Orig: EN 28 TH MEETING OF THE GNI COMMITTEE 6-7 MAY 2014 LUXEMBOURG, JMO BUILDING ROOM M1 STRUCTURE AND FORMAT OF THE GNP/GNI QUESTIONNAIRES 2014

Transcription

1 EUROPEAN COMMISSION EUROSTAT Directorate C: National Accounts; prices and key indicators Unit C-3: Statistics for administrative purposes Eurostat/C3/GNIC/274: EN Orig: EN 28 TH MEETING OF THE GNI COMMITTEE 6-7 MAY 2014 LUXEMBOURG, JMO BUILDING ROOM M1 STRUCTURE AND FORMAT OF THE GNP/GNI QUESTIONNAIRES 2014 AND QUALITY REPORTS Point VI-5 on the agenda

2 STRUCTURE AND FORMAT OF THE GNP/GNI QUESTIONNAIRES 2014 AND QUALITY REPORTS 1 INTRODUCTION Following the GNI Regulation 1, the GNP/GNI Questionnaires 2014 and the accompanying Quality Reports should be sent to Eurostat by 22 September The official transmission channel for the GNP/GNI data foreseen for the 2014 GNP/GNI data transmission is the electronic Data files Administration and Management Information System edamis 2 [Domain information: Eurostat unit ESTAT.C.C3, Module , domain GNI]. In case of unforeseeable technical problems, the data can also to be sent by to the functional mailbox of Eurostat Unit C3 ESTAT-C3- GNI@ec.europa.eu. Member States are requested to ensure that electronic versions of the Questionnaires and the Quality Reports will be sent to Eurostat by 22 September The NSIs are strongly urged to respect the 22 September legal deadline and to provide final coherent figures for GNI and its components as requested by the Questionnaires together with Quality Reports by this date. Since it has a very limited period for checking the figures, Eurostat may in case of large incoherence with previously available information issue a reservation for year 2010, which risks becoming timebarred, in order to protect the financial interests of the EU. The purpose of this document is to propose specific guidelines for the Member States to fill in the questionnaires and Quality Reports. The guidelines also apply to the EFTA-countries (Norway, Iceland, Switzerland and Liechtenstein), but certain issues (e.g. on reservations) are less relevant for them. The EFTA-countries are requested to report on those elements of the Quality Report that are of relevance to them. 1 COUNCIL REGULATION (EC, EURATOM) No 1287/2003 of 15 July 2003 on the harmonisation of gross national income at market prices (GNI Regulation). 2 edamis is an integrated environment of data transmission tools provided by Eurostat and is installed in all the National Statistical Institutes and in several other organisations (e.g. ministries, agencies, central banks). Data senders who do not have an edamis installation can connect to the edamis Web Portal on Internet ( and upload their data in the Single Entry Point. edamis can transmit any data file format and allows highly secure transmission of confidential data. For more information see also the edamis Help-centre 1

3 2 GNP/GNI QUESTIONNAIRES 2014 Much attention has been given to the structure of the GNP/GNI Questionnaires 2014 given the scheduled change of the methodological basis for the production of national accounts data (introduction of ESA 2010 in 2014). The structure of the GNP/GNI Questionnaires 2014 was discussed and basic arrangements agreed upon already in A draft template was sent to the members of the GNI Committee in January Data for years are to be sent according to ESA95 and years 2010 onwards in ESA2010 with transition to ESA95 GNI. A model of the tables 3 to be sent is given at the end of this document (see annex 1). 2.1 Data to be submitted Tables for transmitting data for Generally, in 2014, the open years for GNI will be 2010, 2011, 2012 and For the other years, the GNI data used for own resource purposes should only be revised if the changes result from Member States' work on GNI reservations that were notified to their Permanent Representatives in early 2012 (for EU25 Member States) and early 2013 (for Bulgaria and Romania) or from possible general reservations. 4 The following questionnaire tables will be filled by all countries and transmitted to Eurostat: Table 1a: GDP and GNI (ESA 95) for (worksheet 1a 2014 ) and Table 1b: GDP and GNI (ESA2010) and GNI (ESA95) for (worksheet 1b 2014 ) and Table 2: Transition from ESA2010 to ESA95 (worksheet ) How to submit data for "closed" years that are under a GNI reservation? If GNI reservations exist, GNI and its components for any of the "closed" years should be calculated as follows: GNI (and components) as reported on the 2013 questionnaire +/- changes to GNI (and components) as a result of the work on GNI reservations = GNI (and components) reported on the 2014 questionnaire If no further work has been done on any of the GNI reservations, the GNI figures for the "closed" years as reported in the questionnaire 2014 ought to be equal to the GNI figures for those years as reported on the questionnaire An important consequence of this is that GNI for own resource purposes for the "closed" years may differ from GNI as published nationally or in the Eurostat database. 3 Technically, the tables are organised as 'sheets' of a spread sheet workbook. 4 See document GNIC/273 on the current state of play on reservations. 2

