Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698830167590.pdf (Saint Vincent and the Grenadines)
PUBLISHED & PRINTED BY: STATISTICAL OFFICE CENTRAL PLANNING DIVISION MINISTRY OF FINANCE AND ECONOMIC PLANNING KINGSTOWN, ST. VINCENT AND THE GRENDINES Telephone: (784) 457-2921 Fax: (784) 456-2430 E-mail: svg.stats@mail.gov.vc Website: © COPYRIGHT 2010 DATA FROM THESE TABLES MAY BE REPRODUCED WITH ACKNOWLEDGEMENT FROM SOURCE TABLE OF CONTENTS Page SELECTED ACRONYMS ............................................................................................................................ vi FOREWORD ................................................................................................................................................. 1 ACKNOWLEDGEMENTS ............................................................................................................................. 2 I.
INTRODUCTION .................................................................................................................................. 3 II.

RESULTS AND HIGHLIGHTS OF THE NEW REBASED SERIES .................................................... 5 III.

KEY CONCEPTS AND DEFINITIONS .............................................................................................. 14 IV.
SOURCES AND METHODS OF ESTIMATING THE GROSS VALUE ADDED IN CURRENT AND CONSTANT PRICES .................................................................................................................................. 26 V. STATISTICAL TABLES AND CHARTS ............................................................................................ 39 ANNEX A- ISIC REV 3.1 ............................................................................................................................ 66 ANNEX B – ANNUAL SURVEY OF ECONOMIC ACTVITY ..................................................................... 66 STATISTICAL TABLES INDEX Table II-1.1 GVA AT BASIC PRICES, CONTRIBUTION AND GROWTH RATE BY INDUSTRY IN PREVIOUS VS REVISED SERIES- AVERAGE OF PERIOD 2005 TO 2009 .............................................. 9 Table II.2.1 THE IMPACT OF THE REBASING TO 2006 ON SELECTED MACRO ECONOMIC VARIABLES ................................................................................................................................................ 12 Table II.2.2 THE IMPACT OF THE REBASING TO 2006 ON SELECTED MACRO ECONOMIC VARIABLES ................................................................................................................................................ 13 Table V-1.1 GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2000- 2004 (EC$M) ............................................................................................................................................... 40 Table V-1.2 GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2005- 2009 (EC$M) ............................................................................................................................................... 41 STATISTICAL TABLES INDEX Con't Page Table V-2.1 GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2000- 2004 (EC$M) ...............................................................................................................................................
42 Table V-2.2 GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2005-2009 (EC$M) ...................................................................................................................................... 43 Table V-3.1 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2000-2004 ........................................................................................................... 44 Table V- 3.2 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2005-2009 ........................................................................................................... 45 Table V- 4.1 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2000-2004 ......................................................................................................... 46 Table V- 4.2 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2005-2009 ......................................................................................................... 47 Table V- 5.1 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2001-2005 ................................................................................................................ 48 Table V- 5.2 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2006-2009 ................................................................................................................ 49
49 Table V- 6.1 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2001-2005 .............................................................................................................. 50 Table V- 6.2 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2006-2009 .............................................................................................................. 51 Table V- 7.1 GROSS VALUE ADDED DEFLATORS BY ECONOMIC ACTIVITY 2000-2004
 ................. 52 Table V- 7.2 GROSS VALUE ADDED DEFLATORS BY ECONOMIC ACTIVITY 2005-2009 ............... 53 Table V- 8.1 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2000 AND 2001 ............................................................................................................... 54 Table V- 8.2 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2002 AND 2003 ............................................................................................................... 55 Table V- 8.3 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2004 AND 2005 ............................................................................................................... 56 Table V- 8.4 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2006 AND 2007 ............................................................................................................... 57 Table V- 8.5 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2008 AND 2009 ............................................................................................................... 58 Table V-9.1 EXPENDITURE ON GROSS DOMESTIC PRODUCT IN CURRENT PRICES: 2000-2004 (EC$M) ........................................................................................................................................................ 59 STATISTICAL TABLES INDEX Con't Page
 Table V-9.2 EXPENDITURE ON GROSS DOMESTIC PRODUCT IN CURRENT PRICES: 2005-2009 (EC$M) ........................................................................................................................................................ 60 Table V-10.1 NATIONAL ACCOUNTS AGGREGATES IN CURRENT PRICES: 2000-2004 (EC$M) .... 61 Table V-10.2 NATIONAL ACCOUNTS AGGREGATES IN CURRENT PRICES: 2005-2009 (EC$M) .... 61 Table V-11.1 SELECTED ECONOMIC INDICATORS 2000-2004
 ........................................................... 62 Table V-11.2 SELECTED ECONOMIC INDICATORS 2005-2009 ........................................................... 63 STATISTICAL FIGURES INDEX FIGURE 1: RELATIONSHIP BETWEEN BASIC, PRODUCER AND PURCHASERS’ PRICES ............... 16 FIGURE 2: DERIVATION OF GROSS VALUE-ADDED ............................................................................. 17 FIGURE 3: COMPONENTS OF GROSS DOMESTIC PRODUCT ............................................................. 18 STATISTICAL CHARTS INDEX Chart 1: Contribution to GVA in Current Basic Prices ................................................................................ 10 Chart 2: Nominal Gross Domestic Product Growth Rate ............................................................................ 64 Chart 3: Real Gross Domestic Product Growth Rate ................................................................................. 64 Chart 4: Rebased Percentage Contribution to GVA in Current Prices: 2000 ............................................. 65 Chart 5: Rebased Percentage Contribution to GVA in Current Prices: 2009 ............................................. 65 STATISTICAL BOX INDEX Box 1: Why Rebase the GDP Series?
.......................................................................................................... 5 Box 2: The key features of the Rebased Series ........................................................................................... 7 Box 3: Valuation of Goods and Services .................................................................................................... 15 SELECTED ACRONYMS not applicable Percent deficit, decrease or negative number Balance of Payments Caribbean Development Bank cost, insurance, and freight Consumer Price Index Central Statistical Office Central Water and Sewerage Authority 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 Kilo Watt hour Million Not Available National Accounts Survey National Insurance Services Preliminary Standard Industrial Trade Classification System of National Accounts Supply and Use Table - % ( ) BOP CDB c.i.f.
CPI CSO CWSA ECCB EC$ FISIM f.o.b.
GDP GVA ISIC IRD KWh M NA NAS NIS p SITC SNA SUT SVGBGA St Vincent Banana Growers Association UN United Nations VINLEC St Vincent Electricity Services WINFARM Windward Islands Farmers Association FOREWORD The “National Accounts Statistics 2009” is the seventh official publication on the St. Vincent and the Grenadines System of National Accounts (SVG SNA), produced by the National Accounts Staff of the Economic Statistics Unit, Statistical Office, Central Planning Division, Ministry of Finance and Economic Planning (MFEP).
The objective of this report is to provide government planners, policymakers, business enterprises, academics and the general public with indicators for assessing the economic conditions of St Vincent and the Grenadines.

The statistics contained in this report has 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.
Presented in this report are tables and charts on the Gross Domestic Product in current and constant prices, by economic activity and expenditure components, and selected economic indicators for the period 2000-2008 and preliminary estimates for 2009.

Also included are sections on the sources and methods used to derive the national accounts aggregates which would provide a guide to data users on the compilation and estimation process.
This publication reports on the outcome of the ECCB regional statistical project on updating and rebasing St Vincent and the Grenadines 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 Statistical Office recognizes and commends the tremendous efforts of Ms Louise Tash,- Senior Statistician , Ms Lavorne Williams - Statistician, and Ms Elthia George - Senior Statistical Officer and their unwavering commitment in bringing this rebasing exercise to a successful completion.

The tables and accounts presented in this report should prove useful in analyzing the performance of St Vincent and the Grenadines economy.
Any suggestions for improvement, comments or queries may be directed to the Statistical Office, Ministry of Finance.
Gatlin Roberts Chief Statistician Statistical Office Central Planning Division Ministry of Finance and Economic Planning Page - 1 ACKNOWLEDGEMENTS The Statistical Office wishes the business community, public thank corporations, government agencies, and everyone, who has contributed, in one way or another, for the cooperation received in the provision of the necessary data, to facilitate the completion of this report.
to In particular, Statistical Office would like to acknowledge the significant contribution and the overwhelming involvement of Mrs. Hazel Corbin, Statistics Adviser and former Deputy Director and Head of the National Accounts Unit, Eastern Caribbean Central Bank (ECCB).

The commitment that Mrs. Corbin exemplified cannot be over emphasized.
This report could not have been completed without the input of the data providers, the survey participants and the staff of these establishments, both in the government offices or departments and especially the private sector.

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 has made this task much easier and is greatly appreciated.
The Statistical Office would also like to thank the management and staff of the National Insurance Services for providing essential data in the compilation of the national accounts.

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 Statistical Office looks forward to your continued support.
Page - 2 Section I Introduction National Accounts Statistics 2009 – St Vincent and the Grenadines I.

INTRODUCTION In any economy a number of transactions are taking place on a daily basis.

Imports are arriving, exports are going 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 analysis, policy makers and decision makers and is designed for use in all countries, whatever their economic, social and institutional arrangements and stage of economic development.
The St Vincent and the Grenadines System of National Accounts is based on the 1993 SNA.

However, at present 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 are limited to 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 current and constant prices and its related indicators.

The Supply and Use tables are also compiled.

The national accounts are an indispensable 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 St Vincent and the Grenadines economy has changed significantly since 1990, the last base year.

There have been considerable shifts in the industrial composition particularly a shift from agriculture into services.
Consequently, in 2005, the St Vincent and the Grenadines Statistical Office (SO) 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) provided technical assistance in the rebasing of the national accounts.

Consultations were made with main stakeholders to ascertain their needs and how these could be filled.
The revision process included the incorporation 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 Page - 3 Section I Introduction National Accounts Statistics 2009 – St Vincent and the Grenadines 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 primary source of data used in the majority of the sectors was the annual National Accounts Survey of Establishments (NAS).

This survey provided information on employment and financial operations of businesses and organizations operating in St Vincent and the Grenadines.

The survey data were collected from establishments in the Business Register that is maintained and updated by the Statistical Office.
Other major sources included the External Trade Statistics provided by the Customs Department and the Statistical Office, administrative data from the Inland Revenue Department (IRD) and the Ministry of Agriculture and Fisheries, 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 National Insurance Services (NIS) on gross wages for a number of establishments, and was used to adjust the series to account for under-coverage.

The estimates were produced by economically and statistically sound procedures and by trained staff of the Statistical Office.

