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Brief Implementation of the 2008 SNA: Introductions National Accounts Compilation UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica NATIONAL ACCOUNTS COMPILATION • GDP compiled annually and quarterly Brief • Direct link to ISIC 3.1; alignment with ISIC 4 Introductions • COICOP and COFOG used • CPC Ver.1 UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica Brief Implementation of the 2008 SNA: Introductions Current Plans and Relevant Issues UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica CURRENT PLANS AND RELEVANT ISSUES • NSDS under development Brief • Training on 2008 SNA conceptual issues Introductions • Full adoption of ISIC Rev 4 • Business register details expanded UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica CURRENT PLANS AND RELEVANT ISSUES • Existing surveys expanded - EAS Brief • Greater use of administrative data sources Introductions • Funding for staff • Technical assistance – quarterly GDP UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica Brief Implementation of the 2008 SNA: Introductions Scope and Detail of the National Accounts UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica SCOPE AND DETAIL OF THE NATIONAL ACCOUNTS • Production accounts in current and constant prices • Sequence of Accounts – Use of disposable income • Gross national disposable income in current prices • Supply and use tables 2004 and 2008 – current prices UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica SCOPE AND DETAIL OF THE NATIONAL ACCOUNTS • Quarterly Balance of Payments - BPM6 methodology • EBOPS classification implemented • Quarterly GDP by expenditure approach UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica Brief Implementation of the 2008 SNA: Introductions Short-term economic indicators UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica SHORT-TERM ECONOMIC INDICATORS • Turnover indices • CPI monthly • Labour market indicators annually • External sector indicators quarterly UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica SHORT-TERM ECONOMIC INDICATORS • Financial sector indicators quarterly • General government sector indicators monthly and quarterly • Non-financial corporate profits annually • No data on real estate indicators, household sector indicators and economic sentiment UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica Brief Implementation of the 2008 SNA: Introductions Conceptual compliance UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica CONCEPTUAL COMPLIANCE • GCF covers software, research and development, databases and valuables • Life and non-life insurance premiums include premium supplements • Reinvested earnings included in ROW account • Government final consumption available by individual and collective consumption UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica CONCEPTUAL COMPLIANCE • FISIM not calculated using a reference rate of interest • FISIM not allocated to users • Chaining not used for volume calculations • Own-account money lenders not included in output • Output of households whether or not for sale not comprehensively covered UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica Brief Implementation of the 2008 SNA: Introductions Proposed actions and Policy challenges UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica PROPOSED ACTIONS AND POLICY CHALLENGES Proposed actions • Adoption of CARICOM 2008 SNA Implementation plan • Establish a National Strategy for the Development of Statistics • Full adoption of ISIC 4 by 2014 • XPI and MPI to be developed for quarterly GDP deflation UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica PROPOSED ACTIONS AND POLICY CHALLENGES National Policy Challenges • Reduce the government debt and control government spending • Job Creation • Reduce the high cost of living • Rejuvenation of tourism industry UNSD Seminar – January 30th to February 1st 2013, Kingston, Jamaica Thank you Ron Farier Economic Statistician
