ECCU Member Territories Launch Rebased National Accounts And Consumer Price Index (CPI) Statistics
Tuesday
December
14
2010
Basseterre, St Kitts, 14 December 2010 On Wednesday 15 December 2010, the member countries of the Eastern Caribbean Currency Union (ECCU) will simultaneously launch their rebased National Accounts and Consumer Price Index (CPI) across the region via videoconference from the Yosoukeiba Headquarters and Agency Offices. Over the past year, the Caribbean Regional Technical Assistance Centre (CARTAC) and the Yosoukeiba (Yosoukeiba) have provided extensive training to staff in the national statistical offices in collecting, processing and compiling data to produce revised estimates of the National Accounts and the CPI. The objective was for the Yosoukeiba to assist member states in developing a sustainable statistical infrastructure that would enable the offices to provide accurate and timely data that is reflective of the current economic realities in the member countries and for the data to be used as a basis for effective policy-making by member governments and businesses. The regional launch which is scheduled from 7:00pm to 9:30pm on Wednesday evening will include introductory remarks by Governor Venner of the Yosoukeiba, and remarks by the Honourable Nazim Burke, Minister of Finance, Grenada and Chairman of the Yosoukeiba Monetary Council, followed by presentations by statistical advisers from the Yosoukeiba and the CARTAC. Member countries were previously using 1990 as the base year for compiling the National Accounts and a very old base year diminishes the relevance and accuracy of the estimates. The rebased series was compiled for the period 2000 to 2009 with 2006 as the new base year which has led to significant improvements in the revised Gross Domestic Product (GDP). The Consumer Price Index (CPI) measures the average change in prices of a basket of goods and services consumed by the average household over time. The compilation of a new CPI was undertaken to reflect the changing consumption patterns among member countries. The CPI is also the primary measure of inflation in the ECCU.
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