The Statistical Office compiled the national accounts with technical assistance from the Eastern Caribbean Central Bank (ECCB).
A Consultant worked with the staff from the development of the framework to the actual production of the statistics.

Data received from sources were validated and cross-checked for consistency of information.

Also, data were utilized from the Supply and Use Tables (SUT) as a check on the reliability of the national accounts data.

The survey questionnaires were designed for a two-year reporting period (current and previous year) to validate previous years’ reported data.
In cases where there were low response rate from the survey, additional information were gathered from other administrative sources.

The preliminary results of the national accounts estimates, 2000-2009 were presented to the Director of Planning, the staff of the Statistical Office, staff of the Economic Planning Unit, and officials from the Ministry of Finance.

Page - 4 Section II Results and Highlights of the New Rebased Series National Accounts Statistics 2009 – St Vincent and the Grenadines II.
RESULTS AND HIGHLIGHTS OF THE NEW REBASED SERIES In order to allow comparisons to be made between countries of measures of growth in the national accounts estimates, it is practical to express the series with respect to a common base year.
In the course of time, the pattern of relative prices of the base period becomes less relevant to the economic situation of later periods, to the point where it becomes unacceptable to continue using the base year prices to derive volume changes from one later period to the next.

It is then necessary to update the base year period.

A very old base year diminishes the relevance and accuracy of the estimates.

Box 1: Why Rebase the GDP Series?


A change in GDP results from the contribution of two changes - the change in the volume of goods and services produced, and the change in the price at which these goods and services are sold.

GDP at current prices reflects both these changes, as production of the period is measured at the prices of that period.

GDP at constant prices on the other hand reflects only the changes in the volume of production.
This indicator measures production of the period at the price of the base year 2006.

The assumption that the relative prices of the components of value-added do not change over time is inherent in the construction of constant price aggregates.

However, in a dynamic economy, relative prices constantly change as a result of shifts in the production structure and consumption patterns, in productivity as well as the appearance of new products and the disappearance of old ones.
Thus, as the pattern of relative prices in an economy changes over time, those recorded for the GDP base period become progressively less relevant for calculating volume measures of output from one period to the next.

It may then be necessary to update the base year period, a process that is commonly referred to as ―rebasing‖ in national accounting.
technological developments industries, variations in different The rebasing exercise not only re-values GDP at prices prevailing in the new base year, but also serves to reconcile and revise the production-based and expenditure-based estimates of GDP at current prices.

Rebasing also provides the occasion for methodological and conceptual reviews and improvements, as well as the incorporation of new and improved data sources.
Rebasing enables the national accounts to capture the real picture of the economy by taking account of factors, such as relative price movements, and structural changes in production and consumption patterns, which over time may contribute to an under or over estimation of GDP.
innovations and Additionally, developments (e.g., cell phones and internet usage); changes in the variety of products and services (e.g., introduction of private and public education and health services); and changes in international statistical methodologies and classifications provide a compelling case for rebasing the national accounts.
introduction of new products due technological the to Page - 5 Section II Results and Highlights of the New Rebased Series National Accounts Statistics 2009 – St Vincent and the Grenadines The rebasing exercise involved the calculation of value added using prices of a more recent period; and also provided an opportunity for benchmarking the GDP estimates to facilitate wider coverage and greater accuracy through updated intermediate consumption to gross output ratios.
The rebasing exercise has led to significant improvements in the revised GDP current and constant price series, arising from broader data coverage (by employing a wider range of data sources, including economic surveys and administrative data), conceptual changes (notably the application of financial intermediation services indirectly measured, FISIM; and measurement of the output of owner-occupied housing), methodological changes (integrated output, intermediate consumption and value added for all industries) and improved estimation procedures (including the use of better extrapolation or deflation techniques for the GDP constant price series).
The calculation of value added in an integrated framework—gross output, intermediate consumption and value added for all industries—represent a marked improvement on the current estimates, which in some cases, were derived as the movement in historical value added by price and volume measures.

The improvement was facilitated by the availability of comprehensive national accounts surveys, supply and use table (SUT) and household budget surveys (HBS).
The SUT directly informed the compilation of integrated production accounts.

The HBS results were used in validating supply-based estimates of production.

Statistical enquiries were undertaken to improve the scope of the industry-based estimates (e.g., other crops, fishing, land and sea transportation).
Administrative data from revenue agencies were also used, mainly to supplement the coverage of survey-based results for industries such as hotels and restaurants, manufacturing, and wholesale and retail trade.

While the underlying estimation technique was retained for construction, intermediate consumption was recalculated to take account of a larger number of building materials, and of services used in construction.
Regarding industrial classifications, the International Standard Industrial Classification (ISIC) Revision 3.1 was implemented as recommended by the ECCB.

Education and health and social work are now identified as separate industries, and the public components of these services, formerly included under government, have now been reclassified.

The offshore university activities were previously not captured, however, these activities are now reflected in the new series.
Though it is common knowledge that ideally the base year should be a ―normal‖ year, which is theoretically characterized as having a relatively stable economy, this consideration in practice is Page - 6 Section II Results and Highlights of the New Rebased Series National Accounts Statistics 2009 – St Vincent and the Grenadines not very easy to tell, since prices of hundreds of items must be taken into account.
Under ideal conditions, however, the base period chosen would be one in which sharp fluctuations in prices in underlying economic conditions would be minimal.

The choice of the base year is also dictated by the available data sources such as establishment and household censuses and surveys, price indices and other data needed for benchmark estimates.
Among the OECS member states, 2006 was selected for the base year, because it seemed to be the most normal year, since Grenada was affected by hurricane Ivan in September 2004 and St. Kitts and Nevis economy was affected by the closure of the sugar industry in 2005.

Box 2: The key features of the Rebased Series  The level of the GDP has expanded significantly.
St Vincent and the Grenadines GDP in current market prices is now significantly higher than the previous series, averaging 24.2 percent higher over the years 2000 to 2009.

 The new GDP series has also revealed a slightly higher level of real growth, which averaged 3.4% over the period 2001 to 2009 compared to 3.1 percent in the previous series.
 The composition of the economic sectors has changed, owing to both the change in the structure of the economy and the improved accounting of economic activities in all sectors of the economy.

 The industry classification for the national accounts has been revised and it is now in line with the United Nations International Standard International Classification of all Economic Activities (ISIC Rev, 3.1).

The revision has resulted in a shift of some industries to a different estimation group.
For example, health, education and social development formerly classified under government are now separated and expanded to include private sector activities.

Manufacturing now reflects the use of an expanded coverage of products and the activities of air and sea ports are now shown under auxiliary transport activities.

 The new series is very comprehensive.

The level of detail of the value added estimates presented has been significantly increased.
It provides more estimates for services not previously captured.

For example it is now possible to determine the gross value added for business services, computer and related services as well as private households with employed persons.
Page - 7 Section II Results and Highlights of the New Rebased Series National Accounts Statistics 2009 – St Vincent and the Grenadines Box 2 con’t: The key features of the rebased series  New estimation techniques based on implementation of the 1993 SNA are now being used to compile GDP estimates.

One significant methodological change concerns financial intermediation services indirectly measured (FISIM), where the use of financial intermediation by the economy is now accounted for.
The current approach is to deduct FISIM in a single line item for the entire economy, but the SO will endeavor to allocate FISIM to the various industries.

 The GDP estimates incorporated the activities of the informal sector, as much as possible.

 The rebuilt national accounts system allows for an integrated production account of gross output, intermediate consumption and value added; and employs to the best extent possible the 1993 SNA guidelines.
 New data sources were established which improved the coverage of economic activities within the economy.

In compiling the GDP at constant prices, the single indicator method is mainly used, which is the direct extrapolation of base year value added by a volume index of gross output; this represents a marked improvement on existing practices.

Timely and reliable indicators of new activities were explored and adopted for the estimation of the constant prices estimates.
The intermediate consumption and value added ratios now better reflect the reality, as they are based on updated information derived from the National Accounts Survey (NAS), and other statistical enquiries.

 Detailed recompiled constant price estimates have been established, using relevant price indices to deflate current price values in order to generate volume estimates.

These prices indices reflect the updated structure of the economy and relative prices of the new base year.
The current price estimates have also been revised and improved.

 In summary the rebase exercise, led to improvement in coverage, data sources and methodology.

All these changes were incorporated into the accounts.
Page - 8 Section II Results and Highlights of the New Rebased Series National Accounts Statistics 2009 – St Vincent and the Grenadines Table II-1.1 GVA AT BASIC PRICES, CONTRIBUTION AND GROWTH RATE BY INDUSTRY IN PREVIOUS VS REVISED SERIES- AVERAGE OF PERIOD 2005 TO 2009 ECONOMIC ACTIVITY Agriculture Mining and Quarrying Manufacturing Electricity and Water Construction Percentage Contribution Gross Value Added Growth Rate of Gross Value Added Previous Series Revised Series Previous Series Revised Series 7.81 0.24 4.75 5.57 14.37 6.47 3.03 0.30 4.28 5.27 (2.02) 4.30 9.57 3.55 3.83 1.59 0.36 3.76 3.89 0.26 2.41 0.59 3.81 2.35 2.68 1.39 2.22 5.61 (4.37) 3.32 9.33 1.41 Wholesale and Retail Trade Hotels and Restaurants 19.79 15.35 2.03 3.16 Transport & Communication 19.49 14.98 8.28 Financial Intermediation 10.82 7.83 4.55 Real Estate, Renting and Business Activities 2.02 15.56 Public Administration & Defence Education Health & Social Work Other Community, Social and Personal Services Private Households with Employed Persons 19.49 na na 2.10 na 7.99 5.26 2.75 2.21 0.24 1.85 5.04 na na 5.10 na TOTAL 100.00 100.00 3.38 4.55 Page - 9 Section II Results and Highlights of the New Rebased Series National Accounts Statistics 2009 – St Vincent and the Grenadines The top five industries in the new rebased series as measured by the contribution to the GVA, which is calculated as the average of each industries share in GVA at basic prices over the period (2005 to 2009) are as follows: real estate renting and business
 activities (15.6 percent), wholesale and retail trade (15.4 per cent), transport storage and communication (15.0 percent), construction (9.6 percent) and public administration, defence and compulsory social security (8.0 percent).
.

The contribution of each industry under the new ISIC Rev 3.1 classification is illustrated in Table II-1.1 above and further illustrated in Chart 1.

Chart 1: Contribution to GVA in Current Basic Prices (Five Year Annual Average 2005 to 2009) Real estate, renting and business activities is the largest contributor to total value added with a 15.6 per cent contribution.

