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New Statistics at no Costs?
The Case of a Joint Compilation of FDI and FATS Statistics in Austria
Global Forum on Trade Statistics
René Dell’mourGeneva, February 3rd 2011
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Foreign Direct Investment Statistics FDI – Statistics
- part of balance of payments - describing financial stocks and flows related cross-border strategic
shareholdings in enterprises (inward and outward)- usually compiled by central banks
Foreign Affiliates Statistics FATS - Statistics
- a recently introduced compulsory European statistics- on the Activities of Multinational Enterprises (AMNE-statistics)- with a focus on foreign-controlled resident enterprises (Inward-FATS)- but covering also affiliates abroad controlled by domestic investors
(Outward-FATS)- First reporting year 2007
Background (1)
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Background (2)
FDI
Financial variables
Concept of Influence (10-% rule)
Variables weighted by share
Focus on direct affiliates
FATS
Non-financial variables
Concept of control (>50% rule)
„winner takes it all“ (100% -rule)
Including affiliates under indirect control
Conceptual differences between FDI and FATS
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Oesterreichische Nationalbank (OeNB)
- Launched its first survey on FDI – stocks as early as 1968 - already then included questions on economic activities - thus going beyond pure bop/iip - requirements
IMF- Manual (5th edition paragraph 384)
There are aspects of di, other than those directly related to bop and iip data, that may be of interest from analytical and policy-making points of view. Among such aspects are those pertaining to the financial structure and operations of subsidiaries, associates, branches, and direct investors. Examples are the value of the total assets of enterprises; complete balance sheets and income statements, the composition of sales and of external financing; employment; industry activity of di-enterprises and of direct investors; gross product or value added of subsidiaries in relation to total GDP of the economies involved; and country of ultimate beneficial owner..
Prior to 2007 OeNB already provided parts of “FATS-Statistics”
Background (3)
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Legislative body commissioned Statistics Austria with the compilation of FATS-Statistics
in close co-operation with OeNB
- Existed on an informal basis for many years (BOP-NA)- Formalized in 2002 when “Trade in Services” was handed over to NSI
Quarterly Meetings at the top level
Individual Contracts for specific tasks- statistical law not only allows, but requires use of existing statistical or
administrative data- exchange of micro-data between both institutions permitted
- Clear focus of expertise- NSI – General economic statistics - NCB – Financial issues, Financial sector
Co-operation NSI and NCB
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Cooperation of
Statistics Austria
and OeNB
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Current account
Goods - FTS
Services
Income
Compensation of employees
Investment income
Current transfers
Capital account
Financial account
Direct Investment
Portfolio Investment
Financial Derivatives
Other Investment
Official Reserve Assets
Matrix of co-operation
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Balance of Payments- NSI provides trade in services, current transfers, compensation of employees
(Statistical) Business register - Regular reconciliation, exchange of identifiers, common identifiers- Identical classifications of activity and sectors of units improve quality of statistics
FISIM and Income- NCB provides data on financial stocks, income flows and interest rates- NSI calculates FISIM and returns FISIM for BOP -> identical data for SNA
Structural business statistics- NCB provides non-financial data for banks (employment, investment, etc.).....
and FATS
(Selected) Areas of Co-operation
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How Inward FATS-Statistics is Compiled
NCB knows foreign control and UCI from its annual FDI Survey.
Case by case data collection allows identification of control
Finally, an automated analysis of the administrative enterprise register results in an exhaustive list of resident, foreign controlled enterprises.
NSI links SBS and NCB list using common identifiers
Identifies “inactive” units
Directly links “big” enterprises with SBS – data base.(Employment, personnel cost, production, turnover, value added, gross investment, purchase of goods and services (for resale), R&D variables (biennial)
For SMEs outside the SBS-sample imputation mechanisms are used to arrive at totals (regression models by activity and size class – employment and turnover are used as external variables).
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How Outward FATS-Statistics is compiled
NCB acts on behalf of the NSI
Annual FDI-Survey addressed to all resident investors has been extended to cover all indirectly controlled affiliates abroad; (Synergy with the „Direct influence – indirect control“ concept of FDIR)
Resident Direct Investors report on ALL foreign subsidiaries above threshold (Name, address, employment, turnover) under control of the reporter.
This dataset is transferred to NSISubsidiaries of resident investors under foreign control (regional headquarters of foreign MNEs) are excluded in order to avoid double counting (“Nationality” of the MNE).
Subsidiaries within EU-27 are reported to EUROSTAT on a voluntary basis.
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A small number of Foreign Controlled enterprises (3%)
- which are generally bigger than average ( 19 % of employment)- tend to pay better ( 26 % of personnel costs)- are more productive than the average (32 % of turnover)- and very innovative (53% of business R&D expenditure)
Foreign control varies between activities
- E.g. 5% of employment in construction, but 28% in manufacturing)
Foreign control is highly concentrated
- German MNEs (49 % of employment)- Swiss MNEs ( 10 % of employment)- US MNEs ( 10 % of employment)- Dutch MNEs (5% of employment
Selected Results (Inward)
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Affiliates abroad controlled by resident investors
- employ 760.000 people, which is more than inward FATS (500.000)- but their sales (turnover) amount to 178 bn EUR only, which is less than the
comparable figure for inward FATS (197 bn EUR)
One third of affiliates abroad are part of foreign Multinationals
- Therefore only 480.000 employees abroad are “Austrian” according to FATS- This fact underlines the role of regional headquarters in Austria
Affiliates abroad are much more dispersed
- The biggest host country (Romania) accounts for slightly more than 10%- with Hungary, the Czech republic and Germany being only slightly less
important- Followed by almost 80 countries more
Source: FATS 2007
Selected Results (Outward)
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Conclusion
The new FATS-Statistics could be compiled
without setting up a new survey without increasing the respondents’ burden at reasonable cost for the statistical agencies
Thanks to
Compatible definitionsOvercoming the confidentiality barrierIncreased use of existing data
Harmonization of registersGranular data-collectionClose co-operation of institutions involved
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Thank you!
René Dell'mourSenior ExpertExternal Statistics and Financial Accounts Oesterreichische NationalbankOtto Wagner-Platz 31090 Vienna/Austria
Tel: +431 40420/5415
www.oenb.at
