Implementation of 2008 SNA AEG Meeting on National Accounts May 28-31, 2013 Luxembourg

Implementation of 2008 SNA The UNSD in collaboration with ECLAC, and CARICOM held a seminar on Developing a Programme for the Implementation of the 2008 SNA and Supporting Statistics in Jamaica from January 28 – February 1, 2013 for CARICOM Countries STATSCAN & CARTAC also present

Implementation of 2008 SNA The programme consisted of a national and regional segment National segment – focused on Jamaicas strategy for the implementation Participants from the central bank, Ministry of Finance and the Planning Institute of Jamaica, some main data providers

Implementation of 2008 SNA Expressed their immediate and medium term policy issues to be monitored using macro economic statistics Need for more detailed macro-economic data with higher frequency. Integrated sequence of accounts and balance sheets with from-whom-to-whom perspective in order to meet the needs of the macro prudential and financial stability regulations

Implementation of 2008 SNA Tourism Satellite Account Trade in Services Statistics

Implementation of 2008 SNA Jamaica is also planning to subscribe to the IMFs Special Data Dissemination Standard (SDDS) Need for improvement in the quality and timeliness of the underlying data required for compiling the macroeconomic accounts of Jamaica

Implementation of 2008 SNA Review of the statistical capacity- strengths & weakness Review of the data needs Review was guided by the regional work programme

Requirements for Implementation Statement of Strategy was developed Regulatory & Institutional Framework Statistical Infrastructure Statistical Operations

Regulatory & Institutional Framework Jamaica has a decentralised statistics system No coordination at the national level and no standards throughout the system Statistics Act is currently being amended to incorporate the establishment of a national coordinating mechanism – Statistical Commission, establish a NSS

Regulatory & Institutional Framework Assessment of the capacity of the MDAs in the production of official statistics and a user needs gap analysis of both private & public sectors Result Statistical Master Plan Implementation of 2008 SNA will however not await the completion of the NSS

Regulatory & Institutional Framework Improvement in the coordination between data providers and users is required. This will include meetings with agencies in the compilation of statistics development of service level agreements and MOUs with data providers

Regulatory & Institutional Framework Restructuring the organization to make it – more flexible as the demand for statistical products increase – To increase efficiencies in the business processes

Statistical Infrastructure Upgrading of the statistical infrastructure ; To make it 2008 SNA compliant- The first phase should cover Milestone 2 of the 2008 implementation Quarterly GDP by expenditure Improvements to the national accounts that were not undertaken in the last major revision to the system.

Statistical Infrastructure Classification compliant- ISIC rev4 The Balance of Payment prepared based on the BPM6 Scope of GFSM 2001 Continuous improvement in the business registers Increased use of administrative data

Statistical Infrastructure Maintain and expand the information & communication technology infrastructure

Statistical Operations Compilation of estimates incorporating the conceptual changes of the 2008 SNA. The the new supply and use table will ensure consistency of the data Given resource constraints not all recommendations will be attempted

Improvements to the national accounts that were not undertaken in the last major revision to the system Compilation of quarterly GDP by expenditure Exhaustive measure of GDP – in discussion with the IDB to fund an informal sector study

Statistical Operations Improvement in the basic statistics used in the national accounts such as the Introduction of monthly production volume and turnover index, expansion of PPI Household Expenditure Survey to be undertaken in 2015 Integration of BPM6 and 2008 SNA-related surveys

Statistical Operations Back casting of estimates Institutional sector accounts Detailing sources and methods -metadata Dissemination policy to include advance release calendar, revision policy, Electronic data collection system introduced

Schedule for Implementation The first phase will be completed in 2016 Milestone 2 of the Minimum Required Data Set Quarterly GDP by expenditure Improvements to the national accounts that were not undertaken in the last major revision to the system. This should also lead to improvement in the coverage.

Schedule for Implementation Institutional sector accounts- gradual introduction final set of accounts by 2020 STATIN will not be able to implement the full scope of the SNA No plans in the medium term to include the financial accounts and balance sheets

Support for Implementation Training for staff- CARICOM and CARTAC Technical assistance Advocacy from IDP to stress importance of these statistics to national governments