Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697799904120.pdf (Dominica)
CENTRAL STATISTICS OFFICE MINISTRY OF FINANCE National Accounts Statistics 2017 TABLE OF CONTENTS TABLE OF CONTENTS …………………...………………………………………………………………......……...i FOREWORD …………………………………………………………………...………...…………….…………….iii ACKNOWLEDGEMENTS ……………………………………………………………………………………......…iv SELECTED ACRONYMS …………………………………………………...………………………………...……..v I. II.

INTRODUCTION ………………..…………………………………………………………...……...…...…1 KEY CONCEPTS AND DEFINITIONS ………………………….……………...………..………...….…..3 III.
SOURCES AND METHODS OF ESTIMATING THE GROSS VALUE ADDED IN CURRENT AND CONSTANT PRICES …………………………...……………………………………..…………….13 2016 REVIEW OF ECONOMIC ACTIVITY IN DOMINICA …………………………..……………..……….….26 TABLES Table 1.0 GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2008-2017 ……………………………………………………………………………………...…………….……..30 Table 2.0 GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2008-2017 ………………………………………..……………………………….…………….……..32 Table 3.0 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2008-2017 ………………………………………………..………………….
34 Table 4.0 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2008-2017 …………………………………………………….……..…….

36 Table 5.0 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2008-2017 ………………………………………………………………..………….……..38 Table 6.0 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2008-2017 ……………………..…………………………………………………….……..40 Table 7.0 GROSS VALUE ADDED DEFLATORS BY ECONOMIC ACTIVITY: 2008-2017…………….
.... 42 Table 8.0 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2008 - 2017 …………………………………………..….………...………………...…….44 Table 9.0 RATE OF GROWTH OF GROSS OUTPUT BY ECONOMIC ACTIVITY IN CURRENT BASIC PRICES: 2008-2017 ……………………………………………………………………….…………49 Table 10.0 RATE OF GROWTH OF INTERMEDIATE CONSUMPTION BY ECONOMIC ACTIVITY IN CURRENT BASIC PRICES: 2008-2017 ……………………………………………..…………….51 i Table 11.0 EXPENDITURE ON GROSS DOMESTIC PRODUCT IN CURRENT PRICES: 2008-2017 ………………………………….……….……………………………………..…..………53 Table 12.0 NATIONAL ACCOUNTS AGGREGATES IN CURRENT PRICES: 2008-2017……………..…54 Table 13.0 RELATIONS AMONG PRODUCT, INCOME, SAVINGS AND NET LENDING AGGREGATES: 2010-2017……………………………………………………………………..........………………….55 Table 14.0 REST OF THE WORLD 2010-2017…………………………………………………………………57 Table 15.0 BALANCE OF PAYMENTS SUMMARY (BPM5): 2008-2014……………..……………..………59 Table 15.1 BALANCE OF PAYMENTS SUMMARY (BPM6): 2014-2017……………………………………60 Table 14.0 SELECTED ECONOMIC INDICATORS: 2008-2017…………………………………..…….……61 CHARTS CHART 1.0 GROSS VALUE ADDED (GVA) IN CURRENT AND CONSTANT PRICES: 2008-2017………………..………………………………...……………………….………………...63 CHART 2.0 SECTORAL CONTRIBUTION OF GVA IN CONSTANT PRICES 2017 ………….....…..…...63 CHART 3.0 RATE OF GROWTH OF GVA IN CURRENT AND CONSTANT PRICES: 2008-2017.……………………………………………………………………………………………64 CHART 4.0 CURRENT ACCOUNT BALANCE (BPM5): 2008-2014 …………………….… ……....……….64 CHART 4.1 CURRENT ACCOUNT BALANCE (BPM6): 2014-2017 ……………………….………………..65 CHART 5.0 CAPITAL AND
 FINANCIAL ACCOUNT BALANCE (BPM5): 2008-2014 …………….….……65 CHART 5.1 CAPITAL ACCOUNT BALANCE (BPM6): 2014-2017…………………………………………...66 CHART 5.2 FINANCIAL ACCOUNT BALANCE (BPM6): 2014-2017……………………………….………..66 ii FOREWORD The “National Accounts Statistics, 2017” is the twenty-second official publication on the economy’s System of National Accounts (SNA), produced by the Central Statistics Office (CSO), Ministry of Finance.
The objective of this report is to provide Government, policymakers, business enterprises, academics and the general public with indicators for assessing the economic conditions of Dominica.

The statistics contained in this report have been prepared in accordance with the standard methodology adopted by the Eastern Caribbean member countries and is consistent with the recommendations of the 1993 System of National Accounts.
This report presents data on the Gross Domestic Product in current and constant prices, by economic activity and expenditure components, and selected economic indicators for the period 2008-2017 (preliminary estimates for 2017).

Two new accounts; Rest of the World and Net lending Aggregates_ are presented in this report for the third consecutive year.
This publication is the eighth report, (presenting the new series from 2008) following the updating and rebasing of National Accounts from base year 1990 to base year 2006.

The rebasing of the national accounts series incorporated new data sources, and adopted new international methodological and industrial classification standards.

The accounts presented in this report should prove useful in analyzing the performance of Dominica’s economy.
In this report, revisions on methodology are presented in section III, “Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices”.

Any suggestions, comments or queries may be directed to the Central Statistics Office, Ministry of Finance.
Chief Statistician (Ag) Central Statistics Office Ministry of Finance September 2018 3 ACKNOWLEDGEMENTS The Central Statistics Office (CSO) acknowledges the cooperation of the business community, public corporations, government agencies, and individuals in providing the necessary data to facilitate the completion of this report.
The cooperation received in providing vital data for the annual National Accounts Survey (NAS), as well as providing data on short notice, and clarifying any queries as they arise have made this task much easier and is greatly appreciated.

The production of national accounts statistics depends on a large set of data gathered from administrative records and specially designed surveys and censuses, all of which involve the participation of a myriad of persons and institutions.
The CSO looks forward to continued support and cooperation.

The Central Statistics Office recognizes the contribution of the Eastern Caribbean Central Bank (ECCB) in providing technical support in compiling the 2017 accounts.

The Caribbean Community (CARICOM/GOPA) mission is also recognized in reviewing concepts and methodologies for reliable account reporting and assisting in producing the Rest of the World (ROW) and Net Lending Aggregates accounts.
The Central Statistics Office expresses appreciation for the assistance of the IMF/CARTAC and the ECCB in providing technical support to compile and update the Balance of Payments Summary.

4 SELECTED ACRONYMS - % ( ) not applicable Percent deficit, decrease or negative number BOP Balance of Payments CARTAC Caribbean Regional Technical Assistance Centre CDB c.i.f.
CPI CSO Caribbean Development Bank cost, insurance, and freight Consumer Price Index Central Statistical Office DOWASCO Dominica Water and Sewerage Company ECCB EC$ FISIM f.o.b.
GDP GVA ISIC IRD IMF KWh M NA NAS DSS Prel SITC SNA SUT DBPL UN Eastern Caribbean Central Bank Eastern Caribbean Dollar Financial Intermediation Services Indirectly Measured Free on board Gross Domestic Product Gross Value Added International Standard Industrial Classification of All Economic Activities Inland Revenue Department International Monetary Fund Kilo Watt hour Million Not Available National Accounts Survey Dominica Social Security Preliminary Standard Industrial Trade Classification System of National Accounts Supply and Use Table Dominica Banana Producers Ltd United Nations DOMLEC Dominica Electricity Services DAPEX DEXIA Dominica Agricultural Producers and Exporters Ltd Dominica Export Import Agency CARICOM Caribbean Community GOPA VAT BPM5 BPM6 Group of Policy Advisers Value Added Tax Balance of Payments Manual (Fifth Edition) Balance of Payments Manual (Sixth Edition) 5 I.
INTRODUCTION In any economy a number of transactions are taking place on a daily basis.

Imports are arriving, exports are being sent abroad.

These transactions need to be organized in a systematic way.

The System of National Accounts 1993 (1993 SNA) is used to organize and measure these transactions.

It is the basic international standard for compilation of national accounts, adopted by the United Nations Statistical Commission in 1993 and endorsed by the Economic and Social Council.
It is a comprehensive, consistent and flexible set of macro-economic accounts to meet the needs of government and private sector analysts, policy makers and decision makers.

It is designed for use in all countries, whatever their economic, social and institutional arrangements and stage of economic development are.

The Dominica System of National Accounts is based on the 1993 SNA.
However, presently the national accounts framework, does not comprise of the entire set of integrated macroeconomic accounts, but follows the set of internationally accepted concepts, definitions, classification, and accounting rules in its compilation of the basic accounts.
The accounts prepared includes the compilation of the basic measure of output arising from the economic activity and expenditure taking place within the economy and between different economic agents in constant prices and its related indicators.

However Output, Intermediate Consumption and Value Added are available in current prices.

The Supply and Use tables were also compiled for the year 2005.
The national accounts are an essential tool for analyzing, monitoring and evaluating the performance of the economy.

The accounts are compiled relative to a base year which should be updated periodically due to structural changes in the economy.

It is widely acknowledged that the structure of the Dominican economy has changed significantly since 1990, the last base year.

There have been substantial shifts in the industrial composition particularly a shift from agriculture into services.
As a result, in 2005, the Dominica Central Statistical Office (CSO) embarked on an exercise to rebase its system of National Accounts from base year 1990 to a more recent base year.

The Eastern Caribbean Central Bank (ECCB) and the Caribbean Regional Technical Assistance (CARTAC) provided technical assistance in the rebasing of the national accounts.
The revision process included the inclusion of new and revised data into the estimates, the revision of the national accounts classification of industries and the rebasing of the constant prices from 1990 to 2006.

The new series is very comprehensive and uses ISIC Rev.

3.1 for classification of GDP by Economic Activity.

It provides estimates of value added for sub-groups, especially services that were not accurately captured in the previous series.
The data used in the compilation of the national accounts were obtained from different sources such as surveys and administrative records from the government, private establishments and individuals.

The 1 primary source of data used in the majority of the industries was the annual National Accounts Survey of Economic Activity (NAS).

This survey provided information on employment and financial operations of businesses and organizations operating in Dominica.
The survey data were collected from establishments in the Business Register that is maintained and updated by the CSO.

Other major sources included the External Trade Statistics provided by the Customs Department and the CSO, administrative data from the Inland Revenue Department (IRD) and the Ministry of Agriculture, Fisheries Department, Government Estimates of Revenue and Expenditure, the Consumer Price Index (CPI), Production Statistics, Balance of Payments (BOP), and Household Expenditure Surveys.
Additional information was also obtained from the Dominica Social Security (DSS) and the Registrar of Companies on employment and number of establishments which were used to adjust the series to account for under- coverage.

2 II.

KEY CONCEPTS AND DEFINITIONS The following notes, concepts and definitions are presented here in order to facilitate an understanding of the statistical tables presented in this publication.
OUTPUT Output measures the value of goods and services produced within an establishment that becomes available for use outside that establishment.

There are three types of output: (i) (ii) (iii) Market output Output for own final use Other non-market output (1) Market output consists of: (a) Products sold at economically significant prices (b) (c) (d) Products bartered Products used for payments in kind (wages in kind etc.)

Intra-company transfers of product (i.e.


the value of goods and services supplied by one establishment to another within the same enterprise, to be used as intermediate inputs) (e) Changes in inventories of work-in-progress and finished goods, referred to as stock investment (2) Output for own final use consists of: (a) (b) Own-account capital formation Households production of products for own final consumption.
These include  Production of goods for own final consumption  Services of paid domestic staff  Services of owner-occupied dwellings (3) Other non-market output: This consists of output that is provided free or at economically non-significant prices to other units.

This includes most of the output of the government sector and non-profit institutions serving households (NPI).
INTERMEDIATE CONSUMPTION This consists of non-durable goods and services purchased by producers and used up as inputs in the process of production.

It does not include goods and services produced within the establishment and fed back as inputs into production within the same establishment.

Non-durable goods are defined as goods having an expected lifetime of use of less than a year.

Intermediate consumption goods are valued in purchasers’ prices.
In practice, intermediate consumption is estimated as the sum of purchases of inputs 3 less changes in inventories of inputs.

Problems sometimes arise in differentiating intermediate consumption from compensation of employees and gross capital formation.

VALUATION OF GOODS AND SERVICES Basic price is the amount receivable by the producer from the purchaser for a unit of a good or service produced, less any tax payable, plus any subsidy receivable on that unit as a consequence of its production or sale.
It excludes any transport charges invoiced separately by the producer.

Producer’s price is the amount receivable by the producer for a unit of a good or service produced, less any VAT invoiced to the purchaser.

It excludes any transport charges invoiced separately by the producer.

Purchasers’ price is the amount paid by the purchaser, excluding any deductible VAT or similar deductible tax, in order to take delivery of a unit of a good or service at the time and place required by the purchaser.
It includes any transport charges paid separately by the purchaser to take delivery at the required time and place VALUATION OF ITEMS USED IN COMPILING THE ACCOUNTS 1.

Output is valued at basic prices 2.

Intermediate consumption is valued at purchasers’ prices 3.

Private and government final consumption expenditure are valued at purchasers’ prices.

Private final consumption expenditure has been estimated as the residual of the GDP after the deduction of: a.

Net exports of goods and services; b.


Government final consumption expenditure and gross capital formation.

4.

Gross capital formation consists of gross fixed capital formation and changes in inventories.

Gross fixed capital formation and changes in inventories have been valued at purchaser’s prices.

Changes in inventories are measured by the value of the entries into inventories less the value of withdrawals and the value of any recurrent losses of goods held in inventories.

5.
5.

Imports are valued at f.o.b.

(free on board) as in the balance of payment statistics.

This consists of the c.i.f.

price less the costs of transportation and insurance charges between the customs frontier of the exporting country and that of the importing country.

4 6.
4 6.

Exports are valued f.o.b., which is defined as the cost of the goods to the purchaser abroad including packing, inland transport, loading charges and all other costs occurring up to the point where goods are deposited on board the exporting vessel or aircraft.
FIGURE 1: RELATIONSHIP BETWEEN BASIC, PRODUCER AND PURCHASERS’ PRICES Transport and trade margins Taxes less subsidies on (including non- products added value deductible taxes) on producers Taxes less subsidies on products (including non- deductible value added taxes) on consumers BASIC PRICE PRODUCER PRICE BASIC PRICE PRODUCER PRICE PURCHASER'S PRICE GROSS VALUE ADDED Gross value added is a measure of each producer’s contribution to GDP.
It is a measure of the increased or newly created value generated by the production process in question, gross of any capital used up in the production process.

FIGURE 2: DERIVATION OF GROSS VALUE-ADDED Gross Output Intermediate Consumption Gross Value Added 5 FINANCIAL INTERMEDIATION SERVICES INDIRECTLY MEASURED (FISIM) In computing the gross domestic product for the total economy, an adjustment is made for financial intermediation services indirectly measured (FISIM).
FISIM is measured as the total property income receivable by financial intermediaries minus their total interest payable, excluding the value of any property income receivable from the investment of their own funds; as such income does not arise from financial intermediation.

FISIM must be recorded as being disposed of in one or more of the following ways – as intermediate consumption by enterprises, as final consumption by households or as exports to non- residents.
GROSS VALUE ADDED AT BASIC PRICES This pertains to the value of all goods and services produced in an economy within a given time period of usually one year.

It is equal to the sum of compensation of employees, consumption of fixed capital, taxes less subsidies on production and operating surplus.

