reflects various 3. Includes some goods: Mainly military equipment in line 5; major equipment, other materials, supplies, and petroleum products purchased abroad by U.S. military agencies in line 22; and fuels purchased by airline and steamship operators in lines 8 and 25. 4. Includes transfers of goods and services under U.S. military grant programs. 5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude U.S. parents' payments to foreign affiliates and to include U.S. affiliates' receipts from foreign parents. The definition of imports is revised to include U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates' receipts from foreign parents. 6. Beginning in 1982, the "other transfers" component includes taxes paid by U.S. private residents to foreign governments and taxes paid by private nonresidents to the U.S. Government. 7. At the present time, all U.S. Treasury-owned gold is held in the United States. 8. Includes sales of foreign obligations to foreigners. 9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible bonds and notes. 10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities of U.S. Government corporations and agencies. 11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions arranged with or through foreign official agencies; see table 4. 12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local governments. 13. Conceptually, line 76 is equal to "net foreign investment" in the national income and product accounts (NIPA's). However, the foreign transactions account in the NIPA's (a) includes adjustments to the international transactions accounts for the treatment of gold, (b) includes adjustments for the different geographical treatment of transactions with U.S. territories and Puerto Rico, and (c) includes services furnished without payment by financial pension plans except life insurance carriers and private noninsured pension plans. A reconciliation of the balance on goods and services from the international accounts and the NIPA net exports appears in the "Reconciliation and Other Special Tables" section in this issue of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in the two sets of accounts appears in table 4.5 of the full set of NIPA tables (published annually in the August issue of the SURVEY). Additional footnotes for historical data in July issues of the SURVEY: 14. For 1974, includes extraordinary U.S. Government transactions with India. See "Special U.S. Government Transactions," June 1974 SURVEY, p. 27. 15. For 1978-83, includes foreign currency-denominated notes sold to private residents abroad. 16. Break in series. See Technical Notes in the June 1989, June 1990, June 1992, June 1993, June 1995, and July 1996-99 issues of the SURVEY. Table 2: 1. Exports, Census basis, represent transactions values, f.a.s. U.S. port of exportation, for all years; imports, Census basis, represent Customs values (see Technical Notes in the June 1982 SURVEY), except for 1974-81, when they represent transactions values, f.a.s. foreign port of exportation (see June issues of the SURVEY for historical data). From 1983 forward, both unadjusted and seasonally adjusted data have been prepared by BEA from "actual" and "revised statistical" month data supplied by the Census Bureau (see Technical Notes in the December 1985 SURVEY). Seasonally adjusted data reflect the application of seasonal factors developed jointly by Census and BEA. The seasonally adjusted data are the sum of seasonally adjusted five-digit end-use categories (see Technical Notes in the June 1980 SURVEY, in the June 1988 SURVEY, and in the June 1991 SURVEY). Prior to 1983, annual data are as published by the Census Bureau, except that for 1975-80 published Census data are adjusted to include trade between the U.S. Virgin Islands and foreign countries. 2. Adjustments in lines A5 and A13, B12, B48, and B84 reflect the Census Bureau's reconciliation of discrepancies between the goods statistics published by the United States and the counterpart statistics published in Canada. These adjustments are distributed to the affected end-use categories in section C. Beginning in 1986, estimates for undocumented exports to Canada, the largest item in the U.S.-Canadian reconciliation, are included in Census basis data shown in line 3. Exports of military equipment under U.S. military agency sales contracts with foreign governments (line A6), and direct imports by the Department of Defense and the Coast Guard (line A14), to the extent such trade is identifiable from Customs declarations. The exports are included in tables 1 and 10, line 5 (transfers under U.S. military agency sales contracts); the imports are included in tables 1 and 10, line 22 (direct defense expenditures). 4. Addition of electrical energy; deduction of exposed motion picture film for rental rather than sale; net change in stock of U.S.-owned grains in storage in Canada; coverage adjustments for special situations in which shipments were omitted from Census data; deduction of the value of repairs and alterations to foreign-owned equipment shipped to the United States for repair; and the inclusion of fish exported outside of U.S. customs area. Also includes deduction of exports to the Panama Canal Zone before October 1,1979, and for 1975-82, net timing adjustments for goods recorded in Census data in one period but found to have been shipped in another (see June issues of the SURVEY for historical data). 5. Coverage adjustments for special situations in which shipments were omitted from Census data; the deduction of the value of repairs and alterations to U.S.-owned equipment shipped abroad for repair; and the adjustment of software imports to market value. Also includes addition of understatement of inland freight in f.a.s values of U.S. imports of goods from Canada in 1974-61; deduction of imports from the Panama Canal Zone before October 1,1979; and for 1975-82, net timing adjustments for goods recorded in Census data in one period but found to have been shipped in another (see June issues of the SURVEY for historical data). 6. For 1988-89, correction for the understatement of crude petroleum imports from Canada. 7. Annual and unadjusted quarterly data shown in this table correspond to country and area data in table 10, lines 3 and 20. Trade with international organizations includes purchases of nonmonetary gold from the International Monetary Fund, transfers of tin to the International Tin Council (ITC), and sales of satellites to Intelsat. The memoranda are defined as follows: Industrial countries. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa; Members of OPEC. Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia, Algeria, Libya, Nigeria, and Gabon (Excludes Ecuador beginning in January 1993 and Gabon beginning in January 1995.); Other countries: Eastern Europe, Latin America and Other Western Hemisphere, and other countries in Asia and Africa, less OPEC. Before 1984, complete geographic area detail was not available for some balance of payments adjustments. Therefore, the detail shown does not always sum to the values shown for the area aggregates. For all years, "Asia" and "Africa" exclude certain Pacific Islands and unidentified countries included in "Other countries in Asia and Africa." 8. Includes the former German Democratic Republic (East Germany) beginning in fourth quarter of 1990. In earlier periods, the German Democratic Republic was included in Eastern Europe. 9. Beginning in 1986, New Zealand and South Africa are included in "Other countries in Asia and Africa," with New Zealand included as part of "Asia" and South Africa as part of "Africa." 10. The "Euro area," which formed in January 1999, includes Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. Table 3: 1. Patented techniques, processes, and formulas and other intangible property rights that are used in goods production. 2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible property rights. 3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international organizations in the United States. Payments (imports) include mainly wages of foreign residents temporarily employed in the United States and Canadian and Mexican commuters in U.S. border areas. Table 4: 1. Expenditures to release foreign governments from their contractual liabilities to pay for military goods and services purchased through military sales contracts—first authorized (for Israel) under Public Law 93-199, section 4, and subsequently authorized (for many recipients) under similar legislation-are included in line A4. Deliveries against these military sales contracts are included in line C10; see footnote 2. Of the line A4 items, part of these military expenditures is applied in lines A43 and A46 to reduce short-term assets previously recorded in lines A41 and C8; this application of funds is excluded from lines C3 and C4. A second part of line A4 expenditures finances future deliveries under military sales contracts for the recipient countries and is applied directly to lines A42 and C9. A third part of line A4, disbursed directly to finance purchases by recipient countries from commercial suppliers in the United States, is included in line A37. A fourth part of line A4, representing dollars paid to the recipient countries to finance purchases from countries other than the United States, is included in line A48. 2. Transactions under military sales contracts are those in which the Department of Defense sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis. Purchases by foreigners directly from commercial suppliers are nor included as transactions under military sales contracts. The entries for the several categories of transactions related to military sales contracts in this and other tables are partly estimated from incomplete data. 3. The identification of transactions involving direct dollar outflows from the United States is made in reports by each operating agency. 4. Line A38 includes foreign currency collected as interest and line A43 includes foreign currency collected as principal, as recorded in lines A16 and A17, respectively. 5. Includes (a) advance payments to the Department of Defense (on military sales contracts) financed by loans extended to foreigners by U.S. Government agencies and (b) the contraentry for the part of line C10 that was delivered without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release foreign purchasers from liability to make repayment. 6. Includes purchases of loans from U.S. banks and exporters and payments by the U.S. Government under commercial export credit and investment guarantee programs. 7. Excludes liabilities associated with military sales contracts financed by U.S. Government grants and credits and included in line C2. Table 5: 1. Beginning with 1991, payments and receipts of interest related to interest rate and foreign currency swaps between affiliates and parents are netted and are shown as either net payments or net receipts. Receipts and payments of other types of interest are shown on a gross basis. 2. Petroleum includes, and manufacturing and "other" industries exclude, the exploration, development, and production of crude oil and gas, and the transportation, refining, and marketing of petroleum products, exclusive of petrochemicals. "Other" industries includes wholesale trade; banking; finance (except banking), insurance, and real estate; services; and other industries—agriculture, forestry, and fishing; mining; construction; transportation, communication, and public utilities; and retail trade. 3. Acquisition of equity holdings in existing and newly established companies, capital contributions, capitalization of intercompany debt, and other equity contributions. 4. Sales (total and partial), liquidations, returns of capital contributions, and other dispositions of equity holdings. Table 6: 1. Primarily provincial, regional, and municipal. 2. Largely transactions by International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), and Inter-American Development Bank (IDB). 3. Estimate for scheduled redemptions and identifiable early retirements. Includes estimates based on Canadian statistics for redemptions of Canadian issues held in the United States. Unidentified and rescheduled retirements appear in line A30. Table 7: 1. Estimates of transactions other than those with U.S. banks' Caribbean branches and with financial intermediaries (F.l.s) are not available. Preliminary estimates of transactions with F.l.s, by area, are commingled in "other" to avoid disclosure of individual companies' area data. 2. Deposits (line A5) include other financial claims (line A7) for some countries due to the commingling of these categories in foreign source data. 3. Primarily mortgages, loans, and bills and notes drawn on foreigners. 4. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. 5. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama. 6. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador beginning in January 1993. Table 8: 1. Includes central governments and their agencies and corporations; state, provincial, and local governments and their agencies and corporations; and international and regional organizations. 2. U.S.-owned banks are mainly U.S.-chartered banks, Edge Act subsidiaries, and U.S. bank holding companies. Foreign-owned banks include U.S. branches and agencies of foreign banks and majority-owned bank subsidiaries in the United States. U.S. brokers and dealers are identified separately beginning with the first quarter of 1997; prior to 1997, they are commingled with U.S.-owned banks' accounts. 3. Commercial paper issued in the U.S. market by foreign incorporated entities; excludes commercial paper issued through foreign direct investment affiliates in the United States. 4. Negotiable and readily transferable instruments other than commercial paper, payable in dollars; consists largely of negotiable certificates of deposit. 5. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. 6. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama. 7. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador beginning in January 1993. 8. Includes Eastern Europe and international and regional organizations. Table 9: 1. Negotiable certificates of deposit issued by banks in the United States are included in banks' custody liabilities and are separately identified in memorandum line 8. Nonnegotiable certificates of deposit are included in time deposits. 2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, and liabilities other than 3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities. 4. Mainly International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), Inter-American Development Bank (IDB), and the Trust Fund of the International Monetary Fund. 5. U.S.-owned banks are mainly U.S.-chartered banks, Edge Act subsidiaries, and U.S. bank holding companies. Foreign-owned banks include U.S. branches and agencies of foreign banks and majority-owned bank subsidiaries in the United States. U.S. brokers and dealers are identified separately beginning with the first quarter of 1997; prior to 1997, they are commingled with U.S.-owned banks' accounts. 6. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. 7. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama. 8. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador beginning in January 1993. 9. Includes Eastern Europe and international and regional organizations. Table 10: For footnotes 1-13, see table 1. 14. The "European Union" includes the "European Union (6)," United Kingdom, Denmark, Ireland, Greece, Spain, and Portugal. Beginning with the first quarter of 1995, the "European Union" also includes Austria, Finland, and Sweden. 15. The "European Union (6)" includes Belgium, France, Germany (includes the former German Democratic Republic (East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic Energy Community, European Coal and Steel Community, and European Investment Bank. 16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged in international shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also includes taxes withheld; current-cost adjustments associated with U.S. and foreign direct investment; before 1996, small transactions in business services that are not reported by country; and net U.S. currency flows, for which geographic source data are not available. 17. Details are not shown separately; see totals in lines 56 and 63. 18. Details not shown separately are included in line 69. Table 10a: For footnotes 1-13, see table 1. 14. Details not shown separately are included in line 69. NOTE.—Country data are based on information available from U.S. reporting sources. In some instances the statistics may not necessarily reflect the ultimate foreign transactor. For instance: U.S. export statistics reflect country of reported destination; in many cases the exports may be transshipped to third countries (especially true for the Netherlands and Germany). The geographic breakdown of security transactions reflects country with which transaction occurred but may not necessarily reflect the ultimate sources of foreign funds or ultimate destination of U.S. funds. Data for individual countries within the European Union (6) may not add to the published totals for the European Union (6), because in several instances estimates for the group are not available for each country. In addition, country data may not add to the European Union (6) totals because of rounding. 106 • July 1999 SURVEY OF CURRENT BUSINESS Table 5.—Direct Investment: Income, Capital, Royalties and [Millions Not seasonally adjusted Line 996 (Credits +; debits - ) 1997 1998 1997 I II 30,526 29,979 11,993 17,987 IV III U.S. direct investment abroad: 103,314 101,123 45,623 55,500 2,191 4,144 -1,954 115,795 113,581 51,937 61,644 2,215 4,848 -2,634 102,846 100,071 41,419 58,651 2,775 5,742 -2,967 29,020 28,532 8,779 19,753 489 546 533 647 1,096 -607 1,166 -620 1,224 -691 1,362 -716 8,267 1,452 10,439 1,464 11,185 1,419 2,443 2,572 2,675 2,749 297 364 336 467 93,595 12,082 34,341 47,170 103,892 11,824 38,283 53,786 90,242 8,058 31,417 50,766 26,280 3,640 9,826 12,815 27,590 2,853 10,172 14,565 26,798 3,069 9,867 13,862 23,224 2,262 8,418 12,544 -92,694 -27,532 -46,447 18,915 -55,500 -9,661 -13,953 4,293 -109,955 -43,907 -65,808 21,899 -€1,644 -4,403 -13,233 8,830 -132,829 -59,427 -79,857 20,432 -58,651 -14,753 -22,277 7,526 -34,232 -13,321 -16,745 3,424 -19,753 -1,158 1,973 -3,131 -27,996 -8,536 -14,735 6,198 -17,987 -1,473 -3,113 1,640 -24,271 -6,986 -11,660 4,674 -18,451 1,166 -3,501 4,667 -23,456 -15,064 -22,668 7,603 -6,453 -2,938 -6,592 5,654 -6,267 -10,439 -11,185 -2,443 -2,572 -2,675 -2,749 -84,427 -27,532 -8,245 -20,084 -47,233 -5,432 -17,633 -24,167 -9,661 -1,602 1,553 -9,613 -99,516 -43,907 -3,698 -8,091 -32,119 -51,205 -4,429 -18,813 -27,962 -4,403 -1,473 -1,194 -1,736 -121,644 -69,427 -7,254 -15,160 -37,012 -47,466 -2,988 -13,806 -30,672 -14,753 -31,789 -13,321 -683 -3,572 -9,066 -17,310 -2,343 -6,002 -8,966 -1,158 220 2,288 -17,501 -1,796 491 417 -450 -21,596 -6,986 -1,342 -1,663 -3,981 -15,776 -1,704 ^,944 -9,127 1,166 1,118 1,944 -1,895 -20,707 -15,064 -695 -1,554 -12,616 -2,704 462 -25,424 -8,536 -778 -1,302 -6,456 -15,415 -620 -5,818 -8,976 -1,473 -1,514 21,958 22,719 -761 22,231 23,221 -989 23,541 24,712 -1,169 5,451 5,672 -221 5,465 5,690 -224 5,483 5,729 -246 5,832 6,130 -298 7,034 14,118 -7,084 8,343 17,271 -8,927 8,482 18,212 -9,730 1,980 3,830 -1,850 2,115 4,274 -2,160 2,136 4,390 -2,253 2,112 4,777 -2,664 -35,568 -26,467 -15,487 -10,981 -9,099 -10,548 1,448 ^6,575 -37,301 -17,036 -20,265 -9,275 -11,135 1,861 -43,441 -32,425 -19,638 -12,789 -11,015 -13,014 1,999 -11,402 -9,309 -2,929 -6,380 -2,093 -2,459 -11,916 -9,590 -4,366 -5,224 -2,326 -2,721 -13,282 -10,867 -3,172 -7,695 -2,416 -2,932 -9,975 -7,535 -6,569 -966 -2,440 -3,023 366 395 517 583 -4,522 -639 -3,776 -684 -4,415 -1,011 -1,003 -146 -942 -135 -912 -135 -919 -268 Equals: Income without current-cost adjustment, after deduction of withholding taxes 2 Petroleum Manufacturing Other -30,407 -4,160 -15,694 -10,553 -42,115 -4,555 -18,627 -18,932 -38,015 -1,443 -20,696 -15,876 -10,253 -1,277 -3,810 -5,166 -10,839 -1,055 -5,548 -4,236 -12,235 -1,392 -5,431 -5,412 -8,788 -631 -3,838 -4,118 Capital with current-cost adjustment (table 1, line 64).. Equity capital Increases in equity capital 3 Decreases in equity capital 4 Reinvested earnings Intercompany debt U.S. affiliates' payables U.S. affiliates' receivables 88,977 63,734 77,469 -13,735 10,981 14,262 21,111 -6,848 109,264 64,654 75,052 -10,399 20,265 24,345 26,634 -2,290 193,375 154,204 176,031 -21,828 12,789 26,383 40,093 -13,713 26,553 11,812 13,245 -1,433 6,380 8,361 7,930 24,920 12,946 14,378 -1,432 5,224 6,751 6,619 25,320 17,263 20,556 -3,294 7,695 32,471 22,633 26,873 -4,240 362 431 131 8,871 6,707 2,164 4,522 3,776 4,415 1,003 942 912 919 Equals: Capital without current-cost adjustment2 Equity capital (line 56) Petroleum Manufacturing .. Other Reinvested earnings without current-cost adjustment (line 59 less line 63) Petroleum Manufacturing . Other Intercompany debt (line 60) Petroleum Manufacturing .. Other 84,455 63,734 5,493 19,952 38,289 6,459 1,883 6,377 -1,801 14,262 1,475 11,209 1,578 105,488 64,654 1,286 20,390 42,978 16,489 1,796 8,163 6,529 24,345 -277 7,530 17,092 188,960 154,204 60,088 64,448 29,669 8,374 -327 5,454 3,246 26,383 -2,405 17,553 11,235 25,550 11,812 23,978 12,946 24,408 17,263 31,552 22,633 Royalties and license fees, before deduction of withholding taxes, net U.S. affiliates' payments (table 1, part of line 26) U.S. affiliates' receipts (table 1, part of line 9) -2,810 -4,645 1,837 -4,175 -6,978 1,803 348 1,202 -8,801 10,001 Income with current-cost adjustment, before deduction of withholding taxes (table 1, line 14) Earnings Distributed earnings Reinvested earnings 1 Interest U.S. parents' receipts U.S. parents'payments , Less: Current-cost adjustment Less: Withholding taxes Equals: Income without current-cost adjustment, after deduction of withholding taxes 2 Petroleum Manufacturing . Other Capital with current-cost adjustment (table 1, line 5 1 ) . Equity capital Increases in equity capital 3 Decreases in equity capital 4 Reinvested earnings Intercompany debt U.S. parents' receivables U.S. parents' payables Less: Current-cost adjustment (line 8 with sign reversed) Equals: Capital without current-cost adjustment2 Equity capital (line 15) Petroleum Manufacturing Other Reinvested earnings without current-cost adjustment (line 18 less line 2 2 ) . Petroleum Manufacturing Other Intercompany debt (line 19) Petroleum Manufacturing Other taxes, net U.S. parents' receipts (table 1, part of line 9) U.S. parents' payments (table 1, part of line 26) Other private services, before deduction of withholding taxes, n e t . U.S. parents' receipts (table 1, part of line 10) U.S. parents' payments (table 1, part of line 27) 796 29,809 29,276 10,825 18,451 26,440 25,794 20,340 5,453 238 -2,049 -893 -2,938 -1,297 -1,833 192 Foreign direct investment in the United States: Income with current-cost adjustment, before deduction of withholding taxes (table 1, line 31) . Earnings Distributed earnings Reinvested earnings Interest' U.S. affiliates' payments U.S. affiliates' receipts . Less: Current-cost adjustment Less: Withholding taxes Less: Current-cost adjustment (line 49 with sign reversed) Other private services, before deduction of withholding taxes, n e t . U.S. affiliates' payments (table 1, part of line 27) U.S. affiliates' receipts (table 1, part of line 10) See footnotes on page 105. -8,464 8,813 5,378 -6,016 966 339 278 337 332 5,467 6,006 5,377 2,340 10,328 4,282 3,253 13,673 6,783 9,330 12,971 47 954 511 995 -664 1,578 2,845 8,361 2,994 2,970 2,818 621 90 776 6,751 362 882 845 1,071 6,408 2,882 3,024 -285 -681 1,228 8,871 -1,719 4,158 6,432 -6,156 -7,205 2,049 -1,035 -1,306 -932 -1,237 -1,109 -1,696 -1,099 -1,739 271 305 587 640 744 72 444 501 185 -9,365 10,109 -2,226 2,297 -5,051 2,495 -2,109 2,610 -2,415 2,599 July 1999 SURVEY OF CURRENT BUSINESS • lOJ License Fees, and Other Private Services of dollars] Seasonally adjusted Not seasonally adjusted II I 27,804 27,119 8,475 18,643 \P IV III 27,095 26,403 7,734 18,669 1997 1999 1998 22,779 22,108 9,171 12,937 25,168 24,441 16,039 8,402 27,329 26,636 7,622 19,014 i II 28,443 27,954 11,707 16,247 30,098 29,552 13,654 15,898 30,312 29,779 13,218 16,561 26,942 26,296 13,357 12,939 1 II 27,338 26,653 11,298 15,355 26,744 26,052 8,719 17,333 Line 1999 1998 IV III \p IV III 23,124 22,452 10,911 11,541 25,639 24,913 10,491 14,422 26,961 26,269 10,314 15,955 1 2 3 4 5 6 7 685 692 672 726 693 489 546 533 646 685 692 672 726 692 1,339 -654 1,410 -718 1,484 -812 1,509 -783 1,390 -698 1,096 -607 1,166 -620 1,224 -691 1,362 -716 1,339 -654 1,410 -718 1,484 -812 1,509 -783 1,390 -698 2,748 2,786 2,815 2,836 2,848 2,443 2,572 2,675 2,749 2,748 2,786 2,815 2,836 2,848 285 254 307 573 217 327 407 381 350 322 293 361 443 240 8 9 24,771 2,622 9,079 13,070 24,055 2,396 8,811 12,848 19,657 1,867 6,368 11,422 21,759 1,173 7,159 13,426 24,264 1,532 8,166 14,566 25,673 3,270 9,588 12,815 27,120 2,964 9,591 14,565 27,256 3,288 10,106 13,862 23,844 2,302 8,998 12,544 24,268 2,350 8,848 13,070 23,665 2,485 8,332 12,848 19,948 2,011 6,515 11,422 22,360 1,212 7,722 13,426 23,873 1,371 7,936 14,566 10 11 12 13 -40,589 -12,245 -16,889 4,644 -18,643 -9,700 -5,580 -4,120 -44,507 -20,284 -24,742 4,458 -18,669 -5,555 -6,207 -22,981 -13,776 -18,366 4,591 -12,937 3,731 -1,878 5,610 -24,752 -13,122 -19,860 6,739 -8,402 -3,229 -8,612 5,383 -41,356 -20,224 -23,409 3,185 -19,014 -2,118 -30,726 -13,321 -16,745 3,424 -16,247 -1,158 1,973 -3,131 -25,907 -8,536 -14,735 6,198 -15,898 -1,473 -3,113 1,640 -22,381 -6,986 -11,660 4,674 -16,561 1,166 -3,501 4,667 -30,941 -15,064 -22,668 7,603 -12,939 -2,938 -8,592 5,654 -37,300 -12,245 -16,889 4,644 -15,355 -9,700 -5,580 -4,120 -43,172 -20,284 -24,742 4,458 -17,333 -5,555 -6,207 -21,586 -13,776 -18,366 4,591 -11,541 3,731 -1,878 5,610 -30,773 -13,122 -19,860 6,739 -14,422 -3,229 -8,612 5,383 -38,297 -20,224 -23,409 3,185 -15,955 -2,118 -2,555 14 15 16 17 18 19 20 21 653 436 -2,555 653 436 -2,748 -2,786 -2,815 -2,836 -2,848 -2,443 -2,572 -2,675 -2,749 -2,748 -2,786 -2,815 -2,836 -2,848 22 -37,841 -12,245 -2,397 -5,304 -4,544 -15,895 -1,161 -5,902 -8,833 -9,700 -525 -1,277 -8,198 -41,721 -20,284 -1,443 -2,542 -16,299 -15,883 -1,370 -5,462 -9,050 -5,555 -289 -20,166 -13,776 -1,552 -4,417 -7,807 -10,122 -881 -1,984 -7,257 3,731 -21,916 -13,122 -1,862 -2,897 -8,362 -5,566 -28,283 -13,321 -683 -3,572 -9,066 -13,804 -1,719 -5,045 -7,040 -1,158 -27,937 -13,122 -1,862 -2,897 -6,362 -11,586 -35,449 -20,224 -4,837 -6,474 -8,913 -13,107 880 96 880 1,244 2,392 1,597 -5,706 724 192 -34,552 -12,245 -2,397 -5,304 -4,544 -12,607 -619 -4,990 -6,998 ^9,700 -225 -1,277 -8,198 ^0,386 -20,284 -1,443 -2,542 -16,299 -14,547 -1,550 -4,322 -8,675 -5,555 -289 724 -28,192 -15,064 -895 -1,554 -12,616 -10,190 -286 -4,245 -5,659 -2,938 -1,297 -1,833 -18,771 -13,776 -1,552 -4,417 -7,807 -8,726 -821 -1,926 -5,979 3,731 96 -23,335 -8,536 -778 -1,302 -6,456 -13,326 -885 -4,459 -7,982 -1,473 -1,514 -5,989 -38,508 -20,224 -4,837 -6,474 -8,913 -16,166 -202 -5,609 -10,355 -2,118 -1,686 -1,595 1,163 -5,989 1,244 2,392 5,515 5,805 -290 5,626 5,899 -273 5,651 5,950 -298 6,749 7,058 -308 2,456 4,503 -2,047 2,291 4,657 -2,367 1,877 4,282 -2,405 -10,012 -7,503 -3,866 -3,637 -2,509 -2,889 -11,089 -8,382 ^,077 -4,306 -2,706 -3,201 -11,540 -8,661 -3,021 -5,641 -2,879 -3,372 2 195 -2,568 -9,020 -3,229 1,597 -5,706 ^,863 -6,439 -2,118 -1,686 -1,595 1,163 23 24 25 26 27 28 29 30 31 32 33 34 35 -1,796 491 417 -450 -19,706 -6,986 -1,342 -1,663 -3,981 -13,886 -1,541 -5,063 -7,282 1,166 1,118 1,944 -1,895 5,642 5,961 -319 5,606 5,827 -221 5,602 5,826 -224 5,615 5,861 -246 5,410 5,708 -298 5,673 5,963 -290 5,793 6,066 -273 5,793 6,091 -298 6,283 6,591 -308 5,795 6,114 -319 36 37 38 1,858 4,770 -2,911 2,229 4,573 -2,345 1,849 3,915 -2,066 2,055 4,265 -2,210 2,213 4,518 -2,305 2,228 4,574 -2,346 2,320 4,608 -2,288 2,207 4,631 -2,424 1,958 4,411 -2,453 1,996 4,561 -2,565 2,067 4,681 -2,614 39 40 41 -10,800 -7,879 -8,674 -11,955 -9,037 -3,389 -5,648 -2,918 -3,384 -11,855 -9,762 -3,079 -6,683 -2,093 -2,459 -11,426 -9,100 -4,493 -4,607 -2,326 -2,721 -13,001 -10,585 -4,082 -6,503 -2,416 -2,932 -10,293 -7,853 -5,380 -2,473 -2,440 -3,023 -10,501 -7,992 -4,231 -3,761 -2,509 -2,889 -10,567 -7,861 ^,363 -3,498 -2,706 -3,201 -11,290 -8,411 -4,000 -4,411 -2,879 -3,372 -11,081 -8,160 -7,043 -1,117 -2,921 -3,552 -12,437 -9,519 -3,634 -5,885 -2,918 -3,384 424 -458 -5,532 -3,229 220 380 495 493 631 466 366 395 517 583 380 495 493 631 466 42 43 44 45 46 47 48 -1,046 -112 -1,085 -127 -1,123 -130 -1,161 -642 -1,197 -154 -1,003 -125 -942 -180 -912 -156 -919 -223 -1,046 -106 -1,085 -182 -1,123 -167 -1,161 -556 -1,197 -130 49 50 -8,854 -314 -4,322 -4,218 -9,877 -513 -5,395 -3,969 -10,287 -610 -5,114 -4,563 -8,997 -10,604 -129 -6,827 -3,647 -10,727 -1,277 ^,284 -5,166 -10,305 -1,055 -5,014 -4,236 -11,932 -1,392 -5,128 -5,412 -9,150 -831 -4,201 -4,118 -9,350 -314 -4,818 -4,218 -9,301 -513 -4,819 -3,969 -10,000 -610 -4,827 ^,563 -9,364 -5,865 -3,126 -6,232 -3,126 -11,109 -129 -7,333 -3,647 51 52 53 54 26,892 11,875 14,320 -2,445 3,637 11,380 9,947 1,432 21,755 11,260 13,166 -1,906 4,306 6,189 7,881 -1,693 26,135 22,736 32,033 -9,298 5,641 -2,241 -1,281 -960 118,593 108,333 116,512 -3,179 -795 11,055 23,546 -12,492 18,893 8,520 11,721 -3,200 5,648 4,724 8,009 -3,285 26,856 11,812 13,245 -1,433 6,683 8,361 7,930 24,304 12,946 14,378 -1,432 4,607 6,751 6,619 24,128 17,263 20,556 -3,294 6,503 431 131 33,977 22,633 26,873 -4,240 2,473 8,871 6,707 2,164 27,016 11,875 14,320 -2,445 3,761 11,380 9,947 1,432 20,946 11,260 13,166 -1,906 3,497 6,189 7,881 -1,693 24,906 22,736 32,033 -9,298 4,411 -2,241 -1,281 -960 120,505 108,333 116,512 -8,179 1,117 11,055 23,546 -12,492 19,129 8,520 11,721 -3,200 5,885 4,724 8,009 -3,285 55 56 57 58 59 60 61 62 795 -2,921 -3,552 -6 362 5,378 -5,016 -6 1,046 1,085 1,123 1,161 1,197 1,003 942 912 919 1,046 1,085 1,123 1,161 1,197 63 25,846 11,875 -668 1,656 10,887 2,591 -220 1,468 1,343 11,380 3,063 5,431 2,886 20,670 11,260 25,012 22,736 117,432 108,333 59,910 38,507 9,916 -1,956 -584 -1,412 17,696 8,520 25,853 11,812 23,362 12,946 23,216 17,263 33,058 22,633 25,970 11,875 -668 1,656 10,887 2,715 -220 1,710 1,225 11,380 3,063 5,431 2,886 19,861 11,260 23,783 22,736 119,344 108,333 59,910 38,507 9,916 17,932 8,520 614 945 79 461 6,189 -1,182 2,428 4,943 -2,241 -3,812 4,237 -2,666 11,055 -474 5,457 6,072 9,657 -5,053 64 65 66 67 68 69 70 71 72 73 74 75 76 447 399 4,714 6,100 3,221 19,571 2,766 4,518 260 217 2,567 6,189 -1,182 2,428 4,943 2,831 1,470 -2,241 -3,812 4,237 -2,666 -1,239 -1,711 -1,313 -1,670 472 357 393 974 339 278 337 332 3,621 3,926 4,451 -263 4,596 5,467 6,006 5,680 2,340 10,328 3,665 3,253 13,673 5,591 9,330 12,971 1,554 -664 1,556 954 511 995 2,228 926 2,393 2,203 6,751 362 8,871 -1,719 4,158 6,432 447 399 4,714 6,100 2,412 19,571 2,766 3,288 260 217 1,538 2,126 -44 -584 974 3,621 3,926 4,688 -263 5,028 40 119 11,055 4,724 1,988 2,738 8,361 ^74 120 882 845 5,457 6,072 9,657 -5,053 1,071 6,408 2,882 3,024 -285 -581 1,228 -1,325 -1,703 -1,279 -2,121 -1,583 -2,157 -1,000 -1,318 -924 -1,321 -1,118 -1,726 -1,133 -1,613 -1,186 -1,727 -1,301 -1,777 -1,339 -1,739 -1,331 -1,963 -1,527 -2,170 378 842 573 318 397 608 480 541 476 400 632 643 662 -77 4,724 120 282 9 353 100 212 185 486 415 114 400 51 252 42 352 -1,967 2,249 -2,392 2,401 -2,476 2,829 -2,530 2,630 -2,454 2,666 -2,240 2,425 -2,088 2,574 -2,149 2,564 -2,324 2,438 -1,979 2,379 -2,432 2,483 -2,521 2,773 -2,433 2,475 -2,469 2,821 77 78 79 80 81 82 108 • July 1999 SURVEY OF CURRENT BUSINESS Table 6—Securities Transactions [Millions of dollars] Not seasonally adjusted Line 1997 (Credits +; debits - ) 1997 1998 I 1999 1998 Hi Ill IV \p -115,859 -89,174 -102,817 -16,787 -23,949 -39,462 -3,976 -14,116 -32,886 14,994 -70,809 8,488 -60,040 -41,970 -77,753 -13,102 -13,759 -14,674 -435 -3,500 -3,083 8,191 -79,361 8,348 -14,491 -7,062 (D) -15,255 -4,904 -11,608 -3,949 -2,255 -709 D ) -2,724 -1,104 -56 -917 -3,382 -347 -182 -1,555 -6,894 -2,244 -1,172 -138 -1,144 -138 -4,856 -2,707 -1,679 -2,901 -1,038 -45,549 -23,524 -12,834 -2,162 -9,579 -10,284 -26,715 -10,162 -10,847 -4,745 -3,082 312 -2,011 -4,403 -11,292 -7,260 -8,136 -78 -2,988 6,459 1,113 -2,399 742 4,307 -2,356 1,872 1,659 -31. -2,632 1,773 8,444 8,106 10,898 13,373 4,042 -9,444 -7,146 -66,145 -54,489 -37,757 4,043 -1,437 -14,262 -11,035 730 -16,096 37 -966 297 362 2,722 -9,755 2,664 356 -6,495 -76,460 -78,178 -51,564 1,048 -1,883 2,553 9,386 17,219 14,569 -45 -8,710 922 -55,819 -47,204 -25,064 -3,685 -10,190 -24,788 -8,541 -68,912 -73,148 -58,295 -16,257 -17,303 -24,847 -14,741 -10,950 -10,501 -35,846 -1,615 -9,988 -5,432 -67,341 -387 -8,701 -2,764 -3,990 -800 -11,167 -300 -2,861 -111 -14,331 -2,237 -4,399 -900 -122 -13,719 -12,314 -9,268 -197 -18,529 -16,989 -1,615 -21,398 -6,554 -135 -20,032 -24,642 -387 -17,474 -9,940 -2,271 -13,216 -14,984 -410 -4,857 -1,220 -3,432 -1,668 -6,087 -2,388 -5,925 -3,955 -300 -6,625 -6,578 -6,876 ^9,409 16,176 6,125 3,141 5,813 1,097 15,912 4,852 3,019 4,684 3,357 17,525 3,682 3,136 10,707 3,633 888 678 517 1,550 1,566 273 493 701 99 3,947 -13,083 -20,989 -17,885 2,302 3,408 2,196 10,032 3,252 -920 1,928 -1,175 6,027 2,110 3,251 13,433 8,939 4,967 2,645 1,723 -1,492 3,741 5,547 7,999 6,489 -588 -1,591 -273 -3,888 -7,525 -8,857 -362 511 3,988 130,240 196,258 218,026 45,015 53,890 62,673 11,324 68,491 47,487 11,776 21,279 26,453 5,036 1,267 2,582 4,259 2,152 ^55 4,591 60,292 8,936 7,641 21,833 -1,404 4,618 65,209 10,149 5,262 21,982 -5,725 -2,079 -9,918 11,004 2,768 1,325 3,381 1,079 -2,349 2,042 14,678 2,037 1,995 6,242 127 4,135 2,339 18,638 2,011 1,017 6,624 -1,316 1,387 7,744 Corporate and other bonds, net foreign purchases . 118,916 127,767 170,539 33,239 32,611 New issues sold abroad by U.S. corporations U.S. federally sponsored agency bonds, net Other outstanding bonds, net 53,445 36,694 28,777 84,778 45,287 -2,298 53,978 48,348 68,213 18,400 12,498 2,341 Western Europe Of which Germany Switzerland United Kingdom Canada Japan Other countries International financial institutions2 , 76,450 4,443 1,174 60,481 4,198 14,192 24,035 41 70,647 2,664 6 55,283 6,262 9,341 41,431 86 123,080 4,425 3,595 96,837 5,806 8,345 33,053 255 19,922 503 85,807 5,008 1,522 -199 145,864 43,959 4,529 1,519 -1,727 139,448 4,123 6,332 202 Foreign securities, net U.S. purchases (-), (table 1, line 52 or lines 2 + 13 below). Stocks, net U.S. purchases New issues in the United States . Of which Western Europe Canada Latin America Transactions in outstanding stocks, n e t . Western Europe Of which United Kingdom Canada Japan Other Bonds, net U.S. purchases New issues in the United States By issuer: Central governments and their agencies and corporations . Other governments and their agencies and corporations» . Private corporations International financial institutions2 By area: Western Europe Canada Japan Latin America Other countries International financial institutions2 Redemptions of U.S.-held foreign bonds 3 Western Europe Canada Other countries International financial institutions2 Other transactions in outstanding bonds, net 3 Western Europe Of which United Kingdom Canada Japan Other U.S. securities, excluding Treasury securities and transactions of foreign official agencies, net foreign purchases (+), (table 1, line 66 or lines 2 + 10 below) Stocks, net foreign purchases Western Europe Of which Germany Switzerland United Kingdom . Canada Japan Other R -2,479 -939 -8,752 -2,074 0 -1,963 (D) -1,565 -10,616 -29,803 6,803 8,552 140 -24,270 -10,702 -9,665 -8,731 -7,142 -1,971 -15,157 -984 -600 -8,218 -275 -293 -8,687 -3,715 -225 -4,791 -13,658 -46,420 -410 15,706 -3,088 -6,648 -18,124 -37 -300 -13,358 -410 -5,756 -2,335 -3,907 -3,141 -1,615 -3,689 -5,970 -10,209 -2,466 -1,188 -2,581 -1,370 ^10 4,607 1,057 1,147 5,580 886 1,018 3,676 591 2,959 4,236 674 637 2,925 3,463 798 1,123 1,542 -566 -2,189 -60 -645 -11,113 -12,907 -1,197 1,655 1,397 -1,429 -959 -9 -2,835 3,429 -10,505 -667 12,898 -337 -3,430 4,010 3,158 6,067 13,981 10,801 9,246 -1,324 5,772 -1,268 5,408 3,504 2,832 1,217 -1,716 2,403 34,680 76,810 71,785 20,103 49,328 59,507 30,227 14,203 -5,362 8,419 9,377 15,972 2,120 3,304 5,586 -1,294 1,445 -7,140 27,144 1,881 3,702 10,647 -178 -3,247 6,508 22,101 4,228 4,625 4,070 13,724 2,240 12 17,900 -2,009 -253 -6,636 36,220 25,697 46,583 25,579 10,202 -3,170 28,953 12,546 -6,279 11,846 10,041 3,810 19,030 22,747 2,149 -1,182 17,507 8,948 -203 -7,022 -1,278 -135 -1,606 -4,700 -6,196 -775 -2,271 -2,199 -2,217 6,766 2,704 806 2,062 1,193 3,102 -87 988 1,042 1,403 515 1,065 890 -2,844 5,205 4,028 425 3,272 -837 373 -3,490 -18,522 -2,944 -6,745 57,582 25,465 40,909 50,130 15,829 19,873 10,881 15,664 17,188 24,730 13,314 1,347 10,804 9,171 9,940 21,798 9,332 18,021 22,777 24,593 24,629 1,129 1,296 18,267 1,511 -1,261 691 -105 38,074 713 121 31,100 28,385 1,846 1,088 20,786 1,075 1,308 19,539 -177 1,503 2,093 -1,443 16,027 72 664 1 4,251 7,705 14 35,784 1,726 1,808 27,701 1,488 3,888 19,439 26 16,170 252 24,897 754 349 -3,659 20,309 962 158 877 9,831 2,712 780 123 -11,078 101 232 6,186 2,610 -26,755 26,118 1,562 -89 -770 34,497 32,952 -1,053 4,145 -608 -1,886 37,413 932 34,586 -1,426 254 802 30 29,094 1,011 7,494 1,794 3,162 8,362 -1 215 380 15,347 872 3,371 9,337 1,139 4,981 2,326 2,043 6,953 3,993 -2,601 1,048 7,732 857 370 19,769 1,861 -331 17,448 -3,000 -50 -4,481 -1,200 946 5,054 -3,247 82 1,166 Memoranda: Other foreign transactions in marketable, long-term U.S. securities included elsewhere in international transactions accounts: Foreign official assets in the United States (lines in table 9): U.S. Treasury marketable bonds (line A4) Other U.S. Government securities (line A6) U.S. corporate and other bonds (part of line A14) U.S. stocks (part of line A14) Other foreign transactions in U.S. Treasury bonds and notes (table 9, line B4) See footnotes on page 105. -3,679 41,744 97 1,906 -4,501 5,993 -310 408 -12,943 SURVEY OF CURRENT BUSINESS July 1999 • 109 Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns [Millions of dollars] Not seasonally adjusted Line (Credits +; increase in U.S. liabilities or decrease in U.S. assets. Debits - ; decrease in U.S. liabilities or increase in U.S. assets.) 1996 1997 1997 1998 Amounts nutUUl" 1998 1999 I II III IV 1 II III IV I1 standing Mar 31 1999 -86,333 -120,403 -25,041 -37,880 -4,825 -24,791 -47,907 -6,596 -14,327 -20,320 16,202 -405 596,627 -83,078 -62,631 -20,447 -117,698 -104,542 -13,156 -23,434 -28,419 4,985 -38,701 -33,907 -4,794 -9,833 -2,182 -7,651 -23,641 -19,771 -3,870 -45,523 -48,682 3,159 -6,417 -1,798 -4,619 -14,194 -12,927 -1,267 -19,528 -18,075 -1,453 16,705 4,381 12,324 -405 -405 565,370 474,137 91,233 By type: Deposits2 Financial intermediaries' accounts Other claims 23 -67,034 -15,302 -742 -101,026 -16,360 -312 -719 -21,807 -908 -30,350 -8,837 486 -5,012 -4,571 -250 -20,079 -3,198 -364 -45,585 246 -184 18,264 -23,491 -1,190 -18,995 4,664 137 -19,504 -1,143 1,119 19,516 -1,837 -974 1,300 -1,705 434,901 113,461 17,008 By area: Industrial countries4 Of which VnM Kingdom Canada Caribbean banking centers5 Other „ -46,033 -34,100 -1,227 -35,566 -1,479 -65,352 -43,292 256 -51,178 -1,168 -13,734 -780 3,851 -10,051 351 -23,898 -16,704 894 -14,245 -558 -6,768 -6,867 2,757 -3,269 204 -10,014 -4,223 -1,143 -12,003 -1,624 -24,672 -15,498 -2,252 -21,661 810 -6,444 -2,496 -288 2,123 -2,096 -13,437 -1,807 -1,696 -2,552 1,795 -11,250 -12,949 3,843 -8,547 269 17,397 16,472 1,992 -1,075 383 -3,255 -2,841 -414 -5,705 -3,287 582 -1,607 -1,853 246 821 -314 1,135 8 135 -127 -1,150 -842 -308 -2,384 -2,266 -118 -179 -565 386 -133 -427 294 -792 S6 -726 -503 -795 292 By type: Trade receivables Advance payments and other claims -2,753 -502 -1,703 -1,002 -1,239 -368 950 -129 -57 65 -252 -898 -2,344 -40 1 -180 134 -267 -493 -299 -881 378 27,211 4,046 By area: Industrial countries4 Members of OPEC6 Other -1,372 -322 -1,561 -2,004 -355 -346 -635 235 -1,007 455 78 288 144 -87 -49 -1,001 -122 -27 -1,602 -524 -558 -792 282 331 105 -236 -2 -189 190 -793 41 -1 -543 18,297 1,948 11,012 Liabilities, total (table 1, line 68) 39,404 107,779 9,412 28,840 5,274 26,275 47,390 32,707 18,040 11,875 -53,210 11,205 471,992 33,169 13,918 19,251 102,493 97,454 5,039 13,570 26,803 -13,233 27,549 25,699 1,850 5,029 9,581 -4,552 24,900 24,805 95 45,015 37,369 7,646 33,126 33,348 -222 17,046 9,383 7,663 12,217 9,707 2,510 ^8,819 -25,635 -23,184 11,205 11,205 438,462 406,912 31,550 By type: Financial intermediaries' accounts Other Liabilities 6,517 26,652 45,865 56,628 8,213 5,357 13,682 13,867 8,512 -3,483 948 23,952 22,723 22,292 14,713 18,413 4,907 12,139 7,135 5,082 -18,542 -30,277 6,705 4,500 129,799 308,663 By area: Industrial countries4 Of which United Kingdom Caribbean banking centers5 32,254 30,254 -156 1,071 78,823 36,831 22,875 795 -1,072 18,638 15,035 -393 27,831 21,553 -787 505 4,242 -4,411 783 4 12,066 11,605 11,326 1,508 34,684 8,084 11,553 -1,222 21,903 24,802 9,554 1,669 15,615 19,221 756 675 2,419 14,002 10,740 -942 -41,009 -39,387 -6,015 -1,795 41500 6,705 218,149 150,648 195,161 25,152 5,286 4,798 488 -4,158 -3,759 -399 1,291 1,375 -84 245 236 9 1,375 1,233 142 2,375 1,954 421 -419 -131 -288 994 1,221 -227 -342 -790 448 -4,391 -4,059 -332 33,530 32,512 1,018 Claims, total (table 1, line 53) Finflncidt c l d i n i s •••••«••••*••**•••..» «•••••••••••*• Denominated in U.S. dollars uenominaieo in joreign currencies Commercial claims Denominated in U.S. dollars Denominated in foreign currencies Financial liabilities Denominated in U.S. dollars Denominated in foreign currencies Commercial liabilities Denominated in U.S. dollars Denominated in foreign currencies .«.., , , , 6,235 6,338 -103 558 1,300 -1,705 IIZ 298,389 175,385 6,819 250,160 16,821 31,257 29,628 1,629 By type: Trade payables Advance receipts and other liabilities 1,506 4,729 -1,822 7,108 -1,200 2,491 -393 -700 685 2,436 281 -280 1,274 853 638 -168 1,543 -61 -4,716 -1,195 -5,076 10,961 22,569 By area* Industrial countries4 Members of OPEC6 Other 4,314 631 1,290 3,792 848 646 -1,663 1,096 -3,591 604 308 379 120 -111 236 847 661 -133 2,221 -10 164 -624 -74 279 1,011 46 -63 360 402 -1,104 -2,410 722 -2,703 21,446 3,592 8,492 110 • July 1999 SURVEY OF CURRENT BUSINESS Table 8.—Claims on Foreigners Reported by U.S. Banks [Millions of dollars] Not seasonally adjusted Line (Credits +; decrease in U.S. assets. Debits - ; increase in U.S. assets.) 1996 1997 1997 I Amounts outstanding Mar. 31, 1999 37,192 35,226 979,518 775,884 IV Total (table 1, line 54) -91,555 -144,822 -24,918 -63,676 -30,909 -25,591 -24,646 -1,062 -27,704 -53,344 By type: Banks' own claims -61,675 -129,378 -14,388 -44,799 -26,678 -11,332 -46,569 15,656 -50,024 -59,602 29,582 33,788 -67,493 -108,300 -56,569 -36,579 -14,904 -3,970 -52,847 15,857 -43,825 -32,288 33,687 39,552 -34,147 -12,090 298 -21,553 -90,111 4,452 1,635 -24,276 -52,671 3,498 -2,959 25,563 -18,767 ^,766 -6,532 -6,514 -19,085 -1,086 -571 5,838 4,974 14,800 526 -24,270 -57,233 -4,496 24,512 1,505 -7,535 -5,625 -36,220 239 295 -6,139 -43,059 -940 1,393 10,318 2,096 2,694 2,888 26,009 32,587 11,677 -11,373 6,661 451,769 94,055 34,913 114,505 -17,794 -11,734 -11,452 -24,085 1,218 -4,131 4,601 1,602 -5,567 4,600 6,028 10,619 3,148 -3,415 -4,719 2,881 4,395 10,921 -34,714 -5,790 -50,952 18,572 7,244 3,134 -12,020 -6,313 -3,063 11,206 5,397 5,937 -13,157 -4,726 -11,575 10,070 -2,818 5,072 152,455 30,357 44,656 -16,353 -356 -9,804 -66,026 -4,024 -10,319 -57,272 5,201 -2,088 -23,367 -11,287 -11,319 -22,233 415 1,964 2,093 6,080 -13,421 -22,519 768 12,457 5,940 2,278 -5,363 -24,200 3,297 -3,473 -54,265 -5,001 -5,619 15,253 4,627 12,367 22,517 9,972 -6,040 299,314 51,740 54,199 n.a. n.a. 7,258 -8,191 -3,305 30,259 493 -12,346 1,914 8,022 4,325 -21,244 526 17,377 -8,017 -7,931 3,255 -1,308 -1,336 11,393 2,793 28,105 4,523 -3,744 11,958 50,563 Payable in dollars By borrower: Claims on: own foreign offices unaffiliated foreign banks foreign public borrowers' other private foreigners By type of reporting institution:2 U.S.-owned banks' claims on: own foreign offices unaffiliated foreign banks other foreigners Foreign-owned banks' claims on: own foreign offices unaffiliated foreign banks otnGr torGioncrs U.S. brokers' and dealers' claims on: unaffiliated foreign banks other foreigners ....*...««...•*»•.*••* Payable in foreign currencies Banks' domestic customers' claims Payable in dollars Deposits Foreign commercial paper 3 Other negotiable and readily transferable instruments4 Outstanding collections and other Payable in foreign currencies By area: Industrial countries 5 Western Europe Of which United Kingdom Canada japan Other areas Of which Members of OPEC, included below 7 Latin America Asia Africa Other 8 Memoranda: International banking facilities' (IBF's) own claims, payable in dollars (lines 1-13 above) By borrower: Claims on: own foreign offices unaffiliated foreign banks foreign public borrowers all other foreigners , By bank ownership:2 U.S>:owned IBFs Foreign-owned IBF's Banks' dollar acceptances payable by foreigners See footnotes on page 105. 