Anguilla participated in the recently concluded workshop on Balance of Payments (BOP) and International Investment Position (IIP) statistics, from April 4th –8th in Port of Spain, Trinidad and Tobago.
The workshop was designed for mid-level management and technical staff involved in the compilation of Balance of Payments and International Investment Positions statistics. The BOP is a statistical statement summarizing transactions between residents and non-residents during a period and the IIP is a statistical statement that shows at a point in time the value of financial assets of residents that are claims on non-residents and the liabilities of residents of an economy to non-residents.
The workshop was designed to provide training and practical guidance on source data and methodologies underlying the compilation of External Sector Statistics (ESS) following the release of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) and its companion document: The BPM6 compilation guide and also to address the relevant compilation issues and challenges faced by compiling agencies within the region.
The Anguilla Statistics Department currently produces BOP estimates by surveying the appropriate businesses and has recently added the IIP to the economic production schedule of the Department. The Department would like to stress the importance of these statistics as they are important to; assessing economic relations with the rest of the world, different sources of external funding, measuring the degree of financial openness, monitor external indebtedness, indicator of external debt sustainability and an indicator of financial stability. The success of the development and/or production of these indicators for Anguilla continue to be dependent on the return of requested data by the business community/sector.
The Anguilla Statistics Department’s (ASD) participation in the workshop was an opportunity for the continued development and improvement of its statistical capacity as it relates to External Sector Statistics given the ASD 2016 and future work focus. Anguilla was represented by Senior Statistical Officer, Mr Careme Carty of the Government of Anguilla, sponsored by the Caribbean Regional Assistance Centre (CARTAC) along with the 19 CARTAC member countries.