ST. JOHN'S Antigua, June 26th, 2012 -- The Statistics Division in the Ministry of Finance, the Economy and Public Administration is advising the business community and the general public that it will be conducting data collection activities as part of the 2011 Round of the International Comparison Program (ICP). This is the first time that CARICOM as a sub-regional group will be participating in the ICP Project.
The ICP is a global statistical initiative involving some 180 countries established to compare Gross Domestic Product (GDP) and its components using Purchasing Power Parities (PPPs) rather than exchange rates. PPPs are the number of units of a country’s currency required to buy the same basket of goods and services in another country. The use of PPPs instead of market exchange rates makes it possible to compare the output of economies and the welfare of the inhabitants in real terms.
The ICP focuses on two main areas of statistics, namely, prices and national accounts statistics. This exercise will assist in the harmonization of national statistical programs in the CARICOM region particularly in the areas of price and national accounts statistics and provides a platform for statistical capacity building in the region.
In addition, the statistics produced from this activity will enhance the ability of the country and development partners:
· To compare the overall productivity and investment potential for the country
· To support the analysis of international competitiveness of Antigua and Barbuda
· To monitor the progress towards the Millennium Development Goals;
· To undertake improvements in the data quality, particularly, the national accounts, short term indicators and poverty measures
The Division will be conducting a price collection exercise for a variety of items from a Caribbean Regional List of products and services which was developed by CARICOM member countries. The price collection exercise will be done on a quarterly basis commencing in June 2012 until December 2012
The Division is requesting the support and cooperation of the business community as it undertakes this important exercise. Please note that the data collected will only be used for statistical purposes and will be kept confidential in accordance with Section 12 of the General Statistics Act, 1975.
For further information, please contact:
· Mr. Jerry Aska, Research Officer, Statistics Division at 562-7496
· Mr. Statchel Edwards, Chief Statistician, Statistics Division at 462-0451
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