8 $ 5,817 -21,078 12,181 -8,220 -11,774 -7,362 6,278 -201 13,801 2,686 -4,105 -5,764 80,642 -59,879 -25,046 -19,138 -11,099 234 4,957 -4,833 -15,444 -18,231 -7,923 -10,008 2,119 -2,419 2,787 -10,530 1,997 -5,057 -2,909 5,936 4,027 -12,527 -18,877 -19,667 -17,490 -1,107 1,107 -2,177 790 -4,231 -4,168 556 -3,180 -1,487 -67 -63 -14,259 -14,420 -5,869 -4,843 -3,054 -654 161 21,923 20,024 14,880 -678 5,553 469 1,899 -16,718 -16,983 -12,296 -10,087 5,663 -563 2,320 1,748 -602 2,866 -3,632 3,116 572 -3,742 -2,643 -3,594 -678 1,869 -240 -1,099 7,610 19,875 11,435 4,990 2,036 1,414 -12,265 1,438 -8,241 -12,884 1,030 2,615 998 9,679 203,634 192,595 91,051 77,889 11,130 12,525 11,039 -49,030 -38,333 -18,566 -10,740 3,396 -3,353 -61,900 -64,400 -25,629 -3,426 5,656 270 -27,393 -41,603 -14,485 -21,561 36,549 -778 -62,385 -51,372 -51,116 -12,771 1,443 315 -7,169 -2,361 3,634 -2,482 -1,181 -1,145 7,922 -15,790 -192 14,493 7,820 1,399 -568 5,123 -7,955 -2,666 -5,426 -299 7,652 -13,313 7,327 -584 20,937 612 -6,583 -25,338 -23,851 942 19,297 -1,484 -38,509 -14,738 11,671 -15,323 -8,228 -220 10,047 11,786 -9,632 -6,596 4,543 314 16,622 1,289 8,421 9,148 5,874 311 524,839 393,486 168,821 70,043 48,528 12,782 -17,358 -67,159 -12,692 9,113 -16,016 -33,477 -26,779 -12,924 -24,982 2,868 22,346 11,097 293,332 -25,166 -376 -11,096 -11,932 129 -2,268 -15,763 -2,242 -15,714 3 -514 462 15,167 -7,592 1,680 16,207 508 -3,226 -10,404 -16 -1,467 -6,636 -61 -5,240 -7,724 -55 -5,856 -5,774 -571 2,477 -36 1,391 -2,855 4,110 82 -1,373 2,401 -3,562 -7,536 8,303 36 1,598 4,210 2,514 -6,543 13,879 -220 -2,905 3,861 2,131 -469 2,758 1,511 61 2,297 -4,933 2,869 1,510 -588 -1,493 4,799 -7,304 5,823 -1,940 -195 1,111 7,507 3,934 3,700 5,591 344 -2,128 161,347 22,218 91,327 57,712 2,333 9,975 -17,189 -37,046 37,620 -10,339 -2,405 2,724 -27,026 24,228 -7,323 6,529 14,186 18,349 200,802 -15,713 563 1,495 -3,534 -23,167 -3,958 102 -10,023 33,029 5,081 -503 -587 -4,188 -3,853 361 -2,659 1,574 -4,704 670 55 -634 5,534 -66 -2,090 -19,919 -935 -643 -5,329 17,547 7,531 -164 -686 -9,470 2,885 -590 -148 9,870 -5,221 968 15,082 -2,114 -417 1,635 10,725 7,638 305 -319 110,477 46,942 6,375 37,008 4,872 -22,061 -1,978 -10,084 -26,962 764 -1,120 38,615 5,105 -1,963 -8,376 -824 2,497 ^,902 -240 1,513 1,211 571 -12,131 -14,895 1,257 174 24,054 2,129 -2,310 -5,013 -3,547 9,951 531 4,563 9,623 1,549 3,576 14,773 34 65,567 135,235 4,485 Other Caribbean banking centers 6 8 1999 1998 SURVEY OF CURRENT BUSINESS July 1999 111 Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks [Millions of dollars] Not seasonally adjusted Line A1 1997 (Credits +; increase in foreign assets. Debits - ; decrease in foreign assets.) Foreign official assets in the United States, net (table 1, line 56) U.S/Treasury securities (table 1, line 58) Bills and certificates Bonds and notes, marketable Bonds and notes, nonmarketable Other U.S. Government securities (table 1, line 59) Other U.S. Government liabilities (table 1, line 60) U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line Banks' liabilities for own account, payable in dollars • Demand deposits Time deposits * Other liabilities2 Banks' custody liabilities, payables in dollars 1 3 Amounts outstanding Mar. 31,1999 1997 127,390 18,119 -21,684 27,524 -6,177 23,260 -26,488 11,004 -10,551 -46,489 24,352 8,568 798,023 115,671 30,387 85,807 -523 5,008 -316 -50,620 43,959 -29 4,529 -1,798 -9,957 -14,160 4,123 80 6,332 -3,113 22,351 -2,662 24,897 116 754 -394 -12,373 -62,309 20,309 -673 962 7,604 -2,340 9,831 113 2,712 -776 -24,272 -13,309 -11.078 115 101 -184 11,336 5,034 6,186 116 2,610 -1,028 -20,318 -19,011 -1,426 119 254 -807 -32,811 -6,178 -26,755 122 1,906 -224 31,836 5,995 26,118 -577 1,562 -1,054 3,416 7,800 -4,501 117 5,993 -1,605 573,951 141,951 425,864 6,136 47,111 19,366 5,704 -4,041 -587 2,619 -6,073 9,745 1,323 22,286 22,622 803 8,060 13,759 -636 -208 -11,469 -22,879 473 -12,449 -10,903 11,410 -3,477 8,123 11,623 857 -645 11,411 -6,500 -3,310 4,643 6,783 -686 7,210 459 -2,140 1,035 12,817 8,047 263 383 7,401 4,770 903 -6,297 -3,831 569 1,112 -5,512 534 1,164 -958 1,740 -263 -1,430 3,433 9,488 -1,515 531 -4,061 2,015 11,003 832 -12,866 -17,274 1,025 -6,160 -10,139 4,408 -2,494 -7,133 -5,830 -820 1,202 -6,212 -1,303 -2,315 606 -5,107 2,186 2,981 124,581 76,834 3,393 23,840 49,601 47,747 33,014 171,474 295,459 86,886 53,584 70,654 45,214 126,007 -51,466 59,897 75,875 2,580 -25,979 1,694,461 154,996 146,433 46,155 33,050 37,928 40,133 35,322 -5,557 25,759 -1,438 24,391 -11,434 698,458 9,132 145,864 6,985 139,448 4,411 41,744 -4,363 37,413 3,431 34,497 7,181 32,952 736 34,586 -6,702 4,145 -3,335 29,094 -2,449 1,011 16,897 7,494 1,509 -12,943 50,858 647,600 16,478 6,521 9,578 149,026 122,560 102,120 40,731 2,642 24,428 20,534 22,055 12,212 32,726 11,531 12,461 5,081 1,324 -10,559 87,650 -48,909 -56,217 -40,467 34,138 28,921 41,530 77,313 52,606 50,556 -21,811 -22,668 -27,191 -14,545 -1,869 -9,152 996,003 897,587 796,228 Other foreign official assets (table 1, line 62) By area: (see text table D). B1 Other foreign assets in the United States, net (table 1, lines 65 and 69) U.s/Treasury securities (line 65) By security: Bills and certificates Marketable bonds and notes U.S. liabilities reported by U.S. banks (line 69) Banks' own liabilities > Payable in dollars By account: Liabilities to own foreign offices Liabilities to unaffiliated foreigners: demand deposits time deposits • other liabilities2 By holder: Liabilities to: own foreign offices unaffiliated foreign banks other private foreigners international financial institutions4 By type of reporting institution:5 U.§.-owned banks' liabilities to: own foreign offices unaffiliated foreign banks other private foreigners and international financial institutions4 Foreign-owned banks' liabilities to: own foreign offices unaffiliated foreign banks other private foreigners and international financial institutions4 U.S. brokers'and dealers' liabilities to: unaffiliated foreign banks other private foreigners and international financial institutions4 Payable in foreign currencies Banks' custody liabilities, payable in dollars > 3 Of which negotiable and readily transferable instruments By area: Industrial countries 6 Western Europe Canada Other Caribbean banking centers 7 Other areas Of which Members of OPEC, included below 8 Latin America Asia Africa Other 9 . ... Memoranda: International banking facilities' (IBF's) own liabilities, payable in dollars (in lines A9, and B7 above) 5,254 83,535 77,767 11,996 5,201 -6,724 73,062 -44,965 37,747 18,497 -60,249 532,597 3,173 -6,267 9,418 4,267 3,576 10,742 -5,476 -64,508 -16,355 -516 1,959 -1,527 2,756 -8,737 13,241 -1,476 729 -6,088 3,203 9,625 2,116 1,507 -13,989 16,980 3,127 7,693 -7,037 -3,724 -4,416 -7,792 -6,386 -23,796 -18,506 1,583 5,349 14,165 28,137 127,991 107,503 5,254 -10,190 11,506 3,008 83,535 -4,226 24,680 77,767 -43,006 -636 11,996 -7,543 9,306 -1,547 5,201 3,237 2,335 1,688 -6,724 -5,487 3,624 -1,972 73,062 5,567 9,415 -38 -44,965 -10,815 11,875 3,438 37,747 9,130 -3,864 -1,483 -10,601 -6,018 687 18,497 -30,720 -11,690 -6,278 -60,249 2,632 14,994 3,471 532,597 115,994 133,316 14,321 -12,363 4,327 8,175 41,349 1,089 2,027 17,484 365 9,348 6,305 -6,261 -6,981 -2,083 195 3,238 -122 -3,243 -671 37,249 10,398 8,141 -6,882 -1,646 -6,935 5,826 5,495 5,420 12,727 -3,338 1,382 5,813 -146 6,481 -4,767 -6,566 1,965 21,316 62,701 17,617 -14,517 6,339 42,186 -3,114 1,602 60,283 -44,213 -4,825 5,691 -57 6,272 7,284 -1,648 -553 -6,602 -2,315 540 35,813 906 -4,957 -38,083 -12,913 5,740 31,921 5,436 -2,194 53,761 -6,999 -419 12,684 -27,737 -7,952 -25,482 7,149 9,277 323,628 78,195 50,692 n.a. n.a. -2,201 19,182 842 -14,856 -1,225 10,468 1,038 71 1,483 -6,737 6,193 3,744 13,508 -1,801 -6,573 1,736 -6,294 -2,837 -13,497 2,049 7,223 16,483 34,244 -6,057 20,440 -21,786 9,843 -930 11,883 -656 -15,750 -12,609 2,050 4,523 4,283 101,359 9,957 10,148 26,466 21,745 38,089 36,521 -1,521 -2,234 21,195 18,485 3,757 3,411 3,035 2,083 7,308 5,761 5,217 5,349 24,707 25,068 857 343 -9,676 -10,833 98,416 86,010 116,683 96,147 11,106 9,430 39,958 14,833 3,098 8,433 9,258 267 -3,125 229,093 194,602 -6,081 40,572 36,159 30,207 922 3,266 23,280 998 2,663 53,853 13,769 1,598 38,486 -1,005 34,039 -647 14,237 18,382 -897 2,316 43,668 30,811 -268 13,125 899 9,017 1,050 -578 10,669 117 -1,191 47,717 34,330 5,076 8,311 15,283 7,654 -150 -456 2,051 877 5,182 42,825 56,921 -9,723 -4,373 -601 2,890 206 78 5,228 -244 -2,172 94,883 72,540 -1,166 23,509 20,478 10,646 -184 4,222 5,332 248 844 -40,378 -14,400 -3,438 -52,540 -30,642 19,554 3,200 8,065 4,961 166 6,362 9,997 14,859 3,381 -6,243 53,600 -6,700 -4,565 1,114 625 -899 -4,540 2,153 17,555 -29,277 723 46,109 -16,858 1,884 -1,279 -1,010 4,719 -167 -1,659 -28,309 -8,294 409 -20,424 -8,135 10,465 20 4,827 2,033 -145 3,750 1,052,722 744,568 36,573 271,581 372,532 269,207 32,293 93,943 141,583 4,499 29,182 42,587 932 23,160 -7,105 16,301 1,997 6,068 8,077 -16,779 54,455 -35,382 -2,114 8,313 813 47,443 -33,779 -11,056 32,653 -23,200 -23,802 348,152 By holder: Liabilities to: own foreign offices unaffiliated foreign banks foreign official agencies other private foreigners and international financial institutions4 -2,763 -18,207 1,081 3,110 47,615 16,404 -2,868 22,199 -40,064 -17,819 302 5,660 -5,613 -1,038 -1,123 127 -5,316 12,249 1,253 2,990 -2,826 2,765 -2,116 38,838 7,059 2,428 -682 -19,621 -16,408 -1,544 3,794 -12,611 8,615 -6,637 -423 52,161 -11,840 -7,134 -534 2,270 -20,431 -2,504 -2,535 -21,780 626 -5,401 2,753 209,594 74,146 33,492 30,920 By bank ownership:5 U.S.-owned IBFs Foreign-owned IBFs -13,660 -3,119 -684 55,139 -6,236 -29,146 -3,543 1,429 -4,925 13,238 -2,265 3,078 10,049 37,394 -4,667 -29,112 2,710 -13,766 2,318 30,335 -6,597 -16,603 -1,788 -22,014 60,933 287,219 5,470 1,510 10,943 2,004 -726 175 6,348 -1,131 6,155 -429 -3,991 23,035 Negotiable certificates of deposit held for foreigners1 (in lines A13 and B25 above) See footnotes on page 105. SURVEY OF CURRENT BUSINESS 112 • July 1999 Table 10.—U.S. International [Millions European Union 14 Western Europe (Credits+; debits-) 1 Line 1998 1996 1997 1999 1998 1998 1996 1997 1998 Current account 312,046 349,722 91,675 92,169 94,935 94,198 280,306 314,778 333,872 83,969 83,574 220,115 242,997 255,532 63,100 63,496 62,578 66,358 64,752 197,371 218,697 232,443 57,968 57,966 138,022 152,965 159,107 41,240 39,587 37,191 41,089 41,287 124,457 138,854 145,926 38,360 36,444 82,093 3,892 90,032 5,156 96,425 4,596 21,860 846 23,909 1,278 25,387 1,159 25,269 1,313 23,465 1,186 72,914 2,376 79,843 2,949 86,517 3,077 549 21,522 921 Other transportation 21,958 6,762 7,663 22,049 6,640 7,790 22,819 6,784 7,631 4,720 1,459 1,856 5,744 1,716 1,864 6,702 1,958 1,945 5,653 1,651 1,966 4,791 1,470 1,879 20,004 6,390 6,092 20,257 6,393 6,487 20,927 6,566 6,494 4,339 1,405 1,601 5,269 1,662 1,584 Royalties and license fees 5 Other private services 5 U.S. Government miscellaneous services . 16,718 24,933 167 16,207 32,016 174 18,842 35,613 140 4,341 8,602 36 4,402 8,875 30 4,547 9,041 35 5,552 9,095 39 4,760 9,344 35 15,922 21,985 145 15,322 28,287 148 17,813 31,521 119 4,077 7,606 31 4,169 7,892 91,931 91,781 44,018 106,725 106,583 48,196 57,449 938 113,066 112,922 49,675 62,277 970 28,575 28,539 12,637 15,622 280 28,673 28,637 12,937 15,522 178 27,241 27,204 10,997 15,924 283 28,577 28,542 13,104 15,209 229 29,446 29,409 13,821 15,296 292 82,935 82,795 38,154 43,715 926 96,081 95,951 41,862 53,299 790 101,429 101,297 43,268 57,185 844 26,001 25,968 11,114 14,618 236 25,608 25,575 11,229 14,188 158 Exports of goods and services and income receipts Exports of goods and services Goods, balance of payments basis 2 Services3 Transfers under U.S. military agency sales contracts 4 Travel Income receipts Income receipts on U.S.-owned assets abroad Direct investment receipts Other private receipts U.S. Government receipts Compensation of employees Imports of goods and services and income payments . Imports of goods and services Goods, balance of payments basis 2 Services 3 Direct defense expenditures . Travel . 1,071 150 142 144 36 36 37 35 37 140 130 132 33 33 -316,665 -365,072 -399,610 -92,796 -100,681 -103,147 -102,986 -100,228 -285,916 -330,666 -363,243 -84,242 -91,576 -521,533 -243,796 -569,040 -60,772 -68,048 -69,850 -70,370 -66,119 -198,606 -220,168 -542,250 -54,704 -61,521 -175,771 -69,868 -68,025 -7,135 -7,118 -194,016 -75,024 -6,780 -45,018 -15,754 -1,663 -48,154 -19,894 -1,569 -48,533 -21,317 -1,729 -52,311 -18,059 -1,819 -48,566 -17,553 -1,840 -146,328 -52,278 -5,720 -160,146 -176,081 -66,169 -60,022 -5,824 -6,833 -40,693 -14,011 -1,394 ^3,973 -17,548 -1,340 -18,817 -11,146 -5,266 -1,873 -2,577 -5,775 -5,943 -2,742 -6,345 -3,111 -2,908 -5,431 -2,042 -2,919 -3,540 -2,103 -2,657 -13,158 -6,848 -7,456 -15,118 -7,956 -8,144 -16,893 -6,988 -9,009 -2,985 -1,697 -5,134 -6,193 -2,642 -2,197 -161,665 Other transportation -14,712 -7,525 -9,436 -16,920 -8,764 -10,287 Royalties and license fees 5 Other private services 5 U.S. Government miscellaneous services . -4,823 -15,027 -1,210 -5,740 -18,103 -1,093 -20,228 -1,094 -1,713 -4,410 -552 -1,568 -5,031 -266 -1,727 -5,207 -290 -1,982 -5,580 -286 -2,022 -5,118 -273 -4,070 -13,965 -1,061 -4,850 -17,180 -941 -6,071 -18,445 -939 -1,497 -4,093 -211 -1,321 -4,624 -231 -95,132 -121,276 -94,857 -120,983 -23,714 -31,371 -46,583 -55,333 -24,560 -04,279 -275 -293 -130,570 -130,266 -27,626 -63,367 -59,273 -504 -32,024 -31,946 -7,111 -15,103 -9,732 -78 -32,633 -52,561 -6,892 -15,777 -9,892 -72 -33,297 -33,228 -6,786 -16,559 -9,883 -69 -32,616 -52,531 -6,837 -15,928 -9,766 -85 -54,109 -54,022 -8,573 -15,698 -9,751 -87 -87,310 -87,087 -22,757 -43,036 -21,294 -223 -110,498 -110,260 -28,118 -50,844 -31,298 -238 -120,993 -120,746 -25,929 -58,399 -36,418 -547 -59,538 -29,476 -6,522 -13,915 -9,039 -62 -30,055 -29,996 -6,297 -14,580 -©,119 -69 -90 -166 -347 423 -91 -143 -346 -95 -114 -367 16 -147 -334 497 1,098 -110 -1,116 2,324 635 -47 -1,157 1,839 692 -13 -1,205 1,910 163 184 -294 457 -511 503 37 38 38 122 -40,971 -70,118 ^20 -135 Income payments Income payments on foreign-owned assets in the United States . Direct investment payments Other private payments U.S. Government payments Compensation of employees Unilateral current transfers, net U.S. Government grants 4 U.S. Government pensions and other transfers Private remittances and other transfers 6 198 ^90 -1,346 2,034 -435 -598 -1,341 1,504 -524 ^93 -1,398 1,567 -48 -70 -338 360 142 102 148 36 -6 Capital and financial account Capital account 39 Capital account transactions, net 132 Financial account -180,506 -208,006 -205,362 -45,188 -75,948 -30,805 -53,421 -165,839 -189,735 U.S. official reserve assets, net Gold 7 Special drawing rights Reserve position in the International Monetary Fund Foreign currencies -649 -61J -2,735 -151 -148 -50 0 -2,386 -609 -1,377 U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, net 327 -563 934 -44 U.S.-owned assets abroad, net (increase/financial outflow (-)) U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking U.S. claims reported byU.S. tan^ n -6 1 652 -278 912 18 191 -93 273 11 -16 -59 126 -83 272 -76 277 71 205 -50 236 19 223 -247 507 -37 -180,184 -207,967 -38,640 -50,169 -57,764 -28,360 -203,279 -73,167 -75,318 -45,228 -22,668 -4,042 -75,784 -27,592 -11,296 -51,027 -9,993 8,507 -61,240 -12,914 -68,487 -165,453 -56,181 -54,502 -65,039 -64,399 -13,149 -41,645 -5,201 -13,317 -11,559 -25,337 -14,797 -14,744 18,408 11,753 -44,719 -30,051 480,999 377,622 78,335 96,246 5,807 5,957 -3,383 1 297,139 (18) -45,564 -38,216 Foreign official assets in the United States, net U.S. Government securities U S Treasury securities9 Other 10 . Other U.S. Government liabilities11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 Statistical discrepancy (sum of above items with sign reversed) Memoranda: Balance on goods (lines 3 and 20) Balance on services (lines 4 and 21) Balance on goods and services (lines 2 and 19) Balance on income (lines 12 and 29) Unilateral current transfers, net (line 35) Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) »3 See footnotes on page 105. 17 ( ) R 475,192 70,494 371,665 167,892 ,9 188,,290 R R !? n 38,353 51,737 23,367 n 1,274 ( ) (17) -115,848 -257,310 -141,072 -32,014 -23,643 22,225 -1,418 -3,201 198 -22,806 22,007 -799 -14,551 ^35 -54,909 21,401 -13,508 -17,504 -324 -3,778 6,106 2,328 -3,449 -48 -4,421 -15,785 -31,336 -1,169 17 ( 99,820 14,823 79,246 ( 17 ) 33,726 -1,377 441 413 -174 -166 602 564 13 15 -188,771 -181,121 -48,217 -66,460 -27,627 -77,268 140 -77 204 13 -31 -58 30 -23 -40,691 -20,841 -5,336 -69,952 -26,657 -12,857 -62,796 -50,131 -11,252 -26,141 -4,128 -12,386 -10,651 -19,787 445,729 363,139 75,047 100,727 (.8) -1! (IS) -103 81,718 20,982 J 8 572 -425 981 16 Foreign-owned assets in the United States, net (increase/financial inflow (+)) Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. securities other than U.S. Treasury securities U.S. currency U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere 8 -176,082 R (IS) (18) 84,496 116,144 (17) 40,315 61,390 (18) 121,678 64,421 198,138 R (18) (IS) 158,029 (18) 178,309 16,326 (18) 47,229 3,891 ( 17 ) -42,850 -26,212 -52,059 -50,787 -53,561 -126,910 -240,829 -158,510 -53,998 -22,824 -8,567 4,015 -4,552 -3,960 -90 -11,342 4,070 -7,272 -6,056 -91 -11,222 7,210 -4,012 -4,039 -95 -7,279 5,912 -1,367 -4,663 16 -21,871 20,636 -1,235 -4,375 1,098 -21,292 19,821 -1,471 -14,417 635 -30,155 20,348 -9,807 -19,564 -2,333 5,597 3,264 -3,537 163 -7,529 3,974 -3,555 -4,447 184 -8,602 -13,419 -8,146 -6,014 -4,512 -15,253 -28,679 -110 -7,818 18 (17) 39,364 127,250 18 19,920 6,900 18 18 28,307 -16,946 18 15,837 18,068 SURVEY OF CURRENT BUSINESS July 1999 • 113 Transactions, by Area of dollars] European Union 14 1998 1999 1999 1998 1 in II IV I" 1997 1998 1 Line 1999 1998 4QQC 1998 1997 1996 \P IV III European Union (6) 1 5 United Kingdom II III \p IV 80,915 85,414 85,569 83,946 99,414 104,511 26,531 26,628 25,258 26,094 26,586 150,817 165,592 176,193 44,040 43,766 42,812 45,575 44,970 1 56,853 59,656 59,193 50,878 60,711 65,494 16,244 16,711 16,331 16,208 16,438 112,999 122,608 128,606 32,051 31,728 31,327 33,500 32,532 2 691 916 601 399 516 392 82 110 98 102 122 938 661 42,704 1,075 95 353 224 403 172 6,139 1,890 1,651 5,180 1,609 1,658 4,404 1,415 1,584 6,450 1,804 1,359 7,097 2,169 1,726 7,582 2,216 1,654 1,578 1,961 2,079 1,964 1,602 2,031 587 427 723 778 853 779 805 814 791 728 746 4,300 7,992 5,267 8,031 4,515 8,145 3,016 7,588 3,082 10,151 3,707 12,010 778 830 2,827 3,077 3,002 1,275 3,104 489 406 941 3,076 1,033 2,317 588 422 9,801 3,423 3,153 2,407 555 405 824 9,764 3,378 3,014 2,001 486 400 10,119 3,645 2,823 3,060 9,416 10,999 9,197 14,026 10,275 14,918 2,339 3,631 2,450 3,716 2,555 3,789 2,931 3,782 2,628 3,832 29 34 30 41 59 34 8 8 10 8 9 77 65 59 16 10 14 19 14 24,062 24,028 9,318 14,471 25,758 25,726 11,607 13,908 26,376 26,342 12,065 14,028 33,068 33,012 12,221 20,763 38,703 38,644 13,125 25,493 39,017 38,953 11,582 27,348 10,287 10,271 3,230 7,041 9,917 9,901 2,952 6,949 8,927 8,910 1,998 6,912 9,886 9,871 3,402 6,446 10,148 10,131 3,638 6,493 37,818 37,742 20,986 16,093 42,984 42,921 22,523 19,859 47,587 47,527 25,802 21,113 11,989 11,974 6,566 5,263 12,038 12,023 6,834 5,047 11,485 11,470 5,944 5,371 12,075 12,060 6,458 5,432 12,438 12,423 6,692 5,567 239 34 211 32 249 34 28 56 26 59 23 64 16 16 17 23 15 17 663 76 539 63 612 60 145 15 142 15 155 15 170 15 164 15 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 -94,238 -93,187 -91,455 -96,777 -120,095 -127,719 -30,490 -32,252 -32,941 -32,036 -31,997 -149,514 -166,428 -183,706 -42,604 -46,134 -47,102 -47,866 -46,630 18 -62,773 -63,252 -60,175 -45,573 -54,739 -67,904 -13,308 -14,803 -15,007 -14,786 -14,350 -120,186 -130,669 -143,691 -32,629 -36,410 -36,535 -38,117 -35,841 -44,029 -47,386 -44,717 -28,838 -32,496 -34,416 -8,110 -8,703 -8,579 -9,024 -8,823 -92,747 -101,458 -110,988 -25,733 -27,641 -27,377 -30,237 -28,096 19 20 -18.744 -1,463 -15,866 -1,627 -15,458 -1,590 -16,735 -457 -22,243 -688 -23,488 -618 -5,198 -131 -6,100 -120 -6,428 -210 -5,762 -157 -5,527 -150 -27,439 -4,761 -29,211 -4,841 -32,703 -4,826 -6,896 -1,173 -8,769 -1,126 -9,158 -1,157 -7,880 -1,370 -7,745 -1,340 -5,637 -2,811 -2,353 -3,078 -1,838 -2,325 -3,235 -1,904 -2,150 -3,788 -2,756 -1,605 -4,703 -3,212 -2,205 -5,132 -3,767 -2,404 -1,006 -740 -572 -1,493 -1,120 -568 -1,535 -1,158 -632 -1,098 -749 -632 -1,091 -634 -570 -7,046 -2,815 -3,818 -7,750 -3,363 -4,065 -8,411 -3,740 -4,518 -1,471 -690 -1,090 -2,668 -1,108 -1,111 -2,794 -1,159 -1,164 -1,478 -783 -1,153 -1,595 -777 -1,047 -1.496 -4,736 -248 -1,757 -4,992 -249 -1,788 -4,558 -233 -1,915 -6,122 -2,123 -9,311 -101 -2,062 -9,413 -495 -2,232 -413 -2,361 -494 -2,377 -660 -2,443 -681 -2,278 -92 -92 -22 -25 -22 -23 -23 -1,825 -6,371 -803 -2,196 -6,301 -695 -3,362 -7,138 -708 -869 -1,445 -158 -761 -1,826 -169 -827 -1,867 -190 -905 -2,000 -191 -1,004 -1,804 -178 -31,465 -31,407 -7,017 -15,242 -9,148 -29,935 -29,867 -6,093 -14,662 -9,112 -31,280 -31,210 -7,794 -14,318 -9,098 -51,204 -51,135 -10,373 -30,440 -10,322 -65,356 -65,281 -11,440 -36,216 -17,625 -69,815 -69,737 -7,815 -41,195 -20,727 -17,182 -17,163 -2,088 -9,841 -6,234 -17,449 -17,430 -2,001 -10,275 -5,154 -17,934 -17,915 -2,023 -10,728 -6,164 -17,250 -17,229 -1,703 -10,351 -6,175 -17,647 -17,626 -2,512 -9,947 -6,167 -10,567 -10,533 -4,016 -3,759 -2,758 -9,749 -9,709 -3,423 -3,519 -2,767 -10,789 -10,747 -4,284 -3,700 -2,763 -75 -78 1,207 1,277 1,399 -19 344 -19 370 -19 335 -21 350 -21 398 -10,015 -39,869 -14,719 -14,298 -10,852 -146 -9,724 -9,689 -3,360 -3,601 -2,728 -69 -35,759 -35,619 -14,379 -12,216 -9,024 -140 -9,975 -9,938 -3,920 -3,419 -2,599 -68 -29,328 -29,197 -11,042 -10,648 -7,507 -131 725 189 169 -37 26 -35 27 -34 60 -40 56 -42 136 -189 1,466 -194 1,593 -60 394 -50 420 -46 381 -48 398 -48 446 -631 1,356 -672 -690 -164 -181 -187 -158 -173 861 859 190 208 247 214 309 37 38 34,161 36,961 38,499 30,221 35,911 37,899 10,085 9,771 9,302 8,741 9,809 74,982 82,503 85,902 22,468 21,160 19,831 22,443 22,381 22,692 22,695 20,694 20,657 24,800 27,595 6,159 6,940 7,029 7,467 6,629 38,017 40,105 9,583 10,568 11,496 11,057 10,151 -70 308 -286 -300 488 462 608 -184 1,391 33 34 35 39 36 44 10 11 11 12 12 60 61 63 16 16 16 15 17 39 -9,845 -55,148 10,815 -107,262 -119,991 -104,627 -6,493 -48,305 -6,567 -43,262 24,226 -65,753 -61,024 -53,635 -18,213 -11,377 -6,788 -17,257 -6,675 -3 5,156 -1,972 0 n n (*) 0 -609 -1,377 4,598 -420 -135 -3 5,156 40 41 R i 0 -31 203 10 -28 165 13 -74 195 -3 -10,024 -7,729 5,704 -60,454 -11,233 -66,779 12,669 -16,321 20,685 -14,013 6,014 17,540 18 106,033 81,332 -226 R R 37 (18) 15,S 36JS 17,734 36,882 111,043 43,57) I8 128 130 18 18 2 8 18 I J -J B -4 132 i 18 -5 -120,119 -22,411 -28,081 -104,757 -34,427 -63,870 -6,493 -6,922 -3,228 -48,307 -17,040 -5,794 -6,563 -3,634 -1,533 2 -43,394 -6,831 -43,315 24,231 -1,898 17,708 8,305 -34,390 -18,566 -43,998 -25,629 -1,975 -14,485 -3,670 7,327 -1,622 -23,851 -13,067 11,671 16,384 -9,632 53,730 195,956 257,273 211,516 60,528 62,223 60,358 -54 8 i 18) 18 18\ (18) 18\ (18) 0 (18) -58 (18) (18) 15,525 (.8) 43,059 (18) (18) 118) 14,403 11,233 69,967 18) (18) 77,116 118,819 64,742 18 31206 85,597 l8 37,822 131,160 17,679 5,029 18 -63,067 -18,621 -69,002 -77,109 -117,914 -85,124 -9,868 3,948 -5,920 -7,403 -10,425 6,829 -3,596 -4,177 -6,218 5,236 -982 -4,904 169 176 308 1,383 3,922 5,305 -18,136 1,207 3,415 2,557 5,972 -26,653 1,277 3,483 4,107 7,590 -30,798 1,399 -13,154 -7,597 -6,578 -11,624 -19,404 -21,809 \ a 22 17 !? R (.8) 7,875 30,416 18 25,486 -3,266 -60,430 -8,675 1,975 1,068 -22,429 -3,147 -22,149 -6,675 -10,105 3,127 50 51 52 8 3 -S -11,645 -13,733 -12,619 -17,977 -6,448 -6,414 4,272 -11,801 -7,859 5,622 -2,696 -3,267 -165 3,032 3$ 53 54 28,407 19,096 68,957 154,125 135,617 12,271 32,224 35,403 55,719 40,191 55 18\ R R 18) ii B (18) 56 57 58 59 R n 18 18) -116 '«) 37,579 (.8) 10,667 27.Q 35,093 -39,870 -32,392 (18, ,£} l8 -10,061 18 8200 12,687 P) -27 40,702 79, 30 19 -176 (18) 118) 18 -6,795 -4,108 3,276 8 46 8,421 R 12,676 34,541 47 48 49 16 448 (18) 18 n n 10 -11,213 -7,217 -1,759 65,672 19,387 6,146 5,156 n -29 -17,806 -10,725 18) 18 J j 13 -68,243 -25,197 -20,184 -96 2.iG3 10 -49,663 -20,722 1,655 4,896 31,771 16 -55,106 -15,533 -14,195 1 78 23 ( -38 3 J 8 5 3 -107,390 -16,421 -38,013 -41958 -31,104 I(*) I i 42 43 44 45 3333 I i 128 I 0 3333 118 3333 -1,972 150 3333 5,156 s 35 36 JLSLSLjs I 3333 -68 176 3333 169 -5 -314 182 18 21 22 23 24 25 26 27 28 29 30 31 32 33 34 18 ,8) (18) 65 60 M 61 62 (18) .8) (18) (18) (.8) 9, 18 19,671 42,915 12,226 37,303 51,420 13,848 l8 18 -127 18) (18) 1,214 3,880 51 7,426 18) 18 -50 R (18) 25413 50,388 ii 99 .8) 18 (18) 1718 -10,820 (18) (18) 17,019 18 -3984 10,121 13,658 I8 5406 -3,383 12,632 -1926 7,962 18 T8 63 64 65 66 67 15,268 68 69 -46,454 20,435 -38,321 -15,292 -102,515 -74,701 4,464 -18,522 -24,401 -36,242 -32,009 70 986 -7,546 2,338 -6,208 -7,794 3,177 -4,617 2,326 -5,715 2,406 -3,309 1,649 961 840 723 601 2,936 -6,895 1,908 -7,532 1,324 -9,007 -283 1,705 1,422 -7,364 1,102 2,088 -7,499 -17,765 10,578 -7,187 8,490 -18,955 10,894 -8,061 7,225 -25,086 10,001 -15,085 7,572 -3,265 2,687 -678 2,014 -6,481 1,799 -4,682 2,314 344 370 335 350 398 725 189 169 26 27 918 60 -3,615 -5,254 -7,348 -5,592 -5,013 2,028 -647 -7,344 1,462 -2,341 -4,230 56 136 71 72 73 74 75 -2,235 -1,524 76 SURVEY OF CURRENT BUSINESS 114 • July 1999 Table 10.-U.S. International [Millions Eastern Europe Line (Credits +; debits - ) » Canada 1998 1998 1999 1996 1997 12,131 13,393 12,913 3,631 3,739 2,971 2,572 2,631 174,015 11,078 11,529 11.160 2,929 3,189 2,655 2,387 2,175 154,776 Goods, balance of payments basis 2 7,271 7,748 7,365 2,299 1,655 1,412 1,213 135,166 Services3 Transfers under U.S. military agency sales contracts 4 3,807 493 3,781 349 3,795 336 930 91 890 50 1,000 88 975 107 962 72 Travel Passenger fares Other transportation 1,213 104 475 1,249 144 434 1,257 159 279 254 40 77 317 43 73 362 38 64 324 38 65 Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services . 145 1,335 42 216 1,348 41 1,439 46 71 316 20 73 369 6 1,053 1,045 1,753 1,745 -367 1,874 238 702 700 193 421 550 548 -4 504 316 314 -252 493 73 8 1,864 1,856 560 1,035 261 8 2 183 -304 456 31 2 -11,258 -12,708 -15,366 -3,264 -4,105 -4,267 -3,730 -9,792 -10,956 -13,685 -2,884 -3,671 -7,004 -2,788 -379 -8,481 -2,423 -2,858 -2,475 -253 -10,899 -2,786 -167 -461 -41 -1,223 -250 -317 -946 -317 -279 -1,296 -409 -220 -13 -544 -62 -18 -598 -64 -1,466 -1,410 -1,752 -1,692 1996 1997 Current account Exports of goods and services and income receipts Exports of goods and services Income receipts , Income receipts on U.S.-owned assets abroad Direct investment receipts Other private receipts U.S. Government receipts Compensation of employees Imports of goods and services and income payments . Imports of goods and services Goods, balance of payments basis 2 Services3 Direct defense expenditures Travel Passenger fares Other transportation 268 496 281 Royalties and license fees 5 Other private services 5 U.S. Government miscellaneous services . Income payments Income payments on foreign-owned assets in the United States . Direct investment payments Other private payments U.S. Government payments Compensation of employees Unilateral current transfers, net U.S. Government grants 4 U.S. Government pensions and other transfers .... Private remittances and other transfers 6 -425 -977 -66 -3,422 -2,085 -36 -1,301 279 8 -11 -483 -1,198 -60 -39 -1,395 46,060 5,304 57 5,225 17 258 40 66 6,842 1,331 2,394 6,836 1,320 2,414 6,206 1,477 2,329 1,828 440 586 1,862 375 595 74 355 12 75 439 12 1,527 1,592 8,356 46 1,646 7,864 85 381 7,315 63 1,993 19 408 1,948 20 185 456 454 -30 488 46 21,652 21,574 10,548 11,026 19,409 19,330 8,104 11,226 5,209 5,189 2,371 2,818 4,969 4,950 2,154 2,796 78 79 -192,761 -199,595 20 -179,217 -48,229 19 -60,929 -48,741 -14,796 2 -3,280 19,239 19,168 9,257 9,911 71 40,835 -3,807 -3,323 -2,869 -171,267 -183,867 -191,147 ^6,213 -2,744 -2,402 -158,668 -170,058 -175,806 -43,231 -313 -33 -579 -42 -467 -45 -12,599 -47 -13,809 -57 -15,341 -68 -2,982 -13 -3,945 -137 -51 -71 -427 -131 -58 -518 -149 -46 -214 -78 -45 -149 -58 ^1 -4,670 -391 -2,790 -5,719 -585 -2,911 -773 -99 -726 -1,502 -165 -751 -9 -$00 -35 -4 -144 -13 -2 -149 -13 -1 -152 -16 -2 -155 -43 -1 -155 -18 -225 -4,375 -101 -4,904 -470 -3,037 -322 -4,843 -176 -425 -5,426 -207 -106 -1,215 -50 -1,365 -54 -1,681 -1,616 -3 -502 -1,106 -380 -363 -1 -121 -541 -17 -434 -419 -1 -133 -285 -15 -460 -446 -4 -156 -286 -14 -407 -388 -2 -411 -19 -19 -7,950 -7,668 -3,189 -3,387 -1,092 -282 -8,894 -8,598 -3,360 -1,078 -1,160 -296 -8,448 -8,146 -3,010 -4,261 -375 -302 -2,016 -1,939 -383 -993 -263 -77 -2,188 -2,115 -877 -1,015 -223 -73 -725 -346 -10 -357 -601 -10 -346 -1,007 -769 -392 -10 -367 -739 -317 -9 -413 -494 -536 -613 -167 -143 -408 -86 -408 -128 -477 -136 -120 -47 -119 -24 64 17 20 -3,358 -1,895 -40 -1,423 -1,509 51,029 44,950 39,646 -2,874 -933 -51 -65 -2,943 195,932 176,523 156,810 19,713 106 50,159 19,610 138 194,376 172,724 152,069 20,655 91 -392 -2 -97 -293 -92 -294 -356 -10 -341 -17 -91 Capital and financial account Capital account 39 20 Capital account transactions, net Financial account -1,954 U.S.-owned assets abroad, net (increase/financial outflow (-)) -2,023 1,573 -1,583 n U.S. official reserve assets, net Gold 7 Special drawing rights Reserve position in the International Monetary Fund Foreign currencies 70 -470 446 94 -27 -174 -4,449 -1,528 -2,333 -2,024 -1,368 -2,247 -437 -716 -582 -2,057 ^•70 -1,517 1,501 -173 420 -250 -338 1,425 136 425 -241 171 278 976 -2,550 18) -319 18) -977 -2,090 U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets 8 U.S. foreign currency holdings and U.S. short-term assets, net U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking . concGrns ,,, .,, ., U.S. claims reported by U.S. banks, not included elsewhere n -14,284 -29,227 -3,332 -4,204 n n n n c -27,080 -7,181 -7,726 -14,287 -7,493 -3,161 -29,227 -10,260 -1,182 -6,333 -5,114 27 -4,203 -1,934 -1,631 -1,433 -10,740 -207 -3,426 3,776 -21,561 -662 -584 -1,580 942 27,056 12,944 13,827 -169 5,056 1,808 -2,525 510 1,498 R R( -873 8 8 72 -267 273 66 147 -27,073 -1 -1,200 Foreign-owned assets in the United States, net (increase/financial 3,546 1,045 Foreign official assets in the United States, net U.S. Government securities U S Treasury securities9 Other 10 Other U.S. Government liabilities" U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets 12 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. securities other than U.S. Treasury securities U.S. currency U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere Statistical discrepancy (sum of above items with sign reversed) Balance on goods (lines 3 and 20) Balance on services (lines 4 and 21) Balance on goods and services (lines 2 and 19) Balance on income (lines 12 and 29) Unilateral current transfers, net (line 35) Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 1 3 See footnotes on page 105. n 3 -14 43 43 £3 25,248 8,590 15,469 15,400 ( 17 ) 4,858 3 2 R 13,317 11,859 (17) R -1,667 121 (17) 1,683 18 -21 3,234 18 259 526 8 -166 -2,807 18 38 -768 11 —1.142 1S 8 10 -2,317 18 -225 1,420 -797 (17) 5,660 1,292 495 -694 45 -739 -1,388 8 2,852 2,973 5,634 10,295 1,636 4,218 2,815 1,626 45 267 -733 1,306 573 112 -3,534 1,009 -2,525 72 -3,358 -5,811 -424 469 45 322 -725 -559 77 -1,219 67 -1,152 -144 -1,007 -2,303 -1,332 396 -936 -222 -769 -1,189 1,019 1,286 -413 -3,422 -2,549 -2,943 -2,258 -358 -482 116 -357 -1,223 -1,927 R 5,929 2,676 (17) -621 -33 7 C) 393 (17) 19,612 4,721 -829 -18,996 4,372 -3,585 2,322 -1,263 3,193 -167 1,763 -3,961 1,280 -2,681 2,781 -143 -43 -221 (17) n 213 -23,502 7,011 -16,491 11,289 -17,989 6,846 -11,143 12,758 -194 -5,696 1,079 -636 11 -14,624 10,961 -613 -4,276 SURVEY OF CURRENT BUSINESS July 1999 • 115 Transactions, by Area-Continued of dollars] Latin America and Other Western Hemisphere Canada Japan 1999 44,979 40,575 35,892 4,683 18 1,297 343 563 Line 1997 1998 49,765 50,056 195,142 239,059 252,300 62,650 63,994 62,478 63,178 58,375 111,321 169,915 96,622 26,037 23,437 23,888 23,260 25,240 45,245 144,981 177,984 45,934 47,051 47,030 48,933 43,548 100,109 23,256 21,425 134,630 43,354 408 35,309 35,517 11,534 88 34,410 12,620 87 36,363 32,125 5,447 1,598 16,716 4,770 1,379 815 587 3,855 40 16,943 56,595 31,737 963 9,424 3,616 2,944 14,800 11,423 160 65,961 34,148 494 5,275 11,336 69 36 -56,473 -42,635 -34,759 -7,876 -93 -3,949 -775 -552 4,710 12,098 100 35 -58,738 -44,611 -36,683 -7,928 -88 -3,781 -676 -599 -60 -2,337 -110 -13,838 -12,544 -€12 -5,086 -2,846 -1,294 -63 -2,601 -120 -14,127 -12,717 -359 -9,423 -2,935 -1,410 -14,555 -12,948 -435 -9,553 -2,960 -1,607 -66 -2,573 -126 -13,321 -11,733 -88 -8,982 -2,663 -1,588 14,063 7,362 115 2,216 855 740 1,522 1,905 9 2,012 2,009 489 1,509 11 3 -42,145 -33,734 -29,952 •^,782 -309 -741 -211 -1,046 -€18 -528 -29 -8,411 -5,396 -1,511 -1,912 -4,973 -15 22,861 14,432 12,570 210 5,107 1,371 933 790 4,117 42 22,296 14,042 8,254 145 21,355 108,838 99,613 64,599 35,014 519 88,332 40,070 5,175 29 188,948 141,599 -2,981 -309 -160 -2,512 -2,926 -235 -151 -2,540 -3,218 -284 -175 -5,759 -3,367 -474 -201 -2,692 4,501 14 406 2,031 25 4,404 4,385 1,553 2,832 417 2,035 21 4,811 4,791 2,015 2,776 1,668 414 591 19 -49,207 21 -51,230 20 -53,137 -46,737 -41,779 -49,456 ^6,000 -4,958 -16 -2,457 -200 -710 -3,456 -22 -487 -121 -724 -50,673 -47,684 -2,989 -18 -116 -1,403 -56 -112 -1,443 -47 -1,774 -1,693 -344 -1,161 -188 -81 36,143 423 14,984 4,098 3,178 1,602 11,712 146 18,123 4,713 3,657 47,349 485 19,498 5,573 3,429 548 3,725 32 -163 -140 -120 -1,099 ^50 -2,464 -2,385 -1,020 -1,177 -188 -79 -173 -120 -43 -118 -22 -125 -48 -10,708 -1,430 -651 -8,627 16 28 278 246 50 58 72 -9,449 6,253 -55,591 -22,251 -43,023 21,426 -863 -115 -724 0 50,161 50,035 17,763 30,926 1,346 126 -196,489 -152,694 -124,913 -27,781 -458 -14,108 -2,438 -2,253 -202 -7,921 -401 -43,795 -38,602 -1,384 -28,203 -9,015 -5,193 -178,187 8,300 I 2,129 10,625 100 4,174 1,225 821 2,529 15,691 144 155 63,352 61,075 63,213 60,941 16,909 21,408 45,922 39,082 382 451 139 134 -222,633 -233,950 -170,942 -178,109 -140,430 -145,730 -30,512 -32,379 -372 -363 -15,375 -15,932 -5,781 -2,910 -2,464 -2,356 -219 -245 -8,830 -10,070 -494 ^80 -51,691 -65,841 -46,087 -49,942 -1,494 -1,752 -52,917 -37,044 -11,418 -11,404 -5,604 -5,899 -11,531 -12,492 -1,302 -1,149 -687 -669 -9,713 -10,503 0 3,500 -4,157 -746 -690 -56 -5,559 -138 14,245 14,212 3,213 10,889 110 33 -59,348 ^6,027 -37,796 -8,231 -93 -4,045 -713 -615 (*) -9,242 -1,008 -3,328 6,253 -2,190 -705 4,328 -15,323 1,690 -€,596 9,148 (*) 2,903 n 479 -1,085 1,562 2 -182,166 -18,139 -51,966 -14,725 -25,763 158 -1,313 1,474 -3 -65,749 -18,021 -14,495 102 -245 347 -22,353 -6,177 2,003 167 -138 312 -7 -43,190 -5,659 -11,090 -51,569 -82,868 -12,166 -11,067 1,247 -19,426 119,681 34,884 12,364 -37,199 -28,620 7,454 9,746 -3,227 s -109 R 12,973 10,142 4,551 1,901 £3 32 2,325 909 703 1,627 2,245 10 2,781 2,778 808 1,941 29 3 -41,971 -34,093 -50,327 -3,766 -372 -717 -181 -1,000 -498 -965 -33 -7,878 -7,856 -338 -2,348 -5,170 -22 27,864 11,004 1,218 -26 n j 21,505 -4,138 -584 -3,052 -25,389 -8,733 -1,628 27,855 1,300 14,929 69,162 -22,674 -23,968 4,743 1,729 2,173 13 1,905 1,902 580 1,265 57 3 -45,176 -35,680 -51,734 -5,946 -503 -664 -219 -1,116 -543 -865 -37 -€56 -561 -57 -4,025 -325 -778 -204 -1,073 -664 -949 -52 -8,948 -8,935 -1,684 -2,347 -4,904 -13 -3,496 -5,474 -1,654 -5,909 -4,911 -52 -32 -8,406 -8,383 -468 -3,011 -4,904 -23 -181 -55 -25 -34 -55 -7 -22 -159 2,360 915 760 1,552 2,335 13 2,379 2,376 990 1,379 7 3 -43,529 -45,123 -31,098 16,248 -838 -5,540 -86 -7,579 -2,000 O n (18) ( 26,656 -3,844 -1,682 11,021 -606 -7,738 17,084 -5,474 531 -5,456 -438 3,662 5,656 -4,367 36,549 -1,572 20,937 -270 19,297 -452 -5,228 -2,073 4,543 5,874 70,766 36,661 -21,649 24,975 54,357 3 (18V 37,261 362 18 62,004 23,047 8 55,385 14,967 8 -3,839 9,729 18 -51,786 1,276 18 57,507 4,078 -10,481 16,120 53,540 14,603 6,641 -6,887 -275 -6,162 1,934 -163 -4,391 -5,563 1,045 -4,518 3,053 -140 -1,605 -7,614 2,186 -5,428 2,347 -173 -3,254 -16,075 8,362 -7,713 6,366 -10,708 -12,055 -5,800 12,842 7,042 9,384 -11,531 -4,131 14,970 10,839 7,511 -12,492 5,858 550 2,749 3,299 2,878 -2,981 3,196 26 27 28 29 30 31 32 33 34 35 36 37 38 40 41 42 43 44 45 H 53 54 -18,359 55 56 57 58 59 60 61 62 02 (18) (18) -817 1,353 63 64 (18) -10,751 22,,620 21,41 ,410 21 22 23 24 25 50 51 52 (18) (18) (18) 18 19 20 -6,590 -988 -10,476 (18) 1,820 ,80 12 13 14 15 16 17 46 47 48 49 -10 J 9 10 11 39 0 -11,711 -4,047 -4,824 1,433 2,110 14 1,592 1,589 303 1,276 10 3 -42,488 -43,540 -29,837 -3,703 -539 -€39 -213 -1,067 8,429 494 24 8,792 160 -608 769 -1 8,632 -7,115 -482 2,776 1,050 726 13,690 7,665 66 2,107 802 775 -25 -25 -55 -14 -1,906 (17) 11,642 11,790 4,295 11,068 1,247 5,790 5,442 831 3,190 3,230 627 5,938 6,696 6,311 4,227 6,857 8,002 8,433 36 89 57 46 14,827 11,212 10,302 8,290 11,200 14,790 10,290 8,278 4,404 3,475 3,517 2,180 10,278 7,658 6,721 5,991 108 67 107 52 37 12 12 12 -58,620 -156,657 -172,644 -171,780 -45,812 -129,231 -137,128 -137,047 -37,327 -115,171 -121,658 -121,850 -8,485 -14,060 -15,470 -15,197 -1,055 -105 -1,180 -1,323 -2,905 -3,965 -5,036 -2,761 -712 -856 -757 -824 -4,207 -€39 -4,182 -4,229 -1,434 -69 -5,110 -2,315 -2,729 -4,071 -5,619 -122 -134 -126 -12,808 -57,426 -35,516 -54,733 -11,430 -27,359 -55,446 -34,661 -269 -2,940 -5,779 -6,187 -8,502 -€,972 -7,990 -9,516 -2,659 -17,447 -21,677 -19,958 -1,378 -67 -70 -72 -134 -3,325 -157 -t96 -482 -148 -100 -46 -5,795 -€5 -96 8,456 637 (18) n ( 17 ) 3,994 30 15,448 15,413 3,711 11,599 103 35 -59,391 -44,836 -36,492 -8,344 -98 8O : 384 -1,047 1,489 -58 -9,449 -2,204 3,750 1,325 1997 44,938 40,437 1,219 319 585 451 1,892 21 4,827 4,806 2,026 2,780 -2,470 -2,399 -1,106 -1,092 -201 -71 1996 -888 67 -6,684 l8 -17,810 2,007 4,500 18 -9,098 -10,027 3,169 l8 40,971 -23,929 2,038 18 45,185 -5,205 18 28,609 -1,855 18 -18,536 -5,261 l8 -24,051 -2,478 18 26,886 1,389 18 44,310 -28,527 10,646 l8 -21,750 34,482 -2,009 10,805 26,653 23,501 -782 -38,567 44,402 70 -1,166 3,606 2,440 2,816 -2,926 2,330 -5,082 4,276 2,194 893 -3,218 -131 -1,433 4,339 2,906 924 -5,367 463 -6,202 2,938 -2,264 2,019 -3,325 -3,570 -49,210 20,088 -59,122 -16,214 -134 -45,470 -67,059 19,544 -37,515 -25,214 -157 -62,886 -65,255 16,540 -48,715 -26,443 -196 -75,354 -15,527 4,690 -10,837 -5,097 -50 -16,014 -15,889 3,580 -12,309 -€,399 -25 -18,733 -15,795 4,551 -11,244 -7,356 -69 -18,659 -18,044 3,719 -14,325 -7,591 -52 -21,948 -16,666 4,404 -12,262 -6,027 -181 -18,470 71 72 73 74 75 76 l8 -15,098 Il6 SURVEY OF CURRENT BUSINESS • July 1999 Table 10.—U.S. International [Millions Australia Line (Credits +; debits - ) > Current account Exports of goods and services and income receipts Exports of goods and services Goods, balance of payments basis2 Services3 Transfers under U.S. military agency sales contracts4 Travel Other transportation Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services . income receipts Income receipts on U.S.-owned assets abroad Direct investment receipts.. Other private receipts U.S. Government receipts.. Compensation of employees .. Imports of goods and services and income payments Imports of goods and services ... Goods, balance of payments basis 2 Services3 Direct defense expenditures Travel Passenger fares Other transportation Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services Income payments Income payments on foreign-owned assets in the United States Direct investment payments Other private payments U.S. Government payments Compensation of employees .. Unilateral current transfers, net .. U.S. Government grants4 U.S. Government pensions and other transfers Private remittances and other transfers6 Capital and financial account Capital account 39 Capital account transactions, net Financial account U.S.-owned assets abroad, net (increase/financial outflow (-)) 1996 1997 1998 21,994 23,764 21,511 16,455 17,274 16,688 11,713 4,742 203 1,709 540 304 11,911 5,363 375 1,839 621 307 11,775 5,500 4,254 3,117 4,913 168 1,562 548 320 1,137 45 337 121 75 696 1,277 701 749 1,560 6 168 390 1 6,490 6,482 3,598 2,884 4,823 4,815 1,897 2,918 1,246 1,244 468 776 13 5,539 5,531 2,851 2,680 -7,852 -6,538 -3,869 -5,669 -53 -1,068 -507 -308 -53 -655 -45 -1,314 -1,307 -492 -413 -402 -7 -123 -2,803 -75 -997 -546 -230 -90 -811 -54 U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere -11,940 -3,786 -4,529 -658 -2,967 Foreign-owned assets in the United States, net (increase/financial inflow (+)) 8,174 -36 -97 See footnotes on page 105. -38 -5,071 5,213 4,174 2,838 1,249 36 413 151 76 2,918 4,173 2,902 1,271 44 186 386 1 1,361 1,359 609 750 190 382 1 1,176 1,174 467 707 -2,529 -2,561 -2,139 -2,151 -1,435 -704 -10 -1,315 -836 -7 -16 -202 -11 -473 -471 -205 -171 -95 -2 -289 -131 -40 -8 -216 -10 -143 -53 -6 -224 -17 -390 -388 -149 -163 -76 -2 -410 -408 -187 -160 -61 -2 -31 -9 -30 -10 -21 1 1 -6,611 -1,839 -7,666 1,256 43 404 153 83 408 123 86 205 402 3 1,040 1,038 353 685 4,898 3,729 2,543 1,186 52 342 122 83 178 408 1 1,169 1,167 444 723 2 -5,563 -2,154 -1,360 -794 -9 -283 -175 -55 -8 -253 -11 -2,344 -1,887 -1,093 -794 -13 -296 -169 -51 ^09 -407 -132 -149 -126 -2 -8 -245 -12 ^57 -455 -184 -146 -125 -5 -38 -29 -39 -9 -29 -10 -19 -50 -1,518 I 1 -5,072 -2,393 -3,064 -10 395 o 5 § -7,664 -5,659 -1,337 -981 -1,687 1,258 -6,610 -3,855 -1,346 129 -1,538 3,106 -474 /* /* -1,839 -601 -401 -513 -324 -3,406 -1,518 -5,113 -82 2,032 901 r Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other10 Other U.S. Government liabilities11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets12 Memoranda: Balance on goods (lines 3 and 20) Balance on services (lines 4 and 21) Balance on goods and services (lines 2 and 19) Balance on income (lines 12 and 29) Unilateral current transfers, net (line 35) Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 13 -1,682 -1,674 -673 -643 -358 -8 -137 n Special drawing rights Reserve position in the International Monetary Fund Foreign currencies U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets8 U.S. foreign currency holdings and U.S. short-term assets, net Statistical discrepancy (sum of above items with sign reversed) -49 -133 U.S. official reserve assets, net Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. securities other than U.S. Treasury securities .... U.S. currency U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere -38 -895 -1,090 -1,083 -214 -544 -325 -7 -33 -90 -11,925 -8,439 -5,372 -3,067 -41 -1,231 -599 -214 -4,881 5,350 4,087 2 -2,468 -1,995 -1,262 -733 -15 -273 -150 -10,121 -7,684 5,448 ,8) -14; 5 P! 43 18 417 3,326 18 -93 883 !8 1,497 -3,117 18 -159 -1,987 -10,274 -13,378 -4,849 -2,209 7,844 2,073 9,917 4,225 -123 14,019 7,030 2,560 9,590 5,400 -133 14,857 6,403 1,846 8,249 3,141 -137 11,253 1,855 404 2,259 773 -39 2,993 1,623 1,133 616 18 1,403 545 1,948 971 2,888 -64 97 ,035 i8772 2,493 -5,749 -1,900 1,603 420 2,023 766 -38 2,751 1,542 477 2,019 631 -59 2,621 1,450 392 1,842 712 -39 2,515 18 649 July 1999 SURVEY OF CURRENT BUSINESS • 117 Transactions, by Area—Continued of dollars] International organizations and unallocated 16 Other countries in Asia and Africa "IQQft 157570 1997 1998 1999 1998 1QQR 157570 1QQ7 I«J57# 1996 I II III IV \p 1QQA I5J3O I II Line 1999 \p IV III 223,899 239,718 214,716 53,906 52,554 51,380 56,876 50,974 23,877 27,259 29,639 7,197 7,271 7,389 7,782 7,516 1 197,702 212,025 192,083 48,148 46,474 45,818 51,643 45,791 4,590 4,397 4,641 1,167 1,123 1,135 1,216 1,208 145,084 155,793 136,995 34,260 32,882 31,278 38,575 31,674 2 2 3 52,618 10,080 56,232 10,657 55,088 10,501 13,888 2,830 13,592 2,905 14,540 2,439 13,068 2,327 14,117 2,379 4,588 4,397 4,641 1,167 1,123 1,135 1,216 1,208 13 6 11,255 1 788 8,341 12,137 1 909 8,625 10,484 1839 8,028 2,014 2,797 3,366 2,307 2,044 387 481 593 378 388 1,943 1,957 1,985 2,143 2,128 529 549 558 140 141 141 136 135 4 5 6 7 8 4,124 16,657 4,425 18,134 4,472 19,413 1,062 5,539 1,070 4,311 1,135 4,934 1,205 4,629 1,123 5,968 1,720 2,326 1,815 2,027 1,980 2,103 467 560 470 512 478 516 565 515 499 574 373 345 351 113 71 88 79 87 26,197 26,142 15,684 9,262 1,196 27,693 27,633 15,683 10,658 1,292 22,633 22,569 11,021 10,440 1,108 5,758 5,742 2,860 2,605 6,080 6,064 3,008 2,822 5,562 5,546 2,643 2,578 5,233 5,217 2,510 2,435 5,183 5,166 2,391 2,478 19,287 17,961 9,998 7,333 22,862 21,502 12,285 8,652 24,998 23,595 13,427 9,353 6,030 5,681 3,192 2,307 6,148 5,798 3,192 2,411 6,254 5,903 3,357 2,335 6,566 6,213 3,686 2,300 6,308 5,956 3,344 2,396 325 16 272 16 297 17 815 64 234 16 565 60 111 16 630 55 1,326 1,360 1,403 182 349 195 350 211 351 227 353 216 352 9 10 11 12 13 14 15 16 17 -283,225 -314,650 -326,895 -76,233 -79,667 -67,791 -63,204 -79,339 -10,170 -6,463 -11,401 -2,868 -2,699 -2,687 -3,147 -2,789 18 -260,801 -286,847 -298,020 -69,184 -72,331 -60,534 -75,971 -71,950 -2,268 -2,053 -2,702 -913 -639 -595 -655 -590 19 -232,037 -255,087 -263,505 -61,012 -63,755 -71,565 -67,173 -62,733 -28,764 -1,902 -31,760 -2,652 -34,515 -4,090 -8,172 -901 -8,576 -1,035 -8,969 -1,036 -8,798 -1,118 -9,217 -1,204 20 21 22 -9,362 -3,995 -7,114 -9,873 -4,503 -7,387 -10,349 -4,501 -7,997 -2,547 -1,103 -1,809 -2,678 -1,068 -1,920 -2732 -1,160 -2,109 -2,392 -1,170 -2,159 -2,765 -1,251 -2,095 -191 -5,432 -768 -314 -6,270 -761 -284 -6,502 -792 -71 -71 -67 -75 -71 -1,538 -203 -1,630 -174 -1,655 -210 -1,679 -205 -1,634 -197 -22,424 -22,004 1,320 -9,199 -14,125 -420 -27,803 -27,377 -28,875 -28,419 -7,049 -6,913 -7,336 -7,242 -7,257 -7,175 -7,233 -7,089 -7,389 -7,244 372 -17 96 -68 -85 60 -68 -9,762 -17,987 -426 -10,277 -18,125 -456 -2,676 -4,333 -136 -2,591 -4,563 -2,611 -4,479 -94 -62 -2,399 -4,750 -144 -2,413 -4,743 -145 -17,667 -10,305 -521 -6,841 -15,787 -8,134 -505 -7,148 -16,744 -6,427 -464 -7,853 -3,524 -1,354 -122 -2,048 -2,884 -1,008 -120 -1,756 -3,707 -1,526 -2,083 -6,629 ^,539 -124 -1,966 -3,412 -1,064 -121 -2,227 141 24 111 28 33 17 33 28 -53,372 -36,409 -825 4,377 -2,114 1,532 -4,620 -2,653 -11,898 -13,004 -20,057 -3,723 -4,177 -7,221 -4,936 -5,622 40 -910 -3,925 -5,267 -267 -959 -1,890 -2,151 566 8 -1,924 563 3 41 42 43 44 n n -320 8 8 (*) 219 -1,976 1,460 196 -2,037 2,281 -25 -53,052 -14,001 -25,097 -1,690 -12,264 -36,628 -15,644 -19,579 -1,380 n n 8 8 8 (*) 8 -136 -1,454 1,270 48 n 8 (*) -70 -351 -632 251 30 -394 366 -98 8 8 (*) 162 8 80 8 8H 123 81 -206 365 3 -222 288 57 -2,268 -2,053 -2,702 -913 -639 -595 -555 -590 -978 -1,093 -1,384 -346 -377 -337 -324 -311 -916 -372 -577 -383 -986 -330 -471 -166 -169 -180 -183 -96 -65 -1 -88 -1 -51 -96 -2 -7,902 -7,902 -5,161 -2,719 -7,410 -7,410 ^,460 -2,944 -8,699 -6,699 -5,426 -3,253 -1,955 -1,955 -1,158 -794 -2,060 -2,060 -1,212 -835 -2,092 -2,092 -1,253 -836 -2,592 -2,592 -1,803 -788 -2,199 -2,199 -1,351 -847 -22 -6 -20 -3 -13 -3 -1 -1 -9,837 -1,027 -1,383 -7,427 -10,444 -996 -1,149 -8,299 -10,211 -940 -1,146 -8,125 -2,579 -261 -241 -2,077 -2,538 -258 -137 -2,143 -2,324 -198 -2,770 -223 -686 -1,861 -2,340 -225 -124 -1,991 -1,280 -3,575 -5,118 ~-85 n -1,306 n -1,220 n -1,161 n -286 -207 381 -93 -1,306 -1,220 -1,161 -2,734 -7,095 -1,217 8 -9,682 -9,719 8 8 -1,763 -1,529 -6,691 2,261 4,196 1,370 -2,784 3,804 -386 -4,743 -4,241 736 (*) 668 -62 -25 4,447 -2,188 -3,934 -690 11,259 -1,856 5,578 54,489 35,056 19,075 21,225 -3,185 -16,054 17,089 (18) (18\ /18\ (18) /18\ 18) /18\ (18) (18) -534 - 1 094 -228 -705 -750 'R R Fl R -182 -15 535 (18) 452 (18) 8 9 -646 - 1 469 -2,561 Fl R R -771 4,060 (18) (18) 32 8,142 8,171 - 1 493 2,293 18 45,471 1,833 18 22,461 -2,950 18 26,047 1,563 18 17,365 75,735 92,048 110,562 - 8 6 953 23,854 -63,099 3,773 -17,667 -76,993 -99294 24,472 -74,822 -110 -15,787 -90,719 -126510 20,573 -105,937 -6,242 -16,744 -128,923 (18) (18) F! (18) (18) (18) -306 (18) -2,078 -286 -317 -291 8 8 42 183 3 18 -579 -1,267 15,376 23,927 27,582 21,860 18) 2 1 2 -3,170 -2,547 -133 0 -267 -267 n n -2,901 -2,994 -5,040 -2,741 76 -45 -608 154 -15 -46 -2,330 7,880 410 8,033 n n n 45 46 47 8 48 49 -267 -267 -2,518 -3,486 -694 -5,921 -3,183 45 1,617 -1,705 -1,082 5,537 12,140 49 2 50 51 52 53 54 55 56 57 58 59 .8) (18) 1 2 2 (18) (18J (.8) (18) 23,925 4,522 27,581 3,776 21,858 4,415 7,880 1,046 1,085 ( -7,245 1,956 -2,627 -1,665 l8 -6,901 -2,907 18 18,210 221 35,263 54,623 20,455 19,026 -15,899 -26 752 5,716 -21,036 -1,291 -6,524 -25,851 -30873 5,016 -25,857 -1,256 -2,884 -29,997 -40287 5,571 -34,716 -1,695 -3,707 -40,118 -28 598 4,270 -24,328 -2,000 -6,629 -32,957 -31,059 4,900 -26,159 -2,206 -3,412 -31,777 2,320 2,322 11,385 -6,837 3,870 3,655 18 12,019 2 (18) 59 18 -1,031 n n -291 -13,629 -11,768 -597 659 & -2,044 n -317 -7,859 -11,133 3,049 jiij 18) -82 26 27 28 29 30 31 32 33 34 35 36 37 38 39 -689 -10,742 -5,959 1,677 14,335 862 492 -2 23 24 25 24,782 16,622 255 157 216 18 1,882 18 -1,251 18 554 a a 51 17,362 410 746 57 18 6,055 18 (18) (18, 8,033 1,123 5,535 1,161 12,140 1,197 (18) 2,349 7,277 J3 6,250 73 49 37 -3,352 60 (18) 18 -261 18 -1,888 -148 2,440 6,705 18 1,946 -21,930 -9,830 -6,907 1,733 -3,190 -2,466 -6,905 2,344 2,344 15,452 -10,444 7,352 1,939 1,939 16,299 -10,211 8,027 254 254 484 484 540 540 661 661 618 618 4,075 -2,579 1,750 4,088 -2,538 2,034 4,162 -2,324 2,378 3,974 -2,770 1,865 4,109 -2,340 2,387 2 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 Il8 • July 1999 SURVEY OF CURRENT BUSINESS Table 10a.—U.S. International Transactions, [Millions Belgium-Luxembourg Line Germany France (Credits +; debits - ) » 1997 Current account Exports of goods and services and income receipts Exports of goods and services Goods, balance of payments basis 2 Services3 Transfers under U.S. military agency sales contracts4 Goods, balance of payments basis 2 Services3 Direct defense expenditures Travel Passenger fares Other transportation 13,895 3,014 131 514 294 355 Other foreign assets in the United States, net Direct investment U.S. Treasury securities U.S. securities other than U.S. Treasury securities .. U.S. currency U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere Statistical discrepancy (sum of above items with sign reversed) Memoranda: Balance on goods (lines 3 and 20) Balance on services (lines 4 and 21) Balance on poods and services (lines 2 and 19) Balance on income (lines 12 and 29) Unilateral current transfers, net (line 35) Balance on current account (lines 1,18, and 35 or lines 73, 74, and 75) 13 See footnotes on page 105. 