1. the perspective of policy on Developing an integrated statistics programme in support of the Implementation of the 2008 SNA
February 3-7, 2014
St Lucia

2. Policy perspective, Jamaica
National Development Plan for Jamaica -
Vision 2030
Outlines national goals, strategies & outcomes
National Outcome #7: A Stable Macro economy
Fiscal balance of 0% of GDP
Debt to GDP ratio of 75%
Real GDP annual growth rate of 5%

3. Policy perspective, Jamaica
In 2013 the Government entered into an extended fund facility with the IMF.
This required the Government to embark on an extensive economic reform programme. Some of the objectives laid out in the medium term macro-economic framework were;
Significantly raising the rate of real GDP and per capita income growth

4. Policy perspective, Jamaica
Virtually eliminating fiscal deficit and substantially reducing debt burden
A central government budget consistent with an overall fiscal balance of 0 per cent of GDP
Debt/GDP ratio of no more than 100 per cent by FY 2015/16. The long run objective is to reduce the debt ratios of the government to around 60 per cent of GDP

5. Policy perspective, Jamaica
Wages to GDP ratio of 9%
Monetary policy will focus on maintaining single digit inflation. Inflation projected to be at 8% by 2016/17 supported by an effective monetary policy strategy

6. Development of integrated statistics
In January 2013 Jamaica participated in a national planning seminar for the implementation of the SNA in conjunction with UNSD
Seminar included participants from the Bank of Jamaica, the Planning Institute of Jamaica and the Ministry of Finance

7. Development of integrated statistics
The following were some of the needs of these agencies;
More detailed macro economic data with greater frequency to formulate policy and assess progress
For the Central Bank monetary policy is better assessed using demand side aggregates The bank therefore requires estimates of the components of aggregate demand at a higher frequency

8. Development of integrated statistics
Improvement of the quality and timeliness of the underlying data required for compiling the macroeconomic accounts of Jamaica.
Most targets especially those in the IMF agreement are benchmarked against the GDP so the level, timeliness and frequency are critical

9. Development of integrated statistics
Demands for meeting macro-prudential and financial stability regulations require the extension of the national accounts to include the integrated presentation of integrated sequence of accounts and balance sheets with from- whom-to-whom perspective.
This requires extension into institutional accounts as monitoring of the sectors can inform policies

10. Development of integrated statistics
Taking into account these needs the strategy statement for the implementation of the SNA 2008 outline the following components to the national accounts
The first phase will be completed in and should cover Milestone 2 of the
No plans in the medium term to include the financial accounts and balance sheets due to resource constraints

11. Development of integrated statistics
Compilation of quarterly GDP by expenditure
Institutional Accounts re-introduced on phased basis starting with government institutional accounts
Efforts to ensure the exhaustiveness of the GDP. Jamaica now in the process of developing an informal sector study

12. Development of integrated statistics
Implementation of the SNA 2008 however will require improvement in the basic statistics used in the national accounts such as
Development work has started on a monthly production volume
Development of trade indices currently underway
Conversion of industries to be compliant with ISIC Rev 4

13. Development of integrated statistics
Expansion of PPI from the current Mining and Manufacturing industries
Rebasing of CPI is currently in progress
Increased use of administrative data (service agreements/ MOUs for formalizing modalities)
Integration of BPM6 and 2008 SNA-related surveys
Improvement in the regulatory and institutional framework are also critical and Jamaica is currently in the process of developing a National Statististics System (NSS)