St. Vincent and the Grenadines Statistical Office

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St. Vincent and the GrenadinesStatistical Office

• IMPLEMENTATION OF 2008 SNA AND SUPPORTING
  ECONOMIC STATISTICS
• UNSD KINGSTON, JAMAICA
• 30 JANUARY 1 FEBRUARY 2013

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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 data
• Revised the classification system to ISIC rev 3.1
• Include new data sources, through benchmarking
• Revise/reconcile production and expenditure based
  methods of estimating GDP

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NATIONAL POLICY CHALLENGES

• Job creation
• Reduction of poverty
• To deliver cleaner, sustainable and cheaper
  energy
• Health and education

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RELEVANT ISSUES

• 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!