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ECCB ANNUAL REPORT 2016/2017
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.
ECCB AND OECS COMMISSION
MEMORANDUM OF UNDERSTANDING
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;