This category covers the activities of owner occupied dwellings which is the main contributor to this sub-group.
The value added for owner occupied dwellings is an imputed estimate.

This was grossly underestimated in the previous series.

Based on revisions to the methodology and the incorporation of new and revised data sources, the value added for this sector in 2009 increased from $EC 24.9 million in the previous series to EC$ 165.7 million in the new rebased series.
Wholesale and retail trade which was the leading contributor to total value added in the previous series fell from 19.8 percent in the previous series to 15.4 percent in the revised series becoming the second largest contributor.
Transport storage and communication, Page - 10 0.02.04.06.08.010.012.014.016.018.0Private Households with Employed PersonsMining and QuarryingLess FISIMOther Community, Social and Personal ServicesHealth & Social WorkHotels and RestaurantsElectricity and WaterEducationManufacturingAgricultureFinancial IntermediationPublic Administration & DefenceConstructionTransport & CommunicationWholesale and Retail TradeReal Estate, Renting and Business Activities% Contribution Section II Results and Highlights of the New Rebased Series National Accounts Statistics 2009 – St Vincent and the Grenadines which contributed 19.5 per cent to total value added in the previous series, remained third largest contributor in both the previous and rebased series, contributing 15.0 per cent to total value added.
The contribution of public administration and defence has been reduced considerably from 19.5 per cent to 8.0 per cent.

This was due to a change in the classification, where public health, education and social services are now excluded from public administration and defence and shown as separate industries.

The contributions of financial intermediation and FISIM have also been reduced from 10.8 per cent and 8.5 per cent respectively to 7.8 per cent and 1.2 per cent.
This mainly resulted from a methodological change in the estimation of FISIM and output of the Financial Intermediation in line with the recommendations of the 1993 SNA.

The contribution of construction moved from 14.4 per cent in the previous series to 9.6 per cent in the new rebased series.

This resulted mainly from a reduction in the margins applied to imported construction materials going into distribution.

The margins were reduced from 35 per cent to 24 per cent.
Agriculture slipped from a contribution of 7.8 per cent to 6.5 per cent in the new rebased series.

Its position was also lowered from sixth to seventh place in terms of its contribution to total value added.

Manufacturing improved its contribution from 4.8 per cent to 5.3 per cent, mainly due to improved coverage resulting from incorporating new and revised data sources.

The rebased series undoubtedly has implications for various economic statistics.
The revisions have impacted on the GDP ratios and on the per capita GDP estimates (see tables II-2.1 and II- 2.2).

The per capita GDP estimates increased, on average by 24.0 per cent between 2000 and 2009, when comparing the previous GDP estimates with the new rebased estimates.

In 2009, the per capita estimates increased from EC$15,710 in the previous series to EC$18,970 or 20.8 per cent in the new rebased series.
In the previous series, the debt to GDP ratios which averaged 74.5 per cent during 2000 to 2009 is now at 60.0 per cent in the new rebased series, well below the benchmark approved by the Monetary Council.
Page - 11 Section II Results and Highlights of the New Rebased Series National Accounts Statistics 2009 – St Vincent and the Grenadines Table II.2.1 THE IMPACT OF THE REBASING TO 2006 ON SELECTED MACRO ECONOMIC VARIABLES Economic Indicators 2000 2001 2002 2003 2004 Total GDP at Market Prices (EC$M) Previous Series Total GDP at Market Prices (EC$M) Rebased Series Percentage Change (Previous/Revised) 904.56 1,073.11 18.63 932.75 1,163.75 24.77 986.12 1,249.13 26.67 1,032.10 1,117.84 1,302.47 1,410.87 26.20 26.21 GVA in Basic Prices (EC$M): Previous Series GVA in Basic Prices (EC$M): Rebased Series Percentage Change (Previous/Revised) 761.81 930.36 22.12 776.67 1,007.67 29.74 817.20 1,080.21 32.18 852.33 928.44 1,122.70 1,221.47 31.56 31.72 Total Real GVA (EC$M) Previous Series Total Real GVA (EC$M) Rebased Series 612.85 1,070.97 612.32 1,087.46 631.79 1,154.03 649.54 693.69 1,237.55 1,294.66 Per Capita GDP (EC$): Previous Series Per Capita GDP(EC$): Rebased Series 8,239 8,552 9,775 10,670 9,143 11,582 9,815 12,386 10,691 13,494 Real Growth Rate: Previous Series Real Growth Rate: Rebased Series BALANCE OF PAYMENTS 2.00 - -0.09 1.54 3.18 6.12 2.81 6.80 7.24 4.61 Current Account Balance (EC$M) (64.56) (100.95) (113.31) (214.58) (275.61) As percentage of GDP Current Account Balance in Previous Series Current Account Balance in Rebased Series FISCAL Current Account Balance (EC$M) Current Revenue (EC$M) Current Expenditure (EC$M) As percentage of GDP in Previous Series: Current Account Balance in Rebased Series:
 Current Account Balance in Previous Series: Current Revenue in Rebased Series: Current Revenue in Previous Series: Current Expenditure in Rebased Series: Current Expenditure DEBT Total Public Sector Outstanding Debt (EC$M) Debt to GDP Ratio in Previous Series Debt to GDP Ratio in Rebased Series 7.14% 6.02% 10.82% 8.67% 11.49% 9.07% 20.79% 16.48% 24.66% 19.53% 20.17 260.53 240.36 13.44 272.18 258.73 29.39 305.69 276.30 42.14 30.18 318.22 324.78 276.08 294.60 -2.23% -1.88% -28.80% -24.28% -26.57% -22.40% 632.29
 69.90% 58.92% -1.44% -1.16% -2.98% -2.35% -4.08% -3.24% -2.70% -2.14% -29.18% -23.39% -31.00% -24.47% -30.83% -24.43% -29.05% -23.02% -27.74% -22.23% -28.02% -22.12% -26.75% -21.20% -26.35% -20.88% 663.29 71.11% 57.00% 708.97 71.90% 56.76% 798.27 77.34% 61.29% 922.62 82.54% 65.39% Page - 12 Section II Results and Highlights of the New Rebased Series National Accounts Statistics 2009 – St Vincent and the Grenadines Table II.2.2 THE IMPACT OF THE REBASING TO 2006 ON SELECTED MACRO ECONOMIC VARIABLES Economic Indicators 2005 2006 2007 2008 2009 Total GDP at Market Prices (EC$M) Previous Series Total GDP at Market Prices (EC$M) Rebased Series Percentage Change (Previous/Revised) GVA in Basic Prices (EC$M): Previous Series GVA in Basic Prices (EC$M): Rebased Series Percentage Change (Previous/Revised) Total Real GVA (EC$M) Previous Series Total Real GVA (EC$M) Rebased Series Per Capita GDP (EC$): Previous Series Per Capita GDP(EC$): Rebased Series 11,384 14,350 13,032 16,270 14,708 18,463 15,626 19,133 15,710 18,970 Real Growth Rate: Previous Series Real Growth Rate: Rebased Series BALANCE OF PAYMENTS 2.58 2.99 7.64 5.99 8.02 3.32 -0.59 -0.29 -1.11 -0.60
 Current Account Balance (268.30) (318.29) (514.67) (621.10) (530.64) As percentage of GDP Current Account Balance in Previous Series Current Account Balance in Rebased Series FISCAL 22.72% 18.02% 24.09% 19.29% 34.95% 27.84% 40.10% 32.75% 33.94% 28.11% Current Account Balance (EC$M) 8.35 40.20 55.06 58.65 (3.38) Current Revenue (EC$M) 333.58 396.47 433.36 489.47 466.37 Current Expenditure (EC$M) 325.23 356.28 378.30 430.82 469.75 As percentage of GDP in Previous Series: Current Account Balance in Rebased
 Series: Current Account Balance 0.71% 0.56% 3.04% 2.44% 3.74% 2.98% 3.79% 3.09% -0.22% -0.18% in Previous Series: Current Revenue in Rebased Series: Current Revenue 28.24% 22.41% 30.00% 24.03% 29.43% 23.44% 31.60% 25.81% 29.83% 24.71% in Previous Series: Current Expenditure in Rebased Series: Current Expenditure DEBT Total Public Sector Outstanding Debt (EC$M) Debt to GDP Ratio in Previous Series Debt to GDP Ratio in Rebased Series 27.54% 21.84% 26.96% 21.60% 25.69% 20.46% 27.81% 22.71% 30.05% 24.89% 981.29 1,028.11 1,026.93 1,093.75 1,118.42 71.54% 69.73% 83.08% 59.25% 55.55% 65.91% 77.80% 62.32% 70.61% 57.67% Page - 13 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines III.
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 become 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) (b) (c) (d) Products sold at economically significant prices 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).
Page - 14 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines 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 less changes in inventories of inputs.

Problems sometimes arise in differentiating intermediate consumption from compensation of employees and gross capital formation.
Box 3: 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 RELATIONSHIP BETWEEN BASIC, PRODUCER AND PURCHASERS’ PRICES Page - 15 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines FIGURE 1: RELATIONSHIP BETWEEN BASIC, PRODUCER AND PURCHASERS’ PRICES Taxes less subsidies on products (including non- deductible value added taxes) on consumers Taxes less subsidies on products (including non- deductible value added taxes) on producers Transport and trade margins BASIC PRICE PRODUCER PRICE BASIC PRICE PRODUCER PRICE PURCHASER'S PRICE VALUATION OF ITEMS USED IN COMPILING THE ACCOUNTS 1) 2) Output is valued at basic prices 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.

Page - 16 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines 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.

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.
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 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 Page - 17 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines 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.
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.

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 Page - 18 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines 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.
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.

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.
Page - 19 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines 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 allowances e) Fees to ministers of religion f) Fees to board 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.
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 Page - 20 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines 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 establishment, 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, consistency 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 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: Page - 21 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines 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) Taxes on exports iii) 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 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 licences, driving permits, dog licences, passports, airport Page - 22 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines fees and fees charged for court services, all of which are defined as fees when paid by households and as taxes on production when 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 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 by adding the direct purchases resident households make abroad and deducting 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 service 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 by producers should be deducted from gross fixed capital formation.
Gross fixed capital formation covers the following items: Page - 23 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines (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 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 Page - 24 Section III Key Concepts and Definitions National Accounts Statistics 2009 – St Vincent and the Grenadines 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.


Page - 25 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines IV.

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.
AGRICULTURE Agriculture comprises of agricultural crops, livestock, forestry and fishing sub industries.

The gross value added is estimated using the production approach.

Agricultural Crops Agricultural crops in St. Vincent and the Grenadines can be classified into three categories: i. ii.

iii.
iii.

