1. St. Vincent and the Grenadines Statistical Office IMPLEMENTATION OF 2008 SNA AND SUPPORTING ECONOMIC STATISTICS UNSD – KINGSTON, JAMAICA 30 JANUARY – 1 FEBRUARY 2013

2. OUTLINE  Overview of National Accounts  National policy challenges  Relevant Issues  Conceptual Compliance to 2008 SNA  Short Term Economic Indicators  Proposed Actions 2 Seminar on 2008 SNA - Jamaica Feb 2013

3. 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 3 Seminar on 2008 SNA - Jamaica Feb 2013

4. 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 4 Seminar on 2008 SNA - Jamaica Feb 2013

5. NATIONAL POLICY CHALLENGES 5  Job creation  Reduction of poverty  To deliver cleaner, sustainable and cheaper energy  Health and education Seminar on 2008 SNA - Jamaica Feb 2013

6. RELEVANT ISSUES 6  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 Seminar on 2008 SNA - Jamaica Feb 2013

7. 7 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 Seminar on 2008 SNA - Jamaica Feb 2013

8. 8 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 Seminar on 2008 SNA - Jamaica Feb 2013

9. 9 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 Seminar on 2008 SNA - Jamaica Feb 2013

10. 10 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 Seminar on 2008 SNA - Jamaica Feb 2013

11. 11 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 Seminar on 2008 SNA - Jamaica Feb 2013

12. 12 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 Seminar on 2008 SNA - Jamaica Feb 2013

13. THANK YOU! 13 Seminar on 2008 SNA - Jamaica Feb 2013