1998* 1997 1996 33,433 25,906 15,805 35,201 27,761 17,522 10,101 80 2,489 923 580 2,256 3,756 17 10,239 43 7,527 7,519 2,575 4,944 7,440 7,432 2,450 4,982 683 1,036 1 4,424 4,422 3,022 1,400 4,679 4,677 2,800 1,877 6,005 6,003 4,057 1,946 2,419 2,759 19 7,651 7,644 3,224 4,420 -15,603 -18,158 -12,797 -10,849 -17,223 -31,364 -35,354 -39,744 -11,005 -8,769 -2,236 -139 -24,957 -27,702 -20,607 -01,968 2,963 82 557 294 326 816 887 1 46,275 36,750 22,940 13,810 390 2,245 4,014 14 41,909 26,388 15,521 213 4,149 1,320 1,064 3,307 5,431 37 14,402 240 4,142 1,360 964 4,403 1,714 860 2,842 3,553 48 2,336 973 614 55,084 49,076 38,607 24,205 2,763 4,893 40 -4,424 -4,417 -591 -2,552 -1,274 -7 -66 -136 -699 -67 -5,361 -6,353 -530 -2,986 -1,837 -8 -84 -68 -158 -162 -205 1,312 10,469 10,422 3,339 6,544 539 47 -66,382 -65,273 -43,018 -12,255 -3,978 -1,984 -1,225 -1,748 -887 -2,140 -293 -11,109 -11,057 -3,294 -2,770 -4,993 -52 817 -18 -48 -30 -54 -18 -60 -64 -94 -61 -101 -137 -304 1,616 -336 1,153 -349 1,157 2 3 2 10 27 34 35 -3,007 -1,646 -7,341 5,335 -20,415 -20,141 -1,377 -45,639 4,598 -609 -1,377 4,598 22 -11,179 -9,498 -1,948 -135 -236 -221 -454 -1,681 -104 -268 -149 ^45 -117 -518 -80 U.S. official reserve assets, net Gold 7 Special drawing rights '. Reserve position in the International Monetary Fund Foreign currencies U.S. Government assets, other than official reserve assets, net U.S. credits and other long-term assets Repayments on U.S. credits and other long-term assets8 U.S. foreign currency holdings and U.S. short-term assets, net U.S. private assets, net Direct investment Foreign securities U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere Foreign-owned assets in the United States, net (increase/financial inflow (+)) Foreign official assets in the United States, net U.S. Government securities U.S. Treasury securities9 Other 10 Other U.S. Government liabilities11 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets12 31,049 23,398 14,441 8,957 62 2,327 954 417 1997 14,265 3,284 319 487 262 389 668 1,158 1 Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services Income payments Income payments on foreign-owned assets in the United States . Direct investment payments Other private payments U.S. Government payments Compensation of employees Unilateral current transfers, net U.S. Government grants4 U.S. Government pensions and other transfers . Private remittances and other transfers6 Capital and financial account Capital account 39 Capital account transactions, net Financial account U.S.-owned assets abroad, net (increase/financial outflow (-)) 23,554 17,549 15,625 12,662 Royalties and license fees 5 Other private services5 U.S. Government miscellaneous services Imports of goods and services 21,588 20,049 Travel Passenger fares Other transportation Income receipts Income receipts on U.S.-owned assets abroad Direct investment receipts Other private receipts U.S. Government receipts Compensation of employees Imports of goods and services and income payments . 1996 -388 -329 -523 -164 -628 -65 -6,218 -6,210 -349 -3,342 -1,919 -8 -18,633 -6,324 -52 -2,427 -624 -706 -470 -1,896 -249 -6,407 -6,362 -2,405 -2,952 -1,005 -45 -632 -2,103 -219 -7,652 -7,605 -3,183 -3,420 -1,002 -47 -24,005 -7,963 -49 -2,890 -710 -761 -938 -2,389 -226 -7,776 -7,726 -0,137 -3,339 -1,250 -50 -5,751 -611 -$87 -11,823 9,525 9,463 3,796 5,003 664 62 -60,281 -50,894 -38,840 -12,054 -4,010 -2,013 -939 -1,545 -719 -2,489 -039 -9,387 -9,336 -2,509 -2523 -4,304 -51 13,175 13,131 4,787 7,732 612 44 -76,941 -62,866 -49,727 -13,139 -3,914 -2,003 -1,436 -1,881 -1,368 -2,232 -O05 -14,075 -14,020 -•,392 -3,456 -6,172 -55 45 -11 -1,635 -5,227 2,645 -2,422 369 28,196 -3,002 -2,390 1,595 -3,067 860 1,161 n -7,345 -5,544 1,759 -1,855 -1,705 30,449 -11,823 -2,543 -6,555 -1,096 -2,629 34,977 22 45 5,331 -2,895 958 -111 7,379 21,471 -1,627 2,270 -O.055 -11,397 49,496 I4) -50,259 -2,025 -29,978 -6,369 -11,887 60,125 i -17 :: 3,395 (14) -1,876 10,9 n (14, £3 14 961 1,250 14 -488 19,473 -2,536 3,164 1,282 4,446 -66 4,380 3,046 1,066 4,112 -682 -84 3,346 42,1 12,1 . 12,308 11,600 14 -913 3,269 4 4,557 -4,047 14 6,977 7,608 -1,974 3,054 14 14 523 17,220 14 1,325 23,656 I4 6,854 -3,492 -29,373 10,523 -21,080 -22,068 -9,788 -12,900 6,528 5,496 1,048 6,544 -213 -68 6,263 -4,192 2,633 -1,559 1,244 -158 -473 -4,802 3,006 -1,796 -125 -162 -2,083 -6,483 2,276 -4,207 -336 -205 -4,748 -15,900 1,756 -14,144 138 1,312 -12,694 -18,813 2,147 -53,339 2,382 -20,957 -900 808 -21,049 -640 817 -16,489 July 1999 • 119 SURVEY OF CURRENT BUSINESS by Selected Countries (published annually) of dollars] Netherlands Italy 1997 1996 17,128 17,842 13,566 Mexico 1996 1998* 1997 1998* 19,000 14,550 36,320 43,655 27,168 43,353 73,797 89,904 23,663 26,836 66,238 8,911 16,332 19,671 18,816 56,758 82,100 71,144 7,331 314 1,141 222 883 7,497 164 8,020 457 10,956 10 972 188 766 922 217 782 9,480 4 3,004 761 549 473 4,666 23 7,559 7,536 2,721 3,837 978 23 -91,669 -64,194 8,607 14,020 8,927 4,959 91 5,093 47 1,691 461 338 1,171 1,201 6 1,647 613 349 5,639 43 1,907 651 304 1,061 1,371 5 1,088 1,641 5 2,169 2,600 2 2,434 2,971 2 2,966 2,674 2 3,562 3,559 1,312 2,247 3,822 3,819 1,440 2,379 4,450 4,447 1,914 2,533 12,657 12,655 9,632 3,023 16,487 16,484 12,369 4,115 16,517 16,514 12,594 3,920 3 3 -25,805 -23,707 3 2 3 3 -27,803 -17,989 -20,725 -21,999 -25,695 -20,942 -10,759 -12,161 -7,545 -3,278 -77 -495 -688 -700 -394 -881 -43 -24,278 -22,397 Venezuela South Africa Line 1997 1996 1998* 97,762 90,174 1997 1996 1998* 1996 1997 1998* 8,344 10,677 10,682 5,584 1 9,365 9,609 4,400 3,967 4,647 7,097 4,007 4,707 2 78,388 4,660 3,111 2,987 3,607 2,437 6,583 2,782 20 6,462 11,786 2 3,147 35 856 9 1,020 6 1,100 3 4 5 3,438 859 567 3,818 934 536 1,401 1,440 291 201 1,592 323 191 285 7 84 370 647 5,413 22 764 5,710 22 131 694 5 149 852 5 164 304 3 159 350 3 7,804 7,780 3,905 3,830 45 24 7,588 7,563 3,177 4,362 24 25 1,312 1,307 805 502 433 431 99 332 640 638 241 396 134 195 382 2 877 875 352 523 2 -105,223 -114,669 2 -3,377 -4,065 -96,930 -105,663 -95,454 21 203 159 110 538 5 1,247 1,242 5 -15,126 -15,476 1,073 1,067 432 634 1 6 -11,272 -14,211 -14,211 -9,902 -13,419 -792 -1 -13,477 -734 -1 -256 -60 -235 -281 -104 -182 -9,180 -722 -3 -342 -122 -62 -9,006 -3,207 -270 -1,615 -1,322 -5,799 -4,790 -11 -228 -4,551 -35 (D) (D) -915 ^907 3 -719 -191 -8 -75 -1 -4 -70 -2 -139 -25 -1,265 -1,257 39 -925 -371 -6 -88 -1 -4 -83 -1,370 -1,362 61 -957 -466 -8 -88 -1 -4 -83 651 591 n 5 -2,971 1 386 132 It -1,843 -515 -422 -19,383 -4,324 -654 -2,109 -441 -468 -125 -586 -92 -126 -547 -79 -4,753 -631 -2,370 -389 -547 -102 -639 -75 -1,881 -1,864 -266 -1,013 -585 -17 -311 -2,098 -2,080 -268 -994 -818 -18 -313 -2,108 -2,089 -422 -973 -794 -19 -301 -7,230 -7,218 -5,271 -1,608 -339 -12 -48 -11,188 -7,601 -3,587 -60 -670 -865 -708 -414 -813 -37 -9,537 -9,523 -7,103 -2,046 -374 -14 -69 -221 -90 -213 -100 -223 -78 -20 -28 -22 -37 -23 -43 -9,106 -4 -6,972 -650 -525 -65 -1,706 -184 -7,475 -2,364 -1 -986 -1,377 -5,111 -4,196 -32 -220 -4,944 12 10 11 5 4 4 191 145 190 2 -43 -42 -3,011 1,168 -999 -9,433 -18,581 -4,990 184 -9,696 -7,370 -299 -2,199 -1,516 -1,444 -3,076 105 -1 105 1 135 n n -3 23 -5 6 8 2 ^' 22 -1,467 -194 -1,171 36 -138 -218 1 -5 -3,071 -1,295 -1,449 -111 -216 2,363 (•) -18,295 -4,102 -619 -7,481 -4,616 -94 -760 -676 -807 -791 -1,251 -37 -9,838 -9,825 -5,920 -3,188 -717 -13 -56 -75,088 -66,713 -10,217 -4 -6,480 -777 -600 -117 -1,849 -190 -8,293 -2,766 -171 -1,306 -1,289 -5,527 -4,602 -12 -223 -4,367 -10,209 -8 -6,396 -795 -954 -104 -1,758 -194 -2,913 -2,322 -3,275 -591 -11 -268 -124 -18 -766 -1 -5 -2,509 -865 -6 -325 -276 -37 -1 -181 -39 -155 -145 -272 -239 -29 -11 -175 -39 -102 -93 3 -65 -31 -9 -227 -155 -4 -68 -6 -127 ^37 (5) -3,910 -3,045 -68 -51 1 -40 -12 -7 -188 -127 -4 -57 8 -84 -69 -10 -227 -145 -4 -78 -1,038 8,300 -8 -23 1 8 -6 -23 1 -3,019 -416 -1,564 40 -1,079 1,070 1,176 1 2,079 -392 -612 4,778 -976 262 1,378 228 -2,844 9,290 -9,434 -6,308 -1,027 -699 -1,400 14,032 -9 -9 -18,572 -14,326 216 -654 -3,808 36,679 5 5 -4,995 -14,996 5,699 1,659 2,643 14,282 163 -13 173 3 -8,279 -2,405 -6,337 -38 -499 7,203 -9,801 -5,646 -3,287 -337 -531 6,013 137 -2 -7,505 -2,533 -1,705 -903 -2,364 7,017 (14 (14) 14) 14) (14) .4) 14) 14) (14) (14 (14 (14) 14) 14) 14) 14) (14) 14\ 14\ 14\ 14) 14) 14) 14) (14) (14) h 8 (14) J14J P) 3 R ft 206 ? 1 -4 uj "I 10,581 704 8 1,689 14 -3,168 17,594 14 -2,465 -2,652 14 -670 113 -62 2,320 -101 14 1,719 802 -22,887 -40,973 -30,594 -10,456 769 -9,687 1,724 -313 -8,276 -12,031 886 -11,145 2,342 -301 -9104 8,851 4,053 12,904 5,427 12,070 3,910 15,980 6,950 -59 22,871 11,271 3,404 14,675 6,679 12,262 13,658 (14) 6,895 470 14 1,432 5 14 2,116 9,390 -9,688 857 -8,831 1,681 -311 -7,461 -48 18,283 -47 .4) -56 21,298 .4) (14) h £3 (14) 2,382 I*) (*) -299 -775 315 -71 232 5,948 n -2,199 -635 -721 -224 -619 6,099 -1,513 -786 -357 132 -602 -655 (14) (14) 14) 14) (14) (14 (14 (14) (14) 14) 14) 14 14 (14\ I4J 14) I"! 14 14) H d jwj -117 3,971 21,860 1,206 1,030 2,891 -18,330 -15,569 -17,066 1,577 -15,489 -1,418 -4,790 -21,697 -6,759 1,645 -7,114 332 -75 -6,857 -6,894 2,048 -4,846 47 -68 -4,887 -2,718 2,425 -293 -297 -88 -678 374 -17,956 84 -4,196 -22,068 739 -14,830 -489 -4,602 -19,921 14 ^68 5,089 14 -68 -1,383 q R ( 75 "a 1,188 23,459 6,437 3 112 (14) 14,490 14 104 14 5,413 /14\ n (14) (3 13 -124 14 3,891 14 6 -1,044 -257 -1,131 152 192 28 (14 J14 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 8,300 8 6 7 8 14 50 -326 £3 14 134 1,739 S3 14 -81 -616 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 421 -330 -282 69 70 789 265 478 254 732 538 562 235 797 722 -227 1,292 71 72 73 74 75 76 1,054 375 -188 1,241 -227 1,043 Business leaders, Researchers, Economists, Marketers, Policy makers Get a comprehensive view of the operations of U.S. affiliates! FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Operations of U.S. Affiliates of Foreign Companies Revised 1996 Estimates DIRECT IXVESTMFM OPERATIONS OF U.S. AFFILIATES OF FOREIGN COMPANIES Presents the data from the annual survey of foreign direct investment in the United States for 1996. The data are presented by industry of the U.S. affiliate and by country of the ultimate beneficial owner. Get the details • Balance sheets and income statements • Gross product • Employment and employee compensation • Property, plant, and equipment • Trade in goods • Sales of goods and services • Research and development expenditures Order your copy now for $ 8.50 from the U. S. Government Printing Office. Call 202-512-1800 or go to <www.gpo.gov>, and specify stock number 003-010-00279-4. Contents SURVEY OF CURRENT BUSINESS July 1999 D-l BEA CURRENT AND HISTORICAL DATA National, International, and Regional Estimates This section presents an extensive selection of economic statistics prepared by the Bureau of Economic Analysis (BEA) and a much briefer selection of collateral statistics prepared by other Government agencies and private organizations. Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided through the courtesy of the compilers and are subject to their copyrights. BEA makes its economic information available on three World Wide Web sites. The BEA Web site <www.bea.doc.gov> contains data, articles, and news releases from BEA'S national, international, and regional programs. The Federal Statistical Briefing Room (FSBR) on the White House Web site <www.whitehouse.gov/fsbr> provides summary statistics for GDP and a handful of other NIPA aggregates. The Commerce Department's STAT-USA Web site <www.stat-usa.gov> provides detailed databases and news releases from BEA and from other Federal Government agencies by subscription; information about STAT-USA'S Economic Bulletin Board (EBB) and Internet services may be obtained at the Web site or by calling 202-482-1986. The tables listed below present annual, quarterly, and monthly estimates, indicated as follows: [A] Annual estimates only; [Q] quarterly estimates only; [QA] quarterly and annual estimates; [MA] monthly and annual estimates. National Data A. Selected NIPA Tables: [QA] 1. National product and income D-2 2. Personal income and outlays D-6 3. Government receipts, current expenditures, and gross investment D-7 4. Foreign transactions D-11 5. Saving and investment D-13 6. Income and employment by industry D-16 7. Quantity and price indexes D-17 8. Supplementary tables D-24 B. Other NIPA and NiPA-related tables: Monthly estimates: [MA] B.i. Personal income B.2. Disposition of personal income D-27 D-27 Annual estimates: [A] B.3. GDP by industry D-28 B.4. Personal consumption expenditures by type of expenditure D-29 B.5. Private purchases of structures by type D-30 B.6. Private purchases of producers* durable equipment by type D-30 B.7. Compensation and wage and salary accruals by industry D-31 B.8. Employment by industry D-32 B.9. Wage and salary accruals and employment by industry per full-time equivalent D-33 B.10. Farm sector output, gross product, and national income D-34 B.11. Housing sector output, gross product, and national income D-34 B.12. Net stock of fixed private capital, by type... D-35 C. Historical tables: [A] C.i. Historical estimates for major NIPA aggregates D-36 C.2.-C.7. Growth rates of selected components of real GDP D-39 * These sections are not included in this issue because of the annual revision of the international transactions accounts (see the note on page D-51). D. Domestic perspectives [MA,QA] D-41 E. Charts: Selected NIPA series Other indicators of the domestic economy D-43 D-49 International Data F. Transactions tables (*) G. Investment tables: G.i. International investment position of the United States [A] D-52 G.2. USDIA: Selected items [A] D-53 G.3. Selected financial and operating data for nonbank foreign affiliates of U.S. companies [A] D-54 G.4. FDIUS: Selected items [A] D-55 G.5. Selected financial and operating data of nonbank U.S. affiliates of foreign companies [A] D-56 H. International perspectives [MA, QA] I. Charts D-57 (*) Regional Data }. State and regional tables: J.i. Total and nonfarm personal income [QA].... D-59 J.2. Percent of personal income for selected components [A] D-60 J.3. Per capita personal income and disposable personal income [A] D-61 J.4. Gross state product [A] D-62 K. Local area table D-63 L. Charts D-65 Appendixes Appendix A: Additional information about BEA'S NIPA estimates: Statistical conventions Reconciliation tables [QA] D-67 D-68 Appendix B: Suggested reading D-69 D-2 • National Data SURVEY OF CURRENT BUSINESS July 1999 National Data A. Selected NIPA Tables The tables in this section include the most recent estimates of gross domestic product and its components; these estimates were released on June 25, 1999 and include the "final" estimates for the first quarter of 1999. The selected set of NIPA tables shown in this section presents quarterly estimates, which are updated monthly. In most tables, the annual estimates are also shown. Most of the "annual only" NIPA tables were presented in the August 1998 SURVEY OF CURRENT BUSINESS; table 8.26 was presented in the September 1998 SURVEY; and the remaining "annual only" tables—tables 3.15-3.20 and 9.1-9.6—were presented in the October 1998 SURVEY. The news release on gross domestic product (GDP) is available at the time of release, and the "Selected NIPA Tables" are available later that day, on STAT-USA'S Economic Bulletin Board and Internet services; for information, call STAT-USA on 202-482-1986. In addition, the GDP news release is available the afternoon of the day of the release, and the "Selected NIPA Tables" a day or two later, on BEA'S Web site <www.bea.doc.gov>. The "Selected NIPA Tables" are also available on printouts or diskettes from BEA. TO order NIPA subscription products using Visa or MasterCard, call the BEA Order Desk at 1-800-704-0415 (outside the United States, 202-606-9666). 1. National Product and IncomeTable 1.1.—Gross Domestic Product Table 1.2.—Real Gross Domestic Product [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1997 1998 1997 IV Gross domestic product Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Producers' durable equipment Residential Change in business inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local IV 1998 1997 1999 1998 IV I I 8,110.9 8,511.0 8,254.5 8,384.2 8,440.6 8,537.9 8,681.2 8,808.7 Gross domestic product I 7,269.8 7,551.9 7,364.6 7,464.7 7,498.6 7,566.5 7,677.7 7,759.6 5,493.7 5,807.9 5,593.2 5,676.5 5,773.7 5,846.7 5,934.8 6,050.6 Personal consumption expenditures 4,913.5 5,153.3 4,981.0 5,055.1 5,130.2 5,181.8 5,246.0 5,331.9 673.0 724.7 682.2 705.1 720.1 718.9 754.5 771.2 1,600.6 1,662.4 1,613.2 1,633.1 1,655.2 1,670.0 1,691.3 1,736.0 3,220.1 3,420.8 3,297.8 3,338.2 3,398.4 3,457.7 3,488.9 3,543.4 Durable goods Nondurable goods Services 668.6 737.1 684.8 710.3 729.4 733.7 775.0 798.9 1,486.3 1,544.1 1,494.3 1,521.2 1,540.9 1,549.1 1,565.1 1,600.9 2,761.5 2,879.5 2,804.8 2,829.3 2,866.8 2,904.8 2,917.2 2,946.8 1,256.0 1,367.1 1,292.0 1,366.6 1,345.0 1,364.4 1,392.4 1,417.4 Gross private domestic investment 1,206.4 1,330.1 1,241.9 1,321.8 1,306.5 1,331.6 1,360.6 1,388.5 1,188.6 1,307.8 1,220.1 1,271.1 1,305.8 1,307.5 1,346.7 1,377.9 860.7 938.2 882.8 921.3 941.9 931.6 957.9 972.6 240.2 246.9 246.4 245.0 245.4 246.2 250.9 255.0 620.5 327.9 691.3 369.6 636.4 337.4 676.3 349.8 696.6 363.8 685.4 375.8 706.9 388.9 717.6 405.3 67.4 59.3 71.9 95.5 39.2 57.0 45.7 39.5 -93.4 -151.2 -98.8 -123.7 -159.3 -165.5 -156.2 -196.9 965.4 959.0 988.6 973.3 949.6 936.2 976.8 962.7 688.3 680.8 708.9 694.5 668.8 663.3 696.6 677.7 277.1 278.2 279.7 278.8 280.8 272.9 280.2 285.0 1,058.8 1,110.2 1,087.4 1,097.1 1,108.9 1,101.7 1,133.0 1,159.6 888.3 932.4 912.4 920.9 931.8 924.7 952.2 975.2 170.4 177.8 174.9 176.2 177.1 177.0 180.8 184.5 1,454.6 1,487.1 1,468.1 1,464.9 1,481.2 1,492.3 1,510.2 1,537.5 520.2 346.0 174.3 934.4 520.6 340.4 180.2 966.5 520.1 346.5 173.6 947.9 511.6 331.6 180.0 953.3 520.7 339.8 180.9 960.4 519.4 343.7 175.7 972.9 530.7 536.6 346.4 345.5 184.3 191.1 979.5 1,000.9 NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1. 1997 1999 1998 I Fixed investment Nonresidential Structures Producers' durable equipment Residential Change in business inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Residual. 1,138.0 1,267.8 1,169.5 1,224.9 1,264.1 1,270.9 1,311.0 1,344.0 859.4 960.7 886.2 931.9 960.4 958.7 991.9 1,012.2 203.2 203.0 205.7 203.1 201.9 202.0 205.0 207.8 660.9 282.8 770.2 312.0 686.4 287.9 738.8 298.5 771.3 309.1 769.3 316.5 801.5 324.1 819.8 335.9 63.2 57.4 66.5 91.4 38.2 55.7 44.2 38.7 -136.1 -238.2 -149.0 -198.5 -245.2 -259.0 -250.0 -303.6 970.0 984.7 991.9 972.1 965.3 1,009.6 996.5 726.5 742.6 754.9 748.5 726.3 727.3 768.4 751.2 247.0 246.4 248.6 247.8 248.8 242.1 247.0 249.6 1,106.1 1,222.9 1,147.8 1,190.4 1,217.3 1,224.3 1,259.6 1,300.1 945.7 1,054.4 981.8 1,021.0 1,048.8 1,056.3 1,091.7 1,127.6 161.8 171.2 167.5 171.3 171.0 170.8 171.6 176.5 1,285.0 1,296.9 1,289.2 1,283.0 1,294.8 1,299.6 1,310.3 1,323.9 458.0 308.9 148.6 827.1 453.3 300.4 152.1 843.8 456.5 308.7 147.3 832.9 446.1 293.3 151.9 837.1 454.1 300.3 152.9 840.9 452.5 303.5 148.4 847.3 460.6 304.6 155.2 850.0 458.4 299.4 158.0 865.8 -7.3 -11.1 -8.9 -14.2 -8.4 -6.1 -16.3 -9.1 NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. Percent changes from preceding period for selected items in this table are shown in table 8.1; contributions to the percent change in real gross domestic product are shown in table 8.2. Chain-type quantity indexes for the series in this table appear in table 7.1. National Data • D-3 SURVEY OF CURRENT BUSINESS July 1999 Table 1.3.—Gross Domestic Product by Major Type of Product Table 1.4.—Real Gross Domestic Product by Major Type of Product [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates 1997 1998 1997 IV Gross domestic product Final sales of domestic product Change in business inventories Goods Final sales Change in business inventories Durable goods Final sales Change in business inventories Nondurable goods Final sales Change in business inventories Seasonally adjusted at annual rates IV I 8,043.5 8,451.6 8,182.6 8,288.7 8,401.3 8,480.9 8,635.5 8,769.1 45.7 39.5 57.0 39.2 67.4 95.5 71.9 59.3 2,978.5 3,104.0 3,020.5 3,101.3 3,064.5 3,085.9 3,164.4 3,193.7 2,911.1 3,044.7 2,948.7 3,005.8 3,025.3 3,029.0 3,118.8 3,154.1 45.7 39.2 67.4 39.5 57.0 95.5 71.9 59.3 1,343.8 1,416.2 1,368.2 1,426.9 1,385.4 1,392.5 1,460.1 1,452.5 1,310.1 1,391.0 1,334.3 1,376.9 1,380.8 1,373.0 1,433.1 1,436.1 16.5 27.0 49.9 25.2 19.5 4.5 34.0 33.6 1,634.8 1,687.8 1,652.3 1,674.4 1,679.1 1,693.4 1,704.3 1,741.2 1,601.0 1,653.7 1,614.4 1,628.8 1,644.4 1,655.9 1,685.7 1,718.1 33.8 34.1 37.9 45.6 34.7 37.5 18.7 Structures Addenda: Motor vehicle output Gross domestic product less motor vehicle output 1998 23.1 718.3 765.9 732.7 744.6 756.6 773.5 789.0 821.3 293.7 301.8 306.4 300.3 289.7 284.8 332.4 314.0 7,817.2 8,209.2 7,948.1 8,083.9 8,150.9 8,253.1 8,348.8 8,494.6 1997 Gross domestic product Final sales of domestic product Change in business inventories Residual Goods Final sales Change in business inventories Durable goods Final sales Change in business inventories Nondurable goods Final sales Change in business inventories Services Structures Residual Addenda: Motor vehicle output Gross domestic product less motor vehicle output 1999 1998 IV I 8,110.9 8,511.0 8,254.5 8,384.2 8,440.6 8,537.9 8,681.2 8,808.7 4,414.1 4,641.0 4,501.2 4,538.4 4,619.5 4,678.5 4,727.7 4,793.7 Services 1997 1999 1998 I II I IV 7,269.8 7,551.9 7,364.6 7,464.7 7,498.6 7,566.5 7,677.7 7,759.6 7,203.7 7,491.3 7,294.8 7,372.5 7,456.4 7,507.6 7,628.9 7,715.4 38.7 55.7 38.2 44.2 91.4 57.4 66.5 5.5 3.2 4.6 4.0 3.3 3.2 2,867.9 3,011.6 2,917.0 3,000.8 2,969.7 2,995.0 3,080.9 3,111.4 2,799.7 2,949.6 2,844.8 2,904.3 2,927.7 2,934.8 3,031.7 3,067.4 63.2 2.9 38.7 55.7 44.2 38.2 91.4 57.4 63.2 66.5 1,364.8 1,476.1 1,404.8 1,470.3 1,437.1 1,457.1 1,540.0 1,543.7 1,331.9 1,451.4 1,371.4 1,420.4 1,434.1 1,438.2 1,513.1 1,527.9 15.8 4.2 25.8 18.5 47.3 32.2 23.9 31.6 1,509.6 1,546.9 1,520.4 1,541.6 1,541.6 1,547.8 1,556.6 1,581.8 1,475.1 1,510.9 1,482.4 1,495.2 1,505.4 1,508.3 1,534.5 1,555.0 31.5 33.5 44.1 34.2 34.1 37.4 18.4 22.9 3,798.7 3,916.5 3,841.1 3,854.8 3,907.3 3,940.1 3,963.7 3,990.9 612.5 637.1 617.2 625.2 632.1 641.7 649.3 673.0 -11.5 -21.4 -13.9 -22.3 -18.6 -17.7 -27.1 -25.9 260.8 269.6 274.7 268.5 260.7 253.0 296.2 281.2 7,008.8 7,281.9 7,089.7 7,195.9 7,237.6 7,313.0 7,381.4 7,478.0 NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1. NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line following change in business inventories is the difference between gross domestic product and the sum of final sales of domestic product and of change in business inventories; the residual line following structures is the difference between gross domestic product and the sum of the detailed lines of goods, of services, and of structures. Percent changes from preceding period for selected items in this table are shown in table 8.1 Chain-type quantity indexes for the series in this table appear in table 7.17. Table 1.5.—Relation of Gross Domestic Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers Table 1.6.—Relation of Real Gross Domestic Product, Real Gross Domestic Purchases, and Real Final Sales to Domestic Purchasers [Billions of dollars] [Billions of chained (1992) dollars] Gross domestic product 8,110.9 8,511.0 8,254.5 8,384.2 8,440.6 8,537.9 8,681.2 8,808.7 Less: Exports of goods and services Plus: Imports of goods and services 1,058.8 1,110.2 1,087.4 1,097.1 1,108.9 1,101.7 1,133.0 1,159.6 Equals: Gross domestic purchases 8,204.3 8,662.2 8,353.3 8,508.0 6,599.9 8,703.4 8,837.4 9,005.6 Less: Change in business inventories Equals: Final sales to domestic purchasers 965.4 67.4 959.0 59.3 988.6 71.9 973.3 95.5 949.6 39.2 936.2 57.0 976.8 45.7 962.7 39.5 8,136.9 8,602.8 8,281.4 8,412.5 8,560.6 8,646.4 8,791.7 8,966.0 NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1. Gross domestic product ... Less: Exports of goods and services Plus: Imports of goods and services Equals: Gross domestic purchases Less: Change in business inventories Equals: Final sales to domestic purchasers eu \wcj 7,269.8 7,551.9 7,364.6 7,464.7 7,498.6 7,566.5 7,677.7 7,759.6 970.0 984.7 998.8 991.9 972.1 965.3 1,009.6 7,396.5 7,765.9 7,502.1 7,644.9 7,718.6 7,798.8 7,901.3 8,027.8 63.2 57.4 66.5 91.4 38.2 55.7 u y^ quantity index and the Table 1.8.—Real Gross Domestic Product by Sector [Billions of chained (1992) dollars] 8,110.9 8,511.0 8,254.5 8,384.2 8,440.6 8,537.9 8,681.2 8,808.7 6,836.5 7,189.7 6,967.0 7,083.1 7,126.3 7,209.5 7,339.8 7,447.5 Nonfarm1 Nonfarm less housing Housing Farm 6,746.3 7,105.4 6,880.0 6,999.3 7,041.4 7,126.3 7,254.7 7,367.9 6,047.2 6,373.3 6,170.6 6,285.4 6,315.0 6,387.1 6,505.5 6,605.8 699.1 732.2 709.4 713.9 726.4 739.2 749.1 762.2 85.1 90.2 87.0 84.9 83.2 83.8 79.6 84.3 361.4 380.6 366.9 371.1 377.9 383.9 Households and institutions ... 395.0 12.0 12.2 11.8 12.4 12.0 Private households 12.0 12.5 12.1 Nonprofit institutions 349.4 368.5 355.0 359.2 365.9 371.7 377.0 382.4 General government2 912.9 940.7 920.5 930.1 936.3 944.5 952.0 966.2 278.8 282.1 281.2 281.8 282.4 288.6 Federal 281.3 281.9 State and local 631.7 658.8 641.7 648.0 655.2 662.6 669.6 677.6 1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Gross nonfarm product equals gross domestic business product less gross farm product. 2. Equals compensation of general government employees plus general government consumption of fixed capital as shown in table 3.7. 38.7 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. Percent changes from preceding period for selected items in this table are shown in table 8.1. Chain-type quantity indexes for the series in this table appear in table 7.2. [Billions of dollars] Gross domestic product 44.2 7,330.2 7,705.2 7,432.1 7,552.2 7,676.4 7,739.8 7,852.5 7,983.6 UUICLI a e e a cue ueuv/Ucucu as m e f j u i / i Table 1.7.—Gross Domestic Product by Sector Businessl 996.5 1,106.1 1,222.9 1,147.8 1,190.4 1,217.3 1,224.3 1,259.6 1,300.1 Gross domestic product Businessl Nonfarml Nonfarm less housing Housing Farm Households and institutions ... Private households Nonprofit institutions General government2 Federal State and local Residual 7.269.8 7,551.9 7,364.6 7,464.7 6.164.9 6,433.8 6,255.6 6,352.3 6,074.3 6,340.6 6,165.8 6,260.4 5,470.5 5,728.5 5,559.6 5,655.9 604.5 613.8 607.3 606.2 90.3 321.5 10.2 311.3 786.2 235.4 551.3 92.4 328.8 9.9 318.9 793.6 231.9 562.5 -S.0 88.8 325.1 10.0 315.1 787.3 232.5 555.5 -4.2 91.1 326.7 9.8 316.9 789.6 232.4 557.9 7,498.6 7,566.5 7,677.7 7,759.6 6,382.6 6,445.9 6,554.2 6,632.7 6,290.5 6,351.8 6,459.7 6,537.9 5,680.5 5,736.1 5,841.4 5,912.7 611.5 617.3 620.4 627.4 93.6 91.4 93.6 93.7 327.7 329.4 331.4 333.0 10.0 10.0 10.1 9.9 317.9 319.5 321.5 322.9 792.2 795.4 797.2 799.6 231.9 232.0 231.5 230.4 566.6 570.2 561.1 564.2 -7.7 -6.2 -7.4 -5.6 1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Gross nonfarm product equals gross domestic business product less gross farm product. 2. Equals compensation of general government employees plus general government consumption of fixed capital as shown in table 3.8. NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. Chain-type quantity indexes for the series in this table appear in table 7.14. D-4 • National Data SURVEY OF CURRENT BUSINESS July 1999 Table 1.9.-—Relation of Gross Domestic Product, Gross National Product, Net National Product, National Income, and Personal Income Table 1.10.—Relation of Real Gross Domestic Product, Real Gross National Product, and Real Net National Product [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates 1997 1998 IV Gross domestic product Plus: Receipts of factor income from the rest of the world Less: Payments of factor income to the rest of the world Equals: Gross national product Less: Consumption of fixed capital ..... Private Capital consumption allowances Less: Capital consumption adjustment Government General government Government enterprises Equals: Net national product Less: Indirect business tax and nontax liability Business transfer payments Statistical discrepancy ... Plus: Subsidies less current surplus of government enterprises Eauals: National income Less: Corporate profits with inventory valuation and capital consumption adjustments Net interest Contributions for social insurance Wage accruals less disbursements Plus: Personal interest income ... DArc/Nnol rliwirfanrl rCidvilal QiVIQCiiu income Government transfer payments to persons DUblilcoo Ifai 10101 1998 1997 I II Seasonally adjusted at annual rates III IV 265.5 269.2 266.3 270.3 270.6 265.0 270.7 274.3 273.5 289.6 285.9 285.1 289.3 292.1 291.9 294.6 8,102.9 8,490.5 8,234.9 8,369.4 8,421.8 8,510.9 8,660.0 8,788.4 871.8 720.2 908.0 753.3 887.6 734.7 894.5 741.1 902.3 748.5 912.3 757.3 923.0 766.4 931.9 774.9 760.5 810.4 778.2 790.5 803.2 816.8 831.0 844.7 40.4 151.6 57.0 154.7 43.5 152.9 49.4 153.4 54.7 153.7 59.5 155.0 64.6 156.6 69.8 157.0 128.3 130.4 129.1 129.4 129.6 130.6 131.9 132.0 23.4 24.3 23.7 24.0 24.2 24.4 24.7 25.0 7,231.1 7,582.5 7,347.3 7,474.9 7,519.6 7,598.5 7,737.1 7,856.5 627.2 655.3 634.5 641.9 647.7 656.5 675.1 673.6 35.1 -55.8 36.1 -76.5 35.6 -67.3 35.6 -54.1 36.3 36.0 -85.7 -102.0 36.4 -64.2 36.4 -93.1 21.9 27.1 23.4 23.5 36.3 25.5 24.6 817.9 432.0 824.6 449.3 820.8 432.4 829.2 440.5 820.6 447.1 827.0 454.0 821.7 455.6 868.8 463.9 727.0 767.5 740.9 755.0 762.9 771.6 780.7 798.2 3.7 747.3 4.0 764.8 3.7 753.0 4.0 757.0 4.0 763.0 4.0 769.2 4.0 769.9 0 771.0 263.1 261.3 261.6 262.1 263.0 265.7 268.8 1,083.3 1,120.8 1,093.1 1,111.2 1,117.7 1,124.6 1,129.6 1,146.2 27.2 28.2 27.5 27.8 28.1 28.3 28.6 28.9 payments to persons Equals: Personal income 6,784.0 7,126.1 6,904.9 7,003.9 7,081.9 7,160.8 7,257.9 7,349.3 Addenda: Gross domestic income Gross national income Net domestic product 8,166.7 8,587.5 8,321.8 8,438.4 8,526.3 8,639.9 8,745.4 8,901.8 8,158.7 8,567.0 8,302.2 8,423.6 8,507.6 8,612.8 8,724.2 8,881.5 7,239.1 7,603.0 7,366.9 7,489.8 7,538.3 7,625.6 7,758.2 7,876.8 1997 IV Gross domestic product Plus: Receipts of factor income from the rest of the world Less: Payments of factor income to the rest of the world Equals: Gross national product Less: Consumption of fixed capital Private Government General government Government 1999 I III IV I 7,269.8 7,551.9 7,364.6 7,464.7 7,498.6 7,566.5 7,677.7 7,759.6 238.0 239.5 237.6 241.0 241.0 235.7 240.4 242.8 240.7 252.7 250.5 249.6 252.8 254.6 253.9 255.3 7,266.2 7,537.8 7,350.7 7,455.2 7,485.9 7,546.7 7,663.3 7,746.3 672.2 137.4 861.5 713.9 139.4 829.3 683.1 138.1 841.1 694.4 138.6 854.4 707.2 139.0 867.8 719.8 139.8 882.6 734.0 140.3 898.1 748.9 140.8 116.1 117.5 116.6 116.9 117.2 117.8 118.1 118.5 20.6 21.2 20.9 21.0 21.1 21.3 21.5 21.6 Equals: Net national product 6,457.3 6,680.8 6,525.1 6.617.8 6,635.8 6,683.8 6,785.8 6,853.9 Addenda: Gross domestic income l Gross national income2 Net domestic product 7,319.7 7,619.7 7,424.7 7.512.9 7,574.8 7,656.8 7,734.5 7,841.6 7,316.2 7,605.7 7,410.8 7,503.4 7,562.1 7,637.0 7,720.1. 7,828.3 6,460.8 6,695.4 6,539.4 6,627.8 6,649.0 6,704.0 6,800.7 6,867.6 1. Gross domestic income deflated by the implicit price deflator for gross domestic product 2. Gross national income deflated by the implicit price deflator for gross national product. NOTE.—Except as noted in footnotes 1 and 2, chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chaineddollar estimates are usually not additive. Chain-type quantity indexes for the series in this table appear in table 7.3. Table 1.11.—Command-Basis Real Gross National Product [Billions of chained (1992) dollars] 6,646.5 6,994.7 6,767.9 6,875.0 69455 7,032.3 7,126.0 7,265.2 260.3 1998 I 8,110.9 8,511.0 8,254.5 8,384.2 8,440.6 8,537.9 8,681.2 8,808.7 23.9 1997 1999 Gross national product 7,266.2 7,537.8 7,350.7 7,455.2 7,485.9 7,546.7 7,663.3 7,746.3 Less: Exports of goods and services and receipts of factor income from the rest of the world Plus: Command-basis exports of goods and services and receipts of factor income l 1,208.2 1,224.2 1,235.8 1,232.8 1,213.7 1,201.1 1,249.2 1,239.4 1,246.7 1,294.8 1,280.2 Equals: Command-basis gross national product 7,304.7 7,608.4 7,395.1 7,518.9 7,555.6 7,620.7 7,738.2 7,827.7 Addendum: Terms of trade 2 103.2 105.8 103.6 1,296.5i 1,283.4 1,275.1 1,324.2 105.2 105.7 106.2 106.0 1,320.8 106.6 1. Exports of goods and services and receipts of factor income deflated by the implicit price deflator for imports of goods and services and payments of factor income. 2. Ratio of the implicit price deflator for exports of goods and services and receipts of factor income to the corresponding implicit price deflator for imports with the decimal point shifted two places to the right. NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dojlar estimates are usually not additive. Percent changes from preceding period for selected items in this table are shown in table 8.1. Chain-type quantity indexes for the series in this table appear in table 7.3. National Data • D-5 SURVEY OF CURRENT BUSINESS July 1999 Table 1.14.—National Income by Type of Income Table 1.16.—Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of Nonfinancial Corporate Business in Current and Chained Dollars [Billions of dollars] 1997 1998 1997 1998 I National income Compensation of employees. Wage and salary accruals ... Government Other Proprietors' income with inventory valuation and capital consumption adjustments Farm Proprietors' income with inventory valuation adjustment Capital consumption adjustment Nonfarm Proprietors' income Inventory valuation Capital consumption adjustment Rental income of persons with capital consumption adjustment Rental income of persons Capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments Corporate profits with inventory valuation adjustment Profits before tax Profits tax liability Profits after tax Dividends Undistributed profits , Inventory valuation adjustment , Capital consumption adjustment Net interest Addenda: Corporate profits after tax with inventory valuation and capital consumption adjustments Net cash flow with inventory valuation and capital consumption adjustments... Undistributed profits with inventory valuation and capital consumption adjustments Consumption of fixed Less: Inventory valuation adjustment Equals: Net cash flow III IV 1997 I 1998 1997 1998 1999 6,646.5 6,994.7 6,767.9 6,875.0 6,945.5 7,032.3 7,126.0 7,265.2 4,687.2 4,981.0 4,798.0 4.882.8 4,945.2 5,011.6 5,084.3 5,166.5 3,893.6 4,153.9 3,993.6 4.065.9 4,121.6 4,181.1 4,246.8 4,317.0 664.2 689.3 671.4 679.5 685.8 692.7 699.2 711.2 3,229.4 3,464.6 3,322.2 3,386.4 3,435.8 3,488.4 3,547.6 3,605.7 827.1 804.4 816.8 823.5 830.5 837.5 849.6 400.7 420.1 392.9 406.9 407.4 397.0 414.1 402.8 417.9 405.7 422.1 408.4 426.5 411.0 434.9 414.7 551.2 35.5 577.2 28.7 558.0 31.4 564.2 27.4 571.7 27.7 576.1 25.2 596.9 598.3 34.7 22.5 43.0 36.0 38.8 34.7 35.0 32.3 41.9 29.6 -7.5 515.8 485.3 -7.2 548.5 514.6 -7.4 526.6 495.5 -7.3 536.8 502.9 -7.2 544.0 511.6 -7.2 550.9 516.9 -7.2 562.2 527.0 -7.1 575.8 539.6 .6 1.0 .5 2.4 -.1 .7 1.0 .8 29.9 32.9 30.6 31.5 32.4 33.3 34.2 35.4 793.7 Employer contributions for social insurance Other labor income Seasonally adjusted at annual rates 1999 158.2 162.6 158.3 209.5 161.0 212.2 167.5 214.5 158.8 210.2 163.6 208.6 215.7 220.6 167.7 221.2 -50.4 -51.9 -61.4 -51.2 -51.3 -62.0 -53.1 -53.5 817.9 824.6 820.8 829.2 820.6 827.0 821.7 741.2 734.4 246.1 488.3 275.1 213.2 732.3 717.8 240.1 477.7 279.2 198.5 740.7 736.4 249.3 487.1 276.4 210.6 744.3 719.1 239.9 479.2 277.3 201.8 731.3 723.5 241.6 481.8 278.1 203.7 732.1 720.5 243.2 477.3 279.0 198.3 721.5 708.1 235.6 472.5 282.3 190.2 Gross domestic product of corporate business Consumption of fixed capital Net domestic product Indirect business tax and nontax liability plus business transfer payments less subsidies Domestic income Compensation of employees 'Vage and accruals Supplements to wages and salaries Corporate profits with inventory valuation and capital consumption adjustments Profits before tax Profits tax liability Profits after tax Dividends Undistributed profits Inventory valuation adjustment Capital consumption adjustment Net interest Gross domestic product of financial corporate business 764.2 752.6 250.7 501.9 285.6 216.4 6.9 14.5 4.3 25.3 7.8 11.7 13.4 11.6 76.6 92.3 80.1 84.9 89.4 94.8 100.2 104.6 432.0 449.3 432.4 440.5 447.1 454.0 455.6 463.9 571.8 584.5 571.4 589.3 579.0 583.7 586.2 618.1 774.1 806.0 782.6 804.5 798.7 807.9 812.8 847.5 296.7 305.4 295.0 312.0 300.9 304.8 303.9 332.5 477.3 500.6 487.7 492.5 497.8 503.1 508.9 514.9 14.5 791.4 4.3 778.4 25.3 779.2 7.8 790.9 11.7 796.2 13.4 799.3 11.6 835.9 6.9 767.2 Billions of dollars Gross domestic product of nonfinancial corporate business Consumption of fixed capital Net domestic product Indirect business tax and nontax liability plus business transfer payments less subsidies Domestic income Compensation of employees Wage and salary accruals Supplements to wages and salaries Corporate profits with inventory valuation and capital consumption adjustments Profits before tax Profits tax liability Profits after tax Dividends Undistributed profits Inventory valuation adjustment Capital consumption adjustment Net interest 4,960.9 5,252.1 5,090.8 5,160.6 5,210.0 5,286.0 5,351.8 5,452.8 477.3 500.6 487.7 492.5 497.8 503.1 508.9 514.9 4,483.5 4,751.5 4,603.2 4,668.0 4,712.2 4,782.8 4,842.9 4,937.8 477.8 506.5 489.1 495.0 499.2 506.5 525.1 519.0 4.005.7 4,245.0 4,114.0 4,173.0 4,213.0 4,276.3 4,317.8 4,418.9 3.139.8 3,353.5 3,228.8 3,283.2 3,327.8 3,375.1 3,427.9 3,483.1 2,644.4 2,837.2 2,728.3 2,773.3 2,813.7 2,856.7 2,905.1 2,952.8 495.5 516.3 500.5 509.9 514.1 518.4 522.8 530.3 718.9 635.4 246.1 389.3 234.7 154.5 729.0 622.1 240.1 382.0 254.0 128.0 728.8 644.5 249.3 395.1 244.0 151.2 730.6 620.5 239.9 380.6 240.6 140.0 723.3 626.2 241.6 384.5 259.9 124.6 737.0 630.5 243.2 387.3 251.0 136.3 724.9 611.3 235.6 375.7 264.6 111.1 767.4 651.2 250.7 400.5 250.6 149.9 6.9 14.5 4.3 25.3 7.8 11.7 13.4 11.6 76.6 147.1 92.3 162.5 80.1 156.4 84.9 159.2 89.4 161.9 94.8 164.1 100.2 164.9 104.6 168.3 546.4 594.7 577.7 586.4 591.2 597.1 604.0 625.0 4,414.5 4,657.4 4,513.2 4,574.2 4,618.8 4,688.9 4,747.8 4,827.7 415.4 435.3 424.4 428.5 433.1 437.4 442.3 447.3 3,999.1 4,222.1 4,088.8 4,145.7 4,185.7 4,251.4 4,305.5 4,380.4 436.8 461.3 445.0 450.5 454.2 461.1 479.2 472.5 3,562.3 3,760.8 3,643.8 3,695.2 3,731.4 3,790.3 3,826.4 3,907.9 2,871.2 3,066.6 2,952.6 3,002.3 3,043.1 3,086.3 3,134.6 3,185.1 2,416.6 2,592.9 2,494.2 2,534.5 2,571.4 2,610.7 2,654.9 2,698.5 454.6 473.7 458.4 467.8 471.7 475.6 479.7 486.6 594.2 505.4 169.8 335.6 229.3 106.3 598.7 487.9 160.4 327.4 249.6 77.9 599.3 509.8 170.1 339.6 239.6 100.1 599.3 484.2 159.7 324.5 237.3 87.2J 593.2 491.8 162.1 329.6 254.3 75.3 607.5 497.3 163.8 333.5 247.3 86.2 594.8 478.2 156.1 322.1 259.3 62.8 623.8 505.0 165.8 339.3 247.8 91.5 6.9 14.5 4.3 25.3; 7.8 11.7 13.4 11.6 81.9 96.9 96.3 95.6 85.3 91.9 89.8 93.6 93.7 95.2 98.5 96.5 103.2 96.9 107.2 99.0 Billions of chained (1992) dollars Gross domestic product of nonfinancial corporate business > ... 4,154.4 4,388.8 4,247.5 4,309.2 4,352.0 4,417.2 4,477.0 4,550.6 Consumption of fixed capital 2 .... 394.6 422.4 402.1 409.3 417.7 426.6 436.0 446.0 Net domestic product3 3,759.8 3,966.4 3,845.5 3,899.9 3,934.3 3,990.6 4,040.9 4,104.6 1. Chained-dollar gross domestic product of nonfinancial corporate business equals the current-dollar product deflated by the implicit price deflator for goods and structures in gross domestic product. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net domestic product of nonfinancial corporate business is the difference between the gross product and the consumption of fixed capital. D-6 • National Data July 1999 SURVEY OF CURRENT BUSINESS 2. Personal Income and OutlaysTable 2.2.—Personal Consumption Expenditures by Major Type of Product Table 2.1.—Personal Income and Its Disposition [Billions of dollars] [Billions of dollars] Seasonally adjusted at annual rates 1997 1998 1997 Seasonally adjusted at annual rates 1999 1998 1997 Personal income Wage and salary disbursements Private industries Goods-producing industries Manufacturing Distributive industries ... Service industries Government 3,889.8 4,149.9 4,061.9 4,117.6 4,177.1 4,242.8 4,317.0 3,225.7 3,460.5 3,318.4 3,382.4 3,431.8 3,484.4 3,543.5 3,605.7 975.0 1,026.9 1,003.7 1,019.0 1,023.2 1,028.0 1,037.4 1,048.1 719.5 751.5 741.3 750.4 750.8 750.9 754.1 759.2 879.8 939.6 904.5 918.9 932.2 945.8 961.5 971.4 1,370.8 1,494.0 1,410.2 1,444.5 1,476.4 1,510.6 1,544.6 1,586.2 664.2 689.3 671.4 679.5 685.8 692.7 699.2 711.2 392.9 406.9 397.0 402.8 405.7 408.4 411.0 414.7 Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm 551.2 35.5 515.8 577.2 28.7 548.5 558.0 31.4 526.6 564.2 27.4 536.8 571.7 27.7 544.0 576.1 25.2 550.9 596.9 34.7 562.2 598.3 22.5 575.8 Rental income of persons with capital consumption 158.2 162.6 158.8 158.3 161.0 163.6 167.5 167.7 Personal dividend income ... 260.3 263.1 261.3 261.6 262.1 263.0 265.7 268.8 Personal interest income 747.3 764.8 753.0 757.0 763.0 769.2 771.0 Transfer payments to 1,110.4 1,149.0 1,120.5 1,139.0 1,145.8 1,152.9 1,158.3 1,175.2 persons Old-age, survivors, disability, and health 565.9 586.5 572.2 581.6 585.0 589.0 590.6 597.9 insurance benefits Government unemployment 19.6 19.9 19.3 19.5 19.6 19.5 19.5 19.5 insurance benefits 22.4 24.4 23.2 23.3 22.3 23.3 23.3 23.3 Veterans benefits , Government employees 151.4 159.2 153.8 156.8 158.4 160.3 161.4 164.6 retirement benefits Other transfer payments 350.8 360.4 352.9 357.6 359.6 360.9 363.5 368.7 Family assistance * .. 17.6 17.1 16.3 19.7 19.1 18.7 16.7 18.0 Other 331.1 342.8 333.8 338.9 341.6 343.8 346.8 352.4 Less: Personal tax and nontax payments 326.2 347.4 333.6 340.9 345.1 349.5 354.1 363.4 989.0 1,098.3 1,025.5 1,066.8 1,092.9 1,108.4 1,124.9 1,144.1 Equals: Disposable personal income 5,795.1 6,027.9 5,879.4 5,937.1 5,988.9 6,052.4 6,133.1 6,205.2 Less: Personal outlays 5,674.1 6,000.2 5,781.2 5,864.0 5,963.3 6,039.8 6,133.6 6,250.7 Personal consumption expenditures Interest paid by persons Personal transfer payments to the rest of the world (net) Equals: Personal saving Addenda: Disposable personal income: Total, billions of chained (1992) dollars2 Per capita: Current dollars Chained (1992) dollars Population (mid-period, millions) Personal saving as a percentage of disposable personal income 1998 18.9 19.9 19.8 19.2 19.9 20.0 20.6 20.2 121.0 27.7 98.2 73.0 25.6 12.6 -.6 -45.5 Personal consumption expenditures Durable goods Motor vehicles and parts Furniture and household equipment Other Nondurable goods Food Clothing and shoes Gasoline and oil Fuel oil and coal Other Services Housing Household operation Electricity and gas Other household operation Transportation Medical care Other 21,633 22,304 21,871 22,046 22,192 22,373 22,604 22,811 19,349 19,790 19,478 19,632 19,719 19,829 19,980 20,101 267.9 270.3 268.8 269.3 2.1 .5 1.7 1.2 269.9 270.5 271.3 272.0 I 5,493.7 5,807.9 5,593.2 5,676.5 5,773.7 5,846.7 5,934.8 6,050.6 673.0 724.7 682.2 705.1 269.5 290.5 271.6 277.0 271.4 132.1 292.2 141.9 276.0 134.6 288.5 139.6 720.1 288.9 142.3 718.9 754.5 771.2 282.6 313.6 311.0 294.1 142.2 297.3 143.6 309.6 150.6 1,600.6 1,662.4 1,613.2 1,633.1 1,655.2 1,670.0 1,691.3 1,736.0 780.9 278.0 126.5 11.2 403.9 815.3 293.8 112.1 9.6 431.6 787.1 280.7 125.9 10.7 408.8 796.9 291.0 116.2 9.5 419.4 810.2 295.3 111.6 9.8 428.3 818.7 293.7 111.7 9.8 436.2 835.6 295.1 109.0 9.0 442.7 844.1 308.1 107.6 10.0 466.2 3,220.1 3,420.8 3,297.8 3,338.2 3,398.4 3,457.7 3,488.9 3,543.4 829.8 877.9 847.0 859.1 871.9 883.8 896.7 908.1 327.3 338.6 337.0 327.6 339.2 348.4 339.0 346.6 126.2 122.1 129.2 116.8 124.1 129.8 117.6 121.8 201.1 216.5 207.8 210.9 215.1 218.5 221.5 224.9 240.3 252.7 246.3 249.5 253.2 253.4 254.8 257.8 843.4 888.2 857.9 871.5 884.2 893.0 904.0 915.3 979.3 1,063.5 1,009.5 1,030.5 1,049.8 1,079.1 1,094.4 1,115.6 Table 2.3.—Real Personal Consumption Expenditures by Major Type of Product [Billions of chained (1992) dollars] Personal consumption expenditures Durable goods . Motor vehicles and parts .... Furniture and household equipment Other Nondurable goods .... Food Clothing and shoes Gasoline and oil Fuel oil and coal Other Housing Household operation Electricity and gas Other household operation Transportation Medical care Other Residual. 5,183.1 5,348.5 5,235.8 5,287.1 5,321.5 5,364.1 5,421.2 5,468.2 1999 IV Services . 5,493.7 5,807.9 5,593.2 5,676.5 5,773.7 5,846.7 5,934.8 6,050.6 161.5 172.4 168.2 168.3 169.8 173.2 178.3 179.9 1. Consists of aid to families with dependent children and, beginning with 1996, assistance programs operating under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996. 2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures. NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1. 1997 6,784.0 7,126.1 6,904.9 7,003.9 7,081.9 7,160.8 7,257.9 7,349.3 Other labor income Less: Personal contributions for social insurance 1998 4,913.5 5,153.3 4,981.0 5,055.1 5,130.2 5,181.8 5,246.0 5,331.9 668.6 737.1 684.8 710.3 729.4 733.7 775.0 798.9 239.3 259.6 242.7 247.8 258.9 252.6 279.3 278.9 307.7 127.7 347.3 138.5 318.1 130.8 335.8 135.1 339.3 138.6 352.0 139.1 362.1 141.0 381.6 148.7 1,486.3 1,544.1 1,494.3 1,521.2 1,540.9 1,549.1 1,565.1 1,600.9 699.3 288.4 117.9 10.3 373.0 718.0 310.3 119.9 9.6 390.3 699.9 292.3 118.1 10.1 376.8 706.8 307.4 118.5 9.2 383.5 716.3 311.4 118.4 9.7 389.2 718.9 309.8 121.1 9.9 393.4 730.1 312.5 121.5 9.5 395.2 734.3 333.1 121.4 10.7 407.3 2,761.5 2,879.5 2,804.8 2,829.3 2,866.8 2,904.8 2,917.2 2,946.8 717.4 301.3 116.0 185.1 212.2 701.7 830.5 735.0 316.8 116.2 200.5 220.4 723.2 886.0 723.9 311.1 118.4 192.5 215.9 709.4 846.6 728.7 306.3 110.5 195.6 217.9 714.9 862.9 732.7 316.5 117.4 198.9 221.4 721.6 876.7 737.1 326.3 123.8 202.4 220.5 725.3 898.2 741.5 318.2 112.9 205.0 221.8 730.8 906.3 746.8 325.6 116.9 208.4 223.6 734.5 918.4 -13.0 -21.5 -14.5 -19.5 -20.3 -22.3 -23.5 -32.7 :t of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. Chain-type quantify indexes for the series in this table appear in table 7.4. National Data • SURVEY OF CURRENT BUSINESS July 1999 3. Government Receipts, Current Expenditures, and Gross Investment. Table 3.1.-Government Receipts and Current Expenditures [Billions of dollars] Seasonally adjusted at annual rates 1997 Current expenditures , , , , Transfer payments (net) To persons To the rest of the world (net) Net interest paid 153.8 316.9 229.4 87.5 163.1 14.8 To persons and business To the rest of the world ,. Less: Interest received by government Less: Dividends received by government 21.9 33.4 11.5 Subsidies less current surplus of government enterprises Subsidies , ,... Less: Current surplus of government enterprises Less: Wage accruals less disbursements , , Current surplus or deficit (-), national income and product accounts Social insurance funds Other 1997 1998 1999 2,589.2 2,761.2 2,650.3 2,703.6 2,745.2 2,779.7 2,816.2 2,866.6 989.0 1,098.3 1,025.5 1,066.8 1,092.9 1,108.4 1,124.9 1,144.1 246.1 240.1 249.3 239.9 241.6 243.2 235.6 250.7 627.2 655.3 634.5 641.9 647.7 656.5 675.1 673.6 727.0 767.5 740.9 755.0 762.9 771.6 780.7 798.2 2,476.1 25382 2,506.7 2,504.6 2,529.5 2,538.9 2,579.8 2,574.1 1,219.2 1,250.2 1,231.6 1,227.5 1,248.7 1,252.6 1,271.9 1,282.0 1,096.0 1,134.0 1,114.6 1,121.1 1,126.7 1,135.8 1,152.2 1,156.1 1,093.1 1,111.2 1,117.7 1,124.6 1,129.6 1,146.2 1,083.3 1,120.8 13.2 9.9 9.0 11.2 21.5 22.6 9.9 12.7 Receipts Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Consumption expenditures 1998 0 113.1 138.5 -25.4 143.1 312.3 222.3 89.9 169.2 152.3 317.2 226.5 90.7 164.9 148.2 314.3 224.4 89.9 166.1 146.2 314.5 223.4 91.0 168.3 141.9 312.0 221.7 90.3 170.1 136.1 308.3 219.9 88.5 172.2 127.3 300.8 212.4 88.3 173.5 16.1 15.2 15.7 16.0 16.0 16.6 16.7 27.1 34.2 23.4 32.7 23.5 31.8 23.9 31.4 9.3 8.4 7.5 36.3 42.8 6.5 25.5 34.8 7.2 24.6 31.0 6.4 0 0 0 0 0 0 223.0 161.9 61.1 143.6 148.5 -4.9 199.0 152.0 47.0 215.7 158.3 57.4 9.3 0 240.7 236.3 292.4 163.8 76.9 173.3 63.0 183.1 109.3 D-7 D-8 • National Data SURVEY OF CURRENT BUSINESS Table 3:2.—federal Government Receipts and Current Expenditures July 1999 Table 3.3.