Export crops, such as bananas; Agro-industry crops like rhizomes from which arrowroot starch is produced; Other subsistence crops; Bananas Data on bananas were obtained from the Windward Islands Farmers Association (WINFARM), formerly St. Vincent Banana Growers Association (SVBGA).

The value of output of bananas was derived from the value of fruit purchased by WINFARM.
The value of inputs consisted of the total cost of sales of inputs derived by using data from the financial statements of the Input Warehouse.

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.
To derive the current prices for other bananas the value of output was derived from the total value of bananas exported as shown in the trade statistics less the total output from WINFARM multiplied by the average price per pound of bananas in the base year.

The cost of inputs for other bananas was calculated using a ratio of total inputs to the total value of outputs.
A volume index of the quantity of bananas produced was used to extrapolate the base year value added estimates to derive the constant price estimates.

Page - 26 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines 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 over seventy-one different 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 20 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, chicks, eggs and local poultry meat production were collected from the Ministry of Agriculture and Fisheries.

Estimates for livestock production were obtained from the 2000 agricultural census.
The cost of inputs was compiled from data on the local sales of livestock and poultry feed which were obtained from the East Caribbean Flour Mills (ECFM) and data on the imports of livestock and poultry feed and chicks which were obtained from the trade statistics and adjusted for 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 poultry.
To derive the constant prices, a composite index using price relatives for both livestock and poultry feed was used to deflate these inputs.

The double deflation method was used to derive the constant price estimates.

Forestry The value of output for forestry was estimated based on household consumption of charcoal from the 2001 census.

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

Intermediate cost was estimated as 3 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.
Page - 27 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines 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.
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 NIS which was adjusted to account for employer’s contribution.

The gross value added in current prices was computed as the value of output less the value of input.
A composite price index consisting of average prices for stone and sand was formed to deflate the gross output to derive the constant prices.

MANUFACTURING The manufacturing industry covers the activities related to the production of dairy products, grain mill products, bakery products, prepared animal feed, malt and malt products, soft drinks, printing and publishing, concrete products, wood and wood products, metal products etc.
The value added is now classified into 29 different sub-groups providing comprehensive coverage of the different categories of manufacturing in St Vincent and the Grenadines.

The current price estimates were compiled by analyzing the accounts of the manufacturing establishments provided by the NAS as well as annual gross wages from NIS which was adjusted to account for employer’s contribution.
Data on production from manufacturing establishments as well as the number of employees in the various sub-industries were used to form volume indexes.

These indexes were used to extrapolate the base year value added to derive 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 St. Vincent Electricity Services (VINLEC), Central Water and Sewerage Authority (CWSA) and Mustique Company Ltd.

Page - 28 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines 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 consumption.

The constant prices estimates were derived based on a volume index consisting of Kilo Watt Hours (KWH) units billed to different categories of consumers.

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 cubic meters of water produced each year 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 15 major building materials and the average labour cost for the different types of construction workers.

WHOLESALE AND RETAIL TRADE The wholesale and retail trade industry included all areas of wholesaling and retailing activity, including bulk distribution of products within the country.
There are approximately 250 establishments recorded in the business register that are engaged in this type of activity.
The Page - 29 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines current price estimates for this industry were estimated primarily by analyzing the profit and loss statements of major trading establishments available from the annual NAS as well as annual gross wages from NIS which was adjusted to account for employer’s contribution.
The estimates derived were inflated for non-coverage to arrive at the gross value added.

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 NIS on gross wages and salaries and number of employees.

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

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 NIS 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.

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 Page - 30 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines courier services and telecommunication services.
Different methods were applied for each category of transport as outlined below.

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 are adjusted 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 are available.

The constant price estimates are computed by extrapolating the base year value added estimates for each type of vehicle based on an 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, water taxis 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 NIS 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 NIS 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 St Vincent Airport, Mustique Airport, the St Vincent Port Authority, 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 Page - 31 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines NAS of various establishments.

Data were also sourced from the NIS 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 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 and courier 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.

Weights were assigned to the different types of communication.

Average cable rates from the CPI were also used to form a price index.

These indexes were used to deflate the gross output for the relevant sub-group.
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 and 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 as well as other administrative data.

A price index consisting of local and overseas rates for postage of a letter was used to deflate output.
The output of financial services comprise of FISIM and commissions and fees directly measured.

FINANCIAL INTERMEDIATION Banks and other Financial Institutions This industry covers the activities of commercial banks and other banks which receive deposits transferable by cheque or otherwise used in payments or available on demand, savings and loan associations, credit societies and industrial development banks.
Data on banking activities are obtained from the annual NAS, and from the statutory returns of financial institutions to regulatory Page - 32 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines 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.

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.

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.

Activities Auxiliary to Financial Intermediation Included in this industry is activities related mainly to offshore banking.

The current price estimates were derived from data provided by the annual national accounts survey.

Data were also sourced from the NIS on gross wages and salaries and number of employees.
Output and costs are estimated directly from these returns and used to calculate the gross value added estimates.

The number of employees within this industry was used to form a volume index to extrapolate the base year gross value added to derive the GVA in constant price estimates.
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 and 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 Page - 33 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines have spent had they 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 for each geographic area, and an overall average is 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.
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 NIS 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 from a volume index consisting of the number of employees within each sub-group.

Computer Related Services The gross value added estimates were derived from data provided by the annual NAS.

Data were also sourced from the NIS 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.

A price index consisting of average rates for these services from the CPI was used to deflate output.

A volume index of the deflated value of output was used to extrapolate the base year value added to derive the constant price estimates.
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 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 the Page - 34 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines number of employees within the industry to form volume indexes.

These indexes were used to extrapolate the base year value added.
The gross value added is the summation of the value added for each sub group.

PUBLIC ADMINISTRATION, DEFENCE AND SOCIAL SECURITY This sector comprises central government, local government and the national insurance services (NIS).

Central Government The gross value added estimates in current prices were compiled from St Vincent and the Grenadines Estimates of Revenue and Expenditure 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.

Currently data on the central government consumption of fixed capital (CFC) is not available, and therefore is excluded from the GVA.

The constant prices were derived by deflating the current prices with a weighted index of the average salary grades for public servants.
Local Government The gross value added equals the total wages as provided by the town councils on employment and earnings.

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

This was used to extrapolate the base year value added.

National Insurance 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 of the NIS.
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 and back pay.
Activities relating to Page - 35 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines education administration were excluded from the calculation of GVA as it was already included in Central Government.

Constant price estimates were compiled from a volume index consisting of the total number of teachers employed in educational establishments.
The base year GVA was extrapolated by this index to obtain the GVA in constant prices.

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

Data were also sourced from the NIS 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.
A price index consisting of average school fees 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.
HEALTH AND SOCIAL WORK Public Health Data on compensation of employees from the Ministry of Health and Social Work 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 and back pay.

Activities relating to health administration were excluded from the calculation of GVA as it was already included in Central Government.
Gross value added was compiled as the total compensation of employees for health and for social work.

Constant price estimates were derived by deflating in current prices with a weighted salary index.

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

Data were also sourced from the NIS 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.

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.
Page - 36 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines 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 NIS 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 the number of employees 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 the records of NIS.

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.

