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Mr. Andrew Baer, Mr. Kwangwon Lee, and James Tebrake

. Official U.S. PPI for Cloud-Related Activities and Byrne, Corrado, Sichel Indexes for Selected AWS Products 8. Relative Size of Computer Services Export in OECD Countries 9. Computer Services Export Ratio of Major Exporters 10. Portion of Major Server (HS847150) Importers 11. Share of Server Imports in Total Imports

Mr. Andrew Baer, Mr. Kwangwon Lee, and James Tebrake
Digitalization and the innovative use of digital technologies is changing the way we work, learn, communicate, buy and sell products. One emerging digital technology of growing importance is cloud computing. More and more businesses, governments and households are purchasing hardware and software services from a small number of large cloud computing providers. This change is having an impact on how macroeconomic data are compiled and how they are interpreted by users. Specifically, this is changing the information and communication technology (ICT) investment pattern from one where ICT investment was diversified across many industries to a more concentrated investment pattern. Additionally, this is having an impact on cross-border flows of commercial services since the cloud service provider does not need to be located in the same economic territory as the purchaser of cloud services. This paper will outline some of the methodological and compilation challenges facing statisticians and analysts, provide some tools that can be used to overcome these challenges and highlight some of the implications these changes are having on the way users of national accounts data look at investment and trade in commercial services.
Mr. Andrew Baer, Mr. Kwangwon Lee, and James Tebrake

industry can also be seen in the international trade statistics. According to the ICT services complementary grouping recommended by the Partnership on Measuring ICT for Development, an international initiative, the Balance of Payments Services classification (EBOPS) 2010 commodity group 9.2 Computer services includes the CPC codes for cloud computing products. 11 Across OECD countries, computer services exports have increased rapidly since 2010, suggesting a possible surge in trade of cloud computing services. From 2010 to 2017, the computer services exports of

Rahul Anand, Ms. Kalpana Kochhar, and Mr. Saurabh Mishra
Structural transformation depends not only on how much countries export but also on what they export and with whom they trade. This paper breaks new ground in analyzing India’s exports by the technological content, quality, sophistication, and complexity of the export basket. We identify five priority areas for policies: (1) reduction of trade costs, at and behind the border; (2) further liberalization of FDI including through simplification of regulations and procedures; (3) improving infrastructure including in urban areas to enhance manufacturing and services in cities; (4) preparing labor resources (skills) and markets (flexibility) for the technological progress that will shape jobs in the years ahead; and (5) creating an enabling environment for innovation and entrepreneurship to draw the economy into higher productivity activities.
Mr. Prakash Loungani, Mr. Saurabh Mishra, Mr. Chris Papageorgiou, and Ke Wang
Using a newly constructed dataset on trade in services for 192 countries from 1970 to 2014, this paper shows that services currently constitute one-fourth of world trade and an increasingly important component of global production. A detailed analysis of patterns and stylized facts reveals that exports of services are not only gaining strong momentum and catching up with exports of goods in many countries, but they could also trigger a new wave of trade globalization. Research applications of the trade in service dataset on structural transformation, resilience, labor reallocation, and income distribution are outlined.
International Monetary Fund. European Dept.
This 2016 Article IV Consultation highlights that the rebound of the Irish economy has been exceptional. High frequency indicators suggest that growth momentum has continued in 2016. Solid job creation has reduced the unemployment rate below 8 percent. Inflation has hovered around zero as low commodity and food prices more than offset rising cost of services, particularly housing rents. Taking into account negative spillovers, real GDP growth is projected to decline to just below 5 percent in 2016 and converge to its estimated potential over the medium-term on the back of more moderate export growth and investment activity.
International Monetary Fund
The 2012 Article IV Report on Ireland’s economy under the Extended Arrangement analyzes the banking crisis and Irish authorities’ steadfast efforts to restore stability. Public debt has been high, and the banking system has not served the financial needs of both households and the job-intensive small and medium enterprises (SME) sector. The crisis also created uncertainty for exports and investments. The Executive Board has identified steps needed to underpin a sustained economic recovery. Sustained financial sector reforms are recommended to restore sound credit and revive domestic demand.
International Monetary Fund. European Dept.

merchandise imports, and higher computer service exports. Total gross external debt declined to €2,169 million in Q1 2016 from €2,227 million in Q4 2015. Ireland: New and Old National Accounts 2010 2011 2012 2013 2014 2015 (percentage changes) Real GDP New 2.0 0.0 −1.1 1.1 8.5 26.3 Old 0.4 2.6 0.2 1.4 5.2 7.8 Private consumption New 0.7 −1.0 −1.0 −0.8 1.7 4.5 Old 0.8 −0.7 −0.8 −0.3 2.0 3.5 Public consumption New

Mr. Prakash Loungani, Mr. Saurabh Mishra, Mr. Chris Papageorgiou, and Ke Wang

is also rapidly evolving. Figure 7 illustrates patterns for the top exporters across various exporting sectors. The United States is still one of the top exporters in many sectors, while the UK, France, Germany and some other European countries are key players too. Emerging countries like India and China show larger role in service exports in Transport, Travel and IT. In addition, Hong Kong has emerged as a prime Financial services export hub, similarly, Israel a Computer services export hub and Thailand in Travel services. These are only a few examples to

Rahul Anand, Ms. Kalpana Kochhar, and Mr. Saurabh Mishra

, storage devices, and computer services exports and diversify into high-quality information solutions. For more complex exports, India should leverage existing information networks, technology, and financial channels. Ongoing transformation would help growth over the medium-term through reallocation of resources to more productive sectors and by productivity gains in specialized sectors. Improving the quality, sophistication and complexity in exporting products and services would help raise overall value of exports and make economic growth more broad based. Even though