Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
8002 CBS, STATISTICAL ABSTRACT OF ISRAEL 2008 15 BALANCE OF PAYMENTS SUMMARY OF THE BALANCE OF PAYMENTS Note: In the balance of payments data there are updates for data from previous years as well as for current data. Therefore, there are no markings of R (revised data) or * (provisional data), even when there have been changes in the data. (Tables 15.1-15-3) DEFINITIONS AND EXPLANATIONS The balance of payments is compiled according to the rules recommended by the International Monetary Fund (IMF) (Balance of CURRENT ACCOUNT This account includes four secondary accounts: 1. Goods Account: transfer of ownership of goods between Israeli and foreign residents. 2. Services Account: provision of services between Israeli and foreign residents. 3. Income Account: income and expenditure between Israeli and foreign residents, such as investments and labour compensation. Income and expenditure on investments include interest, dividends and undistributed profits. Compensation of employees: (Table 15.2) is defined as the total expenditure for wages and salaries and supplementary expenditures for wages and salaries, see detailed definition in the paragraph “Definitions of Wages, Compensation and Labour Cost” in Chapter 14 - National Accounts. 4. Current Transfers Account: current transfers between Israeli and foreign residents, that do not entail any obligations on the one receiving the transfer. In the goods items, values are recorded on an f.o.b. basis (free on board), i.e., without expenditure on transport and insurance. These services, if they are to be included in the balance of payments, are listed in the respective service items. Payments Manual, 5th Ed. International Monetary Fund, and is defined as a systematic record of all economic transactions carried out in a given period between the domestic economy and the rest of the world. Since the 1999 Statistical Abstract, the balance of payments is shown in a new format. This format, adopted by international statistics agencies and by most countries, allows convenient international comparisons of balance of payment flows. Additionally, the definitions and classifications in the new format of the balance of payments have been harmonized with those customary in the National Accounts, thereby obtaining consistency between the international flows and transactions and those in the National Accounts. Data since 1967 include estimates of economic transactions between residents of Israel and non-Israeli residents of Judea, Samaria and the Gaza Area (and Sinai until Washington D.C., USA, 1993) 1982). The Balance of Payments consists of three main sections: a. The current account: includes trade in goods and services, income and expenditure from production factors capital and labour and current transfers; b. Capital account: includes capital transfers (mainly by immigrants), c. Financial account: includes direct investments, tradable portfolio investments, other investments and net reserve assets. BALANCE OF PAYMENTS שנתון סטטיסטי לישראל,למ''ס CAPITAL ACCOUNT The capital account includes capital transfers. Most of the transfers in the capital account are transfers to Israel by immigrants. )113( מאזן התשלומים loans repayable after more than one year. Due to lack of data, these deposits cannot be classified according to date of repayment. Liabilities of the economy include bonds and shares issued by banks and distributed directly abroad. Total foreign liabilities also include changes in obligations caused by fluctuations in the exchange rate of various currencies in relation to the US dollar, while in the balance tables these changes were not included. FINANCIAL ACCOUNT The components of the financial account are classified by types of investments (domestic and foreign). A subsidiary classification is by sector of the economy, which is further classified by the legal repayment date for liabilities and redemption of foreign assets. This account includes 4 secondary accounts: 1. Direct investment: The criterion that distinguishes between direct investment and portfolio investment is the share of equity held by investors. The rule defined by international institutions is that ownership of one-tenth of equity or more makes the investment a direct one. Ownership of less than one-tenth of equity is considered a portfolio investment. 2. Portfolio investment: This category reflects activity in the Israeli stock exchange or in a foreign stock exchange. It includes bonds issued abroad by the Government of Israel, in addition to investments at less than one-tenth of equity, as mentioned. Financial derivatives instruments are also included here. 3. Other investment: This subgroup includes remaining types of capital flow such as loans from various sources, deposits, commercial credit, and advance payments on account of transactions. 