An over-riding consideration on measuring the value of a country’s gross domestic product is that duplication must be avoided.
Duplication is avoided by deducting from the output of each producing unit the value of the inputs of goods and services that it has received from other units, at home or abroad.
FIGURE 3: COMPONENTS OF GROSS DOMESTIC PRODUCT Consumption of fixed capital is not deducted Gross Domestic Product Output measured consists of what is produced within the economic territory/country Describes what is measured: the results of production GROSS DOMESTIC PRODUCT AT MARKET PRICES This is equal to the sum of the gross value added of all resident producers, plus taxes on imports, and all non-deductible VAT or similar taxes less subsidies.
6 GROSS NATIONAL INCOME AT MARKET PRICES Gross national income at market prices is the value of the goods and services produced by the labour and capital supplied by residents of a country.

It is derived by adding net income from the rest of the world to GDP at market prices.

GNI is identical to GNP as was used previously in National Accounts.
NET INCOME FROM THE REST OF THE WORLD This is defined as the sum of two major components - net compensation of employees, and net property and entrepreneurial income.

Net compensation of employees covers the labour income for residents abroad and non-residents in the country.

Net property and entrepreneurial income covers investment income from ownership of foreign financial claims such as interest and dividends.

The entrepreneurial income of foreign investment in a country, i.e.
profits and dividends could be remitted to foreign countries or left unremitted.

The unremitted portion is always treated as reinvested earnings.

LABOUR INCOME AND WORKERS’ REMITTANCES It should be noted that there is a distinction between those individuals whose earnings are to be classified as labour income (persons who are not residents of the economy where they work) and migrants (persons who have become residents of that economy by virtue of being expected to live there for a year or more).
This distinction is often hard to make in practice.

Data for these items are generally obtained from the balance of payments accounts, where migrants’ income is classified as workers’ remittances under current transfers and labour income is classified as compensation of employees in the income account.

NATIONAL ACCOUNTS AT CONSTANT PRICES For analytical purposes, the national accounts at constant prices are derived by breaking current values down into a price component and quantity component.
Estimates at constant prices are usually derived by deflating the current output values by price indices or by extrapolating base year values by appropriate volume indices.

Both are equivalent to expressing current period quantities at base period prices.

METHODOLOGY OF ESTIMATING GROSS DOMESTIC PRODUCT The value added can be estimated by three different approaches, which are generally called the production approach, the income approach and the expenditure approach.
The production approach is designed to evaluate the value of output.

The value added is estimated by deducting intermediate consumption from the value of output.

The production approach is useful for estimation of gross value added for the commodity producing sectors, viz, agriculture, livestock, forestry, fishing and mining.
7 The income approach is used to estimate the value added by aggregating compensation of employees, taxes less subsidies on production, operating surplus and consumption of fixed capital.

This approach is also referred to as the cost approach since it looks at the costs incurred by the producer within the establishment.

It is most commonly used in the case of service sectors, since data on gross output and intermediate consumption in the service sectors may not be readily available.
The expenditure approach is used to estimate the gross domestic product according to categories of final use.

This consists of estimates of expenditure of households’ final consumption, consumption expenditure of government, private non-profit services serving households and gross capital formation adjusted for imports and exports of goods and services.
COMPENSATION OF EMPLOYEES This is defined to include all payments by resident producers of wages and salaries to their employees in cash and in kind, and of contributions, paid or imputed in respect of their employees, to social security schemes and to private pensions, family allowance, casualty insurance, life insurance and similar schemes.
Wages and Salaries This is defined to include all payments that employees receive in respect of their work whether in cash or in kind, and before deductions to social security, income tax, etc.
Included are: a) Commissions, overtime payments b) Tips c) Bonuses d) Cost-of-living and dearness allowances e) Fees to ministers of religion f) Fees to members of board of directors g) Holiday and paid vacation or sick leave Also included is the cost to the employer of providing food, lodging, ordinary clothing etc.

either free of cost or at a markedly reduced cost that is of clear and direct benefit to the employees as consumers.
Excluded from wages and salaries is expenditure by employers which is of benefit to both the employees and employers.

Examples of these are outlays on: a) Medical examinations b) Sporting and other recreational facilities c) Amenities at place of work d) Reimbursement of expenses for travel and entertainment e) Reimbursement of expenses or provision of uniforms, tools and equipment.
8 Employer’s contribution to Social Security Schemes This is the amount payable by employers to social security schemes for the benefit of their employees.

Employer’s contribution to Private Pension Funds and other pensions This is defined as contributions to private funds, reserves or other special schemes in respect of family allowances, lay-off and severance pay, casualties and maternity leave and pensions.
The System of National Accounts (SNA) states that if in the absence of special schemes of reserves, employers make direct payments of this type to their employees, imputed contributions in respect of these obligations should be included in the employer’s contribution to private schemes.
OPERATING SURPLUS OR MIXED INCOME This is equivalent to the excess of value added at the producers’ prices over the sum of compensation of the employees, taxes less subsidies on production and imports and allowances for the consumption of fixed capital.

If a strict income approach to estimation value added is used, operating surplus is estimated directly and value added is estimated as the sum of its elements.
If a combination of the production and income approaches to estimation is used, value added is computed as the difference between gross output and intermediate consumption and operating surplus is calculated as the residual between value added and its other components.

Operating surplus is simply the sum of net profits and property income.
It is the surplus or deficit from production before taking into account interest and land rents payable by the establishments, as any non-allowable items such as bad debts, donations, miscellaneous provisions and capital items written off as current expense.

Mixed income is similarly defined but contains an element of remuneration for the work done by the owners and households of unincorporated businesses.
When estimates of the operating surplus of establishments are derived from data on profits shown in the accounts of enterprises, care has to be taken to adjust these data, as necessary, to the national accounts’ definition.

If the figures from the accounts of enterprises relate to profits before taxes, it is necessary to adjust them to remove property incomes, transfers paid and received and capital gains and losses reflected in the figures.
CONSUMPTION OF FIXED CAPITAL This is defined as the value at current replacement cost of the reproducible fixed assets used up during a period of account as a result of normal wear and tear, foreseen obsolescence and the normal rate of accidental damage.

However, unforeseen obsolescence, major catastrophes and the depletion of natural resources are not included in consumption of fixed capital.
TAXES ON PRODUCTION AND IMPORTS These are defined as compulsory, unrequited payments to government, which industries treat as part of the cost of production.

The SNA 93 no longer uses the term “indirect taxes”.

Indirect taxes have been 9 renamed “taxes on production and imports”.

They do not include direct taxes on the income or wealth of enterprises.

Taxes on production and imports consist of the following two groups: 1) Taxes on Products Tax usually payable per unit of specific goods and services i.
Production tax/excise duties: Include excise duties on rum, beer, cigarettes and soft drinks ii.

iii.

Taxes on exports.

Other taxes on products: Other taxes on specific goods and services, e.g.

hotel occupancy tax and entertainment tax.


2) Other Taxes on Production Taxes that establishments incur as a result of engaging in production but which are not directly tied to specific goods and services Property taxes Business and professional licenses Other taxes and licenses: Include stamp duties, vehicle taxes and licenses.

i. ii.

iii.

SUBSIDIES These are grants on the current account made by government to private industries and public corporations.
They also comprise grants made by the public authorities to government enterprises in compensation for operating losses when these losses are clearly the consequences of the policy of the government to maintain prices at a level below cost of production.
Any government grants to producers which are not connected with their productive activities but are given to them in the capacity of customers, such as social assistance grants and social security benefits, should be treated as current transfers and not as subsidies.

GOVERNMENT FINAL CONSUMPTION This is defined as the value of gross output of producers of government services less the value of its commodity and non-commodity sales and the value of its own-account capital formation.
The gross output is equal to the cost of production, that is, the sum of the intermediate consumption of goods and services, compensation of employees, consumption of fixed capital and corresponding net taxes on production.

The government’s final consumption expenditure consists therefore of the purchases of goods and services and expenditure on compensation of employees, less the revenue received from sales.

Sales do not include fees and charges levied by governments for regulatory purposes.
Examples are payments of driving tests, vehicle licenses, driving permits, dog licenses, passports, airport fees and fees charged for court services, all of which are defined as fees when paid by households and as taxes on production when 10 paid by enterprises.

Fines and penalties are also excluded from sales and classified as “fines and penalties” whether paid by households or enterprises.

These items are not to be deducted from gross output to arrive at final consumption expenditure.
PRIVATE FINAL CONSUMPTION EXPENDITURE This is defined as the outlays of households on new durable and non-durable goods and services less their net sales of second-hand goods, scraps and waste.

Purchases of households of consumer durables such as furniture, radios, and automobiles are all included in private final consumption expenditure.

Purchases of dwellings are treated as gross fixed capital formation of the real estate industry.
The imputed rent of owner-occupied dwellings is part of the gross output of the real estate industry and is also included in the final consumption expenditure of households.

Two main concepts of final consumption expenditure of households are applied in the SNA, namely final consumption expenditure of households in the domestic market and final consumption expenditure of resident households.
The former concept relates to the expenditure of all household residents as well as non-residents, in the domestic territory of a country.

This concept is arrived at first in the process of estimation; it is also the concept of household consumption expenditure, which is classified according to type and object of expenditure.
Final consumption expenditure of residents is derived from final consumption expenditure of households in the domestic market plus the direct purchases resident households make abroad minus the purchases non-resident households make in the domestic market.
Direct purchases of resident households abroad and by non-resident households in the domestic market cover expenditure by individuals such as diplomats and military personnel and by individuals who visit foreign countries as tourists, seasonal or border workers for a period of less than one year.

Outlays of individuals who are travelling on business and whose expenses are reimbursed by their employers should not be included, as they are part of the intermediate consumption expenditure of the employers.
GROSS FIXED CAPITAL FORMATION This consists of additions to the assets of producers of tangible reproducible goods that have an expected lifetime of use of one year or more.

The producers in question may be industries, producers of government services and producers of private nonprofit services to households.

The capital goods may be purchased or produced on own account.
Sales less purchases of second-hand fixed assets and sales of scrapped fixed assets and sales of scrapped fixed assets by producers should be deducted from gross fixed capital formation.

Gross fixed capital formation covers the following items: (i) Acquisitions by producers for civilian use of tangible assets which have an estimated lifetime of use of one year or more, except land, mineral deposits, timber tracts and similar non-reproducible tangible assets.
Relatively inexpensive durable reproducible goods, such as certain types of office 11 equipment, may on practical grounds be excluded.

Government outlays on construction machinery and durable equipment primarily intended for military use are classified as intermediate consumption rather than gross fixed capital formation.
(ii) Outlays on improvements and alterations of capital goods that significantly extend their expected lifetime of use or substantially increase their productivity are considered to be gross fixed capital formation.

(iii) Outlays on the reclamation and improvement of land, on the development and extension of timber tracts, mines, plantations, orchards, and similar agricultural holdings are included in gross fixed capital formation.
(iv) Purchases and breeding of draught animals, breeding stock, dairy cattle and sheep and other animals raised for wool and hair clips should be treated as acquisitions of fixed assets.

(v) Dealers’ margins, solicitors’ fees, stamp duties and other transfer costs of transactions in land, mineral deposits, timber tracts and similar non-reproducible assets in tangible non-financial assets and in second-hand assets are covered in gross capital formation.
CHANGES IN INVENTORIES This is equal in principle to the market value at the owning establishment of the physical change during a period of account, in stocks of materials, supplies, work-in-progress except on construction projects, finished products, livestock raised for slaughter and merchandise held by resident industries and in stock of strategic materials and emergency stocks of important products held by government services.
In practice, the closest feasible approximation may be the difference between the levels of these stocks at the beginning and the end of the period, both valued at approximate average prices ruling over the period.
EXPORTS AND IMPORTS OF GOODS AND NON-FACTOR SERVICES This consists of the transactions in goods and services of the residents of a given country with the rest of the world, and covers merchandise, transportation, travel, insurance and other non-factor services, such as government transactions, various fees, rentals, royalties and gifts in kind.

Military equipment transferred between governments may, however, go unrecorded.
Expenditure abroad by residents such as tourists and other persons, seasonal workers and diplomatic and military personnel stationed abroad are treated as imports.

Similarly, expenditures in the domestic territory by non-residents are considered exports.

The valuation of exports and imports is f.o.b.

12 III.
12 III.

SOURCES AND METHODS OF ESTIMATING THE GROSS VALUE ADDED IN CURRENT AND CONSTANT PRICES This section provides an overview of the sources and methods used to compile the gross value added for each economic activity in current and constant prices.

Revisions: Following a CARTAC/IMF technical support mission, revisions to the external sector accounts (Balance of Payment) from 2014 is presented separately from the previous data series in this report.
AGRICULTURE Agriculture comprises of agricultural crops, bananas, livestock, eggs production, forestry and fishing sub industries.

The gross value added is estimated using the production approach.

Agricultural Crops Agricultural crops in Dominica can be classified into two categories: i. ii.
Export crops, such as bananas, vegetables, tree crops and root crop; Other subsistence crops Bananas Data on bananas were obtained from the Dominica Agricultural Producers and Exporters (DAPEX), formerly Dominica Banana Producers Limited (DBPL) and the National Fairtrade Organisation of Dominica (DNFTO).

However from 2015, the value of production of bananas was estimated by the Central Statistics Office.
The value of inputs is derived from import data combined with financial statements of suppliers of inputs.

The double deflation method was used to estimate the constant price estimates for bananas.

This method entails revaluing current year's quantity of bananas purchased at the 2006 base year price.

Inputs were also revalued at base year prices and then deducted from outputs to arrive at the value added at constant prices.

A composite index of the cost of fertilizers was constructed.
The value of inputs in current prices was deflated by the composite index of the cost of fertilizers to derive the value of inputs in constant prices.

The gross value added in constant prices is equal to the value of output at 2006 prices less the value of inputs at 2006 prices.

13 Other Crops Gross value added for other agriculture crops was derived by using the production approach.
This method consisted of estimating the total value of agricultural output at producer’s prices and subtracting intermediate consumption.

Output was estimated based on major export crops and covers thirty seven (37) crops produced in the country.

Intermediate consumption consists of expenditure on fertilizers, insecticides, seeds, the cost of maintaining and repairing machinery and equipment, fuel, and the purchase of small tools, bags, twine and other minor items.
It was estimated at 13 per cent of the gross value of output.

For constant price estimates, the value of output was revalued at 2006 prices.

A volume index was derived and used to extrapolate the base year value added estimate.

Livestock Data on livestock (cows, eggs and meat production, goats and sheep, poultry, pigs etc.)

were collected from the Ministry of Agriculture-Livestock Division, livestock farmers, trade statistics and others.
Estimates for livestock production were obtained from the 1995 agricultural census, National Farm Register, 2008 and livestock Extension Officers.

The cost of inputs were compiled from data on the local sales of livestock and poultry feed which data on the imports of livestock and poultry feed and chicks which were obtained from the trade statistics and adjusted for death, trade and transport margins to arrive at purchaser’s prices.
The gross value added for livestock was computed as the value of output of production of livestock (goats, sheep, pigs etc.)

less the value of inputs (imported livestock feed, locally produced livestock feed, veterinary services etc.)

The gross value added for poultry was computed as the gross value of output of eggs and poultry meat less the value of inputs which consists of imported and locally produced poultry feed and repairs and maintenance and other costs.
The total value added for livestock in current prices is equal to the gross value added for livestock plus the gross value added for egg production.