4 For the financial year 2010 and all later years the GNI based own resource is based on the GNI including the impact of FISIM allocation, whereas for the financial year 2009 and for earlier years the effect of FISIM allocation is not to be taken into account for own resources. 5 Therefore, for the years data should be adjusted in order to eliminate the impact of the allocation of financial intermediation services indirectly measured (FISIM) by user sectors. The box below gives more practical information on the adjustment to be made for FISIM. How to adjust for FISIM allocated to user sectors? All countries have introduced, into the National Accounts, the allocation of FISIM by user sectors. However, since the effect of FISIM allocation is not to be taken into account for purposes of the fourth own resource for financial year 2009 and earlier years, GNI figures which include the effect of FISIM allocation will need to be corrected in the GNP/GNI Questionnaire for the period This is done by including the appropriate figure in the FISIM transition item in the tables of the questionnaire (i.e. line 28 in table 1a and transition item 2 in table 4). The calculation of this transition item is straightforward, namely it is exactly that amount of FISIM which is included in the final consumption expenditure of the total economy. For general government and NPISH, FISIM is included in their intermediate consumption which is added to the other costs in the calculation of the final consumption expenditure of these sectors. This only works if the calculations on FISIM allocation have been done correctly for all aggregates concerned, including D.4 - Property income to and from the rest of the world (see annex 2 of this paper for an example of the calculation of the FISIM transition item). Only the impact on GNI that is due to the allocation of FISIM needs to be included in the transition item, not the impact due to any changes in the level of total FISIM due to the application of the FISIM Regulation Tables for transmitting data under GNP reservations ( ) The following two questionnaire tables will only be filled and transmitted to Eurostat by Member States that still have a GNP reservation for the years : Table 3: GDP (ESA95) and GNP (ESA 79) for (worksheet ) Table 4: Transition from ESA95 to ESA 79 for (worksheet ) How to submit data for years under a GNP reservation? If GNP reservations exist, GNP and its components for any of the years 1995 to 2001 under reservation should be calculated as follows: GNP (and components) as reported on the 2013 questionnaire +/- changes to GNP (and components) as a result of the work on reservations = GNP (and components) reported on the 2014 questionnaire If no further work has been done on any of the reservations, the GNP figures for 1995 to 2001 as reported in the GNP/GNI Questionnaire 2014 ought to be equal to the GNP figures for those 5 Council Decision (EU, Euratom) No. 2010/196 of 16 March 2010 on the allocation of FISIM for the establishment of the GNI used for the purposes of the EU s budget and its own resources provides that the changes due to the allocation of FISIM to user sectors shall apply as from the financial year This means that from 1 January 2010 the GNI based own resource is based on the GNI including the impact of FISIM allocation, whereas for the financial year 2009 and for earlier years the GNI based own resource is based on the GNI excluding the impact of FISIM allocation. 3

