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CARI COM

Learn about CARICOM's efforts to improve National Accounts reporting, including challenges faced and future plans for economic statistics development.

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CARI COM

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  1. CARICOM

  2. 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.

  3. 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

  4. 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

  5. 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

  6. 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

  7. Status of Regional National Accounts Database CARICOM

  8. CARICOM Main Challenges in the Submission of Data

  9. 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.

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

  11. 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

  12. 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.

  13. 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

  14. 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 CARICOM

  15. Preparatory work for ISIC Rev. 4 implementation and survey redesign and improvement CARICOM • 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

  16. Preparatory work for ISIC 4 implementation and survey redesign and improvement Cont. CARICOM • 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.

  17. Preparatory work for ISIC 4 implementation and survey redesign and improvement Cont. CARICOM • 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

  18. Document and consolidate estimates for the pre-2010 period and develop and update metadata CARICOM • 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.

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

  20. Analyse and evaluate new data CARICOM 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

  21. Monitor progress and adherence to time frame CARICOM 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.

  22. CARICOM ECONOMIC STATISTICS ACTION PLAN (CESAP) 2013-2015 CARICOM • 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

  23. Thank You CARICOM

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