To derive the constant prices, a volume index of output of the number (cows, goats and sheep, pigs, etc.)

were obtained for each year then multiplied by the base year (2006) value added in current prices to gain value added in constant for each year.
Forestry The value of output for forestry was estimated based on household consumption of charcoal from the HBS and SLC Survey and also using similar sources as a benchmark.

It was assumed that average household uses one sack of charcoal per month.

Intermediate cost was estimated as 5 per cent of gross output.

Current price estimates for forestry were computed as the value of output of production of forestry products (charcoal) less the value of inputs (wood and logs).
The gross value of output of charcoal in constant prices was used to form a volume index to derive the constant price estimates.

14 FISHING The fish landed by fishermen were captured for this industry.

The quantity and price of fish landings were provided by the Fisheries Department of the Ministry of Agriculture and Fisheries and Dominica Export and Importing Agencies (DEXIA).
The gross value added in current prices for fishing was computed as the gross value of output for fish landed less the total inputs which consisted of fuel, tackles, oil etc.

The double deflation method was used to derive the constant prices.

The quantity of fish produced (dolphin, robin, etc.)

were revalued at the base year price and a composite index of inputs (gasoline, oil) was formed to deflate total inputs.
MINING AND QUARRYING The value of output for mining and quarrying comprised the value of the output of stone and sand.

The current price estimates were derived from the annual National Accounts Survey of establishments (NAS) as well as annual gross wages from DSS which was adjusted to account for employer’s contribution and Trade Statistics.

The gross value added in current prices was computed as the value of output less the value of input.
A volume index consisting of quantity of stone and sand exported by companies in the industry was formed to deflate the gross output to derive the constant prices.

MANUFACTURING The manufacturing sector covers the activities related to the production of bakery products, chemicals and related products, beverages, water, wearing apparel, printing and publishing, furniture etc.

The value added is now classified in various sub-groups providing a wider coverage of manufacturing activities in Dominica.
The current prices were derived by analyzing the accounting data from the manufacturing establishments provided by the NAS, as well as gross wages and employment data from DSS.

Data on production from the bigger manufacturing establishments in the various sub-sectors were used to form output indexes while employment data for the other sub-sectors was used to form volume indexes.

These indexes were then used to extrapolate the base year value added to compute the constant prices.
ELECTRICITY AND WATER The electricity sub-sector includes activities related to the production, transmission and distribution of electricity, while the water sub-sector covers activities related to the collection, purification and distribution of water.

The main source of information was the annual NAS, the financial statements of Dominica Electricity Services (DOMLEC) and Dominical Water and Sewerage Company (DOWASCO).
Electricity The current price estimates for electricity supply were based on an analysis of the financial statements of these establishments.

The gross value added was computed as the value of output less the intermediate 15 consumption.

The constant prices estimates were derived based on a volume index consisting of Kilo Watt Hours (KWH) units produced.

Water The current price estimates for water supply were based on an analysis of the financial statements of the enterprises.
The gross value added is the value of output less the intermediate consumption.

The quantity of gallons of water consumed each year from the different categories of consumers was used to form a volume index to extrapolate the base year value added to derive the constant prices.
CONSTRUCTION This industry covers general construction activities such as altering and repairing structures as well as sub-contractors engaged in only part of the work on a construction project such as repairs, painting, and plumbing.

Also included are excavating and foundation work and establishments and households undertaking own account construction.

The current price estimation for the construction industry is based on the commodity-flow approach.
A range of construction materials were extracted from the external trade statistics.

The c.i.f values of net imports used for construction were adjusted upwards for duty, VAT, trade and transport margins.

The value of domestic production of construction materials was added to the value of net imports of construction material.

Adjustments were made to exclude construction materials utilized for manufacturing purposes.
The resulting estimates is intermediate consumption which was then used to derive the gross output and value added for the industry.

For the constant prices, an index of the cost of construction was used to deflate the gross value of output.

A volume index of the deflated gross output was then used extrapolate the base year value added.
The cost of construction index consisted of a weighted index of the cost of 13 major building materials and the average labor cost for the different types of construction workers.

The construction index was moved by the percentage change (in the Consumer Price Index (CPI) for cost of repair of dwellings).

WHOLESALE AND RETAIL TRADE The wholesale and retail trade sector included all areas of wholesaling and retailing activity in the economy.
These include the repair of personal household goods, distribution of fuel and fuel products and wholesale/retail of other goods.

The total number of establishments registered in the business register that are engaged in these types of activities are very significant.
The current price estimates for this sector estimated by analyzing the income and expenditure statements received through the annual NAS survey from the establishments which responded to the survey and also the imports data of the major wholesalers and retailers.

This has allowed the commodity method applied to be comprehensive in coverage of the informal sector.
From both the reported data and the imports data this has allowed for 16 more accurate ratios which facilitated the breakdown of value added among the various sub-sectors.

The constant price estimates were derived by deflating the trade margins by the CPI and deriving a volume index of the deflated values to extrapolate the base year value added.
HOTELS AND RESTAURANTS This industry includes the activities of all registered accommodation establishments such as hotels, guest houses and other paid accommodation and restaurants operating in the country.

Hotels The gross value added in current prices was derived by analyzing the accounts of the hotels obtained by the annual national accounts survey.

Data were also sourced from the DSS on number of employees.

Adjustments were then made to account for non-responses.
Gross value added in current prices was computed as the value of output less the intermediate consumption.

A volume index consisting of bed- nights (total number of stay-over visitors multiplied by the average length of stay) was used to derive the constant prices.

Restaurants Current prices estimates were derived by analyzing the accounts of the restaurants obtained by the annual NAS.

Data were also sourced from the DSS on gross wages and salaries and number of employees.
Adjustments were then made to include employers’ contribution to obtain the total compensation of employees.

Gross value added in current prices was computed as the value of output less the intermediate consumption.

Constant price estimates were derived by deflating the gross value of output with a price index consisting of the average costs of meals taken away from home obtained from the Consumer Price Index (CPI).
A volume index of the deflated value of output was used to extrapolate the base year value added.

TRANSPORT, STORAGE AND COMMUNICATION This industry covers the activities related to the provision of transport, storage and communication services.
The gross value added in this industry was derived by estimating the value added from each of the following sub-groups; road transport, sea transport, air transport, supporting and auxiliary transport activities and communication, which consist of postal and courier services, radio and television and telecommunication services.

Different methods were applied for each category of transport as outlined in the various forms of transport services.
Road transport This activity includes the transport of passengers and freight via road.

Data on the number of hired cars (taxis), buses, trucks/pick-ups and tour buses are available from the licensing department.

These data 17 are adjusted to include non license vehicles and to exclude vehicles that are owned by government, industrial or commercial establishments and are not used in the transport industry.
Data on income and expenditure are extracted from financial statements or obtained from surveys of this industry.

The average estimates for the various groups of vehicles for gross output and intermediate consumption (fuel, servicing and others are available.

The constant price estimates are computed by extrapolating the base year value added estimates for each type of vehicle based on a volume index of the number of hired cars, buses, trucks/pick-ups and tour buses operating in the current year.
Sea transport This activity includes the transport of passengers or freight over water, whether scheduled or not.

Also included are the operations of cruise or sightseeing boats, ferries, etc.

The estimates of gross value added in current prices were computed by utilizing data obtained from the NAS which were provided by the establishments in this industry.

Data were also sourced from the DSS on gross wages and salaries and number of employees.
Adjustments were then made to include employers’ contribution to obtain the total compensation of employees.

Gross value added in current prices was computed as the value of output less the intermediate cost.

For constant price estimation, the total cargo loaded and landed as well as total visitor arrivals and departures by sea were used to form a composite volume index.

The gross value added was derived by extrapolating the base year value added by the composite volume index.
Air transport The estimates of gross value added for this sub sector were calculated on the basis of analysis of data obtained from the annual NAS from local and foreign owned airlines as well as data from the DSS on gross wages and salaries and number of employees.

The estimates at constant prices were derived by constructing a composite index of visitor arrivals and departures by air.

This index was used to extrapolate base year value added.
Supporting and auxiliary transport activities This sub group covers the activities of the Dominica Air and Sea Administration (DASPA) travel agencies, tour operators, shipping agencies and cargo handlers.

The estimates of gross value added were calculated on the basis of analysis of data obtained from the annual NAS of various establishments.

Data were also sourced from the DSS on gross wages and salaries and number of employees.
Adjustments were then made to include employers’ contribution to obtain the total compensation of employees.

Gross value added in current prices was computed as the value of output less intermediate cost.

The overall value added is the summation of the value added for each sub group.

Constant prices were derived for each sub-group by using data on cargo loaded and landed and passenger arrivals and departures by air to form various volume indexes.
These indexes were used to extrapolate the base year value added to 18 obtain the constant prices.

The overall value added is the summation of the value added for each sub group.

COMMUNICATIONS Telecommunication This activity includes telecommunications, national postal activities, courier services and radio and television services.

In the case of telecommunications, the gross value added at current prices was estimated on the basis of data obtained from the annual NAS of establishments.
For constant price estimates, a composite index comprising of rates per minute for international and domestic calls for fixed line telephones and mobile phones was constructed.

Rates were obtained from Telecommunications companies.

Weights were assigned to the different types of communication.

Average telecommunications rate was used to form a price index.

This index was used to deflate the gross output.


The gross value added at constant prices was derived by extrapolating the base year value added with a volume index of the deflated value of output.

Postal Services The gross value added at current prices was estimated on the basis of data obtained from administrative data.

A price index consisting of local and overseas rates for postage of a letter was used to deflate output.
Constant prices were derived by extrapolating the base year value added with an index of the deflated output.

Courier Services The gross value added at current prices was estimated on the basis of data obtained from the annual NAS of establishments in this activity.

A volume index consisting of cargo was used to extrapolate output.
Radio and Television This sub-sector includes the activities of all radio stations on island except those which are only involved in broadcasting and the companies involved in the provision of television services.

The current prices were estimated by using the analyzed data from their statements which was collected from the annual NAS and employment data received from DSS.

The constant prices were computed by extrapolating the base year value added by an index of employment.
FINANCIAL INTERMEDIATION Banks This sector includes the activities of commercial banks and agricultural industrial development banks.

Data on banking activities are obtained from the annual NAS, and from the statutory returns of financial 19 institutions to regulatory agencies.

Output and costs are estimated directly from these returns and used to calculate the gross value added estimates.
The constant price estimates were derived by deflating the average stock of loans and advances by the CPI to derive a volume index of loans and deposits.

A margin rate was applied to the deflated value of loans and advances to obtain FISIM on loans and deposits at constant prices.

The output of banks at constant prices was obtained from the summation of FISIM and explicit charges in constant prices.
A volume index of the output of banks was formed to extrapolate the base year value added to derive the constant prices.

Auxiliary Financial Intermediation This industry covers the activities of other banks which receive deposits transferable by cheque or otherwise used in payments or available on demand, savings and loan association which are mainly the credit societies.
The current price estimates were computed from the analysis of the annual statements received from those establishments during the annual NAS.

Constant value added is derived by extrapolating the current prices by a volume index of membership.

Insurance and Pension Funding This industry covers both life and non-life insurance.
The gross value added estimates were derived from data provided by the annual NAS and from returns provided to the regulatory authority-Financial Service Unit (FSU) and Eastern Caribbean Central Bank (ECCB).

Gross value added in current prices was computed as the value of output less intermediate consumption.
Estimates for constant prices for non life insurance were compiled using the average rates for vehicles insurance and property insurance and assigning weights to vehicle and property insurance, to obtain a composite index.

The current price estimates of output were deflated by the composite index to derive the output at constant prices, which was then used to extrapolate the base year value added.
For life insurance, the constant price estimates were derived by using a volume index of number of life insurance policies issued.

From 2015, the Gross Value Added estimates were revised using revised data from the Financial Services Unit, Ministry of Finance.

REAL ESTATE, RENTING AND BUSINESS ACTIVITIES This industry is sub-divided into five sub-groups namely: owner-occupied dwellings; real estate; renting of machinery and equipment; computer and related services; and business services.
Owner-Occupied dwellings and Real Estate (Rented Dwelling) The current price estimates are developed by benchmarking the population and housing census 2001 data on dwellings.

The rental value of tenant‐occupied housing and the imputed rental value of owner‐occupied housing are both part of housing services, reflecting the amount of money tenants spend for the service of shelter and the amount of money owner occupants would have spent had they 20 been renting.
Value added for owner‐occupied housing is calculated as the imputed output of housing services less the expenses associated with owner‐occupied housing, such as maintenance and repairs.

The average rental value is observed and applied to the housing stock.

The stock is identified into owners occupied and rented units.

The rental value is moved by the CPI for housing, and is applied to the dwelling stock to derive the value of output.
A fixed ratio is applied to arrive at the value added in current prices.

This procedure result in value added in current prices for both owner occupied dwellings and real estate activities.

The constant price estimates were obtained from a volume index consisting of the number of owner occupied and rented dwellings.

This index was used to extrapolate the base year gross value added to obtain the constant prices.
For 2015, an adjustment was made to the stock of dwellings to account for 521 houses damaged in Tropical Storm Erica.

The dwelling stock had to be adjusted downwards to account for the loss of homes following the passage of Tropical Storm Erica.

This data was obtained from the Rapid Damage Assessment Report 2015, presented by the Government of Dominica.

Renting of Machinery and Equipment The gross value added estimates were derived from data provided by the annual NAS.
Data were also sourced from the DSS on number of employees.

Current prices were obtained for both vehicle rentals and machinery and equipment rentals.

Gross value added in current prices was computed as the value of output less intermediate consumption.

Constant price estimates were derived from a volume index consisting of stayovers for vehicle rentals and by a CPI index for machinery and equipment rentals.
Computer Related Services The gross value added estimates were derived from data provided by the annual NAS.

Data were also sourced from the DSS on number of employees.

Gross value added in current prices was computed as the value of output less intermediate consumption.

A volume index was used to compute the base year value added at constant price.
Business Services This industry includes the services of lawyers, accountants, management consultants, architects, photographic studios, building cleaning activities etc.

The gross value added estimates were derived from data provided by the annual National Accounts survey.

Data were also sourced from the NIS on the number of employees.

Gross value added in current prices was computed as the value of output less intermediate consumption.
Constant Price estimates were derived by extrapolating using a volume index of output.

PUBLIC ADMINISTRATION, DEFENCE AND SOCIAL SECURITY This sector comprises central government and the social security services.

21 Central Government The gross value added estimates in current prices were compiled from administrative data using the Income Approach which comprises of compensation of employees.
Compensation of employees includes personal emoluments, wages, allowances, overtime, severance payments, honoraria and retiring benefits.

Data on the central government consumption of fixed capital (CFC) was also obtained from administrative records.

The constant prices were derived by deflating the current prices with a wage index of the average increase in salaries over the years.
Social Security Services The gross value added was compiled from data provided by the NIS on the annual NAS of establishments.

The GVA consists of the total compensation of employees plus depreciation plus taxes on production of the DSS.

Constant price estimates were compiled from a volume index consisting of the total number of employees.

The GVA in the base year was then extrapolated by this index to obtain the GVA in constant prices.
EDUCATION This industry is divided into public and private educational activity and includes primary, secondary and tertiary institutions.

Public Education Data on compensation of employees from the Ministry of Education were analyzed to derive the gross value added which is based on the personal emoluments paid to workers, and consist of wages and salaries, pensions, gratuities, severance pay, back pay and allowances.
The constant price estimates were derived by deflating the current prices with a wage index of the average increase in salaries over the years.

Private Education The current price estimates were derived from data provided by the annual NAS and administrative sources.