—State and Local Government Receipts and Current Expenditures [Billions of dollars] [Billions of dollars] Seasonally adjusted at annual rates 1997 1998 1997 1998 IV Receipts. III IV 769.1 745.8 20.6 2.7 858.0 829.6 25.1 3.3 798.6 774.2 Corporate profits tax accruals ..., Federal Reserve banks .... Other 210.0 20.6 189.5 204.9 21.7 183.2 836.5 21.6 2.8 855.7 826.3 26.2 3.2 863.8 836.5 23.8 3.5 875.9 845.7 26.8 3.4 891.3 810.0 23.5 3.0 212.8 21.2 191.6 204.8 21.6 183.2 206.2 21.5 184.7 207.5 21.8 185.7 201.0 21.7 179.3 213.8 21.5 192.3 860.7 27.1 3.4 Indirect business tax and nontax accruals Excise taxes Customs duties Nontaxes 93.8 59.5 19.6 14.6 95.9 62.6 19.6 13.6 93.8 60.8 18.9 14.2 93.9 60.7 19.1 14.1 95.2 61.9 19.3 13.9 98.3 63.8 20.7 13.7 96.0 64.0 19.2 12.8 95.7 63.9 19.1 12.6 Contributions for social insurance 647.0 685.4 660.3 673.9 681.2 689.2 697.5 714.0 Consumption expenditures 1,741.0 1,771.4 1,763.4 1,750.3 1,763.9 1,766.7 1,804.6 1,792.0 460.4 461.0 460.1 450.9 9.9 231.8 228.7 226.9 231.4 237.4 241.1 231.8 253.8 163.1 90.7 228.8 250.7 160.7 89.9 228.3 250.6 159.6 91.0 225.7 248.0 157.7 90.3 221.4 244.2 155.7 88.5 214.3 22.3 22.0 21.8 22.3 22.3 22.8 22.2 36.6 33.9 33.7 32.4 33.4 31.5 33.5 31.0 34.0 30.6 45.4 42.4 34.5 34.4 -2.7 -1.4 -1.9 -2.5 -3.4 -3.0 -.1 798.6 Grants-in-aid to State and local governments 225.0 231.1 Net interest paid 231.2 166.1 87.5 226.1 248.4 158.4 89.9 22.4 32.5 33.0 Current surplus or deficit (-), national income and product accounts Social insurance funds Other 471.8 830.4 820.5 9.9 805.9 784.4 21.5 Less: Wage accruals less disbursements 470.6 829.8 807.2 22.6 816.6 803.4 13.2 Subsidies less current surplus of government enterprises Subsidies Less: Current surplus of government enterprises 458.7 817.0 805.8 11.2 791.9 779.2 12.7 253.6 464.0 811.1 802.1 9.0 Transfer payments (net) To persons To the rest of the world (net) To persons and business To the rest of the world Less: Interest received by government 1997 1997 I 0 0 808.5 0 72.8 2.2 58.8 74.4 70.3 -91.4 94.2 -21.5 80.9 -78.7 84.5 -25.7 90.6 -16.2 148.1 88.3 0 0 -21.1 236.5 65.8 122.7 96.4 105.4 -4.4 -39.6 115.3 7.4 92.0 1999 1998 I IV 1,719.9 1,844.2 1,765.5 1,809.1 1,838.3 1,858.8 1,870.4 1,914.7 Personal tax and nontax receipts Income taxes Estate and gift taxes ..Nontaxes Current expenditures Seasonally adjusted at annual rates 1999 Receipts 1,094.3 1,148.1 1,116.5 1,123.3 1,133.8 1,152.3 1,183.1 1,192.9 Personal tax and nontax receipts Income taxes Nontaxes Other 219.9 164.3 32.0 23.6 240.3 180.7 34.5 25.0 226.9 169.9 32.9 24.1 230.4 172.3 33.6 24.5 237.2 178.3 34.2 24.7 244.6 184.5 34.9 25.3 248.9 187.7 35.5 25.7 252.8 190.5 36.2 26.1 Corporate profits tax accruals .... 36.0 35.2 36.5 35.1 35.4 35.7 34.5 36.9 Indirect business tax and nontax accruals Sales taxes Property taxes Other ' 533.4 261.5 209.1 559.4 271.6 217.4 540.7 265.7 211.5 548.0 268.4 213.9 552.5 270.4 216.3 558.2 271.1 218.5 579.1 221.1 577.9 283.8 223.9 62.8 70.4 63.5 65.7 65.9 68.6 81.3 70.1 79.9 82.1 80.6 81.1 81.7 82.4 83.2 84.2 225.0 231.1 231.8 228.7 226.9 231.4 237.4 241.1 960.1 997.9 975.1 983.0 992.5 1,003.6 1,012.6 1,023.2 Contributions for social insurance Federal grants-in-aid Current expenditures Consumption expenditures 784.7 793.9 315.6 318.8 276.6 758.8 789.1 771.5 776.7 ransfer payme 304.1 317.4 312.6 let interest par Interest paid Less: Interest received by government -77.4 -83.0 63.3 63.9 308.6 -79.5 63.4 -30.7 -82.2 -83.7 -85.3 -87.0 64.2 64.3 63.6 64.0 63.8 140.6 146.9 142.9 144.3 146.0 147.7 149.4 151.4 14.8 16.1 15.2 15.7 16.0 1(5.0 16.6 16.7 -10.6 .4 -9.5 .4 -10.3 .4 -9.9 .4 -9.6 .4 -9.4 .4 -9.1 .4 -8.0 .4 10.9 9.9 10.7 10.3 10.0 9.8 9.5 9.4 0 0 0 Less: Dividends received by government Subsidies less current surplus of government enterprises Subsidies Less: Current surplus of government enterprises Less: Wage accruals less disbursements Current surplus or deficit (-), national income and product accounts Social insurance funds Other 801.2 810.2 322.5 325.7 0 134.1 150.2 141.4 140.2 141.3 148.7 170.5 169.7 68.1 66.0 67.6 82.5 67.6 73.8 67.5 72.7 67.7 73.6 67.4 81.3 67.9 102.6 67.8 101.9 July 1999 National Data • SURVEY OF CURRENT BUSINESS D-9 Table 3.7.—Government Consumption Expenditures and Gross Investment by Type Table 3.8.—Real Government Consumption Expenditures and Real Gross Investment by Type [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1997 1998 1997 1999 1998 Government consumption expenditures and 1,454.6 1,487.1 1,468.1 1,464.9 1,481.2 1,492.3 1,510.2 1,537.5 gross investment' 520.2 520.6 520.1 511.6 520.7 519.4 530.7 536.6 National defense Consumption expenditures Durable goods 2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment 346.0 306.3 20.7 7.4 278.2 340.4 301.5 21.2 6.7 273.6 346.5 304.8 20.8 7.2 276.7 331.6 293.3 20.4 6.5 266.4 339.8 303.0 20.8 6.4 275.8 343.7 302.9 21.8 7.3 273.8 346.4 306.7 21.6 6.6 278.4 345.5 303.7 21.0 6.2 276.5 133.3 132.2 131.9 133.4 132.2 132.3 130.9 133.9 56.3 88.6 39.7 5.7 34.0 54.8 86.6 38.9 5.2 33.7 55.7 89.1 41.7 5.7 36.1 55.3 77.7 38.3 5.4 32.9 54.8 88.9 36.8 4.9 31.9 54.5 87.0 40.9 5.5 35.4 54.7 92.8 39.7 5.0 34.7 54.2 88.4 41.8 5.1 36.7 Nondefense Consumption expenditures Durable goods 2 Nondurable goods Commodity Credit Corporation inventory change ... Other nondurables Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital 4 Other services Gross investment Structures Equipment 174.3 154.2 1.0 6.8 180.2 159.6 -.3 7.9 173.6 155.3 .9 7.4 180.0 157.6 1.2 7.3 180.9 160.9 1.3 7.6 175.7 155.8 -4.8 8.1 184.3 164.0 1.1 8.4 191.1 168.0 1.1 8.6 -.1 6.9 146.3 .5 7.4 152.0 .1 7.3 147.0 0 7.3 149.1 .2 7.4 152.0 7.3 152.5 .9 7.4 154.5 1.2 7.4 158.3 80.2 82.7 79.5 81.5 82.3 82.7 84.4 87.9 11.5 54.7 20.1 10.0 10.0 12.1 57.2 20.7 10.8 9.8 11.7 55.8 18.3 8.7 9.6 11.8 55.8 22.4 10.6 11.8 11.9 57.9 20.0 10.4 9.6 12.2 57.5 19.9 11.3 8.6 12.4 57.8 20.4 11.0 9.4 12.4 58.0 23.1 10.9 12.1 State and local Consumption expenditures Durable goods 2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment 934.4 758.8 16.2 79.7 662.9 966.5 789.1 16.8 78.1 694.2 947.9 771.5 16.4 80.1 675.0 953.3 776.7 16.6 78.0 682.1 960.4 784.7 16.7 78.4 689.6 972.9 793.9 16.9 78.4 698.5 979.5 1,000.9 801.2 810.2 17.1 17.3 77.7 78.0 706.4 714.9 566.7 590.9 575.4 581.1 587.8 594.2 600.3 607.4 60.5 35.7 175.6 142.4 33.2 63.5 39.8 177.4 141.9 35.5 61.8 37.8 176.4 142.6 33.9 62.4 38.6 176.6 142.0 34.6 62.9 38.9 175.7 140.6 35.2 63.9 40.4 179.0 143.2 35.8 64.8 41.3 178.3 141.8 36.5 65.4 42.1 190.7 153.7 37.0 Federal Addenda: Compensation of general government employees 3 .... Federal State and local 784.7 213.5 571.2 810.4 215.0 595.3 791.4 211.5 579.9 800.6 215.0 585.6 214.6 592.2 813.9 215.2 598.8 820.2 215.4 604.8 834.2 222.0 612.2 1998 1997 1999 1998 Government consumption expenditures and gross investment1 1,285.0 1,296.9 1,289.2 1,283.0 1,294.8 1,299.6 1,310.3 1,323.9 458.0 453.3 456.5 446.1 454.1 452.5 460.6 458.4 National defense Consumption expenditures Durable goods 2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital 4 Other services Gross investment Structures Equipment 308.9 272.4 20.4 7.0 244.9 300.4 264.1 21.0 7.1 236.1 308.7 270.0 20.6 6.9 242.4 293.3 257.9 20.1 6.7 231.1 300.3 266.1 20.7 6.7 238.7 303.5 265.1 21.7 7.8 235.9 304.6 267.3 21.6 7.1 238.7 299.4 261.1 20.9 6.8 233.4 112.9 109.4 111.4 110.6 109.5 109.4 108.0 107.0 50.5 81.8 36.5 4.5 31.9 49.1 77.9 36.3 4.1 32.2 50.0 81.5 38,7 4.5 34.2 49.6 70.8 35.4 4.3 31.0 49.3 80.3 34.1 3.8 30.3 49.0 77.8 38.5 4.3 34.2 48.7 82.6 37.2 3.9 33.4 48.4 78.5 38.5 4.0 34.6 Nondefense Consumption expenditures Durable goods 2 Nondurable goods Commodity Credit Corporation inventory change ... Other nondurables Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital 4 Other services Gross investment Structures Equipment 148.6 128.7 1.4 6.1 152.1 131.5 .3 7.2 147.3 129.0 1.3 6.6 151.9 130.0 1.5 6.6 152.9 132.9 1.7 6.9 148.4 128.4 -3.3 7.6 155.2 134.6 1.4 7.8 158.0 135.1 1.5 8.0 -.1 6.2 121.4 .6 6.6 124.2 .2 6.5 121.2 0 6.5 122.0 .3 6.6 124.5 1.0 6.6 124.5 1.1 6.7 125.8 1.4 6.7 126.0 60.8 61.5 59.9 60.7 61.4 61.5 62.6 62.7 11.0 50.3 19.8 8.6 11.6 11.6 52.1 20.7 8.9 12.1 11.2 51.1 18.1 7.3 11.3 11.3 51.0 22.2 8.8 14.1 11.4 52.8 19.9 8.6 11.7 11.7 52.2 19.9 9.3 10.7 11.8 52.3 20.5 9.0 11.8 11.9 52.4 23.3 8.9 15.4 State and local Consumption expenditures Durable goods 2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital4 Other services Gross investment Structures Equipment 827.1 672.3 15.1 73.4 583.9 843.8 689.3 15.6 75.7 598.1 832.9 678.5 15.3 74.3 589.1 837.1 682.8 15.4 74.9 592.7 840.9 687.3 15.6 75.4 596.5 847.3 691.6 15.7 76.0 600.1 850.0 695.6 15.9 76.6 603.3 700.8 16.0 77.2 607.8 492.8 501.9 496.2 498.1 500.9 503.4 505.3 508.0 54.8 37.7 154.8 121.0 34.3 57.0 41.2 154.4 117.5 38.3 55.6 38.9 154.3 119.5 35.5 56.1 40.2 154.2 118.5 36.7 56.7 40.7 153.5 117.0 37.7 57.2 41.5 155.6 118.2 38.8 57.8 42.4 154.3 116.1 39.8 58.4 43.7 165.0 125.5 40.9 -2.9 -4.8 -4.0 -3.9 -4.3 -5.1 -5.6 670.2 174.2 496.7 676.2 171.5 505.6 670.8 171.7 500.0 672.8 171.8 501.9 675.1 171.5 504.6 677.7 171.6 507.1 679.2 171.3 509.0 Federal Residual 1. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. 2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods transferred to foreign countries by the Federal Government. 3. Compensation of government employees engaged in new force-account construction and related expenditures for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addenda. 4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial measure of the value of the services of general government fixed assets; use of depreciation assumes a zero net return on these assets. 1997 Addenda: Compensation of general government employees 3 .... Federal State and local ; 681.3 170.4 512.0 NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines, excluding the lines in the addenda. Chain-type quantity indexes for the series in this table appear in table 7.11. See footnotes to table 3.7. D-10 • National Data SURVEY OF CURRENT BUSINESS July 1999 Table 3.10.—National Defense Consumption Expenditures and Gross Investment Table 3.11.—Real National Defense Consumption Expenditures and Real Gross Investment [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates 1997 1998 1997 1997 1999 1998 1998 IV 300.4 308.7 293.3 300.3 303.5 304.6 299.4 272.4 264.1 270.0 257.9 266.1 265.1 267.3 261.1 21.6 10.9 2.3 .7 1.0 2.4 4.4 21.0 9.6 2.8 .7 1.0 2.5 4.5 Durable goods 2 Aircraft Missiles -.. Ships Vehicles Electronics Other durable goods 20.4 9.4 2.7 .7 .8 2.8 4.1 21.0 9.9 2.5 .6 .8 2.7 4.4 20.6 9.6 2.8 .6 .8 2.6 4.2 20.1 9.1 2.5 .7 .8 2.8 4.2 20.7 9.9 2.3 .6 .7 2.7 4.4 21.7 9.7 2.9 .6 .8 2.8 4.8 21.6 10.8 2.5 .6 .8 2.7 4.2 20.9 7.3 6.6 6.2 7.0 7.1 6.9 6.7 6.7 7.8 7.1 2.0 2.3 3.0 1.7 1.8 3.2 1.6 1.5 3.1 2.8 14 2.8 2.6 16 2.9 2.5 16 2.9 2.5 1.3 2.9 2.7 1.2 2.9 2.8 2.2 2.8 2.4 1.7 3.0 9.4 2.9 .7 .8 2.8 4.3 6.8 2.5 1.4 2.9 273.8 278.4 276.5 244.9 236.1 242.4 231.1 238.7 235.9 238.7 233.4 1129 74.8 38.3 1094 73.1 36.5 111 4 74.3 37.3 1106 73.8 37.0 1095 73.1 36.7 1094 73.2 36.5 1080 72.4 35.8 1070 71.8 35.4 50.5 81.8 49.1 77.9 50.0 81.5 49.6 70.8 49.3 80.3 490 77.8 487 82.6 48.4 78.5 28.5 23.8 5.6 17.5 26.0 22.6 5.3 17.3 27.9 23.1 6.1 18.0 21.4 22.B 4.9 15.8 26.6 23.1 5.6 18.1 27.4 22.2 5.0 16.8 28.7 22.5 5.8 18.6 25.3 22.5 5.6 17.6 4.5 3.4 -1.1 4.6 3.1 -.8 4.6 3.3 -1.2 4.5 3.1 -1.5 4.5 3.1 -7 4.9 3.1 -.6 5.0 3.1 -6 38.5 343.7 346.4 302.9 306.7 20.7 9.6 2.6 .7 .9 2.6 4.3 7.4 21.2 10.1 2.4 .6 1.0 2.5 4.6 20.8 9.7 2.7 .7 1.0 2.4 4.4 20.4 9.3 2.4 .7 1.0 2.6 4.4 21.8 9.9 2.7 .6 1.0 2.5 5.1 6.7 7.2 6.5 20.8 10.1 2.2 .6 .9 2.5 4.6 6.4 2.9 1.5 3.0 1.9 1.7 3.1 2.5 1.7 3.1 2.0 1.4 3.1 2.0 1.2 3.1 278.2 273.6 276.7 266.4 275.8 Gross investment Structures Equipment Aircraft Missiles Ships Vehicles Electronics Other equipment , Addendum: Compensation of general government employees 3 ... Nondurable goods Petroleum products Ammunition Other nondurable goods .... Services Compensation of general government employees, except force-account construction3 Military Civilian Consumption of general government fixed capital 4 Other services Research and development Installation support Weapons support Personnel support Transportation of material Travel of persons Other .. . 133.3 84.2 49.1 132.2 84.5 47.7 131.9 83.7 48.2 133.4 85.0 48.4 132.2 84.4 47.8 132.3 84.5 47.8 130.9 84.0 46.9 133.9 85.6 48.3 56.3 68.6 54.8 86.6 55.7 89.1 55.3 77.7 54.8 88.9 54.5 87.0 54.7 92.8 54.2 88.4 28.9 26.3 6.4 20.1 27.0 25.5 6.1 20.8 28.6 25.7 7.0 21.0 22.0 25.1 5.6 18.6 27.5 25.8 6.4 21.5 28.4 25.2 5.8 20.3 29.9 25.7 6.7 22.7 26.5 25.6 6.6 21.7 4.6 3.6 -1.3 4.7 3.5 -1.0; 4.7 3.6 -1.4 4.6 3.5 -1.8 4.7 3.5 -.6 4.7 3.5 -.8 5.0 3.5 -.7 5.2 3.5 -.7 39.7 38.9 41.7 38.3 36.8 40.9 39.7 41.8 Gross investment 36.5 36.3 38.7 35.4 4.5 3.1 -.5 34.1 38.5 37.2 4.9 5.5 5.0 5.1 Structures . 4.5 4.1 4.5 4.3 3.8 4.3 3.9 4.0 31.9 4.9 3.1 5.4 1.3 4.9 13.0 32.2 4.8 3.0 5.8 1.4 5.2 12.9 34.2 7.0 3.2 5.1 1.3 4.6 13.4 31.0 4.2 32 5.6 1.2 5.0 12.7 30.3 3.5 2.8 5.4 1.6 5.4 12.6 34.2 5.4 29 5.8 1.4 5.3 14.1 33.4 6.1 3.1 6.2 1.3 5.2 12.3 34.6 4.7 4.3 6.1 1.2 5.5 13.7 -1.5 -1.6 -1.4 -.9 -1.8 -2.1 -2.1 -1.9 112.9 109.4 111.4 110.6 109.5 109.5 108.0 107.0 5.7 34.0 6.0 3.0 6.1 1.5 3.6 13.9 5.2 33.7 5.6 2.9 6.4i 1.5i 3.4 13.8 5.7 36.1 8.3 3.1 5.8 1.4 3.2 14.3 5.4 32.9 5.1 3.2 6.3 1.3 3.4 13.6 31.9 4.3 2.7 6.0 1.8 3.6 13.5 35.4 6.1 2.9 6.5 1.5 3.3 15.1 34.7 7.1 3.0 6.8 1.4 3.2 13.1 36.7 6.2 4.3 6.8 1.4 3.3 14.7 133.3 132.2 131.9 133.5 132.2 132.3 130.9 133.9 Equipment Aircraft Missiles Ships ... Vehicles Electronics Other equipment Residual 1. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. 2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods transferred to foreign countries. 3. Compensation of government employees engaged in new force-account construction and related expenditures for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addendum. 4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial measure of the value of the services of general government fixed assets; use of depreciation assumes a zero net return on these assets. I 308.9 339.8 293.3 303.0 Compensation of general government employees, except force-account construction3 Military Civilian Consumption of general government fixed capital 4 Other services Research and development Installation support Weapons support Personnel support Transportation of material Travel of persons Other IV Consumption expenditures 331.6 304.8 Services III 303.7 346.5 306.3 301.5 Petroleum products Ammunition Other nondurable goods . II 345.5 346.0 340.4 Consumption expenditures... Nondurable goods I National defense consumption expenditures and gross investment1 National defense consumption expenditures and gross investment1 .... Durable goods 2 Aircraft Missiles Ships Vehicles Electronics Other durable goods 1999 1998 1997 Addendum^ Compensation of general government employees3.... NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity The residual line is the difference between trie first line and the sum of the most detailed lines, excluding the line in the addendum. Chain-type indexes for the series in the table appear in table 7.12. See footnotes to table 3.10. National Data • SURVEY OF CURRENT BUSINESS July 1999 D-ll 4. Foreign TransactionsTable 4.1.—Foreign Transactions in the National Income and Product Accounts Table 4.2.—Real Exports and Imports of Goods and Services and Receipts and Payments of Factor Income [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1997 Receipts from the rest of the world 1998 1997 1998 1999 1,230.9 1,228.1 1,254.9 1,243.6 1,220.2 1,201.2 1,247.5 1,237.0 474.3 194.5 280.8 936.2 663.3 476.6 186.6 272.9 976.8 696.6 503.3 193.3 280.2 962.7 677.7 491.7 186.0 285.0 270.6 265.0 270.7 274.3 Exports of goods and services ... Goods * Durable Nondurable ... Services l 965.4 688.3 483.0 205.3 277.1 959.0 680.8 487.4 193.4 278.2 988.6 708.9 498.7 210.2 279.7 973.3 694.5 495.4 199.2 278.8 949.6 Receipts of factor income 265.5 269.2 266.3 270.3 Capital grants received by the United States (net) Payments to the rest of the world 1,230.9 1,228.1 1,254.9 1,243.6 1,220.2 1,201.2 1,247.5 1,237.0 Imports of goods and services ... 1,058.8 1,110.2 1,087.4 1,097.1 1,108.9 1,101.7 1,133.0 1,159.6 Goods 1 888.3 932.4 912.4 920.9 931.8 924.7 952.2 975.2 589.5 637.6 608.7 625.6 634.1 630.1 660.6 678.4 Durable 298.8 294.8 303.7 295.2 297.7 294.6 291.6 296.7 Nondurable 170.4 177.8 174.9 176.2 177.1 177.0 180.8 184.5 Servicesl Payments of factor income Transfer payments (net) From persons (net) From government (net) From business Net foreign investment , , 273.5 289.6 285.9 285.1 289.3 292.1 291.9 294.6 39.5 18.9 12.7 8.0 41.0 19.9 13.2 7.9 49.4 19.8 21.5 8.1 37.0 19.2 9.9 7.9 36.8 19.9 9.0 7.9 39.1 20.0 11.2 8.0 51.0 20.6 22.6 7.8 37.5 20.2 9.9 7.4 -140.9 -212.6 -167.8 -175.6 -214.8 -231.6 -228.3 -254.7 1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services. 1997 1998 1997 1998 I II 1999 IV I Exports of goods and services Goods 1 Durable Nondurable Servicesl .... ; 970.0 726.5 554.5 180.8 247.0 984.7 742.6 573.3 179.7 246.4 754.9 578.1 186.3 248.6 991.9 748.5 577.9 181.1 247.8 972.1 726.3 556.2 179.3 248.8 965.3 1,009.6 727.3 768.4 562.9 596.4 174.9 183.5 242.1 247.0 996.5 751.2 584.6 178.1 249.6 Receipts of factor income 238.0 239.5 237.6 241.0 241.0 235.7 242.8 240.4 imports of goods and services 1,106.1 1,222.9 1,147.8 1,190.4 1,217.3 1,224.3 1,259.6 1,300.1 Goods 1 945.7 1,054.4 981.8 1,021.0 1,048.8 1,056.3 1,091.7 1,127.6 726.9 745.5 749.8 789.1 813.3 Durable 667.7 752.8 Nondurable 280.3 305.4 288.1 297.6 306.7 309.9 307.6 319.3 Servicesl 161.8 171.2 167.5 171.3 171.0 170.8 171.6 176.5 Payments of factor income 240.7 252.7 1. Exports and imports of certain goods, primarily military ment, are included in services. Beginning with 1986, repairs to services. 250.5 252.8 254.6 253.9 255.3 alterations of equipment are reclassified from goods current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. Chain-type quantify indexes for the series in this table appear in table 7.9. D-12 • National Data SURVEY OF CURRENT BUSINESS July 1999 Table 4.3.—Exports and Imports of Goods and Services by Type of Product Table 4.4.—Real Exports and Imports of Goods and Services by Type of Product [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates Exports of goods and services Exports of goods l 1997 1998 1997 965.4 688.3 959.0 680.8 46.1 988.6 708.9 54.0 1999 1998 973.3 694.5 49.8 949.6 668.8 44.9 936.2 663.3 42.4 976.8 696.6 47.5 962.7 677.7 43.2 Foods, feeds, and beverages 51.5 Industrial supplies and materials 152.5 142.5 154.4 148.6 144.2 138.1 139.3 133.2 51.8 52.8 53.6 55.8 51.9 Durable goods 56.4 55.1 53.7 86.3 86.5 90.5 81.3 98.6 92.1 97.5 88.9 Nondurable goods Capital goods, except automotive 295.3 301.2 306.5 302.0 288.4 299.2 315.0 307.5 Civilian aircraft, engines, 43.6 54.7 and parts 58.0 66.9 44.8 48.9 41.4 59.9 Computers, peripherals, 45.1 45.9 44.8 49.4 and parts 44.5 49.1 45.5 45.3 Other 204.6 201.2 213.9 207.7 198.9 196.1 202.1 203.0 Automotive vehicles, engines, 72.2 73.9 70.7 76.6 77.7 65.3 74.0 72.3 and parts Consumer goods, except 79.7 78.8 80.3 80.1 80.1 78.3 77.4 79.6 automotive 41.0 Durable goods 40.5 41.4 40.1 40.5 40.2 39.9 40.8 Nondurable goods 38.8 38.3 39.0 40.0 39.6 38.1 37.6 38.9 Other 41.1 38.5 37.9 43.1 39.1 38.1 37.5 39.1 Durable goods 20.6 19.2 19.0 21.5 19.6 19.1 18.8 19.5 Nondurable goods 20.6 19.2 19.0 21.5 19.6 19.1 18.8 19.5 277.1 278.2 279.7 278.8 280.8 272.9 280.2 285.0 Exports of servicesl Transfers under U.S. military 15.7 17.4 15.6 15.8 15.9 17.9 17.5 16.3 agency sales contracts 68.2 73.7 73.9 72.8 73.1 72.8 73.3 72.0 Travel 20.7 21.8 21.5 19.6 20.3 21.4 20.9 20.8 Passenger fares 29.0 26.9 28.3 28.8 27.2 27.9 27.6 27.4 Other transportation 32.2 33.9 33.5 33.9 33.1 33.7 33.4 32.5 Royalties and license fees 89.1 86.4 86.0 85.5 84.4 82.2 85.9 87.0 Other private services 23.0 22.2 21.8 22.6 21.9 21.6 22.3 Other 22.5 Imports of goods and services 1,058.8 1,110.2 1,087.4 1,097.1 1,108.9 1,101.7 1,133.0 1,159.6 888.3 932.4 912.4 920.9 931.8 924.7 952.2 975.2 Imports of goods l 41.1 40.5 41.2 41.8 41.7 39.7 40.3 41.3 Foods, feeds, and beverages Industrial supplies and materials, except petroleum 135.4 142.7 139.0 141.3 144.4 144.8 140.2 140.1 and products 75.3 77.2 77.7 75.4 73.4 75.9 Durable goods , 71.8 69.3 64.9 67.2 67.0 64.8 67.9 66.8 67.2 66.2 Nondurable goods 46.6 53.9 49.2 43.2 54.9 51.2 71.8 Petroleum and products Capital goods, except 254.2 270.4 264.8 268.9 270.5 267.0 275.1 280.0 automotive Civilian aircraft, engines, 24.1 22.4 21.9 22.0 18.1 17.9 21.6 16.6 and parts Computers, peripherals, 71.1 74.7 71.7 72.4 77.6 70.9 70.2 72.5 and parts 167.4 176.3 175.8 178.7 176.4 173.9 176.3 180.4 Other Automotive vehicles, engines, 140.8 150.3 141.0 148.0 146.0 143.5 163.7 174.1 and parts Consumer goods, except 193.0 215.6 202.3 209.3 217.5 217.2 218.3 226.5 automotive 98.5 110.5 102.9 107.0 111.6 110,6 112.8 113.9 Durable goods 99.4 102.3 105.9 106.6 105.5 112.6 94.5 105.1 Nondurable goods 57.7 67.1 56.7 53.4 62.6 70.0 61.0 56.5 Other 26.7 31.3 33.6 28.9 28.2 28.4 35.0 30.5 Durable goods 26.7 28.4 31.3 33.6 35.0 28.9 28.2 30.5 Nondurable goods 170.4 177.8 174.9 176.2 177.1 177.0 180.8 184.5 Imports of services' 12.2 13.0 12.2 12.2 13.6 12.6 Direct defense expenditures... 12.5 11.5 53.2 51.3 52.8 52.7 Travel 54.8 51.3 51.2 52.5 17.7 18.5 Passenger fares 18.1 18.2 18.3 18.2 18.1 18.3 30.4 29.6 31.7 29.1 29.3 30.2 Other transportation 31.4 29.9 9.7 9.7 10.0 9.4 10.2 10.6 10.3 11.5 Royalties and license fees 48.4 46.4 Other private services 48.1 48.5 45.9 44.9 43.8 46.9 Other 7.2 7.3 7.3 7.2 7.1 7.2 7.0 7.2 Addenda: 2 56.4 49.0 53.9 52.0 58.4 52.8 Exports of agricultural goods 46.9 60.5 Exports of nonagricultural goods 629.9 628.0 648.4 638.1 616.8 614.3 642.7 630.8 Imports of nonpetroleum 816.6 881.2 843.8 865.9 877.8 875.5 905.6 932.0 goods 1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services. 2. Includes parts of foods, feeds, and beverages; of nondurable industrial supplies and materials; and of nondurable nonautomotive consumer goods. 1997 1998 1997 1998 Exports of goods and 970.0 984.7 998.8 991.9 972.1 965.3 1,009.6 services Exports of goods l 726.5 742.6 754.9 748.5 726.3 727.3 768.4 47.4 45.4 41.7 39.9 Foods, feeds, and beverages 43.1 45.6 43.9 Industrial supplies and 132.4 130.6 134.7 132.8 130.7 127.9 131.1 materials 497 49.2 50.2 49.6 48.8 48.2 51.4 Durable goods 81.5 81.1 79.8 81.6 81.5 84.6 83.6 Nondurable goods Capital goods, except 388.6 408.4 408.7 405.5 389.7 407.6 430.6 automotive Civilian aircraft, engines, 36.7 55.7 37.4 45.7 48.6 and parts 35.0 41.0 Computers, peripherals, 156.4 152.4 162.2 149.2 146.2 143.9 153.5 and parts 242.8 241.4 254.9 248.4 238.3 235.6 243.6 Other Automotive vehicles, engines, 70.4 68.7 72.9 68.7 62.1 70.0 73.9 and parts Consumer goods, except 73.7 74.8 76.6 76.1 76.3 74.4 75.8 automotive 38.5 39.0 40.1 39.8 39.2 38.7 39.5 Durable goods . 35.3 35.8 Nondurable goods 36.5 36.3 37.0 35.6 36.4 37.2 Other 38.3 38.7 42.3 39.5 38.3 39.7 Durable goods 18.6 19.2 19.4 21.2 19.8 19.2 19.9 Nondurable goods 18.6 19.2 19.4 21.2 19.8 19.2 19.9 247.0 246.4 248.6 247.8 248.8 242.1 247.0 Exports of servicesl Transfers under U.S. military 15.4 14.9 15.4 15.1 14.6 16.7 16.1 agency sales contracts 62.8 57.7 61.7 62.7 62.5 61.2 64.0 Travel 20.4 18.5 21.2 20.3 19.7 Passenger fares 19.2 19.8 26.6 Other transportation 28.4 26.2 26.4 26.3 26.6 26.9 29.9 30.1 30.2 29.5 30.2 Royalties and license fees 28.9 29.7 78.2 Other private services 77.4 78.3 76.7 75.0 78.8 77.8 Other 16.1 16.2 16.2 16.2 16.1 16.2 16.2 -56.8 -61.1 -62.4 -57.1 -59.2 -63.5 -64.4 Residual Imports of goods and services 1,106.1 1,222.9 1,147.8 1,190.4 1,217.3 1,224.3 1,259.6 945.7 1,054.4 981.8 1,021.0 1,048.8 1,056.3 1,091.7 Imports of goods l 38.2 36.3 38.1 37.8 38.2 38.3 35.5 Foods, feeds, and beverages Industrial supplies and materials, except petroleum 123.7 137.0 127.3 132.8 137.3 140.3 137.6 and products 64.5 61.8 72.4 73.3 71.4 67.2 71.1 Durable goods 62.7 61.8 64.9 66.7 65.6 65.6 65.7 Nondurable goods 66.9 66.7 70.8 73.4 74.5 68.3 71.8 Petroleum and products Capital goods, except 373.3 426.7 396.7 413.6 424.7 426.2 442.3 automotive Civilian aircraft, engines, 15.2 14.1 18.0 20.0 18.8 15.0 18.3 and parts Computers, peripherals, 163.5 202.5 173.1 187.9 197.7 202.3 222.1 and parts 217.6 237.8 231.1 238.5 237.2 237.0 238.6 Other Automotive vehicles, engines, 129.4 138.0 129.1 135.5 133.9 132.2 150.3 and parts Consumer goods, except 188.8 213.7 198.6 206.3 215.5 216.1 216.8 automotive 97.7 112.5 102.9 107.8 113.4 113.3 115.4 Durable goods 95.7 98.5 102.2 102.8 101.6 91.1 101.3 Nondurable goods 52.8 53.4 49.9 57.3 53.9 58.8 62.9 Other 26.4 26.7 24.9 28.6 Durable goods 31.5 27.0 29.4 26.4 26.7 Nondurable goods 24.9 28.6 31.5 27.0 29.4 Imports of services' 161.8 171.2 167.5 171.3 171.0 170.8 171.6 13.7 12.6 13.1 12.7 11.6 Direct defense expenditures... 13.1 12.9 50.6 48.4 Travel 49.4 49.9 47.2 48.7 50.7 16.3 16.2 16.0 Passenger fares 16.4 16.3 15.9 15.5 28.9 29.0 Other transportation 28.1 29.6 30.8 29.1 29.6 10.3 Royalf 9.2 8.4 9.1 8.6 8.9 8.6 45.3 Other 44.1 47.4 46.1 48.7 46.7 48.9 6.5 Other 6.4 6.3 6.5 6.5 6.6 6.5 Residual -44.9 -S2.7 -50.4 -57.1 -61.1 -62.9 -69.8 Addenda: Exports of agricultural goods 2 52.2 49.3 48.9 51.6 47.6 50.9 45.8 Exports of nonagricultural goods 681.1 697.9 706.4 701.5 682.9 686.1 721.1 Imports of nonpetroleum 878.3 982.3 914.5 952.2 974.6 982.8 1,019.4 1999 996.5 751.2 41.7 126.6 49.3 77.5 421.5 49.4 162.3 244.6 66.8 76.6 39.1 37.5 44.9 22.5 22.5 249.6 15.6 62.2 18.2 29.2 28.5 80.4 16.2 -67.0 1,300.1 1,127.6 39.0 137.9 71.9 65.8 72.0 455.8 18.1 243.2 243.6 159.2 225.0 116.6 108.3 65.6 32.8 32.8 176.5 13.9 51.1 16.4 30.7 9.4 49.0 6.4 -80.1 45.8 710.2 1,053.7 NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line following the detail for exports is the difference between the aggregate "exports of goods and services" and the sum of the detailed lines for exports of goods and export of services. The residual line following the detail for imports is the difference between the aggregate "imports of goods and services" and the detailed lines for imports of goods and imports of services. Chain-type quantity indexes for the series in this table appear in table 7.10. See footnotes to table 4.3. National Data • D-13 SURVEY OF CURRENT BUSINESS July 1999 5. Saving and Investment. Table 5.1.—Gross Saving and Investment [Billions of dollars] Seasonally adjusted at annual rates 1997 Gross saving , 1997 1998 1998 1999 1,406.3 1,468.0 1,428.0 1,482.5 1,448.5 1,474.5 1,466.6 1,511.4 Gross private saving Personal saving Undistributed corporate profits with inventory valuation and capital consumption adjustments . Undistributed profits Inventory valuation adjustment Capital consumption adjustment Corporate consumption of fixed capital f Noncorporate consumption of fixeacapital Gross government saving Federal .. Consumption of fixed capital Current surplus or deficit (-), national income and product accounts . State and local Consumption of fixed capital Current surplus or deficit (-), national income and product accounts . 1,141.6 1,090.4 1,131.6 1,130.1 1,079.0 1,078.7 1,073.7 1,061.9 27.7 98.2 121.0 73.0 25.6 12.6 -.6 -45.5 296.7 305.4 295.0 312.0 300.9 304.8 303.9 332.5 213.2 198.5 210.6 201.8 203.7 198.3 190.2 216.4 14.5 11.7 13.4 11.6 6.9 4.3 7.8 25.3 92.3 76.6 80.1 89.4 94.8 100.2 104.6 84.9 477.3 500.6 487.7 492.5 497.8 503.1 508.9 514.9 242.8 252.7 247.0 248.6 250.7 254.2 257.5 260.0 4.0 4.0 0 3.7 3.7 4.0 4.0 4.0 264.7 49.5 70.6 -21.1 215.2 81.1 134.1 377.6 142.5 69.7 72.8 235.1 85.0 150.2 296.4 72.3 70.2 2.2 224.1 82.7 141.4 352.4 128.7 69.9 58.8 223.7 83.5 140.2 369.4 143.9 69.5 74.4 225.6 84.3 141.3 395.7 161.6 69.6 92.0 234.2 85.4 148.7 392.9 135.8 70.0 65.8 257.1 86.6 170.5 449.4 192.3 69.5 122.7 257.2 87.5 169.7 Capital grants received by the United States (net) Gross investment 1,350.5 1,391.5 1,360.7 1,428.4 1,362.7 1,372.5 1,402.4 1,418.3 1,256.0 1,367.1 1,292.0 1,366.6 1,345.0 1,364.4 1,392.4 1,417.4 235.4 237.0 236.5 237.4 232.5 239.7 238.3 255.6 -140.9 -212.6 -167.8 -175.6 -214.8 -231.6 -228.3 -254.7 Gross private domestic investment Gross government investment Net foreign investment Statistical discrepancy Addendum: Gross saving as a percentage of gross national product. -55.8 -76.5 -67.3 -64.1 17.4 17.3 17.3 17.7 -85.7 -102.0 17.2 17.3 -64.2 -93.1 16.9 17.2 Table 5.4.—Private Fixed Investment by Type Table 5.5.—Real Private Fixed Investment by Type [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates 1997 1998 1997 IV Private fixed investment Nonresidential. Structures Nonresidential buildings, including farm Utilities Mining exploration, shafts, and wells Other structures Producers' durable equipment Information processing and related equipment Computers and peripheral equipment1 Other Industrial equipment Transportation and related equipment Other Residential Structures Single family Multifamily Other structures... Producers' durable equipment IV 1997 1998 I 1,188.6 1,307.8 1,220.1 1,271.1 1,305.8 1,307.5 1,346.7 1,377.9 860.7 938.2 882.8 921.3 941.9 931.6 957.9 972.6 240.2 246.9 246.4 245.0 245.4 246.2 250.9 255.0 177.3 33.5 184.1 34.7 178.9 34.1 180.6 34.2 181.8 34.7 183.7 35.0 190.1 35.1 195.9 35.5 22.7 6.7 21.3 6.8 24.3 9.2 23.5 6.6 22.4 6.5 20.7 6.8 18.7 7.1 16.6 7.0 620.5 691.3 636.4 676.3 685.4 706.9 717.6 206.6 233.3 213.6 226.5 231.6 235.2 239.9 247.4 81.1 125.5 138.6 95.1 138.3 147.0 83.7 129.9 142.1 91.8 134.7 145.4 94.8 136.8 146.8 95.6 139.5 147.4 98.0 142.0 148.3 100.3 147.1 146.0 152.0 123.3 175.1 135.9 155.9 124.8 172.4 132.0 181.2 137.0 164.0 138.8 182.8 135.9 181.0 143.2 327.9 369.6 337.4 349.8 363.8 375.8 388.9 405.3 319.9 164.4 22.6 132.8 361.1 187.3 24.4 149.4 329.4 168.7 23.8 136.8 341.5 175.8 25.1 140.6 355.4 183.8 23.5 148.1 367.3 190.9 23.9 152.6 380.3 198.7 25.3 156.3 396.4 209.0 27.6 159.8 8.0 8.5 8.0 8.3 8.5 8.5 8.6 8.9 1, Includes new computers and peripheral equipment only. III I Seasonally adjusted at annual rates 1999 1998 1997 IV Private fixed investment Nonresidential Structures Nonresidential buildings, including farm Utilities Mining exploration, shafts, and wells Other structures Producers' durable equipment Information processing and related equipment Computers and peripheral equipment1 Other Industrial equipment Transportation and related equipment Other Residential Structures Single family Multifamily Other structures.... Producers' durable equipment Residual 1998 I II III IV I 1,138.0 1,267.8 1,169.5 1,224.9 1,264.1 1,270.9 1,311.0 1,344.0 859.4 960.7 886.2 931.9 960.4 958.7 991.9 1,012.2 203.2 203.0 205.7 203.1 201.9 202.0 205.0 207.8 150.5 28.7 150.9 29.5 149.5 29.2 150.1 29.2 149.8 29.5 150.1 29.7 153.8 29.7 157.8 30.2 17.9 5.8 16.7 5.7 18.9 7.8 17.9 5.6 17.0 5.5 16.4 5.8 15.3 6.0 13.7 5.9 660.9 770.2 686.4 738.8 771.3 769.3 801.5 819.8 298.0 388.1 320.7 353.4 376.8 399.6 422.5 448.2 214.8 126.6 125.9 351.8 141.2 132.7 242.9 131.5 128.6 292.2 136.7 131.5 331.5 139.7 132.5 370.5 142.8 133.1 413.0 145.6 133.5 452.9 151.0 131.2 140.3 113.0 162.0 123.3 143.8 114.1 159.6 120.2 167.9 124.6 151.7 125.8 168.7 122.5 166.2 128.9 282.8 312.0 287.9 298.5 309.1 316.5 324.1 335.9 275.1 137.2 20.2 118.5 303.9 153.0 21.3 130.2 280.1 139.0 21.0 120.9 290.5 145.2 22.1 123.8 300.9 151.3 20.7 129.6 308.3 155.6 20.8 132.6 315.7 159.7 21.7 135.0 327.3 167.0 23.6 137.3 7.7 8.2 7.8 8.0 8.2 8.2 8.3 8.6 -69.1 -158.7 -35.5 -117.2 -143.7 -172.2 -201.8 -230.3 1. Includes new computers and peripheral equipment only. NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. Chain-type quantity indexes for the series in this table appear in table 7.6. National Data SURVEY OF CURRENT BUSINESS July 1999 Table 5.10.—Change in Business Inventories by Industry Group Table 5.11.—Real Change in Business Inventories by Industry Group [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates 1997 Change in business inventories 67.4 Farm Nonfarm Change in book value l Inventory valuation adjustment 2 ... Manufacturing Durable goods . Nondurable goods 4.3 Wholesale trade Durable goods Nondurable goods Merchant wholesalers Durable goods Nondurable goods Nonmerchant wholesalers Durable goods Nondurable go( Retail trade Durable goods Motor vehicle dealers3 Other3 Nondurable goods Other Durable goods Nondurable goods 1997 III IV 39.2 7.7 57.0 31.5 21.2 10.3 49.3 32.0 17.3 25.1 19.9 5.3 20.1 12.3 7.7 45.7 39.5 6.3 3.1 39.3 36.4 23.3 19.4 16.0 17.1 6.5 -3.3 59.3 6.7 52.7 33.2 19.5 20.9 14.5 6.4 71.9 95.5 4.9 5.0 66.9 90.5 61.1 5.9 18.7 8.4 10.4 56.3 34.3 23.3 13.8 9.5 20.1 13.9 21.5 8.9 12.6 28.1 25.8 2.3 7.9 1.6 30.5 15.5 6.3 6.2 19.6 11.4 8.2 3.8 2.4 1.4 18.2 12.1 6.0 2.0 1.8 .2 19.0 7.3 11.7 2.5 1.6 .9 26.0 23.3 2.7 2.0 2.4 -.4 4.8 -.1 5.0 3.0 1.8 1.2 15.0 29.2 13.8 7.3 5.1 1.3 3.9 2.2 11.0 2.2 8.8 3.0 -2.9 -6.4 3.5 5.9 8.7 -.2 8.9 17.8 15.3 11.7 3.5 2.5 18.3 -12.7 -5.5 1.8 -17.8 -8.2 -4.1 -15.3 -10.0 5.9 -5.5 1.8 2.7 16.5 5.1 4.3 12.3 11.2 -.1 .8 .4 4.4 11.9 10.4 63.1 52.1 11.0 21.4 12.5 8.9 8.9 1.4 7.5 31.8 21.9 9.9 7.7 15.4 1.3 1.7 -.4 3.9 2.6 14.1 12.5 1.5 12.5 11.4 1.1 1.6 1.1 .5 11.7 12.5 3.7 8.7 -.7 7.0 -1.9 9.0 -1.8 -1.5 9.7 7.9 1.7 9.1 7.0 2.2 .5 .9 -.4 17.1 6.9 1.3 5.5 10.3 12.9 3.4 9.5 1. Beginning with 1982, this series is derived from the Census Bureau series "current cost inventories." For earlier periods, it is derived from the Census Bureau "book value inventories" series. The series differ in the treatment of inventories reported on a last-in, first-out (LIFO) basis: The series prior to 1982 is a mix of LIFO and non-LIFO inventories; the series beginning with 1982 is entirely on a non-LIFO basis. 2. Beginning with 1973, the inventory valuation adjustment (IVA) shown in this table differs from the IVA that adjusts business incomes. The IVA in this table reflects the mix of methods (first-in, first-out; last-in, first-out; etc.) underlying inventories derived primarily from Census Bureau statistics (see footnote 1). This mix differs from that underlying business income derived primarily from Internal Revenue Service statistics. Prior to 1973, the two IVA's are the same because information required for separate estimates is not available. 3. Prior to 1981, inventories of auto and home supply stores are included in motor vehicle dealers. Beginning with 1981, these inventories are included in "other durable goods." Seasonally adjusted at annual rates 1997 1999 1998 Change in business inventories Farm Nonfarm Manufacturing Durable goods Nondurable goods Wholesale trade Durable goods Nondurable goods Merchant wholesalers Durable goods Nondurable goods Nonmerchant wholesalers Durable goods Nondurable goods Retail trade Durable goods Motor vehicle dealers Other Nondurable goods Other Durable goods Nondurable goods Residual 1998 55.7 8.7 9.1 85.9 29.9 47.0 17.7 8.1 9.5 20.2 8.6 11.4 30.2 23.9 19.1 4.9 19.2 12.0 7.2 44.2 38.7 7.2 3.6 37.5 35.1 6.2 -3.3 3.8 -1.7 2.4 -1.6 29.6 15.2 14.3 13.7 12.3 1.5 9.4 7.8 1.7 17.8 7.0 10.5 2.4 1.5 .9 28.3 13.5 14.5 1.3 1.7 -.4 8.9 11.2 1.1 1.5 1.1 .4 2.8 -2.8 -5.8 3.2 5.7 16.9 14.1 10.5 3.3 2.5 -6.3 -7.7 -9.1 1.7 2.6 10.9 11.4 3.3 8.1 -.7 8.1 -.2 8.1 8.6 6.9 -1.0 .9 24.8 22.6 2.6 2.1 2.4 1.8 -.3 1.2 17.3 -11.9 1.6 -16.3 -3.7 -13.8 5.5 -2.3 4.9 16.1 11.5 10.4 .4 .7 11.5 10.0 -1.2 -1.5 12.2 11.8 5.7 2.0 1.7 .2 7.6 1.6 5.9 4.7 -.2 4.7 3.0 4.0 -.1 4.3 -1.3 -1.7 8.8 -.8 6.9 2.1 .5 .9 -.4 16.1 6.3 1.2 5.2 9.9 12.3 3.0 9.5 .1 50.1 20.1 12.0 8.1 22.0 13.3 8.7 19.9 14.0 5.9 19.5 13.5 3.6 2.1 9.9 1.9 8.1 IV 38.2 58.8 1.2 III 5.3 7.6 6.8 4.7 1.1 1999 91.4 57.4 4.3 3.6 2.3 1998 66.5 3.7 62.7 63.2 18.5 11.0 7.5 1997 6.0 17.5 1.2 21.0 9.2 27.0 25.1 2.3 6.6 NOTE.-Chained (1992) dollar series for real change in business inventories are calculated as the period-to-period change in chained-dollar end-of-period inventories. Quarterly changes in end-oNperiod inventories are stated at annual rates. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. National Data • SURVEY OF CURRENT BUSINESS July 1999 D-15 Table 5.12.—Inventories and Domestic Final Sales of Business by Industry Group Table 5.13.—Real Inventories and Real Domestic Final Sales of Business by Industry Group [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted quarterly totals 1997 IV 1 1998 I IV Inventories 1,348.4 1,363.6 1,366.5 1,369.1 1,372.7 Farm 109.1 110.8 108.9 103.9 104.6 Nonfarm 1,239.3 1,252.8 1,257.6 1,265.2 1,268.1 Durable goods 711.0 721.5 720.0 721.8 724.6 Nondurable goc 528.3 531.3 537.6 543.4 543.5 Manufacturing 462.0 466.1 469.1 471.1 467.5 Durable goods 287.9 292.1 295.4 296.1 293.9 Nondurable goods 174.1 174.0 173.7 175.0 173.6 Wholesale trade 321.0 324.8 326.0 332.0 334.8 Durable goods 200.5 206.2 205.6 208.4 210.8 Nondurable goods 120.5 118.6 120.4 123.6 124.0 Merchant wholesalers 276.0 280.2 280.7 286.7 289.5 Durable goods 173.6 178.7 177.9 180.4 182.6 Nondurable goods 102.5 101.4 102.8 106.3 106.9 Nonmerchant wholesalers 45.4 45.3 45.2 44.9 44.6 28.2 Durable goods 28.0 26.9 27.4 27.7 17.1 Nondurable goods 17.3 17.2 17.5 18.0 Retail trade 321.4 325.3 323.6 323.0 326.6 Durable goods 175.3 175.8 171.3 169.8 173.1 Motor vehicle dealers 81.2 82.3 88.0 86.9 83.2 Other 88.1 88.6 90.9 87.4 88.8 Nondurable goods 146.0 149.5 152.3 153.2 153.5 Other 135.0 136.6 138.9 139.1 139.2 47.4 47.5 46.8 Durable goods 47.3 47.6 91.6 92.4 87.7 89.2 91.3 Nondurable goods 2 Final sales of domestic business 574.6 582.3 590.6 596.0 607.8 Final sales of goods and structures of domestic business2 306.8 312.5 315.2 316.9 325.7 Ratio of inventories to final sales of domestic business Inventories to final sales 2.34 2.31 2.30 2.26 2.35 Nonfarm inventories to final sales 2.12 2.09 2.16 2.15 2.13 Nonfarm inventories to final sales of goods and structures 4.04 3.89 4.01 3.99 3.99 1998 I 1,388.0 111.7 1,276.3 727.4 548.9 465.3 292.7 172.6 336.9 212.5 124.4 291.0 184.1 107.0 45.9 28.4 17.5 330.8 174.3 81.8 92.5 156.5 143.4 48.0 95.4 617.3 331.3 2.25 2.07 3.85 1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from current-dollar inventories in this table is not the current-dollar change in business inventories (CBI) component of GDP. The former is the difference between two inventory stocks, each valued at their respective end-of-quarter prices. The latter is the change in the physical volume of inventories valued at average prices of the quarter. In addition, changes calculated from this table are at quarterly rates; whereas, CBI is stated at annual rates. 2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less gross product of households and institutions and of general government and includes a small amount of final sales by farm. 1997 1999 1999 III l Inventories 1,277.5 1,300.3 1,309.9 Farm 109.6 110.9 113.1 Nonfarm 1,167.4 1,188.9 1,196.4 Durable goods 672.4 684.2 685.3 Nondurable goods 494.9 504.6 511.0 Manufacturing 435.2 442.8 448.7 Durable goods 275.8 281.1 285.9 Nondurable goods 159.5 161.8 163.0 Wholesale trade 304.9 311.6 313.5 Durable goods 194.5 200.8 201.2 Nondurable got 110.6 111.2 112.6 Merchant wholesalers 261.3 267.5 268.7 Durable goods 168.0 173.6 173.6 Nondurable goods 95.3 93.5 94.1 Nonmerchant wholesalers 44.8 43.6 44.1 Durable goods 27.6 26.5 27.1 Nondurable goods 17.1 17.3 17.0 Retail trade 302.9 307.3 304.3 Durable goods 161.2 161.6 157.5 Motor vehicle dealers 78.7 75.3 79.6 Other 82.3 82.9 81.5 Nondurable goods 141.3 145.3 146.6 Other 124.4 127.3 129.9 Durable goods 41.0 41.0 41.2 Nondurable goods 86.4 88.9 83.5 Residual .4 .6 -.2 Final sales of domestic business2 515.5 521.6 528.4 Final sales of goods and structures of domestic business2 288.4 294.0 296.5 Ratio of inventories to final sales of domestic business Inventories to final sales 2.48 2.49 2.48 Nonfarm inventories to final sales 2.26 2.28 2.26 Nonfarm inventories to final sales of goods and structures 4.04 4.05 4.03 IV I 1,323.8 1,334.8 1,344.5 115.3 1.17.1 118.0 1,208.1 1,217.5 1,226.3 696.4 700.3 518.1 521.1 525.9 453.5 455.1 454.3 288.9 289.8 289.4 164.8 165.4 165.0 320.9 324.3 326.7 205.0 208.1 210.0 116.2 116.6 117.0 275.7 278.8 281.0 177.0 179.8 181.5 99.2 99.0 99.8 45.2 45.5 45.7 28.0 28.3 28.5 17.2 17.2 17.3 302.9 305.7 309.7 155.6 158.4 160.0 74.1 73.0 73.8 82.8 84.8 86.1 147.2 147.1 149.5 130.9 132.5 135.6 41.2 40.8 41.5 90.0 92.2 94.5 -.6 -.8 -.6 532.2 542.1 549.0 298.0 306.6 311.7 2.49 2.27 2.46 2.25 2.45 2.23 4.05 3.97 3.93 1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are at quarterly rates, whereas, the change in the business inventories component of GDP is stated at annual rates. 2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less gross product of households and institutions and of general government and includes a small amount of final sales by farm. NOTE.-Chained (1992) dollar inventory series are calculated as the product of the chain-type quantity index and the average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Chained (1992) dollar final sales series are calculated as the product of the chain-type index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines for inventories. D-16 • National Data SURVEY OF CURRENT BUSINESS July 1999 6. Income and Employment by IndustryTable 6.16C—Corporate Profits by Industry Group Table 6.1 C—National Income Without Capital Consumption Adjustment by Industry Group [Billions of dollars] [Billions of dollars] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1997 National income without capital consumption adjustment 1998 1997 1998 1997 6,598.0 6,928.6 6,716.0 6,817.1 6,882.3 6,963.3 7,051.9 7,185.8 6,606.0 6,949.3 6,735.4 6,832.2 6,901.3 6,990.6 7,073.3 7,206.3 Private industries 5,728.5 6,043.0 5,849.7 5,937.2 5,999.1 6,080.4 6,155.5 6,274.1 Manufacturing Durable goods Nondurable go< Transportation and public utilities Transportation Communications Electric, gas, and sanitary services Wholesale trade Retail trade Finance, insurance, and real estate Services 305.1 331.1 50.6 103.0 53.8 312.5 99.9 54.9 320.1 102.0 51.2 326.7 100.9 49.0 334.3 114.0 47.4 343.1 102.8 46.5 350.6 1,151.0 1,168.7 1,175.1 1,170.9 1,169.3 1,170.3 1,164.1 1,181.1 659.4 684.2 680.0 678.8 680.2 682.7 695.2 691.1 491.6 484.4 495.1 492.1 489.1 487.6 468.9 490.0 480.9 208.0 139.3 500.8 216.2 149.3 489.4 213.6 142.0 497.3 213.7 148.5 495.1 214.9 147.3 503.9 217.2 150.8 136.0 133.6 135.3 133.8 135.0 132.9 384.2 543.2 409.2 580.0 390.3 552.8 400.9 567.0 408.5 414.0 576.5 584.4 1,192.0 1,273.5 1,513.6 1,624.9 Government 877.5 Rest of the world -8.0 506.9 219.1 150.4 515.5 219.7 156.9 137.4 138.9 413.5 592.3 420.4 606.2 1,223.0 1,245.4 1,264.4 1,281.8 1,302.4 1,339.2 1,549.8 1,580.6 1,605.4 1,641.6 1,671.7 1,711.9 906.3 885.7 895.0 902.2 910.2 917.8 932.2 -20.4 -14.8 -18.8 -27.0 -21.2 -20.3 -19.6 NOTE.— Estimates in this table are based on the 1987 Standard Industrial Classification. Domestic industries Financial Nonfinancial Rest of the world 104.2 1999 1998 HI Corporate profits with inventory valuation and capital consumption adjustments 106.0 52.5 1997 1999 Domestic industries Agriculture, forestry, and fishing Mining Construction 1998 Receipts from the rest of the world Less: Payments to the rest of the world Corporate profits with inventory valuation adjustment Domestic industries Financial Federal Reserve banks Other Nonfinancial Manufacturing Durable goods Primary metal industries Fabricated metal products Industrial machinery and equipment Electronic and other electric equipment Motor vehicles and equipment Other Nondurable goods Food and kindred products Chemicals and allied products Petroleum and coal products .... Other Transportation and public utilities Transportation Communications Electric, gas, and sanitary services Wholesale trade Retail trade Other Rest of the world IV 817.9 824.6 820.8 829.2 820.6 827.0 821.7 868.8 718.9 729.0 728.8 730.6 723.3 737.0 724.9 767.4 124.7 130.3 129.5 131.3 130.1 129.5 130.1 143.5 594.2 598.7 599.3 599.3 593.2 607.5 594.8 623.8 99.0 95.7 92.0 98.6 97.3 89.9 96.8 101.4 149.5 145.8 142.5 146.1 146.0 140.5 150.6 161.5 50.4 50.1 50.6 47.5 48.7 50.5 53.8 60.1 741.2 732.3 740.7 744.3 731.3 732.1 721.5 764.2 642.2 636.6 648.7 645.8 633.9 642.2 624.7 662.8 130.0 134.2 134.7 136.3 134.4 133.2 133.0 146.2 24.4 24.7 24.6 23.3 24.6 24.1 24.5 24.4 109.7 502.4 192.8 108.3 5.4 5.6 15.5 15.0 110.6 514.0 212.3 107.5 5.8 15.7 111.8 509.4 197.1 100.8 29.2 30.1 23.2 106.6 512.3 214.4 107.3 27.6 110.0 499.5 194.6 104.5 6.3 5.7 12.6 15.5 24.8 21.8 24.0 21.9 2.1 5.8 3.8 6.2 30.0 31.2 29.8 30.7 107.1 84.5 104.8 96.2 22.7 17.9 25.9 20.6 28.1 21.1 28.4 27.0 8.4 14.9 10.9 18.0 38.3 37.1 35.7 37.8 88.4 90.4 88.6 91.7 17.6 17.7 17.0 17.3 31.2 33.3 31.3 34.1 39.7 39.3 40.3 40.3 49.8 51.3 47.6 51.5 61.2 67.2 62.2 67.4 98.5 100.7 103.4 101.8 99.0 95.7 92.0 98.6 28.5 17.5 108.4 491.7 184.5 118.7 4.8 14.6 121.8 516.6 195.5 112.7 1.2 16.5 30.4 34.5 32.7 108.5 509.0 195.0 109.4 4.9 19.8 20.5 25.0 24.6 4.6 4.9 7.9 7.3 30.1 31.5 32.4 29.7 90.2 85.6 65.8 82.9 21.4 22.0 7.5 18.4 18.9 18.4 20.0 24.8 7.2 10.0 2.3 5.4 39.8 38.0 32.9 37.4 87.5 92.7 89.7 94.1 17.5 18.5 17.7 16.5 32.5 34.8 31.9 37.1 37.5 39.5 40.0 40.5 53.5 53.9 46.3 50.0 67.4 67.1 66.8 73.0 96.5 t00.2 104.4 103.9 97.3 NOTE.— Estimates in this table are based on the 1987 Standard Industrial Classification. 89.9 96.8 101.4 July 1999 D-17 National Data SURVEY OF CURRENT BUSINESS 7. Quantity and Price IndexesTable 7.1.