BASSETERRE, St. Kitts – THE lack of up-to-date statistics has reduced the region’s ability to effectively respond to the effects of the global economic crisis, but a newly implemented Data Development and Dissemination programme is expected soon fill the gaps.
Calls for ongoing collection and analysis of data have been constantly made at the national and regional levels. Gaps were therefore identified during the International Conference on Statistics, held at the Eastern Caribbean Central Bank (ECCB) Headquarters in September 2007.
The conference underscored the importance of statistics to the planning, implementation and impact of social and economic development programmes in the region.
According to a press release issued by the central bank last week, the next three years should see the ECCB, OECS Secretariat and the Directors of Statistics working closely together to “strengthen the institutional arrangements for data management and to provide good quality, accurate, comprehensive and timely data”.
Within the overall Data Development and Dissemination Programme, labour market information systems will be developed to provide regular releases of employment and other labour market information.
Another aim would be to broaden the Balance of Payments (BOP) accounts to capture trade in services, thus improving the record of the countries’ international economic transactions.
SKNVibes contacted Karen Williams, ECCB Deputy Director of Statistics, who noted that while the existing gaps in statistics may not be immediately reconcilable, the elements within the Data Development and Dissemination Programme are aimed at ensuring that they are appropriately addressed.
Williams indicated that the programme will focus on rebasing and modifying national accounts to reflect the changing structure of the region’s economy. She explained that national accounts summarize economic activity for a nation and are used to assess economic growth.
Therefore, changing the base year from 1990 to 2006 would capture the new goods and services produced within a specific period, which will ultimately give a more accurate reflection of growth.
“We are seeking to modify the Consumer Price Index (CPI), which is price data about a basket of goods and services commonly used by consumers of the region. Some of the items in that group are very old, and they may not be covering what consumers are currently interested in.
“So, this would better reflect consumers’ spending patterns,” she added, indicating that institutions may use this information to measure of cost of living in salary negotiations.
Currently, consultants from the Caribbean Regional Technical Assistance Centre are assisting in revising the basket of goods and services.
Among other recommendations from the International Conference on Statistics, member countries of the Eastern Caribbean Currency Union (ECCU) have agreed to broaden the coverage of the financial system by collecting data from all non-bank financial institutions. Williams said the recommendation allows for regulators to identify problems and respond promptly if necessary.
The countries are currently working to set fixed dates for the release of national economic data, including the Gross Domestic Product , CPI, BOP and financial statistics. These will be incorporated in a Data Release Calendar which, would be available to the public by 2010.