FISM 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.
Page - 37 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines 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 St Vincent and the Grenadines, 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 St Vincent and the Grenadines 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.
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.
Page - 38 Section IV Sources and Methods of Estimating the Gross Value Added in Current and Constant Prices National Accounts Statistics 2009 – St Vincent and the Grenadines V. STATISTICAL TABLES AND CHARTS Page - 39 ECONOMIC ACTIVITY20002001200220032004Agriculture Crops64.1657.2463.9654.5454.78 Bananas27.9421.2724.0214.7216.16 Other Crops36.2235.9739.9439.8238.62 Livestock8.389.2810.2611.1111.74 Forestry0.830.830.820.80.78 Fishing6.125.584.285.466.01Mining & Quarrying1.611.721.731.832.73Manufacturing53.9464.6558.6162.1771.53Electricity & Water Supply49.1350.6552.5653.3556.56 Electricity38.839.5336.7336.2939.64 Water10.3311.1215.8317.0616.92Construction78.2878.5681.5493.49105.99Wholesale & Retail Trade140.91147.25152.99165.88180.66Hotels & Restaurants26.4229.1132.7431.7235.83 Accommodation20.5722.8626.1621.2925.51 Restaurants5.856.256.5910.4410.32Transport, Storage & Communication134.38133.01162.39171.96191.83 Road Transport62.4766.5479.8185.7893.95 Sea Transport9.829.9510.769.411.91 Air Transport3.782.31.251.441.64 Auxiliary Transport Activities & Storage16.1915.4615.4319.1816.98 Communications42.1338.7755.1456.1667.36Financial Intermediation56.6357.662.2275.4382.87 Banks46.348.6150.2761.4763.33 Insurance7.986.528.8811.0816.69 Auxiliary Financial Intermediation2.352.473.062.882.85Real Estate, Renting & Business Activities150.27200.77205.86208.97215.9 Owner Occupied Dwellings110.23152.2153.7155.1156.35 Real Estate Activities18.9626.1126.3426.5526.73 Renting of Machinery & Equipment3.553.965.56.427.5 Computer &
 Related Services2.872.832.351.982.76 Business Services14.6615.6717.9818.9322.55Public Administration & Defence; Compulsory Social Security72.9277.8184.4383.7490.1Education53.8557.5461.4662.4767.39 Public38.0240.8543.3443.4446.59 Private15.8316.6918.1219.0320.81Health & Social Work26.326.529.1830.3830.89 Public22.0222.2924.8325.0625.49 Private4.294.24.345.315.4Other Community, Social & Personal Services15.2719.322219.0725.82Private Households with Employed Persons2.132.362.622.873.04Less FISIM11.1712.119.4312.5212.98GVA in Basic Prices930.
361,007.671,080.211,122.701,221.47Growth Rate (%)-8.317.23.938.8Taxes on Products153.85167.26182.46192.81208.02Less Subsidies on Products0.320.390.510.350.75GDP in Market Prices1,083.891,174.541,262.161,315.161,428.74Growth Rate (%)-8.367.464.28.6473.3179.4972.9379.3271.90.02.04.06.08.010.012.014.016.018.0Private Households with Employed PersonsMining and QuarryingLess FISIMOther Community, Social and Personal ServicesHealth & Social WorkHotels and RestaurantsElectricity and WaterEducationManufacturingAgricultureFinancial IntermediationPublic Administration & DefenceConstructionTransport & CommunicationWholesale and Retail TradeReal Estate, Renting and Business Activities% Contribution Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V-1.1 GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2000-2004 (EC$M) ECONOMIC ACTIVITY 2000 2001 2002 2003 2004 Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business
 Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM GVA in Basic Prices Growth Rate (%) Taxes on Products Less Subsidies on Products GDP in Market Prices Growth Rate (%) 67.39
215.90 156.35 26.73 7.50 2.76 22.55 90.10 67.39 46.59 20.81 30.89 25.49 5.40 15.27 19.32 22.00 19.07 25.82 2.13 11.17 2.36 12.11 2.62 9.43 2.87 12.52 3.04 12.98 930.
36 - 143.07 0.32 1,073.11 - 1,007.67 8.31 156.47 0.39 1,163.75 8.45 1,080.21 7.20 169.43 0.51 1,249.13 7.34 1,122.70 3.93 180.12 0.35 1,302.47 4.27 1,221.47 8.80 190.15 0.75 1,410.87 8.32 Page - 40 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V-1.2 GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2005-2009 (EC$M) ECONOMIC ACTIVITY 2005 2006 2007 2008 2009 Preliminary Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM GVA in Basic Prices Growth Rate (%) Taxes on Products Less Subsidies on Products GDP in Market Prices Growth Rate (%) 81.40 60.93 14.65 46.28 13.53 0.90 6.05 3.63 76.58 55.19 40.28 14.91 108.23 195.84 36.60 26.54 11.06 195.64 94.13 15.00 1.41 19.96 65.14
161.82
(0.48) Page - 41 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V-2.1 GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2000-2004 (EC$M) ECONOMIC ACTIVITY 2000 2001 2002 2003 2004 Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance
 Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM 86.30 66.05 27.71 38.34 13.09 0.99 6.17 2.10 67.73 42.45 28.69 13.75 85.20 156.39 26.67
GVA in Basic Prices Growth Rate (%) 1,070.97 - 1,087.46 1.54 1,154.03 6.12 1,237.55 7.24 1,294.66 4.61 Page - 42 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V-2.2 GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2005-2009 (EC$M)
 ECONOMIC ACTIVITY 2005 2006 2007 2008 2009 Preliminary Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate,
 Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM 27.40
GVA in Basic Prices Growth Rate (%) 1,333.37 2.99 1,413.19 5.99 1,460.13 3.32 1,455.90 (0.29) 1,447.13 (0.60) Page - 43 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V-3.1 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2000-2004 ECONOMIC
 ACTIVITY 2000 2001 2002 2003 2004 Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL 4.01
Page
0.25 1.06 100.00 100.00 100.00 100.00 100.00 Page - 44 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 3.2 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2005-2009 ECONOMIC ACTIVITY 2005 2006 2007 2008 2009 Preliminary Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL 0.53
0.60
Page - 45 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 4.1 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2000-2004 ECONOMIC ACTIVITY 2000 2001 2002 2003 2004 Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL 8.06 6.17 2.59 3.58 1.22 0.09 0.58 0.20 6.32 3.96 2.68 1.28 7.96 14.60 2.49 1.87 0.62 11.57 6.03 0.92 0.19 1.72 2.72 8.15 5.92 2.02 0.22 18.49 13.95
1.20
Page - 46 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 4.2 PERCENTAGE CONTRIBUTION OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2005-2009 ECONOMIC ACTIVITY 2005 2006 2007 2008 2009 Preliminary Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private
 Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL 2.60
Page - 47 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 5.1 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2001-2005 ECONOMIC ACTIVITY 2001 2002 2003 2004 2005 Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real
 Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL (8.26) (10.79) (23.89) (0.68) 10.69 0.00 (8.82) 6.83 19.85 3.10 1.89 7.65 0.36 4.50 10.20 11.12 6.96 (1.02) 6.51 1.39 (39.16) (4.49) (8.00) 1.72 4.99 (18.26) 5.17 33.61 38.07 37.75 11.54 (1.44)
 6.87 6.71 6.85 7.44 5.43 0.73 1.26 (2.03) 8.76 11.74 12.96 11.03 10.59 (2.00) (23.27) 0.58 (9.33) 3.76 (7.10) 42.37 3.79 3.90 12.47 14.43 5.31 22.09 19.95 8.13 (45.79) (0.21) 42.25 8.01 3.41 36.27 23.97 2.54 0.98 0.85 38.87 (16.89) 14.76 8.50 6.82 6.10 8.58 10.12 11.39 3.34 (9.35) (14.73) (38.72) (0.31) 8.26 (2.00) 27.47 5.85 6.07 1.50 (1.20) 7.78 14.66 8.43 (3.12) (18.62) 58.44 5.89 7.48 (12.63) 15.41 24.31 1.84 21.24 22.28 24.69 (5.81) 1.51 0.91 0.80 16.74 (15.93) 5.28 (0.82) 1.64 0.22 5.03 4.12 0.93 22.37 1.96 0.44 9.77 (3.00) 5.71 (2.00) 10.14 48.83 15.06 6.02 9.23 (0.81) 13.37 8.91 12.94 19.84 (1.14) 11.56 9.52 26.71 14.12 (11.50) 19.94 9.86 3.02 50.70 (1.16) 3.32 0.81 0.71 16.91 39.82 19.13 7.60 7.88 7.25 9.31 1.69 1.70 1.60 11.03 11.23 (9.36) 19.85 15.24 14.33 0.57 33.25 7.06 (2.42) 1.62 (11.90) 2.12 8.40 2.15 0.12 7.16 1.98 0.19 25.89 (14.00) 17.57 (3.28) 22.70 15.44 57.23 (18.19) 2.77 0.73 0.64 1.71 66.55 11.97 7.00 9.13 9.74 7.76 11.11 13.18 1.32 26.53 13.87 (13.31) 35.43 (0.78) 10.89 8.43 11.16 (22.12) 9.31 32.71 8.31 7.20 3.93 5.89 3.72 8.80 3.91 8.82 6.07 Page - 48 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 5.2 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CURRENT PRICES: 2006-2009 ECONOMIC ACTIVITY 2006 2007 2008 2009 Preliminary Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity
 Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence;
 Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL 6.78 3.05 (11.38) 7.62 24.43 2.00 5.51 15.11 (7.27) 2.88 2.73 3.30 27.50 10.00 35.13 43.70 15.32 11.43 6.63 6.39 70.17 35.74 10.81 8.22 8.29 7.04 19.29 2.54 1.30 1.14 (1.43) 46.59 4.95 11.19 6.30 8.04 2.35 6.88 7.53 3.46 1.88 6.26 10.68 9.08 Page - 49 14.41 14.24 0.78 17.75 10.81 16.57 25.28 20.10 23.13 19.98 18.44 24.10 22.69 9.00 12.51 22.90 (17.40) 8.16 6.03 20.67 58.19 (8.78) 13.05 10.34 10.01 10.07 22.70 2.33 1.43 1.25 1.96 0.36 9.51 11.57 15.23 14.11 17.91 14.96 11.62 33.27 31.85 6.93 27.48 11.79 6.52 8.67 (31.60) 17.65 9.55 (2.00) (18.80) 0.00 (11.17) 4.08 15.88 (26.16) (7.38) 8.40 (7.78) (12.02) 10.38 (0.92) 3.69 (22.81) 16.09 (6.65) (0.83) 4.75 4.76 2.89 21.30 1.16 1.27 1.11 1.96 6.76 (0.91) 10.64 (20.21) 8.45 (86.95) 7.18 6.48 10.38 14.44 11.84 7.84 0.64 4.35 3.26 6.84 2.79 0.40 (3.00) 31.11 (7.17) (1.86) (0.31) (2.66) 9.17 (7.17) (3.00) (16.03) (21.60) 3.00 0.56 2.42 2.46 (10.27) (7.36) 0.52 (2.35) (3.00) (1.05) 2.00 1.40 1.13 0.99 2.00 2.00 3.00 8.76 7.90 8.15 3.00 5.38 3.61 13.22 2.96 3.00 (2.48) 0.10 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 6.1 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2001-2005 ECONOMIC ACTIVITY 2001 2002 2003 2004 2005 Agriculture Crops Bananas
 Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting
 of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL (6.58) (6.30) (15.88) 0.63 (9.53) (1.96) (4.05) 3.01 (4.48) 7.12 9.66 1.81 3.44 3.94 (4.66) (7.17) 2.84 0.42 5.41 0.51 (4.37) (2.51) (8.50) 2.38 (0.15) 9.50 5.17 2.78 1.86 1.62 9.93 (1.44) 11.93 2.86 0.10 (1.62) 5.53 (1.14) (1.71) 1.17 11.46 15.95 11.74 18.50 3.32 (2.00) (16.93) (3.54) (2.51) 2.76 1.93 4.61 9.09 3.46 (3.91) (8.05) 7.26 22.67 19.34 17.60 3.31 14.43 39.99 8.00 11.23 (2.34) 23.97 1.14 0.98 0.85 34.85 (16.89) (1.99) 2.93 4.39 3.79 6.17 6.90 6.92 6.80 (5.04) (9.40) (32.27) 3.63 8.05 (2.00) 25.36 13.34 7.27 5.52 7.41 1.40 20.64 7.59 32.05 27.63 42.26 20.91 6.76 14.20 3.19 11.41 60.01 3.65 2.37 8.78 (5.81) 0.80 0.91 0.80 11.31 (24.70) (0.25) 2.04 3.39 2.41 6.19 2.96 3.62 0.37 (3.79) (5.55) 3.40 (8.88) 3.65 (2.00) (1.41) 62.44 (2.45) 5.30 8.22 (1.48) 9.96 8.59 13.58 15.02 10.58 5.22 9.12 (1.77) 12.34 3.55 1.49 5.41 4.24 9.55 (1.16) 2.50 0.81 0.71 8.52 66.09 11.78 3.93 4.14 0.61 13.97 (2.34) (2.13) (3.17) 2.28 1.53 (11.65) 7.10 4.79 (2.00) 4.80 3.52 7.59 6.88 9.48 0.25 (0.36) 4.51 7.94 11.83 (0.45) 1.74 (0.10) 2.63 (7.29) 0.89 5.11 (0.49) 1.28 (3.48) (18.19) 1.45 0.73 0.64 4.18 66.55 (1.63) 3.47 2.97 0.87 8.12 6.40 9.67 (7.08) 27.30 (3.68) (8.33) 2.11 14.73 9.63
 7.27 1.54 14.87 (0.01) 6.12 8.42 5.38 7.24 (2.88) 0.58 (0.89) (0.32) 4.61 2.99 Page - 50 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 6.2 RATE OF GROWTH OF GROSS VALUE ADDED BY ECONOMIC ACTIVITY IN CONSTANT PRICES: 2006-2009 ECONOMIC ACTIVITY 2006 2007 2008 2009 Preliminary Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale &
 Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL 3.51 0.72 (19.44) 7.75 17.23 2.00 0.08 5.00 (0.01) 2.33 1.38 5.00 8.58 4.89 25.01 31.06 10.35 10.34 6.14 19.14 12.46 13.53 13.47 4.82 4.02 5.84 19.29 5.42 1.30 1.14 8.99 47.52 32.92 6.44 (2.65) (1.19) (5.97) 1.16 3.14 (8.46) 10.95 10.78 7.80 11.56 6.65 2.00 25.28 13.77 (4.49) 3.96 5.64 (0.57) 12.98 9.11 (0.25) 2.71 (8.79) (0.41) 5.61 12.81 (13.27) (0.45) (11.25) (3.90) (3.77) (5.20) 5.68 0.72 1.43 1.25 18.17 (9.34) (6.44) 6.27 (2.71) 0.74 (11.02) 4.92 6.13 (1.74) (4.34) (4.23) (9.86) (2.81) 11.05 (2.00) (40.16) 5.06 (0.41) (1.58) (2.31) 0.51 (10.37) 3.90 (5.50) (6.94) (0.81) 1.52 3.46 (8.27) (0.53) (1.52) 2.40 5.35 6.43 2.48 3.23 2.10 1.27 1.11 1.13 38.85 (0.04) 7.99 (20.35) 4.13 (87.05) 0.52 (1.71) 13.66 15.45 (4.71) 18.27 6.39 4.74 9.14 3.71 0.51 (3.00) 55.80 (7.88) (1.37) 0.47 (2.66) 9.17 (7.88) (3.39)
 (15.45) (20.61) 3.27 0.22 1.84 2.46 (10.27) (7.73) 0.51 1.18 1.43 0.37 2.00 1.37 1.13 0.99 1.98 2.00 3.00 3.88 0.87 0.90 0.21 3.60 4.00 1.55 2.94 2.35 6.89 5.99 (8.61) 6.33 9.42 10.78 3.00 (0.96) 3.32 (0.29) (0.60) Page - 51 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 7.1 GROSS VALUE ADDED DEFLATORS BY ECONOMIC ACTIVITY 2000-2004 ECONOMIC ACTIVITY 2000 2001 2002 2003 2004 Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining
 & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL 80.58
92.18
Page - 52 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 7.2 GROSS VALUE ADDED DEFLATORS BY ECONOMIC ACTIVITY 2005-2009 ECONOMIC ACTIVITY 2005 2006 2007 2008 2009 Preliminary Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL 100.00
132.52
Page - 53 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 8.1 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2000 AND 2001 2000 2001 ECONOMIC ACTIVITY Gross Output Intermediate Consumption Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied
 Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL Gross Value Added 79.49 64.16 27.94 36.22 8.38 0.83 6.12 1.61 53.94 49.13 38.80 10.33 78.28 140.91 26.42 20.57 5.85 134.38 62.47 9.82 3.78 16.19 42.13 56.63 46.30 7.98 2.35
 150.27 110.23 18.96 3.55 2.87 14.66 72.92 53.85 38.02 15.83 26.31 22.02 4.29 Gross Output Intermediate Consumption Gross Value Added - - 11.17 2.13 (11.17) 2.36 - - 12.11 2.36 (12.11) 1,804.94 874.58 930.36 1,821.31 813.64 1,007.67 Page - 54 Section V Statistical Tables
