1. REPUBLIC OF SEYCHELLES
COUNTRY REPORT
REPUBLIC OF SEYCHELLES
AGNA meeting.
Addis Ababa, Ethiopia
20th to 22nd April 2016
Kevin Bistoquet
Senior Statistician (NBS)

2. Contents Current national account status Progress made
Challenges encountered
Possible solutions

3. CURRENT NATIONAL ACCOUNT STATUS

4. Current National Account status (Part 1/Part 3)
Currently following SNA 1993 (partly)
Identify the main outstanding issues with SNA 1993
GDP by expenditure, quarterly and annual estimates are in the process of development (current price only)
GDP by expenditure at constant prices
For the development of GDP(I), SUT, IO and the accumulation accounts there is a lack of human resources and financing.
Understanding the main changes from SNA 1993 to SNA 2008.
Study the methodological change that will affect the Gross Domestic Product, GDP:
Output of Central Bank
Expenditure on R&D
Military expenditure
FISIM

5. Current National Account status (Part 2/Part 3)
Identify the main institutions in collecting and providing relevant data for SNA.
Establish data exchange agreements between National Bureau of Statistics and Central Bank, Ministry of Finance and Seychelles Revenue Commission.
Prioritization for SNA 2008, based on user needs and resources
To conduct a presentation on the implementation of SNA 2008, to make users aware of the changes from SNA 1993 and the impact on GDP.
Include the implementation of the 2008 SNA in the overall strategic plan of the NBS.
To incorporate in the NBS Operational plan business plan for National Accounts.

6. Current National Account status (Part 3/Part 3)
Adoption of detailed implementation plan for 2008 SNA in short, medium and/or long term period.
Tentative transition plan has been devised with timeframe.

7. Supporting the Implementation of 2008 SNA
PROGRESS MADE
Supporting the Implementation of 2008 SNA

8. Supporting the Implementation of 2008 SNA
Adoption of new classifications and improvements in business registers
Currently using Seychelles Industrial Classification, SIC, a customized version of the ISIC REV 4.
Review the improvements made in the business statistics surveys and questionnaires to collect necessary source data
Construction Industry Survey forms are complete, survey has been conducted to include 15 construction companies. Increasing the coverage to ≈ 90%.
Other survey forms are under development.

9. Supporting the Implementation of 2008 SNA
Review the issues with administrative data sources
To improve data quality.
Review data sources, VAT, BTR, construction permits.
To bring data in compliance with SNA 2008.
Address issues with data collection.
IT tools and other changes
 National Accounts is currently compiled in Excel (updated version)
TRAMO SEATS software being used for seasonal adjustments.
Denton Proportional Method XLPBM is being used for compiling quarterly national accounts.

10. DEVELOPMENT OF NATIONAL ACCOUNTS AND MIGRATION TO THE 2008 SNA.
PROGRESS MADE
DEVELOPMENT OF NATIONAL ACCOUNTS AND MIGRATION TO THE 2008 SNA.

11. DEVELOPMENT OF NATIONAL ACCOUNTS AND MIGRATION TO THE 2008 SNA.
Milestone 1: Basic indicators of GDP
GDP by production, quarterly and annual data (ISIC Rev 4) at current and constant prices.
Improvements in data quality-VAT
Coverage
Improvements in classification issues- need for a proper, updated statistical business register.
Investigate quarterly financial statements to use as high frequency statistical indicators.

12. DEVELOPMENT OF NATIONAL ACCOUNTS AND MIGRATION TO THE 2008 SNA.
GDP by expenditure, quarterly and annual data at current and constant prices
Improved the compilation of the annual benchmarks for HFCE
Analyzing potential quarterly indicators such as VAT and trade data.
Improved the compilation of annual GFCE using additional GFS data.
Analyzing Business tax return (BTR) as a source for Gross Capital Formation (GCF)
Data sharing arrangement with Central Bank of Seychelles (CBS) for regular supply of BOP data within six days of the end of the quarter.
Investigate appropriate deflators to compile GDP(E) at constant price.

13. DEVELOPMENT OF NATIONAL ACCOUNTS AND MIGRATION TO THE 2008 SNA.
 Output of central bank, FISIM
 Cooperation with the Central Bank of Seychelles
R&D expenditures
Not applicable
Military expenditures

14. DEVELOPMENT OF NATIONAL ACCOUNTS AND MIGRATION TO THE 2008 SNA.
Milestone 2: GNI and other primary indicators
Rest of the world- external accounts of primary income and current transfers , capital and financial accounts (BPM 6)
Cooperation with the Central Bank of Seychelles, for annual BOP data according to BPM6.
Currently compiling Gross National Income (GNI) using primary income and Gross National Disposable Income (GNDI) using secondary income or current transfers.

15. DEVELOPMENT OF NATIONAL ACCOUNTS AND MIGRATION TO THE 2008 SNA.
Milestone 3,4,5 and 6: Institutional sector accounts
Not available yet
Resource permitting
Details are excluded in the plan

16. CHALLENGES ENCOUNTERED

17. CHALLENGES There is a lack of human resources and financing.
Inadequate time to complete a draft implementation plan
Inadequate time to set up a steering committee and write up a Term of Reference (TOR)
Poor data quality, thus difficult to bring data in compliance with SNA 2008.
Issues with data collection.

18. POSSIBLE SOLUTIONS

19. POSSIBLE SOLUTIONS
Implementation plan project can be discussed in the Macroeconomic Framework Working Group, MFWG
Includes different actors, BOP compilers, GFS compliers, MFS compilers, economist from Forecast and Analysis Branch, FAB and Central Bank of Seychelles.
Presentation of the changes from SNA 1993 to SNA 2008 to users and stakeholders
Inform them about the changes and impact on GDP
Review and validation of the implementation plan will be done by the board of directors of NBS, the Principal Secretary of the Ministry of Finance.

20. END OF PRESENTATION THANK YOU FOR LISTENING