GRENADA

DEVELOPING A PROGRAMME FOR THE IMPLEMENTATION OF SNA 2008

Presented by Margaret FrameECONOMIC DIVISIONCENTRAL STATISTICS OFFICEJANUARY 29, 2013

OUTLINE

• THE MAIN NATIONAL POLICY

• STATISTICAL REQUIREMENTS – NSDS– Statistical Data Sources– Data Dissemination– Data Storage

• STATISTICAL ACTIONS– Current Practice– Current Development

• WAY FORWARD FOR PREPARING A STATEGIC VISION FOR THE CHANGE OVER TO:-

• SNA 2008• ISIC REVISION 4• ADAPTED DATA TEMPLATE FOR SHORT TERM ECONOMIC STATISTICS

THE MAIN NATIONAL POLICY OF GOVERMNMENT

- Economic transformation of the Grenadian economy

This means that Grenada must now transition from

-a two pillar economy consisting of tourism and agriculture

-to a five pillar economy that is more diversified, resilient to external shocks and capable of generating higher employment and income opportunities for its people

Government advanced the transformation agenda by approving a

National Investment Promotion Strategy. The five transformational sectors are anchored in this Strategy.

The Five Transformational sectors

•Education, Health and Wellness and Services

• Tourism and Hospitality• Energy Development (renewable and non-renewable)• Agribusiness• Information Communications and Technology.

These new drivers of growth are also entrenched in the Poverty Reduction Strategy of Government.

The CSO must be position to produce timely, reliable and accurate statistical data to be used for planning and monitoring the social and economic development of Grenada , Carriacou and Petite Martinique, as stated in its mission statement.

This means that CSO must delivery efficient and effective economic and social statistics to government, national, regional and international communities, through the improvement and development of statistical programmes that crates to the changing environment.

STATISTICAL REQUIREMENT

1.STATISTICS ENVIRONMENT ESTLABLISH National Strategy for the Development of

Statistics -NSDSStatistical structureRevision and enforcement of the Statistical actsMemoranda of understandingHuman ResourceInternational standardTrainingAdvocacy – aim at increasing response rateTechnical Assistance Improvement in the coordination among regional and international organization

STATISTICAL REQUIREMENT Cont. 2. STATISTICAL DATA

– GDP BY THE PRODUCTION APPROCAH ( CURRENT AND CONSTANT)– GDP BY EXPENDITURE APPROACH (current and constant)– QUARTERLY GDP– BALANCE OF PAYMENTS BPM6– SUPPLY AND USE TABLES– TOURISM STATATILE ACCOUNTS– SHORT TERM INDICATORS - HIGH FREQUENCY INDICATORS– PRICE STATISTICS– PRODUCTION STATISTICS– LABOUR MARKET INFORMATION– DEMOGRAPHIC STATISTICS– ENVIRONMENT STATISTICS– CREATIVE INDUSTRY– INFORMAL SECTOR SURVEY

STATISTICAL REQUIREMENT Cont. 3. DATA SOURCES

• Business register• Business Establishment survey • Administration data sources• Other internal surveys done by the office eg price surveys, population

census, household expenditure and trade statistics. 4. DATA DISSEMINATION• Statistical publication• Government gazette• Internet / ECCB website, regional and international organisation • CSO Website• On request.5. DATA STORAGE• Both at the domestic and external level

STATISTICAL ACTIONSGROSS DOMESTIC PRODUCT (GDP)1. GDP by PRODUCTION APPROACH

In 2007, Grenada Central Statistical Office (CSO) embarked on an exercise to rebase its system of National Accounts to reference year 2006 (previous year1990)

Eastern Caribbean Central Bank (ECCB) & CARTAC provided Technical Assistance in the Rebasing of the National Accounts.

THE REVISION PROCESS INCLUDED:• Improving the method and procedure in estimating GDP in accordance with the

system of national accounts (SNA 1993).• Incorporating new and revised data into the estimates – improving coverage 29%• Revision of the national accounts classification of industries – ISIC 3.1• Both in current and constant prices by industries

2. GDP BY EXPENDITURE – CURRENT PRICES – RESIDUAL METHOD

3. QUARTERLY GDP INDEX – USE TO REVISE ANNUAL GDP

The main sources of data are as follows:

• Annual National Accounts Survey of Establishments• Government Estimates of Revenue and Expenditure• Administrative Data from Government Departments• Other data Sources from CSO• Consumer Price Index (CPI)• Production Statistics• External Trade Statistics• Balance of Payments (BOP) Surveys• Household Income & Expenditure Survey• Census of Population and Housing• Labour force survey• Business Register

CURRENT DEVELOPMENT

1. PARTICIPATING in ICP 2011 RoundGDPPRICES

2.GDP by Expenditure Approach Technical assistance is provided by CARTAC and ECCB in developing the

Estimates in both current and constant prices • The objective is to improve the GDP by expenditure by having an

independent method of estimation for private consumption expenditure by applying the basic expenditure headings.

COICOP Classification of government by function COFOG

Government final Consumption – individual & Collective services• This will allow consistency with the conceptual framework of the SNA• To be completed by December 2013

GDP BY EXPENDITURE APPROACH

CONSUMPTION•Household Final Consumption Expenditure •NPISH Final Consumption Expenditure •Government Final Consumption Expenditure

Distribution of FISIM by users

•Gross Fixed Capital FormationChanges in inventories

• Imports and exports of goods • Taxes on Production and Imports• Subsidies

SHORT TERM ECONOMIC INDICATORS

CURRENTLY PRODUCE INDICATORSMONTHLY / QUARTERLY •Consumer Price index•External Trade Statistics•Financial data – Commercial Banks, credit union•Agricultural crops•Fish production•Quarry production•Tourist Arrival•Motor Vehicle Registration•Selected Production Data•Building Permits•Water and electricity production and consumption•New registered employees•Retail sale index – selected companies - total

WAY FORWARD FOR PREPARING A STATEGIC VISION FOR THE CHANGE OVER TO SNA 2008, ISIC REVISION 4 &

ADAPTED DATA TEMPLATE FOR SHORT TERM ECONOMIC STATISTICS

• To adopt the Caricom SNA implementation plan – NSDS was launch in October 2012

• OECS Countries to agree on a phase approach– Technical Assistance– Identify and agree on concepts to be implemented with timeline– GDP by Expenditure– Quarterly GDP– Implement BPM 6 - EBOPS– Revision of questionnaires– Business Register - improvement– Discuss on the short term indicators as identify in the template

THANK YOU