 and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 8.2 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2002 AND 2003 2002 2003 ECONOMIC ACTIVITY Gross Output Intermediate Consumption Gross Output Intermediate Consumption Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants
 Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL Gross Value Added Gross Value Added 71.90 54.54 14.72 39.82 11.11 0.80 5.46 1.83 62.17 53.35 36.29 17.06 93.49 165.88 31.72 21.29 10.44 171.96 85.78 9.40 1.44 19.18 56.16 75.43
14.16
108.83 84.28 19.15 5.40 283.85 193.87 33.18 14.16 6.02 36.61 129.04 70.75 47.50 23.25 109.74 100.80 8.93 51.71 29.71 22.00 48.26 29.19 19.07 2.62 - - 9.43 2.62 (9.43) 2.87 - - 12.52 2.87 (12.52) 1,964.85 884.64 1,080.21 2,106.30 983.60 1,122.70 Page - 55 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 8.3 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2004 AND 2005 2004 2005 ECONOMIC ACTIVITY Gross Output Intermediate Consumption Gross Output Intermediate Consumption Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL Gross Value Added 73.31 54.78 16.16 38.62 11.74 0.78 6.01 2.73 71.53 56.56 39.64 16.92 105.99 180.66 35.83 25.51 10.32 191.83 93.95
39.44
27.71 202.43 83.31 7.63 8.88 10.20 92.40 39.44 27.84 8.40 3.20 79.73 39.09 6.68 8.56 7.99 17.41 52.16 8.76 3.93 4.83 80.25 76.45 3.81 Gross Value Added - - 12.98 3.04 (12.98) 3.15 - - 14.13 3.15 (14.13) 2,292.94 1,071.47 1,221.47 2,452.06 1,156.46 1,295.60 Page - 56 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 8.4 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2006 AND 2007 2006 2007 ECONOMIC ACTIVITY Gross Output Intermediate Consumption Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants
 Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other
 Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL Gross Value Added Gross Output Intermediate Consumption Gross Value Added 56.10
- - 15.64 3.35 (15.64) 3.58 - - 19.94 3.58 (19.94) 2,778.46 1,365.27 1,413.19 3,054.79 1,475.05 1,579.74 Page - 57 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V- 8.5 GROSS VALUE ADDED, OUTPUT, INTERMEDIATE CONSUMPTION IN CURRENT BASIC PRICES: 2008 AND 2009 2008
 2009 ECONOMIC ACTIVITY Gross Output Intermediate Consumption Agriculture Crops Bananas Other Crops Livestock Forestry Fishing Mining & Quarrying Manufacturing Electricity & Water Supply Electricity Water Construction Wholesale & Retail Trade Hotels & Restaurants Accommodation Restaurants Transport, Storage & Communication Road Transport Sea Transport Air Transport Auxiliary Transport Activities & Storage Communications Financial Intermediation Banks Insurance Auxiliary Financial Intermediation Real Estate, Renting & Business Activities Owner Occupied Dwellings Real Estate Activities Renting of Machinery & Equipment Computer & Related Services Business Services Public Administration & Defence; Compulsory Social Security Education Public Private Health & Social Work Public Private Other Community, Social & Personal Services Private Households with Employed Persons Less FISIM TOTAL Gross Value Added Gross Output Intermediate Consumption 191.41
Gross Value Added 164.95
- - 21.50 4.01 (21.50) 4.13 - - 20.97 4.13 (20.97) 3,150.48 1,560.68 1,589.80 3,247.75 1,656.43 1,591.32 Page - 58 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V-9.1 EXPENDITURE ON GROSS DOMESTIC PRODUCT IN CURRENT PRICES: 2000-2004 (EC$M) ECONOMIC ACTIVITY 2000 2001 2002 2003 2004 TOTAL CONSUMPTION Government Final Consumption Expenditure Private Final Consumption Expenditure 878.12 985.39 1,057.82 1,128.50 1,273.01 175.84 702.28 184.64 800.75 201.94 855.88 201.63 926.87 221.12 1,051.89 GROSS CAPITAL FORMATION Transport Equipment Other Machinery and Equipment Construction 250.46 22.17 51.23 177.06 268.86 28.71 62.45 177.70 289.89 21.74 83.73 184.42 359.04 16.10 120.91 222.03 374.59 24.44 98.43 251.72 GOODS AND NON-FACTOR SERVICES (55.47) (90.50) (98.58) (185.07) (236.73) Total Exports of Goods and Non-Factor Services Exports of Goods Exports of Non-Factor Services Total Imports of Goods and Non-Factor Services Imports of Goods Imports of
 Non-Factor Services GDP in MARKET PRICES 1,073.11 1,163.75 1,249.13 1,302.47 1,410.87 Less: Other Taxes on Products and Production Add: Subsidies 143.07 0.32 156.47 0.39 169.43 0.51 180.12 0.35 190.15 0.75 GVA in BASIC PRICES 930.36 1,007.67 1,080.21 1,122.70 1,221.47 Page - 59 Section V Statistical
 Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V-9.2 EXPENDITURE ON GROSS DOMESTIC PRODUCT IN CURRENT PRICES: 2005-2009 (EC$M) ECONOMIC ACTIVITY 2005 2006 2007 2008 2009 Preliminary TOTAL CONSUMPTION Government Final Consumption Expenditure Private Final Consumption Expenditure 1,337.60 1,487.65 1,857.77 1,957.27 1,983.29 234.13 1,103.47 248.36 1,239.29 290.57 1,567.20 314.26 1,643.01 353.57 1,629.72 GROSS CAPITAL FORMATION Transport Equipment Other Machinery and Equipment Construction 396.03 23.19 115.79 257.05 469.56 39.33 118.11 312.12 503.53 29.26 100.22 374.05 535.18 40.52 148.22 346.44 426.74 21.47 83.67 321.60 GOODS AND NON-FACTOR SERVICES (244.77) (307.40) (512.63) (595.75) (522.39) Total Exports of Goods and Non-Factor Services Exports of Goods Exports of Non-Factor Services Total Imports of Goods and Non-Factor Services Imports of Goods Imports of Non-Factor Services GDP in MARKET PRICES 1,488.87 1,649.81 1,848.67 1,896.69 1,887.65 Less: Other Taxes on Products and Production Add: Subsidies 194.11 0.85 237.42 0.80 269.93 1.00 307.94 1.05 297.38 1.05 GVA in BASIC PRICES 1,295.60 1,413.19 1,579.74 1,589.80 1,591.32 Page - 60 Section V Statistical Tables and Charts National Accounts Statistics 2009 –
 St Vincent and the Grenadines Table V-10.1 NATIONAL ACCOUNTS AGGREGATES IN CURRENT PRICES: 2000-2004 (EC$M) NATIONAL ACCOUNTS AGGREGATES 2000 2001 2002 2003 2004 GVA AT BASIC PRICES Taxes on Production and Imports less Subsidies GDP AT MARKET PRICES Net income from Abroad GROSS NATIONAL INCOME Net Current Transfers from Abroad GROSS NATIONAL DISPOSABLE INCOME Private Final Consumption Government Final Consumption Total Consumption GROSS NATIONAL SAVING Gross Capital Formation Gross National Saving FOREIGN
 SAVING 930.36 1,007.67 1,080.21 1,122.70 1,221.47 142.75 1,073.11 (51.77) 1,021.34 44.06 1,065.40 702.28 175.84 878.12 187.28 250.46 187.28 63.18 156.08 1,163.75 (44.52) 1,119.23 34.05 1,153.28 800.75 184.64 985.39 167.89 268.86 167.89 100.97 168.92 1,249.13 (47.53) 1,201.60 32.78 1,234.38 855.88 201.94 1,057.82 176.56 289.89 176.56 113.33 179.77 1,302.47 (64.35) 1,238.12 34.83 1,272.95 926.87 201.63 1,128.50 144.45 359.04 144.45 214.59 189.4 1,410.87 (76.96) 1,333.91 38.1 1,372.01 1,051.89 221.12 1,273.01 99.00 374.59 99 275.59 Table V-10.2 NATIONAL ACCOUNTS AGGREGATES IN CURRENT PRICES: 2005-2009 (EC$M) NATIONAL ACCOUNTS AGGREGATES 2005 2006 2007 2008 2009 Preliminary GVA AT BASIC PRICES Taxes on Production and Imports less Subsidies GDP AT MARKET PRICES Net income from Abroad GROSS NATIONAL INCOME Net Current Transfers from Abroad GROSS NATIONAL DISPOSABLE INCOME Private Final Consumption Government Final Consumption Total Consumption GROSS NATIONAL SAVING Gross Capital Formation Gross National Saving FOREIGN SAVING 1,295.60 1,413.19 1,579.74 1,589.80 1,591.32 193.26 1,488.86 (72.29) 1,416.57 48.74 1,465.31 1,103.47 234.13 1,337.60 127.71 396.03 127.71 268.32 236.62 1,649.81 (65.32) 1,584.49 54.45 1,638.94 1,239.29 248.36 1,487.65 151.29 469.56 151.29 318.27 268.93 1,848.67 (56.37) 1,792.30 54.42 1,846.72 1,567.20 290.57 1,857.77 (11.05) 503.53 (11.05) 514.58 306.89 1,896.69 (60.88) 1,835.81 35.54 1,871.35 1,643.01 314.26 1,957.27 (85.92) 535.18 (85.92) 621.10
 296.33 1,887.65 (39.09) 1,848.56 30.84 1,879.40 1,629.72 353.57 1,983.29 (103.89) 426.74 (103.89) 530.63 Page - 61 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V-11.1 SELECTED ECONOMIC INDICATORS 2000-2004 INDICATORS GDP GVA at Current Basic Prices GVA at Constant Basic Prices GDP at Current Market Prices GNI at Current Market Prices Per Capita GDP at Market Prices OTHER UNIT 2000 2001 2002 2003 2004 EC$M EC$M EC$M EC$M EC$ 930.36 1,007.67
 1,080.21 1,122.70 1,221.47 1,070.97 1,087.46 1,154.03 1,237.55 1,294.66 1,073.11 1,163.75 1,249.13 1,302.47 1,410.87 1,021.34 1,119.23 1,201.60 1,238.12 1,333.91 9,774.75 10,670.52 11,581.68 12,385.84 13,494.05 Mid Year Population Number 109,790 109,064 107,854 105,158 104,555 Value of Exports (FOB) Value of Imports (CIF) Balance of Visible Trade Consumer Price Index Implicit GVA Deflator Government Recurrent Revenue Government Recurrent Expenditure Total Stay-Over Visitors Cruise Ship Visitors EC$M EC$M EC$M Percent Change Points EC$M EC$M '000 '000 139.72 112.38 106.10 102.58 98.90 398.54 464.00 481.98 540.53 608.51 (321.30) (351.62) (375.88) (437.95) (509.61) Electricity Generated '000KWH 93,325 107,402 108,029 112,440 121,413 Bananas Exported Tonnes 43,763 33,887 37,551 26,686 28,056 Page - 62 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Table V-11.2 SELECTED ECONOMIC INDICATORS 2005-2009 INDICATORS GDP UNIT 2005 2006 2007 2008 2009 Preliminary GVA at Current Basic Prices EC$M 1,295.61 1,413.19 1,579.74 1,589.80 1,591.32 GVA at Constant Basic Prices EC$M 1,333.37 1,413.19 1,460.13 1,455.90 1,447.13 GDP at Current Market Prices EC$M 1,488.87 1,649.81 1,848.67 1,896.69 1,887.65 GNI at Current Market Prices EC$M
 1,416.58 1,584.49 1,792.30 1,835.81 1,848.56 Per Capita GDP at Market Prices EC$ 14,350.42 16,269.99 18,462.70 19,133.36 18,970.00 OTHER Mid Year Population Number 103,751 101,402 100,130 99,130 99,507 Value of Exports (FOB) Value of Imports (CIF) EC$M EC$M 107.68 102.89 128.83 140.96 143.14 649.43 726.98 882.38 1,007.36 946.92 Balance of Visible Trade EC$M (541.75) (624.09) (753.55) (866.40) (803.78) Consumer Price Index Implicit GVA Deflator Government Recurrent Revenue Government Recurrent Expenditure Total
 Stay-Over Visitors Cruise Ship Visitors Percent Change Points EC$M EC$M '000 ' Electricity Generated '000KWH 131,850 132,718 141,093 139,129 143,291 Bananas Exported Tonnes 25,211 21,410 22,657 19,669 15,712 Page - 63 Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Chart 2: Nominal Gross Domestic Product Growth Rate Chart 3: Real Gross Domestic Product Growth Rate Page - 64 -2.000.002.004.006.008.0010.0012.0014.00200120022003200420052006200720082009% growth rateYearsOld Series (1990 = 100)Rebased Series (2006 = 100)-2.000.002.004.006.008.0010.00200120022003200420052006200720082009% growth rateYearsOld Series (1990 = 100)Rebased Series (2006 = 100) Section V Statistical Tables and Charts National Accounts Statistics 2009 – St Vincent and the Grenadines Chart 4: Rebased Percentage Contribution to GVA in Current Prices: 2000 Chart 5: Rebased Percentage Contribution to GVA in Current Prices: 2009 Page - 65 Agriculture8.54%Mining and Quarrying0.17%Manufacturing5.79%Electricity and Water5.28%Construction8.41%Wholesale and Retail Trade15.14%Hotels and Restaurants2.84%Transport & Communication14.44%Financial Intermediation6.08%Real Estate, Renting and Business Activities16.14%Public Administration and
 Defence7.83%Education5.79%Health & Social Work2.83%Other Community, Social and Personal Services1.64%Private Households with Employed Persons0.23%Agriculture6.95%Mining and Quarrying0.29%Manufacturing4.97%Electricity and Water4.44%Construction9.15%Wholesale and Retail Trade15.52%Hotels and Restaurants2.71%Transport & Communication14.76%Financial Intermediation7.81%Real Estate, Renting and Business Activities15.01%Public Administration and Defence9.04%Education4.87%Health & Social Work2.99%Other Community, Social and Personal
 Services2.55%Private Households with Employed Persons0.26% Annex Annex A- ISIC REV 3.1 National Accounts Statistics 2009 – St Vincent and the Grenadines ANNEX A- ISIC REV 3.1 INTERNATIONAL STANDARD INDUSTRIAL CLASSIFICATION OF ALL ECONOMIC ACTIVITIES (ISIC, REV.
3.1) Description Agriculture, Hunting and Forestry Agriculture, hunting and related service activities Growing of crops; market gardening; horticulture Farming of animals Growing of crops combined with farming of animals (mixed farming) Agricultural and animal husbandry service activities, except veterinary activities Hunting, trapping and game propagation including related service activities Forestry, logging and related service activities Fishing Fishing, aquaculture and service activities incidental to fishing Mining and Quarrying Mining of coal and lignite; extraction of peat Extraction of crude petroleum and natural gas; service activities incidental to oil and gas extraction excluding surveying Mining of uranium and thorium ores Mining of metal ores Other mining and quarrying Manufacturing Manufacture of food products and beverages Manufacture of tobacco products Manufacture of textiles Manufacture of wearing apparel; dressing and dyeing of fur Tanning and dressing of leather; manufacture of luggage, handbags, saddlery, harness and footwear Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials Manufacture of paper and paper products Publishing, printing and reproduction of recorded media Manufacture of coke, refined petroleum products and nuclear fuel Manufacture of chemicals and chemical products Manufacture of rubber and plastics products Manufacture of other non-metallic mineral products Manufacture of basic metals Manufacture of fabricated metal products, except machinery and equipment Manufacture of machinery and equipment n.e.c.
Manufacture of office, accounting and computing machinery Manufacture of electrical machinery and apparatus n.e.c.