—Quantity and Price Indexes for Gross Domestic Product [Index numbers, 1992=100] Seasonally adjusted 1998 Seasonally adjusted 1997 1998 1997 129.89 116,42 111.57 111.57 136.30 120.94 112.71 112.70 132.19 117.94 112.09 112.08 134.27 119.54 112.33 112.32 135.17 120.09 112.57 112.56 136.73 121.17 112.85 112.84 139.02 122.95 113.08 113.07 141.06 124.26 113.53 113.52 130.19 116.44 111.81 111.81 137.63 122.12 112.70 112.70 132.55 118.04 112.30 112.29 134.52 119.79 112.30 112.29 136.82 121.58 112.55 112.54 138.55 122.80 112.84 112.83 140.64 124.32 113.14 113.13 143.39 126.36 113.48 113.48 Exports of goods: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 153.42 151.73 157.99 154.79 149.06 147.83 155.26 151.05 161.92 165.52 168.25 166.82 161.87 162.10 171.27 167.43 94.75 91.67 93.89 92.78 92.07 91.18 90.64 90.20 94.75 91.67 93.90 92.79 92.09 91.20 90.65 90.22 Durable goods: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 137.77 148.33 136.86 150.87 100.66 98.33 100.66 98.32 139.64 140.17 99.62 99.63 144.34 147.39 147.15 154.45 145.39 149.30 150.18 158.64 99.27 98.72 97.98 97.35 99.28 98.73 97.99 97.36 157.87 163.53 96.53 96.54 Exports of services: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 145.25 129.48 112.18 112.18 Nondurable goods: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 121.09 112.44 107.69 107.69 125.77 116.81 107.66 107.66 122.04 113.05 107.95 107.96 123.55 115.09 107.35 107.36 125.22 116.57 107.41 107.42 126.34 117.19 107.80 107.81 127.95 118.41 108.06 108.06 131.33 121.12 108.43 108.44 Services: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator Imports of goods and services: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 158.27 165.95 162.55 164.00 165.76 164.69 169.37 173.35 165.35 182.81 171.59 177.95 181.97 183.02 188.30 194.35 95.72 90.69 94.62 92.05 90.98 89.87 89.84 95.72 90.78 94.73 92.16 91.09 89.95 89.19 133.64 114.61 116.61 116.61 141.98 119.51 118.80 118.80 136.87 116.41 117.59 117.58 138.55 117.42 118.00 117.99 141.04 118.98 118.55 118.54 143.51 120.56 119.05 119.04 144.80 121.07 119.61 119.60 147.06 122.30 120.26 120.25 Imports of goods: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 163.04 171.13 167.46 169.01 171.02 169.71 174.76 178.98 173.56 193.53 180.19 187.38 192.49 193.87 200.36 206.95 93.94 88.33 92.81 90.07 88.72 87.42 87,11 86.37 87.54 87.23 86.49 93.94 88.42 92.94 90.19 investment: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 158.90 152.62 104.10 104.11 172.96 168.28 102.76 102.78 163.46 157.12 103.99 104.03 172.90 167.22 103.39 103.39 170.16 165.29 102.92 102.95 172.62 168.46 102.43 102.47 176.16 172.14 102.28 102.34 179.32 175.66 102.06 102.08 Imports of services: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 137.34 130.39 105.33 105.33 143.24 137.93 103.83 103.85 140.97 135.01 104.40 104.42 141.98 138.03 102.85 102.87 142.70 137.82 103.52 103.54 142.61 137.60 103.63 103.65 145.67 138.29 105.32 105.34 148.63 142.20 104.50 104.52 Fixed investment: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 151.72 145.25 104.45 104.45 166.93 161.82 103.20 103.16 155.74 149.28 104,37 104.33 162.25 156.36 103.81 103.77 166.67 161.36 103.33 103.29 166.89 162.23 102.91 102.87 171.90 167.35 102.76 102.72 175.88 171.56 102.56 102.52 154.28 168.17 154.04 172.21 100.15 97.71 100.15 97.66 158.24 158.86 99.64 99.61 165.14 168.85 166.99 171.70 167.04 172.15 171.84 177.79 98.90 98.12 97.21 96.61 98.86 98.08 97.18 96.57 174.34 181.44 96.12 96.08 Government consumption expenditures and gross investment: Current dollars Chain-type quantity index ....... Chain-type price index Implicit price deflator 115.10 101.68 113.20 113.20 117.68 102.63 114.66 114.67 116.17 102.01 113.87 113.87 115.91 101.53 114.17 114.17 117.20 102.45 114.39 114.40 118.09 102.84 114.82 114.83 119.50 103.69 115.25 115.25 121.66 104.76 116.13 116.13 141.97 145.92 145.64 144.79 145.02 145.55 148.33 150.73 98.53 98.60 98.51 96.90 98.63 98.38 100.51 86.75 85.86 86.46 84.50 86.00 85.71 87.24 113.58 114.83 113.91 114.66 114.66 114.77 115.21 113.58 114.84 113.93 114.67 114.68 114.79 115.22 101.63 86.81 117.05 117.07 120.09 118.22 118.22 121.56 120.06 119.79 120.58 119.81 120.60 119.36 121.49 121.51 119.42 121.16 122.85 121.85 122.40 122.67 121.87 122.42 122.69 National defense: Current dollars Chain-type quantity index Chain-type price index ... Implicit price deflator 92.07 90.58 92.21 82.20 79.95 82.15 112.00 113.27 112.23 112.00 113.29 112.25 179.21 176.33 181.87 184.61 114.50 118.42 114.07 118.26 97.64 99.93 96.79 99.83 117.27 118.49 117.83 118.46 117.27 118.50 117.85 118.46 Gross domestic product: Current dollars Chain-type quantity index Chain-type price index ... Implicit price deflator Personal consumption expenditures: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Nonresidential: Current dollars Chain-type quantity index Chain-type price index ... Implicit price deflator Structures: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Producers' durable equipment: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Residential: Current dollars Chain-type quantity index Chain-type price index ... Implicit price deflator 120.00 121.58 121.60 1999 Exports of goods and services: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Federal: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 159.64 177.85 163.72 174.00 170.04 93.88 93.88 198.16 89.82 89.75 176.58 190.08 198.43 197.91 92.75 91.57 90.35 89.13 92.72 91.54 90.32 89.10 206.20 88.23 88.20 210.92 87.56 87.53 Nondefense: Current dollars Chain-type quantity index Chain-type price index ... Implicit price deflator 145.37 125.36 115.96 115.96 163.86 138.34 118.42 118.44 149.58 127.64 117.20 117.19 172.40 143.68 120.00 119.99 179.69 148.93 120.66 120.65 State and local: Current dollars Chain-type quantity index ... Chain-type price index Implicit price deflator 155.10 132.34 117.21 117.20 161.30 137.05 117.71 117.69 166.63 140.31 118.77 118.76 NOTE.— Chain-type quantity and price indexes are calculated from weighted averages of the detailed output and prices used to prepare each aggregate and component. Implicit price deflators are weighted averages of the detailed price indexes used to prepare each aggregate and component and are calculated as the ratio of current- to chained- 1997 1998 1997 1998 1999 150.98 149.98 154.61 152.22 148.51 146.41 152.76 150.56 151.70 154.00 156.21 155.12 152.03 150.96 157.89 155.85 99.53 97.39 98.97 98.13 97.68 96.98 96.75 96.61 99.53 97.39 98.97 98.13 97.68 96.98 96.75 96.61 126.99 112.42 112.96 112.96 145.84 129.20 112.89 112.88 131.36 114.68 114.55 114.54 146.64 130.32 112.53 ,112.53 128.83 113.19 113.83 113.82 146.17 129.91 112.52 112.52 147.21 130.46 112.84 112.84 143.08 126.93 112.73 112.72 146.90 129.48 113.46 113.46 149.41 130.84 114.20 114.20 88.24 90.43 91.47 92.17 91.95 78.06 79.93 80.78 81.05 79.67 113.04 113.12 113.22 113.71 115.38 113.05 113.14 113.24 113.72 115.41 129.56 113.77 113.89 113.88 118.87 115.43 121.12 100.48 97.47 101.97 118.30 118.44 118.78 118.31 118.43 118.77 125.55 103.80 120.96 120.96 132.23 115.16 114.83 114.82 136.04 117.67 115.61 115.60 130.54 114.28 114.23 114.22 133.12 115.52 115.25 115.24 dollar output multiplied by 100. Percent changes from preceding period for items in this table are shown in table 8.1. (Contributions to the percent change in real gross domestic product are shown in table 8.2). D-18 • National Data SURVEY OF CURRENT BUSINESS July 1999 Table 7.2.—Quantity and Price Indexes for Gross Domestic Product, Final Sales, and Purchases Table 7.4.—Chain-Type Quantity and Price Indexes for Personal Consumption Expenditures by Major Type of Product [Index numbers, 1992*100] [Index numbers, 1992=100] 1997 1998 1997 1998 1997 1999 1998 1997 1998 1999 118.04 140.17 117.33 119.79 121.58 122.80 124.32 126.36 163.53 134.82 168.01 141.74 113.05 106.06 129.62 110.79 92.27 118.17 116.41 111.93 125.31 111.09 135.87 136.61 109.70 119.29 177.34 179.20 185.88 191.25 146.43 150.12 150.74 152.81 IV Gross domestic product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 129.89 116.42 111.57 111.57 136.30 120.94 112.71 112.70 132.19 117.94 112.09 112.08 134.27 119.54 112.33 112.32 135.17 120.09 112.57 112.56 136.73 121.17 112.85 112.84 139.02 122.95 113.08 113.07 141.06 124.26 113.53 113.52 Final sales of domestic product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 128.95 115.49 111.66 111.66 135.50 120.10 112.84 112.82 131.19 116.95 112.19 112.17 132.89 118.20 112.45 112.43 134.69 119.54 112.69 112.67 135.97 120.36 112.99 112.97 138.45 122.31 113.22 113.20 140.59 123.70 113.68 113.66 Gross domestic purchases: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Final sales to domestic purchasers: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Addenda: Chain-type price indexes for gross domestic purchases: Food Energy Gross domestic purchases less food and energy Chain-type quantity indexes 130.77 117.89 110.92 110.92 138.06 123.78 111.54 111.54 133.14 119.57 111.34 111.35 135.61 121.85 111.29 111.29 137.07 123.03 111.42 111.42 138.72 124.30 111.60 111.60 140.86 125.94 111.84 111.85 143.54 127.95 112.18 112.18 129.84 116.97 111.00 111.00 137.27 122.95 111.66 111.65 132.14 118.59 111.44 111.43 134.23 120.51 111.40 111.39 136.60 122.49 111.53 111.52 137.97 123.50 111.72 111.71 140.29 125.30 111.97 111.96 143.07 127.39 112.31 112.30 111.24 112.89 111.95 112.18 112.50 113.16 113.73 114.23 107.69 98.07 107.09 100.84 98.80 97.22 95.43 94.71 111.05 112.01 111.49 111.69 111.88 112.09 112.39 112.75 Table 7.3.—Quantity and Price Indexes for Gross National Product and Command-Basis Gross National Product [Index numbers, 1992=100] 129.53 116.16 111.51 111.52 135.73 120.50 112.65 112.64 131.64 117.51 112.04 112.03 133.79 119.18 112.28 112.26 134.63 119.67 112.51 112.50 136.05 120.64 112.79 112.78 138.44 122.51 113.01 113.01 140.49 123.83 113.46 113.45 Less: Exports of goods and services and receipts of factor income: Chain-type quantity index 155.43 157.49 158.99 158.60 156.14 154.52 160.71 159.45 Plus: Command-basis exports of goods and services and receipts of factor income: Chain-type quantity index 160.36 166.55 164.67 166.77 165.08 164.02 170.33 169.90 Equals: Command-basis gross national product: Chain-type quantity index 116.77 121.62 118.22 120.19 120.78 121.82 123.70 125.13 NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1. Durable goods Motor vehicles and parts Furniture and household equipment Other Nondurable goods Food Clothing and shoes Gasoline and oil Fuel oil and coal Other Services NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1. Gross national product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Personal consumption expenditures Housing Household operation Electricity and gas Other household operation Transportation Medical care Other 116.44 122.12 136.86 150.87 115.66 125.51 162.50 183.42 138.41 150.02 112.44 116.81 105.96 127.87 110.59 93.96 116.99 108.80 137.57 112.47 87.87 122.43 114.61 119.51 110.92 121.36 108.85 130.63 134.28 108.52 117.02 113.63 127.63 109.00 141.50 139.45 111.83 124.85 111.81 100.66 112.65 112.70 88.20 103.41 107.69 111.67 96.39 107.33 109.60 108.30 116.61 84.18 102.52 145.39 149.30 150.18 158.64 119.77 125.13 122.10 135.03 117.42 118.98 120.56 121.07 201.53 161.09 121.12 111.26 147.70 113.89 98.20 127.76 122.30 112.67 123.38 103.67 138.04 137.85 110.55 121.58 115.46 131.17 109.73 147.08 141.47 113.59 129.40 115.09 116.57 117.19 118.41 107.10 136.29 111.18 84.48 120.30 108.54 108.93 110.64 138.07 137.36 138.54 111.10 113.60 114.00 91.10 86.82 122.06 123.39 123.97 113.28 127.48 110.13 140.42 140.09 111.60 123.53 113.95 131.47 116.21 142.87 139.49 112.17 126.57 114.64 128.20 105.99 144.66 140.35 113.02 127.70 Chain-type price indexes Personal consumption expenditures Durable goods Motor vehicles and parts Furniture and household equipment Other!. Nondurable goods Food Clothing and shoes Gasoline and oil Fuel oil and coal Other Services Housing Household operation Electricity and Eltiity d gas Other household operation Transportation Medical care Other Energy» Personal consumption expenditures less food and energy 111.87 112.30 112.30 99.62 99.27 111.88 111.79 112.55 112.84 113.14 113.48 85.92 103.29 107.35 112.74 94.68 98.05 103.44 109.36 118.00 85.14 83.55 82.09 81.13 102.74 102.21 101.86 101.31 118.55 119.05 119.61 120.26 117.90 106.96 105.69 107.80 114.51 121.92 119.45 119.00 107.19 105.76 108.12 114.35 122.54 119.78 98.72 97.98 97.35 96.53 111.55 111.89 112.26 111.51 118.80 86.75 102.92 107.95 112.45 96.00 106.60 106.02 108.52 117.59 115.66 108.65 108.79 108.68 113.23 120.18 117.91 119.44 106.85 105.10 107.97 114.66 122.82 120.05 117.00 108.33 109.12 107.95 114.06 120.95 119.28 119.92 106.73 104.86 107.93 114.92 123.13 120.17 120.94 106.52 104.09 108.04 114.86 123.70 120.78 121.61 106.44 104.15 107.88 115.29 124.62 121.50 111.67 108.13 113.54 99.24 112.45 112.74 113.10 113.88 107.79 101.89 99.93 98.44 114.43 96.72 114.96 96.12 112.10 113.41 112.59 112.89 113.25 113.57 113.94 114.31 Addenda: Price indexes for personal consumption expenditures: Food 98.33 107.66 113.54 94.69 93.51 99.60 110.58 107.41 107.80 108.06 108.43 113.10 113.88 114.43 114.96 94.84 94.79 94.44 92.49 94.17 92.19 89.64 88.56 101.20 98.30 95.46 93.22 110.06 110.90 112.01 114.47 1. Consists of prices for gasoline and oil, fuel oil and coal, and electricity and gas. National Data • SURVEY OF CURRENT BUSINESS July 1999 Table 7.6.—Chain-Type Quantity and Price Indexes for Private Fixed Investment by Type [Index numbers, 1992=100] D-19 Table 7.9.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services and for Receipts and Payments of Factor Income [Index numbers, 1992=100] Seasonally adjusted 1997 1997 1998 IV Chain-type quantity indexes Private fixed investment Nonresidential Structures Nonresidential buildings, including farm Utilities Mining exploration, shafts, and wells Other structures Producers' durable equipment Information processing and related equipment Computers and peripheral 1 equipment Other Industrial equipment Transportation and related eauiDment Other Residential . Structures ... . Single family Multifamily Other structures Producers' durable equipment Chain-type price indexes Private fixed investment Nonresidential Structures Nonresidential buildings, including farm Utilities Mining exploration, shafts, and wells Other structures Producers' durable equipment Information processing and related equipment Computers and peripheral equipment1 Other Industrial equipment i ransporiauon ana related equipment Other Residential Structures Single family Multifamily Other structures Producers' durable equipment II III IV I 145.25 161.82 149.28 156.36 161.36 162.23 167.35 171.56 154.04 172.21 158.86 167.04 172.15 171.84 177.79 181.44 120.09 120.00 121.56 120.06 119.36 119.42 121.16 122.85 132.99 133.35 132.12 132.62 132.32 132.58 135.90 83.31 85.65 84.59 84.77 85.64 86.08 86.12 139.47 87.66 134.77 125.35 141.90 134.72 127.70 123.57 115.40 70.12 69.81 95.34 68.64 67.01 70.27 73.33 103.15 71.89 170.04 198.16 176.58 190.08 198.43 197.91 206.20 210.92 222.13 289.24 239.04 263.41 280.84 297.80 314.91 334.06 488.82 800.44 552.78 664.79 754.21 843.02 939.75 1,030.61 14028 15649 145 72 151 52 154 79 15826 16138 16733 140.93 148.53 144.03 147.28 148.36 148.98 149.49 146.84 162.83 188.02 166.94 185.27 194.89 176.07 195.83 142.95 155.99 144.39 152.09 157.63 159.20 155.04 192.93 163.07 125.36 138.34 127.64 132.34 137.05 140.31 143.68 148.93 143.84 137.05 165.96 150.12 149.09 143.30 180.12 152.69 126.88 135.09 128.56 132.40 135.23 135.42 137.33 142.44 104.45 103.20 104.37 103.81 103.33 102.91 102.76 102.56 125.33 117.72 154.04 131.79 138.43 131.29 162.96 144.85 127.62 119.34 160.01 134.47 99.64 97.71 132.34 124.67 169.09 137.71 137.10 129.88 158.07 144.15 96.12 118.22 121.58 119.79 120.58 121.49 121.85 122.40 122.67 117.79 121.90 119.57 120.29 121.38 122.38 123.53 116.62 117.60 116.73 117.13 117.36 117.91 117.99 124.06 117.35 126.85 127.66 128.91 131.00 131.83 126.05 121.77 115.51 118.16 117.39 117.66 117.60 118.43 118.95 121.10 119.24 98.90 98.12 140.43 133.54 158.70 147.42 96.61 100.15 97.21 93.88 89.82 92.75 91.57 90.35 89.13 88.23 87.56 69.31 60.33 66.63 64.12 61.49 58.89 56.81 55.21 37.75 27.21 34.25 31.23 28.40 25.65 23.57 9914 97.99 98.84 98.58 98.04 97 79 97.56 110.12 110.79 110.46 110.52 110.77 110.80 111.07 21.99 97.50 111.31 108.35 108.08 108.37 107.99 107.91 108.06 108.33 109.15 110.25 109.34 109.84 109.97 110.33 110.88 108.89 111.12 115.96 118.42 117.20 117.21 117.71 118.77 120.00 120.66 118.82 122.40 114.51 114.71 117.58 121.36 113.49 113.19 119.17 122.68 11478 115.14 120.45 124.42 116.40 115.82 121.15 125.21 117.14 116.39 104.03 103.68 103.18 103.92 103.41 103.92 103.45 102.72 116.29 119.90 11220 112.11 1. Includes new computers and peripheral equipment only. I 117.58 121.04 113.25 113.59 118.10 121.45 113.62 114.27 Seasonally adjusted 1999 1998 Chain-type quantity indexes Exports ofl goods and services Goods Durable Nondurable Servicesl Receipts of factor income Imports ofl goods and services Goods Durable Nondurable Servicesl Payments of factor income Chain-type price indexes Exports of goods and services Goods 1 Durable Nondurable Services1 Receipts of factor income Imports of 1 goods and services foods ..... Durable Nondurable Servicesl Payments of factor income 1997 1998 1997 151.70 161.92 184.30 122.31 129.48 172.59 165.35 173.56 192.73 141.26 130.39 189.82 154.00 165.52 190.56 121.60 129.20 173.71 182.81 193.53 217.30 153.94 137.93 199.28 156.21 168.25 192.15 126.07 130.32 99.53 94.75 87.10 113.58 112.18 111.56 97.39 91.67 84.98 107.67 112.89 112.37 90.69 88.33 84.67 96.31 103.83 114.59 95.72 93.94 88.29 106.63 105.33 113.61 1998 152.03 161.87 184.87 121.32 130.46 150.96 162.10 187.09 118.34 126.93 1999 171.59 180.19 201.07 145.23 135.01 197.50 177.95 187.38 209.81 149.97 138.03 196.82 181.97 192.49 215.18 154.59 137.82 200.36 227.78 155.03 138.29 199.34 200.76 200.21 155.85 167.43 194.31 120.49 130.84 176.10 194.35 206.95 234.75 160.94 142.20 201.31 98.97 93.89 86.23 112.85 112.53 112.09 98.13 92.78 85.69 109.99 112.52 112.16 97.68 92.07 85.23 108.54 112.84 112.27 90.98 88.72 85.01 96.82 103.52 114.46 90.20 84.07 104.51 114.20 112.94 89.09 86.37 83.37 92.71 104.50 115.38 155.12 166.82 192.06 122.56 129.91 157.89 171.27 198.20 124.17 129.48 172.29 174.77 174.79 170.96 174.30 94.62 92.05 92.81 87.33 105.15 104.40 114.15 90.07 86.02 98.99 102.85 114.23 183.02 193.87 216.42 156.18 137.60 188.30 96.98 96.75 96.61 91.18 84.64 106.75 112.73 112.42 89.87 87.42 83.98 94.86 103.63 114.71 90.64 84.36 105.39 113.46 112.64 89.84 87.11 83.66 94.59 105.32 114.97 1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services. D-20 • National Data SURVEY OF CURRENT BUSINESS July 1999 Table 7.10.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services by Type of Product [Index numbers, 1992=100] Seasonally adjusted 1997 1997 Seasonally adjusted 1999 1998 Chain-type quantity indexes Exports of goods and services Exports off goods 1 Foods, feeds, and beverages Industrial supplies and materials Durable goods .. Nondurable goods Capital goods, except automotive Civilian aircraft, engines, and parts Computers, peripherals, and parts Other . Automotive vehicles, engines, and parts Consumer goods, except automotive Durable goods Nondurable goods Other Durable goods Nondurable goods Exports of services1 Transfers under U.S. military agency sales contracts Travel Passenger fares Other transportation Royalties and license fees Other private services Other imports of goods and services , Imports off goods 1 Foods, feeds, and beverages Industrial supplies and materials, except petroleum and products Durable goods Nondurable goods Petroleum and products Capital goods, except automotive Civilian aircraft, engines, and parts Computers, peripherals, and parts Other Automotive vehicles, engines, and parts Consumer goods, except automotive Durable goods Nondurable goods Other Durable goods . Nondurable goods Imports of services ! Direct defense expenditures ... Travel Passenger fares Other transportation Royalties and license fees Other private services Other Addenda: Exports of agricultural goods 2 Exports of nonagricultural goods Imports of nonpetroleum 151.70 154.00 156.21 155.12 152.03 150.96 157.89 155.85 161.92 165.52 168.25 166.82 161.87 162.10 171.27 167.43 108.86 106.95 117.42 112.93 103.30 99.03 112.53 103.34 126.02 124.34 128.26 126.37 124.42 121.74 124.83 120.55 132.60 134.73 136.26 139.53 133.62 130.85 134.94 133.82 122.56 118.91 124.05 119.48 119.62 116.99 119.54 113.55 22070 231.93 232.10 230.31 221.33 231.50 244.56 239.38 92.90 121.08 97.25 108.63 99.20 128.77 147.70 131.01 500.14 533.64 529.93 508.13 518.86 543.70 563.88 564.18 221.55 220.33 232.61 226.64 217.43 214.98 222.26 223.25 149.78 145.99 154.96 157.10 146.00 131.96 148.90 142.13 143.37 144.74 141.93 129.34 129.34 129.33 147.46 148.50 146.36 138.15 138.15 138.15 145.41 146.71 144.04 133.18 133.18 133.18 144.58 145.75 143.35 133.29 133.29 133.29 148.30 147.63 148.97 137.45 137.45 137.45 148.97 150.92 146.94 134.70 134.70 134.70 147.98 149.72 146.16 147.16 147.17 147.16 149.00 147.28 150.73 156.20 156.21 156.20 129.48 129.20 130.32 129.91 130.46 126.93 129.48 130.84 Chain-type price indexes Exports of goods and services Foods, feeds, and beverages Industrial supplies and materials Durable goods Nondurable goods Capital goods, except automotive Civilian aircraft, engines, and parts Computers, peripherals, and parts Other Automotive vehicles, engines, and parts Consumer goods, except automotive Durable goods Nondurable goods Other Durable goods, Nondurable goods Exports of services l 148.15 116.82 118.43 111.02 150.73 150.52 107.75 141.76 111.73 119.24 113.46 148.25 156.05 108.50 137.13 114.80 122.84 112.39 149.34 156.81 108.17 153.02 114.23 122.28 111.43 147.50 153.83 108.35 133.79 114.53 127.59 110.38 150.86 157.10 108.42 141.39 105.36 115.50 112.31 144.17 158.11 108.47 138.85 112.79 111.60 119.71 150.47 155.16 108.77 142.95 113.68 109.51 123.11 142.28 161.15 108.83 165.35 173.56 128.72 182.81 171.59 181.97 Imports off goods and services 200.36 206.95 138.70 183.02 193.87 136.81 188.30 194.35 138.04 131.58 177.95 187.38 138.43 150.31 157.94 143.27 129.39 166.41 181.54 152.23 139.11 154.60 164.62 145.31 129.65 161.33 171.48 151.91 132.43 166.75 182.43 152.05 144.40 170.39 187.31 154.51 142.28 167.16 184.96 150.44 137.35 278.05 317.81 295.47 308.05 316.31 317.47 329.42 339.50 111.94 143.16 121.20 119.07 149.04 145.70 158.81 144.07 515.96 241.80 639.07 546.41 264.29 256.88 593.05 623.78 638.48 265.09 263.60 263.33 700.97 767.46 265.16 270.74 140.97 150.30 140.64 147.58 145.91 144.00 163.71 173.45 153.94 152.86 155.06 143.99 143.99 143.99 130.39 174.21 175.93 172.42 165.26 165.26 165.26 175.70 177.35 173.98 155.65 155.65 155.65 137.82 176.17 177.18 175.11 169.68 169.68 169.68 137.60 176.79 180.55 172.91 181.66 181.66 181.66 137.93 135.01 168.17 168.64 167.69 154.04 154.04 154.04 138.03 138.29 142.20 84.16 122.50 154.42 110.19 166.13 176.15 112.75 94.69 129.38 151.90 116.21 179.36 189.38 116.41 91.30 125.49 153.25 113.78 181.22 184.40 114.22 98.95 131.26 154.12 113.68 202.68 180.90 116.08 94.55 131.60 155.69 114.09 175.60 186.59 116.05 92.10 128.23 146.85 116.20 169.12 195.46 117.26 93.15 126.44 150.93 120.86 170.04 194.57 116.23 193.53 180.19 161.90 160.95 162.89 152.39 152.39 152.39 192.49 138.20 141.24 167.52 183.55 152.50 139.68 183.46 182.45 184.46 189.37 189.37 189.37 100.57 132.62 154.91 120.49 185.50 195.97 114.70 111.85 111.10 118.52 115.46 108.01 103.87 117.06 104.09 168.32 172.49 174.59 173.38 168.77 169.57 178.22 175.53 Foods, feeds, and beverages Industrial supplies and materials, except petroleum and products Durable goods Nondurable goods Petroleum and products Capital goods, except automotive Civilian aircraft, engines, and parts Computers, peripherals, and parts other •.:::::: :;::::: Automotive vehicles, engines, and parts Consumer goods, except automotive Durable goods Nondurable goods Other , Durable goods Nondurable goods 98.97 1998 98.13 92.78 1999 97.68 96.98 92.07 91.18 96.75 96.61 90.64 90.20 117.30 107.12 114.31 109.56 107.87 106.26 104.81 103.81 115.23 109.10 114.60 111.90 110.29 107.99 106.23 105.17 112.74 108.13 111.17 109.79 109.01 107.47 106.24 105.29 116.60 109.53 116.52 113.02 110.89 108.13 106.07 104.95 75.99 73.69 74.93 74.40 73.93 73.33 73.08 72.88 118.02 119.52 118.73 119.11 119.52 119.38 120.06 121.15 34.31 84.26 29.40 83.28 32.01 83.85 30.94 83.57 29.83 83.41 28.66 83.20 28.16 82.94 27.29 82.94 105.10 105.28 105.17 105.17 105.16 105.23 105.58 105.70 105.05 105.00 105.32 105.35 104.98 104.87 104.78 104.58 103.71 103.30 103.91 103.79 103.22 103.16 103.02 102.58 106.48 106.83 106.84 107.04 106.88 106.71 106.68 106.73 100.84 98.37 100.50 99.46 99.01 97.89 97.14 95.89 100.84 98.35 100.48 99.43 98.99 97.87 97.12 95.87 100.84 98.35 100.48 99.43 98.99 97.87 97.12 95.87 108.28 114.57 106.17 106.20 111.61 109.51 134.50 105.79 117.75 104.97 102.54 112.43 110.36 137.86 105.95 115.87 105.11 106.11 112.15 110.05 135.34 107.77 116.46 105.51 102.90 112.22 110.12 135.46 95.72 93.94 94.62 92.05 90.07 111.70 90.69 88.33 108.32 110.85 109.24 109.13 107.21 107.71 105.75 109.45 112.02 106.97 107.54 104.08 106.86 101.39 71.42 109.15 106.32 105.09 103.14 101.79 101.51 111.40 109.30 108.11 106.02 103.99 104.88 106.99 103.40 102.12 100.32 99.72 98.16 102.62 80.40 72.43 67.07 65.80 59.93 68.09 63.28 117.86 119.86 42.92 76.94 35.76 74.05 92.81 66.63 64.90 107.67 117.86 102.80 102.85 112.33 110.35 137.30 102.47 118.32 102.08 102.76 112.48 110.41 139.13 105.26 118.38 109.50 101.63 112.70 110.56 139.56 112.06 118.38 113.72 99.36 113.00 110.91 141.48 90.98 89.87 88.72 87.42 89.84 89.09 87.11 86.37 63.58 62.53 62.10 61.33 118.78 119.41 119.73 119.56 120.76 121.70 40.78 75.96 38.37 74.81 36.12 74.27 35.04 73.31 33.52 73.81 31.79 73.96 108.80 108.94 109.25 109.24 109.01 108.55 108.96 109.36 102.24 100.86 103.76 107.14 107.14 107.14 , 105.33 Direct defense expenditures ... Travel Passenger fares Other transportation Royalties and license fees Other private services Other 98.67 108.45 111.88 104.30 111.64 99.33 111.47 Addenda: Exports of agricultural goods 2 Exports of nonagricultural goods Imports of nonpetroleum 1997 112.18 112.89 112.53 112.52 112.84 112.73 113.46 114.20 Imports off goods' Imports of services1 1998 99.53 97.39 94.75 91,67 Exports of goods l Transfers under U.S. military agency sales contracts Travel Passenger fares Other transportation Royalties and license fees Other private services Other 178.06 199.13 185.39 193.04 197.57 199.24 206.66 213.62 NOTE.-See footnotes to table 4.3. 1997 100.89 98.23 103.79 106.58 106.58 106.58 103.83 95.58 105.27 113.24 101.96 112.43 99.02 111.04 101.85 99.99 103.88 106.90 106.90 106.90 101.45 99.22 103.89 106.26 106.26 106.26 100.92 98.38 103.68 107.03 107.03 107.03 100.50 97.59 103.68 106.40 106.40 106.40 100.68 97.73 103.90 106.64 106.64 106.64 104.40 102.85 103.52 103.63 105.32 104.50 96.66 106.03 112.74 103.10 112.15 99.48 110.86 91.97 104.17 112.26 100.30 112.22 99.14 109.98 93.35 104.80 112.56 101.87 112.33 99.33 110.87 96.00 103.85 114.46 102.62 112.48 97.70 107.12 112.24 102.24 113.00 98.86 112.31 110.70 101.02 108.28 113.67 103.03 112.70 98.74 112.60 100.64 97.63 103.93 106.74 106.74 106.74 118.59 108.13 116.08 111.07 109.55 107.22 104.70 102.42 92.49 89.97 91.77 90.94 90.30 89.51 89.11 92.97 89.68 92.21 90.88 90.02 89.02 88.78 88.39 D-21 National Data SURVEY OF CURRENT BUSINESS July 1999 Table 7.11.-Chain-Type Quantity and Price Indexes for Government Consumption Expenditures and Gross Investment by Type [Index numbers, 1992=100] Seasonally adjusted Seasonally adjusted 1997 1998 1997 IV 1998 I II III IV Federal National defense Consumption expenditures Durable goods 2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government Other services Gross investment Structures Equipment Consumption expenditures Durable goods 2 Nondurable goods Commodity Credit Corporation inventory change ... Other nondurables Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital 4 Other services Gross investment Structures EauiDment State and local Consumption expenditures Durable goods 2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital 4 Other services Gross investment Structures Equipment Addenda: Compensation of general government employees3 .... Federal State and local 1997 IV 1999 1998 I II III IV 1 Chain-type price indexes 101.68 102.63 102.01 101.53 102.45 102.84 103.69 104.76 86.75 85.86 86.46 84.50 86.00 85.71 87.24 86.81 82.20 85.20 67.69 73.78 87.41 79.95 82.62 69.85 74.65 84.29 82.15 84.48 68.51 73.04 86.55 78.06 80.68 66.85 70.67 82.50 79.93 83.25 68.76 70.54 85.21 80.78 82.94 71.98 82.71 84.23 81.05 83.62 71.80 74.67 85.23 79.67 81.67 69.44 71.71 83.33 78.91 76.43 77.81 77.29 76.52 76.48 75.44 74.73 93.02 98.89 65.05 86.49 62.69 90.60 94.10 64.68 77.68 63.35 92.18 98.45 68.89 85.60 67.11 91.52 85.52 63.03 81.96 60.95 90.92 96.98 60.76 73.21 59.47 90.26 94.05 68.59 81.62 67.26 89.71 99.85 66.36 73.94 65.72 89.20 94.81 68.52 75.53 67.96 97.64 99.93 97.99 100.08 96.79 98.17 99.83 100.48 98.96 101.14 97.47 101.97 103.80 97.74 102.47 102.81 86.09 97.40 92.52 99.68 90.44 97.28 91.27 97.95 92.77 99.91 92.11 93.93 99.89 100.97 1 0 U 5 89.88 90.93 88.53 89.68 90.69 90.87 92.47 92.60 118.62 124.30 120.19 121.32 122.27 126.31 127.32 128.34 105.56 109.30 107.23 106.99 110.76 109.65 109.82 109.94 95.18 99.18 86.82 106,68 95.76 95.72 98.54 111.95 83.49 86.87 71.25 85.90 83.93 90.07 87.56 86.86 110.14 114.55 107.12 133.92 110.55 101.53 112.20 146.59 112.42 111.38 122.03 120.55 110.11 114.68 114.20 126.15 124.36 112.79 113.77 113.12 124.47 122.94 111.76 115.52 115.23 127.85 125.79 113.77 117.67 116.09 129.00 126.76 114.61 Government consumption expenditures and gross investment * Federal .. 113.20 114.66 113.87 114.17 114.39 114.82 115.25 116.13 113.58 114.83 113.91 114.66 114.66 114.77 115.21 117.05 113.27 114.14 100.66 95.17 115.88 113.04 113.74 101.27 97.81 115.30 National defense Consumption expenditures Durable goods 2 Nondurable goods Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital 4 Other services Gross investment Structures Equipment 112.00 112.45 101.39 106.50 113.61 Nondefense Consumption expenditures Durable goods 2 Nondurable goods Commodity Credit Corporation inventory change ... Other nondurables Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital 4 Other services Gross investment Structures Equipment 117.27 118.49 117.83 118.46 118.30 118.44 118.78 120.96 119.76 121.38 120.42 121.20 121.12 121.38 121.82 124.42 112.23 112.86 101.05 104.81 114.13 113.12 113.88 100.78 95.53 115.57 113.22 114.23 100.47 93.70 116.04 113.71 114.73 100.14 93.65 116.63 115.38 116.34 100.70 90.96 118.46 118.01 120.87 118.43 120.65 120.72 120.87 121.26 125.23 111.51 108.31 108.78 126.09 106.61 111.54 111.15 107.00 127.93 104.34 111.36 109.41 107.72 126.60 105.33 111.45 109.72 108.04 126.74 105.67 111.06 110.72 107.59 127.27 105.08 111.22 111.83 105.96 128.23 103.13 112.43 112.32 106.40 129.47 103.49 111.96 112.67 108.48 129.94 105.74 112.06 110.94 112.30 111.36 110.86 111.02 110.52 110.70 120.57 122.39 121.24 122.14 122.09 122.50 122.82 125.60 131.80 134.44 132.70 134.30 134.06 134.53 134.88 140.31 104.37 108.69 101.35 116.95 86.56 104.29 109.91 100.05 121.00 81.40 104.62 109.16 101.29 118.82 84.99 104.48 109.44 100.98 120.10 83.67 104.27 104.08 104.31 104.17 109.65 110.13 110.42 110.64 100.29 99.61 99.32 98.90 120.56 121.31 122.04 122.40 82.23 80.40 79.30 78.38 112.96 112.86 106.77 108.52 113.53 114.55 114.48 107.66 103.14 116.06 113.83 113.71 107.29 107.73 114.60 113.89 113.76 107.40 104.14 115.10 114.23 114.18 107.43 103.87 115.63 125.13 162.11 124.84 116.04 169.96 State and local Consumption expenditures Durable goods 2 Nondurable goods. Services Compensation of general government employees, except force-account construction3 Consumption of general government fixed capital 4 Other services Gross investment Structures Equipment 110.45 111.49 111.19 111.13 111.08 111.63 112.13 112.12 94.83 96.67 97.37 96.11 95.48 97.54 97.53 96.48 113.46 114.88 114.37 114.51 114.49 115.01 115.52 115.60 117.75 120.79 119.27 119.82 120.13 121.14 122.07 122.51 96.79 92.85 95.57 94.35 93.28 92.28 91.50 90.48 99.90 100.80 100.00 100.29 100.64 101.03 101.25 101.56 82.61 81.36 81.42 81.48 81.33 81.38 81.23 80.82 107.98 109.93 108.71 109.11 109.70 110.25 110.65 111.31 Addenda: Compensation of general government employees3 .... Federal State and local 117.09 119.84 117.97 119.00 119.50 120.09 120.76 122.44 122.57 125.34 123.15 125.15 125.10 125.37 125.74 130.23 115.00 117.74 115.99 116.69 117.37 118.08 118.84 119.58 113.19 112.41 123.36 122.00 111.08 114.28 113.86 125.59 123.88 112.48 115.16 114.58 126.71 124.83 113.16 107.91 109.90 108.65 109.07 109.68 110.22 110.64 111.24 117.41 139.74 117.11 111.88 142.55 122.11 152.74 116.84 108.63 159.08 119.13 144.16 116.72 110.52 147.45 120.31 149.08 116.71 109.60 152.56 121.50 151.07 116.15 108.20 156,83 122.70 153.72 117.74 109.31 161.21 123.91 157.10 116.77 107.42 165.71 1. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures. 2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods transferred to foreign countries by the Federal Government. 3. Compensation of government employees engaged in new force-account construction and related expenditures 1998 I Chain-type quantity indexes Government consumption expenditures and gross investmentl 1997 1999 114.83 114.80 107.83 103.18 116.41 115.25 115.20 107.99 101.40 117.09 115.61 115.63 107.95 101.03 117.64 114.99 117.73 115.97 116.68 117.36 118.06 118.82 119.56 for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addenda. 4 Consumption C t i off fixed f i d capital, i t l or depreciation/is included in government consumption expenditures as a partial ' 4. measure of the value of the services of general government fixed assets; use of depreciation assumes a zero net return on these assets. D-22 • National Data SURVEY OF CURRENT BUSINESS July 1999 Table 7.14.—Chain-Type Quantity and Price indexes for Gross Domestic Product by Sector Table 7.16.—Implicit Price Deflators for Inventories of Business by Industry Group [Index numbers, 1992=100] [Index numbers, 1992=100] Seasonally adjusted Seasonally adjusted 1997 1998 1997 IV I II 1997 1999 1998 III Chain-type quantity indexes Gross domestic product Businessl Farm 116.42 120.94 117.94 119.54 120.09 121.17 122.95 124.26 118.91 124.10 120.66 122.53 123.11 124.33 126.42 127.94 Nonfarm l Nonfarm less housing Housing Farm Households and institutions ... 119.02 119.95 111.29 112.04 124.23 125.61 113.01 114.75 120.81 121.90 111.81 110.25 122.66 124.02 111.60 113.12 123.25 124.56 112.58 113.40 124.45 125.77 113.64 116.17 126.57 128.08 114.22 116.30 128.10 129.65 115.50 116.19 115.20 117.82 116.49 117.06 117.43 118.04 118.77 119.32 Private households Nonprofit institutions 101.12 98.50 99.38 97.46 98.19 98.78 99.56 100.47 115.74 118.57 117.15 117.82 118.17 118.78 119.51 120.05 General government2 100.66 101.61 100.81 101.10 101.44 101.84 102.07 102.39 Federal . State and local . . . 85.80 84 53 8475 8471 8451 84.55 84.36 8397 108.83 111.02 109.64 110.12 110.76 111.37 111.84 112.55 Chain-type price indexes Gross domestic product Business * Nonfarm l Nonfarm less housing Housing Farm Households and institutions ... 111.57 112.71 112.09 112.33 112.57 112.85 113.08 113.53 110.89 111.76 111.38 111.52 111.66 111.86 111.99 112.30 111.06 11208 111.60 111.83 111.96 112.21 112.33 112.72 110.54 111.28 111.01 111.16 111.19 111.37 111.39 111.75 115.66 119.26 116.81 117.76 118.79 119.75 120.75 121.48 99.93 90.29 96.93 91.17 92.03 88.09 89.85 84.31 117.56 121.63 119.63 120.13 121.10 122.21 123.09 123.79 112.24 115.53 112.64 113.36 115.13 116.34 117.29 118.43 General government2 116.12 118.54 116.92 117.80 118.19 118.75 119.43 120.83 119.48 121.53 119.89 121.38 121.25 121.47 122.02 125.23 114.57 117.14 115.53 116.16 116.77 117.46 118.19 118.85 1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government Gross nonfarm product equals gross domestic business product less gross farm product. 2. Equals compensation of general government employees plus general government consumption of fixed capital. Table 7.15.-Current-Dollar Cost and Profit Per Unit of Real Gross Domestic Product of Nonfinancial Corporate Business [Dollars] Current-dollar cost and profit per unit of real gross domestic product 1.063 1.061 1.063 1.061 1.061 1.062 1.060 1.061 Consumption of fixed capital .100 .099 .100 .099 .100 .099 .099 .098 Net domestic product .963 .962 .963 .962 .962 .962 .962 .963 .105 .857 .105 .857 .105 .858 .105 .858 .104 .857 .104 .858 .107 .855 .104 .859 .691 .699 .695 .697 .699 .699 .700 .700 .143 .041 .136 .037 .141 .040 .139 .037 .136 .037 .138 .037 .133 .035 .137 .036 .102 .023 .100 .022 .101 .022 .102 .022 .099 .022 .100 .022 .098 .022 .101 .022 Indirect business tax and nontax liability plus business transfer payments less subsidies Domestic income Compensation of employees Corporate profits with inventory valuation and capital consumption adjustments Profits tax liability Profits after tax with inventory valuation and capital consumption adjustments Net interest 1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. Nonfarm Durable goods Nondurable goods Manufacturing Durable goods Nondurable goods Wholesale Durable goods Nondurable goods .... Merchant wholesalers Durable goods Nondurable goods Nonmerchant wholesalers. Durable goods Nondurable goods Retail trade Durable goods Motor vehicle dealers. Other Nondurable goods Other Durable goods Nondurable goods 105.55 99.58 106.16 105.74 106.74 106.15 104.38 109.13 105.29 103.07 108.97 105.65 103.33 109.57 103.15 101.37 105.72 106.08 108.80 110.44 107.16 103.32 108.48 115.40 105.00 104.86 99.90 105.37 105.45 105.29 105.28 103.93 107.53 104.23 102.68 106.70 104.74 102.94 107.74 101.12 101.00 101.08 105.87 108.79 110.42 107.14 102.88 107.33 115.55 103.23 104.33 96.34 105.12 105.06 105.21 104.54 103.34 106.53 103.98 102.21 106.85 104.49 102.47 107.88 100.89 100.52 101.26 106.36 108.78 110.62 106.95 103.90 106.97 115.50 102.72 103.42 102.84 90.08 89.34 104.72 104.15 104.63 104.05 104.87 104.31 103.88 102.73 102.51 101.40 106.17 104.95 103.46 103.23 101.68 101.31 106.37 106.37 103.97 103.86 101.93 101.56 107.39 107.76 100.44 99.40 100.04 99.71 100.86 98.65 106.61 109.14 111.32 107.00 104.05 106.86 109.29 111.44 107.17 104.40 106.26 105.01 115.25 114.70 101.80 100.25 103.24 94.62 104.08 103.87 104.38 102.44 101.14 104.61 103.12 101.17 106.32 103.57 101.41 107.21 100.42 99.57 101.57 106.80 108.94 110.42 107.40 104.67 105.72 115.60 100.86 112.42 115.74 112.88 113.59 115.33 116.54 117.49 118.62 Private households Nonprofit institutions Federal State and local 1998 1 IV 1. Implicit price deflators are as of the end of the quarter and are consistent with the inventory stocks shown in tables 5.12 and 5.13. National Data • SURVEY OF CURRENT BUSINESS July 1999 Table 7.17.—Chain-Type Quantity Indexes for Gross Domestic Product by Major Type of Product D-23 Table 7.18.—Chain-Type Quantity Indexes for Auto Output [Index numbers, 1992=100] [Index numbers, 1992=100] Seasonally adjusted Seasonally adjusted 1997 1998 1997 IV Gross domestic product Final sales of domestic product Change in business inventories Goods Final sales Change in business inventories 1997 1999 1998 I II III IV I 116.42 120.94 117.94 119.54 120.09 121.17 122.95 124.26 115.49 120.10 116.95 118.20 119.54 120.36 122.31 123.70 123.56 129.75 125.68 129.29 127.95 129.04 132.74 134.05 120.99 127.47 122.94 125.51 126.52 126.83 131.02 132.56 Durable goods Final sales Change in business inventories 142.91 154.56 147.10 153.95 150.48 152.58 161.25 161.64 137.89 150.26 141.97 147.05 148.46 148.90 156.64 158.18 Nondurable goods Final sales Change in business inventories 110.51 113.24 111.30 112.85 112.86 113.31 113.95 115.80 109.42 112.08 109.97 110.92 111.67 111.89 113.83 115.35 Services 111.36 114.82 112.61 113.01 114.55 115.51 116.20 117.00 Structures 119.55 124.35 120.47 122.03 123.37 125.25 126.74 131.37 Addenda: Motor vehicle output Gross domestic product less motor vehicle output 1998 127.05 131.34 133.81 130.82 126.99 123.27 144.28 137.00 116.06 120.58 117.40 119.15 119.85 121.09 122.23 123.83 1997 IV Auto output Final sales Personal consumption expenditures New autos Net purchases of used autos Producers' durable equipment New autos Net purchases of used autos . Net exports Exports imports Gross government investment 1998 1 II 1999 III IV 1 98.92 94.19 100.64 95.91 87.97 91.64 101.23 89.31 98.12 96.44 96.83 95.55 97.46 93.58 91.59 99.17 105.24 110.29 104.46 106.90 108.92 107.68 117.66 117.09 95.62 100.86 96.21 97.93 104.40 96.43 104.69 103.69 124.47 129.17 120.99 124.86 118.13 130.15 143.54 143.81 125.32 122.22 118.10 123.90 127.06 113.54 124.38 121.38 127.54 125.10 121.98 126.51 129.83 115.24 128.83 126.05 128.69 127.18 125.58 128.18 131.70 115.82 133.02 130.58 110.27 104.75 109.57 109.74 104.74 92.99 111.51 101.35 139.33 153.07 135.54 148.67 150.41 144.57 168.63 180.99 89.31 93.91 91.78 79.51 96.67 100.29 99.18 87.30 Change in business inventories of new and used autos New Used Addenda: Domestic output of new autos * Sales of imported new autos 2 110.36 104.93 110.46 105.39 97.38 105.25 111.68 104.95 106.63 118.40 106.69 115.47 121.68 108.48 127.97 127.99 1. Consists of final sales and change in business inventories of new autos assembled in the United States. 2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment. Table 7.19.—Chain-Type Quantity Indexes for Truck Output [Index numbers, 1992=100] Truck output*... Final sales Personal consumption Producers' durable equipment Net exports Exports Imports Gross government investment Change in business inventories 1. Includes new trucks only. 167.41 184.68 181.39 180.93 183.04 168.66 206.08 205.35 166.62 190.43 176.79 180.63 198.82 178.98 203.29 202.44 130.57 152.77 138.92 140.51 155:09 145.52 169.97 167.09 209.96 236.65 220.36 229.67 243.87 225.78 247.28 259.72 184.82 176.17 207.30 203.99 201.28 148.59 150.80 147.33 134.35 125.77 130.51 132.89 115.33 122.43 132.45 154.71 122.69 116.49 112.14 106.46 130.04 98.50 130.95 113.82 D-24 • National Data SURVEY OF CURRENT BUSINESS July 1999 8. Supplemental TablesTable 8.1 .—Percent Change From Preceding Period in Selected Series [Percent] Seasonally adjusted at annual rates Seasonally adjusted at annual rates 1997 1998 1997 1997 1999 1998 1998 1997 1998 1999 III Gross domestic product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 4.9 3.9 1.0 1.0 4.2 3.0 1.1 1.2 6.4 5.5 .9 .8 2.7 1.8 5.3 3.4 1.9 1.9 5.7 4.9 .8 3.9 2.8 1.1 1.1 6.1 6.1 0 0 7.0 6.1 .9 Durable goods: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 4.6 6.8 -2.0 -2.0 7.7 10.2 -2.3 -2.3 .6 3.1 -2.4 -2.4 Nondurable goods: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 4.0 2.4 1.5 1.5 6.2 3.2 2.9 2.9 Personal consumption expenditures: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator . Services: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Gross private domestic investment: Current dollars . Chain-type quantity index Chain-type price index Implicit price deflator 4.7 3.7 1.0 1.0 6.9 6.0 .9 5.2 4.1 1.0 1.0 6.2 5.0 1.1 1.1 8.0 6.7 1.2 1.2 14.1 15.8 -1.4 -1.4 8.7 11.2 -2.2 -2.2 -.6 2.4 -3.0 -3.0 21.4 24.5 -2.5 -2.5 9.1 12.9 -3.3 -3.3 3.9 3.9 0 0 5.0 -.4 7.4 -2.2 -22 5.5 5.3 .2 .2 3.6 2.1 1.5 1.5 5.2 4.2 .9 6.2 4.3 1.9 1.9 6.3 4.3 1.9 1.9 5.0 3.5 1.4 1.4 7.4 5.4 1.9 1.9 7.2 5.4 1.7 1.7 3.7 1.7 1.9 1.9 11.0 11.3 -.3 -.3 8.8 10.3 -1.3 -1.3 8.6 8.9 -.5 -.3 25.2 28.3 -2.3 -2.4 8.1 8.3 -.2 -.2 10.0 11.4 -1.2 -1.2 3.0 3.6 -.5 -.5 9.2 10.7 -1.3 -1.3 9.0 11.8 -2.4 -2.5 Structures: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 10.7 7.1 3.4 3.4 Producers' durable equipment: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 6.0 4.3 1.6 1.6 11.0 9.5 1.4 1.4 6.4 4.1 2.2 2.2 -4.5 -1.8 -1.7 5.9 7.9 -1.9 -1.9 8.5 9.0 -.6 -.5 7.4 8.5 -.8 -1.0 17.8 20.4 -2.1 -2.1 11.4 13.4 -1.8 -1.8 2.2 -1.6 -1.6 12.6 13.2 -.6 -.6 9.6 10.5 .2 1.8 -1.6 -1.6 18.6 22.2 -3.0 -3.0 9.3 12.8 -3.1 -3.1 -4.3 -.7 -3.6 -3.6 11.8 14.6 -2.5 -2.5 6.3 8.5 -2.0 -2.0 2.8 -.1 2.8 2.9 4.3 .9 3.3 3.3 -2.3 -4.9 2.7 2.7 .7 -2.3 3.1 3.1 7.9 6.0 1.8 1.8 6.6 5.7 8.7 12.1 -3.0 -3.0 11.4 16.5 -4.3 -4.4 -1.3 2.2 -3.3 -3.5 27.6 34.3 -5.0 -5.0 12.5 18.8 -5.2 -5.3 -6.3 -1.0 -5.3 -5.3 13.2 17.8 -4.0 -4.0 6.2 9.5 -3.0 -3.0 Residential: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 5.2 2.5 2.6 2.6 12.7 10.4 2.1 2.1 10.9 8.2 2.4 2.4 15.6 15.6 0 0 17.0 1.7 13.9 9.9 3.7 3.7 14.6 10.0 4.2 4.2 18.0 15.4 2.2 2.2 Exports of goods and services: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 10.5 12.8 -2.0 -2.0 -.7 1.5 -2.2 -2.2 2.9 4.4 -6.0 -2.8 -3.4 -3.4 -9.4 -7.7 -1.8 -1.8 -5.5 -2.8 -2.8 -5.8 18.5 19.7 -.9 -.9 -5.6 Exports of goods: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 11.3 15.4 -3.5 -3.5 -1.1 2.2 -3.3 -3.2 -7.9 -14.0 -3.4 -11.3 -4.7 -3.0 -4.7 -3.3 .6 -3.8 21.7 -10.4 24.6 -3.7 -2.4 -1.9 -2.4 -1.9 Exports of services: Current dollars Chain-type quantity index Chain-type price index 8.4 6.6 1.8 Fixed investment: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Nonresidential: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator -.2 -1.6 -1.5 5.1 7.9 -2.7 -2.7 -2.5 -4.0 1.5 -1.3 -1.2 0 6 15.0 1.7 1.4 .2 1.2 1.2 2.9 -10.8 1.7 -10.4 -.4 1.1 NOTE.— Contributions to the percent change in real gross domestic product are shown in table 8.2. 1.1 -.4 2.6 2.6 4.1 3.6 6.3 15.7 -2.3 -10.4 -2.0 -10.4 4.4 9.3 -4.5 -4.5 -2.6 2.3 -4.8 -4.8 11.9 12.0 -.2 -.2 9.7 13.5 -3.3 -3.3 4.4 3.8 6.4 17.0 -2.2 -11.3 -1.9 -11.3 4.8 11.4 -5.9 -6.9 ^.0 2.9 -5.8 -5.8 12.4 14.1 -1.4 -1.4 10.0 13.8 -3.4 -3.4 2.9 9.3 -5.8 -5.8 2.0 -.6 2.7 2.7 -.2 -.6 .4 .4 8.8 2.0 6.7 6.7 8.4 11.8 -3.1 -3.1 2.4 .1 2.2 2.3 -.9 -1.9 1.1 1.1 4.5 3.7 .8 .8 3.0 1.5 1.5 1.5 4.9 3.3 1.5 1.5 7.4 4.2 3.1 3.1 .1 -1.0 1.1 1.1 -.7 -2.1 1.4 1.5 -6.4 -3.8 2.7 2.6 7.3 7.3 -1.0 -1.4 .4 .4 9.0 7.3 1.5 1.5 4.5 -1.9 -1.4 ^3.2 1.8 1.8 -1.6 -2.7 1.1 1.2 -.7 -2.0 1.2 10.3 9.9 .3 .3 4.7 4.3 .4 .4 3.1 1.3 1.8 1.7 -1.0 -3.6 4.1 1.7 2.4 2.4 3.4 2.4 1.0 1.0 -.5 -2.3 1.8 1.8 15.5 13.1 2.2 2.1 2.1 2.6 -.6 -.5 -11.1 -11.5 .5 .4 21.2 19.8 1.1 1.2 15.5 7.4 7.6 7.5 5.4 3.1 2.2 2.2 3.4 2.0 1.4 1.4 4.1 1.3 2.7 2.7 2.3 2.1 .2 .2 3.0 1.8 1.2 1.2 5.3 3.1 2.1 2.1 2.7 1.3 1.5 1.5 9.0 7.7 1.3 1.3 Addenda: Final sales of domestic product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 5.4 3.5 1.9 1.9 5.1 4.0 1.1 1.0 3.3 2.1 1.2 1.1 5.3 4.3 .9 .9 5.5 4.6 .9 .9 3.8 2.8 1.0 1.0 7.5 6.6 .8 .8 6.3 4.6 1.6 1.6 Gross domestic purchases: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 5.8 4.2 1.6 1.6 5.6 5.0 .6 4.3 3.2 1.0 1.1 7.6 7.8 -.2 -.2 4.4 3.9 .4 .5 4.9 4.2 .7 .7 6.3 5.4 .9 .9 7.8 6.6 1.2 1.2 Final sales to domestic purchasers: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 5.4 3.7 1.6 1.6 5.7 5.1 6.5 6.6 -.1 -.1 7.2 6.7 .5 .5 4.1 3.3 .7 .7 6.9 .6 .6 3.5 2.4 1.0 1.0 6.0 .9 .9 8.2 6.8 1.2 1.2 Gross national product: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 5.6 3.7 1.8 1.8 4.8 3.7 1.0 1.0 3.6 2.4 1.1 1.2 6.7 5.8 4.3 3.3 1.0 1.0 7.2 6.3 .9 2.5 1.7 .8 6.1 4.4 1.6 1.6 Command-basis gross national product: Chain-type quantity index 3.9 4.2 2.5 6.9 2.0 3.5 6.3 4.7 Disposable personal income: Current dollars Chained (1992) dollars 4.7 2.8 4.0 3.2 4.0 2.9 4.0 4.0 3.5 2.6 4.3 3.2 5.4 4.3 4.8 3.5 Implicit price deflator 5.9 3.9 1.9 1.9 11.1 8.3 2.6 .9 .9 -5.1 -.6 7.0 4.3 2.6 IV 1.5 1.8 Imports of goods and services: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 9.7 13.9 -3.7 -3.7 4.9 10.6 -5.3 Imports of goods: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 9.8 14.7 -4.2 -4.2 5.0 11.5 -5.9 Imports of services: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator 9.3 9.9 -.6 -.6 4.3 5.8 -1.4 -1.4 3.5 1.3 2.2 2.2 2.2 .9 1.3 1.3 .3 -1.6 2.0 2.0 Government consumption expenditures and gross investment: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Federal: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator National defense: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator Nondefense: Current dollars Chain-type quantity index Chain-type price index Implicit price deflator ..... State and local: Current dollars Chain-type quantity index Chain-type price index , Implicit price deflator 3.0 5.8 -2.6 -2.6 -16.1 -18.5 2.9 1.3 2.9 6.6 6.6 6.0 6.0 Table 8.2.—Contributions to Percent Change in Real Gross Domestic Product D-25 National Data SURVEY OF CURRENT BUSINESS July 1999 Table 8.3.—Selected Per Capita Product and Income Series in Current and Chained Dollars [Dollars] Seasonally adjusted at annual rates 1997 1998 1997 II Seasonally adjusted at annual rates 1999 1998 III 1997 IV 1998 IV Percent change at annual rate: Gross domestic product 3.9 3.9 3.0 5.5 1.8 3.7 6.0 4.3 2.31 3.32 1.88 4.09 4.09 2.78 3.48 4.56 .56 .49 1.26 .82 .77 1.73 -]08 1.70 1.41 1.40 .91 1.01 2.14 .20 .42 2.15 1.90 .84 .74 1.09 1.77 1.70 1.65 1.51 1.34 4.07 -.75 1.22 1.42 1.31 1.18 1.08 1.58 1.15 .00 1.15 .43 -.06 .48 .16 .03 .13 .32 .85 2.82 1.95 2.21 1.35 -.15 -.07 2.36 1.42 .60 .60 1.22 -2.66 .33 -.08 .01 -.09 .41 .89 1.95 1.52 .17 1.35 .43 -.53 1.58 .91 .15 .76 .66 -.27 Percentage points at annual rates: Personal consumption expenditures Durable goods Nondurable goods Services '„.*.' Gross private domestic investment. Fixed investment Nonresidential Structures Producers' durable equipment Residential Change in business inventories Net exports of goods and services . Exports Goods Services Imports Goods Services .. .10 .47 -.27 -1.13 -.30 -2.24 -2.08 -.62 1.43 1.21 .19 .19 -.01 -1.32 -1.20 -.12 .53 -.33 -.92 .67 -.29 -.98 -.14 -.04 .06 -.83 -1.94 -1.18 -.71 -1.75 -1.19 -.12 -.19 .01 -.32 .04 -171 -1.51 Government consumption expenditures and gross investment Federal National defense Nondefense State and local 1997 ...... -.11 -.15 .04 .35 .52 -2.23 2.02 1.76 -.58 -.68 .10 -]30 - i ! 5 0 -1.65 -.32 -1.46 -1.42 .01 -.04 .02 -.34 .27 .60 .70 -.14 -.09 -.05 .15 -.57 -.84 .26 .24 -.09 .17 -.26 .35 .44 .06 .38 .16 -.08 -.23 .14 .78 1998 I II 1999 ill IV I Current dollars: Gross domestic product 30,278 31,492 30,707 31,132 31,277 31,561 31,995 32,381 product Personal income 30,248 25,325 31,416 26,368 30,634 25,686 31,077 26,007 31,207 26,242 31,461 26,470 31,917 26,749 32,307 27,017 uisposaoie personal income 21,633 22,304 21,871 22,046 22,192 22,373 22,604 22,811 20,508 2,512 21,490 2,681 20,807 2,538 21,078 2,618 21,394 2,668 21,612 2,657 21,873 2,781 22,243 2,835 5,975 12,021 6,151 12,658 6,001 12,268 6,064 12,396 6,134 12,593 6,173 12,782 6,233 12,859 6,382 13,026 27,138 27943 27397 27718 27,786 27970 28297 28 525 27,125 27,891 27,345 27,683 27,739 27,897 28,243 28,476 19,719 19,829 19,980 20,101 consumption expenditures Durable goods .... Mnnrli irahta goods Services Chained (1992) dollars: Gross domestic product Gross national product Disposable personal income consumption expenditures Durable goods .... 