Eastern Caribbean Central Bank 2024-2025 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2024 - 2025

Organisational Effectiveness and Development

and methodologies. The estimates derived from these missions were subsequently disseminated via the ECCB’s website and the IMF’s Integrated Collection System (ICS) on 31 December 2024, in adherence to the Advance Release Calendar. Additionally, quarterly external sector indicators were published on the ECCB’s website. The Bank also contributed to the compilation of the Rest of the World accounts, working closely with member countries and the CARICOM Secretariat to ensure consistency with international reporting standards. The Bank prepared and published the External Sector Statistics Report for 2023, to promote transparency. The report, which was based on the results of the 2023 external sector statistics survey conducted by the ECCB and its member countries, provided key insights into the external sector outcome for the review period for the ECCU. Country-specific infographics, summarising key findings from the compilation missions, were prepared. The infographics were published on the ECCB’s website to facilitate a better understanding of the data. The revision and dissemination of Balance of Payments (BOP), International Investment Position (IIP), and Trade in Services Statistics, incorporating forecasts up to 2026 were also undertaken during the review period. The revised statistics, which were released in March 2025, reflected improvements in data coverage. The Bank continued its collaboration with key regional and international agencies, including the OECS Commission, the CARICOM Secretariat, and the United Nations Conference on Trade and Development (UNCTAD), to enhance Trade in Services statistics. These partnerships are crucial

in supporting policy formulation, trade negotiations and market assessments.

The Bank, as a repository for real sector data, focused on the collection of data from the member countries. The revision of the Gross Domestic Product (GDP) estimates and forecasts for 2024 to 2026 continued as a collaborative effort with the institution and member countries. The Bank teamed upwith staff in itsmember countries to host consultative discussions on the GDP estimates and forecasts during the review period and advocated

for the release of the rebased GDP with base year 2018. The rebasing of the GDP estimates using a 2018 base (reference) year, c o r r e s p o n d i n g to the fixed price structure, is nearing completion with a total of seven member countries completing their rebased/referenced GDP series to base year 2018. The Bank also advanced the work on the Nowcasting Framework aimed at providing more timely GDP forecasts for the member countries.

The Bank continued its collaboration with key regional and international agencies, including the OECS Commission, the CARICOM Secretariat, and the United Nations Conference on Trade and Development (UNCTAD), to enhance Trade in Services statistics.

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