Manufacture of radio, television and communication equipment and apparatus Manufacture of medical, precision and optical instruments, watches and clocks Manufacture of motor vehicles, trailers and semi-trailers Manufacture of other transport equipment Manufacture of furniture; manufacturing n.e.c.
Recycling Electricity, Gas and Water Supply Electricity, gas, steam and hot water supply Collection, purification and distribution of water Construction Construction Code A 01 011 012 013 014 015 02 B 05 C D 26 27 28 29 30 31 32 33 34 35 36 37 E 40 41 F 45 Page - 66 Annex Annex A- ISIC REV 3.1 National Accounts Statistics 2009 – St Vincent and the Grenadines INTERNATIONAL STANDARD INDUSTRIAL CLASSIFICATION OF ALL ECONOMIC ACTIVITIES (ISIC, REV.
3.1) Description Wholesale & Retail Trade; Repair of Motor Vehicles, Motorcycles & Personal & Household Goods Sale, maintenance and repair of motor vehicles and motorcycles; retail sale of automotive fuel Wholesale trade and commission trade, except of motor vehicles and motorcycles Retail trade, except of motor vehicles and motorcycles; repair of personal and household goods Hotels and Restaurants Hotels and restaurants Hotels; camping sites and other provision of short-stay accommodation Restaurants, bars and canteens Transport, Storage and Communication Land transport; transport via pipelines Water transport Air transport Supporting and auxiliary transport activities; activities of travel agencies Post and telecommunications Financial Intermediation Financial intermediation, except insurance and pension funding Insurance and pension funding, except compulsory social security Activities auxiliary to financial intermediation Real Estate, Renting and Business Activities Real estate activities Renting of machinery and equipment without operator and of personal and household goods Computer and related activities Research and development Other business activities Public Administration and Defence; Compulsory Social Security Public administration and defence; compulsory social security Administration of the State and the economic and social policy of the community Provision of services to the community as a whole Compulsory social security activities Education Education Health and Social Work Health and social work Human health activities Veterinary activities Social work activities Other Community, Social and Personal Service Activities Sewage and refuse disposal, sanitation and similar activities Activities of membership organizations n.e.c.
Recreational, cultural and sporting activities Other service activities Activities of Private Households as Employers and Undifferentiated Production Activities of Private Households Activities of private households as employers of domestic staff Undifferentiated goods-producing activities of private households for own use Undifferentiated service-producing activities of private households for own use Extra-territorial Organizations and Bodies Extra-territorial organizations and bodies Code G 50 51 52 H 55 551 552 I 60 61 62 63 64 J 65 66 67 K 70 71 72 73 74 L 75 751 752 753 M 80 N 85 851 852 853 O 90 91 92 93 P 95 96 97 Q 99 Page - 67 Annex Annex B – Annual Survey of Economic Activity National Accounts Statistics 2009 – St Vincent and the Grenadines ANNEX B – ANNUAL SURVEY OF ECONOMIC ACTVITY Form No.
H 5510.08/07 STATISTICAL OFFICE Central Planning Division Kingstown, St. Vincent Telephone No.

