St. Vincent and the Grenadines
Statistical Office
IMPLEMENTATION OF 2008 SNA AND
SUPPORTING ECONOMIC STATISTICS
UNSD – KINGSTON, JAMAICA
30 JANUARY – 1 FEBRUARY 2013
OUTLINE
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Overview of National Accounts
National policy challenges
Relevant Issues
Conceptual Compliance to 2008 SNA
Short Term Economic Indicators
Proposed Actions
Seminar on 2008 SNA - Jamaica
Feb 2013
2
OVERVIEW
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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
Seminar on 2008 SNA - Jamaica
Feb 2013
3
OVERVIEW
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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
Seminar on 2008 SNA - Jamaica
Feb 2013
4
NATIONAL POLICY CHALLENGES
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Job creation
Reduction of poverty
To deliver cleaner, sustainable and cheaper
energy
Health and education
Seminar on 2008 SNA - Jamaica
Feb 2013
5
RELEVANT ISSUES
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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
6
CONCEPTUAL COMPLIANCE TO 2008 SNA
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Gross fixed capital to include computer software, databases,
entertainment, literary originals and valuables
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Output of FISIM calculated only on loans and deposits
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Output of FISIM allocated to users
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Output of households included whether for sale or not
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Output of non-life insurance estimated using adjusted claims and
premium supplements
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Non-autonomous pension funds and unfunded pension schemes
identified seperately
Seminar on 2008 SNA - Jamaica
Feb 2013
7
CONCEPTUAL COMPLIANCE TO 2008 SNA
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Unfunded social contributions imputed
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Life and non-life insurance premiums includes premium
settlement
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Reinvested earnings included in the BOP, however the rest
of the world accounts are not compiled
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Foreign workers remittances excluded from GNI
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Government final consumption expenditure compiled by
individual and collective consumption
Seminar on 2008 SNA - Jamaica
Feb 2013
8
SCOPE AND DETAILS
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Production and expenditure accounts in current
prices
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Gross National Income in current prices
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Gross National Disposable Income in current prices
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Gross Saving
Seminar on 2008 SNA - Jamaica
Feb 2013
9
SHORT TERM ECONOMIC INDICATORS
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Quarterly production for some major manufacturing industries
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Commodity production of agricultural quarterly
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New car registration
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Tourist arrivals monthly
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Consumer price Index monthly
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External sector indicators for goods monthly
Seminar on 2008 SNA - Jamaica
Feb 2013
10
SHORT TERM ECONOMIC INDICATORS
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Consumer price Index monthly
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External sector indicators for goods monthly
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Financial sector indicators quarterly
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General government sector indicators monthly and
quarterly
Seminar on 2008 SNA - Jamaica
Feb 2013
11
PROPOSED ACTIONS
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Develop a national plan for the improvement of National
Accounts and supporting statistics
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Identify main outstanding issues from 1993 SNA
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Compile quarterly GDP
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Identify priorities for changeover to 2008 SNA on a phased
approach
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Improve the business register
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Adoption of ISIC Rev 4
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Revise survey forms
Seminar on 2008 SNA - Jamaica
Feb 2013
12
THANK YOU!
Seminar on 2008 SNA - Jamaica
Feb 2013
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