5 years as reported on the GNP/GNI Questionnaire An important consequence of this is that GDP/GNP for 1995 to 2001 may differ from GDP/GNP as published nationally or in the Eurostat database. 2.2 Revision tables As for previous transmissions, Eurostat proposes to include revision tables in the spreadsheet workbook that will be sent to the Member States. These tables serve Member States and Eurostat as checking tools and will be used in the Quality Reports, too. They will show the data that each country sent on the GNP/GNI Questionnaire 2014 and automatically calculate revisions impacts 6, namely: Table 1a: GDP and GNI (ESA 95) for (worksheet 1a 2013 ) Table R1a: Revisions to GDP and GNI (ESA 95) for (worksheet R1a 2014 ) (Tables 1a and R1a will be complemented with the GNI (ESA95) figures from Table 1b for the years ; starting with the 2015 transmissions revision tables for Table 1b (ESA2010) and Table 2 Transition from ESA2010 to ESA95 will be added.) Only for those Member States which still have specific GNP reservations for the years the following revision tables will be included in the questionnaire: Table 3: GDP (ESA95) and GNP (ESA 79) for (worksheet ) Table R3: Revisions to GDP (ESA95) and GNP (ESA 79) for (worksheet R ) Table 4: Transition from ESA95 to ESA 79 for (worksheet ) Table R4: Revisions to transition from ESA95 to ESA 79 for (worksheet R ) 3 THE QUALITY REPORT 3.1 Objectives The objectives of the Quality Report are stated in Article 2(3) of the GNI Regulation. When they communicate the data referred to in paragraph 2, Member States shall transmit a report on the quality of GNI data to the Commission (Eurostat). The report shall supply the information necessary to show how the aggregate was reached, and in particular describe any significant changes in the procedures and basic statistics used and explain the revisions made to earlier GNI estimates. The content and format of this report shall follow the guidelines laid down by the Commission in accordance with the procedure referred to in Article 4(2). In Eurostat s view, the information necessary to show how the aggregate was reached is typically already provided in the GNI Inventories. The yearly Quality Report should thus be seen as additional information to the Inventory and indicate any significant changes in the procedures and basic statistics used (i.e. changes to the Inventory). 6 Calculations are made using formulas within the spreadsheet workbook. To protect the revision tables against any unintended changes they will be locked. 4

6 Furthermore, it should explain the revisions made to earlier GNI estimates, in particular those related to reservations. The length of the Quality Report may differ from year to year, depending on the number of changes introduced and revisions made. 3.2 Structure A Quality Report should contain 4 parts, which are described below. Part 1: General information This part of the Quality Report should provide points of general information and be further sub-divided into the following sub-sections: 1.1 Major changes and improvements to sources and methods of national accounts 1.2 Changes in the revision policy and timetable for finalising the estimates; (domestic) publication date of the submitted data 1.3 Results of any investigations on the quality of GNI and its components 1.4 Description of developments in major sources It is important that Member States strictly follow the above numbering and headings in their Quality Reports! In sub-section 1.3 Member States should provide a description of the main controls made on the sources and methods, including the assessment of the main sources used, the comparison of the various source data, cross-checks, balancing procedures and other relevant procedures, to ensure the quality of GNI. Sub-section 1.4 should cover changes in important sources (e.g. business register, structural business statistics, household budget survey, foreign trade statistics, balance of payments, etc.) that could have a positive or negative impact on the quality of GNI. Part 2: Changes to sources and methods for the final estimates This part should provide information on each of the changes made (in the preceding year) to sources and methods for final estimates of GNI that had an impact on its level. In principle, this section indicates where the current version of the GNI Inventory is no longer up-to-date. Eurostat recognises that it may not be possible to provide the detailed methodological descriptions (i.e. the updates of the Inventory) in the Quality Report, due to time constraints when preparing the questionnaire before 22 September. Countries, which report on allocated FISIM for the first time in the GNP/GNI Questionnaire 2014, should also provide a methodological description of the FISIM calculation, including a numerical breakdown of FISIM allocation to all aggregates concerned and a description of how the FISIM transition item was calculated. Part 3: Revisions to years 2010 to 2012 (for Member States except for Greece); Revisions to years 2008 to 2012 (for Greece) Part 3 of the Quality Report should explain the main revisions (including the main "routine" ones) to GNI for the open years. Each revision to an individual component that makes a significant contribution to the overall revision of GNI should briefly be explained. 5