450-0592/0377 Fax.

456-2430 Email:svg.stats@mail.gov.vc ST .VINCENT AND THE GRENADINES ANNUAL SURVEY OF ECONOMIC ACTIVITY ACCOMMODATION SERVICES This Form covers hotels, cottages, apartments, guesthouses and other short-stay accommodation.

Restaurant, bar, entertainment and other services may be provided along with accommodation services.

Confidential under the Statistics Act, No.


24 of 1983 OFFICIAL USE ONLY Date Received …………………………………… Checked by…………………………………… Establishment No.…………………………….

ISIC NO: …………………………… 1.1 1.2 1.3 1.4 1.5 1.6 SECTION I - DESCRIPTION OF ESTABLISHMENT Name of Establishment ………………………………………………………………………………………..

Address of Establishment ……………………………………………………………………………………..

Postal Address (if different from above) …………………………………………………………………….
Which of the following best describes the ownership of your establishment (indicate by a tick [] Private Limited Company [ ] Public Limited Company [ ] Sole /Owner Trader [ ] Non Profit Institution [ ] Partnership/Family (unlimited) [ ] Other specify PublicCorporation/StatutoryBody[ ] Please state the percentage (%) of foreign ownership of your establishment …………………………..
Please state the month and year in which your establishment started operations/was incorporated ………………………………………………………………………………………………………………….. 1.7 State financial year used in completing this form:- 2008: From …………………………………… To ……………………………….... 2007: From …………………………………… To ………………………………… If your financial year is not the same as the calendar year, please apply the following procedure: If your financial year ends on or before June 30, enter 2008/09 accounting data for 2008 and 2007/08 for 2007.
If your financial year ends after June 30, enter 2007/2008 accounting data for 2008.
66 Annex Annex B – Annual Survey of Economic Activity National Accounts Statistics 2009 – St Vincent and the Grenadines 1.8 What is the main activity carried on by your establishment ……………… …………………………………………………………………………………………………………… 1.9 Please indicate whether it is normal policy to close operations during the year Yes ___________________ specify dates when closing occurs ____________________________ No ____________________ 1.10 Name of person responsible for completing the questionnaire: Name: …………………………………………………………………………………………………………… Position: …………………………………………………………………………………………………... Telephone No.
: ………………………………………………………………………………………………… SECTION 2 - PERSONS ENGAGED 2.1 How many persons were engaged in each of the below categories during the last pay period for the months of June and December.
Period Working Proprietors Unpaid Workers Employees 2007 – June 2007 – December 2008 – June 2008 - December (EC dollars) SECTION 3 - SALES AND OTHER RECEIPTS 2008 2007 P1111 P1112 P1113 P1114 P1115 P1117 P1116 D4100 D4200 D4201 D4300 P1189 Sales and Other Receipts Room Sales Restaurant sales Bar and wine sales Income from telecommunication services Income from laundry services Income from conference center Income from rentals Interest earned Dividends received Income from other investment Gain ( Loss) on foreign exchange Other income Total Income 67 Annex Annex B – Annual Survey of Economic Activity National Accounts Statistics 2009 – St Vincent and the Grenadines SECTION 4 - EXPENSES (EC dollars) 2008 2007 D1111 D11111 D11112 D11113 D11114 D11115 D11116 D2990 D29901 D29902 D29903 D29904 K1000 D4190 D7520 P2151 P2152 P2153 P2154 P2155 P2160 P2170 P2211 P2212 P2220 P2221 P2240 P2412 P2420 P2421 P2510 P2520 P2540 P2550 P2610 P2630 P2631 P2700 P2810 P2820 P2890 P29001 P2900 Labour Payments Gross wages and salaries paid to employees during the year Employers contribution to:- (a)Social Security (b)Medical Benefit scheme (c)Private Pension Schemes, Life, Health and casualty insurance schemes Directors Fees Value of payments in kind Other payments to labour Other Operating expenses Other Taxes and licences Property tax Hotel tax Licences and other fees Other (specify) Depreciation and amortization Interest paid Bad debts net of recoveries and donations given Cost of room sales Cost of restaurant sales Cost of bar and
 wine sales Cost of other departmental sales Cost of China, Glassware, Cutlery, Linens, Uniforms Cost of fuel Cost of stationary and other Office supplies Maintenance and repair of machinery and equipment Maintenance and repair of vehicle Electricity Water Building maintenance and repair Transport and travel Telephone and other communications Postage and courier services Bank charges Insurance Credit card commissions Commissions paid to travel agents Rental/lease of buildings Rental/lease of machinery, equipment Rental/lease of vehicles Computer services/maintenance of office equipment Professional services Advertising and promotion Head Office Royalties All Other expenses Total Expenses 68 Annex Annex B – Annual Survey of Economic Activity National Accounts Statistics 2009 – St Vincent and the Grenadines SECTION 5 – SPECIAL ITEMS (EC dollars) 2008 2007 Special Items Total profit(loss) before income tax Dividends payable Additions to retained earnings Dividends repatriated Service charge collected and paid to employees Occupancy tax collected & transferred to Government SECTION 6 - INVENTORIES (EC dollars) 2007 End of Year Inventories 2008 Item Food and Beverages Other Inventories Total Inventories Change in Inventories P5200 2006 NA (EC dollars) SECTION 7 - CAPITAL EXPENDITURE 2008 2007 P5110 P5110 P5139 P5139 P5139 Land Building Machinery and equipment Vehicles purchased Other Fixed Assets Total SECTION 8 - MISCELLANEOUS What percentage of the income earned by
 your establishment, in your estimate, comes directly from overseas guests?
Type of Revenue Percentage Earned by Overseas Guests 2008 2007 Room Revenue Food Revenue Beverage Revenue Other Income Please provide bed and room occupancy rates, and number of guest rooms and bed places available Room Occupancy Rate of year Bed Occupancy Rate for Year Guest Rooms at 31 December Bed Spaces at 31 December Year 2008 2007 69 Annex Annex B – Annual Survey of Economic Activity National Accounts Statistics 2009 – St Vincent and the Grenadines ACCOMMODATION SERVICES EXPLANATORY NOTES P1111 Room sales Total receipts, including occupancy tax and gratuities, from room sales, net of refunds and discounts given.
Enter cost of room sales at Item P2l51.

P 1112 Restaurant sales Total receipts, including gratuities, from all restaurants, cafeterias, canteens, snack bars and take-out facilities, net of refunds and discounts.

Exclude sales of alcoholic beverages.

Enter cost of restaurant sales at Item P2l52 (Cost of food sales).

P1113 Bar and wine sales Total receipts, including gratuities, from the sale of alcoholic and nonalcoholic beverages, net of refunds and discounts.
Enter the cost beverage sales at Item P2l53.

P1114 Other departmental sales Include income, including gratuities, from other departments such as newsstands, gift shops, golf courses, casinos, rental of banquet hall and convention facilities, etc.

Enter cost of othjer departmental sales at item P2154 D4100 & D4200 Interest and dividends received Interest includes income receivable from the ownership of certain types of financial assets such as deposits, loans, securities, etc.
Dividend income includes income from the ownership of shares in corporations.

P 1189 Other operating income Income from other sources related to the business, e.g., rental of buildings and equipment, commissions, ledger fees, exchange gain/loss, miscellaneous income, etc.

Exclude grants, donations and subventions received, gains or losses on the sale of fixed assets and bad debts recovered.
D1111 Wages, salaries and benefits Gross cash payments to employees, including overtime payments, bonuses, fees, commissions, cost of living allowances, vacation and sick pay.

Include the employer's contributions to pension, insurance and other schemes on behalf of employees, as well as the cost of meals, housing and other benefits not recovered from employees.
D2990 Other taxes and licences Include business fees, business and professional licences, property taxes, vehicle licences, stamp duties and other fees paid to government on behalf of the business.

K1000 Depreciation and amortization Includes the amount allocated during the reporting period to amortize the cost of acquiring long-term assets over the useful life of the asset.

P2152 Cost of food sales Consists of purchases plus opening stock less closing stock of food and beverage products.
P2160 Cost of fuels used Consists of purchases plus opening stock less closing stock of fuels.

Include gasoline, kerosene, gas oil and other fuel oils, lubricating oils, etc.

P2412 Transport and travel Local freight charges, local and overseas business travel.

P2420 Telephone, postage and other communications Include cellular phone charges, the cost of courier and messenger services, fax, telex, and Internet services.

P2520 Insurance Premiums paid for motor vehicle, property and marine insurance.
Include insurance of staff under DIIII.

P2810 Professional services Include expenditure on legal, accounting, audit, architectural and engineering services, management and other consultancy services.

P2820 Advertising and promotion Include entertainment expenses.

P2900 Other expenses Include security services, janitorial services, medical expenses, veterinary services, laundry services, and other expenditures such as staff training, subscriptions, research and development, etc.
Exclude bad debts, extraordinary items and other non-current items of expenditure.

70 Annex Annex B – Annual Survey of Economic Activity National Accounts Statistics 2009 – St Vincent and the Grenadines P5110 Buildings P5139 Machinery, equipment and other fixed assets P5200 Change in inventories Value of new and existing buildings acquired during the year, less disposals of existing buildings.

Include the value of extensions and major renovations to existing buildings.
Value of all new or second hand machinery and equipment, including transport equipment; office, accounting and computer equipment, including computer software; furniture, fixtures and furnishings and other durable goods acquired during the year, less disposals of similar items.
Total value of all inventories at the end the period minus the value at the beginning of the period, including materials and supplies that are held in stock for use as intermediate inputs, work-in-progress, finished goods and goods for resale.

71