Data were also sourced from the DSS on number of employees.

Gross value added in current prices was computed as the value of output less intermediate consumption.
An volume index of students enrolled was used to estimate constant value added.

HEALTH AND SOCIAL WORK Public Health Data on compensation of employees from administrative records were analyzed to derive the gross value added which is based on the personal emoluments paid to workers, and consist of wages and salaries, pensions, gratuities, severance pay, back pay and allowances.
The constant price estimates were 22 derived by deflating the current prices with a wage index of the average increase in salaries over the years.

Private Health The gross value added estimates were derived from data provided by the annual NAS.

Data were also sourced from the DSS on gross number of employees.

Gross value added in current prices was computed as the value of output less intermediate consumption.
A price index consisting of average medical fees which was obtained from the CPI was used to deflate output.

The base year gross value added was extrapolated by a volume index of the deflated output to derive the constant prices.

OTHER COMMUNITY, SOCIAL AND PERSONAL SERVICES This industry includes the activities of trade unions, sewerage and refuge disposal, motion picture projection, beauty salons, barber shops, religious organizations, funeral related services etc.
The gross value added estimates were derived from data provided by the annual NAS.

Data were also sourced from the SLC and HBS Survey 2008/9, also DSS on gross wages and salaries and number of employees.

Adjustments were then made to include employers’ contribution to obtain the total compensation of employees.

Gross value added in current prices was computed as the value of output less intermediate consumption.
Constant price estimates were derived for each sub-group by using data on Consumer Price Index (C.P.I) within the industry to form volume indexes.

These indexes were used to extrapolate the base year value added.

The gross value added for this industry is the summation of the gross value added for each sub group.
PRIVATE HOUSEHOLD WITH EMPLOYED PERSONS This industry includes the activities of households as employers of domestic personnel such as maids, cooks, waiters, valets, butlers, gardeners, gatekeepers, chauffeurs, caretakers, babysitters, tutors, etc.

The product, which is self-consumed, is considered non-market and assessed according to the cost of the personnel in the national accounts.

These services cannot be provided by companies.


As this activity occurs in the household and forms part of the informal sector, it is difficult to collect the required data directly, on an annual basis.

As a result the main source of data was Survey of Living Condition and Household Budgetary Survey 2008/2009 and the records of Dominica Social Security.

Data were obtained on gross wages and salaries and number of employees.
Adjustments were then made to include employers’ contribution to obtain the total compensation of employees.

The gross value added in current prices consisted of compensation of employees.

Constant price estimates were compiled from a volume index consisting of the total number of employees within each sub-group.

The base year gross value added was extrapolated by this index to obtain the constant price estimates.

23 FISIM FISIM stands for financial intermediation services indirectly measured.
In the System of National Accounts it is an estimate of the value of the services provided by financial intermediaries, such as banks, for which no explicit charges are made; instead these services are paid for as part of the margin between rates applied to savers and borrowers.

The supposition is that savers would receive a higher interest rate and borrowers pay a lower interest rate if all financial services had explicit charges.
The 1993 SNA calculated FISIM as the difference between property income receivable and interest payable excluding the value of any property income receivable from the investment of own funds.

The 1993 SNA recognized that in practice it may be difficult to find a method of allocating FISIM among different users and therefore, accepted that some countries may prefer to continue to use the convention whereby the whole of the services are allocated to intermediate consumption of a notional industry.
The 1993 SNA suggests two ways of allocating FISIM to the sectors that consume it.

The preferred method is to use a reference rate of interest, which is a theoretical concept.

The annual reference rate is the interest rate that people must be paid to persuade them to wait one year before spending their income.

The interest rates that are observed on the market are higher than the reference rate because they include a risk factor.

The second method of allocating FISIM is using relevant indicators.
Relevant indicators are the total bank loans to a given sector and the total deposits held by banks from that sector.

Total loans are added to total deposits and each sector’s share in total bank loans and bank deposits are used to allocate FISIM.

The 1993 SNA recognizes that these two approaches may not be feasible for all countries because of data constraints.

In the case of Dominica, data on global FISIM was obtained from the annual NAS of financial institutions.
The balance sheet data on total deposits and loans and advances were obtained from the ECCB and were used in the allocation of FISIM.

The sector distribution of depositors and borrowers FISIM was allocated among households, non-residents, government and businesses.

In the allocation of FISIM, an assumption that banks provide the same amount of service for each dollar loaned and deposited was made.
This assumption was made to keep the allocation simple, although we know that FISIM margins vary among various assets and liabilities.

Thus the FISIM allocated to depositors should then be allocated among sectors (household, government, non-residents and businesses) on the basis of their deposit holdings.

Similarly, FISIM allocated to borrowers should be distributed among the sectors on the basis of outstanding loans.
In the case of Dominica data are only available on loan holdings and not deposit holdings.

In the absence of such data on deposit holdings, industry output was used as an allocator.

24 FISIM in constant prices was derived by deflating the average stock of loans and deposits by the CPI to derive a volume index of loans and deposits and having the base year margin rate applied to the deflated values of loans and deposits.
REVISION TO FISM From 2013, FISIM has been revised to report only the measurement relating to businesses and not as previously reported by the global data (global data included FISIM for households, non-residents and Government).

EXPENDITURE ON GROSS DOMESTIC PRODUCT IN CURRENT PRICES Using the expenditure approach, GDP is calculated as total consumption in current prices plus gross fixed capital formation and the net of goods and non-factor services.

The calculation of GDP is done in Market prices.


From the figure calculated for GDP, taxes on products and production are subtracted then subsidies are added to derive the GVA at Basic prices.

Estimates of the underground economy are added to GDP.

No seasonal adjustments are made to GDP data.

The data are compiled using the methodology set out in the 1993 System of National Accounts (1993 SNA).
UPDATE ON GDP METHODOLOGY In keeping with international standards, the terminology used to describe economic activity in the economy was updated.

Previously Gross Value Added (GVA) was quoted as the indicator of real change in the economy yet referenced as Gross Domestic Product (GDP).

The two aggregates were used interchangeably.

GVA is the difference between Output (eg.

Sales) and Intermediate Consumption (items used in the production process).
It is calculated at the industry/producer level at basic prices.

GDP is calculated at market prices, and is the sum of all Gross Values Added for all resident producers (industries) plus any taxes on products less any subsidies on products that are not already included in the valuation of output.

REVISIONS TO THE BALANCE OF PAYMENT The Balance of Payment (BOP) estimates have been revised from using the Balance of Payment Manual 5 (BPM) to using the Balance of Payment Manual 6 (BPM6).
This revised and standardized methodology now presents three separate accounts; Current Account, Capital Account and Financial Accounts compared to the previous method which presented two main accounts (Current Account, and the Capital and Financial Account).

For ease of reference data is provided based on both manuals.
25 2017 REVIEW OF ECONOMIC ACTIVITY IN DOMINICA Overview Economic activity in Dominica eroded in 2017 by an estimated 9.5 percent, moving from EC$1.22 to EC$1.11 Billon following a 2.5 percent growth from the previous year.

This contraction resulted from the vast destruction of Hurricane Maria on the economy on September 17th, 2017.

Declines were recorded in all sub-sectors except Banks and Private Health.
Major industry declines were registered for the Agriculture, Manufacturing, Construction, Wholesale and Retail Trade, Hotels and Restaurants, Transport Storage and Communication, Insurance, Public Administration and Education.

Agriculture, the fourth highest contributor to Value Added was among the most affected sectors registering an 18.9 percent decline.

The Wholesale and retail sector also being one of the largest contributors slumped, registering a 12.9 percent.
Agriculture, Livestock and Forestry An estimated 18.9 percent decrease was recorded in the Agriculture, Livestock and Forestry sector, mainly due to the sharp declines in all sub-sectors particularly Other Crops of 18.5 percent which is the largest contributor.

Overall decreases were observed for all crop categories; root crops, 12.9 percent; vegetables, 23.4 percent and tree crops, 27.8 percent.

Banana production suffered major decline of 29.3 percent moving from EC$6.3M to EC$4.5M.
This was mainly the result of the destruction of Hurricane Maria on the sector.

The Livestock sub-sector suffered similarly recording a 14.2 percent drop mainly due to the decline in both poultry and other livestock production.

Most evidently, was the Forestry sub-sector which registered a 29.2 percent decrease following the ravages of Hurricane Maria.
Fishing For the second consecutive year fish production declined significantly thereby registering a 25.0 percent drop in value added over the previous year.

This was mainly a result of significant loss of fishing gears lost during the passage of Hurricane Maria.

Mining and Quarrying Following significant growth from the previous year the Mining and Quarrying sector recorded an estimated decline of 4.9 percent.

This was mainly a result of decreased production in sand and stones during the year.
Manufacturing Activities in the manufacturing sector recorded decline for the fourth consecutive year of 15.4 percent.

Most of the loss suffered by the sector was mainly a result of the vast damage of Hurricane Maria which forced some manufacturers to temporarily or permanently cut back or cease production activities.

The 26 production of beverages declined significantly registering 33.2 percent while chemicals and related products fell by 31.3 percent.
Electricity and Water Following three years of consecutive growth the Electricity and Water sector recorded significant decline of 21.5 percent.

The Electricity sub-sector recorded decline of 23.4 percent resulting from a significant decrease in electricity production (mainly due to a 79.0 percent decrease in production during the last quarter of 2017).

This was the result of the devastation of the hurricane on the sub-sector which left the entire country without electricity for days.
Although the restoration process began shortly after the hurricane, it was not at the speed as expected by the company.

The Water sub-sector suffered similarly recording a 14.7 percent decline.

This was also the result of the hurricane which caused significant damage to the water system thereby resulting in lower water production and consumption.
Construction The Construction sector which is estimated using the commodity flow method (using the imports of construction materials) registered a 4.9 percent decline, mainly a result of an overall 5.1 percent decline in construction materials, most of which was brought about by a significant 37.0 percent decline during the last quarter of the year, although imports were up by 6.8% until the third quarter of 2017.
Wholesale and Retail Trade This sector moved from EC$125.98 to EC$109.69M registering decline of 12.9 percent mainly a result of a drop in merchandise imports.
This was due to the sharp drop in imports for merchandise trade of 7.4% after the passage of Hurricane Maria in September 2017, since most major wholesalers and retailers were affected and also the demand for merchandise imports were lower after the hurricane due to the huge volumes of relief items received by foreign donors (donated items do not affect the distributive trade sector).
The output of the main sectors which affect merchandise trade suffered declines for the year; Manufacturing, 22.5 percent; Bananas, 17.6 percent; Other Crops, 14.4 percent and Quarrying, 4.9 percent.

Nonetheless the Wholesale and Retail Trade sector recorded the third largest contribution to GDP of 11.9 percent during the year.
Hotels and Restaurants The Hotels and Restaurants sector recorded decline of 8.1 percent in 2017, resulting from declines in both Hotels and Restaurants subsectors of 7.8 and 8.2 percent respectively.

The drop in the Hotels subsector was mainly a result of a decline in both bednights and stay-over visitors in hotels by 7.8 and 17.9 percent respectively.

Most accommodation establishments were affected by Hurricane Maria.
27 Transport, Storage and Communications This sector which was the largest contributing sector in 2017 of 14.7 percent, moved from EC$139.05M to EC$134.63M recording a 3.2 percent decline in transport activities.

With the exception of the Sea sub- sector all other sub-sectors declined.

Road Transport which is the largest contributing sub-sector recorded a 4.2 percent decline followed by a 2.3 percent drop in the Communications sub-sector.
Most activities of the Communications Sub-sector registered declines with the major ones being telecommunications and radio and television broadcasting services recording similar drops of 2.3 percent each.

Air Transport which mainly covers the activities of LIAT registered an 11.4 percent decline.

However, Sea Transport recorded growth of 3.5 percent mainly due to a 38.4 percent increase in cargo landed in 2017 of which a record 74.9 percent landed during the last quarter of the year.
This was mainly a result of the huge volumes of relief items received after the passage of Hurricane Maria in September 2017.

Financial Intermediation Financial Intermediation which represented an estimated 9.3 percent of GVA recorded a 5.4 percent decline in value added.

The banking sub-sector, largest which covers the activities of banks and credit unions registered a 7.1 percent increase.
However, the performance of the Insurance sub-sector suffered major decline of 62.8 percent, mainly a result of the effect of claims on value added.

Real Estate, Renting and Business Activities This sector registered decreased activity of 17.6 percent in 2017.

This was mainly an effect of the vast devastation of Hurricane Maria on the Owner-Occupied Dwellings and Real Estate Activities sub-sectors resulting in declines of 19.3 and 19.7 percent respectively.
Approximately 4,700 houses (15.0 percent of total houses) were destroyed, while 75.0 percent were estimated to have incurred different levels of damage.

Public Administration, Defense and Social Security This sector being one of the largest, accounted for 11.3 percent of GVA and registered a 1.6 percent decline in 2017.
Although the increase in personal emoluments went up during the year due the 3.0 percent increase in salaries and the backpay received during the year, these allowed for higher deflators thereby lowering real growth in the sector which was compounded by a reduction in employment within that sector.

Education The Education sector being the second largest recorded a 6.9 percent decline mainly due to declines in both private and public sector activities.
The Private sub-sector being the larger contributor registered a 7.6 percent decline and was greatly affected by the passage of Hurricane Maria when all offshore 28 educational institutions halted activities.

Similarly the Public Education sub-sector registered decline of 5.5 percent during the year.

Health and Social Work This sector decreased by 3.4 percent mainly due to decline in the Public Health sub-sector of 4.2 percent.
Nonetheless, the Private Health sub-sector registered growth for the second consecutive year of 2.5 percent.

Other Community/Social/Personal Services This sector registered 4.5 percent decline, mainly due to a fall in private service activities which were greatly affected by the hurricane.
Sectoral Contribution to GDP The Transport Storage and Communications sector recorded the largest contribution to GDP for the sixth consecutive year, 14.7 percent, with the Transport and Storage sub-sector as its higher contributor, 8.4 percent.

The Education sector followed accounting for the second largest contribution, 12.1 percent.

The Wholesale and Retail sector followed closely accounting for 11.9 percent of GDP, with the Wholesale/Retail of Other Goods sub-sector recording the highest contribution.
The Agriculture, Livestock and Forestry sector followed contributing 11.7 percent to overall GDP, with the sub-sector Crops recording the highest contribution, 10.5 percent.

