Resolution No. 8
Series of 1997

APPROVING THE POLICY ON UPDATING THE NATIONAL ACCOUNTS

WHEREAS, the System of National Accounts is a comprehensive set of information indispensable for monitoring, analysis and evaluation of the performance of the economy;

WHEREAS, the National Statistical Coordination Board (NSCB) compiles the Quarterly National Accounts, the Annual National Accounts and the Gross Regional Domestic Product and the Expenditures on Gross Regional Domestic Product;

WHEREAS, the compilation of these accounts requires a large set of information from various sources, covering data generated from surveys as well as compiled from administrative records;

WHEREAS, these sources of information have varying degrees of timeliness and follow different revision schedules;

WHEREAS, it is standard international practice to update the accounts as additional data become available;

WHEREAS, the current practice of the NSCB is to make quarterly updating of the National Accounts as data inputs are updated or revised;

WHEREAS, frequent updating of the National Accounts estimates, particularly the Quarterly Accounts, based on still incomplete data does not necessarily lead to more accurate estimates;

WHEREAS, in spite of EO 352 which designates the schedule of release of data, some data sources are still faced with difficulties in meeting its requirements;

NOW THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that the Board approve the updating of the Quarterly Accounts for each quarterly estimation round to be limited to the immediately preceding quarter, and for the rest of the past quarters to be done only during the May round of estimates.

Approved this 31st day of July 1997.