Transcript Major Regional Initiatives to Improve the Range and

ST/ECON/2008/1/2
CARICOM
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
Key Results Achieved
CARICOM
• 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
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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
Challenges
CARICOM
• 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
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Staff (Capacity and Capability), Financial, Capital (Computer, Office space), etc.
• Different Level of Development of MS
Opportunities
CARICOM
• 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
Opportunities Cont.
CARICOM
• 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
Opportunities Cont.
CARICOM
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
Key Results Achieved
CARICOM
• 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
Challenges
CARICOM
• 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
Challenges (cont’d)
CARICOM
• 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.
Opportunities
CARICOM
• 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
Short Term Economic
Indicators
CARICOM
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.
Short Term Economic
Indicators Cont.
CARICOM
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