Over the last ten years the main contributing sectors to overall GDP were Transport, Storage and Communications, Agriculture, Livestock and Forestry, Wholesale and Retail Trade and Education.
29 Table 1.0 GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2008-2017 (EC$M) ECONOMIC ACTIVITY 2008 2009 2010 2011 2012 Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Public Private Private Households with Employed Persons Less FISIM GVA in Basic Prices Taxes on Products Less Subsidies on Products GDP in Market Prices Growth Rate Basic Prices (%) Growth Rate Market Price (%) 4.70
69.41
(2.77) (3.00) 30 Table 1.0 Cont’d GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: (EC$M) 2008-2017 ECONOMIC ACTIVITY 2013 2014 2015 2016 2017 Prel Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks
 Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Public Private Private Households with Employed Persons Less FISIM GVA in Basic Prices Taxes on Products Less Subsidies on Products GDP in Market Prices Growth
 Rate Basic Prices (%) Growth Rate Market Price (%) 3.18
(14.56) (13.68) 31 Table 2.0 GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2008-2017 (EC$M) ECONOMIC ACTIVITY 2008 2009 2010 2011 2012 Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction
 Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community / Social/Personal Services Public Private Private Households with Employed Persons Less FISIM 76.40
19.50
GVA in Basic Prices Taxes on Products Less Subsidies on Products GDP in Market Prices 985.43 219.55 4.56 1,200.4 977.38 213.24 4.24 1,186.4 984.65 213.98 4.27 1,194.4 993.03 203.07 4.24 1,191.9 984.81 198.63 4.37 1,179.1 Growth Rate Basic Prices (%) Growth Rate Market Price (%) 6.92 7.12 (0.82) (1.17) 0.74 0.67 0.85 (0.21) (0.83) (1.07) 32 Table 2.0 Cont’d GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: (EC$M) 2008-2017 ECONOMIC ACTIVITY 2013 2014 2015 2016 Prel 2017 Prel Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social
 Work Public Private Other Community / Social/Personal Services Public Private Private Households with Employed Persons Less FISIM 81.08
GVA in Basic Prices Taxes on Products Less Subsidies on Products GDP in Market Prices 987.51 188.78 4.25 1,172.0 1,026.83 200.80 4.29 1,223.3 1,003.53 192.69 4.09 1,192.1 1,025.87 200.66 4.33 1,222.2 918.66 192.05 4.98 1,105.7 Growth Rate Basic Prices (%) Growth Rate Market Price (%) 0.27 (0.60) 3.98 4.38 (2.27) (2.55) 2.23 2.52 (10.45) (9.53) 33 Table 3.0 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2008-2017 ECONOMIC ACTIVITY
 2008 2009 2010 2011 2012 Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage
 Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Public Private Private Households with Employed Persons Less FISIM TOTAL 0.32
Table 3.0 Cont’d PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2008-2017 ECONOMIC ACTIVITY 2013 2014 2015 2016 2017 Prel Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and
 Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Public Private Private Households with Employed Persons Less FISIM TOTAL 1.81
0.29
Table 4.0 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2008-2017 ECONOMIC ACTIVITY 2012 2008 2011 2010 2009 Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons Less FISIM TOTAL 0.83
8.55
Table 4.0 Cont’d PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2008-2017 ECONOMIC ACTIVITY 2013 2014 2015 2016 2017 Prel Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public
 Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons Less FISIM TOTAL 7.80
Table 5.0 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2008-2017 ECONOMIC ACTIVITY 2008 2009 2010 2011 2012 Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities &
 Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Public Private Private Households with Employed Persons Less FISIM TOTAL 24.97 32.10 92.35 25.32
 (16.40) 0.31 (69.91) 22.06 (26.30) (4.24) 5.03 (26.29) 29.66 27.24 34.36 47.92 18.85 3.09 2.05 4.17 5.65 2.51 22.37 30.12 16.15 1.87 4.07 6.86 (1.30) (4.63) 2.86 0.82 0.82 23.66 5.85 18.62 (0.69) 5.70 2.78 7.33 4.21 4.57 2.08 1.21 6.01 0.64 2.82 11.25 14.46 16.27 (10.58) 20.92 (0.48) 0.47 128.42 (11.00) 5.07 (2.26) (1.84) (3.68) (9.35) 8.36 14.02 (11.11) 12.90 3.94 0.67 7.25 28.33 61.04 6.65 (1.13) (1.33) 17.43 (1.83) (0.27) (8.23) (7.01) 2.55 0.54 0.54 19.30 2.24 16.33 5.83 0.44 (0.25) 0.81 3.82 3.61 5.10 0.18 1.33 0.03 (1.33) 48.75 (7.54) (8.43) (14.00) (7.72) 0.93 0.59 (16.46) 7.66 2.83 8.65 9.19 6.80 (0.16) 5.94 3.16 6.04 7.05 6.34 5.50 7.13 (18.19) (19.49) (14.64) (9.37) (4.27) (21.48) (5.12) (6.63) (7.71) 1.00 0.55 0.41 0.41 (14.40) 3.77 7.42 2.63 36.66 3.96 53.95 6.33 5.43 11.75 4.49 8.47 3.99 2.82 9.91 10.24 12.07 33.55 9.51 (7.33) 0.44 27.75 15.37 14.14 10.30 10.09 11.06 9.31 2.30 0.76 6.41 1.79 12.24 10.09 14.26 4.39 1.87 8.69 (0.34) 7.42 5.38 4.09 5.70 131.37 (10.53) 0.59 0.64 0.50 (7.58) 0.62 3.14 9.15 (20.50) (4.52) (26.20) 3.26 5.95 (11.97) 2.53 (0.41) 2.91 1.26 3.08 (6.81) (7.41) (15.83) (6.19) (0.91) 0.11 (3.93) (22.07) 12.38 (0.75) 3.23 (14.63) (9.99) (6.00) (6.24) (4.12) (6.44) 0.53 6.35 (4.72) 1.77 0.53 (8.08) (5.43) 1.80 5.22 3.25 (2.63) 21.97 25.00 0.97 0.84 0.62 4.38 (0.60) 1.58 (0.20) (5.77) 1.36 (9.06) 3.57 3.91 1.25 1.10 10.28 (0.07) 1.36 30.25 8.54 7.12 1.04 2.55 (2.77) 38 Table 5.0 Cont’d RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC
 ACTIVITY IN CURRENT PRICES: 2008-2017 ECONOMIC ACTIVITY 2013 2014 2015 2016 2017 Prel Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea
 Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Public Private Private Households with Employed Persons Less FISIM TOTAL 19.94 20.50 7.04 22.26 18.89 0.61 (4.92) 8.83 3.09 (1.36) (3.74) 8.74 (6.12) (6.96) (5.86) (6.73) (7.46) 2.31 1.59 3.04 3.64 2.53 1.00 0.48 3.11 5.47 (4.90) (9.91) (12.74) 13.09 0.30 0.48 0.48 (1.81) (0.52) (0.36) 10.39 10.88 0.02 16.47 5.53 4.05 15.90 (6.67) 1.77 (7.85) 16.96 (6.82) (0.57) 0.57 (10.93) 1.88 (15.39) 0.78 49.16 (0.41) 2.50 4.09 7.74 (9.55) 12.51 3.89 4.27 0.87 4.63 4.48 8.08 0.92 4.25 9.04 2.91 16.28 2.22 0.19 2.98 5.87 (2.77) (3.91) 1.38 1.44 1.44 1.86 1.18 0.77 7.64 4.85 2.53 5.87 1.83 1.86 1.67 (0.16) 2.21 (0.53) 12.50 (5.96) 8.37 6.30 28.86 4.05 42.31 (0.51) 15.44 4.34 17.04 2.58 (4.06) 32.16 (17.77) (6.38) (6.93) (5.77) (6.34) (7.78) (10.12) (5.29) 11.69 16.58 (16.62) (10.05) (0.83) 15.96 1.47 1.34 18.94 (0.50) (1.45) (1.78) (2.18) (5.63) 3.21 2.50 6.63 7.05 6.64 7.22 5.40 6.74 (3.00) 1.75 (0.24) 2.06 (9.33) (2.26) 23.85 24.26 9.90 26.03 24.36 0.76 6.76 (3.08) (35.10) 8.08 7.52 9.86 29.75 (0.77) (0.93) (0.02) (0.92)
 (8.49) (20.01) 3.10 8.60 16.76 (17.72) 4.30 4.15 4.38 1.98 16.81 (1.92) (41.44) 0.83 0.71 0.41 8.63 0.14 0.21 2.87 4.86 3.15 5.58 4.90 5.63 (0.08) 0.31 2.51 (0.03) (0.49) 16.08 (23.43) (24.06) (54.28) (20.80) (15.34) (29.17) (24.98) (4.89) (25.46) (35.61) (29.78) (54.08) (4.89) (12.49) (12.40) (12.37) (12.57) (7.78) (7.78) (7.78) (16.88) (11.66) 4.73 (9.61) (10.27) (27.36) (6.63) (7.65) 5.52 (3.93) (22.92) (25.66) (25.85) (7.35) (14.16) (7.29) 8.05 (12.41) (2.64) (16.47) (0.82) (1.34) 3.00 (8.88) 3.27
 (10.81) (10.00) 0.93 4.21 3.89 3.60 6.10 (14.56) 39 Table 6.0 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2008-2017 ECONOMIC ACTIVITY 2009 2010 2008 2012 2011 Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons Less FISIM TOTAL 14.99 18.85 66.87 13.50 (7.55) (5.96) (14.90) 25.22 (12.23) 2.08 1.29 4.97 26.78 15.27 21.72 34.00 7.67 1.60 1.46 1.73 7.89 6.72 9.80 12.37 10.37 7.66 3.43 3.30 (10.00) 5.25 1.89 0.54 0.54 20.61 (0.48) 11.52 (2.65) 5.90 0.77 8.74 2.22 2.52 0.40 (2.85) (0.24) (3.17) 2.74 4.58 1.65 1.90 (12.49) 4.26 (0.41) 0.47 3.88 (47.17) (2.62) 6.83 5.97
 9.87 (11.39) 6.63 12.19 (12.54) 11.09 (4.05) (15.29) 6.91 (6.14) 1.49 (21.47) (11.75) (20.47) (5.04) 0.50 0.14 (7.41) 2.60 2.56 0.51 0.51 23.40 2.23 16.29 5.70 0.28 (0.25) 0.56 3.63 3.61 3.76 0.26 (0.10) 0.30 (1.33) 48.19 (7.92) (9.06) (8.98) (9.07) 0.68 0.59 (17.51) (5.00) (1.46) 5.77 6.95 1.75 4.48 1.05 (1.59) 1.15 2.11 0.52 (0.48) 1.29 (1.16) 1.20 (6.28) (4.02) (6.55) (1.01) 2.81 3.00 20.00 0.84 0.29 0.41 0.41 (11.27) 0.85 4.41 2.31 6.46 3.70 7.85 6.06 5.17 11.65 0.52 0.53 0.52 6.08 7.10 7.15 8.76 26.07
 6.38 (5.04) 0.44 11.78 10.00 (5.87) 0.44 1.26 (2.48) 1.39 4.42 2.83 8.61 3.89 5.53 7.71 3.89 0.73 (0.45) 10.71 2.34 7.24 (1.29) (0.96) 1.83 (3.33) (12.38) 0.46 0.62 0.50 (5.91) (0.47) 1.86 6.06 (10.61) (7.08) (12.33) 0.87 3.11 (12.34) 0.77 (0.84) 0.98 7.01 3.49 8.65 9.48 (16.63) 13.74 2.98 0.11 (14.61) (3.00) 5.62 1.22 1.25 1.10 (10.88) (5.00) (5.24) (3.10) (5.45) 3.11 4.82 1.77 (1.27) 3.97 (11.06) (2.34) (10.31) (2.00) (1.80) (5.79) 0.00 17.35 0.50 0.81 0.62 (4.31) (1.57) 0.12 (0.24) (2.23) 1.36 (4.07) 3.43 3.91 0.10 (0.18) (4.19) 0.31 1.79 19.26 6.92 (0.82) 0.74 0.85 (0.83) 40 Table 6.0 Cont’d RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2008-2017 ECONOMIC ACTIVITY 2014 2013 2015 2016 2017 Prel Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public
 Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons Less FISIM TOTAL 4.85 4.82 (13.43) 7.01 6.44 0.61 (4.92) 6.00 3.26 (1.41) (0.91) (3.27) (7.96) (7.59) (6.50) (7.36) (8.09) 3.79 4.77 3.00 1.98 1.78 7.45 11.49 6.41 0.06 3.49 1.81 3.45 10.02 0.51 0.48 0.48 2.76 (0.59) 0.14 2.20 1.01 (2.43) 2.88 2.48 1.51 9.47 (3.90) 1.44 (4.53) 16.96 0.57 (1.45) (1.03) (21.07) 0.91 (6.54)
 0.78 49.16 (5.00) (6.80) 3.22 1.76 8.78 9.24 5.12 5.12 5.12 5.12 12.23 24.03 2.50 2.86 7.71 0.40 5.36 0.20 (0.83) 4.22 5.28 3.33 0.48 0.52 0.39 0.39 2.10 1.51 1.00 13.48 5.69 2.69 7.25 1.77 1.86 1.20 (1.07) 0.19 (1.22) 12.50 (2.03) (3.52) (3.76) (29.58) (1.81) (1.77) (0.51) 15.44 (10.91) (9.51) 5.87 4.45 10.94 (19.02) (7.49) (7.15) (8.32) (7.37) (6.73) (10.12) (3.36) (4.08) (1.49) (17.99) (21.73) (15.89) (1.01) 6.13 6.80 16.13 2.84 (1.64) (1.83) (2.18) (4.67) 0.99 1.49 2.20 3.34 1.57 4.22 0.72 1.65 (5.53) 2.80 0.49 3.09 (9.33) 2.13 9.87 10.70 13.99 10.52 3.68 0.76 (4.20) 17.57 (20.93) 3.21 4.50 (1.08) 31.83 (0.91) (0.91) (0.91) (0.91) (12.81) (26.66) 0.03 (5.29) (3.56) (19.80) 45.98 (18.77) (3.52) 5.67 8.63 13.89 (6.61) 0.79 0.67 0.41 7.30 0.98 0.07 2.93 4.20 3.15 4.70 4.97 5.63 0.25 0.49 2.11 0.28 (0.49) 19.16 (18.90) (19.04) (29.25) (18.47) (14.16) (29.17) (24.98) (4.89) (15.40) (21.47) (23.38) (14.73) (4.89) (12.93) (12.93) (12.93) (12.93) (8.05) (7.78) (8.24) (3.18) (4.16) 3.54 (11.35) (5.65) (2.25) (5.43) 7.11 (2.44) (62.83) (17.63) (19.25) (19.67) (7.58) (5.47) (7.75) (1.58) (6.90) (5.48) (7.57) (3.44) (4.22) 2.49 (4.45) 4.45 (5.57) (10.00) 16.83 0.27 3.98 (2.27) 2.23 (10.45) 41 Table 7.0 GROSS VALUE ADDED DEFLATORS BY ECONOMIC ACTIVITY: 2008-2017 ECONOMIC ACTIVITY 2008 2009 2010 2011 2012 Agriculture, Forestry & Fishing Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water
 Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment
 Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons Less FISIM Totals 114.22
Table 7.0 Cont’d GROSS VALUE ADDED DEFLATORS BY
 ECONOMIC ACTIVITY: 2008-2017 ECONOMIC ACTIVITY 2013 2014 2015 2016 Agriculture, Forestry & Fishing Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons Less FISIM Totals 116.43
135.71
Prel Table 8.0 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2008-2017 ECONOMIC ACTIVITY Agriculture, Livestock and Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real
 Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons Gross Output 2008 Intermedia te Consumpti on Gross Value Added 2009 Gross Output Intermediate Consumption Gross Value Added 179.05 153.73 25.88 127.85 21.72 3.60 10.71 29.16 131.18 117.21 98.71 18.51 172.60 223.58 51.72
103.26
1.23 20.32 72.44 77.17 60.51 1.17 15.49 103.26 69.13 18.50 4.12 1.53 9.98 83.16 111.82 38.66 73.16 35.29 30.25 5.05 11.09 1.24 9.86 3.03 TOTAL 2,065.98 1,042.06 1,023.92 2,087.61 987.29 1,100.32 44 Table 8.0 Cont’d GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2008-2017 2010 2011 ECONOMIC ACTIVITY Gross Output Intermediate Consumption Gross Value Added Gross Output Intermediate Consumption Gross Value Added Agriculture, Livestock and Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying
 Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons 38.77
9.07
TOTAL 2,165.12 1,052.24 1,112.88 2,221.20 1,078.65 1,142.55 45 Table 8.0 Cont’d GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2008-2017 2012 2013 ECONOMIC ACTIVITY Gross Output Intermediate Consumption Gross Value Added Gross Output Intermediate Consumption Gross Value Added Agriculture, Livestock and Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate
 Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons 2.74
TOTAL 2,169.77
36.53 5.83 11.21 1.50 9.71 3.17 TOTAL 2,169.77 1,053.22 1,116.55 2,233.92 1,084.79 1,158.63 46 Table 8.0 Cont’d GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2008-2017 2014 2015 ECONOMIC ACTIVITY Gross Output Intermediate Consumption Gross Value Added Gross Output Intermediate Consumption Gross Value Added Agriculture, Livestock and Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of
 Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons 71.80
7.81
TOTAL 2,323.92 1,122.78 1,202.60 2,277.10 1,032.44 1,244.95 47 Table 8.0 Cont’d GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2008-2017 2016 2017 Prel ECONOMIC ACTIVITY Gross Output Intermediate Consumption Gross Value Added Gross Output Intermediate Consumption Gross Value Added Agriculture, Livestock and Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration,
 Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons 0.19
TOTAL 2,384.79 1,062.36 1,322.42 2,184.83 1,052.14 1,132.68 48 Table 9.0 RATE OF GROWTH OF GROSS OUTPUT BY ECONOMIC ACTIVITY IN
 CURRENT BASIC PRICES: 2008-2017 ECONOMIC ACTIVITY 2008 2009 2010 2011 2012 Agriculture, Livestock and Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air
 Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons 22.08 29.08 48.89 25.70 (9.46) 0.31 (14.90) 34.33 (0.01) 8.59 13.45 (11.60) 29.66 22.60 29.46 42.52 14.51 3.19 2.05 4.03 12.26 12.83 26.69 48.18 14.70 7.27 4.76 10.06 0.29 (8.09) 3.26 0.82 0.82 23.66 5.85 18.62 26.26 7.23 5.07 7.76 4.21 4.92 2.08 1.15 6.04 0.18 2.82 10.09 11.90 (11.31) 16.60 (1.15) 0.47 3.88 12.03 (6.79) (14.72) (19.04) 8.29 (9.35) 6.64 12.20 (12.53) 11.10 4.48 0.67 7.25 0.16 1.31 2.31 (12.29) 3.73 (2.69) (0.25) 0.14 (6.33) (1.02) 2.92 0.54 0.54 18.77 2.24 16.33 8.40 1.54 4.97 0.72 7.33 8.05 5.10 0.61 0.59 0.62 (1.33) (6.69) (7.74) (15.66) (6.51) 0.48 0.59 (17.51) (7.43) (0.89) 14.91 19.03 (1.52) 6.57 3.97 1.25 4.07 5.06 2.93 3.00 2.89 (2.20) 1.11 (14.76) (10.62) 3.57 (7.58) 4.33 5.76 27.47 (1.38) 0.65 0.41 0.41 (14.40) 3.77 7.42 6.46 21.50 4.39 25.75 9.60 8.91 11.75 3.01 3.50 2.90 2.82 8.95 11.18 27.36 8.93 (6.01) 0.44 27.75 9.48 8.82 6.45 8.87 (5.21) 2.41 6.27 4.66 10.54 5.74 7.00 9.06 5.59 2.13 2.01 8.88 (6.44) 6.18 0.55 (0.72) 1.42 51.00
 (11.75) 0.53 0.50 0.50 (7.58) 0.62 3.14 1.14 (7.20) (5.55) (7.54) (0.08) 3.91 (12.34) 2.01 1.08 2.21 1.26 (5.36) (6.58) (15.99) (5.05) 4.26 0.11 (3.93) (2.01) 1.85 9.65 9.22 12.07 (9.99) (17.20) (17.40) (15.54) (17.59) 4.45 6.35 3.10 1.02 3.31 (8.05) (7.52) (8.87) 0.38 (0.15) (0.15) 5.96 (1.00) 0.86 0.62 0.62 4.38 (0.39) 1.58 (2.22) (1.36) 4.31 (2.55) 5.11 6.18 1.20 0.17 (1.48) 0.52 1.36 TOTAL 12.85 1.05 3.71 2.58 (2.52) 49 Table 9.0 Cont’d RATE OF GROWTH OF GROSS OUTPUT BY ECONOMIC ACTIVITY IN CURRENT BASIC
