CARI COM. ST/ECON/2008/1/2. Major Regional Initiatives to Improve the Range and Coverage of Economic Statistics: Key Results Achieved, Challenges And Opportunities (National Accounts, TSA and Short Term Economic Indicators). CARICOM Economic Statistics Meeting
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CARICOM ST/ECON/2008/1/2 Major Regional Initiatives to Improve the Range and Coverage of Economic Statistics:Key Results Achieved, Challenges And Opportunities (National Accounts, TSA and Short Term Economic Indicators) CARICOM Economic Statistics Meeting 19-20 June 2008 Christ Church, Barbados
CARICOM Key Results Achieved • Training in SNA 1993 held in T&T(2001) and St. Kitts & Nevis (2002) - increased capacity • Resulting from the 2002 workshop the following results were achieved • Production of MRDS • Production of Recommended and Desired Tables: CCIS, SUT • Production of Quarterly Data • Re-Basing of Some Countries Base Year to more recent years • Coordination between CARICOM and UNSD in the collection of National Accounts Data • Prevent Duplication • Improve information Sharing
CARICOM Challenges • Methodological challenges • Data source and Coverage, • Estimation methods and Non Compliance • Comparability of Data • Out dated base year • Classification issues (Failure to adapt to the most recent ISIC) • Non response to questionnaires • Incomparable data • Lack of PPP affects common currency reporting ($EC • Limited Resource • Staff (Capacity and Capability), Financial, Capital (Computer, Office space), etc. • Different Level of Development of MS
CARICOM Opportunities • Strengthening the sources and methods of compiling National Accounts • Established systems of assessing compliance to SNA 1993 implementation • Improving the quality and framework of data through stock taking and Practices • Attachments and exchange visits • Identification and use of regional experts
CARICOM Opportunities Cont. • Coordinated regional training • Learning from the experience of more advance Member States • Learning from the examples of more advances countries and unions (for example the EU) • Reinforced the role of regional Universities in the process capacity building
CARICOM Opportunities Cont. Harmonised and accurately compiled data will result in: • Increase production of MRDS • Availability of comparable data to inform regional policy makers • Internationally acceptable standards to facilitate comparison of the region with the rest of the world • The establishment of a Technical work group (to inform and asses Methodologies) • Improved production of short term indices
CARICOM Tourism Satellite Accounts
CARICOM Key Results Achieved • Two TSA workshops were held in T & T (2001) and St. Kitts and Nevis (2002) • Improved coordination among regional institutions in the provision of Technical Assistance and collaboration among the tourism stakeholders • First four steps of the 9-step approach recommended by the UNWTO have been achieved
CARICOM Challenges • Methodological Issues • Most Member States have not completed SUT according to the SNA93; which is a requirement for proper implementation of TSA • System of Tourism Statistics, VEMS and Visitors Reconciliation • Supply side data not sufficiently elaborated in some cases: Quantity and quality of the data had been underestimated • Issues related to the classification of arrivals, types of accommodations and country of residence • The need for common interpretation across Member States
CARICOM Challenges (cont’d) • Need to establish vibrant inter-agency collaboration • Measuring Visitor Expenditure • Package tours • Home stays • Long term non-residents with similar behaviour patterns as residents • Lack of any measurement concerning informal activities • Low response rates from smaller accommodation establishments due to poor record keeping.
CARICOM Opportunities • Estimating the true contribution of one of the region’s most vital industries to regional economies (supply and demand side) • While it is advisable that countries commencing work in this area should have already reached an advanced state in the SUT construction, work on the TSA can provide greater clarity to the SUT process.
CARICOM OTHERS AREAS OF ECONOMIC STATISTICS
ACHIEVEMENTS Improve capacity in the area of data compilation through Several training workshops which resulted in enhanced and harmonised data compilation process and methodologies in some Member States Improvement in the development of databases and the dissemination of data via CARICOM’s website. CARICOM Short Term Economic Indicators
CHALLENGES Data are not submitted in a timely manner or required format Limited involvement of the secretariat in the compilation of Short term indicators OPPORTUNITIES Upcoming training, workshops and country visits will facilitate increased capacity and should result in more timely submission of required data set in the correct format and using identical methodologies Great involvement of the secretariat in the production of harmonised short term economic indicators CARICOM Short Term Economic Indicators Cont.