Thursday, October 15, 2009

Visa Commercial Payments in India Press Release

Visa estimates 2.6 Trillion Dollar in Global Commercial Spending for 2008 for India

October 15, 2009



Visa Inc. (NYSE: V) released the annual global Commercial Consumption Expenditure (CCE) index, which estimates that global commercial spending grew to US$2.6 trillion in 2008 for India. The annual Visa CCE report provides standardized tracking of business and government spending globally and is recognized as an industry benchmark for measuring commercial spending.



The 2008 CCE is estimated to have grown at 10.9 percent from $81.3 trillion in 2007. The strongest growth rates were found in the Central/Eastern Europe, Middle East and Africa region at 23.7 percent and the Latin America/Caribbean region at 17.4 percent. Europe held the largest share of global CCE spend, followed by Asia Pacific; the United States; Central/Eastern Europe, Middle East and Africa; Latin America/Caribbean and Canada. In this year’s index, Asia Pacific’s spending share surpassed the United States’ for the first time.



As financial institutions around the world look to optimize their commercial payment programs, the CCE data provides a valuable tool to help show where businesses and governments are spending.



India has been estimated to have one of the highest growth shares of $2.6 trillion in Asia Pacific in 2008.



In the current economic climate, governments and businesses are focused on reducing costs by streamlining their purchasing and payment processes. The annual Visa CCE report provides valuable insight into areas with strong commercial activity as organizations and economies work to overcome the global crisis. We are aware that business spending is a major economic driver – when businesses are spending, they are helping the economies in which they operate. Visa has worked with various government ministries, businesses and financial institutions across the world to streamline these processes to help drive efficiency and higher economic growth.

CCE Methodology.



The CCE index captures business-to-business purchases to acquire goods and services used in production, wholesale and retail purchases of final goods, business capital expenditures and government spending on goods and services. Adjustments are made to exclude capitalized expenditures such as construction and durable defense spending. Calculations measure transactions at basic prices, which include taxes on production. Retroactive adjustments are made as necessary to include revisions in officially published statistics and economic data for current and prior years.



Data sources used to calculate the Indian CCE index include the Bureau of Economic Analysis (BEA) and Indian Census Bureau, which conducts the Retail and Wholesale Trade Surveys. A variety of data sources were used in the calculation of the Global CCE index including the Organization for Economic Co-operation and Development (OECD), the Eurostat database, the Structural Analysis (STAN) database, the General Government Accounts from the National Accounts of OECD Countries, the United Nations Statistics Division National Accounts Main Aggregates Database, Economist Intelligence Unit proprietary databases and government data from several countries. A model developed by the Economist Intelligence Unit was used to estimate results for countries where government data was unavailable.





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