CARICOM

Status of Regional National Accounts Database CARICOM Status of Regional National Accounts Database Joint collection of National Accounts statistics to reduce response burden and ensure the same datasets at both organisations. NAQ designed by the UNSD in cooperation with the UN Regional Commissions and based on the 1993 SNA.

Status of Regional National Accounts Database CARICOM Status of Regional National Accounts Database NAQ divided into five parts: Main Aggregates Domestic Production by Industries Classifications of Expenditure According to Purpose Integrated Economic Accounts Cross Classification of Gross Value Added by Industries and Institutional Sectors

Status of Regional National Accounts Database CARICOM Status of Regional National Accounts Database Member States are requested to submit the following data to both the Secretariat and UNSD: GDP by expenditure in current and constant prices Value added by industries in current and constant Prices Output, gross value added and fixed assets by industries National Aggregates

Status of Regional National Accounts Database CARICOM Status of Regional National Accounts Database If possible, Member States should also submit: Relations among product, income, savings and net lending Rest of the World Account

Status of Regional National Accounts Database CARICOM Status of Regional National Accounts Database 8 Countries submitted NAQs 6 Member States, 2 Associate Members 10 countries outstanding 4 countries met the deadline for submission Years for which data submitted: 2009: 4 countries 2008: 3 countries 2007: 1 country 5 countries reported having implemented 1993 SNA

Status of Regional National Accounts Database CARICOM Status of Regional National Accounts Database 7

Main Challenges in the Submission of Data CARICOM Main Challenges in the Submission of Data Table Name Number of Countries Submitting Table 2008 (out of 12 Countries) 2009 (out of 8 Countries) Rest of the World Account 1* 2* GDP by expenditure in constant prices 2 1 Output, gross value added and fixed assets by industries 5* 4* Value added by industries in constant prices 9 8 National Aggregates 5 Value added by industries in current prices 10 GDP by expenditure in current prices 11 6

Main Challenges in the Submission of Data CARICOM Main Challenges in the Submission of Data Inability of countries to provide the complete set of Minimum Required Data Set (MRDS) tables. Only 4 Member States attempted to complete 5 or more tables The problematic tables seem to be: Rest of the World Account; GDP by Expenditure in constant prices; and Output, gross value added and fixed assets by industries.

Main Challenges in the Submission of Data CARICOM Main Challenges in the Submission of Data Partial updates/revisions/missing data Discrepancies between totals and the sum of the components. Brief Methodology notes 10

Production of Quarterly GDP. CARICOM Production of Quarterly GDP. 4 countries produce Quarterly GDP: Belize Dominica Jamaica Bermuda Only Jamaica produces QGDP in both absolute values and growth rates in current and constant prices Data from 2 of these countries are available to the public

Main Challenges in the Production of Quarterly GDP. CARICOM Main Challenges in the Production of Quarterly GDP. Lack of expertise Data collection issues No system for estimation Lack of capacity Human resource constraints.

Other Areas of National Accounts CARICOM Other Areas of National Accounts Supply and Use Tables (SUT) 4 MS were at different stages of preparation Countries have benefited from technical assistance Tourism Satellite Accounts Developmental work undertaken in 4 MS Technical Assistance will continue under the CISP through the work of a consultant. Future work will be linked to the Basic Data Production Project

CARICOM ECONOMIC STATISTICS ACTION PLAN (CESAP) 2011-2015 Reviewed by the Technical Working Group on National Accounts/Short-term Economic Indicators and International Trade in Services/Investment Statistics

Develop regional standards and classifications CARICOM Preparatory work for ISIC Rev. 4 implementation and survey redesign and improvement Develop regional standards and classifications Integrate survey approaches and instruments Coordinate with the Population Census team to ensure that the needs for economic statistics are being met

Use regional best practices to review the Business Register CARICOM Preparatory work for ISIC 4 implementation and survey redesign and improvement Cont. Use regional best practices to review the Business Register Review and evaluate potential data sources for economic statistics Update inventory of surveys and suitable administrative record sources.

CARICOM Preparatory work for ISIC 4 implementation and survey redesign and improvement Cont. Establish a data collection and analysis programme for economic statistics distinct from the work on the national accounts. Review and adopt integrated questionnaires for the “formal” sector surveys. Based on ISIC 4 structures and Incorporating product information classified according to the CPC Design and institute appropriate data transmission and update formats and procedures

CARICOM Document and consolidate estimates for the pre-2010 period and develop and update metadata Prepare documentation and metadata for the revised and rebased national accounts estimates for the pre-2010 period. Integrate the submissions from member and associate member states into the CARICOM statistical data base and develop user-friendly access to the results. Document existing tourism statistics estimates and prepare inventory and metadata.

Develop price index/deflator CARICOM Improve the production of National Accounts continuing the development work commenced in previous period Develop price index/deflator Develop Quarterly National Accounts in Members States not currently producing such Complete work on SUT estimation where started

Analyse and evaluate new data CARICOM Analyse and evaluate new data The CSOs will be required to: Analyse and evaluate data from population census to be used in economic statistics new data from administrative records new data from other sources

Monitor progress and adherence to time frame CARICOM Monitor progress and adherence to time frame Institute a program of reporting and monitoring that feeds through the TWG and Secretariat to the SCCS. Institute a mechanism to ensure that steps are taken to rectify any problems or bottlenecks whenever possible and/or amend schedules accordingly.

CARICOM ECONOMIC STATISTICS ACTION PLAN (CESAP) 2013-2015 Continue the Activities started under the 2011 -2012 work programme Complete revision Of Business Register on establishment survey frames Complete and disseminate TSA SUT (to be used as benchmark for national accounts) Continue with price index development Develop and implement a system of data quality assessment for economic statistics with in each country in the region

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