19,349 19,790 19,478 19,632 18,342 2,496 19,068 2,727 18,529 2,547 18,770 2,637 19,010 2,703 19,155 2,712 19,334 2,856 19,601 2,937 5,548 10,309 5,713 10,655 5,559 10,434 5,649 10,506 5,710 10,623 5,726 10,738 5,768 10,751 5,885 10,833 Mnnrli irahla goods Services Population (mid-period, thousands) ... 267,880 270,258 268,815 269,309 269,867 270,523 271,331 272,029 D-26 • National Data July 1999 SURVEY OF CURRENT BUSINESS Table 8.4.—Auto Output Table 8.5.—Real Auto Output [Billions of dollars] [Billions of chained (1992) dollars] Seasonally adjusted at annual rates 1997 1998 1997 1998 Seasonally adjusted at annual rates III 134.8 131.4 131.8 130.1 143.5 149.1 141.0 144.2 86.2 90.3 86.3 87.7 57.3 58.8 54.7 56.5 45.7 44.8 43.7 45.8 79.9 77.9 76.1 78.8 -34.2 -33.1 -32.4 -33.0 '.. -56.4 -64.6 -55.0 -61.7 Change in business inventories of new and used autos New Used 16.8 73.1 2.0 16.0 80.7 2.1 16.7 71.7 2.1 -.1 .2 -.3 -3.4 -.2 -3.2 3.4 3.0 .4 132.5 127.8 135.3 146.9 145.5 159.8 93.3 86.5 93.7 53.6 59.0 66.0 46.7 41.7 45.2 80.7 71.9 80.2 -34.0 -30.2 -35.1 -63.3 -61.7 -71.9 16.7 16.0 14.2 17.2 78.5 79.3 75.9 89.1 2.2 1.8 2.3 2.3 .4 -14.4 1.8 -17.4 -1.4 3.0 -1.7 6.1 -7.8 2.0 8.8 -S.7 122.8 156.7 92.4 64.3 44.8 78.1 -33.4 -80.6 15.6 96.3 2.0 -3.4 4.6 -8.1 120.0 114.1 119.3 114.8 104.8 115.6 121.1 113.5 63.1 69.6 62.9 67.9 71.4 63.9 75.2 74.9 1. Consists of final sales and change in business inventories of new autos assembled in the United States. 2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment. Exports, Imports Gross government investment Change in business inventories of new ana used autos New Used .4 .7 -.2 117.7 118.2 116.6 119.0 129.7 122.8 125.7 128.1 82.8 79.0 80.4 85.7 45.8 42.9 44.3 41.9 43.1 41.6 43.7 44.8 71.4 69.7 72.2 74.1 -27.8 -27.4 -28.0 -28.8 -67.0 -48.1 -54.3 -55.8 14.9 15.6 15.7 14.9 72.0 63.8 69.9 70.7 1.9 1.9 1.6 2.0 -3.4 -.4 -2.7 4.2 4.0 .3 -.1 -12.3 1.3 -15.8 -1.2 2.6 110.3 104.9 110.4 105.3 57.5 63.8 57.5 62.3 155.6 176.3 164.3 166.9 183.3 165.6 189.3 188.8 69.2 80.4 73.5 74.0 81.4 76.6 89.6 88.2 82.3 91.9 85.7 88.8 94.2 87.5 97.0 102.0 -4.9 -4.5 ^3.1 ^3.6 -1.7 -5.8 -6.9 -9.8 9.0 8.9 8.9 10.9 10.5 12.3 12.2 12.0 15.8 15.0 15.5 15.8 13.8 14.7 15.9 18.7 9.4 9.7 7.7 8.2 8.5 8.4 7.2 9.0 3.3 -2.5 7.0 3.0 -11.7 -6.9 5.8 5.8 -3.0 4.5 -6.5 1.9 8.5 -5.6 111.8 137.7 85.1 51.0 42.8 72.0 -28.5 -70.7 14.5 85.1 1.8 -3.4 4.6 -6.9 97.3 105.2 111.6 104.9 65.6 58.5 69.0 69.0 1. Consists of final sales and change in business inventories of new autos assembled in the United States. 2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment. NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines, excluding the lines in the addenda. Chain-type quantity indexes for the series in this table appear in table 7.18. [Billions of chained (1992) dollars] 158.9 173.8 171.3 169.9 171.5 158.6 195.1 194.6 114.2 121.1 126.6 138.3 79.2 86.0 46.1 50.9 40.0 43.9 65.8 73.6 -25.3 -29.1 -54.7 -63.4 13.3 15.9 68.0 79.3 2.0 2.0 1.0 Addenda: Domestic output of new autos l Sales of imported new autos 2 .. Table 8.7.—Real Truck Output Change in business inventories Producers' durable equipment , New autos Net purchases of used autos , 119.8 123.7 78.5 44.1 44.2 72.8 -28.1 -49.8 15.7 65.5 1.8 [Billions of dollars] Truck outputl IV 120.2 114.5 122.3 116.6 106.9 111.4 123.0 108.5 Auto output Final sales Personal consumption expenditures New autos Table 8.6.—Truck Output Final sales Personal consumption expenditures .... Producers' durable equipment Net exports Exports Imports Gross government investment 1999 III Residual Addenda: Domestic output of new autos l Sales of imported new autos 2 1. Includes new trucks only. 1998 IV 134.7 128.0 135.2 130.4 118.1 126.2 137.4 119.4 Auto output. Final sales Personal consumption expenditures New autos Net purchases of used autos Producers' durable equipment New autos Net purchases of used autos Net exports Exports Imports Gross government investment 1997 1998 1997 1999 Truck outputl Final sales Personal consumption expenditures , Producers' durable equipment Net exports Exports , Imports Gross government investment 140.2 154.6 151.9 151.5 153.3 141.2 172.6 172.0 137.3 156.9 145.7 148.9 163.9 147.5 167.5 166.8 59.8 70.0 63.6 64.4 71.1 66.7 77.9 76.6 73.7 83.1 77.4 80.6 85.6 79.2 86.8 91.2 ^ . 0 ^ . 6 -2.4 -2.8 -1.1 -4.8 -5.7 -8.3 10.3 8.4 9.8 11.5 11.3 11.2 8.2 8.3 14.3 13.4 13.9 14.2 12.3 13.0 14.1 16.5 8.6 7.0 7.4 8.1 7.7 8.6 6.5 7.5 Change in business inventories 2.8 -2.2 5.9 2.5 -10.2 -6.0 4.9 4.9 Residual -.2 -.4 0 -.1 -.7 -.5 .1 .1 1. Includes new trucks only. NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. Chain-type quantity indexes for the series in this table appear in table 7.19. National Data • D-27 SURVEY OF CURRENT BUSINESS July 1999 B. Other NIPA and NiPA-Related Tables. Monthly Estimates: Tables B.i and B.2 include the most recent estimates of personal income and its components; these estimates were released on June 28, 1999 and include "preliminary" estimates for May 1999 and "revised" estimates for January-April 1999. Table B.1 .—Personal Income [Billions of dollars; monthly estimates seasonally adjusted at annual rates] Personal income. Wage and salary disbursements Private industries Goods-producing industries Manufacturing Distributive industries Service industries . Government Other labor income . Farm Nonfarm Rental income of persons with CCAdj. Personal dividend income Personal interest income Old-age, survivors, disability, and health insurance benefits , Government unemployment insurance benefits Other Less. Personal contributions for social insurance . 1997 1998 Apr. May June July Sept. Oct. Nov. Dec. Jan/ Feb.' Mar/ Apr/ May 6,784.0 7,126.1 7,055.3 7,085.9 7,104.4 7,133.7 7,164.1 7,184.6 7,217.2 7,279.8 7,276.8 7,320.2 7,352.9 7,374.9 7,413.9 7,444.8 3,889.8 3,225.7 975.0 719.5 879.8 1,370.8 664.2 4,149.9 3,460.5 1,026.9 751.5 939.6 1,494.0 689.3 4,097.6 3,414.0 1,022.8 750.8 926.4 1,464.7 4,124.3 3,438.6 1,025.5 753.2 935.6 1,477.5 685.7 4,131.0 3,442.8 1,021.3 748.3 934.4 1,487.1 688.1 4,153.6 3,463.4 1,020.9 743.8 941.5 1,501.0 690.2 4,183.4 3,490.6 1,030.6 752.4 946.3 1,513.8 692.8 4,194.3 3,499.2 1,032.7 756.4 949.6 1,516.9 695.1 4,220.9 3,523.5 1,034.3 754.5 956.3 1,533.0 697.4 4,243.9 3,544.4 1,036.5 753.5 961.9 1,546.1 4,263.5 3,562.7 1,041.6 754.2 966.2 1,554.8 700.9 4,295.8 3,586.9 1,045.0 757.9 967.1 1,574.8 708.9 4,322.6 3,611.2 1,049.3 759.7 973.8 1,588.2 711.4 4,332.5 3,619.0 1,049.9 760.1 973.4 1,595.7 713.4 4,359.0 3,643.5 1,055.9 763.4 979.9 1,607.7 715.5 4,382.6 3,665.9 1,060.0 767.5 983.6 1,622.3 716.7 392.9 551.2 35.5 515.8 158.2 260.3 747.3 406.9 577.2 28.7 548.5 404.7 405.7 406.6 411.0 411.9 412.9 414.6 416.6 418.6 420.6 574.8 28.2 546.6 408.3 574.7 25.2 549.5 410.1 570.2 27.7 542.5 407.5 577.2 26.8 550.5 409.2 614.8 53.0 561.7 592.9 25.4 567.5 596.8 24.7 572.1 598.8 23.7 575.1 605.9 18.7 587.1 162.6 263.1 262.0 262.1 262.3 163.5 262.8 164.8 264.7 770.5 171.6 265.7 166.3 266.7 769.4 166.3 267.7 769.7 268.8 1,151.8 588.5 19.4 544.0 349.9 1,155.8 588.8 19.4 547.6 352.5 1,157.3 589.6 19.5 548.1 354.2 1,161.7 593.2 19.6 548.9 355.6 1,172.7 597.0 19.5 556.2 361.8 1,173.1 597.2 19.5 556.4 363.7 599.3 19.1 580.2 168.9 270.0 772.4 1,179.7 599.6 19.7 560.4 364.6 606.5 21.7 584.8 160.9 576.4 23.5 552.9 164.4 582.9 25.7 557.3 162.6 570.2 27.2 543.0 159.4 1,180.7 600.7 19.3 560.7 366.5 DecT Jan/ Feb/ Mar/ Apr/ 7,276.8 7,320.2 7,352.9 7,374.9 7,413.9 1,130.1 6,146.7 6,173.7 1,138.9 1,146.1 6,228.7 1,153.5 6,260.3 6,205.6 1,147.2 6,205.7 6,257.1 3,500.3 180.1 20.6 -27.1 6,005.0 759.9 1,720.4 3,524.7 180.3 20.2 -24.2 6,056.7 777.3 1,739.4 3,540.1 180.2 20.2 -51.5 6,090.1 776.5 1,748.2 3,565.4 179.2 20.2 -€0.7 6,321.2 6,120.9 769.5 1,763.2 3,588.2 180.0 20.2 -60.8 6,156.6 786.4 1,771.4 3,598.9 180.7 20.2 -77.1 5,428.6 5,448.9 5,468.3 5,487.3 5,484.1 5,501.8 1,110.4 565.9 19.9 524.6 326.2 Aug. 764.8 761.2 762.8 765.0 163.0 262.4 767.3 1,149.0 586.5 19.5 542.9 347.4 1,143.8 583.7 19.6 540.5 1,145.3 585.1 19.4 540.8 345.5 1,148.3 586.2 19.6 542.5 346.2 1,150.4 588.0 19.5 542.9 347.7 343.6 p Preliminary. r Revised. Source: U.S. Department of Commerce, Bureau of Economic Analysis. 263.7 770.7 1,156.6 590.4 19.6 546.6 350.8 167.8 770.9 169.5 271.3 774.7 170.0 272.7 778.9 1,182.3 602.2 19.5 560.6 368.2 CCAdj Capital consumption adjustment IVA Inventory valuation adjustment Table B.2.—The Disposition of Personal Income [Monthly estimates seasonally adjusted at annual rates] 1997 Apr. I May | June | July | Aug. | Sept. | Oct. | Nov. | | May* Billions of dollars, unless otherwise indicated 7,126.1 1,098.3 6,027.9 7,055.3 7,085.9 7,104.4 7,133.7 7,164.1 1,083.3 1,094.9 1,100.5 1,102.0 1,110.8 5,972.0 5,990.9 6,004.0 6,031.7 6,053.3 6,000.2 5,914.4 5,970.4 6,005.2 6,036.4 5,493.7 673.0 1,600.6 3,220.1 161.5 18.9 121.0 5,807.9 724.7 1,662.4 3,420.8 172.4 19.9 27.7 5,723.9 698.6 1,646.8 3,378.5 170.6 19.9 57.6 5,782.1 724.3 1,657.9 3,399.9 168.4 19.9 20.5 5,815.0 737.3 1,661.0 3,416.7 170.4 19.9 -1.2 6,009.5 5,817.7 707.4 7,184.6 1,112.4 6,072.2 6,073.7 3,440.4 171.9 20.0 22.2 5,843.1 715.4 1,669.4 3,458.2 173.3 20.0 16.9 5,879.2 733.8 1,670.8 3,474.7 174.5 20.0 -1.4 5,912.0 748.5 1,683.2 3,480.4 176.7 20.6 -11.2 6,117.9 5,919.2 742.0 1,691.2 3,486.0 178.1 20.6 36.6 5,183.1 5,347.1 5,363.0 5,382.3 5,393.8 5,441.3 Personal income 6,784.0 Less: Personal tax and nontax payments Equals: Disposable personal income 989.0 5,795.1 5,674.1 Less: Personal outlays Personal consumption expenditures .... Durable goods Nondurable goods Interest paid by persons Personaltransfer payments to the rest of the world (net) Equsls', Personal saving Addenda: Disposable personal income: Billions of chained (1992) dollars • Per capita: Current dollars .. . Chained (1992) dollars Population (thousands) Personal consumption expenditures: Billions of chained (1992) dollars Durable goods Nondurable goods Services Implicit price deflator, 1992=100 Personal saving as percentage of disposable personal income2 7,217.2 1,119.1 6,098.1 6,109.3 7,279.8 1,125.4 6,154.5 5,973.1 773.2 6,181.3 6,289.5 7,444.8 1,164.4 6,280.4 6,357.5 5,348.5 5,311.7 5,318.8 5,334.0 21,633 22,304 19,349 19,790 267,880 270,257 22,145 19,697 22,200 19,709 22,231 22,316 22,376 22,427 22,504 22,682 22,624 22,738 22,813 22,881 22,979 23,034 19,751 19,783 19,825 19,879 19,905 20,054 19,981 20,044 20,103 20,158 20,130 20,179 270,069 270,289 270,522 270,757 270,973 271,336 271,684 271,848 272,019 272,219 272,434 272,654 4,913.5 668.6 1,486.3 2,761.5 111.81 5,153.3 737.1 1,544.1 2,879.5 112.70 5,091.1 704.2 1,536.8 2,854.3 112.43 5,133.4 734.0 1,540.7 2,866.1 112.64 5,166.1 749.8 1,545.2 2,880.0 112.56 2.1 .5 1.0 5.6 5.0 0.3 5,157.4 719.3 1,551.2 2,891.5 112.80 5,176.8 729.8 1,546.6 2,905.4 112.87 5,211.2 751.8 1,549.3 2,917.5 112.82 .4 5,229.3 767.1 1,557.9 2,914.3 113.06 -.2 5,233.3 761.8 1,567.0 2,914.2 113.11 5,275.3 796.1 1,570.4 2,923.0 113.23 .6 -.4 5,293.5 783.8 1,585.2 2,936.9 113.44 5,337.1 804.5 1,604.5 2,943.9 113.48 5,365.2 808.4 1,613.0 2,959.6 113.51 5,362.0 798.8 1,604.0 2,972.5 114.15 5,393.4 819.1 1,612.2 2,978.4 114.15 -.8 -1.0 -1.0 -1.2 0.4 0.3 0.5 0.4 Percent change from preceding period, monthly changes at monthly rates Personal income, current dollars ... Disposable personal income: Current dollars Chained (1992) dollars Personal consumption expenditures: Current dollars Chained (1992) dollars 0.4 4.0 3.2 p Preliminary. r Revised. 1. Disposable personal income in chained (1992) dollars equals the current-dollar figure divided by the implicit price deflator for personal consumption expenditures. 0.4 0.4 0.3 0.5 0.9 0.6 -.1 -.2 .8 .5 -.1 2. Monthly estimates equal personal saving for the month as a percentage of disposable personal income for that month. Source: U.S. Department of Commerce, Bureau of Economic Analysis, D-28 • National Data July 1999 SURVEY OF CURRENT BUSINESS Annual Estimates: Except as noted, these tables are derived from the NIPA tables published in the August 1998 SURVEY BUSINESS; they are consistent with the most recent comprehensive and annual revisions. OF CURRENT Table B.3.—Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1995-97 Billions of dollars 1995 Gross domestic product Private industries Agriculture, forestry, and fishing Farms Agricultural services, forestry, and fishing .... Mining Metal mining Coal mining Oil and gas extraction Nonmetallic minerals, except fuels Construction 1996 1997 Billions of chained (1992) dollars 1995 1996 1997 7,661.6 8,110.9 6,761.7 6,994.8 7,269.8 6,306.9 6,667.9 7,083.3 6,119.9 6,395.3 109.5 72.3 37.2 130.4 91.6 38.8 131.7 90.2 41.5 106.2 72.0 34.7 114.2 78.6 36.2 127.6 90.3 38.0 98.7 6.7 12.0 70.5 9.4 113.8 6.1 12.9 84.3 10.4 120.5 5.8 13.2 90.1 11.4 107.4 5.5 15.4 77.4 9.3 103.0 5.7 17.2 70.6 10.2 109.9 6.2 18.1 75.4 10.8 286.4 311.9 328.8 254.2 268.5 274.4 1,282.2 1,309.1 1,378.9 1,271.6 1,293.8 1,369.9 Manufacturing 711.6 737.3 784.0 727.0 769.0 838.6 Durable goods 33.1 31.7 31.4 Lumber and wood products . 39.1 42.8 40.9 19.7 18.7 18.6 Furniture and fixtures 20.5 22.1 19.4 29.3 27.2 27.6 33.7 30.2 Stone, clay, and glass products 31.3 48.0 44.1 46.9 53.2 51.7 Primary metal industries 51.5 93.0 87.8 88.6 99.3 93.1 87.6 Fabricated metal products 215.2 162.9 183.2 141.5 148.8 158.9 Industrial machinery and equipment 136.7 141.6 157.3 178.7 213.2 261.2 Electronic and other electric equipment ... 77.8 77.7 73.2 85.2 82.4 85.4 Motor vehicles and equipment 44.1 43.3 43.9 50.7 Other transportation equipment 49.0 46.1 36.3 42.0 40.2 55.9 49.1 Instruments and related products 55.5 23.1 22.8 23.3 24.8 23.3 Miscellaneous manufacturing industries ... 24.6 Nondurable goods 570.5 571.8 594.9 545.1 527.8 537.6 123.2 116.0 118.5 125.8 105.7 106.7 Food and kindred products 21.3 23.8 22.5 Tobacco products 18.4 17.3 17.0 25.7 26.4 25.6 Textile mill products ..... 24.7 25.5 24.5 28.2 28.6 27.0 28.4 27.4 Apparel and other textile products 26.7 48.9 44.4 46.4 56.6 55.0 58.9 Paper and allied products 76.7 77.1 76.1 92.4 98.4 84.7 Printing and publishing Chemicals and allied products 156.1 155.8 158.8 139.6 140.3 141.2 32.4 30.4 32.3 35.2 Petroleum and coal products 29.6 28.3 53.7 47.1 49.5 52.0 44.9 Rubber and miscellaenous plastics 48.6 4.3 4.7 4.1 4.4 4.8 5.2 Leather and leather products Transportation and public utilities Transportation Railroad transportation Local and interurban passenger transit .... Trucking and warehousing Water transportation Transportation by air Pipelines, except natural gas 616.4 226.1 22.9 12.2 98.0 10.9 53.9 4.9 649.3 237.0 23.4 13.0 92.9 11.7 65.2 5.2 676.3 255.5 24.1 13.8 97.9 12.8 74.4 5.6 592.2 216.1 26.1 11.4 89.1 11.0 50.6 4.9 626.4 229.7 28.2 11.3 86.5 10.7 63.5 6.3 644.3 241.5 28.2 11.3 87.3 11.0 72.6 6.8 1. The current-dollar statistical discrepancy equals gross domestic product (GDP) measured as the sum of expenditures less gross domestic income—that is, GDP measured as the costs incurred and profits earned in domestic production. The chained (1992) dollar statistical discrepancy equals the current-dollar discrepancy deflated by the implicit price deflator for gross domestic business product. Billions of dollars Transportation services Communications . Telephone and telegraph Radio and television Electric, gas, and sanitary services Wholesale trade . Retail trade 1995 1996 1997 23.2 193.3 145.2 48.1 197.0 25.5 207.5 157.0 50.4 204.9 491.4 641.0 Billions of chained (1992) dollars 1995 1996 1997 26.8 211.6 158.6 53.1 209.2 23.2 180.7 138.6 41.8 195.5 24.0 191.5 152.4 39.5 205.3 519.8 562.8 455.8 673.0 712.9 626.4 25.1 196.4 160.6 37.3 206.3 532.0 665.9 713.5 Finance, insurance, and real estate Depository instituions Nondepository institutions Security and commodity brokers Insurance carriers Insurance agents, brokers, and services Real estate Nonfarm housing services Other real estate Holding and other investment offices 1,362.3 1,448.6 1,570.3 1,206.2 1,246.0 1,286.0 229.1 240.6 266.4 193.4 192.0 191.9 32.6 44.3 56.3 35.4 39.7 39.3 78.4 104.1 120.5 96.5 106.6 73.4 91.2 87.6 118.5 122.0 146.0 93.5 42.1 48.0 50.7 41.7 46.7 43.1 843.8 892.2 935.0 776.6 799.5 814.8 588.4 675.8 712.7 600.0 643.1 616.1 200.7 216.4 222.4 188.2 199.7 198.7 12.6 9.4 5.1 12.5 11.0 12.2 Services Hotels and other lodging places Personal services Business services Auto repair, services, and parking Miscellaneous repair services Motion pictures Amusement and recreation services Health services Legal services Educational services Social services Membership organizations Other services Private households 1,445.4 1,544.2 1,656.8 1,305.3 1,349.1 1,398.6 69.0 61.3 65.6 56.2 56.8 57.5 47.4 47.8 51.5 43.2 44.1 42.4 284.9 322.1 364.7 271.3 295.7 323.1 68.3 63.6 73.3 56.5 60.2 64.4 21.7 20.5 16.9 15.2 14.7 23.2 28.4 26.3 24.4 25.2 26.6 30.5 61.3 56.6 50.5 52.7 56.2 66.7 428.9 445.5 460.1 373.3 377.3 379.0 96.6 100.7 106.6 85.7 87.0 86.0 58.1 55.3 49.0 50.4 61.5 49.4 49.0 46.4 43.4 46.3 44.6 52.2 49.2 47.0 42.6 44.1 43.3 50.8 198.8 214.6 234.6 183.7 192.8 201.3 10.8 11.8 11.9 10.2 12.0 10.5 Statistical discrepancy' Government -26.5 -32.2 -55.8 -23.1 -27.1 -45.4 962.7 993.7 1,027.6 876.5 877.8 884.0 Federal General government Government enterprises . 327.7 275.4 52.3 334.8 279.2 55.5 338.1 281.3 56.8 296.8 248.2 48.8 290.2 240.7 49.8 286.9 235.4 51.9 State and local General government Government enterprises . 635.0 582.2 52.8 658.9 604.4 54.5 631.7 57.9 579.7 532.1 47.5 587.6 540.8 46.8 597.4 551.3 46.2 -53.7 -68.8 -114.3 Not allocated by industry 2 .. 2. Equals GDP in chained (1992) dollars less the statistical discrepancy and the sum of GPO of the detailed industries. NOTE.—Estimates are based on the 1987 Standard Industrial Classification. The table is derived from tables 10 and 13 in "Gross Product by Industry, 1995-97" in the November 1998 SURVEY. National Data • SURVEY OF CURRENT BUSINESS July 1999 D-29 Table B.4.—Personal Consumption Expenditures by Type of Expenditure Billions of dollars Billions of chained (1992) dollars Billions of dollars 1995 1996 1997 1995 1996 4,605.6 4,752.4 4,913.5 4,953.9 5,215.7 5,493.7 Food and tobacco Food purchased for off-premise consumption (n.d.) Purchased meals and beverages' (n.d.) Food furnished to employees (including military) (n.d.)... Food produced and consumed on farms (n.d.) Tobacco products (n.d.) Addenda: Food excluding alcoholic beverages (n.d.) Alcoholic beverages purchased for off-premise consumption (n.d.) Other alcoholic beverages (n.d.) 780.4 461.9 261.0 805.2 477.0 268.8 832.3 494.2 277.2 736.8 434.9 246.1 740.0 436.6 247.4 745.7 442.3 248.4 8.5 .5 8.8 .4 9.1 .4 8.0 .4 8.1 .4 8.2 .4 48.6 649.1 50.2 669.0 51.4 692.4 47.4 609.4 47.5 611.4 46.4 617.5 54.8 27.9 57.1 28.9 58.6 30.0 54.4 25.7 55.4 25.8 56.1 25.9 Clothing, accessories, and jewelry Shoes (n.d.) Clothing and accessories except shoes 2 Women's and children's (n.d.) Men's and boys' (n.d.) : Standard clothing issued to military personnel (n.d) Cleaning, storage, and repair of doming and shoes (s.) Jewelry and watches (d.) Other * (s.) 321.8 36.9 216.8 140.5 76.4 338.0 38.5 226.9 146.5 80.4 353.3 39.8 237.9 152.9 85.0 324.2 37.2 222.7 145.4 77.2 345.7 39.0 236.9 155.7 81.2 361.8 40.4 247.7 162.5 85.3 Personal consumption expenditures .3 .3 .3 .3 .3 .3 12.2 39.4 16.1 12.7 41.4 18.2 13.1 43.1 19.2 11.4 37.7 15.0 11.7 41.2 16.7 11.7 44.5 17.2 Personal care Toilet articles and preparations (n.d.) Barbershops, beauty parlors, and health clubs (s.) 71.8 47.2 24.6 75.0 49.7 25.3 79.4 52.6 26.8 68.1 45.3 22.8 70.1 47.4 22.7 73.0 49.8 23.3 Housing Owner-occupied nonfarm. dwellingsspace rent 4 (s.) Tenant-occupied nonfarm dwellingsrent5 (s.) Rental value of farm dwellings (s.) Other 6 (s.) 750.4 532.4 184.8 787.4 559.1 193.2 829.8 590.3 203.2 688.6 487.4 171.4 700.9 496.0 174.7 717.4 508.9 178.7 5.9 6.1 6.3 5.2 5.1 5.0 27.3 29.1 30.0 24.7 25.2 24.9 notisfinoici oDGifliiOn *»»•••«••#•••#••#••••«•»••••*••••*•••*••#•••»••»••••••••••• 559.4 47.7 27.2 25.2 54.6 28.7 592.8 50.6 28.5 27.0 57.9 30.7 620.7 54.8 29.7 28.6 61.8 32.8 533.0 44.3 26.7 25.2 53.7 26.8 555.6 46.4 27.9 27.3 56.8 28.7 578.4 50.4 29.3 29.1 60.4 30.6 Furniture, including mattresses and bedsprings (d.).. Kitchen and other household appliances? (d.) China, glassware, tableware, and utensils (d.) Other durable house furnishings8 (d.) SemiduraWe house furnishings9 (n.d.) Cleaning and polishing preparations, and miscellaneous household supplies and paper products (n.d) Stationery and writing supplies (n.d.) Household utilities Electricity s ) Gas(s.)..1..:.:..:....:: : :... Water and other sanitary services (s.) Fuel oil and coal (n.d.) Telephone and telegraph (s.) Domestic service (s) Other 10 (s.) Drug preparations and sundries 11 (n.d.) Ophthalmic products and orthopedic appliances (d.) Physicians (s.) Dentists (s.) Other professional services 12 (s.) Hospitals and nursing homes 13 Proprietary (s.) Government (s.) Nursing homes (s.) Health insurance Medical care and hospitalization14 (s.) Income loss 1 5 (s.) Workers' compensation16 (s.) 52.3 15.8 168.0 87.9 31.3 37.9 10.9 87.7 12.8 39.3 54.6 16.8 176.6 90.3 35.2 38.9 12.2 97.1 12.5 40.4 56.5 18.0 178.5 90.2 36.0 41.1 11.2 104.2 13.2 42.7 50.3 14.4 159.0 84.3 30.5 33.1 11.2 85.5 11.7 35.8 51.2 14.7 161.9 85.1 32.9 32.8 11.2 94.7 11.0 35.5 52.5 15.0 160.1 84.6 31.5 33.8 10.3 105.0 11.2 36.4 875.0 85.5 13.3 191.5 47.6 104.9 374.3 310.8 206.4 34.7 69.8 63.5 57.9 45.6 912.4 91.1 14.6 198.2 49.5 111.9 389.8 321.7 212.9 36.6 72.2 68.1 57.4 45.0 957.3 98.1 15.7 205.2 52.6 119.4 408.1 334.3 220.0 40.7 73.5 73.9 58.0 46.1 766.9 79.6 12.3 166.2 41.1 95.9 336.9 280.4 188.5 30.5 61.4 56.4 37.1 34.8 782.6 83.0 13.3 170.8 40.8 100.5 341.1 283.3 189.7 31.4 62.0 57.9 36.2 34.0 803.6 88.2 14.1 174.5 41.5 103.3 350.2 289.6 192.2 34.6 62.6 60.5 35.8 33.6 2.3 2.6 9.8 2.8 9.2 2.5 1.8 2.7 1.7 2.9 1.6 10.0 1. Consists of purchases (including tips) of meals and beverages from retail, service, and amusement establishments, hotels, dining and buffet cars, schools, school fraternities, institutions, clubs, and industrial lunchrooms. Includes meals and beverages consumed both on- and off-premise. 2. Includes luggage. 3. Consists of watch, clock, and jewelry repairs, costume and dress suit rental, and miscellaneous personal services. 4. Consists of rent for space and for heating and plumbing facilities, water heaters, lighting fixtures, kitchen cabinets, linoleum, storm windows and doors, window screens, and screen doors, but excludes rent for appliances and furniture and purchases of fuel and electricity. 5. Consists of space rent (see footnote 4) and rent for appliances, furnishings, and furniture. 6. Consists of transient hotels, motels, clubs, schools, and other group housing. 7. Consists of refrigerators and freezers, cooking ranges, dishwashers, laundry equipment, stoves, room air conditioners, sewing machines, vacuum cleaners, and other appliances. 8. Includes such house furnishings as floor coverings, comforters, quilts, blankets, pillows, picture frames, mirrors, art products, portable lamps, and clocks. Also includes writing equipment and hand, power, and garden tools. 9. Consists largely of textile house furnishings, including piece goods allocated to house furnishing use. Also includes lamp shades, brooms, and brushes. 10. Consists of maintenance services for appliances and house furnishings, moving and warehouse expenses, postage and express charges, premiums for fire and theft insurance on personal property less benefits and dividends, and miscellaneous household operation services. 11. Excludes drug preparations and related products dispensed by physicians, hospitals, and other medical services. 12. Consists of osteopathic physicians, chiropractors, private duty nurses, chiropodists, podiatrists, and others providing health and allied services, not elsewhere classified. 13. Consists of (1) current expenditures (including consumption of fixed capital) of nonprofit hospitals and nursing homes, and (2) payments by patients to proprietary and government hospitals and nursing homes. 14. Consists of (1) premiums, less benefits and dividends, for health, hospitalization, and accidental death and dismemberment insurance provided by commercial insurance carriers, and (2) administrative expenses (including consumption of fixed capital) of nonprofit and self-insured health plans. 15. Consists of premiums, less benefits and dividends, for income loss insurance. 16. Consists of premiums, less benefits and dividends, for privately administered workers' compensation. 17. Consists of (1) operating expenses of life insurance carriers and private noninsured pension plans, and (2) premiums, less benefits and dividends, of fraternal benefit societies. Excludes expenses allocated by commercial carriers to accident and health insurance. 18. Consists of current expenditures (including consumption of fixed capital) of trade unions and professional associations, employment agency fees, money order fees, spending for classified advertisements, tax return preparation services, and other personal business services. 1995 1997 Billions of chained (1992) dollars 1996 1997 416.2 1995 1996 1997 39,1 46.6 459.1 54.4 354.3 42.1 364.6 51.1 377.2 61.2 33.9 37.3 41.5 27.9 29.0 30.8 159.1 75.7 49.4 12.2 19.4 167.5 77.4 53.0 13.3 21.1 190.9 80.2 55.9 13.8 22.4 144.2 68.8 44.4 10.5 17.3 145.3 66.2 46.1 10.9 18.3 148.1 65.2 46.7 10.7 18.9 Transportation User-operated transportation New autos (d.) Net purchases of used autos (d.) Other motor vehicles (d.) Tires, tubes, accessories, and other parts (d.) Repair, greasing, washing, parking, storage, rental, and leasing (s.) Gasoline and oil (n.d.) Bridge, tunnel, ferry, and road tolls (s.) Insurance 19 (s.) Purchased local transportation Mass transit systems (s.) Taxicab (s.) Purchased intercity transportation Railway (s.) Bus (s.) Airline (s.) Other2i> (s.) 574.1 531.9 86.6 53.0 79.7 36.2 611.6 567.3 85.8 55.8 84.7 38.5 636.4 588.3 86.2 57.3 87.2 38.8 5315 491.1 80.2 41.4 72.0 36.7 551.7 509.0 78.2 42.4 75.0 39.1 525.3 78.5 44.1 76.5 39.7 128.7 115.6 2.8 29.4 9.1 6.0 3.2 33.0 .8 1.1 143.6 124.5 2.8 31.5 10.0 154.9 126.5 3.0 34.4 10.4 117.5 114.3 2.5 6.5 3.5 34.3 6.8 3.6 37.7 .8 128.6 116.0 2.5 26.7 8.4 5.5 3.0 34.4 .7 1.2 Personal business Brokerage charges and investment counseling (s.) Bank service charges, trust services, and safe deposit box rental (s.) Services furnished without payment by financial intermediaries except life insurance carriers and private noninsured pension plans (s.) Expense of handling life insurance 17 (s.) Legal services (s.) Funeral and burial expenses (s.) Other 18 (s.) 26.0 27.9 3.3 .8 1.1 28.5 3.9 1.2 31.5 4.1 8.5 5.5 3.0 31.9 .7 1.2 27.2 2.8 Recreation Books and maps (d.). Magazines, newspapers, and sheet music (n.d.) Nondurable toys and sport supplies (n.d.) Wheel goods, sports and photographic equipment, boats, and pleasure aircraft (d.) Video and audio products, computing equipment, and musical instruments (d.) Radio and television repair (s.) Flowers, seeds, and potted plants (n.d.) Admissions to specified spectator amusements Motion picture theaters (s.) Legitimate theaters and opera, and entertainments of nonprofit institutions (except athletics) (s.) Spectator sports 21 (s.) Clubs and fraternal organizations22 (s.) Commercial participant amusements 23 (s.) Pari-mutuel net receipts (s.) Other 24 (s.) 404.2 22.4 25.7 42.3 432.3 24.2 27.6 45.1 462.9 25.2 29.1 47.8 399.1 21.0 23.1 41.9 Education and research . Higher education 25 (s.) Nursery, elementary, and secondary schools 26 (s.) Other 5 " (s.) ; ..... 137.0 117.9 2.5 28.3 8.6 5.7 3.0 35.9 .7 29.2 3.3 1.2 30.4 3.4 429.9 21.8 23.9 44.5 466.9 22.5 25.0 47.6 39.3 42.3 48.1 38.0 40.9 46.8 86.4 4.9 13.8 20.1 5.8 92.0 5.0 14.8 21.9 6.2 96.5 5.4 15.9 23.3 6.6 103.6 4.4 13.3 18.2 5.3 123.8 4.4 14.8 18.9 5.3 146.8 4.6 16.5 19.6 5.6 8.7 5.5 12.7 41.3 3.3 92.1 9.3 6.4 13.0 44.7 3.4 98.3 10.0 6.7 13.8 49.1 3.5 105.1 7.9 5.0 11.5 37.9 3.0 85.9 8.0 5.6 11.6 40.0 2.9 8.4 5.6 12.1 42.9 2.9 91.4 112.0 119.7 65.7 23.5 30.4 129.4 69.6 25.7 34.1 98.7 53.7 20.7 24.4 102.0 62.4 22.9 26.7 106.8 54.8 22.4 30.0 54.0 20.9 27.3 Religious and welfare activities 28 (s.) 138.6 151.1 157.6 127.8 137.0 140.4 Foreign travel and other, net Foreign travel by U.S. residents 29 (s.) Expenditures abroad by IKS. residents (n.d.) Less. Expenditures in the United States by nonresidents30 (s.) , Less. Personal remittances in kind to nonresidents (n.d.) -22.7 51.2 2.7 -26.1 54.7 2.5 -24.4 59.9 3.0 -20.1 48.3 2.4 -21.4 50.5 2.3 -17.7 75.2 1.4 82.0 1.3 86.0 1.3 1.3 73.0 1.2 74.1 1.2 -11.1 -20.7 -33.5 Residual . 54.5 3.1 19. Consists of premiums, less benefits and dividends, for motor vehicle insurance. 20. Consists of baggage charges, coastal and inland waterway fares, travel agents' fees, and airport bus fares. 21. Consists of admissions to professional and amateur athletic events and to racetracks. 22. Consists of dues and fees excluding insurance premiums. 23. Consists of billiard parlors; bowling alleys; dancing, riding, shooting, skating, and swimming places; amusement devices and parks; golf courses; sightseeing buses and guides; private flying operations; casino gambling; and other commercial participant amusements. 24. Consists of net receipts of lotteries and expenditures for purchases of pets and pet care services, cable TV, film processing, photographic studios, sporting and recreation camps, video cassette rentals, and recreational services, not elsewhere classified. 25. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, and less expenditures for research and development financed under contracts or grants. For government institutions, equals student payments of tuition. 26. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures. For government institutions, equals student payments of tuition. Excludes child day care services, which are included in religious and welfare activities. 27. Consists of (1) fees paid to commercial, business, trade, and correspondence schools and for educational services, not elsewhere classified, and (2) current expenditures (including consumption of fixed capital) by research organizations and foundations for education and research. 28. For nonprofit institutions, equals current expenditures (including consumption of fixed capital) of religious, social welfare, foreign relief, and political organizations, museums, libraries, and foundations. The expenditures are net of receipts—such as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, and excludes relief payments within the United States and expenditures by foundations for education and research. For proprietary and government institutions, equals receipts from users. 29. Beginning with 1981, includes U.S. students' expenditures abroad; these expenditures were $0.3 billion in 1981. 30. Beginning with 1981, includes nonresidents' student and medical care expenditures in the United States; student expenditures were $2.2 billion and medical expenditures were $0.4 billion in 1981. NOTE.—Consumer durable goods are designated (d.), nondurable goods (n.d.), and services (s.). Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. D-30 • National Data SURVEY OF CURRENT BUSINESS Table B.6.—Private Purchases of Producers' Durable Equipment by Type Table B.5.—Private Purchases of Structures by Type Billions of chained (1992) dollars Billions of dollars Private purchases of structures .... Nonresidential 1995 1996 478.8 521.2 201.3 216.9 1997 Billions of dollars 1995 1996 560.1 430.5 458.4 478.4 240.2 180.7 189.7 203.2 200.9 216.6 238.9 180.3 189.4 157.1 32.7 78.8 32.4 46.3 4.4 7.7 13.1 20.5 173.3 31.4 87.0 38.2 48.8 5.7 9.5 15.3 24.4 126.1 29.1 63.4 26.7 36.7 3.8 5.6 11.2 13.0 137.7 28.6 69.0 28.4 40.5 3.9 6.7 11.5 18.0 147.2 26.7 73.8 32.4 41.4 4.9 8.1 13.0 20.7 Utilities Railroads Telecommunications Electric light and power Gas Petroleum pipelines 33.9 3.5 11.0 12.3 6.2 .9 31.7 4.4 11.7 9.8 4.8 1.0 33.5 5.1 11.5 11.1 4.8 1.0 30.6 3.1 10.1 11.0 5.6 .8 27.8 3.7 10.2 8.7 4.3 .9 28.7 4.1 9.9 9.7 4.2 .8 Farm Mining exploration, shafts, and wells . Petroleum and natural gas Other Other 4 3.0 16.3 14.8 1.5 6.9 3.8 18.1 16.5 1.6 5.8 4.0 22.7 20.8 1.9 5.4 2.7 14.4 13.1 1.3 6.3 3.3 15.3 13.8 1.4 5.1 3.4 17.9 16.3 1.6 4.6 Educational Hospital and institutional Other3 Brokers' commissions on sale of structures Net purchases of used structures Residential New New housing units Permanent site Single-family structures Multifamily structures Mobile homes Improvements Other5 Brokers' commissions on sale of structures Net purchases of used structures . Residual 1.6 1.8 2.0 1.5 1.7 1.8 -1.3 -1.5 -.7 -1.1 -1.3 -.6 277.5 304.3 319.9 249.8 268.6 275.1 246.7 269.7 282.7 220.6 236.0 240.4 174.2 162.9 145.0 17.9 11.3 72.0 .5 192.1 179.4 159.1 20.3 12.6 77.0 .6 200.4 187.1 164.4 22.6 13.3 81.5 .8 152.9 143.4 126.8 16.9 9.5 67.3 .4 165.3 154.9 136.6 18.7 10.3 70.2 .5 167.7 156.9 137.2 20.2 10.7 72.0 .7 36.4 -1.8 39.7 -2.5 30.3 -1.1 34.2 -1.5 37.1 -2.0 32.1 -1.3 -.1 -.5 1. Consists of office buildings, except those constructed at industrial sites and those constructed by utilities for their own use. 2. Consists of stores, restaurants, garages, service stations, warehouses, mobile structures, and other buildings used for commercial purposes. 3. Consists of hotels and motels, buildings used primarily for social and recreational activities, and buildings not elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals. 4. Consists primarily of streets, dams and reservoirs, sewer and water facilities, parks, and airfields. 5. Consists primarily of dormitories and fraternity and sorority houses. NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line ana the sum of the most detailed lines. 1996 533.7 578.6 526.4 571.0 173.0 1997 1996 628.5 538.7 597.1 668.5 620.5 531.7 589.8 660.9 189.4 206.6 201.5 245.4 298.0 73.4 83.0 90.3 107.1 154.1 212.7 64.9 8.5 59.1 22.8 17.7 74.4 8.6 64.1 24.5 17.7 81.1 9.2 71.1 26.1 19.1 100.8 8.2 61.9 21.6 16.8 151.3 8.4 68.5 22.8 16.4 214.8 9.0 76.5 24.3 17.6 123.8 11.8 4.2 28.3 131.7 12.9 4.7 29.7 138.6 13.4 3.8 32.7 115.4 11.1 4.0 26.0 120.5 11.8 4.3 26.8 125.9 12.0 3.4 29.3 32.5 33.5 34.0 30.2 30.5 30.7 26.0 28.6 30.3 24.2 26.2 27.4 22.2 137.2 71.3 44.8 13.0 2.3 5.8 24.4 Transportation and related equipment Trucks, buses, and truck trailers Autos Aircraft Ships and boats Railroad equipment 20.9 126.2 63.6 41.6 13.4 1.8 5.8 20.9 127.6 63.4 44.7 11.5 2.1 5.1 23.0 140.3 71.5 44.2 15.6 2.2 5.4 Other equipment Furniture and fixtures Tractors Agricultural machinery, except tractors Construction machinery, except tractors Mining and oilfield machinery Service industry machinery Electrical equipment, n.e.c Other 108.2 28.2 10.4 10.8 13.4 1.9 14.0 11.7 17.7 117.1 29.7 10.8 11.5 15.8 1.9 14.9 12.9 19.6 152.0 79.9 45.7 17.9 2.4 6.1 128.3 33.7 11.7 12.3 17.6 2.3 15.1 14.0 21.7 19.9 119.4 56.9 42.7 12.2 1,7 5.2 101.4 26.2 9.8 10.0 12.4 1.7 13.1 11.3 16.7 107.8 27.0 10.1 10.4 14.2 1.8 13.7 12.5 18.1 116.9 30.1 10.8 11.0 15.6 2.0 13.7 13.8 19.9 4.7 4.4 5.0 3.5 3.6 4.0 7.3 7.6 8.0 7.0 7.3 7.7 -9.4 -29.1 -59.0 Private purchases of producers' durable equipment 1997 202.0 140.8 32.5 70.8 29.8 41.0 4.2 6.2 12.5 14.5 Nonresidential buildings, excluding farm Industrial Commercial Office buildings1 Other2 1995 Billions of chained (1992) dollars 1995 1997 Nonresidential equipment ... New July 1999 Information processing and related equipment Office, computing, and accounting machinery Computers and peripheral equipmentl Other Communication equipment Instruments Photocopy and related equipment Industrial equipment Fabricated metal products Engines and turbines Metalworking machinery Special industry machinery, n.e.c. General industrial, including materials handling, equipment Electrical transmission, distribution, and industrial apparatus Less: Sale of equipment scrap, excluding autos Residential equipment Residual Addenda: Private purchases of producers' durable equipment Less: Dealers' margin on used equipment Net purchases of used equipment from government Plus: Net sales of used equipment Net exports of used equipment Sale of equipment scrap Equals: Private purchases of new equipment 533.7 6.1 578.6 6.6 628.5 6.8 1.0 37.8 .5 4.8 1.2 39.5 .4 4.5 1.2 39.9 569.8 615.2 666.0 .6 5.1 1. Includes new computers and peripheral equipment only. NOTE.-Chained (1992) dollar series are calculated as the f current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines. n.e.c. Not elsewhere classified. National Data • SURVEY OF CURRENT BUSINESS July 1999 D-31 Table B.7.—Compensation and Wage and Salary Accruals by Industry [Millions of dollars] Compensation 1995 1996 Compensation Wage and salary accruals 1997 1995 1996 1997 Total 4,208,870 4,409,048 4,687,227 3,441,903 3,640,421 3,893,552 Domestic industries 4,211,572 4,411,780 4,690,309 3,444,605 3,643,153 3,896,634 Private Industries 3,387,953 3,563,288 3,812,807 2,821,887 3,002,276 3,232,458 Communications Telephone and telegraph Radio and television Electric, gas, and sanitary services .. 31,941 13,336 34,535 14,203 36,611 14,408 Retail trade 25,157 18,605 20,332 22,203 Finance, insurance, and real estate .. 26,809 2,515 4,847 15,635 3,812 27,658 2,705 4,739 16,257 3,957 29,935 19,544 4,778 36,046 3,321 5,939 21,742 5,044 193,550 208,925 227,550 157,729 172,253 189,068 813,922 502,834 23,790 15,441 22,040 37,102 58,501 100,778 829,590 511,897 24,811 15,756 22,871 37,598 877,630 545,567 26,227 16,788 23,959 38,722 63,405 676,711 720,554 447,678 21,756 13,921 19,575 105,029 114,334 651,191 397,941 19,399 12,583 17,650 27,962 46,796 82,178 45,513 57,115 46,843 47,940 87,277 59,791 50,630 50,404 62,580 44,871 36,125 36,963 66,392 46,678 37,255 39,428 72,555 48,708 40,635 41,746 12,979 311,088 60,983 2,932 18,924 20,960 32,886 60,325 65,201 10,744 13,352 317,693 62,316 2,993 18,787 20,350 33,561 62,415 67,460 10,669 14,030 332,063 64,563 3,030 19,457 20,308 34,808 65,957 71,577 11,026 10,834 253,250 49,508 2,209 15,691 17,290 27,039 50,084 52,485 7,804 11,233 259,676 50,745 2,281 15,629 16,800 27,649 51,995 54,617 7,861 11,856 272,876 52,843 35,262 2,871 36,423 2,719 38,620 2,717 28,771 2,369 29,852 2,247 31,845 2,252 276,425 287,024 157,500 15,677 304,209 222,041 119,055 11,286 232,331 125,919 11,568 247,490 133,889 11,815 10,002 10,559 63,109 8,541 51,066 1,012 16,321 7,662 52,526 6,324 8,287 47,032 6,485 39,214 828 12,505 8,794 50,493 6,939 41,309 847 13,692 16,457 42,006 16,849 21,361 23,166 32,857 3,148 6,138 18,932 33,639 3,352 5,965 Construction Manufacturing Durable goods Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Industrial machinery and equipment Electronic and other electric equipment Motor vehicles and equipment Other transportation equipment Instruments and related products ... Miscellaneous manufacturing industries Nondurable goods Food and kindred products Tobacco products Textile mill products Apparel and other textile products Paper and allied products Printing and publishing Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastics products Leather and leather products Mining Metal mining .' " Coal mining Oil and gas extraction Nonmetallic minerals, except fuels Transportation and public utilities Transportation Railroad transportation Local and interurban passenger transit Trucking and warehousing Water transportation Transportation by air Pipelines, except natural gas Transportation services 15,627 77,006 63,604 150,390 15,335 9,303 66,708 7,831 35,720 1,050 14,443 7,961 48,000 1,000 14,995 166,582 15,974 28,408 868 11,981 417,035 20,458 12,986 18,560 28,845 48,517 Services Hotels and other lodging places Personal services Business services Auto repair, services, and parking .... Miscellaneous repair services Motion pictures Amusement and recreation services . Health services Legal services Educational services Social services and membership organizations Social services Membership organizations Other services1 Private households 51,797 95,263 2,316 16,196 16,817 28,797 55,218 58,427 8,165 1. Consists of museums, botanical and zoological gardens; engineering and management services; and services, not elsewhere classified. 2. memoes Includes uoast Coast Guard. 1. ujara. « . , . , . , . . . . . 3. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory Depository institutions Nondepository institutions Security and commodity brokers Insurance carriers Insurance agents, brokers, and service Real estate Holding and other investment offices 2,684 4,750 18,292 4,209 Government Federal General government Civilian .. Military 2 Government enterprises State and local General government Education Other Government enterprises 71,435 53,990 17,445 54,600 74,923 55,989 18,934 54,601 Wage and salary accruals 1997 1995 1996 1997 19,963 55,966 59,282 44,650 14,632 43,704 62,430 46,500 15,930 43,982 68,416 51,605 16,811 45,185 310,690 234,475 246,964 399,459 421,469 329,863 346,009 324,678 80,121 21,684 59,440 72,682 353,791 84,098 25,075 72,090 75,941 384,579 273,048 300,194 88,915 29,586 81,931 79,931 65,613 18,319 51,922 60,182 69,512 21,307 63,625 63,383 327,555 73,794 25,387 72,330 66,907 30,988 42,175 17,588 32,787 44,988 18,812 35,180 48,891 20,145 26,363 35,423 15,226 28,025 37,990 16,352 30,184 41,486 17,467 1,121,835 1,208,628 37,432 39,606 24,872 26,058 256,237 221,435 32,184 30,242 12,493 12,059 20,060 18,613 40,646 37,277 372,635 357,093 63,231 60,101 57,683 54,476 894,790 30,319 20,757 165,266 23,798 9,646 14,412 29,223 49,738 44,001 965,621 32,135 21,831 190,945 26,180 10,445 16,030 31,843 303,770 51,862 46,704 1,048,260 34,275 23,021 223,291 28,054 10,875 17,444 34,980 319,192 54,852 49,737 1,050,535 35,640 23,836 193,807 27,784 11,239 16,864 34,578 344,286 58,219 51r938 91,106 45,464 45,642 149,417 11,821 95,523 47,864 47,659 160,769 11,943 100,368 51,087 49,281 175,437 11,990 78,026 37,970 40,056 128,396 11,563 82,766 40,468 42,298 139,425 11,685 87,633 43,581 44,052 153,175 11,731 823,619 258,024 207,395 124,063 83,332 50,629 565,595 527,777 278,320 249,457 37,818 848,492 263,137 211,310 125,217 86,093 51,827 585,355 546,998 290,385 256,613 38,357 877,502 266,971 213,508 127,483 86,024 53,464 610,531 571,175 304,733 266,442 39,356 622,718 174,778 140,441 84,825 55,616 34,337 447,940 417,438 218,026 199,412 30,502 640,877 175,633 140,449 85,622 54,827 35,184 465,244 434,225 228,386 205,839 31,019 664,176 177,508 141,405 86,375 55,030 36,103 454,783 240,476 214,307 31,885 -2,702 1,284 3,986 -2,732 1,298 4,030 -3,082 1,252 4,334 -2,702 1,284 -2,732 1,298 4,030 -3,082 1,252 4,334 331,370 3,129,403 345,034 3,291,981 361,412 3,527,365 Rest of the world Receipts from the rest of the world Less: Payments to the rest of the world 3 Addenda: Households and institutions Nonfarm business 1996 276,103 Wholesale trade Agriculture, forestry, and fishing Farms Agricultural services forestry, and fishing 1995 workers employed temporarily in the United States. NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC). Compensation equals wage and salary accruals plus supplements to wages and salaries. "Supplements" are listed b l e ! i 5 of the August 1998 SURVEY OF CURREOT BUSINESS. in ta D-32 • National Data SURVEY OF CURRENT BUSINESS July 1999 Table B.8.—Employment by Industry [Thousands] Full-time and part-time tmiployment 1995 1996 1997 Persons engaged in production' 1995 1996 Full-time and part-time employment 1997 Total 124,576 127,015 129,980 121,660 123,917 126,751 Domestic Industries 125,146 127,567 130,567 122,148 124,390 127,254 Pnvfltc inousiiiGS ., Agriculture, forestry, and fishing Farms Agricultural services, forestry, and fishing . 103,188 105,606 108,498 103,795 106,057 108,851 2,004 868 1,136 2,079 870 1,209 2,133 876 1,257 3,403 2,000 1,403 3,360 1,859 1,501 3,345 1,846 1,499 587 52 106 321 108 583 54 99 321 109 600 53 97 340 110 590 52 103 327 108 586 54 97 327 108 603 53 95 346 109 5,386 5,671 5,951 6,657 6,956 7,247 Manufacturing Durable goods Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Industrial machinery and equipment Electronic and other electric equipment Motor vehicles and equipment Other transportation equipment Instruments and related products Miscellaneous manufacturing industries Nondurable goods Food and kindred products Tobacco products Textile mill products Apparel and other textile products Paper and allied products Printing and publishing Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastics products Leather and leather products 18,591 10,722 790 512 541 707 1,444 2,070 1,625 970 817 842 404 7,869 1,688 41 664 945 692 1,570 1,039 143 18,575 10,835 801 506 546 709 1,452 2,116 1,659 967 855 403 7,740 1,697 41 630 874 682 1,565 1,032 139 18,758 11,054 819 513 555 710 1,485 2,173 1,690 983 858 864 404 7,704 1,694 41 616 829 685 1,577 1,036 137 18,636 10,822 866 525 549 700 1,442 2,084 1,615 963 816 835 427 7,814 1,659 41 661 951 686 1,560 1,036 142 18,583 10,915 859 521 564 707 1,446 2,095 1,654 960 820 850 439 7,668 1,664 40 632 881 677 1,536 1,027 138 18,773 11,134 865 530 565 706 1,481 2,171 1,680 976 855 859 446 7,639 1,676 40 618 831 677 1,560 1,026 135 978 109 981 99 997 92 967 111 971 102 987 89 Transportation and public utilities Transportation Railroad transportation Local and interurban passenger transit, Trucking and warehousing Water transportation Transportation by air .., 6,176 3,961 232 420 1,912 178 781 6,294 4,063 224 440 1,658 177 1,119 6,462 4,170 220 457 1,704 183 1,139 6,178 4,048 220 431 2,051 178 734 6,320 4,182 212 444 1,854 174 1,050 6,469 4,279 208 480 1,877 179 1,066 Construction 821 1. Equals the number of full-time equivalent employees plus the number of self-employed persons. Unpaid family workers are not included. 2. Consists of museums, botanical and zoological gardens; engineering and management services; and services, not elsewhere classified. 15 423 1,309 916 393 906 14 431 1,349 937 412 882 6,476 6,561 21,867 22,255 6,929 2,023 463 553 1,500 732 1,410 248 7,052 2,018 513 581 1,505 746 35,172 1,757 1,300 6,935 1,132 374 507 1,517 9,572 1,056 2,073 36,536 1,794 1,317 7,484 1,205 389 539 1,591 9,813 1,063 2,134 4,618 2,435 2,183 3,050 1,281 21,958 5,552 4,570 2,026 2,544 982 16,406 15,482 8,383 7,099 924 14 453 1,422 1,004 418 1995 15 419 1,221 852 369 909 1996 14 434 1,260 874 386 878 1997 14 455 1,325 939 386 865 870 Wholesale trade Retail trade Mining Metal mining Coal mining Oil and gas extraction Nonmetallic minerals, except fuels 1997 1995 Pipelines, except natural gas Transportation services Communications Telephone and telegraph Radio and television Electric, gas, and sanitary services Persons engaged in production' Finance, insurance, and real estate Depository institutions , Nondepository institutions Security and commodity brokers .... Insurance carriers , Insurance agents, brokers, and service Real estate Holding and other investment offices .. Services ....... Hotels and other lodging places Personal services Business services Auto repair, services, and parking ....... Miscellaneous repair services .... Motion pictures Amusement and recreation services .... Health services Legal services Educational services Social services and membership organizations Social services Membership organizations Other services 2 Private households Government Federal General government Civilian Military3 Government enterprises State and local General government Education Other '.'. Government enterprises Rest of the world 4 .' -670 6,563 6,595 6,735 19,487 19,877 20,272 7,218 1,937 466 621 1,451 856 1,648 239 7,316 7,420 1,922 562 680 1,459 877 1,689 231 37,991 1,828 1,323 8,161 1,245 389 563 1,668 10,033 1,083 2,196 35,063 36,464 1,594 1,783 7,116 1,362 593 544 1,327 8,909 1,173 1,913 1,631 1,812 4,759 2,515 2,244 3,202 1,246 4,925 2,622 2,303 3,344 1,233 4,490 2,675 1,815 3,440 819 4,624 2,758 1,866 3,580 796 4,802 2,887 1,915 3,803 788 21,961 5,386 4,398 1,952 2,446 988 16,575 15,662 8,536 7,126 913 22,069 18,353 5,263 4,282 1,899 2,383 4,564 3,764 2,026 1,738 800 13,789 12,903 6,765 6,138 18,333 4,415 3,614 1,952 1,662 801 13,918 13,042 6,880 6,162 876 18,403 4,307 3,513 1,899 1,614 794 14,096 13,230 7,044 6,186 -552 -587 -488 -473 -503 6,740 22,620 1,442 247 7,243 2,028 573 630 1,522 767 1,481 242 15,905 8,751 7,154 901 1,923 506 647 1,449 873 1,681 237 7,671 1,480 575 572 1,422 9,174 1,147 37,987 1,673 1,802 8,293 1,507 588 594 1,513 9,404 1,203 2,017 3. Includes Coast Guard. 