ROADTOWN Tortola BVI, March 15th, 2012 – Economic development is critically important to the sustainability of these Virgin Islands, according to Premier and Minister of Finance Dr. the Honourable D. Orlando Smith, OBE during his 2012 Budget Address.
As such, on March 20, the Development Planning Unit (DPU) will begin conducting its annual National Accounts Survey (NAS) to ascertain the economic performance of the various sectors in the economy. The survey is focused on obtaining 2010 and 2011 accounting information from a random sample of businesses.In explaining the importance of the survey, Director of DPU Mr. Raymond Phillips told the Department of Information and Public Relations, “The National Accounts Survey is needed to produce statistics which represent a direct measure of the economic performance of the various sectors of the VI’s economy.”
He further explained, “The calculation of the national Gross Domestic Product (GDP), which is the value of total production of goods and services in the VI over a year, is one way in which we use the data obtained from the NAS. The questionnaire used in the survey captures information on income, expenditure, inventory, fixed assets and financing.”
The director also indicated that in accomplishing his department’s mandate, two economists Mses. Adriana Herbert and Kacy Frett recently returned from a NAS workshop held on February 6 - 17 in Suriname. They have gained insight and strategies to compile the statistics and are now ready to execute the initiative.
The Territory’s presence at the workshop was compliments of the Caribbean Community (CARICOM) and the Caribbean Regional Technical Assistance Centre (CARTAC).
The DPU is reminding the public that any and all information submitted to the department will not be used for any other purpose contrary to what it was collected for, and it will never be submitted to any other Government department. This is in accordance with the Statistics Act, 2005, Section 14 (1). According to Section 15 (3) of the same legislation, businesses once selected in the sample are mandated by law to comply with the NAS by completing the provided questionnaire.
Questionnaires must be completed by June 15, 2012 and submitted via email to AHerbert@gov.vg, or can be dropped off at the DPU’s main office at the Central Administration Building, or persons can call the department to arrange pick-up. For more information, please contact Ms. Adriana Herbert at 468-3701 extension 3285.
The Development Planning Unit charged with informing and facilitating the socio-economic development progress in the Virgin Islands, conducted the very first NAS in 2008. The statistical exercise is in line with Government’s mission to ensure sustainable economic development.
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