THE BAHAMAS COUNTRY PRESENTATION SEMINAR ON DEVELOPING A PROGRAMME FOR THE IMPLEMENTATION OF THE 2008 SNA AND SUPPORTING STATISTICS IN THE CARICOM REGION THE BAHAMAS COUNTRY PRESENTATION

GENERAL OVERVIEW: The main national policy challenges: The Statistics Act Statistical System Administrative Recordkeeping. Improved response

The implications for the scope and detail of the accounts: Expanding the accounts The Business Establishment The Administrative data providers

Short-term economic statistics/indicator template: The Bahamas short-term economic statistics improvements: Introducing Quarterly GDP estimates Import and Export Price indexes Updating of the Consumer Price Index basket

NEW DATA REQUIREMENTS OVERVIEW:

Value Added by Economic Activity: General Industry Applications New requirements in terms of concepts of the 2008 SNA SNA 08 - The Recognition of the Ancillary activities SNA 08- Asset category “computer software” modified to include databases. SNA 08 – Originals and Copies recognized as distinct products.

General Industry Applications Need for new source data, new scope and detail; required periodicity and timeliness; None Adjustments to business registers and surveys; Business Establishment questionnaire have been expanded to collect the additional data Institutional arrangements

Transportation Industry New requirements in terms of concepts of the 2008 SNA SNA 08 – Residence of multi-territory enterprises clarified. The need for new source data, new scope and detail; required periodicity and timeliness; adjustments to business registers and surveys; and institutional arrangements. The multi-territory enterprises that currently exist in transportation industries will be identified and where possible operations will be shared across their enterprises.

Manufacturing Industry New requirements in terms of concepts of the 2008 SNA SNA 08 - Research and Development output no longer treated Intermediate Consumption The need for new source date, new scope and detail; required periodicity and timeliness; This item will be added to the business establishment survey which is collected on an annual basis. Adjustments to business registers and surveys and institutional arrangements. None of these actions will be required.

Banking Industry New requirements in terms of concepts of 2008 SNA SNA 08 - Method of FISIM refined SNA 08- Output of Central Bank clarified The need for new source data, new scope and detail; required periodicity and timeliness; Efforts will be made. Adjustments to business registers and surveys; None Institutional arrangements Arrangements would have to be made.

Insurance Industry New requirements in terms of concepts of 2008 SNA SNA 08 - Recording of Output of Non-Life Insurance companies improved SNA 08 - Reinsurance similarly treated as direct insurance Need for new source data, new scope and detail; required periodicity and timeliness; It should be possible to collect the data Re-insurance data already available Adjustments to business registers and surveys; None Institutional arrangements Arrangements to get additional data.

Gross Capital Formation New requirements in terms of concepts of 2008 SNA SNA 08 – Government GCF to include expenditure on weapons systems and single-use items as military inventories Need for new source data, new scope and detail; required periodicity and timeliness; The Bahamas has mostly single-use weaponry . Adjustments to business registers and surveys; None Institutional arrangements Discussions will have to held.

Supply and Use tables: The most recent published tables were estimated based on the data collected and tabulated when estimating the Industry and sector estimates.

The integrated economic Accts by institutional sector, financial Accts & balance sheets: The above are not currently being prepared by the National Accounts Section. Consideration is being given to them. The Business Establishment Survey Serious concerns

The implementation of BPM6 This is the responsibility of the Central Bank of The Bahamas as they compile the Balance of Payments Statistics. The Bank currently utilizes the BPM5 and plan to implement BPM6 within 2012-2013.

OVERVIEW OF THE PROPOSED ACTIONS FOR IMPLEMENTATION OF THE CONCEPTS OF 2008 SNA Develop a better understanding of the SNA 08 revisions. Identify the missing data and possible new data sources. Collect and tabulate the additional data.

THE WAY FORWARD IN DRAFTING OF STRATEGIC DOCUMENTS IN THE 3-6MONTHS Expansion the Establishment Questionnaires Short term statistics Meet with data providers The Balance of Payments implementation BPM6 The DOS Business Establishment Section has already implemented ISIC Rev4.

THE NEED FOR EXTERNAL ASSISTANCE REQUIREMENTS IN THE PREPARATION OF THE STRATEGIC DOCUMENTS. In the short-term In the long-term