7 Part 4: Revisions related to reservations This part of the Quality Report should provide information on the work on GNP and GNI reservations and be further sub-divided into the following sub-sections: 4.1 Revisions related to GNP reservations ( ) 4.2 Revisions related to GNI reservations ( ) Sub-section 4.1 This part is only to be filled by those Member States which still have a GNP reservation for the years If a country has made additional changes of the GNP data resulting from its work on reservations and/or must provide additional information on its work on reservations, these should be described and notified to the Commission in part 4 of the Quality Report. For each reservation concerned, Eurostat will need detailed methodological information on the work done. In principle, a table should be included for each reservation giving the changes made to each of the aggregates in the GNP/GNI Questionnaire 2014 for each of the years involved (i.e. a full breakdown of the relevant years of table R (and R where necessary) by reservation). If this is not possible, at least the total impact on GDP and GNP should be broken down by reservation. Sub-section 4.2 This part is only to be filled by those Member States which have GNI reservations for the years If a country has made changes of the GNI data resulting from its work on reservations and/or must provide additional information on its work on reservations, these should be described and notified to the Commission in part 4 of the Quality Report. For each reservation concerned, Eurostat will need detailed methodological information on the work done. In principle, a table should be included for each reservation giving the changes made to each of the aggregates in the GNP/GNI Questionnaire 2014 for each of the years involved (i.e. a full breakdown of the relevant years of table R1a by reservation. If this is not possible, at least the total impact on GDP and GNI should be broken down by reservation. 3.3 Experience from the previous years Member States transmitted the Quality Report to Eurostat together with the questionnaire tables for the first time in 2004, using the standard format agreed at the GNI Committee of July 2004 (see document GNIC/032). In general, this worked well and resulted in a significant improvement of the information provided compared to previous years 7. The 7 All Quality Reports of 2013 were included in documents GNIC/260/A, GNIC/260/B and GNIC/260/C. 6

8 information served Eurostat as an important source to comment on the data and was an aid to the GNI Committee examining the data. Based on last year s positive experience, Eurostat would like to call attention to the following points: The structure given above for the Quality Report should be respected. The Quality Report should be sent to Eurostat together with the questionnaire at the same date and by 22 September 2014 at the latest. Eurostat has a very limited period for checking the figures. It may decide in case of large incoherence with previously available information to issue a reservation for year 2010 which risks becoming time-barred in order to protect the financial interests of the EU. It is not necessary to include information that is already included in the GNI Inventory. Changes to the revision policy or the calculation methods ought to be reported. Part 3 of the Quality Report on revisions to previous years: about 1 to 2 pages seems the right length for this type of information, unless there are major changes that need to be described. Changes to sources and methods which have a significant impact on GNP/GNI and its components ought to be described with sufficient detail. This can be done in a concise manner, but the following questions should be addressed: What has been changed? Why have the changes been made? Which are the underlying sources? How has it been calculated? What is the numerical impact on GNP/GNI and its components? The GNI Committee is requested to approve the proposals presented in this document. 7

9 Annex 1 GNI QUESTIONNAIRE 2014 Country Table 1 a: GDP and GNI (ESA 95) million National Currency As of 22/09/2014 code ESA PRODUCTION APPROACH 1 Output of goods and services (at basic prices) P1 2 Intermediate consumption (at purchasers' prices) P2 3 Gross value added (at basic prices) B1G 4 Taxes on products D21 5 Subsidies on products D31 EXPENDITURE APPROACH 6 Total final consumption expenditure P3 7 Household final consumption expenditure P3 8 NPISH final consumption expenditure P3 9 General government final consumption expenditure P3 10 Gross capital formation P5 11 Gross fixed capital formation P51 12 Changes in inventories P52 13 Acquisitions less disposals of valuables P53 14 Exports of goods and services P6 15 Imports of goods and services P7 INCOME APPROACH 16 Compensation of employees D1 17 Gross operating surplus and mixed income B2G+B3G 18 Taxes on production and imports D2 19 Subsidies D3 20 Gross domestic product (ESA 95) B1*G 21 Compensation of employees received from the rest of the world D1 22 Compensation of employees paid to the rest of the world D1 23 Taxes on production and imports paid to the institutions of the EU D2 24 Subsidies received from the institutions of the EU D3 25 Property income received from the rest of the world D4 26 Property income paid to the rest of the world D4 27 Gross national income (ESA 95) B5*G 28 Impact on GNI (ESA95) of allocation of FISIM FISIM 29 Gross national incom e (ESA 95) excluding FISIM allocation B5*G ex FISIM 7