4. Net reserve assets: Includes changes in the balance of foreign currency, which is held by the Central Bank abroad (not revalued). EXTERNAL ASSETS (Table 15.5) External assets refer to the foreign assets of the various institutional sectors, including the assets of financial institutions in Israel, the Bank of Israel and the General Accountant. The assets table also includes estimates of the balance of Israeli investments abroad from 1995 and after. This item does not include the value of real estate purchased by Israelis abroad. SOURCES Data included in the balance of payments are based on concentrated reports of the Bank of Israel (the Statistics and Information Section and the Superintendent of Banks) and various government offices, as well as on data received from factors conducting economic transactions with the rest of the world. Because of the heterogeneity of the reports obtained from various bodies, and delays in closing financial accounts and balances, a preliminary estimate of some items was prepared in order to publish the report at regular intervals. Consequently, balance of payments data undergoes additional processing, examination and revisions after publication. More detailed explanations and information on sources, methods and definitions have been published in the Special Series publications and in the Current Briefings in Statistics Series (see “Selected Publications” below). EXTERNAL LIABILITIES (Table 15.4) This table presents Israel’s liabilities to foreigners, whether the repayment is in foreign or Israeli currency. The liabilities table includes the investments of foreigners in Israel as of 1995. This item does not include real estate purchases in Israel. Foreign liabilities are classified by date of repayment set at the time the loan was obtained. A short-term loan is defined as one repayable within one year; and a long-term loan is one repayable within a period exceeding one year. Besides the distinction between liabilities by date of repayment, the table classifies obligations by sector that bears the debt, i.e., government, the private sector, or commercial banks in Israel. Deposits of foreign banks in local banks also include BALANCE OF PAYMENTS GOODS AND SERVICES, BY INDUSTRY (Table 15.6) Table 15.6 presents data on the distribution of exports of goods and services, by the industry of the exporters. Export firms were classified by their main activity, according to the Standard Classification of Economic )114( מאזן התשלומים Activities, second edition, 1993. abroad (holding over 50% of the share capital of the subsidiary abroad). Multinational Israeli Subsidiary (“In” company): A company registered in Israel, held by a Foreign Parent Company abroad or by another foreign resident (holding over 50% of the share capital of the subsidiary in Israel). Israeli Parent Group (of an “OUT” company): The group of all companies registered in Israel, which are in a continuous chain of ownership (ascending or descending) at a rate exceeding 50% with the Israeli Parent Company (the “OUT” company), as defined above. Foreign Parent Group (of an “IN” company): The group of all companies registered abroad, which are in a continuous chain of ownership (ascending or descending) at a rate exceeding 50% with the Foreign Parent Company of an Israeli Subsidiary (“IN” company), as defined above. Other Associated Companies: Companies registered abroad which are held by an Israeli Parent Company (“OUT” company) at a rate ranging from 10% to 50% of the share capital, or companies registered in Israel and held by a Foreign Parent Group, at the rates mentioned above. ACTIVITIES OF MULTINATIONAL ENTERPRISES IN ISRAEL (Tables 15.7-15.9) In recent years, the world economy has been characterized by increasingly open international markets, by mobility of resources, and by mutual dependence among the various economies. One important manifestation of these processes of globalisation is the economic activity of multinational enterprises. This activity has been manifested in international trade, financial investments, transmission of knowledge, and distribution of production among various countries. As of 2002, estimates of this activity have been conducted, and globalisation indicators have been published in accordance with the guidelines of the OECD which appear in the Handbook on Economic Globalisation Indicators, 2004. Tables 15.7 and 15.8 present data on international trade in goods and services among multinational Israeli enterprises. Table 15.9 presents data on sales of goods and services by subsidiaries abroad of multinational Israeli enterprises, by country. Multinational Israeli Parent Company (“Out” company): A company registered in Israel, which holds one or more subsidiaries SELECTED PUBLICATIONS SPECIAL PUBLICATIONS 959 Israel's Balance of Payments 1952-1992 CURRENT BRIEFINGS IN STATISTICS 8, 2007 Israel’s Balance of Payments, 2006 JUBILEE PUBLICATIONS (on the occasion of Israel’s 50th year) Balance of Payments (No. 5 in the series) BALANCE OF PAYMENTS )115( מאזן התשלומים