 PRICES: 2008-2017 ECONOMIC ACTIVITY 2013 2014 2015 2016 2017 Prel Agriculture, Livestock and Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal Services Public Private Private Households with Employed Persons 18.30 18.94 7.82 20.54 16.42 0.61 (4.92) (2.86) (0.44) (5.90) (8.34) 7.29 (6.12) 6.43 5.72 7.30 6.45 1.97 0.50 3.04 1.78 2.78 1.24 0.58 1.52 (0.38) 1.74 (4.28) (2.74) 24.81 0.51 0.84 0.48 (1.81) (0.09) (0.36) 4.80 7.04 (1.48) 8.96 5.91 4.84 10.00 (4.77) 1.00 (5.94) (1.00) (0.36) 0.64 (8.41) 1.80 (8.46) 0.78 49.16 (0.57) 2.50 2.18 2.89 (1.10) 12.51 4.36 6.30 0.87 4.63 4.82 8.08 2.50 0.92 1.02 2.62 3.66 2.52 (0.14) 0.75 2.38 0.12 (3.81) 1.37 1.44 1.44 1.86 1.79 0.77 5.30 11.70
 11.10 11.82 0.47 0.32 1.00 (0.24) 0.80 (0.47) 32.91 6.26 5.12 14.25 4.06 17.37 (0.51) 15.44 2.50 (18.70) (5.99) (9.00) 8.45 (17.77) (5.82) (4.53) (5.77) (6.34) (6.49) (10.12) (3.78) 0.22 2.01 (16.27) (19.11) (0.20) (0.39) 0.16 2.51 22.27 (9.60) (1.35) (1.78) (2.18) (5.63) 3.21 2.50 2.25 3.75 (2.97) 5.11 3.91 5.83 (3.00) 1.68 0.16 2.02 (9.33) 21.74 23.26 10.54 24.87 12.78 0.76 6.76 (3.33) (18.51) (5.80) (5.73) (6.08) 29.75 (0.73) (0.77) (0.02) (0.92) (6.05) (19.14) 3.10 (1.85) (0.85) (17.85) 29.40 (0.47)
 (3.12) 0.67 6.46 (0.31) (19.14) 0.85 0.71 0.41 8.63 0.14 0.21 17.95 4.57 2.94 4.88 10.58 13.19 0.25 (2.56) (14.88) 0.12 (0.49) (21.83) (23.13) (50.19) (20.08) (9.84) (29.17) (24.98) (4.89) (22.49) (22.18) (21.70) (24.07) (4.89) (12.52) (12.49) (12.37) (12.57) (7.78) (7.78) (7.78) (4.13) (3.79) 5.20 (10.00) (6.94) (5.32) (2.70) (2.50) 2.08 (4.54) (17.35) (19.46) (19.67) (7.35) (14.16) (7.29) 13.78 (8.39) 0.40 (10.00) 3.02 3.03 3.00 1.11 23.83 (3.09) (10.00) TOTAL 3.18 4.03 (2.01) 4.73 (8.38) 50 Table 10.0 RATE OF GROWTH OF INTERMEDIATECONSUMPTIONBY ECONOMIC ACTIVITY IN CURRENT BASIC PRICES: 2008-2017 ECONOMIC ACTIVITY 2008 2009 2010 2011 2012 Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public
 Private Other Community/Social/Personal Services Public Private TOTAL 12.33 17.00 (5.31) 27.74 0.96 0.31 31.43 57.10 11.33 20.09 19.36 26.47 29.66 15.21 21.66 33.93 7.61 3.25 2.05 3.97 15.95 15.64 32.03 54.21 9.09 13.15 6.11 17.88 3.40 (12.14) 3.94 0.82 0.82 23.66 5.85 18.62 77.78 8.95 66.76 8.08 4.21 6.34 2.08 1.11 6.05 (0.21) (6.32) (7.88) (13.14) (6.00) (1.97) 0.47 (20.14) 45.23 (10.17) (23.63) (29.67) 26.38 (9.35) 3.60 9.01 (15.02) 7.93 4.80 0.67 7.25 (14.14) (13.11) (2.67) (15.44) 24.47 (22.39) 2.76 1.06
 (2.77) 6.61 3.55 0.54 0.54 18.07 2.24 16.33 11.13 2.74 91.86 0.66 15.53 25.59 5.10 0.95 0.31 1.13 (2.77) (3.78) (20.00) 1.57 (0.09) 0.59 (18.10) (20.76) (2.13) 20.63 27.52 (11.10) 10.36 0.36 (2.27) 0.46 1.41 0.93 1.00 0.89 9.94 10.33 (14.90) (11.03) 29.08 13.00 21.58 32.86 89.72 (4.03) 0.81 0.41 0.41 (14.40) 3.77 7.42 10.35 5.37 8.10 5.25 16.46 20.26 11.75 1.88 1.58 1.96 3.36 6.34 10.00 5.39 (4.34) 0.44 27.75 2.41 6.95 3.28 7.97 (27.71) (1.11) 13.96 12.24 18.54 13.39 3.75 8.20 1.26 0.86 2.05 9.12 (8.49) 3.20 (4.42) (9.73) (5.17) (18.21) (21.44) 0.59 0.50 0.50 (7.58) 0.62 3.14 (6.44) 11.15 (14.15) 12.30 (6.49) (1.91) (12.59) 1.62 1.69 1.60 1.40 (1.79) (16.53) 2.20 10.65 0.11 (3.93) 25.12 (2.09) 18.80 13.73 68.84 (9.99) (36.70) (36.86) (35.44) (37.00) 7.08 6.35 7.51 0.59 4.22 (8.02) (8.29) (35.62) (5.11) 2.12 4.10 (33.05) (1.00) 0.92 0.62 0.62 4.38 (0.09) 1.58 (4.44) 2.77 31.61 1.77 8.37 13.19 1.17 (0.55) (6.22) 1.04 17.40 (5.26) 6.58 2.51 (2.36) 51 Table 10.0 Cont’d RATE OF GROWTH OF INTERMEDIATECONSUMPTIONBY ECONOMIC ACTIVITY IN CURRENT BASIC PRICES: 2008-2017 ECONOMIC ACTIVITY 2013 2014 2015 2016 2017 Prel Agriculture, Livestock & Forestry Crops: Bananas Other Crops Livestock Forestry Fishing Mining and Quarrying Manufacturing Electricity and Water Supply Electricity Water Construction Wholesale & Retail Trade Repair of Personal Household Goods Distribution of Fuel and Fuel Products Wholesale/Retail of other Goods Hotels and Restaurants Accommodation Restaurants
 Transport, Storage & Communications Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Auxiliary Financial Intermediation Insurance Real Estate, Renting & Business Activities Owner-Occupied Dwellings Real Estate Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration, Defence & Social Security Education Public Private Health & Social Work Public Private Other Community/Social/Personal
 Services Public Private TOTAL 11.34 10.50 10.52 10.49 13.70 0.61 (4.92) (12.71) (1.95) (9.24) (11.49) 5.73 (6.12) 41.07 35.69 43.58 42.45 1.76 (0.43) 3.04 0.69 2.85 1.54 0.62 (4.81) (7.73) 4.34 4.74 41.64 14.03 0.25 0.84 0.48 (1.81) 0.51 (0.36) (1.63) 3.90 (12.13) 4.52 6.67 7.07 6.00 (2.92) 0.64 (3.84) 0.64 1.07 0.00 1.30 (0.44) 0.78 49.16 (0.73) 2.50 0.64 (0.72) 8.25 12.51 5.15 9.95 0.87 4.63 5.03 8.08 3.29 (0.87) (1.49) 2.24 22.73 3.83 (0.61) 0.25 (2.44) 8.02 (3.66) 0.50 1.44 1.44 1.86 2.62 0.77 2.28 18.39 80.54 15.96 (2.27) (3.90) 0.50 0.72 0.13 (0.86) (3.31) (1.81) (29.00) 4.13 (7.17) (0.51) 15.44 0.56 (34.86) (13.06) (12.99) (13.47) (17.77) (4.86) (0.43) (5.77) (6.34) (5.68) (10.12) (3.03) (7.27) (3.04) (15.84) (29.79) 2.45 (24.08) (1.87) 4.25 30.46 (24.71) (0.12) (1.78) (2.18) (5.63) 3.21 2.50 (3.70) 0.77 (47.22) 3.77 0.81 3.17 (3.00) 0.25 0.36 1.98 11.01 16.93 14.00 17.37 (4.69) 0.76 6.76 (3.61) (5.04) (19.33) (17.52) (28.58) 29.75 (0.67) (0.51) (0.02) (0.92) (4.55) (18.39) 3.10 (10.01) (8.20) (18.02) 25.81 (19.41) (19.73) (1.45) (8.59) 3.31 29.85 0.87 0.71 0.41 8.63 0.14 0.21 40.66 4.31 1.02 4.41 22.95 36.00 0.50 (4.77) (23.34) 0.25 (12.76) (16.85) (29.00) (15.09) 0.99 (29.17) (24.98) (4.89) (20.84) (4.62) (12.33) 41.06 (4.89) (12.55) (12.64) (12.37) (12.57) (7.78) (7.78) (7.78) 7.73 0.38 5.79 (10.00) 10.72 58.15 3.84 7.06 (5.23) (5.16) (7.97) (7.96) (8.19) (7.35) (14.16) (7.29) 20.08 (4.72) 29.31 (5.71) 10.17 13.26 3.00 9.23 37.21 3.44 1.97 4.45 (7.96)
 2.90 (0.96) 52 Table 11.0 EXPENDITURE ON GROSS DOMESTIC PRODUCT IN CURRENT PRICES: 2008-2017 (EC$M) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Prel TOTAL CONSUMPTION 1,328.69 1,379.16 1,328.22 1,335.06 1,363.02 1,306.63 1,373.38 1,448.43 1,504.11 1,303.34 Government Final Consumption Expenditure 176.23 222.45 223.05 234.92 242.03 267.18 287.59 311.69 296.88 Private Final Consumption Expenditure 1,152.46 1,156.71 1,105.17 1,100.14 1,120.99 1,039.45 1,085.79 1,136.74 1,207.23 GROSS CAPITAL FORMATION
 261.01 255.93 245.06 224.36 196.26 184.24 207.30 194.24 236.59 Transport Equipment Other Equipment Construction 31.26 74.41 39.70 75.41 34.58 60.42 23.33 47.35 20.75 37.19 19.48 34.91 21.92 39.28 32.25 41.85 35.76 44.95 155.34 140.82 150.06 153.68 138.32 129.85 146.10 120.14 155.88 148.26 GOODS AND NON-FACTOR SERVICES (352.59) (314.59) (239.96) (206.64) (247.09) (135.53) (167.12) (182.42) (186.93) (199.10) 339.07 964.27 236.92 37.71 50.95 Total Exports of Goods and Non-Factor Services Export of Goods Export of NFS 423.18 399.47 118.49 99.41 474.24 104.83 508.34 427.58 90.42 99.07 522.36 103.57 736.51 103.99 690.93 94.17 304.69 300.06 369.41 417.92 328.51 418.79 632.52 596.76 Total Imports of Goods and Non-Factor Ser 775.77 714.06 586.92 535.21 714.20 531.69 714.98 537.13 674.67 494.95 657.89 482.32 903.63 547.14 873.35 527.46 188.85 178.85 182.51 177.85 179.72 175.57 356.49 345.89 Imports of Goods Imports of NFS 694.38 68.65 625.73 881.31 507.56 373.75 631.12 58.83 572.29 830.22 469.39 360.83 GDP AT MARKET PRICES 1,237.11 1,320.50 1,333.33 1,352.77 1,312.19 1,355.34 1,413.56 1,460.24 1,553.77 1,341.16 Less: Taxes on Products and Production 226.26 237.35 238.88 230.32 221.06 218.16 232.02 236.03 255.10 Plus: Subsidies 4.70 4.72 4.77 4.81 4.86 4.91 4.96 5.01 5.50 232.94 6.04 GVA AT BASIC PRICES 1,015.55 1,087.87 1,099.22 1,127.26 1,096.00 1,142.09 1,186.50 1,229.22 1,304.17 1,114.26 5 3 Table 12.0 NATIONAL ACCOUNTS AGGREGATES IN CURRENT PRICES: 2008 - 2017 (EC$M) 2008
 2009 2010 2011 2012 2013 2014 2015 2016 2017 Prel GVA AT BASIC PRICES 1,015.55 1,087.87 1,099.22 1,127.26 1,096.00 1,142.09 1,186.50 1,229.22 1,304.17 1,114.26 Product Taxes Less Subsidies 221.56 232.63 234.11 225.51 216.20 213.25 227.06 231.02 249.60 226.90 GDP AT MARKET PRICES 1,237.11 1,320.50 1,333.33 1,352.67 1,312.19 1,355.34 1,413.56 1,460.24 1,553.77 1,341.16 Net Income from Abroad (49.51) (36.87) (25.49) (28.48) (25.73) (52.67) (59.51) (58.95) (45.36) (30.18) GROSS NATIONAL INCOME 1,187.60 1,283.63
 1,307.84 1,324.19 1,286.46 1,302.67 1,354.05 1,401.29 1,508.41 1,310.98 Net Current Transfers from abroad 51.41 52.03 53.22 44.53 45.39 54.82 127.56 141.89 101.17 773.34 GROSS NATIONAL DISPOSABLE INCOME 1,239.01 1,335.66 1,361.06 1,368.72 1,331.85 1,357.49 1,481.61 1,543.18 1,609.58 2,084.32 Private Final Consumption 1,152.46 1,156.71 1,105.17 1,100.04 1,117.43 1,053.80 1,092.24 1,058.61 1,207.23 964.27 Government Final Consumption 176.23 222.45 223.05 234.92 242.03 267.18 287.59 311.69 296.88 339.07 Total Consumption 1,328.69 1,379.16 1,328.22 1,334.96 1,359.46 1,320.98 1,379.83 1,370.30 1,504.11 1,303.34 GROSS NATIONAL SAVING (89.68) (43.50) 32.84 33.77 (27.61) 36.51 101.78 172.88 105.47 780.98 Gross Capital Formation Gross National Saving FOREIGN SAVING 261.01 255.93 245.06 224.36 199.57 187.35 210.80 170.54 236.59 236.92 (89.68) (43.50) 32.84 33.77 (27.61) 36.51 101.78 172.88 105.47 780.98 350.69 299.43 212.23 190.59 227.18 150.84 109.02 (2.33) 131.12 (544.06) 5 4 Table 13.0 RELATIONS AMONG PRODUCT, INCOME, SAVINGS AND NET LENDING AGGREGATES: 2010-2017 GROSS DOMESTIC PRODUCT Plus: Compensation of employees - from the rest of the world Less: Compensation of employees - to the rest of the world Plus: Property income - from the rest of the world Less: Property income - to the rest of the world Plus: Taxes less subsidies on production and imports - from the rest of the world Less: Taxes less subsidies on production and imports - to the rest of the world 2010
 1,333.33 3.07 2011 1,352.77 2.19 2012 1,312.20 2.50 2013 1,355.34 3.17 13.38 41.94 11.12 41.80 10.41 38.65 10.07 65.91 - - - - - - - - GROSS NATIONAL INCOME, at market prices Plus: Current transfers - from the rest of the world Less: Current transfers - to the rest of the world 1,307.84 73.39 20.17 1,324.28 68.98 24.45 1,286.46 73.28 27.89 1,302.67 85.52 30.70 GROSS NATIONAL DISPOSABLE INCOME Less: Final consumption expenditure / Actual final consumption 1,361.06 1,328.22 1,368.81 1,334.96 1,331.85 1,359.46
 1,357.49 1,320.98 SAVINGS, GROSS Plus: Capital transfers - from the rest of the world Less: Capital transfers - to the rest of the world Less: Gross capital formation Less: Acquisitions less disposals of non-produced non-financial 32.84 90.80 0.44 245.06 - 33.85 51.71 0.44 224.36 - (27.62) 44.09 0.44 199.57 - 36.51 21.51 0.45 187.35 - NET LENDING(+)/NET BORROWING(-) OF THE NATION (121.87) (139.23) (183.54) (129.78) 55 Table 13.0 Cont’d RELATIONS AMONG PRODUCT, INCOME, SAVINGS AND NET LENDING AGGREGATES: 2010-2017 GROSS DOMESTIC PRODUCT Plus: Compensation of employees - from the rest of the world Less: Compensation of employees - to the rest of the world Plus: Property income - from the rest of the world Less: Property income - to the rest of the world Plus: Taxes less subsidies on production and imports - from the rest of the world Less: Taxes less subsidies on production and imports - to the rest of the world 2014 1,413.56 6.36 34.57 7.07 38.36 2015 1,460.24 13.09 34.56 21.30 58.77 2016 2017 Prel 1,341.16 11.29 31.34 15.97 26.11 1,553.77 13.08 31.03 18.50 45.92 - - - - - - GROSS NATIONAL INCOME, at market prices Plus: Current transfers - from the rest of the world Less: Current transfers - to the rest of the world 1,354.06 186.26 58.70 1,401.30 205.12 63.23 1,508.40 158.08 56.91 1,310.97 819.52 46.18 GROSS NATIONAL DISPOSABLE INCOME Less: Final consumption expenditure / Actual final consumption 1,481.62 1,379.83 1,543.19 1,370.30 1,609.57 1,504.11 2,084.31 1,303.34
 SAVINGS, GROSS Plus: Capital transfers - from the rest of the world Less: Capital transfers - to the rest of the world Less: Gross capital formation Less: Acquisitions less disposals of non-produced non-financial 101.79 107.94 - 210.80 - 172.89 149.08 - 170.54 - 105.46 396.78 - 236.59 - 780.97 341.28 236.92 NET LENDING(+)/NET BORROWING(-) OF THE NATION (1.07) 151.42 265.65 885.33 56 Table 14.0 REST OF THE WORLD 2010-2017 EXTERNAL ACCOUNT OF GOODS AND SERVICES - RESOURCES Imports of goods and services
 Imports of goods Imports of services EXTERNAL ACCOUNT OF GOODS AND SERVICES - USES Exports of goods and services Exports of goods Exports of services 2010 2011 2012 2013 714.20 531.69 182.51 714.98 537.13 177.85 674.67 494.95 179.72 657.89 482.32 175.57 474.24 104.83 369.41 508.34 90.42 417.92 427.58 99.07 328.51 522.36 103.57 418.79 EXTERNAL BALANCE OF GOODS AND SERVICES 239.96 206.64 247.09 135.53 EXTERNAL ACCOUNT OF PRIMARY INCOME AND CURRENT TRANSFERS - RESOURCES EXTERNAL BALANCE OF GOODS AND SERVICES Compensation of employees Property income Current taxes on income, wealth, etc.
Other current transfers 239.96 - 41.94 - 20.17 206.64 - 41.80 - 24.45 247.09 - 38.65 - 27.89 135.53 - 65.91 - 30.70 EXTERNAL ACCOUNT OF PRIMARY INCOME AND CURRENT TRANSFERS - USES Compensation of employees Property income Other current transfers 3.07 13.38 73.39 2.19 11.12 68.98 2.50 10.41 73.28 3.17 10.07 85.52 CURRENT EXTERNAL BALANCE 212.23 190.60 227.44 133.38 CAPITAL ACCOUNT - CHANGES IN LIABILITIES AND NET WORTH CURRENT EXTERNAL BALANCE Capital transfers, receivable less payable Capital transfers, receivable Less: Capital transfers, payable 212.23 (90.36) 0.44 90.80 190.60 (51.27) 0.44 51.71 227.44 (43.65) 0.44 44.09 133.38 (21.06) 0.45 21.51 CHANGES IN NET WORTH DUE TO SAVING AND CAPITAL TRANSFERS Acquisitions less disposals of non-produced non-financial assets 302.59 241.87 271.09 154.44 NET LENDING (+) / NET BORROWING (-) 302.59 241.87 271.09 154.44 57 Table 14.0 Cont’d REST OF THE WORLD 2010-2017 EXTERNAL ACCOUNT OF GOODS AND SERVICES - RESOURCES Imports of goods and services Imports of goods Imports of services EXTERNAL ACCOUNT OF GOODS AND SERVICES - USES Exports of goods and services Exports of goods Exports of services 2014 2015 2016 2017 Prel 903.63 547.14 356.49 873.35 527.46 345.89 881.31 507.56 373.75 736.51 103.99 632.52 690.93 94.17 596.76 694.38 68.65 625.73 830.22 469.39 360.83 631.12 58.83 572.29 EXTERNAL BALANCE OF GOODS AND SERVICES 167.12 182.42 186.93 199.10 EXTERNAL ACCOUNT OF PRIMARY INCOME AND CURRENT TRANSFERS - RESOURCES EXTERNAL BALANCE OF GOODS AND SERVICES Compensation of
 employees Property income Current taxes on income, wealth, etc.
Other current transfers 167.12 34.57 38.36 - 58.70 182.42 34.56 58.77 - 63.23 186.93 31.03 45.92 - 56.91 199.10 31.34 26.11 - 46.18 EXTERNAL ACCOUNT OF PRIMARY INCOME AND CURRENT TRANSFERS - USES Compensation of employees Property income Other current transfers 6.36 7.07 186.26 13.09 21.30 205.12 13.08 18.50 158.08 11.29 15.97 819.52 CURRENT EXTERNAL BALANCE 64.49 64.91 100.10 (575.39) CAPITAL ACCOUNT - CHANGES IN LIABILITIES AND NET WORTH CURRENT EXTERNAL BALANCE Capital transfers, receivable less payable Capital transfers, receivable Less: Capital transfers, payable 64.49 (107.94) - 107.94 64.91 (149.08) - 149.08 100.10 (396.78) - 396.78 (575.39) (341.28) - 341.28 CHANGES IN NET WORTH DUE TO SAVING AND CAPITAL TRANSFERS Acquisitions less disposals of non-produced non-financial assets 172.43 213.99 496.88 (234.11) NET LENDING (+) / NET BORROWING (-) 172.43 213.99 496.88 (234.11) 58 Table 15.0 BALANCE OF PAYMENTS SUMMARY (BPM5) 2008-2014 2008 2009 2010 1.
CURRENT ACCOUNT (350.39) (290.21) (212.22) A.

