St. Vincent and the GrenadinesStatistical Office

IMPLEMENTATION OF 2008 SNA AND SUPPORTING ECONOMIC STATISTICS

UNSD – KINGSTON, JAMAICA30 JANUARY – 1 FEBRUARY 2013

OUTLINE

Overview of National Accounts National policy challenges Relevant Issues Conceptual Compliance to 2008 SNA Short Term Economic Indicators Proposed Actions

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OVERVIEW Gross Domestic Product is complied annually in

current and constant prices Technical Assistance is provided by ECCB Estimates are not compiled according to

institutional sectors. GDP is not compiled on a quarterly basis Estimates were rebased in 2010 The new base year is 2006

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OVERVIEW

The rebasing exercising was used as an opportunity to:Incorporate new and revised dataRevised the classification system to ISIC rev

3.1Include new data sources, through

benchmarkingRevise/reconcile production and expenditure

based methods of estimating GDP

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NATIONAL POLICY CHALLENGES

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Job creation Reduction of poverty To deliver cleaner, sustainable and cheaper

energy Health and education

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RELEVANT ISSUES

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The availability of limited human and financial sources

Low response rate to economic surveys Limited data sources On going training for the personnel in the Statistical

Office

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CONCEPTUAL COMPLIANCE TO 2008 SNA

Gross fixed capital to include computer software, databases, entertainment, literary originals and valuables

Output of FISIM calculated only on loans and deposits

Output of FISIM allocated to users

Output of households included whether for sale or not

Output of non-life insurance estimated using adjusted claims and premium supplements

Non-autonomous pension funds and unfunded pension schemes identified seperately

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CONCEPTUAL COMPLIANCE TO 2008 SNA

Unfunded social contributions imputed

Life and non-life insurance premiums includes premium settlement

Reinvested earnings included in the BOP, however the rest of the world accounts are not compiled

Foreign workers remittances excluded from GNI

Government final consumption expenditure compiled by individual and collective consumption

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SCOPE AND DETAILS

Production and expenditure accounts in current prices

Gross National Income in current prices

Gross National Disposable Income in current prices

Gross Saving

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SHORT TERM ECONOMIC INDICATORS

Quarterly production for some major manufacturing industries

Commodity production of agricultural quarterly

New car registration

Tourist arrivals monthly

Consumer price Index monthly

External sector indicators for goods monthly

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SHORT TERM ECONOMIC INDICATORS

Consumer price Index monthly

External sector indicators for goods monthly

Financial sector indicators quarterly

General government sector indicators monthly and quarterly

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PROPOSED ACTIONS Develop a national plan for the improvement of National

Accounts and supporting statistics

Identify main outstanding issues from 1993 SNA

Compile quarterly GDP

Identify priorities for changeover to 2008 SNA on a phased approach

Improve the business register

Adoption of ISIC Rev 4

Revise survey forms

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THANK YOU!

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