CARICOM Regional Workshop On International Trade in Services Statistics November 21st – 25th, 2016 Antigua and Barbuda Prepared by: STATISTICAL OFFICE Ministry of Economic Planning, Sustainable Development Etc. ST VINCENT AND THE GRENADINES Economic Statistics Unit

Outline Introduction Enhancements to BOP Survey Process Role of the Statistical Office in producing TISS Importance of Trade in Services Statistics Way forward Economic Statistics Unit

Introduction This presentation serves as a guide on the current status of compilation of Trade in Services Statistics (TISS) in St Vincent and the Grenadines using CEBOPS as the source for obtaining the detailed information for the EBOPS. In 2004, the Statistical Office (SO) in collaboration with CARICOM embarked on a pilot project to compile Trade in Services Statistics. At the end of the project, TISS were compiled for 2002 according to the standard EBOPS classification in MITS 2001. The SO continues to work closely with the Eastern Caribbean Central Bank (ECCB) with respect to compilation of TISS. Economic Statistics Unit

Enhancements to survey process Improvements - BPM6 Restructuring of survey instruments - allowed for greater acquisition of data on Trade in Services Expansion of survey sample - resulted in an improvement in the coverage of the survey Some of the data gaps in BPM5 were addressed in BPM6 Capturing more critical information visitor expenditure of medical students construction services Economic Statistics Unit

Role of the Statistical Office in producing Trade in Services Statistics Current Compilation Status Compilation of TISS – EBOPS 2010 (BPM6) Trade in Services Statistics Foreign Affiliates Statistics (FATS) – not compiled Modes of Supply – compiled according to Modes of Supply Data Series 2000-2013 disaggregated BPM6 standard components for services into EBOPS subcomponents (see attached) 2014 onwards - ECCB / SO Data Gaps Compilation of TISS by trading partner – Data not broken down by countries. BOP forms need to be amended to capture this data. Economic Statistics Unit

Importance of Trade in Services Statistics Importance of TISS Contribution of the services industry to the economy Main importers and exporters of services Main trading partners Demands from Ministry of Trade - Trade negotiations Economic Statistics Unit

Way Forward ` Way Forward Initiatives under consideration Revision of FDI list – update as necessary Updating of existing worksheets – ISIC 4 Compilation of FDI statistics Compilation of FATS Initiatives under consideration Closer collaboration with the Ministry of Trade – Coalition of Services Industry Stakeholders consultations – Public Relations ` Economic Statistics Unit

THANK YOU! Economic Statistics Unit