GOODS a.

Merchandise b.

Repair on Goods c. Goods procured in ports by carriers B.

SERVICES a.

Transportation b.

Travel c. Insurance Services d. Other Business Services e. Government Services C. INCOME a.

Compensation of Employees b.

Investment Income i.

Direct Investment ii.

Portfolio Investment iii.

Other Investment D. CURRENT TRANSFERS a.

General Government b.


Other Sectors (468.42) (478.93) 0.00 10.51 115.83 (81.00) 175.60 (15.44) 34.41 2.26 (49.52) 2.48 (52.00) (29.38) 3.72 (26.34) 51.72 0.16 51.56 (435.82) (443.41) 0.00 7.59 126.06 (75.49) 178.81 (13.51) 26.39 9.86 (31.99) 2.86 (34.85) (35.93) (1.36) 2.44 51.54 0.81 50.73 (426.85) (432.26) 0.01 5.40 186.90 (73.12) 219.00 (14.26) 45.15 10.13 (25.49) 3.07 (28.56) (20.95) 0.63 (8.24) 53.22 1.75 51.47 2.

CAPITAL AND FINANCIAL ACCOUNT 295.58 296.42 286.56 A.

CAPITAL ACCOUNT 1.
CAPITAL ACCOUNT 1.

Capital Transfers a.

General Government b.

Other Sectors 2.

Acquisition & Disposal of Non-Produced Non-Financial Assets B.

FINANCIAL ACCOUNT 1.

Direct Investment 2.

Portfolio Investment 3.

Other Investment a.Public Sector Long Term b.


Other Public Sector Capital c. Commercial Banks d. Other Assets e. Other Liabilities 155.41 155.41 146.62 8.79 0.00 140.17 152.68 (8.89) (3.62) (9.13) 0.00 (47.41) (13.73) 66.65 118.75 118.75 110.25 8.50 0.00 177.67 114.54 0.99 62.14 21.73 0.00 (28.43) 10.40 58.44 90.37 90.37 81.58 8.79 0.00 196.19 115.72 (14.87) 95.34 59.52 0.00 27.10 (24.10) (32.82) 3.

NET ERRORS AND OMISSIONS 46.04 54.69 (70.96) 4.


OVERALL BALANCE 5. FINANCING Change in Special Drawing Rights Change in Reserve Position With the Fund Change in Government Foreign Assets Change in imputed Reserves (9.07) 56.04 3.38 9.07 0.00 0.00 (5.37) 14.44 (56.04) (33.18) 0.00 2.42 (25.28) (3.38) 0.00 0.00 1.88 (5.26) 59 Table 15.0 Cont’d BALANCE OF PAYMENTS SUMMARY (BPM5) 2008-2014 1.

CURRENT ACCOUNT A.

GOODS a.

Merchandise b.

Repair on Goods c. Goods procured in ports by carriers B.

SERVICES a.
SERVICES a.

Transportation b.

Travel c. Insurance Services d. Other Business Services e. Government Services C. INCOME a.

Compensation of Employees b.

Investment Income i.

Direct Investment ii.

Portfolio Investment iii.

Other Investment D. CURRENT TRANSFERS a.

General Government b.
Other Sectors 2011 2012 2013 2014 (190.60) (227.44) (133.39) (155.01) (446.71) (454.22) 0.00 7.51 240.06 (74.47) 252.91 (10.58) 43.81 28.38 (28.48) 2.19 (30.67) (13.32) 1.54 (18.89) 44.53 (5.54) 50.07 (395.88) (403.56) 0.00 7.67 148.79 (71.03) 172.00 (10.53) 26.59 31.77 (25.73) 2.50 (28.24) (13.66) 1.33 (15.91) 45.39 1.11 44.27 (378.75) (386.48) 0.00 7.73 243.22 (73.78) 244.71 (9.91) 33.55 48.65 (52.67) 3.17 (55.84) (40.88) (1.31) (13.65) 54.82 14.61 40.21 (443.15) (449.93) 0.00 6.78 278.60 (85.90) 309.88 (11.36) 16.85 49.13 (46.30) 3.23 (49.53) (37.35) (1.89) (10.29) 55.84 14.88 40.96 2.
CAPITAL AND FINANCIAL ACCOUNT 293.54 239.41 132.09 233.77 A.

CAPITAL ACCOUNT 1.

Capital Transfers a.

General Government b.

Other Sectors 2.

Acquisition & Disposal of Non-Produced Non-Financial Assets B.

