IMPLEMENTATION PROGRAMME OF SNA 2008 (Dominica) Seminar on Developing a Programme for the Implementation of the SNA 2008 and Supporting Statistics in the CARICOM Region 30th January - 1st February, 2013 Jamaica

Current System of National Accounts(SNA) Used The Central Statistics Office compiles its annual National Accounts data based on the SNA 1993. This is conducted in accordance with the Census and Statistics Act of 1986 of Dominica.

Policy Issue According to the Growth and Social Protection Strategy (GSPS), Government’s strategy for pursuing growth are the following: Fiscal policy and administrative reform, including creating an enabling environment for private enterprise and investment attraction Sectoral strategies for growth Strategies for poverty reduction and social protection

Policy Issue (Cont’d) Strategies for growth were developed within some main sectors such as agriculture, transport, tourism and utilities (electricity and water).

Policy Issue (Cont’d) Agriculture Proactive promotion of sustainable growth and development of the sector An enhanced enabling environment for investment in agriculture Sustainable use of natural resources Improving food security

Policy Issue (Cont’d) Transport Improve the quality of the stock of roads Increase the efficiency of the main seaport

Policy issue (Cont’d) Tourism To pursue sustainable tourism by creating economic, social and cultural opportunities. Nurture community involvement at sustainable levels and to create jobs for the youth.

Policy Issue (Cont’d) Utilities (Electricity and Water) To facilitate the use of alternative energy (geothermal energy) To work with the water company (DOWASCO) to upgrade the water infrastructure.

Short-term Economic Statistics The CSO uses a standard quarterly and monthly template to present its short term economic indicators.

Short-term Economic Statistics (Cont’d) Main indicators presented are as follows: External trade statistics Consumer Price Indices Travel statistics Manufactured production Construction Financial Indicators (recent)

Proposed Implementation Process of the SNA 2008 In order to implement the SNA 2008 the following are required: Ensure that the transfer from the 1993 SNA methodology to the 2008 SNA is well understood. Coordination among the relevant agencies (e.g. Central Bank, CSO, etc). Training of staff for the transition.

Proposed Implementation Process of the SNA 2008 (Cont’d) Need to know the extent of adoption of the SNA 2008. (The minimum set of tables to be compiled.) Need to provide resources for the implementation exercise.

Proposed Implementation Process of the SNA 2008 (Cont’d) Compile GDP by Expenditure in constant prices. Revise Supply and Use Table to a more recent reference year. Conduct additional informal sector surveys.

Proposed Implementation Process of the SNA 2008 (Cont’d) Create institutional sector accounts Updating business register Classification of economic activities for all sectors according to the International Standard Industrial Classification (ISIC Rev 4).

Proposed Implementation Process of the SNA 2008 (Cont’d) Rebase GDP series to be in line with new classifications (ISIC Rev 4) and revised definitions and concepts.

Resources Some of the main resources needed to ensure a smooth implementation process are: Human resource Equipment Financial resources Technical assistance

Current Status Rebasing of the GDP In 2010 the rebasing exercise of the GDP series was completed for the period 2000 to 2009 with a revised base year. The new base year for the revised series is 2006. Compiled SUT for 2005 Produce annual Trade in Services Statistics

Overall Highlights from the Rebased GDP Series This exercise provided a basis for methodological and conceptual review and improvement for the GDP data series New and improved data sources were also created from this exercise. This has enabled the CSO to expand its GDP coverage and compile production tables

Possible Challenges Insufficient resources

Going Forward Establish an achievable timeframe and work plan for the implementation of SNA 2008.

Thank You