Transcript development of national accounts and migration to the 2008 sna.

COUNTRY REPORT
REPUBLIC OF SEYCHELLES
AGNA meeting.
Addis Ababa, Ethiopia
20th to 22nd April 2016
Kevin Bistoquet
Senior Statistician (NBS)
Contents
 Current national account status
 Progress made
 Challenges encountered
 Possible solutions
CURRENT NATIONAL ACCOUNT
STATUS
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
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 2017-2019 business plan for
National Accounts.
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.
PROGRESS MADE
Supporting the Implementation of
2008 SNA
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.
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.
PROGRESS MADE
DEVELOPMENT OF NATIONAL
ACCOUNTS AND MIGRATION TO THE
2008 SNA.
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.
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.
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
 Not applicable
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.
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
CHALLENGES ENCOUNTERED
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.
POSSIBLE SOLUTIONS
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.
END OF PRESENTATION
THANK YOU FOR LISTENING