FINANCIAL ACCOUNT 1.

Direct Investment 2.

Portfolio Investment 3.

Other Investment a.Public Sector Long Term b.


Other Public Sector Capital c. Commercial Banks d. Other Assets e. Other Liabilities 51.27 51.27 42.36 8.92 0.00 242.27 93.32 (5.43) 154.38 26.88 0.00 101.15 (10.86) 37.20 43.65 43.65 34.62 9.02 0.00 195.76 158.01 12.16 25.59 84.87 0.00 (41.33) (32.53) 14.58 21.07 21.07 11.93 9.15 0.00 111.02 63.04 (40.08) 88.06 44.67 0.00 (0.37) 27.81 15.95 85.45 85.45 76.14 9.31 0.00 148.32 90.09 (58.62) 116.85 99.09 0.00 (44.74) 46.26 16.23 3.
NET ERRORS AND OMISSIONS (85.41) 3.93 (16.16) (30.47) 4.

OVERALL BALANCE 5. FINANCING Change in Special Drawing Rights Change in Reserve Position With the Fund Change in Government Foreign Assets Change in imputed Reserves 17.55 15.90 (17.45) 48.28 (17.55) 0.43 0.00 4.12 (22.10) (15.90) 0.00 0.00 28.63 (44.54) 17.45 0.00 0.00 (0.03) 17.48 (48.28) 0.00 0.00 (8.98) (39.30) 60 Table 15.1 BALANCE OF PAYMENTS SUMMARY (BPM6) 2014-2017 1.

CURRENT ACCOUNT A.

GOODS AND SERVICE a.

Goods b.

Services i.


Manufacturing services on physical inputs owned by others ii.

Maintenance and repair services n.i.e.

iii.

Transport iv.

Travel v. Construction vi.

Insurance and pension services vii.

Financial services viii.

Charges for the use of intellectual property n.i.e.

ix.

Telecommunications, computer, and information services x.

Other business services xi.

Personal, cultural, and recreational services xii.

Government goods and services n.i.e.

B.


PRIMARY INCOME a.

Compensation of employees b.

Investment income i.

Direct investment ii.

Portfolio investment iii.

Other investment iv.

Reserve assets (credit) c. Other primary income C. SECONDARY INCOME a.

General government b.

Financial corporations, nonfinancial corporations, households, and NPISHs i.

Personal transfers (Current transfers between residents and nonresident households) ii.

Other current transfers 2.

CAPITAL ACCOUNT A.


GROSS ACQUISITIONS (DR) / DISPOSALS (CR) OF NONPRODUCED NONFINANCIAL ASSETS B.

CAPITAL TRANSFERS a.

General government b.

Financial corporations, nonfinancial corporations, households, and NPISHs Net lending (+) / net borrowing (-) (balance from current and capital account) 3.
FINANCIAL ACCOUNT 2014 2015 (97.48) (98.61) 2016 (130.37) 2017Prel 567.95 (167.12) (443.15) 276.03 - - (83.43) 512.23 (5.70) (24.28) (10.00) (1.58) 16.34 (128.21) - 0.66 (59.51) (28.23) (31.28) (15.50) (0.83) (14.95) - - 129.15 37.85 91.30 97.54 (6.24) (182.41) (433.30) 250.89 - - (80.62) 484.78 (6.17) (25.11) (10.65) (1.82) 16.08 (127.24) - 1.64 (58.94) (21.47) (37.47) (33.27) 7.61 (11.81) - - 142.74 48.69 94.05 105.48 (11.43) (186.95) (438.92) 251.97 - - (74.92) 469.84 (4.26) (15.95) (7.80) (1.82) 15.49 (129.13) (4.19) 4.71 (45.37) (17.94) (27.43) (22.49) 9.44 (14.38) - - 101.95 32.07 69.88 79.70 (9.82) (199.10) (410.56) 211.46 - - (71.87) 440.30 (4.05) (21.84) (6.08) (1.57) 17.06 (142.28) (4.19) 5.98 (30.18) (20.05) (10.13) (1.97) 7.70 (15.86) - - 797.23 40.39 756.84 85.39 671.45 107.94 149.08 396.78 341.28 - 107.94 106.10 1.84 10.46 - 149.08 148.62 0.46 50.47 - 396.78 396.25 0.53 266.41 - 341.28 340.82 0.46 909.23 Net lending (+) / net borrowing (-) (balance from financial account) 34.02 69.81 252.21 884.73 A.
DIRECT INVESTMENT Equity and investment fund shares Debt instruments B.
PORTFOLIO INVESTMENT Equity and investment fund shares Debt securities C. FINANCIAL DERIVATIVES (OTHER THAN RESERVES) AND EMPLOYEESTOCK OPTIONS Central bank Deposit-taking corporations, except Central Bank General Government Other sectors D. OTHER INVESTMENT Other equity Currency and deposits Loans Insurance, pension, and standardized guarantee schemes Trade credit and advances Other accounts receivable/payable Special drawing rights (Net incurrence of liabilities) E. RESERVEASSETS NET ERRORS AND OMISSIONS (43.40) (43.33) (0.07) 74.54 - 74.54 - - - - - (36.26) - (0.97) (44.37) 0.33 0.28 8.47 - 39.14 (60.91) (64.12) 3.21 (58.46) (2.16) (56.30) - - - - - 118.52 - 139.40 (37.73) 11.36 (2.11) 7.60 - 70.66 (108.76) (111.92) 3.16 (12.69) - (12.69) - - - - - 115.23 - 68.51 43.83 (3.49) 0.86 5.52 - 258.43 7.74 4.94 2.80 17.96 (1.77) 19.73 - - - - - 885.16 - 360.23 14.17 539.79 1.03 (30.06) - (26.13) 25.14 20.19 (13.43) (0.61) 61 Table 16.0 SELECTED ECONOMIC INDICATORS: 2008-2017 CURRENT PRICES GVA at Basic Prices UNIT 2008 2009 2010 2011 2012 EC$ M 1,015.55 1,087.87 1,099.22 1,128.27 1,095.75 GVA at Basic Prices growth rate % change 8.54 7.12 1.04 2.64 (2.79) GDP at Market Prices EC$ M 1,237.11 1,320.50 1,333.33 1,353.78 1,311.95 GDP at market prices growth rate % change 8.74 6.74 0.97 1.53 (3.01) GNI at Market Prices Per Capita GVA at Basic Prices Per Capita GDP at Market Prices Per Capita GNI at Market Prices CONSTANT PRICES GVA at Basic Prices EC$ M 1,187.60 1,283.63 1,307.84 1,324.19 1,286.22 EC$ EC$ EC$ 14,358.99
 15,376.98 15,541.02 16,124.37 15,770.94 17,491.64 18,665.17 18,850.93 19,347.19 18,882.61 16,791.62 18,144.02 18,490.54 18,924.36 18,512.35 EC$ M 985.43 977.38 984.65 994.78 984.59 GVA at Basic Prices growth rate % change 6.92 (0.82) 0.74 1.03 (0.84) GDP at Market Prices EC$ M 1,200.42 1,186.38 1,194.36 1,193.61 1,178.85 GDP at market prices growth rate % change 7.12 (1.17) 0.67 (0.06) (1.07) GNI at Market Prices Per Capita GVA at Basic Prices Per Capita GDP at Market Prices Per Capita GNI at Market Prices
 OTHER INDICATORS Mid Year Population Value of Exports (FOB) Value of Domestic Exports (FOB) Value of Imports (CIF) Visible Trade Balance Balance of Payments Current A/c Balance Balance of Payments- Capital & Financial A/c Balance Balance of Payments - Capital A/c Balance (BPM6) Agricultural Exports Banana Exports Total Banana Export Revenue Construction Imports No of Construction Starts Value of Construction Starts Consumer Price Index (June 2010, Average period) Food Only Index (June 2010, Average period) Inflation Rate Implicit Deflator of GVA (2006=100) Government Recurrent Revenue Government Recurrent Expenditure Government current account balance Total Passenger Arrivals Tourist Arrivals Crusie Ship Passengers Excursionists Total Visitors EC$ M 1,152.38 1,153.26 1,171.52 1,167.53 1,155.73 EC$ EC$ EC$ 13,933.10 13,815.14 13,921.22 14,216.67 14,171.00 16,972.83 16,769.36 16,886.15 17,058.19 16,966.95 16,293.57 16,301.14 16,563.33 16,685.39 16,634.30 NO EC $ M EC $ M EC $ M EC $ M EC $ M EC $ M EC$M EC $ M TONNES EC $M EC $M NO EC $ M INDEX INDEX % INDEX EC $ M EC $ M EC $ M NO NO NO NO NO 70,726 107.98 102.96 666.95 70,747 70,730 91.57 86.33 83.33 77.77 607.18 589.02 69,973 118.21 105.92 634.84 69,479 123.29 109.17 604.16 (558.97) (515.61) (505.69) (516.63) (480.87) (350.69) (295.06) (212.22) (190.60) (227.44) 295.58 296.42 286.56 293.54 239.41 n/a 37.35 10,934 17.07 78.58 125 65.16 96.83 90.98 6.37 103.06 335.61 284.73 50.88 n/a 41.02 8,086 14.21 63.91 119
 36.66 96.96 95.44 0.13 111.31 348.85 286.75 62.10 n/a 31.30 5,214 9.33 73.62 96 42.50 99.91 99.68 3.04 111.64 350.82 301.20 49.62 n/a 41.56 5,408 9.37 71.78 117 33.23 100.97 103.36 1.06 113.42 356.69 313.73 42.96 n/a Total Tourism Expenditure EC $M 236.90
347,616 Total Tourism Expenditure EC $M 236.90 227.20 257.10 258.11 212.17 Cruise Ship Calls Electricity Generated Electricity Consumed Water Consumed NO 000 KWH 000 KWH 211 87,498 73,686 262 92,721 80,308 273 196 185 99,181 100,483 101,672 86,775 88,842 90,113 000 gallons 943,495 1,014,108 1,054,207 1,042,030 1,046,223 Commercial Bank Loans (Outstanding) EC $ M 710.86 773.81 850.12 878.37 931.95 62 Table 16.0 Cont’d SELECTED ECONOMIC INDICATORS: 2008-2017 CURRENT PRICES GVA at Basic Prices UNIT 2013 2014 2015 2016 2017Prel EC$ M 1,159.55 1,199.02 1,229.22 1,304.17 1,114.26 GVA at Basic Prices growth rate % change 5.82 3.40 3.60 6.10 (14.56) GDP at Market Prices EC$ M 1,355.34 1,413.56 1,460.24 1,553.77 1,341.16 GDP at market prices growth rate % change 4.64 3.88 3.30 6.40 (13.68) GNI at Market Prices Per Capita GVA at Basic Prices Per Capita GDP at Market Prices Per Capita GNI at Market Prices CONSTANT PRICES GVA at Basic Prices EC$ M 1,320.13 1,379.78 1,401.29 1,508.41 1,310.98 EC$ EC$ EC$ 16,646.39 17,022.65 17,267.96 18,308.22 16,404.80 19,457.07 20,068.46 20,513.31 21,812.17 19,745.35 18,951.65 19,588.82 19,685.19 21,175.39 19,301.02 EC$ M 1,003.40 1,040.61 1,003.53 1,025.87 918.66 GVA at Basic Prices growth rate % change 1.91 3.71 (2.27) 2.23 (10.45) GDP at Market Prices EC$ M 1,187.93 1,237.67 1,192.13 1,222.20 1,105.72 GDP at market prices growth rate % change 0.77 4.19 (3.68) 2.52 (9.53) GNI at Market Prices Per Capita GVA at Basic Prices Per Capita GDP at Market Prices Per Capita GNI at Market Prices
 OTHER INDICATORS Mid Year Population Value of Exports (FOB) Value of Domestic Exports (FOB) Value of Imports (CIF) Visible Trade Balance Balance of Payments Current A/c Balance EC$ M 1,142.36 1,197.49 1,144.01 1,186.52 1,080.84 EC$ EC$ EC$ NO EC $ M EC $ M EC $ M EC $ M EC $ M 14,404.66 14,773.67 14,097.48 14,401.37 13,524.97 17,053.75 17,571.35 16,746.97 17,157.60 16,279.09 16,399.48 17,000.82 16,070.89 16,656.71 15,912.76 69,658 122.75 110.38 618.29 70,437 125.90 112.68 647.40 71,185 71,234 67,923 90.00
 83.10 65.27 59.34 42.10 35.57 599.39 576.78 534.08 (495.54) (521.50) (509.39) (511.51) (491.98) (133.39) (99.07) (99.48) (131.13) 544.05 Balance of Payments- Capital & Financial A/c Balance EC $ M 132.09 Balance of Payments - Capital A/c Balance (BPM6) Agricultural Exports Banana Exports Total Banana Export Revenue Construction Imports No of Construction Starts Value of Construction Starts Consumer Price Index (June 2010, Average period) Food Only Index (June 2010, Average period) Inflation Rate Implicit Deflator of GVA (2006=100) Government Recurrent Revenue Government Recurrent Expenditure Government current account balance Total Passenger Arrivals Tourist Arrivals Crusie Ship Passengers Excursionists Total Visitors Total Tourism Expenditure Cruise Ship Calls Electricity Generated Electricity Consumed Water Consumed EC$M EC $ M TONNES EC $M EC $M NO EC $ M INDEX INDEX % INDEX EC $ M EC $ M EC $ M NO NO NO NO NO EC $M NO 233.77 107.94 48.30 1,956 5.70 67.18 94 n/a n/a 149.08 396.78 46.40 908 3.90 44.11 1,033 4.34 55.92 72.21 66 97 n/a 44.80 3,320 7.80 59.76 115 42.96 29.62 21.53 102.30 108.94 103.12 110.12 102.24 110.91 (0.05) 0.80 (0.85) 277.00
310,768 370,279 357,519 356,531 230,166 277.00 343.46 366.16 388.87 289.00 162 199 187 163 000 KWH 100,752 102,556 107,084 111,902 000 KWH 89,339 91,158 94,958 99,384 000 gallons 1,031,530 1,085,127 1,013,728 1,002,749 855,057 n/a 341.28 23.81 539.11 2.10 68.46 57.00 17.56 103.61 111.27 1.19 121.29 604.14 437.66 166.48 107 85,737 99,597 Commercial Bank Loans (Outstanding) EC $ M Notes: The publication of BOP data in BPM5 format was discontinued after 2014 from the Financial account in the BPM6 format.
The Consumer Price Index and the Food Only Price Index in 2017 are for the period January to September.

934.22 and is replaced with BPM6 format.
The Capital account is now separate 918.93 923.08 960.131 927.33 63 CHART 1.0 GROSS VALUE ADDED (GVA) IN CURRENT AND CONSTANT PRICES: 2008-2017 CHART 2.0 SECTORAL CONTRIBUTION OF GVA IN CONSTANT PRICES: 2017 64 CHART 3.0 RATE OF GROWTH OF GVA IN CURRENT AND CONSTANT PRICES: 2008-2017 CHART 4.0 CURRENT ACCOUNT BALANCE (BPM5): 2008-2014 65 CHART 4.1 CURRENT ACCOUNT BALANCE (BPM6): 2014-2017 CHART 5.0 CAPITAL AND FINANCIAL ACCOUNT BALANCE (BPM5): 2008-2014 66 CHART 5.1 CAPITAL ACCOUNT BALANCE (BPM6): 2014-2017 CHART 5.2 FINANCIAL ACCOUNT BALANCE (BPM6): 2014-2017 67