4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory workers employed temporarily in the United States. NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC). National Data • SURVEY OF CURRENT BUSINESS July 1999 D-33 Table B.9.—Wage and Salary Accruals Per Full-Time Equivalent Employee and Full-Time Equivalent Employees by Industry Wages and salaries per full-time equivalent Full-time equivalent employees Dollars Wages and salaries per full-time equivalent Thousands 1996 1997 Total» 31,014 32,143 33,557 110,980 113,256 116,029 Domestic industries. 30,902 32,034 33,438 111,468 113,729 116,532 Private industries , 30,305 31,472 32,941 93,115 95,396 98,129 18,200 19,017 19,951 1,755 1,816 17,925 18,403 19,039 19,002 19,185 20,482 744 1,011 746 1,070 1,835 751 1,084 Agriculture, forestry, and fishing Farms Agricultural services, forestry, and fishing . Mining Metal mining Coal mining Oil and gas extraction Nonmetallic minerals, except fuels ..., 46,624 48,365 47,058 49,635 36,305 48,353 50,093 48,856 51,610 37,330 50,642 50,000 54,931 39,336 575 52 103 315 105 572 54 97 315 106 588 53 95 333 107 Construction 30,444 31,641 32,944 5,181 5,444 5,739 Msnufdcturino * Durable goods Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products , Industrial machinery and equipment Electronic and other electric equipment, Motor vehicles and equipment Other transportation equipment .'.., Instruments and related products Miscellaneous manufacturing industries , Nondurable goods Food and kindred products Tobacco products Textile mill products Apparel and other textile products Paper and allied products Printing and publishing Chemicals and allied products Petroleum and coal products Rubber and miscellaneous plastics 35,803 37,684 25,128 25,066 33,302 40,118 32,932 40,067 37,256 18,188 18,164 10,661 782 18,339 10,874 497 532 704 501 544 705 1,461 2,139 1,671 57,025 25,046 19,858 40,901 35,983 53,546 56,964 39,291 41,170 27,470 27,786 35,983 42,363 35,453 44,536 43,420 50,008 47,806 49,113 30,636 36,554 32,007 57,900 26,551 20,943 42,726 37,743 57,338 60,481 29,907 22,140 30,935 23,653 32,462 25,303 962 107 38,402 39,479 33,285 54,566 20,614 30,343 39,066 37,597 41,030 34,507 56,803 21,038 31,717 40,579 38,934 5,782 3,690 220 384 Leather and ieatrier products'.."....!!!......!! Transportation and public utilities Transportation Railroad transportation Local and interurban passenger transit.. Trucking and warehousing Water transportation Transportation by air 44,654 44,695 28,214 33,200 30,151 53,878 23,992 18,814 39,531 34,541 51,105 54,958 32,264 51,300 19,953 29,377 37,868 39,022 39,118 26,161 26,129 34,887 40,973 34,047 41,815 40,384 48,724 45,712 46,771 28,951 34,610 50,910 10,560 772 502 530 697 1,421 2,051 1,606 961 809 827 384 7,628 1,642 41 654 919 684 1,450 1,027 142 1,788 167 728 1,425 2,073 1,644 958 815 843 388 7,503 1,654 40 624 846 676 1,445 1,020 138 792 974 850 850 387 7,465 1,651 40 610 803 674 1,463 1,019 135 95 5,885 3,783 212 402 1,550 166 1,043 6,032 3,880 208 418 1,592 171 1,061 1. Full-time equivalent employees equals the number of employees on full-time schedules plus the number of employees on part-time schedules converted to a full-time basis. The number of full-time equivalent employees in each industry is the product of the total number of employees and the ratio of average weekly hours per employee for all employees to average weekly hours per employee on full-time schedules. 2. Consists of museums, botanical and zoological gardens; engineering and management services; and services, Thousands Dollars 1997 1995 1995 Full-time equivalent employees 1995 1996 1997 57,867 30,879 49,525 53,282 40,758 48,831 59,143 31,578 50,756 54,386 42,480 50,438 60,500 32,913 52,872 56,461 44,239 52,663 Wholesale trade. 37,812 39,319 41,272 6,201 6,281 6,452 Retail trade 18,296 18,823 19,562 16,029 18,382 18,745 Finance, insurance, and real estate Depository institutions Nondepository institutions . Security and commodity brokers Insurance carriers Insurance agents, brokers, and services . 41,674 45,237 33,909 36,185 41,074 43,395 97,598 114,228 41,476 43,743 37,824 39,639 28,293 29,819 63,707 48,283 38,414 46,496 120,349 45,858 41,691 31,863 75,615 6,552 1,935 446 532 31,184 21,435 19,863 29,622 23,795 30,208 30,852 1,522 1,139 6,372 1,061 343 394 1,229 Pipelines, except natural gas....... Transportation services Communications Telephone and telegraph Radio and television Electric, gas, and sanitary services . Holding and other investment offices Services Hotels and other lodging places Personal services Auto repair, services, and parking Miscellaneous repair services ...: Motion pictures Amusement and recreation services ., Health services Legal services , Educational services ...„ Social services and membership organizations Social services Membership organizations Other services 2 Private households Government Federal General government Civilian Military3 Government enterprises State and local General government Education Other Government enterprises 29,003 18,224 25,936 22,430 28,122 36,579 23,778 34,092 53,082 24,459 29,973 20,586 18,787 27,774 23,046 29,176 38,076 24,589 34,606 54,939 25,083 25,664 35,529 57,019 26,013 19,839 17,927 22,069 45,725 14,118 20,361 18,403 22,668 47,055 14,680 33,930 38,295 37,312 41,868 32,000 42,921 32,485 32,352 32,229 32,488 34,427 34,958 39,781 38,862 43,864 32,989 43,925 33,428 33,294 33,196 33,405 35,410 1995 15 388 1,197 1,451 697 1,252 239 8,496 937 1996 14 396 1,230 855 375 872 1997 14 416 1,294 914 380 858 6,784 1,921 491 557 1,449 707 1,274 237 1,921 546 601 1,459 724 32,216 1,561 1,162 6,875 1,136 358 421 1,295 8,778 33,615 1,599 1,159 7,538 1,179 1,302 231 360 442 1,363 8,984 944 962 1,799 1,862 1,912 20,771 18,915 23,004 49,252 14,887 3,933 2,118 1,815 2,808 819 4,065 2,199 1,866 2,963 796 4,219 2,304 1,915 3,110 788 36,091 41,214 40,252 45,484 34,095 45,470 34,525 34,375 34,139 34,644 36,819 18,353 4,564 3,764 2,026 1,738 800 13,789 12,903 6,765 6,138 18,333 4,415 3,614 1,952 1,662 801 13,918 13,042 6,880 6,162 876 18,403 4,307 3,513 1,899 1,614 794 14,096 13,230 7,044 -473 -503 Rest of the world 4 not elsewhere classified, 3. Includes Coast Guard, 4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory workers employed temporarily in the United States. NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC). D-34 • National Data SURVEY OF CURRENT BUSINESS Table B.10.—Farm Sector Output, Gross Product, and National Income Farm output Cash receipts from farm marketings Crops Livestock Farm housing , Farm products consumed on farms Other farm income Change in farm inventories Crops Livestock Less: Intermediate goods and services purchased Intermediate goods and services, other than rent Rent paid to nonoperator landlords Equals: Gross farm product 1995 1996 1997 196.7 222.1 225.3 1995 1996 1997 190.7 195.7 208.3 194.1 107.2 87.0 5.9 .5 5.5 -9.3 -9.6 .2 201.7 108.7 93.0 6.1 .4 6.3 7.6 8.8 -1.1 207.2 110.6 96.5 6.3 .5 7.1 4.3 5.1 -.7 188.8 97.1 91.3 5.2 .5 5.0 -11.0 -9.2 .3 177.3 87.1 90.6 5.1 .4 5.3 7.1 6.5 -1.3 191.0 96.0 95.1 5.0 .4 6.2 4.3 4.2 -.8 124.4 130.5 135.1 118.5 116.9 118.2 109.9 14.5 113.5 17.0 119.6 15.5 104.0 14.5 100.7 16.4 103.6 14.6 72.3 91.6 90.2 72.0 78.6 90.3 Less: Consumption of fixed capital 24.8 25.8 26.6 22.8 23.2 23.7 Equals'. Net farm product 47.5 65.9 63.6 49.0 55.2 66.6 Less: Indirect business tax and nontax liability Plus: Subsidies to operators Equals: Farm national income Compensation of employees Wage and salary accruals Supplements to wages and salaries Proprietors' income and corporate profits with IVA and CCAdj Proprietors' income Corporate profits Net interest 5.1 61 5.1 61 5.5 62 48.4 15.7 13.3 2.4 66.9 16.5 14.2 2.3 64.4 16.9 14.4 2.5 23.3 22.4 .8 9.5 40.6 38.9 1.7 9.8 37.3 35.5 1.8 10.2 NOTE.-Chained (1992) dollar series are calculated as the p ,. current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. CCAdj Capital consumption adjustment IVA Inventory valuation adjustment Table B.11.—Housing Sector Output, Gross Product, and National Income Billions of chained (1992) dollars Billions of dollars July 1999 Billions of dollars Billions of chained (1992) dollars 1995 1996 1997 723.1 758.4 717.2 532.4 184.8 5.9 752.3 559.1 193.2 6.1 88.5 Equals: Gross housing product Nonfarm housing Owner-occupied Tenant-occupied Farm housing 1995 1996 1997 799.8 663.9 675.8 692.6 793.5 590.3 203.2 6.3 658.7 487.4 171.4 5.2 670,7 496.0 174.7 5.1 687.6 508.9 178.7 5.0 91.1 95.3 82.1 82.7 83.8 634.6 629.6 463.0 166.5 5.0 667.2 662.1 486.4 175.6 5.2 704.5 699.1 513.4 185.8 5.3 581.8 577.4 423.3 154.2 4.4 593.0 588.7 430.5 158.3 4.4 608.7 604.5 441.9 162.6 4.2 Less: Consumption of fixed capital Capital consumption allowances Less: CCAdj 115.9 59.7 -56.2 119.6 63.0 -56.5 126.2 67.1 -59.1 103.7 104.6 107.2 Equals: Net housing product 518.7 547.7 578.3 478.3 488.7 501.7 Less: Indirect business tax and nontax liability plus business transfer payments ... 116.0 119.9 123.5 Housing output l Nonfarm housing Owner-occupied Tenant-occupied Farm housing Less: Intermediate goods and services consumed Plus: Subsidies less current surplus of government enterprises Equals: Housing national income Compensation of employees Proprietors' income with IVA and CCAdj... Rental income of persons with CCAdj Corporate profits with IVA and CCAd Net interest 20.8 21.9 22.3 423.5 449.6 477.1 8.1 25.0 105.2 5.0 280.1 8.5 26.5 119.7 5.2 289.7 9.1 27.9 127.7 5.5 306.9 1. Equals personal consumption expenditures for housing less expenditures for other housing as shown in table B.4. NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. CCAdj Capital consumption adjustment IVA Inventory valuation adjustment D-35 National Data SURVEY OF CURRENT BUSINESS July 1999 Table B. 12.-Net Stock of Fixed Private Capital, by Type Chain-type quantity indexes (1992=100) Current-cost valuation (billions of dollars) Fixed private capital Private producers' durable equipment Nonresidential equipment Information processing and related equipment Office, computing, and accounting machinery Computers and peripheral equipment Other office equipment Communication equipment Instruments Photocopy and related equipment , , 1992 1993 1994 1995 1996 1997 13,484.1 14,198.8 15,064.5 15,736.1 16,496.7 17,316.3 2,642.7 2,742.1 2,881.7 3,040.9 3,180.1 3,322.9 2,590.0 2,686.7 2,823.1 2,980.2 3,116.5 3,257.8 629.0 120.7 101.0 19.7 330.8 109.9 67.5 650.4 128.3 107.9 20.4 333.0 117.9 71.2 673.8 138.5 118.0 691.7 149.3 128.4 20.9 332.2 130.5 79.7 724.0 159.1 138.2 20.9 346.8 135.8 82.4 768.3 170.9 149.4 21.5 372.7 140.8 83.9 916.8 86.7 945.7 1,052.5 96.1 58.3 52.5 5.7 196.9 1,090.1 1,127.0 102.9 20.6 335.3 124.1 75.8 991.4 90.3 Industrial equipment Fabricated metal products Engines and turbines Steam engines Internal combustion engines Metalworking machinery Special industry machinery, n.e.c General industrial, including materials handling, equipment., Electrical transmission, distribution, and industrial apparatus 51.8 47.1 4.7 168.8 199.4 189.0 221.0 Transportation and related equipment Trucks, buses, and truck trailers Autos Aircraft Ships and boats Railroad equipment 510.0 169.1 107.6 121.2 45.1 67.1 538.9 185.5 111.7 127.1 45.6 69.0 581.2 Other equipment Furniture and fixtures Household furniture Other furniture Tractors Farm tractors Construction tractors Agricultural machinery, except tractors Construction machinery, except tractors Mining and oilfield machinery Service industry machinery ..* Electrical equipment, n.e.c Household appliances Other Other nonresidential equipment 534.2 146.1 9.1 137.0 54.1 42.4 11.7 64.9 66.0 15.3 60.3 44.6 4.6 40.1 83.0 551.8 153.8 9.4 144.4 55.1 43.2 11.9 576.6 163.0 9.7 Residential equipment Private structures Nonresidential structures , 52.6 10,841.4 4,302.7 Nonresidential buildings, excluding farm Industrial buildings Office buildings * Commercial buildings Mobile structures Other commercial2 Religious buildings Educational buildings Hospital and institutional buildings Other Hotels and motels Amusement and recreational buildings Other nonfarm buildings3 2,686.1 613.0 625.4 678.7 Utilities Railroad Telecommunications Electric light and power Gas Petroleum pipelines Farm related buildings and structures Mining exploration, shafts, and wells Petroleum and natural gas Other mining Other nonfarm structures4 6.6 672.1 87.0 53.2 48.2 5.0 174.4 207.5 56.8 51.5 5.4 183.0 218.2 202.5 240.5 194.9 228.7 210.1 124.6 129.2 44.7 72.7 14.6 61.0 47.2 4.7 42.5 153.3 57.2 45.1 12.1 67.1 69.6 14.0 64.5 48.9 4.9 44.0 87.7 92.4 65.6 66.8 55.4 58.6 211.8 214.6 251.2 228.6 256.5 262.1 269.4 626.6 236.2 661.8 260.6 137.0 692.3 282.3 138.8 146.2 45.5 232.9 130.5 136.3 44.8 78.7 78.7 79.4 640.6 175.7 186.5 10.6 175.9 60.7 48.4 12.4 72.7 77.3 13.5 73.5 52.6 5.4 47.2 103.8 670.2 196.7 11.0 185.7 62.6 49.8 12.8 74.9 82.2 13.5 77.0 55.0 5.6 49.5 10.2 165.5 59.2 47.2 12.0 70.4 73.0 13.8 69.1 50.8 5.2 45.6 97.5 65.1 13,316.6 13,993.3 5,194.7 5,467.5 3,306.1 730.0 3,512.9 768.9 851.2 8.7 842.5 816.0 909.1 147.0 155.3 138.9 330.5 339.7 173.4 89.3 77.0 150.9 351.8 1,204.1 300.3 221.6 476.8 163.8 41.6 1,235.7 312.4 233.1 482.3 166.1 41.9 1,269.3 315.5 239.2 496.5 174.2 43.8 60.6 12,695.2 4,775.6 2,834.9 636.2 3,011.3 673.6 707.8 4,976.9 3,145.6 700.9 735.3 803.6 8.3 795.3 141.4 130.2 314.6 319.5 161.0 83.2 75.3 763.0 9.1 900.1 1,062.0 272.4 185.3 423.8 143.1 37.5 114.7 276.7 290.6 145.9 73.7 71.0 1,120.2 290.1 194.0 443.4 153.0 39.6 757.1 136.6 123.5 297.9 307.0 153.7 78.6 74.7 1,159.7 294.0 204.8 459.6 160.0 41.2 183.5 259.0 229.3 29.7 112.1 194.3 260.1 229.2 31.0 119.4 201.6 274.5 241.6 32.9 128.4 204.6 284.2 250.6 33.7 138.4 209.2 299.0 264.4 34.6 144.7 215.8 316.3 280.1 36.2 153.3 8,525.9 6,965.1 6,815.5 5,960.2 855.3 149.6 1,529.9 30.8 123.5 108.0 259.8 277.6 139.2 70.2 68.2 129.4 Residential structures 6,538.7 6,927.8 7,407.2 7,718.3 8,121.9 Housing units Permanent site 1-to-4-unit 5-or-more-unit Mobile homes Improvements Other residential5 5,327.0 5,226.1 4,465.3 760.7 100.9 1,185.1 26.6 5,667.3 5,557.9 4,796.1 761.9 6,078.4 5,956.2 5,182.3 773.8 122.2 1,299.8 29.0 6,320.3 6,641.2 6,499.9 109.4 1,232.6 27.8 1. Consists of office buildings, except those occupied by electric and gas utility companies. 2. Consists primarily of stores, restaurants, garages, service stations, warehouses, and other buildings used for commercial purposes. 3. Consists of buildings not elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals. 4. Consists primarily of streets, dams, reservoirs, sewer and water facilities, parks, and airfields. 5. Consists primarily of dormitories and fraternity and sorority houses. 108.2 63.6 12,182.8 765.0 7.9 140.1 45.3 609.4 4,528.9 717.2 7.2 710.1 60.3 54.1 6.2 6.0 205.6 243.2 220.5 11,456.7 670.1 99.1 59.7 53.7 6,187.9 5,395.1 792.8 132.4 1,368.8 29.3 5,673.3 826.6 141.3 1,450.8 29.9 366.8 189.5 97.7 79.6 1992 1993 1994 1995 1996 1997 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 101.94 104.15 106.66 109.50 112.54 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.74 106.62 111.65 117.49 124.22 102.72 106.61 111.67 117.55 124.32 106.40 120.18 124.20 101.27 102.41 105.34 104.27 113.96 144.51 154.49 101.08 106.50 109.32 109.02 124.85 187.01 208.02 103.44 112.65 112.62 112.48 139.04 253.74 295.81 104.23 120.48 116.24 114.89 155.94 345.30 419.64 107.17 129.70 120.90 118.15 101.38 100.07 102.12 102.13 102.06 100.48 101.85 100.70 102.57 103.55 100.95 104.56 104.33 106.76 102.74 104.03 102.25 105.65 106.41 102.07 105.22 104.65 110.74 106.22 107.82 104.43 108.97 109.17 103.43 105.88 104.99 114.51 109.57 110.85 107.17 112.09 112.33 104.89 105.19 103.91 117.60 113.95 113.94 110.34 115.96 102.30 105.33 100.93 102.25 98.25 99.65 106.91 115.39 109.20 100.57 95.33 100.79 111.71 126.93 112.47 101.75 92.92 102.33 117.10 140.35 116.34 102.22 91.48 103.55 123.22 154.34 118.77 106.08 90.14 105.16 101.19 103.04 100.43 103.21 99.71 100.28 97.68 98.79 99.09 93.67 99.38 104.87 101.98 105.20 103.18 103.29 105.84 101.74 106.12 101.34 102.61 96.85 99.07 100.51 87.79 103.02 107.43 104.43 107.77 106.40 106.40 110.44 104.11 110.86 103.29 105.77 94.52 100.63 102.97 83.98 107.23 110.80 108.68 111.04 109.67 110.23 115.22 107.37 115.73 105.24 108.05 95.31 102.46 106.75 80.12 112.34 116.00 113.47 116.28 114.50 114.82 120.87 110.86 121.53 108.10 111.31 96.82 104.81 111.41 79.64 116.49 122.92 118.62 123.41 120.05 103.36 107.18 111.08 115.01 119.30 101.75 103.57 105.50 107.67 109.92 101.16 102.20 103.64 105.29 107.09 101.38 100.17 101.51 101.96 101.54 101.97 101.10 102.47 102.72 100.79 101.03 101.25 99.84 102.97 101.44 102.54 103.93 103.27 103.94 102.06 105.40 105.71 101.88 101.79 103.20 100.73 105.07 103.06 104.07 106.60 105.22 106.62 103.23 108.63 109.12 103.73 104.22 106.80 99.59 107.51 104.48 105.99 109.91 107.71 109.94 104.46 112.85 111.58 107.33 109.23 111.56 99.09 110.20 105.37 108.47 113.27 110.77 113.30 106.47 118.26 114.56 111.81 115.14 117.76 100.59 99.08 101.66 100.86 101.42 100.18 100.76 98.22 103.71 100.77 101.99 100.25 101.39 97.40 105.97 101.42 103.47 100.10 101.98 96.83 108.19 102.12 104.02 100.13 102.25 96.42 110.18 102.14 104.18 100.00 102.10 99.14 98.97 100.48 104.32 101.29 98.31 97.82 101.99 107.95 100.41 97.06 96.42 101.90 111.12 99.99 96.20 95.44 102.08 113.15 99.50 96.38 95.55 102.87 115.61 102.14 104.47 106.72 109.25 111.79 102.00 102.00 102.37 99.78 102.02 102.83 104.20 104.17 105.01 99.05 105.56 105.87 98.53 106.34 106.27 107.35 99.61 110.08 108.67 108.79 108.66 110.00 100.39 115.22 111.64 97.58 111.29 111.10 112.69 101.31 120.49 114.46 97.88 99.67 97.93 NOTE.—The data in this table are from "Fixed Reproducible Tangible Wealth in the United States: Revised Estimates for 1995-97 and Summary Estimates for 1925-97" in the September 1998 SURVEY OF CURRENT BUSINESS. n.e.c. Not elsewhere classified. D-36 • National Data SURVEY OF CURRENT BUSINESS July 1999 C. Historical TablesThe tables in this section are derived from the "Summary National Income and Product Series" tables that were published in the August 1998 issue of the SURVEY OF CURRENT BUSINESS and from the "Selected NIPA Tables" that are published in this issue. (Changes in prices are calculated from indexes expressed to three decimal places.) Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases [Quarterly estimates are seasonally adjusted at annual rates] Percent change from preceding Billions of chained (1992) dollars Year and quarter Chain-type price indexes Implicit price deflators Percent change from preceding period Chain-type price index Implicit price deflators Final sales of Gross domestic Gross domestic Gross domestic Gross national domestic product purchases product product Gross domestic Gross domestic Gross domestic Gross national product purchases product product product Gross domestic product Final sales of domestic product 1959 2,210.2 2,206.9 2,222.0 7.4 6.5 22.95 22.44 22.95 22.96 1.0 1.0 1.0 1960 1961 1962 1963 1964 2,262.9 2,314.3 2,454.8 2,559.4 2,708.4 2,264.2 2,318.0 2,445.4 2,552.4 2,705.1 2,276.0 2,329.1 2,471.5 2,577.3 2,727.8 2.4 2.6 1.4 1.2 1.3 1.2 1.1 1.2 1.3 1.2 1.3 1.2 1.2 1.3 1.2 6.0 23.28 23.55 23.85 24.13 24.49 1.4 5.8 23.27 23.54 23.84 24.12 24.48 1.4 2.4 5.5 4.4 22.75 23.00 23.28 23.58 23.94 1.4 2.3 6.1 4.3 23.27 23.54 23.84 24.12 24.48 1.5 1.6 1.5 1.5 1965 1966 1967 1968 1969 2,881.1 3,069.2 3,147.2 3,293.9 3,393.6 2,860.4 3,033.5 3,125.1 3,278.0 3,377.2 2,901.4 3,087.8 3,166.4 3,314.5 3,413.3 6.4 6.5 2.5 4.7 3.0 5.7 6.1 3.0 4.9 3.0 24.95 25.66 26.48 27.64 28.94 24.39 25.07 25.83 26.95 28.21 24.96 25.67 26.49 27.64 28.94 24.97 25.68 26.50 27.66 28.96 1.9 2.8 3.2 4.4 4.7 1.9 2.8 3.0 4.3 4.7 2.0 2.8 3.2 4.4 4.7 2.0 2.8 3.2 4.4 4.7 1970 1971 1972 1973 1974 3,397.6 3,510.0 3,702.3 3,916.3 3,891.2 3,406.5 3,499.8 3,689.5 3,883.9 3,873.4 3,417.1 3,532.1 3,726.3 3,950.1 3,930.2 .1 3.3 5.5 5.8 -.6 .9 2.7 5.4 5.3 -.3 30.48 32.05 33.42 35.30 38.46 29.73 31.32 32.71 34.64 38.17 30.48 32.06 33.42 35.30 38.47 30.50 32.08 33.44 35.32 38.49 5.3 5.2 4.2 5.6 8.9 5.4 5.3 4.5 5.9 10.2 5.3 5.2 4.2 5.6 9.0 5.3 5.2 4.2 5.6 8.9 1975 1976 1977 1978 1979 3,873.9 4,082.9 4,273.6 4 503.0 4,630.6 3,906.4 4,061.7 4,240.8 4,464.4 4,614.4 3,903.3 4,118.8 4,314.5 4,543.7 4,687.4 -.4 5.4 4.7 5.4 .9 4.0 4.4 5.3 42.09 44.55 47.43 50.89 55.23 42.11 44.58 47.46 50.92 55.26 9.3 5.8 6.9 7.4 9.4 5.8 6.5 7.3 9.4 5.9 6.5 7.3 3.4 41.72 44.15 47.18 50.65 55.22 9.4 5.8 6.5 7.3 2.8 42.09 44.55 47.42 50.88 55.22 8.5 9.0 8.5 8.5 1980 1981 1982 1983 1984 4,615.0 4,720.7 4,620.3 4,803.7 5,140.1 4,641.9 4,691.6 4,651.2 4,821.2 5,061.6 4,670.8 4,769.9 4,662.0 4,844.8 5,178.0 -.3 2.3 -2.1 4.0 7.0 .6 1.1 -.9 3.7 5.0 60.34 66.01 70.18 73.16 75.92 61.10 66.72 70.64 73.31 75.90 60.33 66.01 70.17 73.16 75.92 60.36 66.05 70.21 73.20 75.97 9.3 9.4 6.3 4.3 3.8 10.7 9.2 5.9 3.8 3.5 9.2 9.4 6.3 4.3 3.8 9.2 9.4 6.3 4.3 3.8 1985 1986 1987 1988 1989 5,323.5 5,487.7 5,649.5 5,865.2 6,062.0 5,296.9 5,480.9 5,626.0 5,855.1 6,028.7 5,346.7 5,501.2 5,658.2 5,878.5 6,075.7 3.6 3.1 2.9 3.8 3.4 4.6 3.5 2.6 4.1 3.0 78.53 80.58 83.06 86.10 89.72 78.34 80.40 83.11 86.13 89.78 78.53 80.58 83.06 86.09 89.72 78.57 80.62 83.09 86.12 89.75 3.4 2.6 3.1 3.7 4.2 3.2 2.6 3.4 3.6 4.2 3.4 2.6 3.1 3.7 4.2 3.4 2.6 3.1 3.7 4.2 1990 1991 1992 1993 1994 6,136.3 6,079.4 6,244.4 6,389.6 6,610.7 6,126.7 6,082.6 6,237.4 6,368.9 6,551.2 6,157.0 6,094.9 6,255.5 6,408.0 6,619.1 1.2 -.9 2.7 2.3 3.5 1.6 -.7 2.5 2.1 2.9 93.64 97.32 100.00 102.64 105.09 93.83 97.30 100.00 102.48 104.85 93.60 97.32 100.00 102.64 105.09 93.63 97.33 100.00 102.63 105.08 4.4 3.9 2.8 2.6 2.4 4.5 3.7 2.8 2.5 2.3 4.3 4.0 2.8 2.6 2.4 4.3 4.0 2.7 2.6 2.4 1995 1996 1997 1998 6,761.7 6,994.8 7,269.8 7,551.9 6,731.7 6,961.6 7,203.7 7,491.3 6,779.5 7,008.4 7,266.2 7,537.8 2.3 3.4 3.9 3.9 2.8 3.4 3.5 4.0 107.51 109.54 111.57 112.71 107.28 109.18 110.92 111.54 107.51 109.53 111.57 112.70 107.49 109.50 111.52 112.64 2.3 1.9 1.9 1.0 2.3 1.8 1.6 .6 2.3 1.9 1.9 1.0 2.3 1.9 1.8 1.0 1959:1 II III IV 2,165.0 2,223.3 2,221.4 2,231.0 2,165.5 2,204.2 2,232.6 2,225.3 2,176.2 2,234.5 2,233.5 2,243.9 8.6 11.2 -.3 1.7 9.2 7.3 5.3 -1.3 22.86 22.92 22.96 23.05 22.35 22.41 22.45 22.53 22.92 22.91 22.94 23.03 22.93 22.91 22.95 23.04 .8 1.1 .7 1.5 1.1 1.1 .7 1.5 .8 -.3 .6 1.6 .8 -.3 .6 1.6 1960:1 II III IV 2,279.2 2,265.5 2,268.3 2,238.6 2,248.5 2,268.4 2,265.1 2,274.7 2,291.6 2,278.2 2,281.6 2,252.7 8.9 -2.4 .5 -5.1 4.2 3.6 -.6 1.7 23.10 23.21 23.32 23.44 22.57 22.69 22.80 22.92 23.13 23.22 23.32 23.40 23.14 23.23 23.33 23.41 .9 2.0 2.0 2.1 .8 2.1 2.0 2.1 1.8 1.5 1.7 1.4 1.9 t.5 1.7 1.4 1961:1 II 2,251.7 2,292.0 2,332.6 2,381.0 2,277.7 2,301.1 2,320.4 2,372.8 2,266.8 2,306.3 2,347.1 2,395.9 2.4 7.4 7.3 8.6 .5 4.2 3.4 9.3 23.48 23.51 23.55 23.61 22.96 22.97 23.01 23.06 23.45 23.51 23.56 23.63 23.46 23.52 23.57 23.64 .7 .5 .7 1.1 .6 .2 .7 .9 .9 1.0 .8 1.2 .9 1.0 .8 1.2 2,422.6 2,448.0 2,471.9 2,476.7 2,400.3 2,440.7 2,462.0 2,478.7 2,437.4 2,464.4 2,488.4 2,495.9 7.2 4.3 4.0 .8 4.7 6.9 3.5 2.7 23.73 23.80 23.86 23.96 23.17 23.24 23.31 23.41 23.75 23.81 23.87 23.94 23.76 23.81 23.87 23.95 2.0 1.1 1.1 1.7 1.9 1.4 1.1 1.8 2.0 1.0 1.0 1.2 2.0 1.0 1.0 1.2 1963:1 II Ill IV 2,508.7 2,538.1 2,586.3 2,604.6 2,492.4 2,533.8 2,578.0 2,605.3 2,526.9 2,555.5 2,604.0 2,622.9 5.3 4.8 7.8 2.9 2.2 6.8 7.2 4.3 24.03 24.07 24.11 24.26 23.48 23.53 23.58 23.72 24.00 24.07 24.12 24.29 24.01 24.08 24.13 24.30 1.2 .6 .7 2.4 1.3 .8 .9 2.5 1.1 1.1 .8 3.0 1.1 1.1 .8 3.0 1964:1 II III IV 2,666.7 2,697.5 2,729.6 2,739.7 2,663.1 2,695.0 2,727.6 2,734.5 2,686.8 2,716.8 2,749.5 2,758.1 9.9 4.7 4.8 1.5 9.2 4.9 4.9 1.0 24.33 24.41 24.53 24.64 23.80 23.89 23.99 24.09 24.35 24.41 24.52 24.64 24.36 24.42 24.53 24.65 1.2 1.3 1.9 1.8 1.3 1.5 1.8 1.6 .9 .9 1.8 2.1 .9 .9 1.8 2.1 2,808.9 2,846.3 2,898.8 2,970.5 2,777.2 2,826.7 2,879.8 2,957.8 2,830.0 2,868.2 2,918.9 2,988.6 10.5 5.4 7.6 10.3 6.4 7.3 7.7 11.3 24.76 24.88 25.01 25.16 24.19 24.31 24.44 24.61 24.77 24.88 25.01 25.17 24.78 24.89 25.02 25.18 2.0 2.0 2.1 2.5 1.6 2.0 2.2 2.8 2.0 1.9 2.1 2.6 2.0 1.9 2.1 2.6 3,042.4 3,055.5 3,076.5 3,102.4 3,008.8 3,023.1 3,047.2 3,054.8 3,061.1 3,074.2 3,094.7 3,121.4 10.0 1.7 2.8 3.4 7.1 1.9 3.2 1.0 25.30 25.50 25.82 26.03 24.73 24.93 25.22 25.41 25.32 25.53 25.79 26.02 25.34 25.54 25.81 26.03 2.2 3.2 5.1 3.4 1.9 3.2 4.8 3.1 2.5 3.2 4.2 3.5 2.5 3.3 4.2 3.5 in IV'..' 1962:1 II Ill IV 1965:1 II Ill IV 1966:1 II HI IV . ... Gross national Gross domestic product product 1.0 National Data • SURVEY OF CURRENT BUSINESS July 1999 D-37 Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued Percent change from preceding Billions of chained (1992) dollars per Year and quarter Gross domestic product Final sales of domestic product 1967-1 II Ill IV 3,127.2 3,129.5 3,154.2 3,178.0 3,085.6 3,119.0 3,134.2 3,161.5 1968* I II Ill IV 3,236.2 3,292.1 3,316.1 3,331.2 1969:1 II Ill IV Chain-type price indexes Implicit price deflators Percent change from preceding period Implicit pric 0; rloflatovc QcTlalOlS Gross domestic Gross domestic Gross domestic Gross national product purchases product Gross domestic Gross domestic Gross domestic Gross national product product purchases product product Chain-type price index Gross national Gross domestic product product Final sales of domestic product 3,145.9 3,147.7 3,174.4 3,197.5 3.2 .3 3.2 3.1 4.1 4.4 2.0 3.5 26.16 26.32 26.57 26.87 25.52 25.67 25.92 26.21 26.14 26.31 26.60 26.90 26.15 26.32 26.61 26.91 2.0 2.5 3.9 4.6 1.6 2.5 3.9 4.5 1.9 2.5 4.5 4.6 2.0 2.5 4.5 4.6 3,225.3 3,258.0 3,303.9 3,325.1 3,256.2 3,312.5 3,337.3 3,352.2 7.5 7.1 3.0 1.8 8.3 4.1 5.8 2.6 27.19 27.50 27.75 28.12 26.52 26.80 27.06 27.43 27.21 27.49 27.75 28.12 27.22 27.50 27.76 28.13 4.8 4.5 3.7 5.5 4.9 4.2 4.0 5.5 4.7 4.1 3.8 5.5 4.8 4.1 3.8 5.5 3,381.9 3,390.2 3,409.7 3,392.6 3,357.5 3,373.0 3,389.6 3,388.9 3,402.8 3,410.3 3,428.5 3,411.4 6.2 1.0 2.3 -2.0 4.0 1.9 2.0 -.1 28.38 28.74 29.14 29.51 27.66 28.02 28.40 28.77 28.39 28.73 29.14 29.51 28.40 28.75 29.16 29.52 3.7 5.2 5.7 5.2 3.5 5.3 5.6 5.2 3.8 5.0 5.8 5.1 3.9 5.0 5.8 5.1 3,386.5 3,391.6 3,423.0 3,389.4 3,397.6 3,391.9 3,421.9 3,414.8 3,406.0 3,411.9 3,442.9 3,407.4 -.7 .6 3.7 -3.9 1.0 -.7 3.6 -.8 29.92 30.36 30.60 31.02 29.18 29.59 29.87 30.29 29.94 30.36 30.61 31.02 29.95 30.37 30.63 31.03 5.7 6.0 3.2 5.6 5.9 5.8 3.8 5.7 6.0 5.7 3.4 5.4 6.0 5.7 3.4 5.4 1971:1 II Ill IV 3,481.4 3,500.9 3,523.8 3,533.8 3,458.9 3,481.2 3,509.4 3,549.5 3,503.3 3,524.3 3,544.7 3,556.0 11.3 2.3 2.6 1.1 5.3 2.6 3.3 4.7 31.50 31.93 32.25 32.53 30.75 31.18 31.52 31.81 31.50 31.93 32.27 32.54 31.52 31.94 32.29 32.55 6.3 5.7 4.1 3.5 6.2 5.7 4.5 3.7 6.4 5.5 4.4 3.3 6.4 5.5 4.4 3.3 1972:1 II IV 3,604.7 3,687.9 3,726.2 3,790.4 3,608.0 3,665.7 3,700.0 3,784.3 3,627.9 3,710.7 3,751.2 3,815.3 8.3 9.6 4.2 7.1 6.8 6.5 3.8 9.4 33.01 33.23 33.50 33.93 32.28 32.53 32.82 33.23 33.02 33.20 33.49 33.95 33.03 33.22 33.51 33.97 6.0 2.6 3.3 5.2 6.0 3.1 3.6 5.1 6.0 2.2 3.5 5.6 6.1 2.2 3.5 5.6 1973-1 II HI IV 3,892.2 3,919.0 3,907.1 3,947.1 3,867.0 3,884.5 3,890.9 3,893.1 3,921.5 3,950.4 3,944.1 3,984.4 11.2 2.8 -1.2 4.2 9.0 1.8 .7 .2 34.38 34.96 35.63 36.24 33.69 34.33 34.95 35.60 34.36 34.94 35.61 36.29 34.38 34.96 35.63 36.31 5.5 6.9 7.8 7.0 5.6 7.8 7.5 7.6 5.0 6.9 7.9 7.8 5.0 6.9 7.9 7.8 1974:1 II Ill IV 3,908.1 3,922.6 3,880.0 3,854.1 3,889.1 3,899.7 3,882.5 3,822.2 3,952.4 3,964.3 3,917.6 3,886.1 -3.9 1.5 -4.3 -2.6 -.4 1.1 -1.8 -S.1 36.98 37.79 38.93 40.14 36.55 37.59 38.71 39.84 37.01 37.79 38.96 40.13 37.03 37.81 38.98 40.15 8.4 9.0 12.7 13.0 11.1 11.9 12.5 12.2 8.2 8.7 12.9 12.6 8.2 8.7 12.9 12.5 1975:1 II Ill IV 3,800.9 3,835.2 3,907.0 3,952.5 3,848.3 3,887.9 3,922.7 3,966.7 3,827.3 3,861.8 3,936.1 3,987.9 -5.4 3.7 7.7 4.7 2.8 4.2 3.6 4.6 41.04 41.67 42.44 43.21 40.69 41.34 42.05 42.79 41.05 41.66 42.41 43.19 41.07 41.68 42.44 43.22 9.2 6.3 7.6 7.4 8.8 6.5 7.0 7.2 9.5 6.1 7.4 7.6 9.5 6.1 7.4 7.6 1976:1 II Ill IV 4,044.6 4,072.2 4,088.5 4,126.4 4,027.0 4,039.1 4,061.7 4,119.0 4,078.8 4,107.9 4,124.8 4,163.7 9.7 2.8 1.6 3.8 6.2 1.2 2.3 5.8 43.68 44.17 44.78 45.56 43.26 43.76 44.42 45.16 43.69 44.15 44.77 45.57 43.72 44.18 44.80 45.60 4.4 4.6 5.7 7.2 4.5 4.7 6.1 6.9 4.7 4.2 5.7 7.3 4.7 4.2 5.7 7.3 1977:1 II III IV 4,176.3 4,260.1 4,329.5 4,328.3 4,161.4 4,228.4 4,270.0 4,303.3 4,219.4 4,302.2 4,371.2 4,365.0 4.9 4.2 45.99 46.81 47.55 48.36 46.32 47.07 47.66 48.63 46.34 47.10 47.69 48.66 7.6 6.8 6.7 6.6 4.0 3.2 46.31 47.08 47.74 48.55 6.7 8.3 6.7 -.1 6.8 5.7 7.0 7.3 6.4 7.1 6.6 5.1 8.4 6.7 5.1 8.4 1978:1 || Ill IV 4,345.5 4,510.7 4,552.1 4,603.7 4,306.0 4,474.6 4,511.6 4,565.4 4,388.6 4,546.1 4,591.1 4,649.0 1.6 16.1 3.7 4.6 .3 16.6 3.4 4.9 49.39 50.43 51.32 52.37 49.19 50.22 51.11 52.08 49.42 50.41 51.27 52.35 49.45 50.44 51.30 52.39 7.1 8.6 7.3 8.4 7.0 8.6 7.3 7.9 6.7 8.2 7.0 8.7 6.7 8.2 7.1 8.7 1979-1 || Ill IV 4,605.7 4,615.6 4,644.9 4,656.2 4,579.0 4,577.0 4,639.2 4,662.5 4,652.6 4,668.7 4,708.8 4,719.5 .2 .9 2.6 1.0 1.2 -.2 5.5 2.0 53.46 54.70 55.82 56.92 53.21 54.52 55.89 57.25 53.51 54.65 55.82 56.92 53.54 54.68 55.85 56.95 8.6 9.6 8.5 8.1 9.0 10.2 10.4 10.2 9.1 8.8 8.9 8.1 9.1 8.8 8.9 8.1 1980:1 || HI IV 4,679.0 4,566.6 4,562.3 4,651.9 4,675.3 4,579.0 4,637.1 4,676.1 4,743.0 4,625.6 4,617.8 4,696.6 2.0 -9.3 -.4 8.1 1.1 -8.0 5.2 3.4 58.25 59.59 60.93 62.57 58.89 60.41 61.77 63.33 58.18 59.55 61.01 62.59 58.22 59.58 61.05 62.64 9.7 9.6 9.3 11.2 12.0 10.7 9.3 10.5 9.2 9.7 10.2 10.8 9.2 9.7 10.2 10.8 1981' I || Ill IV 4,739.2 4,696.8 4,753.0 4,693.8 4,692.9 4,699.0 4,702.5 4,672.0 4,787.7 4,742.6 4,801.4 4,747.9 7.7 -3.5 4.9 -4.9 1.4 .5 .3 -2.6 64.19 65.35 66.65 67.85 64.96 66.15 67.27 68.48 64.15 65.37 66.65 67.87 64.20 65.42 66.69 67.91 10.7 7.4 8.2 7.4 10.7 7.5 7.0 7.3 10.3 7.8 8.0 7.5 10.4 7.8 8.0 7.5 1982:1 || Ill IV' 4,615.9 4,634.9 4,612.1 4,618.3 4,655.4 4,651.2 4,616.9 4,681.3 4,658.5 4,682.9 4,651.1 4,655.6 -6.5 1.7 -2.0 .5 -1.4 -.4 -2.9 5.7 68.85 69.71 70.69 71.46 69.42 70.17 71.10 71.85 68.86 69.72 70.66 71.44 68.91 69.77 70.70 71.47 6.0 5.1 5.7 4.5 5.6 4.4 5.4 4.3 6.0 5.1 5.5 4.4 6.0 5.1 5.5 4.4 1983:1 II Ill IV 4,663.0 4,763.6 4,849.0 4,939.2 4,719.4 4,785.3 4,860.7 4,919.5 4,700.1 4,804.4 4,891.3 4,983.5 3.9 8.9 7.4 7.7 3.3 5.7 6.4 4.9 72.12 72.84 73.50 74.19 72.33 73.03 73.65 74.24 72.08 72.83 73.48 74.19 72.12 72.87 73.52 74.24 3.7 4.1 3.7 3.8 2.7 3.9 3.4 3.2 3.7 4.2 3.7 3.9 3.7 4.2 3.7 3.9 1984:1 II Ill IV 5,053.6 5,132.9 5,170.3 5,203.7 4,961.0 5,050.0 5,085.6 5,149.9 5,092.6 5,172.4 5,209.5 5,237.5 9.6 6.4 3.0 2.6 3.4 7.4 2.9 5.2 75.00 75.62 76.25 76.82 75.04 75.65 76.19 76.71 75.02 75.58 76.25 76.81 75.06 75.63 76.29 76.85 4.4 3.3 3.4 3.0 4.4 3.3 2.9 2.7 4.5 3.1 3.5 3.0 4.5 3.1 3.6 2.9 1985:1 5,257.3 5,283.7 5,359.6 5,393.6 5,231.7 5,261.0 5,336.9 5,358.0 5,280.3 5,310.8 5,378.4 5,417.5 4.2 2.0 5.9 2.6 6.5 2.3 5.9 1.6 77.64 78.25 78.80 79.44 77.38 78.02 78.58 79.37 77.63 78.25 78.76 79.45 77.67 78.29 78.80 79.49 4.3 3.2 2.8 3.3 3.6 3.3 2.9 4.1 4.4 3.3 2.6 3.5 4.3 3.2 2.6 3.5 1986:1 II Ill.'. IV 5,460.8 5,466.9 5,496.3 5,526.8 5,410.5 5,448.4 5,518.2 5,546.6 5,481.1 5,480.1 5,510.4 5,533.1 5.1 .4 2.2 2.2 4.0 2.8 5.2 2.1 79.81 80.26 80.81 81.44 79.77 79.97 80.60 81.25 79.81 80.22 80.84 81.45 79.85 80.26 80.88 81.49 1.9 2.2 2.8 3.2 2.0 1.0 3.2 3.3 1.8 2.1 3.1 3.1 1.8 2.1 3.1 3.0 1987-1 || Ill |V 5,561.8 5,618.0 5,667.4 5,750.6 5,535.8 5,608.4 5,671.5 5,688.3 5,568.7 5,628.7 5,676.0 5,759.6 2.6 4.1 3.6 6.0 -.8 5.4 4.6 1.2 82.11 82.68 83.35 84.08 82.07 82.74 83.44 84.19 82.09 82.68 83.33 84.09 82.12 82.71 83.36 84.12 3.3 2.8 3.3 3.6 4.1 3.3 3.4 3.6 3.2 2.9 3.2 3.7 3.2 2.9 3.2 3.7 1970:1 II .. Ill IV .. 111 "!""Z" II HI IV D-38 SURVEY OF CURRENT BUSINESS • National Data July 1999 Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued [Quarterly estimates are seasonally adjusted at annual rates] Percent change from preceding Billions of chained (1992) dollars Year and quarter Chain-type price indexes Implicit price deflators Percent change from preceding period Chain-type price index Implicit price deflators Final sales of Gross national Gross domestic Final sales of Gross domestic Gross domestic Gross domestic Gross national Gross domestic domestic domestic product purchases product product product product Gross domestic Gross domestic Gross domestic Gross national product product product product purchases product product 1988:1 II III IV 5,785.3 5,844.0 5,878.7 5,952.8 5,774.2 5,840.1 5,869.2 5,937.0 5,802.3 5,857.5 5,889.4 5,964.9 2.4 4.1 2.4 5.1 6.2 4.6 2.0 4.7 84.69 85.56 86.67 87.46 84.81 85.68 86.58 87.44 84.67 85.56 86.66 87.44 84.69 85.59 86.69 87.47 2.9 4.2 5.3 3.7 3.0 42 4.3 4.0 2.7 4.3 52 3.7 2.8 4.3 52 3.7 1989:1 II Ill IV 6,011.0 6,055.6 6,088.0 6,093.5 5,970.0 6,010.9 6,063.1 6,070.8 6,023.1 6,065.5 6,101.8 6,112.3 4.0 3.0 2.2 .4 2.2 2.8 3.5 .5 88.44 89.40 90.13 90.91 88.47 89.52 90.14 90.98 88.45 89.39 90.13 90.88 88.48 89.42 90.16 90.91 4.5 4.4 3.3 3.5 4.8 4.8 2.8 3.8 4.7 4.3 3.3 3.4 4.7 4.3 3.3 3.4 1990:1 6,152.6 6,171.6 6,142.1 6,079.0 6,144.6 6,127.5 6,126.6 6,108.1 6,172.8 6,188.0 6,155.7 6,111.3 3.9 1.2 -1.9 -4.0 5.0 -1.1 -.1 -1.2 92.01 93.20 94.19 95.14 92.17 93.14 94.32 95.68 92.00 93.18 94.14 95.11 92.04 93.21 94.17 95.13 4.9 5.2 4.3 4.1 5.4 4.2 52 5.9 5.0 5.2 42 4.2 5.1 52 4.2 4.2 6,047.5 6,074.7 6,090.1 6,105.3 6,065.4 6,095.9 6,085.4 6,083.8 6,074.3 6,086.4 6,099.2 6,119.5 -2.1 1.8 1.0 1.0 -2.8 2.0 -.7 -.1 96.26 97.02 97.70 98.30 96.42 96.95 97.58 98.27 9627 97.00 97.70 98.31 9629 97.01 97.71 98.32 4.8 3.2 2.8 2.5 3.1 2.2 2.6 2.9 5.0 3.1 2.9 2.5 4.9 3.1 2.9 2.5 6,175.7 6,214.2 6,260.7 6,327.1 6,175.8 6,203.8 6,249.5 6,320.7 6,192.0 6,225.2 6,270.3 6,334.6 4.7 2.5 3.0 4.3 6.2 1.8 3.0 4.6 99.14 99.81 100.17 100.88 99.04 99.76 100.28 100.92 99.13 99.79 100.17 100.88 99.13 99.79 100.17 100.88 3.4 2.8 1.4 2.8 32 2.9 2.1 2.6 3.4 2.7 1.5 2.9 3.4 2.7 1.5 2.9 6,327.9 6,359.9 6,393.5 6,476.9 6,297.3 6,344.9 6,379.3 6,453.8 6,351.3 6,375.9 6,415.3 6,489.7 .1 2.0 2.1 5.3 -1.5 3.1 2.2 4.8 101.85 102.38 102.83 103.52 101.71 102.28 102.64 10328 101.84 102.35 102.83 103.51 101.84 102.34 102.83 103.50 3.9 2.1 1.8 2.7 32 2.3 1.4 2.5 3.9 2.0 1.9 2.7 3.8 2.0 1.9 2.6 6,524.5 6,600.3 6,629.5 6,688.6 6,473.0 6,526.7 6,580.4 6,624.8 6,540.5 6,609.3 6,635.6 6,691.2 3.0 4.7 1.8 3.6 1.2 3.4 3.3 2.7 104.16 104.74 105.39 106.07 103.80 104.46 105.24 105.88 104.13 104.71 105.39 106.09 104.14 104.71 105.38 106.06 2.5 2.2 2.5 2.6 2.0 2.6 3.0 2.5 2.4 22 2.6 2.7 2.5 2.2 2.6 2.6 6,717.5 6,724.2 6,779.5 6,825.8 6,661.8 6,700.0 6,761.7 6,803.3 6,735.9 6,746.3 6,788.9 6,846.8 1.7 .4 3.3 2.8 2.2 2.3 3.7 2.5 106.74 107.26 107.76 108.30 106.47 107.11 107.52 107.99 106.75 107.24 107.75 10829 106.73 107.22 107.72 10826 2.5 2.0 1.9 2.0 2.2 2.4 1.6 1.8 2.5 1.8 1.9 2.0 2.6 1.8 1.9 2.0 6,882.0 6,983.9 7,020.0 7,093.1 6,863.6 6,954.7 6,970.3 7,057.9 6,902.1 6,999.0 7,027.1 7,105.3 3.3 6.1 2.1 4.2 3.6 5.4 .9 5.1 108.90 109.28 109.77 110.21 108.56 108.94 109.34 109.90 108.91 10924 109.74 11023 108.88 10921 109.70 110.19 22 1.4 1.8 1.6 2.1 1.4 1.5 2.1 2.3 1.2 1.8 1.8 2.3 1.2 1.8 1.8 1997:1 II HI IV 7,166.7 7,236.5 7,3112 7,364.6 7,108.1 7,155.5 7,256.3 7,294.8 7,167.8 7,239.3 7,307.0 7,350.7 4.2 4.0 4.2 3.0 2.9 2.7 5.8 2.1 110.97 111.45 111.77 112.09 110.51 110.76 111.06 111.34 111.00 111.43 111.76 112.08 110.95 111.37 111.70 112.03 2.8 1.7 1.2 1.1 2.2 .9 1.1 1.0 2.8 1.6 1.2 1.2 2.8 1.5 1.2 1.2 1998* 1 II HI IV 7,464.7 7,498.6 7,566.5 7,677.7 7,372.5 7,456.4 7,507.6 7,628.9 7,455.2 7,485.9 7,546.7 7,663.3 5.5 1.8 3.7 6.0 4.3 4.6 2.8 6.6 112.33 112.57 112.85 113.08 111.29 111.42 111.60 111.84 112.32 112.56 112.84 113.07 11226 112.50 112.78 113.01 .9 .9 1.0 .8 -2 .4 .7 .9 .8 .9 1.0 .8 .8 .9 1.0 .8 1999:1 7,759.6 7,715.4 7,746.3 4.3 4.6 113.53 112.18 113.52 113.45 1.6 1.2 1.6 1.6 III !!!!!!!!!!!! IV 1991: | II III IV 1992:1 II . HI IV ... 1993:1 II Ill IV . . 1994: | m'!!!!!!!!!!!! iv 1995: | in !"!' IV 1996:1 II . HI IV ... National Data • SURVEY OF CURRENT BUSINESS July 1999 D-39 Table C.2.—Real Gross Domestic Product [Average annual percent change, based on chain-type quantity indexes (1992=100)] Initial year Terminal year 1972 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 2.8 2.7 2.7 2.7 2.7 2.6 2.6 2.6 2.8 2.9 2.9 29 . .. 2.9 2.8 28 2.4 22 2.7 2.8 3.2 3.3 2.9 2.5 1.5 2.5 5.8 1973 2.7 2.6 2.6 25 2.5 2.5 2.5 2.5 2.7 2.8 2.7 2.7 2.6 2.6 2.5 2.1 19 2.4 2.4 2.8 2.8 2.2 1.4 -.5 -.6 1974 2.8 2.8 2.7 2.7 2.7 2.6 2.7 2.7 2.9 3.0 3.0 2.9 2.9 2.9 2.8 2.4 22 2.8 2.9 3.5 3.7 3.2 2.4 -.4 1975 2.9 2.9 2.9 2.8 2.9 2.8 2.8 2.9 3.1 3.3 3.2 3.2 3.2 3.2 3.2 2.7 2.5 3.3 3.6 4.6 5.1 5.0 5.4 1976 2.8 2.8 2.7 2.7 2.7 2.7 2.7 2.7 3.0 3.1 3.1 3.0 3.0 3.0 2.9 2.3 2.1 2.9 3.1 4.3 5.0 4.7 1977 2.7 2.7 2.6 2.6 2.6 2.5 2.6 2.5 2.8 3.0 2.9 2.8 2.8 2.8 2.7 2.0 1.6 2.5 2.6 4.1 5.4 1978 2.6 2.6 2.5 2.4 2.4 2.4 2.4 2.3 2.6 2.7 2.7 2.6 2.5 2.4 2.2 1.3 .6 1.6 1.2 2.8 1980 1979 2.6 2.5 2.5 2.4 2.4 2.3 2.3 2.3 2.6 2.7 2.7 2.5 2.5 2.4 2.1 .9 -.1 1.0 -.3 2.8 2.7 2.6 2.6 2.6 2.5 2.6 2.5 2.9 3.1 3.0 2.9 2.9 2.9 2.7 1.3 .1 2.3 1981 2.8 2.7 2.7 2.6 2.6 2.6 2.6 2.6 3.0 3.2 3.1 3.0 3.1 3.1 2.9 .9 1982 1983 1984 1985 1986 3.1 3.1 3.0 3.0 3.0 3.0 3.1 3.1 3.6 4.0 4.1 4.1 4.4 4.8 5.5 4.0 3.1 3.0 2.9 2.9 2.9 2.9 3.0 3.0 3.6 4.0 4.1 4.1 4.5 5.3 7.0 2.8 2.7 2.6 2.5 2.5 2.4 2.5 2.4 3.0 3.4 3.4 3.2 3.3 3.6 2.7 2.6 2.5 2.4 2.4 2.3 2.3 2.2 2.9 3.3 3.3 3.0 3.1 2.7 2.6 2.5 2.3 2.4 2.2 2.2 2.1 2.8 3.4 3.4 2.9 1987 2.7 2.6 2.4 2.3 2.3 2.1 2.0 1.9 2.8 3.6 3.8 1988 1989 2.5 2.3 2.1 1.8 1.7 1.3 1.0 .1 1.2 2.6 2.4 2.2 2.1 2.0 1.7 1.6 1.2 2.3 3.4 1990 2.6 2.5 2.2 2.0 1.9 1.4 .9 -.9 1991 1992 1993 1994 1995 1996 1997 3.1 3.0 2.8 2.7 2.8 2.5 2.7 3.2 3.1 2.9 2.7 2.9 2.3 3.4 3.3 3.1 2.9 3.5 3.4 3.2 2.9 2.3 3.8 3.7 3.4 3.9 3.9 3.9 1994 1995 1996 1997 -2.1 Table C.3.—Price Index for Gross Domestic Product [Average annual percent change, based on chain-type price indexes (1992=100)] Initial year Terminal year 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1973 1974 4.8 4.9 5.1 5.2 5.3 55 5.6 5.8 5.9 6.0 6.1 6.3 6.5 6.8 7.1 7.4 7.7 7.9 7.7 7.4 7.3 7.3 7.5 8.0 7.3 5.6 4.8 4.9 5.0 5.2 5.3 55 5.6 5.8 5.9 6.0 6.1 6.3 6.6 6.9 7.2 7.6 7.9 8.1 8.0 7.7 7.6 7.7 8.1 9.2 8.9 46 4.7 4.9 5.0 5.2 53 5.5 5.6 5.7 5.8 5.9 6.1 6.4 6.7 7.0 7.4 7.8 8.0 7.8 7.5 7.2 7.2 7.6 9.4 1975 4.4 4.5 4.7 4.8 4.9 5.1 5.2 5.4 5.5 5.6 5.7 5.8 6.1 6.4 6.8 7.2 7.6 7.8 7.5 7.0 6.5 6.1 5.8 1976 1977 1978 1979 1980 1981 1982 4.3 4.5 4.6 4.7 4.9 5.0 5.2 5.3 5.4 5.5 5.6 5.8 6.1 6.5 6.9 7.3 7.9 8.2 7.9 7.4 6.9 6.5 4.2 4.4 4.5 4.7 4.8 4.9 5.1 5.3 5.4 5.5 5.6 5.8 6.1 6.5 7.0 7.5 8.2 8.6 8.4 7.9 7.3 4.1 4.2 4.4 4.5 4.6 4.8 4.9 5.1 5.2 5.3 5.4 5.6 5.9 6.4 6.9 7.5 8.4 9.1 8.9 8.5 3.8 4.0 4.1 4.3 4.4 4.5 4.7 4.8 4.9 5.0 5.1 5.2 5.5 6.0 6.6 7.3 8.3 9.3 9.3 3.5 3.7 3.8 3.9 4.0 4.2 4.3 4.4 4.5 4.5 4.5 4.7 4.9 5.4 5.9 6.6 7.8 9.4 3.2 3.3 3.4 3.5 3.6 3.7 3.8 4.0 4.0 3.9 3.9 3.9 4.1 4.4 4.8 5.3 6.3 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.7 3.6 3.5 3.4 3.5 3.8 4.0 4.3 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 2.9 3.1 3.2 3.3 3.3 3.4 3.5 3.6 3.6 3.5 3.3 3.2 3.3 3.6 3.8 2.9 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.6 3.4 3.2 3.0 3.0 3.4 2.8 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.6 3.4 3.1 2.8 2.6 2.8 3.0 3.1 3.3 3.4 3.5 3.7 3.8 3.8 3.6 3.4 3.1 2.8 3.0 3.1 3.3 3.4 3.6 3.8 4.0 4.1 3.9 3.7 2.7 2.9 3.1 3.2 3.4 3.6 3.8 4.2 4.3 4.2 2.6 2.8 2.9 3.1 3.2 3.4 3.7 4.1 4.4 2.3 2.5 2.6 2.8 2.9 3.1 3.3 3.9 2.1 2.3 2.4 2.5 2.6 2.7 2.8 2.0 2.2 2.3 2.4 2.5 2.6 19 2.1 2.2 2.3 2.4 1.8 2.0 2.1 2.3 1.6 1.9 1.9 14 1.9 1.0 Table C.4.—Real Gross Domestic Purchases [Average annual percent change, based on chain-type quantity indexes (1992=100)] Initial year Terminal year 1972 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 .... 2.8 27 2.6 2.6 2.6 2.6 2.5 2.5 2.7 2.9 2.9 2.9 2.9 2.8 2.8 2.3 2.0 2.4 2.3 3.0 3.1 2.7 2.0 6 1.6 4.8 1973 2.7 26 2.5 2.5 2.5 2.4 2.4 2.4 2.6 2.7 2.7 2.7 2.7 2.7 2.6 2.0 1.6 2.1 2.0 2.7 2.8 22 1.1 -1.4 -1.5 1974 1975 2.9 28 2.7 2.7 2.7 2.7 2.6 2.6 2.9 3.0 3.1 3.1 3.1 3.1 3.0 2.4 2.0 2.6 2.6 3.5 3.9 3.4 2.5 -13 3.1 30 2.9 2.9 2.9 2.9 2.9 2.9 3.2 3.4 3.4 3.4 3.5 3.5 3.5 2.9 2.5 3.2 3.4 4.8 5.7 5.9 6.4 1976 2.9 2.8 2.8 2.7 2.7 2.7 2.7 2.6 3.0 3.1 3.2 3.2 3.2 3.2 3.1 2.4 1.9 2.6 2.7 4.3 5.3 5.4 1977 2.8 2.7 2.6 2.6 2.6 2.5 2.5 2.5 2.8 2.9 3.0 3.0 3.0 2.9 2.8 1.9 1.2 1.9 1.8 3.7 5.3 1978 2.7 2.6 2.5 2.4 2.4 2.3 2.3 2.2 2.6 2.7 2.7 2.7 2.7 2.6 2.4 1.2 .2 .9 .1 1979 2.7 2.6 2.5 2.4 2.4 2.3 2.3 2.2 2.6 2.8 2.8 2.8 2.8 2.7 2.5 1.0 -.4 .2 1980 3.0 2.9 2.8 2.7 2.8 2.7 2.7 2.6 3.1 3.3 3.4 3.5 3.6 3.7 3.6 2.0 .4 2.4 1981 3.0 2.9 2.8 2.7 2.8 2.7 2.7 2.7 3.1 3.4 3.5 3.6 3.8 4.0 4.0 1.8 1982 1983 1984 3.3 3.2 3.1 3.1 3.2 3.1 3.1 3.1 3.7 4.2 4.4 4.7 5.2 5.9 6.9 5.3 3.2 3.0 3.0 2.9 3.0 2.9 2.9 2.9 3.5 4.0 4.2 4.6 5.2 6.2 8.5 2.8 2.6 2.5 2.4 2.4 2.3 2.2 2.1 2.7 3.1 3.2 3.3 3.6 3.9 -1.6 -2.0 2.2 NOTE.—In these triangles, the growth rate from one year to any other year can be found at the intersection of the column for the earlier year and the row for the later vear; thus, growth rates from one year to the next are shown on the main diagonal. For example, from 1985 to 1995, real gross domestic product grew at an average annual rate of 2.4 percent; from 1985 to 1986, it grew 3.1 percent. 1985 2.7 2.5 2.4 2.3 2.3 2.1 1.9 1.8 2.5 2.9 3.0 3.0 3.3 1986 2.7 2.5 2.3 2.1 2.1 1.9 1.7 1.5 2.3 2.8 2.8 2.7 1987 2.7 2.4 2.2 2.1 2.1 1.8 1.5 1.2 2.1 2.8 2.9 1988 2.6 2.4 2.2 2.0 1.9 1.5 1.2 .6 1.8 2.7 1989 2.6 2.3 2.1 1.8 1.8 1.2 .7 -.4 .8 1990 2.9 2.6 2.3 2.0 2.0 1.4 .6 -1.6 1991 1992 1993 1994 1995 1996 1997 3.5 3.3 3.1 3.0 3.2 2.9 2.8 3.6 3.3 3.1 3.0 3.4 2.9 3.8 3.4 3.2 3.0 3.9 3.7 33 2.9 2.1 4.2 3.9 3.6 4.6 4.2 5.0 D-40 • National Data SURVEY OF CURRENT BUSINESS July 1999 Table C.5.—Price Index for Gross Domestic Purchases [Average annual percent change, based on chain-type price indexes (1992=100)] Initial year Terminal year 1972 1998 1997 1996 1995 ... 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 . 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 4.8 5.0 5.2 5.3 5.4 5.6 5.7 5.9 6.0 6.1 6.2 6.4 6.6 6.9 7.3 7.6 8.0 8.2 8.1 7.8 7.6 7.6 7.8 8.4 8.0 5.9 1973 4.8 5.0 5.1 5.3 5.4 5.6 5.7 5.9 6.0 6.1 6.3 6.5 6.7 7.0 7.4 7.8 8.2 8.5 8.4 8.1 7.9 8.0 8.4 9.7 105 1974 4.6 4.7 4.9 5.0 5.2 5.3 5.5 5.7 5.8 5.9 6.0 6.2 6.4 6.8 7.1 7.5 8.0 8.3 8.2 7.7 7.3 7.3 7.5 9.3 1975 1976 4.4 4.5 4.7 4.8 5.0 ' 5.1 5.3 5.4 5.6 5.6 5.7 5.9 6.1 6.5 6.9 7.3 7.8 8.1 7.9 7.3 6.7 6.3 5.8 4.3 4.5 4.6 4.8 4.9 5.1 5.2 5.4 5.5 5.6 5.7 5.9 6.2 6.6 7.0 7.5 8.1 8.6 8.5 7.7 7.1 6.9 1977 4.2 4.4 4.5 4.7 4.8 5.0 5.1 5.3 5.4 5.5 5.6 5.8 6.1 6.5 7.0 7.6 8.4 9.0 9.0 8.2 7.4 1978 1979 4.0 4.2 4.4 4.5 4.7 4.8 5.0 5.2 5.3 5.3 5.5 5.7 5.9 6.4 7.0 7.7 8.7 9.6 9.8 9.0 3.8 4.0 4.1 4.2 4.4 4.5 4.7 4.8 4.9 5.0 5.1 5.2 5.5 6.0 6.6 7.3 8.6 9.9 10.7 1980 3.4 3.6 3.7 3.8 3.9 4.1 4.2 4.3 4.4 4.4 4.4 4.5 4.7 5.1 5.6 6.3 7.5 9.2 1981 3.1 3.2 3.3 3.5 3.5 3.6 3.7 3.8 3.9 3.8 3.7 3.7 3.8 4.1 4.4 4.8 5.9 1982 2.9 3.1 3.2 3.3 3.3 3.4 3.5 3.6 3.6 3.5 3.4 3.3 3.3 3.5 3.7 3.8 1983 2.8 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.6 3.4 3.3 3.2 3.1 3.4 3.5 1984 2.8 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.6 3.4 3.2 3.1 2.9 3.2 1985 2.8 2.9 3.1 3.2 3.3 3.4 3.5 3.7 3.7 3.5 3.2 3.0 2.6 1986 2.8 3.0 3.1 3.3 3.4 3.5 3.7 3.9 3.9 3.7 3.5 3.4 1987 1988 2.7 2.9 3.1 3.2 3.4 3.6 3.8 4.0 4.1 3.9 3.6 2.6 2.9 3.0 3.2 3.3 3.5 3.8 4.1 4.4 4.2 1989 2.4 2.7 2.8 3.0 3.2 3.4 3.7 4.1 4.5 1990 2.2 2.4 2.6 2.7 2.8 3.0 3.2 3.7 1991 2.0 2.2 2.3 2.5 2.5 2.6 2.8 1992 1.8 2.1 2.2 2.4 2.4 2.5 1993 1.7 2.0 2.1 2.3 2.3 1994 1.6 1.9 2.0 2.3 1995 1.3 1.7 1.8 1996 1.1 1.6 1997 0.6 Table C.6.—Real Final Sales of Domestic Product [Average annual percent change, based on chain-type quantity indexes (1992=100)] Initial year Terminal year 1972 1998 1997 1996 1995 1994 1993 1992 .. 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 2.8 2.7 2.7 2.6 2.6 2.6 2.7 2.7 2.9 2.9 2.9 2.9 2.9 2.8 2.7 2.5 2.3 2.7 2.9 3.2 3.2 2.8 2.4 1.9 2.5 5.3 1973 2.7 2.6 2.6 2.5 2.5 2.5 2.5 2.5 2.7 2.8 2.8 2.7 2.7 2.6 2.4 2.2 2.0 2.4 2.6 2.9 2.8 2.2 1.5 .3 -.3 1974 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.9 3.0 3.0 2.9 2.9 2.9 2.7 2.5 2.3 2.8 3.1 3.6 3.6 3.1 2.4 .9 1975 2.9 2.8 2.8 2.8 2.8 2.8 2.8 2.8 3.0 3.1 3.2 3.1 3.1 3.1 2.9 2.7 2.5 3.1 3.5 4.3 4.6 4.2 4.0 1976 2.8 2.8 2.7 2.7 2.7 2.7 2.7 2.7 3.0 3.1 3.1 3.0 3.0 3.0 2.8 2.5 2.3 2.9 3.4 4.3 4.8 4.4 1977 2.7 2.7 2.6 2.6 2.6 2.6 2.6 2.6 2.9 3.0 3.0 2.9 2.9 2.8 2.6 2.2 1.9 2.6 3.1 4.3 5.3 1978 1979 2.6 2.6 2.5 2.4 2.4 2.4 2.4 2.4 2.7 2.8 2.7 2.6 2.6 2.5 2.1 1.5 1.0 1.7 2.0 3.4 2.6 2.5 2.4 2.4 2.4 2.3 2.3 2.3 2.6 2.7 2.7 2.5 2.5 2.3 1.9 1.1 .3 .8 .6 1980 2.7 2.6 2.6 2.5 2.5 2.5 2.5 2.5 2.8 2.9 2.9 2.8 2.8 2.7 2.2 1.3 .1 1.1 1981 2.8 2.7 2.7 2.6 2.6 2.6 2.6 2.6 3.0 3.2 3.2 3.1 3.2 3.1 2.6 1.4 -.9 1982 3.0 3.0 2.9 2.9 2.9 2.9 3.0 3.0 3.5 3.8 3.9 3.9 4.2 4.4 4.3 1983 3.0 2.9 2.9 2.8 2.8 2.8 2.9 2.9 3.5 3.8 4.0 3.9 4.4 4.8 5.0 1984 2.8 2.8 2.7 2.6 2.6 2.6 2.6 2.7 3.2 3.6 3.7 3.6 4.1 4.6 1985 2.7 2.6 2.5 2.4 2.4 2.3 2.4 2.3 3.0 3.3 3.4 3.1 3.5 1986 2.6 2.5 2.4 2.3 2.3 2.2 2.2 2.1 2.8 3.2 3.4 2.6 1987 1988 2.6 2.5 2.4 2.3 2.2 2.1 2.1 2.0 2.9 3.5 4.1 2.5 2.3 2.2 2.0 1.9 1.7 1.6 1.3 2.3 3.0 1989 2.4 2.3 2.1 1.9 1.7 1.4 1.1 .4 1.6 1990 2.5 2.3 2.2 1.9 1.7 1.3 .9 -.7 1991 3.0 2.9 2.7 2.6 2.5 2.3 2.5 1992 3.1 2.9 2.8 2.6 2.5 2.1 1993 3.3 3.1 3.0 2.8 2.9 1994 3.4 3.2 3.1 2.8 1995 3.6 3.4 3.4 1996 3.7 3.5 1997 4.0 3.7 Table C.7.—Real Disposable Personal Income [Average annual percent change, based on chained (1992) dollar estimates] Initial year Terminal year 1972 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 .... 1973 2.7 2.7 2.7 2.7 2.6 2.7 2.7 2.7 2.9 3.0 3.0 3.0 3.0 3.0 3.0 2.7 2.7 2.9 2.9 3.3 3.4 3.0 3.0 2.6 3.1 7.1 1973 2.5 2.5 2.5 2.5 2.4 2.5 2.5 2.5 2.7 2.7 2.8 2.7 2.7 2.7 2.7 2.2 2.2 2.4 2.4 2.7 2.6 2.0 1.6 .5 -.7 1974 2.7 2.6 2.6 2.6 2.6 2.6 2.7 2.7 2.9 2.9 3.0 2.9 3.0 3.0 3.0 2.6 2.5 2.8 2.9 3.4 3.5 3.0 2.8 1.7 1975 2.7 2.7 2.7 2.7 2.7 2.7 2.8 2.8 2.9 3.0 3.1 3.0 3.1 3.2 3.2 2.7 2.7 3.0 3.1 3.8 4.1 3.6 3.9 1976 2.6 2.6 2.6 2.6 2.6 2.6 2.7 2.7 2.9 3.0 3.0 2.9 3.1 3.1 3.1 2.5 2.5 2.8 2.9 3.7 4.2 3.2 1977 2.6 2.6 2.6 2.6 2.5 2.6 2.6 2.6 2.9 2.9 3.0 2.9 3.0 3.0 3.1 2.4 2.3 2.7 2.8 3.9 5.2 1978 2.5 2.4 2.4 2.4 2.4 2.4 2.5 2.4 2.7 2.7 2.8 2.7 2.8 2.7 2.7 1.8 1.6 1.9 1.7 2.7 1979 2.5 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.7 2.7 2.8 2.7 2.8 2.7 2.7 1.6 1.2 1.5 .6 1980 2.6 2.5 2.5 2.5 2.5 2.5 2.6 2.6 2.9 3.0 3.1 3.0 3.1 3.2 3.3 1.9 1.5 2.3 1981 2.6 2.5 2.5 2.5 2.5 2.5 2.6 2.6 2.9 3.1 3.2 3.1 3.3 3.4 3.6 1.7 .8 1982 2.7 2.7 2.7 2.7 2.6 2.7 2.8 2.8 3.2 3.4 3.6 3.5 4.0 4.3 5.0 2.7 1983 2.7 2.7 2.7 2.7 2.6 2.7 2.8 2.8 3.3 3.5 3.8 3.8 4.4 5.1 7.4 1984 2.4 2.3 2.3 2.2 2.2 2.2 2.3 2.2 2.6 2.8 3.0 2.6 2.9 2.9 1985 2.3 2.3 2.2 2.2 2.1 2.1 2.2 2.1 2.5 2.7 3.0 2.4 2.9 1986 2.3 2.2 2.1 2.1 2.0 1.9 2.1 1.9 2.4 2.7 3.0 1.9 1987 2.3 2.2 2.2 2.1 2.0 2.0 2.1 1.9 2.6 3.0 4.1 1988 2.1 2.0 1.9 1.8 1.7 1.5 1.6 1.2 1.9 2.0 1989 2.2 2.0 1.9 1.8 1.6 1.4 1.4 .8 1.8 1990 2.2 2.1 2.0 1.8 1.5 1.3 1.3 -.1 1991 2.6 2.4 2.4 2.3 2.1 2.0 2.7 1992 2.5 2.4 2.3 2.1 1.8 1.3 1993 2.8 2.7 2.6 2.5 2.3 1994 2.9 2.8 2.8 2.8 1995 2.9 2.8 2.8 1996 3.0 2.8 1997 32 SURVEY OF CURRENT BUSINESS July 1999 National Data • D-41 D. Domestic PerspectivesThis table presents data collected from other government agencies and private organizations, as noted. Quarterly data are shown in the middle month of the quarter. Table D.1.