ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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Key Components of ECCU Growth Action Plan   Convene meeting of social partners in all ECCU countries;   Identify the key thematic areas for the biennium 2017 - 2019;   Establish the contributions of each country as it relates to growth and job targets;   Build human resource capacity by revamping the educational system;   Pursue Financial Market Development; and   Establish/develop, where necessary, the regional and national infrastructure for reliable and sustainable air, land and sea transportation. The next steps will focus on: •  • A Growth Dialogue Action Plan; •  • An in-country rollout and Action Plan implementation; and •  • The preparation for the next Growth Dialogue in 2018. STATISTICS External Sector Statistics (ESS) compiled using the IMF Balance of Payments (BOP) and International Investment Position Statistics (IIP), Sixth Edition (IMF BPM6) The Bank, in collaboration with the ECCU Central Statistics Offices (CSOs) conducted the second round of the external sector statistics surveys requesting information for 2015. The expanded nature of the compilation process necessitated a review of the 2014 data for consistency with that of 2015. Additional checks and balances were included in the compilation system to ensure consistency between the closing balances for one year and the opening balances for the current year in the International Investment Position (IIP) Balance of Payments (BOP) services compared to

Trade in Services Data and BOP flows, valuation and other changes compared to IIP balances for the year in review. Revised data and further details for 2014, preliminary data for 2015 and estimates for 2016 will be released in 2017. The ECCB participated in a planning workshop on External Sector Statistics (ESS) organised by the CARTAC from 22 to 25 November 2016. The CARTAC ESS Resident Adviser also provided technical support to the ECCB in December 2016. Another CARTAC workshop, which provided training to ECCB officers et al, on external debt statistics, was held during the period 13 to 17 March 2017. External debt statistics is a key component that feeds into the compilation of the BOP and IIP statistics. National Accounts Statistics The revised national accounts questionnaires were completed and submitted to ECCU CSOs. The ECCB also provided technical assistance to the CSOs in implementing the recommendations of the 2008 SNA that were applicable to the ECCU; updating the classification system for national accounts to ISIC Rev. 4; and improving their estimates on the Expenditure of the GDP in current and constant prices. The ECCB and the OECS Commission signed a Memorandum of Understanding on 22 November 2016, establishing a more effective framework for collaboration that will provide stronger coordination and partnership in order to increase effectiveness and development impact in the OECS. This collaboration covers the following areas: a. Macroeconomic Policies; ECCB AND OECS COMMISSION MEMORANDUM OF UNDERSTANDING