10 GNI QUESTIONNAIRE 2014 Country Table 1 b: GDP and GNI (ESA2010) and GNI (ESA95) million National Currency As of 22/09/2014 code ESA PRODUCTION APPROACH 1 Output of goods and services (at basic prices) P1 2 Intermediate consumption (at purchasers' prices) P2 3 Gross value added (at basic prices) B1G 4 Taxes on products D21 5 Subsidies on products D31 EXPENDITURE APPROACH 6 Total final consumption expenditure P3 7 Household final consumption expenditure P3 8 NPISH final consumption expenditure P3 9 General governm ent final consumption expenditure P3 10 Gross capital formation P5 11 Gross fixed capital formation P51g 12 Changes in inventories P52 13 Acquisitions less disposals of valuables P53 14 Exports of goods and services P6 15 Imports of goods and services P7 INCOME APPROACH 16 Compensation of employees D1 17 Gross operating surplus and mixed income B2G+B3G 18 Taxes on production and imports D2 19 Subsidies D3 20 Gross domestic product (ESA2010) B1*G 21 Compensation of employees received from the rest of the world D1 22 Compensation of employees paid to the rest of the world D1 23 Taxes on production and imports paid to the institutions of the E D2 24 Subsidies received from the institutions of the EU D3 25 Property income received from the rest of the w orld D4 26 Property income paid to the rest of the world D4 27 Gross national income (ESA2010) B5*G 28 Less total impact of differences in definitions between ESA2010 and ESA95 on GNI (ESA2010 m inus ESA95) 29 Gross national income (ESA 95) B5*G 8

11 GNI QUESTIONNAIRE 2014 Country Table 2: Transition from ESA2010 to ESA95 million National Currency As of 22/09/ Total impact of differences in definitions betw een ESA2010 and ESA95 on GNI (ESA2010 minus ESA95) Of w hich: (1a) R&D created by a market producer (1b) R&D created by a non-market producer (2) Valuation of output for ow n final use for market producers (3) Non-life insurance - Output, claims due to catastrophes, and reinsurance (4) Weapon systems in government recognised as capital assets (5) Decommissioning costs for large capital assets (6) Government, public and private sector classification (7) Small tools (8) VAT-based third EU ow n resource (9) Index-linked debt instruments (10) Central Bank - allocation of output (11) Land improvements recognised as a separate asset (12) Employee stock options (ESOs) (13) Super dividends (14) Special Purpose Entities abroad and government borrow ing (15) Head offices and holding companies (16) Sub-sectors of the financial corporations sector (S.12) (17) Guarantees (18) Special Draw ing Rights (SDRs) of the IMF as assets and liabilities (19) Payable tax credits (20) Goods sent abroad for processing (21) Merchanting (22) Employers' pension schemes (23) Fees payable on securities lending and gold loans (24) Construction activities abroad (25) FISIM betw een resident and non-resident financial institutions NB: The numbers of the transition items (1) to (25) correspond to the numbering used in the Manual on the changes between ESA95 and ESA

12 GNP/GNI QUESTIONNAIRE 2013 Country Table 3: GDP (ESA 95) and GNP (ESA 79) million NC As of 22/09/2013 code ESA PRODUCTION APPROACH 1 Output of goods and services (at basic prices) P1 2 Intermediate consumption (at purchasers' prices) P2 3 Gross value added (at basic prices) B1G 4 Taxes on products D21 5 Subsidies on products D31 EXPENDITURE APPROACH 6 Total final consumption expenditure P3 7 Household final consumption expenditure P3 8 NPISH final consumption expenditure P3 9 General government final consumption expenditure P3 10 Gross capital formation P5 11 Gross fixed capital formation P51 12 Changes in inventories P52 13 Acquisitions less disposals of valuables P53 14 Exports of goods and services P6 15 Imports of goods and services P7 INCOME APPROACH 16 Compensation of employees D1 17 Gross operating surplus and mixed income B2G+B3G 18 Taxes on production and imports D2 19 Subsidies D3 20 Gross domestic product (ESA 95) B1*G 21 Compensation of employees received from the rest of the wo D1 22 Compensation of employees paid to the rest of the world D1 23 Property income received from the rest of the world D4 24 Property income paid to the rest of the world D4 25 Less total impact of differences in definitions between ESA95 and ESA79 (ESA95 minus ESA79) 26 Gross national product (ESA 79) 10