—Domestic Perspectives 1998 1997 1999 1998 Apr. May June July Aug. Sept. Oct. Nov. Dec. Feb. Jan. Mar. Apr. May 1 Consumer and producer prices, (monthly data seasonally adjusted) Consumer price index for ail urban consumers, 1982-84=100: All items Less foot Services 160.5 169.5 179.4 163.0 173.4 184.2 162.5 172.9 183.4 162.9 173.3 183.8 163.0 173.5 184.1 163.3 173.8 184.5 163.5 174.2 184.8 163.6 174.5 185.2 163.9 174.8 185.5 164.2 175.0 186.0 164.4 175.6 186.3 164.6 175.7 186.5 164.7 175.8 186.9 165.0 176.0 187.5 166.2 176.7 188.1 166.2 176.9 188.3 Producer price index, 1982=100: Finished goods Less food and energy Finished consumer goods Capital equipment Intermediate materials Crude materials 131.8 142.4 130.2 138.2 125.6 111.1 130.6 143.7 128.9 137.5 123.0 96.7 130.7 143.4 128.9 137.6 123.7 100.6 130.6 143.5 128.9 137.5 123.6 100.0 130.4 143.4 128.7 137.3 123.2 97.3 130.7 143.7 129.1 137.4 123.2 97.4 130.3 143.7 128.6 137.2 122.8 93.3 130.6 144.1 128.8 137.6 122.4 91.6 131.0 144.3 129.3 137.7 122.2 93.9 130.7 144.4 128.9 137.8 121.9 93.8 131.3 145.9 129.7 137.7 121.1 90.4 131.7 145.6 130.2 137.6 121.1 90.9 131.3 145.7 129.7 137.6 120.8 88.6 131.6 145.7 130.1 137.6 121.2 89.5 132.2 145.8 130.9 137.6 121.9 90.7 132.4 145.9 131.1 137.9 122.1 95.7 0.40 .84 -0.22 .55 0.15 .47 0.86 .23 0.57 .73 -0.33 .38 Money, interest rates, and stock prices Money stock (monthly and quarterly data seasonally adjusted):2 Percent change: M1 M2 Ratio: dross domestic product to M1 Personal income to M2 , Interest rates (percent, not seasonally adjusted):2 Federal funds rate Discount rate on new 91-day Treasury bills Yield on new high-grade corporate bonds 10-Year U.S. Treasury bonds Yield on municipal bonds, 20-bond average Mortgage commitment rate Average prime rate charged by banks Index of stock prices (not seasonally adjusted):3 500 common stocks, 1941-43=10 0.14 .70 7.583 1.726 7.886 1.688 5.46 5.07 7.40 6.35 5.52 7.60 8.44 5.35 4.81 6.44 5.26 5.09 6.94 8.35 5.45 5.00 6.59 5.64 5.23 7.14 8.50 -0.36 .47 -0.04 .57 -0.22 .42 -0.30 .61 0.23 1.03 0.53 .97 7.820 1.697 1.692 1.692 7.949 1.689 1.676 1.668 7.982 1.668 "i.653 1.654 8.043 1.654 1.655 1.651 1.652 5.49 5.03 6.63 5.65 5.20 7.14 8.50 5.56 4.99 6.43 5.50 5.12 7.00 8.50 5.54 4.96 6.35 5.46 5.14 6.95 8.50 5.55 4.94 6.34 5.34 5.10 6.92 8.50 5.51 4.74 6.27 4.81 4.99 6.72 8.49 5.07 4.08 6.21 4.53 4.93 6.71 8.12 4.83 4.44 6.42 4.83 5.03 6.87 7.89 4.68 4.42 6.13 4.65 4.98 6.72 7.75 4.63 4.34 6.14 4.72 5.01 6.79 7.75 4.76 4.45 6.33 5.00 5.03 6.81 7.75 4.81 4.48 6.52 5.23 5.10 7.04 7.75 4.74 4.28 6.58 5.18 5.08 6.92 7.75 4.74 4.51 6.86 5.54 5.18 7.15 7.75 0.80 872.72 1,084.31 1,112.20 1,108.42 1,108.39 1,156.58 1,074.62 1,020.64 1,032.47 1,144.43 1,190.05 1,248.77 1,246.58 1,281.66 1,334.76 1,332.07 Labor markets (thousands, monthly and quarterly data seasonally adjusted, unless otherwise noted)' Civilian labor force Labor force participation rates (percent): Males 20 and over Females 20 and over 16-19 years of age Civilian employment Ratio, civilian employment to working-age population (percent) Persons engaged in nonagricultural activities .. Employees on nonagricultural payrolls Goods-producing industries Services-producing industries Average weekly hours, manufacturing (hours) . Average weekly overtime hours, manufacturing (hours) Number of persons unemployed Unemployment rates (percent): Total 15 weeks and over Average duration of unemployment (weeks) .... Nonfarm business sector, 1992=100: Output per hour of all persons Unit labor costs Hourly compensation See footnotes at the end of the table. 136,297 137,673 137,232 137,369 137,498 137,407 137,481 138,081 138,116 138,193 138,547 139,347 139,271 138,816 139,091 139,019 77.0 60.5 51.6 129,558 76.7 76.8 76.9 76.8 76.7 76.7 77.1 76.7 76.5 76.8 77.0 76.8 76.5 76.8 76.8 60.4 60.4 60.4 60.2 60.4 60.4 60.9 60.4 60.4 60.4 60.7 60.8 60.6 60.8 60.6 51.9 53.5 52.6 52.3 52.4 52.8 52.4 52.4 52.1 53.2 52.9 53.1 53.0 51.9 52.1 131,463 131,280 131,330 131,253 131,176 131,264 131,818 131,858 132,113 132,526 133,396 133,144 133,033 133,069 133,224 63.8 126,159 122,690 24,962 97,727 42.0 64.1 64.1 64.1 63.9 64.0 128,085 127,899 127,979 127,890 127,753 125,826 125,220 125,478 125,689 125,808 25,347 25,418 25,379 25,381 25,240 100,099 100,308 100,568 100,480 41.7 41.7 41.8 41.8 41.6 4.8 4.6 4.6 6,739 6,210 5,952 4.9 1.5 15.8 4.5 1.2 14.5 4.3 1.1 14.5 104.9 108.9 114.3 107.2 111.1 119.1 4.6 4.4 1.1 14.7 106.6 111.1 118.5 63.9 127,772 126,170 25,344 100,826 41.7 64.1 128,348 126,361 25,333 101,028 41.6 64.0 128,300 126,567 25,306 101,261 41.7 64.1 128,765 126,841 25,298 101,543 41.7 64.2 129,304 127,186 25,354 101,832 41.7 64.5 130,097 127,378 25,315 102,063 41.6 64.4 129,817 127,730 25,329 102,401 41.6 64.3 129,752 127,813 25,285 102,528 41.5 64.2 129,685 128,156 25,289 102,867 41.6 64.2 129,929 128,167 25,197 102,970 41.7 4.6 4.6 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.3 4.6 6,245 6,231 6,217 6,263 6,258 6,080 6,021 5,950 6,127 5,783 6,022 5,795 4.5 1.2 14.1 4.5 1.2 14.3 4.5 1.2 13.7 4.5 1.2 14.3 4.5 1.2 14.1 4.4 1.2 14.4 4.3 1.1 14.1 4.3 1.1 13.4 4.4 1.1 13.8 4.2 1.0 13.5 4.3 1.0 13.1 4.2 1.1 13.4 107.3 111.5 119.7 108.5 111.4 120.91 109.4 111.6 122.1 D-42 • National Data July 1999 SURVEY OF CURRENT BUSINESS Table D.1.—Domestic Perspectives—Continued 1998 1997 1999 1998 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Construction (monthly data seasonally adjusted at annual rates)4 Total new private construction put in place (billions of dollars) Residential Nonresidential 471.2 265.6 165.1 509.5 296.5 170.8 500.1 289.7 169.4 496.5 288.0 166.3 503.6 291.9 169.6 511.5 299.3 169.4 516.6 300.6 172.2 521.0 305.0 172.3 523.6 306.3 174.2 525.5 307.3 176.7 531.0 311.5 179.0 538.0 317.6 177.6 546.0 319.7 184.2 556.3 327.9 184.2 545.7 324.7 178.6 Housing starts (thousands of units): Total 1-unit structures 1,474 1,134 1,617 1,271 1,542 1,235 1,541 1,221 1,626 1,274 1,719 1,306 1,615 1,264 1,576 1,251 1,698 1,298 1,654 1,375 1,750 1,383 1,820 1,393 1,752 1,380 1,746 1,394 1,576 1,676 1,249 1,409 804 886 880 893 909 883 836 861 903 985 958 908 909 880 New 1-family houses sold (thousands of units) 936 888 Manufacturing and trade, inventories and sales (millions of dollars, monthly data seasonally adjusted)4 Inventories: Total manufacturing and trade Manufacturing Merchant wholesalers Retail trade 1,052,717 1,087,417 1,069,566 1,070,022 1,070,515 1,070,875 1,074,870 1,080,866 1,083,366 1,087,970 1,087,417 1,086,911 1,090,474 1,095,766 1,097,958 456,133 466,798 464,668 465,729 466,701 467,636 468,445 468,552 471,031 471,000 466,798 464,873 464,198 463,578 462,963 273,003 286,962 276,068 277,699 277,518 277,466 280,591 284,128 283,776 285,716 286,962 285,906 287,768 288,432 288,961 323,581 333,657 328,830 326,594 326,296 325,773 325,834 328,186 328,559 331,254 333,657 336,132 338,508 343,756 346,034 Sales: Total manufacturing and trade Manufacturing Merchant wholesalers Retail trade 8,995,737 3,929,419 2,500,109 2,566,209 9,309,551 4,052,248 2,561,448 2,695,855 771,560 335,553 213,268 222,739 772,405 333,622 213,413 225,370 774,639 335,110 213,904 225,625 773,762 335,380 214,229 224,153 772,454 336,445 211,713 224,296 779,478 340,481 213,856 225,141 781,447 340,133 213,429 227,885 785,777 341,423 214,891 229,463 793,488 344,088 217,403 231,997 792,110 341,670 215,441 234,999 801,136 343,724 218,413 238,999 809,887 349,065 221,796 239,026 809,341 347,558 221,865 239,918 Industrial production indexes and capacity utilization rates (monthly data seasonally adjusted)2 Industrial production indexes, 1992=100: Total By industry: Durable manufactures Nondurable manufactures.... By market category: Consumer goods Capacity utilization rates (percent): Total industry Manufacturing 126.8 131.3 131.3 131.9 130.6 130.5 132.4 131.9 132.4 132.2 132.3 132.3 132.5 133.3 133.8 134.1 147.1 111.3 157.5 111.9 156.2 113.0 157.2 113.0 154.8 112.0 154.4 112.1 159.8 111.3 159.6 110.6 161.2 110.9 161.0 111.6 161.5 111.7 161.4 111.3 161.7 111.9 162.9 112.0 164.0 164.9 112.0 112.2 114.1 115.2 116.4 116.8 115.1 114.0 116.1 114.8 115.2 114.8 114.9 115.2 115.3 115.6 115.9 116.1 82.9 82.0 81.8 80.8 82.6 81.7 82.6 81.6 81.5 80.2 81.1 79.8 82.0 80.7 81.3 80.1 81.3 80.3 80.8 80.1 80.7 80.0 80.3 79.5 80.2 79.5 80.5 79.5 Credit market borrowing (billions of dollars, quarterly data seasonally adjusted at annual rates)2 All sectors, by instrument: Total Open market paper U.S. government securities Municipal securities Corporate and foreign bonds ... Bank loans, n.e.c Other loans and advances Mortgages Consumer credit Sources: 1. Bureau of Labor Statistics. 2. Federal Reserve Board. 1,431.5 184.1 235.9 71.4 346.5 128.2 99.8 313.1 52.5 2,027.5 193.1 418.3 96.8 437.5 145.9 159.0 509.2 67.6 1,983.1 113.1 342.5 1001 6419 172.5 106.1 440.5 66.3 1,871.1 232.7 425.1 83.6 221.6 192.3 153.4 480.7 81.7 3. Standard and Poor's, Inc. 4. Bureau of the Census, n.e.c. Not elsewhere classified. 2,349.1 83.0 708.5 87 0 364.6 135.9 266.3 639.7 64.1 2,224.9 161.9 445.7 67 9 645 7 46.2 160.1 571.1 126.2 80.5 79.6 80.5 79.7 National Data • SURVEY OF CURRENT BUSINESS July 1999 D-43 E. Charts. Percent changes shown in this section are based on quarter-to-quarter changes and are expressed at seasonally adjusted annual rates; likewise, levels of series are expressed at seasonally adjusted annual rates as appropriate. SELECTED NIPA SERIES Chained (1992) dollars Apr Feb 30000 Dec Nov Jan JlyJIy Nov Nov Mar Jly Mar 30000 REAL GROSS DOMESTIC PRODUCT PER CAPITA 28000- -28000 26000 -26000 24000- -24000 22000 -22000 20000- -20000 18000- -18000 16000 -16000 14000 -14000 12000 12000 59' '61' '63' '65' 67 Apr Feb REAL GROSS DOMESTIC PRODUCT (PERCENT CHANGE) - I 59 S3 65 67 69 71 61 U.S. Department of Commerce, Bureau of Economic Analysis -5 -10 73' 75 77 79 81 83 B5 87 89 '91' '93 95 97 99 D-44 • National Data SURVEY OF CURRENT BUSINESS July 1999 SELECTED NIPA SERIES Percent Apr Feb 60 Dec Nov Nov Mar JlyMar JanJIyJIy Nov 60 SHARES OF FEDERAL GOVERNMENT RECEIPT? Personal tax and nontax 50 - - 50 40 - 40 30 - 30 20 -20 10 - 10 Indirect business taxes Percent 59 61 '63 65 67 Apr Feb 70 '69 71 Dec Nov 73 Nov 75 77 79 Mar 81 JanJIyJIv 83 85 87 '89 91 93 95 97 '99 JIvMar Nov 70 SHARES OF FEDERAL GOVERNMENT CURREKTEXPENDITURES 60 60 - -50 50 Transfer payments 40 30 - -40 Consumption expenditures ^~-"^ -30 . • ^ 20 - _ 20 Grants to State and local govemmente 10 " A —~~^—^^ — —_^-_—.— ^~~_ __ _——*.—- __^ ^ ^ _ — • * * * " • — ~ _ _ 10 Net interest 0 Percent 59 61 APT 63' 65 67 Feb 69 71 Dec Nov 73' 75 77 79 81 83 85 '87' 91 93 95 97 '99 Jlv Mar JanJIvJIv Nov Nov Mar 89 RATlftGOVERNMENT SURPLUS/DEFICIT (NIP»)tO GROSS D O i i S r i C PRODUCT - 4 - 2 --2 —4 Federal —6 59' 61' '63 '65' '67 '71' U.S. Department of Commerce, Bureau of Economic Analysis '73 75' '77 79' '81' 83 '85' '87' 91' '93 '95' '97 '99 National Data • SURVEY OF CURRENT BUSINESS July 1999 D-45 SELECTED NIPA SERIES 25 Dec Nov Apr Feb JanJIyJIy Nov Nov Mar Jly Mar 25 RATI^fAVING TO GROSS NATIONAL PRODUCT 20- -20 -15 Corporate and other private saving -10 —5 Gross government saving 591 Percent 61 65 1 63' 67 69 Arx Feb 71' Dec Nov 73 75' 77 '79 '81' 83' '85' 91 87 93' '95' '97' 99 Nov Mar RABS. INVESTMENT TO GROSS NATIONAL PRODUCT -20 15- -15 Gross private domestic investment 10- -10 Gross government investment ^ • - * — — — - 5 Net foreign investment 59' Percent 61' ^ 60 63 65 67 pa 69 71' Dec Nov 73 75' 77 79 Nov Mar 81 83 JanJIvJIv Nov 85 87 '89 91 '93 '95 97 Jlv Mar 60 3 OF GROSS PRIVATE DOMESTIC FIXED INVESTMENT 50- - 50 Producers' durable equipment, nonresidential 40- - 40 Residential investment 30- - 30 20 - 20 10 " 10 59' 61 '63 '65' 67' 69 •71 ' U.S. Department of Commerce, Bureau of Economic Analysis 73 75 '77' '79 '81 '83' 85' '87 91 '93 '95' 97 D-46 • National Data SURVEY OF CURRENT BUSINESS July 1999 SELECTED NIPA SERIES SHARES OF NATIONAL INCOME 1959 Wage and salary accruals, 62.8% 1998 Wage and salary accruals, 59.4% Net interest, 2.5% Net interest, 6.4% Corporate profits with IVA and CCAdj, 12.8% Corporate profits with IVA and CCAdj, 11.8% Rental income of persons wth CCAdj, 4.3% Supplements to wages and salaries, 5.2% Rental income of persons Proprietors' income wth CCAdj, 2.3% with IVA and CCAdj, 8.3% Proprietors' income with IVA and CCAdj, 12.5% SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR 1998 1959 Business, 86.1% Business, 84.5% General government, 11.4% General government, 11.0% Households and institutions, 2.4% Households and institutions, 4.5% SHARES OF GROSS DOMESTIC PURCHASES 1959 Personal consumption expenditures, 62.5% Personal consumption expenditures, 67.0% Government consumption expenditures and gross investment, 17.2% Government consumption expenditures and gross investment, 22.0% Nonresidential investment, 10.0% Residential investment, 5.5% U.S. Department of Commerce, Bureau of Economic Analysis 1998 Nonresidential investment, 11.5% Residential investment, 4.3% National Data • SURVEY OF CURRENT BUSINESS July 1999 D-47 SELECTED NIPA SERIES Percent Apr Feb 60 Dec Nov Jan JlyJly Nov Nov Mar Jlv Mar 60 SHARES OF GROSS DOMESTIC PRODUCT BY TYPE OF PRODUCT Output of services 50 -50 40 -40 30 -30 20 -20 Output ol structures 10 - "10 59' Percent 63' ! 65 671 AorFeb 59 Percent 60 '61 61 '69 71 ' Dec Nov 63 65' 67' 71 Dec Nov Apr Feb '73 75' 771 79' '81 W 851 87 77 79 81 83 85 87' '89 91' '93' '95' '97' '99 91 93 95 97 '99 N w Mar 73 75 JanJIyJIy Nov Nov Mar Jlv Mar 60 SHARES OF PERSONAL CONSUMPTION EXPENDITURES BY TYPE OF PRODUCT 50- -50 40 "40 30 30 20 20 Durable goods 10 10 59' '61' 63' 65 '67' 69' '71' U.S. Department ot Commerce. Bureau of Economic Analysis 73' '75 '77' 79' 81 '83 '85' 87' '89' ' 9 1 ' '95' '97' '99 D-48 • National Data SURVEY OF CURRENT BUSINESS July 1999 SELECTED NIPA SERIES Percent Aof Fob 20 Dec Nov Nov Jan JlyJIy Mar Nov Jly Mar 20 PROFIT MARGIN, DOMESTIC NONFINANCIAL CORPORATIONS* 16- -16 "12 'Ratio of corporate profits per unit to cost and profit per unit 59 Ratio 61 '63 '65 67 APT Feb 69 71 Dec Nov 73 Nov 75 77 79 Mar 81 JanJIyJIy 83 85 87 '89 Nov 91 93 95 97 99 Jty Mar nr/SALES RATIOS, CURRENT-DOLLAR* Nonfarmitmntoriesto final sales of goods and structures -4 4- Inventories to final sales of domestic business -3 Nonfarm Inventories to final sales of domestic business 'Based on current-dollar estimates of inventories and sates 59' Ratio 61' '63' '65' '67' Apr Feb '69' 71' Dec Nov '73' Nov 75' 77 79 81 Jan JlyJry Mar 83 '85' '87' on' Nov ' OH ' '91 ' no' 93' ' oc ' '95' ' OT ' '97' Ia JIvMar INVENTORY/SALES RATIOS, REAL' Nonfarm inventories to final sales of goods and structures -4 -3 Inventories to final sales of domestic business Nonfarm inventories to final sales of domestic business 2- 'Based on chained (1992) dollar estimates of inventories and sales 1 591 '61' '63' '65' '67' '69' 71 US. Department o< Commence, Bureau ot Economic Analysis 73' 75 '77' 79 81' '83' '85' 87' '89' '91' '93' '95' '97' '99 National Data SURVEY OF CURRENT BUSINESS July 1999 OTHER INDICATORS OF THE DOMESTIC ECONOMY JtyMar JtyMar PRODUCER PRICE INDEX (PERCENT CHANGE) UMERPRIGE INDEX (PERCENT CHANGE) ' '2 I I I I I I i i I I I I I I I I I I I I I I I I I 74 76 index 140 78 80 82 84 86 88 JanJvJvNw 90 92 94 96 98 JtvMar TRIAL PRODUCTION INDEX, 1992=100 i r n TTTTT i ii i ii M M ii i r r r 74 76 78 80 82 84 86 88 90 92 94 96 98 Percent Mar JanJIyJIyNw CAPACITY UTILIZATION RATE 95 JvMaf 90- 85- 80- 75- 70Manufacturing 65 I III II : 74 76 78 80 I II II II II I I I I I I I I II II II I I I I I I I I I I92I t94I I96 I98 I 74 76 82 84 86 88 "° UrS RAGE WEEICY HOWS, MANUFACTURING Mar 78 80 82 84 86 88 JanJIyJtyNov 90 92 94 96 98 JyMar AVERAGE WEEKLY OVERTIME HOURS, MANUFACTURING 5 - 4 - 3 - 1" I I I I I M I I I I I I I I I I I I I 1 I I 74 76 78 60 82 84 86 88 90 92 94 U.& Department of Commerce, Bureau of Economic Analysis 96 98 II 74 I I I I I II 76 78 80 I: I I II 8 2 8 4 8 6 8 8 I I I I I I II II I 9 0 9 2 9 4 9 6 9 8 D-49 D-50 • National Data SURVEY OF CURRENT BUSINESS July 1999 OTHER INDICATORS OF THE DOMESTIC ECONOMY Percent 12 Mar JanJIy Jly Nov Jly Mar 18 UNEMPLOYMENT RATE 10 . JanJIyJIyNov L J Jly Mar INTEREST RATES 1510-Year Treasurf Bonds 4- 2 0 "TTT rTTTTTTTTTTTTTTTTTTT. . 74 76 Percent Mar 7 8 8 0 8 2 8 4 8 6 8 8 JanJIyJIyNov MONEY SUPPLY 1 (PERCENT CHANGE) I 9 0 9 2 9 4 9 6 9 8 Jly Mar 20 - I I I I I I I I I I I I I I I I I I I. t I I I I I 74 76 Ratio Mar 78 80 82 84 86 88 JanJIyJIyNov 90 92 94 96 98 Jly Mar A 15 JUIl M2 IJL/M HA 1 IL 10- J TO 5 0 f \ MI 1 Tl1! ylfl -5 m 74 76 78 80 82 84 86 88 90 92 94 96 JanJIyJly Nov . . . I I ! I I I I I I I I I I I I II I I I I. 98 74 76 78 80 8 2 84 8 6 88 Thousands Mar JanJIyJIyNov 1 2 0 0 SALES OF NEW ON&HMILY HOUSES Millions Jly Mar 90 92 94 96 98 Jly Mar 1000- 800- 600 400- I I I I I II I I I I I I I I I I I I I I II II 74 76 78 80 82 84 86 88 90 92 U.S. Department of Commerce, Bureau of Economic Anatysis 94 96 98 200 I I I I I I I I II II I I I I I I I I II I II 74 76 78 80 8 2 8 4 8 6 8 8 9 0 9 2 9 4 9 6 9 8 July 1999 SURVEY OF CURRENT BUSINESS International Data • D-51 International Data F. Transactions Tables To accommodate the presentation of the annual revision of the international transactions accounts, tables F.1-F.4 and the charts in section I are not shown this month. The annual revision is described in "U.S. International Transactions, Revised Estimates for 1982-98" in this issue. The data usually shown in tables F.2-F.4 are presented in greater detail in tables 1, 3, and 10 at the end of "U.S. International Transactions, First Quarter 1999" in this issue. D-52 • International Data July 1999 SURVEY OF CURRENT BUSINESS G. Investment Tables. Table G.1.—International Investment Position of the United States at Yearend, 1997 and 1998 [Millions of dollars] Changes in position in 1998 (decrease (-)) Attributable to: Une Type of investment Net international investment position of the United States: With direct investment positions at current cost (line 3 less line 24) ., With direct investment positions at market value (line 4 less line 25) U.S.-owned assets abroad: With direct investment positions at current cost (lines 5+10+15) With direct investment positions at market value (lines 5+10+16) ... U.S. official reserve assets Gold Special drawing rights Reserve position in the International Monetary Fund Foreign currencies U.S. Government assets, other than official reserve assets U.S. credits and other long-term assets5 Repayable in dollars Other6 U.S. foreign currency holdings and U.S. short-term assets U.S. private assets: With direct investment at current cost (lines 17+19+22+23) .. With direct investment at market value (lines 18+19+22+23). Direct investment abroad: At current cost At market value Foreign securities Bonds Corporate stocks U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns U.S. claims reported by U.S. banks, not included elsewhere Foreign-owned assets in the United States: With direct investment at current cost (lines 26+33).. With direct investment at market value (lines 26+34). Foreign official assets in the United States U.o. Government securities U.S. Treasury securities Other Other U.S. Government liabilities7 U.S. liabilities reported by U.S. banks, not included elsewhere Other foreign official assets Other foreign assets: With direct investment at current cost (lines 35+37+38+39+42+43) .. With direct investment at market value (lines 36+37+38+39+42+43). Direct investment in the United States: At current cost At market value U.S. Treasury securities U.S.currency U.S. securities other than U.S. Treasury securities Corporate and other bonds Corporate stocks U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns U.S. liabilities reported by U.S. banks, not included elsewhere p Preliminary. r Revised. 1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation at current exchange rates. 2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value 3. Reflects changes in the value of the official gold stock due to fluctuations in the market price of gold. 4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins; also reflects replenishment through open market purchases. These demonetizations/monetizations are not included in international transactions capital flows. Position, 1997' Valuation adjustments Total Financial flows Price (a) (b) -968,208 -209,819 -1,066,262 -209,819 Position, 1998' Exchange Other rate changes 2 changesl (a+b+c+d) (c) (d) -167,585 -319,300 45,380 56,282 61,064 1,633 -270,960 -471,204 -1,239,168 -1,537,466 101,041 315,522 43,704 54,584 -15,293 -3,833 422,270 4,930,896 5,947,983 -628 -628 5,024 -10 -10 11,170 -638 576 6,040 5,192 146,006 75,291 10,603 24,111 36,001 422 572 601 -29 -150 82,382 80,179 79,874 305 2,203 4,508,626 5,288,892 292,818 292,818 134,836 75,929 10,027 18,071 30,809 6,784 149 5,118 1,517 81,960 79,607 79,273 334 2,353 429 574 602 -28 -145 4,291,830 5,072,096 285,605 285,605 101,669 316,150 38,685 49,565 -15,281 -3,821 410,678 647,499 4,702,508 5,719,595 1,004,228 1,784,494 1,739,400 538,400 1,201,000 132,829 132,829 102,817 25,064 77,753 2,892 217,373 98,777 18,441 80,336 1,957 12,837 27,962 -20,079 48,041 -18,465 -7,005 119,213 356,034 229,556 23,426 206,130 1,123,441 2,140,528 1,968,956 561,826 1,407,130 562,396 985,806 25,041 24,918 5,610 3,156 3,175 9 33,826 28,083 596,222 1,013,889 5,476,834 6,355,154 502,637 502,637 268,626 634,822 -1,676 -1,698 -76,357 -5,466 693,230 1,130,295 6,170,064 7,485,449 835,709 614,530 589,792 24,738 21,459 135,384 64,336 -21,684 -3,625 -9,957 6,332 -3,113 -11,469 -3,477 22,437 9,344 9,152 192 -409 13,093 -409 344 5,719 -805 6,524 -3,113 -11,469 9,207 836,053 620,249 588,987 31,262 18,346 123,915 73,543 4,641,125 5,519,445 524,321 524,321 246,189 612,385 -1,676 -1,698 -75,948 -5,057 692,886 1,129,951 5,334,011 764,045 1,642,365 662,228 211,628 1,578,694 715,196 863,498 193,375 193,375 46,155 16,622 218,026 170,539 47,487 -3,877 362,319 18,961 22 -74,848 -3,957 231,105 21,019 210,086 -6,005 -6,005 114,672 551,737 65,116 16,622 443,126 185,553 257,573 878,717 2,194,102 727,344 228,250 2,021,820 900,749 1,121,071 453,555 970,975 9,412 40,731 -1,100 7,232 46,118 460,787 1,017,093 3 4 427 922 3,675 -1,080 5,387 5. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts that are not being serviced. 6. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third country's currency, or by delivery of materials or transfer of services. 7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies. NOTE.—The data in this table are from table 1 in "International Investment Position of the United States at Yearend 1998" in this issue of the SURVEY. SURVEY OF CURRENT BUSINESS July 1999 International Data Table G.2.—U.S. Direct Investment Abroad: Selected Items, by Country and by Industry of Foreign Affiliate, 1996-98 [Millions of dollars] Direct investment position on a historical-cost basis All countries, all industries .. 1996 1997 795,195 865,531 1998 Capital outflows (inflows (-)) 1996 84,426 1997 99,517 1998 121,644 Income 1996 93,594 1997 103,892 1998 90,242 By country 89,592 96,031 Europe Of which: France Germany Netherlands United Kingdom 389,378 420,108 35,200 41,281 54,118 134,559 35,800 38,490 64,361 153,108 Latin America and Other Western Hemisphere Of which: Brazil Mexico 155,925 178,505 29,105 19,351 35,091 24,181 Africa 8,162 11,157 Middle East 8,294 8,803 139,548 146,610 30,006 34,578 29,910 33,725 4,295 4,317 Canada Asia and Pacific , Of which: Australia Japan International 103,908 489,539 39,188 42,853 79,386 178,648 196,655 37,802 25,877 13,491 10,599 161,797 33,676 38,153 4,578 7,181 7,493 10,259 9,258 10,548 8,104 40,148 51,698 74,538 44,286 48,757 49,308 4,463 2,543 1,627 14,327 22,411 21,966 2,895 2,025 14,996 34,428 3,224 3,797 9,632 12,220 2,575 3,339 12,370 13,126 2,450 4,787 12,594 11,582 18,020 17,762 21,408 16,908 6,514 5,646 3,371 601 13,693 3,790 2,533 4,172 2,721 4,675 3,905 3,037 3,177 2,712 1,801 1,954 1,719 2,062 1,412 1,328 757 1,956 6,308 16,421 18,138 4,159 2,405 1,678 467 15,363 3,787 -280 1,451 2,393 -571 694 13,471 18,795 19,513 12,623 3,659 3,844 2,851 3,475 3,598 3,516 1,898 2,179 582 278 383 823 By industry 75,232 82,212 270,288 31,024 74,858 16,309 30,336 31,832 32,092 53,837 280,332 32,465 77,112 15,924 32,293 31,624 34,907 56,006 Wholesale trade 67,125 64,432 Depository institutions 36,807 40,169 254,739 37,850 53,155 293,116 42,342 62,925 Petroleum Manufacturing Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment Transportation equipment.., Other manufacturing Finance, (except depository institutions), insurance, and real estate Services Other industries . NOTE.—In this table, unlike in the international transactions accounts, income and capital outflows are shown without a current-cost adjustment, and income is shown net of withholding taxes. In addition, unlike in the international investment position, the direct investment position is valued at historical cost. 91,113 304,690 33,871 83,589 17,098 34,755 34,531 35,615 65,231 6,239 24,325 2,095 5,796 6,064 2,752 3,440 708 3,470 75,188 42,029 6,498 337,600 31,601 3,511 9,804 52,514 77,432 2,448 9,603 28,097 3,806 7,210 444 4,381 2,992 4,419 4,845 846 3,036 9,780 12,082 11,823 8,059 26,680 1,670 7,072 1,109 2,810 2,670 1,692 34,342 4,452 9,529 1,358 4,637 4,280 3,409 6,677 38,283 4,910 10,050 1,406 5,669 4,700 5,048 6,5001 31,416 4,262 9,930 1,278 4,213 2,763 2,385 6,586 9,538 10,794 1,253 3,329 3,374 577 41,388 44,445 28,938 31,912 30,702 4,557 10,867 3,627 5,533 4,722 19,490 2,209 3,429 3,972 11,990 9,130 • D-53 D-54 • International Data SURVEY OF CURRENT BUSINESS July 1999 Table G.3.—Selected Financial and Operating Data for Nonbank Foreign Affiliates of U.S. Companies, by Country and by Industry of Foreign Affiliate, 1997 Millions of dollars Number of Total assets All countries, all industries Sales Net income Thousands of employees 22,871 3,397,262 2,356,416 155,267 2,073 11,209 294,943 1,914,373 274,205 1,214,194 13,654 941.9 77,854 3,333.9 1,297 1,424 783 1,104 545 2,532 3,583 144,057 213,029 66,091 179,751 93,348 923,207 458,889 130,883 234,508 74,035 130,053 67,620 337,907 268,912 3,424 7,531 2,311 17,014 9,155 18,020 483.7 627.4 205.5 169.4 L 977.2 30,849 1,629.2 461 874 559 355 4,977 79,240 83,500 40,602 39,411 628,118 67,380 88,063 29,150 24,950 536,462 4,934 8,488 340.8 793.0 2,653 186.6 904 990 115 96,250 266,028 20,926 68,519 205,072 8,545 1,622 8,528 789 2,065 760 1,090 908 530 2,386 5,045 3,115 2,873 1,688 295,313 884,113 112,875 220,923 47,209 123,273 84,525 131,550 163,757 223,451 1,498,127 154,234 342,025 8,018.0 By country Canada . Europe a which: France Germany Italy Netherlands Switzerland United Kingdom Latin America and Other Western Hemisphere a which: Brazil Mexico Africa Middle East Asia and Pacific , a which: Japan .... International ... 2,603 77.4 26,231 1,835.8 3,899 5,925 304.2 396.7 1,422 13.2 By industry Petroleum Manufacturing , Food and kindred products Chemicals and allied products Primary and fabricated metals Industrial machinery and equipment Electronic and other electric equipment, Transportation equipment Other manufacturing , Wholesale trade Finance, (except depository institutions), insurance, and real estate Services Other industries NOTES.—The data in this table are from "U.S. Multinational Companies: Operations in 1997" in this issue of the SURVEY OF CURRENT BUSINESS. 360,452 19,778 226.1 1,086,129 127,710 207,988 44,679 178,257 110,625 244,199 172,671 61,660 8,810 17,900 2,043 9,033 6,905 6,198 10,772 4,592.9 598.0 622.4 244.7 634.1 774.5 724.2 995.0 422,285 15,218 588.0 135,331 42,922 218.8 128,639 6,843 223,580 988.9 1,403.3 Size ranges are given in employment cells that are suppressed. The size range is L—50,000- SURVEY OF CURRENT BUSINESS July 1999 International Data • Table G.4.—Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent and by Industry of Affiliate, 1996-98 [Millions of dollars] Direct investment position on a historical-cost basis All countries, all industries Income Capital inflows (outflows (-)) 1996 1997 1998 1996 1997 1998 30,407 42,115 38,015 1996 1997 598,021 693,207 811,756 84,455 105,488 188,960 54,836 69,866 432,622 74,840 539,906 8,590 15,399 70,508 11,859 3,190 3,361 3,010 55,989 167,655 23,724 31,380 27,635 49,503 71,289 89,570 131,315 33,546 62,167 95,045 96,904 151,335 32,210 7,244 19,616 12,262 14,404 10,993 12,919 13,658 11,234 3,993 12,308 42,145 7,018 69,968 2,405 2,509 5,271 10,374 3,183 3,294 7,103 11,440 3,137 4,392 5,920 7,815 278 1,383 1,752 1,494 609 4,029 -64 -47 45 44 171 82 270 -352 -89 7,831 156,085 617 475 17,493 64 330 435 791 14,361 -132 864 137,533 742 3,315 1,465 6,593 149,115 8,773 5,356 5,489 14,968 116,144 14,703 125,131 14,755 132,569 5,321 13,337 2,254 9,275 2,034 7,101 214 5,780 672 5,187 43,483 42,085 273,122 26,710 88,831 23,366 46,636 87,580 53,254 329,346 18,112 101,351 22,512 59,260 128,112 8,852 245,662 28,088 79,515 18,576 39,093 80,390 37,538 1,981 8,081 5,397 2,868 2,805 36,086 -903 13,746 4,258 7,573 11,411 73,506 13,765 31,264 37,531 56,124 35,169 29,391 32,126 87,630 16,718 38,118 43,413 70,492 40,060 38,521 43,049 By country Canada Europe Of which: France Germany Netherlands United Kingdom 370,843 43,253 61,096 75,349 121,582 Latin America and Other Western Hemisphere & which: Brazil Mexico 28,002 697 1,641 994 Africa Middle East 5,812 Asia and Pacific , a which: Australia Japan , 1,990 -101 496 -572 967 1 -136 118 2,129 492 2,939 By industry Petroleum Manufacturing Food and kindred products Chemicals and allied products . Primary and fabricated metals . Machinery Other manufacturing Wholesale trade . Retail trade Finance, except depository institutions . Insurance Real estate Services Other industries NOTE.—In this table, unlike in the international transactions accounts, income and capital inflows are shown without a current-cost adjustment, and income is shown net of withholding taxes. In 96,261 18,778 44,785 50,858 80,378 44,436 50,252 43,409 19,211 7,974 2,708 138 6,186 6,747 2,535 4,214 7,562 14,729 2,622 6,800 7,140 12,097 4,675 7,862 10,673 57,355 4,160 4,555 1,443 87,454 -5,020 10,325 1,041 18,475 62,632 15,694 1,819 5,014 1,024 1,166 6,671 18,628 1,532 5,556 1,572 2,805 7,162 20,696 1,056 6,190 1,744 2,718 11,004 2,256 3,972 5,247 1,946 509 487 579 5,684 2,867 3,930 3,067 5,812 855 1,979 -718 6,817 2,382 4,681 4,019 3,284 -59 789 948 10,744 -14 916 1,358 -1,139 1,757 2,178 1,376 addition, unlike in the international investment position, the direct investment position is valued at historical cost. D-55 D-56 • International Data July 1999 SURVEY OF CURRENT BUSINESS Table G.5.—Selected Financial and Operating Data of Nonbank U.S. Affiliates of Foreign Companies, by Country of Ultimate Beneficial Owner and by Industry of Affiliate, 1996 Millions of dollars Millions of dollars Number of Total assets All countries, all industries 12,626 2,613,985 Sales 1,596,022 Net income 21,110 Gross product 339,485 Thousands of employees U.S. shipped by affiliates 4,977.5 136,588 U.S. imports of goods shipped to affiliates 252,990 By country Canada 1,289 263,862 121,650 5,035 30,026 618.6 5,658 14,123 Europe Of which: France Germany Netherlands Switzerland United Kingdom 5,411 1,507,678 881,931 15,885 218,174 3,103.9 63,104 86,533 667 1,328 397 127,434 168,151 111,395 96,026 277,026 3,120 3,096 2,785 310 5,890 32,584 40,467 29,299 19,461 73,960 411.8 610.2 1,203 274,775 249,891 180,292 275,890 413,966 378.8 306.2 972.6 18,386 13,493 4,468 6,457 12,354 12,888 28,304 8,969 7,550 13,267 Latin America and Other Western Hemisphere . 1,088 57,482 53,767 147 12,699 155.4 5,725 10,621 78 275 10,652 8,454 4,462 7,982 283 1,439 4.5 35.8 1,192 688 1,241 2,248 623 a which: Brazil Mexico Africa Middle East Asia and Pacific 160 -643 74 11,708 10,605 733 2,555 22.7 522 560 430 26,501 21,024 -258 5,292 61.8 607 5,481 4,249 635,683 487,580 -5,370 65,469 972.9 60,077 134,416 171 3,240 44,617 549,408 23,013 418,320 243 -2,271 5,539 54,560 77.4 776.4 1,268 52,555 1,375 117,433 85 111,071 19,466 2,938 5,270 42.2 894 1,255 a which: Australia .... Japan United States By industry 236 114,735 152,832 5,586 32,733 111.8 9,984 21,080 Manufacturing , Food and kindred products Chemicals and allied products , Primary and fabricated metals , Machinery ( Other manufacturing 2,950 257 338 407 736 1,212 578,886 58,624 180,996 60,804 95,234 552,023 49,562 181,042 156,354 11,783 42,095 16,079 31,863 54,534 2,213.6 205.4 409.8 233.3 536.8 828.4 58,821 2,848 15,656 4,066 20,575 15,677 78,531 3,379 14,254 7,390 28,733 183,228 7,153 3,591 549 1,010 -737 2,738 Wholesale trade 2,230 2,839 41,973 488.6 62,792 147,958 377 24,544 821.0 1,507 3,408 Petroleum. Retail trade 352 Finance, except depository institutions . 907 Insurance 161 Real estate 3,507 Services 1,283 Other industries 1,000 D 233,829 466,700 50,063 94,028 705,181 58,230 575,947 100,549 89,625 13,903 105,297 56,247 149,497 112,434 Suppressed to avoid disclosure of data of individual companies.. NOTE.—The data in this table are from "Foreign Direct Investment in the United States: New Investment in 1997 and Affiliate Operations in 1996" in the June 1998 issue of the SURVEY. 134,451 62,902 124,066 24,776 64 6,001 49.3 15 21 5,306 10,658 152.0 0 0 -1,718 4,984 27.1 7 1 -3,402 21,840 633.8 738 1,173 4,907 40,398 480.3 2,725 818 International Data • SURVEY OF CURRENT BUSINESS July 1999 D-57 H. International Perspectives. Quarterly data in this table are shown in the middle month of the quarter. Table H.1.—International Perspectives 1999 1998 1997 1998 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Exchange rates per U.S. dollar (not seasonally adjusted)' Canada (Can.$/US$) European Monetary Union (Euro/US$)2 France (FFr/US$P Germany (DM/US$)2 Italy (L/US0)2 Japan (¥/UStf) Mexico (Peso/US$) United Kingdom (US$/£) Addendum:. Exchange value of the U.S. dollar 2 ... 1.3849 1.4836 1.4166 1.4298 1.4452 1.4655 1.4869 1.5346 1.5218 1.5452 1.5404 1.5433 1.5194 1.1591 1.4977 1.1203 1.5176 1.0886 1.4881 1.0701 5.8393 1.7348 17.0381 1.2106 7.9177 1.6376 5.8995 1.7597 17.3685 1.3099 9.1520 1.6573 6.1257 1.8272 17.9907 1.2908 8.5681 1.6619 6.0782 1.8132 17.9124 1.3175 8.5017 1.6723 5.9528 1.7753 17.5079 1.3490 8.5848 1.6382 6.0118 1.7928 17.6632 1.4033 8.9200 1.6504 6.0280 1.7976 17.7242 1.4079 8.8990 1.6437 5.9912 1.7869 17.6301 1.4468 9.3712 1.6342 5.6969 1.6990 16.7892 1.3448 10.2192 1.6823 5.4925 1.6381 16.2096 1.2105 10.1594 1.6944 5.6422 1.6827 16.6491 1.2029 9.9680 1.6611 5.5981 1.6698 16.5323 1.1707 9.9070 1.6708 1.1329 10.1280 1.6498 1.1667 10.0060 1.6276 1.1947 9.7320 1.6213 1.1977 9.4300 1.6089 104.47 116.25 114.36 114.13 115.16 117.87 118.17 120.14 118.85 115.46 115.34 114.56 114.68 116.37 117.80 117.15 Unemployment rates (percent, monthly data seasonally adjusted) Canada France Germanv Italy Japan Mexico United Kingdom 9.2 8.3 8.4 8.4 8.4 8.4 8.4 8.3 8.3 8.0 8.0 8.0 7.8 7.8 7.8 8.3 12.5 11.5 123 3.4 3.7 5.5 11.8 11.1 123 4.1 3.2 4.7 12.0 11.5 11.9 11.3 11.8 11.0 11.8 10.9 11.6 10.7 11.4 10.6 11.4 4.1 3.2 4.6 4.3 3.3 4.6 4.3 3.1 4.6 4.4 2.6 4.6 4.4 2.8 4.5 11.5 10.5 121 4.6 3.2 4.6 11.5 10.5 4.2 3.4 4.7 11.5 10.7 124 4.4 3.6 4.6 11.5 10.7 4.1 3.1 4.7 11.8 10.9 124 4.3 3.0 4.6 11.7 10.8 3.9 3.4 4.8 11.9 11.2 12.4 4.1 3.2 4.7 4.8 2.7 4.5 4.8 Addendum:. United States 4.9 4.5 4.7 4.3 4.4 4.5 4.5 4.5 4.5 4.5 4.4 4.3 4.3 4.4 4.2 4.3 4.5 Consumer prices (monthly data seasonally adjusted, 1990=100) Canada France Germanv Italy ....:. Japan Mexico United Kingdom 115.3 115.2 118.6 135.2 109.0 364.0 124.9 116.5 116.1 119.7 137.5 109.7 422.0 129.1 116.2 116.1 119.2 136.9 109.6 405.7 127.5 116.1 116.3 119.5 137.1 109.8 409.5 128.9 116.5 116.3 119.9 137.4 110.1 412.7 129.6 116.7 116.5 120.0 137.5 109.7 417.6 129.6 116.7 116.1 120.3 137.5 109.0 421.7 129.2 116.7 116.1 120.2 137.7 108.9 425.7 129.8 116.4 116.1 119.9 137.8 109.8 432.6 130.3 116.9 116.1 119.7 138.0 110.5 438.8 130.4 116.9 116.0 119.7 138.2 110.4 446.6 130.3 116.5 116.1 119.7 138.2 110.0 457.5 130.3 116.8 115.8 119.6 138.3 109.5 469.0 129.6 117.0 116.1 117.4 116.6 118.0 116.8 138.6 109.0 475.3 129.8 138.8 109.1 479.8 130.1 139.3 109.7 484.2 131.0 Addendum:. United States 122.9 124.8 124.1 124.4 124.7 124.8 125.0 125.1 125.2 125.4 125.7 125.8 126.0 126.1 126.3 127.2 Real gross domestic product (percent change from preceding quarter, quarterly data seasonally adjusted at annual rates) Canada France Germanv . ... 38 30 2.3 2.3 1 5 3.2 2.5 1.5 3.6 -.1 23 1.7 1.5 3.6 20 2.9 -1.5 1.4 46 l r"J Japan Mexico United Kinqdom 7.0 3.5 -2.8 4.6 2.1 -2.9 9.8 1.2 -1.2 4.8 1 1 -3.2 -6.2 3 _1 Addendum:. United States 3.9 3.9 1.8 3.7 6.0 4.3 See footnotes at the end of the table. D-58 • International Data SURVEY OF CURRENT BUSINESS July 1999 Table H.1.—International Perspectives—Continued 1998 1997 1999 1998 Mar. Apr. June May July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Short-term, 3-month, interest rates (percent not seasonally adjusted) Canada France Germany Italy . Japan Mexico United Kingdom 3.53 3.46 3.33 6.88 .60 21.27 6.83 5.04 3.56 3.54 4.99 .72 26.11 7.33 4.85 3.57 3.52 5.62 .81 20.76 7.48 4.88 3.63 3.63 5.23 .70 19.47 7.44 5.00 3.61 3.63 5.11 .59 18.85 7.41 5.00 3.57 3.56 5.12 .58 20.99 7.62 5.02 3.56 3.54 4.88 .74 21.82 7.70 5.15 3.56 3.50 4.89 .73 25.22 7.66 5.59 3.54 3.49 4.97 .55 41.03 7.37 5.27 3.56 3.57 4.53 .61 37.49 7.13 5.13 3.59 3.63 3.95 .63 34.30 6.88 4.99 3.32 3.38 3.38 .62 34.35 6.37 4.99 5.02 5.00 4.71 .69 32.27 5.79 .58 28.72 5.42 .20 23.86 5.29 .19 21.05 5.23 Addendum:. United States 5.07 4.81 5.03 5.00 5.03 4.99 4.96 4.94 4.74 4.08 4.44 4.42 4.34 4.45 4.48 4.28 Long-term interest rates, government bond yields (percent, not seasonally adjusted) Canada France . . . . Germany Italy Japan United Kingdom 6.47 5.67 5.70 6.86 2.37 7.04 5.45 4.82 4.60 4.88 1.54 5.52 5.64 5.04 4.90 5.20 1.86 5.95 5.50 5.12 4.90 5.15 1.87 5.79 5.52 5.05 5.00 5.21 1.66 5.83 5.45 4.95 4.80 5.08 1.54 5.73 5.46 4.91 4.70 4.97 1.68 5.75 5.65 4.61 4.40 4.79 1.50 5.54 5.39 4.39 4.10 4.53 1.10 5.12 5.17 4.51 4.10 4.49 .88 5.00 5.39 4.43 4.10 4.38 .98 4.91 5.07 4.41 3.90 4.00 1.49 4.50 5.13 4.13 3.70 3.92 1.91 4.29 5.26 4.42 3.90 4.05 2.12 4.45 5.34 4.39 4.00 4.27 1.82 4.66 5.26 4.25 3.90 4.11 1.56 4.59 Addendum:. United States 6.35 5.26 5.65 5.64 5.65 5.50 5.46 5.34 4.81 4.53 4.83 4.65 4.72 5.00 5.23 5.18 205 Share price indices (not seasonally adjusted, 990=100) Canada France Germany Italy japan . Mexico United Kingdom 189 152 158 131 64 779 189 198 198 202 210 54 744 222 221 195 201 214 58 880 226 224 208 214 238 56 894 232 222 216 219 232 56 795 237 215 223 228 225 55 751 236 203 228 237 239 58 745 238 162 211 215 224 54 525 222 164 189 191 191 50 626 207 181 177 175 180 47 715 201 185 197 193 204 51 661 219 190 200 191 214 51 696 221 197 217 205 230 50 694 232 185 217 200 226 51 747 235 193 218 196 237 55 865 240 205 240 61 950 Addendum:. United States 249 300 306 315 313 311 320 294 276 279 308 314 325 321 329 342 ures of the Foreign Exchange Value of the Dollar," Federal Reserve Bulletin, vol. 84 (October 1998), pp. 8111. All exchange rates are from the Board of Governors of the Federal Reserve System. 2. As of January 1, 1999, the euro is reported in place of the individual euro-area currencies. These currency 18. rates can be derived from ttie euro rate by usingjjie following conversion rates: 1 euro = 6.55957 French francs NOTE.-U.S. interest rates, unemployment rates, and GDP growth rates are from the Federal Reserve, the Bureau 1.95583 German marks, and 1936.27 Italian lire. The rate shown for the United States is an index of he weigh ted of Labor Statistics, and BEA, respectively. All other data (including U.S. consumer prices and U.S. share prices, average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of major U.S. both of which have been rebased to1990 to facilitate comparison) are © OECD, June 1999, OECD Main Economic trading partners, January 1997=100. For more information on the exchange rate indexes, see "New Summary Meas- indicators and are reproduced with permission of the OECD. Regional Data • D-59 SURVEY OF CURRENT BUSINESS July 1999 Regional Data J. State and Regional Tables. The tables in this section include the most recent estimates of State personal income and gross state product. The sources of these estimates are noted. The quarterly and annual State personal income estimates and the gross state product estimates are available on diskettes or CD-ROM. For information on personal income, E-mail reis.remd@bea.doc.gov; write to the Regional Economic Information System, BE-55, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230; or call 202-606-5360. For information on gross state product, E-mail gspread@bea.doc.gov; write to the Regional Economic Analysis Division, BE-6I, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230; or call 202-606-5340. Table J.1.—Quarterly Personal Income for States and Regions Percent change l Millions of dollars, seasonally adjusted at annual rates Area name 1997 1996 I United States New England Connecticut Maine .. Massachusetts New Hampshire Rhode Island Vermont 6,267,885 375,964 108,427 25,372 175,689 30,048 23,637 12,793 IV I III I IV 6,371,958 6,458,511 6,534,057 6,650,207 6,726,629 6,807,506 6,898,259 7,005,778 7,091,306 7,177,065 7,282,078 382,128 110,288 25,736 178,781 30,420 23,964 12,939 387,175 111,745 26,119 181,199 30,824 24,166 13,123 113,155 26,510 184,323 31,241 24,501 13,163 115,126 26,877 187,831 31,755 24,886 13,354 403,744 116,357 27,112 189,367 32,233 25,223 13,452 408,242 117,455 27,267 191,863 32,759 25,372 13,524 415,615 119,755 27,715 194,969 33,436 25,877 13,864 419,594 121,224 27,808 196,853 33,600 26,087 14,021 425,572 122,235 28,346 200,408 34,074 26,311 14,197 431,757 123,680 28,852 203,392 34,791 26,670 14,372 1997:1V1998:1 1998:1- 1998:111998:111 1998:1111998:1V 1.6 1.2 1.2 1.5 436,789 125,257 29,227 205,768 35,103 26,885 14,548 1.0 1.2 .3 1.0 .8 1.1 1.4 .8 1.9 1-8 1.4 .9 1.3 1.5 1.2 1.8 1.5 2.1 1.4 1.2 1.2 1.3 1.3 1.2 .9 .8 1.2 1.2 2.0 .8 1.2 1.3 1.4 Mideast... Delaware District of Columbia Maryland New Jersey New York Pennsylvania 1,221,939 1,239,455 19,197 19,511 18,335 18,239 135,394 137,126 242,314 246,523 518,146 524,129 288,553 293,927 1,252,383 1,267,238 1,287,567 1,293,436 1,309,439 1,325,328 1,344,082 1,361,366 1,376,961 1,394,148 21,094 21,877 19,851 20,333 20,631 20,639 21,422 22,075 22,146 22,581 19,028 19,178 18,523 18,754 18,760 18,805 19,085 19,378 19,645 19,802 138,965 140,786 143,770 145,016 146,589 148,983 150,629 152,795 154,854 156,733 248,881 251,807 257,066 258,617 261,795 265,466 270,022 272,517 277,702 281,350 528,376 534,908 543,350 543,675 551,780 556,901 565,261 574,244 579,681 587,929 297,787 300,651 306,686 309,153 313,471 317,115 320,357 322,932 325,754 1.4 2.1 .5 1.1 1.7 1.5 1.2 1.3 .9 1.0 1.4 .9 1.6 1.0 1.1 .3 1.4 1.3 1.9 .9 .8 Great Lakes Illinois Indiana Michigan Ohio Wisconsin 1,033,181 1,049,582 1,063,248 1,072,178 1,089,113 1,102,312 1,112,380 1,126,771 1,141,669 1,152,129 1,158,239 1,176,925 309,028 313,062 317,189 320,562 325,749 330,416 333,657 338,040 342,075 345,833 349,029 354,197 126,763 128,944 130,774 131,798 133,919 135,408 136,348 138,619 140,442 141,886 143,302 145,868 228,900 233,068 235,053 237,261 240,467 243,025 245,370 247,430 252 523 254,019 251,642 257,178 252,328 256,354 260,082 261,262 266,151 269,084 271,385 275,181 278,262 280,222 282,477 286,005 116,163 118,155 120,149 121,295 122,827 124,378 125,620 127,501 130,170 131,788 133,678 1.3 1.2 1.3 2.1 1.1 .7 .9 1.1 1.0 .6 .7 1.4 1.0 -.9 .8 1.2 480,341 70,634 67,446 132,820 135,478 42,633 14,381 16,949 1.2 -.1 1.2 1.9 .7 1.2 4.1 1.7 1.2 1.0 1.3 1.3 1.1 1.6 .3 .9 .9 1.2 .8 .4 1.2 1.2 .3 2.5 3.1 2.6 2.2 1.5 3.5 4.9 4.6 1,415,101 1,429,465 1,458,318 1,472,319 1,488,852 1,509,533 1,532,555 1,553,001 1,574,919 1,595,452 85,973 86,565 88,240 88,927 90,626 91,879 93,831 47,667 47,918 49,629 51,279 48,531 49,268 50,338 50,807 52,879 51,613 346,885 351,079 357,463 361,282 366,450 370,723 376,898 382,795 388,765 393,954 170,153 171,965 175,822 177,615 179,751 182,310 186,461 189,051 193,232 196,090 76,480 77,127 80,819 84,103 79,087 80,058 81,777 83,186 86,184 85,159 85,722 86,371 89,247 93,106 87,638 88,570 90,811 91,867 94,605 93,465 47,664 47,770 51,704 48,597 49,213 50,330 51,188 53,288 52,521 162,860 164,941 169,449 171,121 172,593 175,453 178,193 180,376 182,522 184,445 74,197 74,858 76,523 77,139 79,071 79,883 83,513 82,585 78,010 116,688 117,838 120,173 120,999 122,280 124,284 125,290 127,349 128,731 130,400 167,591 169,623 173,146 174,227 176,798 179,473 182,257 184,538 187,303 33,220 33,411 33,649 33,900 34,337 34,647 35,193 34,066 34,833 35,596 1.5 1.4 .9 1.7 2.3 1.7 1.2 1.7 1.6 1.0 .8 1.6 1.3 1.1 .9 1.6 1.4 1.1 1.3 1.0 1.2 1.4 1.6 1.3 .5 1.4 1.0 .7 1.6 2.2 1.3 .4 1.6 1.2 2.0 1.1 1.5 1.0 1.3 .9 2.5 1.3 1.5 1.2 1.2 1.5 1.1 1.1 1.3 1.3 1.1 Plains Iowa Kansas Minnesota Missouri Nebraska North Dakota South Dakota Southeast Alabama Arkansas Florida Georgia Kentucky Louisiana Mississippi North Carolina South Carolina Tennessee Virginia West Virginia 416,306 61,472 57,549 114,468 118,789 36,673 12,663 14,691 423,462 62,498 58,248 116,728 120,583 37,445 12,922 15,038 1,367,907 1,393,553 83,232 84,745 45,801 47,079 335,919 341,341 162,657 167,047 73,726 75,116 83,501 84,805 46,148 47,018 156,451 160,466 71,665 73,021 113,292 114,972 163,021 165,170 32,496 32,776 Southwest Arizona New Mexico Oklahoma Texas 599,717 91,202 31,354 62,456 414,706 609,936 92,667 31,711 63,496 422,062 Rocky Mountain Colorado Idaho Montana Utah Wyoming 181,968 94,993 22,895 16,241 37,718 10,121 185,700 96,947 23,412 16,457 38,618 10,265 Far West Alaska California Hawaii Nevada Oregon Washington 1,070,902 14,610 781,632 29,656 39,971 71,053 133,980, 429,560 63,462 59,124 118,543 122,068 37,902 13,200 15,261 433,543 63,605 59,836 119,432 123,618 38,590 13,146 15,314 438,635 64,874 61,007 120,365 126,067 38,487 12,646 15,190 444,771 449,351 62,081 122,372 127,093 39,037 12,838 15,541 62,782 123,869 128,381 39,412 12,986 15,736 459,403 67,039 64,340 127,823 130,528 40,072 13,603 15,998 619,199 94,349 32,005 64,260 428,586 628,208 95,347 32,233 64,788 435,840 643,609 97,748 32,780 66,453 446,628 655,242 99,234 33,202 67,024 455,782 666,522 100,914 33,404 67,623 464,580 676,461 102,744 33,689 68,676 471,352 691,928 104,689 34,192 23,613 16,648 39,284 10,418 191,273 100,356 23,751 16,836 39,802 10,528 194,734 101,986 24,167 17,007 40,836 10,737 198,098 104,199 24,524 17,182 41,410 10,783 201,433 106,206 24,894 17,349 42,087 10,897 204,128 108,182 25,017 17,565 42,393 10,972 464,785 67,724 65,196 129,435 131,922 40,722 13,639 16,148 468,739 68,535 65,722 129,908 133,454 41,206 13,712 16,201 483,551 700,388 106,785 34,496 70,059 489,048 710,772 108,715 34,711 70,661 496,685 720,710 110,453 35,113 71,873 503,271 2.3 1.9 1.5 1.2 2.6 1.2 2.0 .9 .8 1.1 1.5 1.8 .6 .9 1.6 1.4 1.6 1.2 1.7 1.3 208,873 111,772 25,385 17,508 43,206 11,002 211,139 112,954 25,566 17,710 43,938 10,972 213,703 114,413 25,990 17,665 44,395 11,240 217,225 116,048 2.3 3.3 1.5 -.3 1.9 .3 1.1 1.1 .7 1.2 1.7 -.3 1.2 1.3 1.7 -.3 1.0 2.4 1.6 1.4 2.6 2.8 1.4 1.0 1.8 2.6 1.9 1.0 1.9 1.8 1.3 1.3 -.5 1.2 .4 1.7 .8 2.3 1.6 -.1 1.6 .3 1.9 .7 2.1 1.5 1.1 1.5 .5 1.5 1.5 1.8 1,088,142 1,103,240 1,119,261 1,138,401 1,156,706 1,171,286 1,186,262 1,207,673 1,222,926 1,241,975 14,864 14,984 15,237 15,275 14,619 14,758 15,393 15,786 15,713 15,693 793,944 803,351 815,394 828,154 842,113 853*136 863,952 880,361 890,534 904,736 30,224 30,727 29,739 29,854 30,990 29,886 30,437 31,223 31,127 43,671 44,662 40,969 41,964 46,298 47,975 42,746 44,255 45,450 47,099 76,340 78,110 72,516 73,967 80,236 81,395 75,086 77,063 78,803 80,865 136,354 139,345 141,285 145,028 147,601 149,376 151,995 154,003 157,588 160,954 1. Percent changes are expressed at quarterly rates. NOTE.—The personal income level shown for the United States is derived as the sum of the State estimates, It differs from the estimate of personal income in the national income and product accounts (NIPA's) because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it differs from the NIPA estimate because, by definition, it omits the earnings of Federal 454,161 67,105 63,581 125,434 129,637 39,604 13,072 15,729 1.6 1.5 1.8 2.2 1.2 1.4 18,161 44,998 11,351 15,868 918,140 31,388 82,629 163,774 civilian and military personnel stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. Source: Table 3 in "Personal Income and Per Capita Personal Income by State and Region, 1998" in the May 1999 issue of the SURVEY OF CURRENT BUSINESS. D-60 • Regional Data SURVEY OF CURRENT BUSINESS July 1999 Table J.2.—Annual Personal Income and Disposable Personal Income for States and Regions Personal income Millions of dollars Area name 1996 Disposable personal income Percent change 1997 1996-97 Percent change Millions of dollars 1997-98 1996 1996-97 1997 1997-98 6,408,103 6,770,650
@FedFRASER