13 GNP/GNI QUESTIONNAIRE 2013 Country Table 4: Transition from ESA95 to ESA79 million NC As of 22/09/2013 code ESA Gross domestic product (ESA 95) B1*G + Compensation of employees received from the rest of the world D1 - Compensation of employees paid to the rest of the world D1 + Property income received from the rest of the world D4 - Property income paid to the rest of the w orld D4 Less total impact of differences in definitions between ESA95 and ESA79 (ESA95 minus ESA79) Of which: Commission Decision 97/178 (1) Residence criteria (2) FISIM (3) Insurance (4) Direct investment earnings (5) Interest income (6) Cultivated natural grow th of plants (7) Computer software and large databases (8) Military equipment and vehicles, other than weapons (9) Work in progress on services (10) Mineral exploration expenditures (11) Consumption of fixed capital on roads, bridges, etc. (12) Government licences and fees (13) Valuation of output for own final use + output from volunt. activity (14) Value threshold for capital goods (15) Market/non-market criteria (16) Subsidies (17) Entertainment, literary and artistic originals (18) Services associated with licence to use entert.,lit., art. originals (19) Garages (20) Car registration taxes paid by households (21) Wages and salaries in kind (22) Licences for the use of intangible non-produced assets (23) Stamp taxes EDP (Commission Decision 98/501 ) (24) Financial leasing (25) Pension funds EDP (Eurostat decision) (26) Changes in due payment dates f. taxes,sal.,soc. contrib.+ benefits (27) Minor repairs by owner-occupiers Interest on sw aps and FRAs = Gross national product (ESA 79) NB: The numbers of the transition items (1) to (23) correspond to the numbers used in the Commission Decision 97/

14 Annex 2 Explanation of calculation of changes to D4 received from and paid to the rest of the world due to FISIM allocation External reference rate = 3% 3 Interests received on loans granted to RoW Interests received on deposits hold by RoW Resident BANK interest = 6% LOAN=100 Non-Resident HH Resident HH interest = 3% DEPOSIT=100 Non-Resident BANK NOTE: Resident bank grants a loan of 100 to nonresident household (HH). The bank charges the HH 6% interest. Following FISIM principles, the bank produces FISIM, which is calculated as difference between the interest received of 6% on loan of 100 and the external reference rate of 3%. As a result, FISIM produced (exported) on the loan granted to non-resident HH is 3% or 3 currency units. Due to the above, the adjustment for the FISIM allocation should consider the fact that the total interests (D.41) received is reduced by the amount of FISIM exports on loans. See numerical example below: NOTE: Resident household (HH) makes a deposit of 100 at non-resident bank. The bank pays the HH 3% interest. Following FISIM principles, the bank produces FISIM, which is calculated as difference between the external reference rate of 3% and the interest paid of 3% on deposit of 100. As a result, FISIM produced (imported) on the deposit of resident HH hold by the nonresident bank is 0% or 0 currency units. Due to the above, the adjustment for the FISIM allocation should consider the fact that the total interests (D.41) received is increased by the amount of FISIM imports on deposits. See numerical example below: FISIM not allocated FISIM allocated FISIM not allocated FISIM allocated Total D.41 D.41(non-FISIM) FISIM exports Total D.41 D.41(non-FISIM) FISIM imports

15 Interests paid on deposits of RoW Interests paid on loans from RoW Resident BANK interest = 2% DEPOSIT=100 Non-Resident HH Resident HH interest = 5% LOAN=100 Non-Resident BANK NOTE: Resident bank holds a deposit of 100 of nonresident household (HH). The bank pays the HH 2% interest. Following FISIM principles, the bank produces FISIM, which is calculated as difference between the external reference rate of 3% and the interest paid of 2% on deposit of 100. As a result, FISIM produced (exported) on the deposit of non-resident HH is 1% or 1 currency units. Due to the above, the adjustment for the FISIM allocation should consider the fact that the total interests (D.41) paid is increased by the amount of FISIM exports on deposits. See numerical example below: NOTE: Resident household (HH) receives a loan of 100 from non-resident bank. The bank charges the HH 5% interest. Following FISIM principles, the bank produces FISIM, which is calculated as difference between the interest paid by HH of 5% on loan of 100 and the external reference rate of 3%. As a result, FISIM produced (imported) on the loan received by resident HH from non-resident bank is 2% or 2 currency units. Due to the above, the adjustment for the FISIM allocation should consider the fact that the total interests (D.41) paid is reduced by the amount of FISIM imports on loans. See numerical example below: FISIM not allocated FISIM allocated FISIM not allocated FISIM allocated Total D.41 D.41(non-FISIM) FISIM exports Total D.41 D.41(non-FISIM) FISIM imports Total FISIM exports 4 FISIM adjustment to D.41 received -3 Total FISIM imports 2 FISIM adjustment to D.41 paid -1 Net FISIM effect on trade 2 FISIM net adjustment to D.41-2 Net FISIM adjustment of property income offsets net FISIM effect on trade 13