definition of components of the accounts and … · composition particularly a shift towards...

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PUBLISHED & PRINTED BY:

Statistics Division Ministry of Finance, and Corporate Governance

Antigua and Barbuda

Telephone: (268) 462-4775 Fax: (268) 562-2542

E-mail: [email protected]

© COPYRIGHT 2018

Data from these tables may be reproduced with acknowledgement from source

Please quote the source as: Statistics Division, Ministry of Finance and Corporate Governance, Antigua and Barbuda

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TABLE OF CONTENTS

FOREWORD ....................................................................................................................... vii

INTRODUCTION .................................................................................................................. ix

SELECTED ACRONYMS ........................................................................................................ xi

NOTATIONS CONVENTIONS USED IN TABLES ................................................................... xii

STATISTICAL TABLES, GRAPHS AND CHARTS.................................................................... xiii

KEY CONCEPTS AND DEFINITIONS .................................................................................... 65

Key Concepts ........................................................................................ 65

Key Definitions ...................................................................................... 67

Methodology for Estimating Gross Domestic Product ............................ 69

SOURCES AND METHODS OF ESTIMATING THE GROSS VALUE-ADDED ........................... 75

Classification of Sources of Information ................................................. 75

Methods Used to Estimate the GVA by Economic Activity ..................... 78

ANNEX A: ISIC Rev 3.1 ........................................................................ 89

ANNEX B : ASEA .................................................................................. 92

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FOREWORD

The National Accounts Statistics 2017 is the second publication on the Antigua and Barbuda

System of National Accounts produced by the Statistics Division, Ministry of Finance and Corporate

Governance. The purpose of this report is to provide government planners, policymakers, business

enterprises, academics and the general public with indicators for assessing the economic conditions of

Antigua and Barbuda. The statistics contained in this report have been prepared in accordance with the

harmonised 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 2000-2016, preliminary estimates for 2017 and projections for 2018 and 20191. Also included

are sections on the sources and methods used to derive the national accounts aggregates that would

provide a guide to data users on the compilation and estimation process.

The tables and accounts presented in this report are useful in analysing the performance of

Antigua and Barbuda’s economy. This report benefited from data collected from administrative records

and the cooperation of the respondents to the annual survey of economic activity.

The Statistics Division wishes to thank the business community, public corporations, government

agencies, and all other stakeholders who have contributed, in one way or another, for the cooperation

received in the provision of the necessary data, to facilitate the completion of this report.

In particular, the Statistics Division would like to acknowledge the significant contribution and the

overwhelming involvement of Mrs. Hazel Corbin, Consultant, and former Statistics Adviser of the Eastern

Caribbean Central Bank (ECCB). Thanks also to Mr. Ivan Michael for his tremendous efforts and the staff

of the National Accounts Unit for their assistance in finalizing this report.

Any suggestions for improvement, comments or queries may be directed to the Statistics Division,

Ministry of Finance and Corporate Governance.

Statchel Edwards

Chief Statistician

Statistics Division Ministry of Finance and Corporate Governance

1 Projections are done by the Consultant

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INTRODUCTION

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

arriving and exports are going abroad. These transactions need to be organised in a systematic

way. The System of National Accounts 1993 (1993 SNA) is the standard framework to organise

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. The 1993 SNA 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 Antigua and Barbuda System of National Accounts is based on the 1993 SNA.

However, the national accounts framework, does not currently comprise the entire set of

integrated macroeconomic accounts, but follows the set of internationally accepted concepts,

definitions, classification, and accounting rules in the compilation of the basic accounts. The

accounts are limited to the compilation of the basic measure of output arising from the economic

activity and expenditure within the economy and among the economic agents, in current and

constant prices and their related indicators.

The national accounts are an indispensable tool for analysing, monitoring and evaluating

the performance of the economy. The accounts are compiled relative to a base year that should

be updated periodically to reflect the changes in the economy. The structure of the Antigua and

Barbuda economy has changed significantly. There have been considerable shifts in the industrial

composition particularly a shift towards services. Consequently, in 2010 with the technical

assistance from the ECCB and Caribbean Centre for Technical Assistance (CARTAC), the Statistics

Division implemented a project to rebase the system of national accounts from base year 1990 to

2006. The process required (a) incorporating new and revised data into the existing estimates,

(b) revising national accounts classification of industries, and (c) rebasing the constant prices from

1990 to 2006. The result is a comprehensive series based on ISIC Rev. 3.1 for classification of GDP

by economic activity. Estimates of gross value added are derived for various industries, especially

types of services that were not accurately captured in the historical series.

The data used in the compilation of the national accounts were obtained from the Annual

Survey of Economic Activity (ASEA) and administrative records of the government, private

establishments and individuals. The ASEA provided the data for the classifications of economic

activity. These data included information on employment and financial operations of businesses

and organisations operating in Antigua and Barbuda. The survey data were collected from a

sample of establishments taken from a detailed list of establishments that is maintained and

updated by the Statistics Division. The ASEA forms were designed to capture two reporting years

(current and previous year). In cases where there were low response rate to the ASEA, additional

information was collected from other administrative sources.

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Other key administrative sources include the Customs and Excise Department that

provided data on external merchandise trade; Inland Revenue Department (IRD) that provided

data on income tax and value-added tax (ABST); Social Security Board (SSB) that provided data on

gross wages for selected establishments; Budget Office, that provided government budget

estimates of revenue and expenditure and the Ministry of Agriculture, Lands, Fisheries and the

Environment (Ministry of Agriculture) that provided data on agricultural production. Other data

sources were Consumer Price Index (CPI) and Balance of Payments (BOP) statistics.

The estimates are based on methodologically sound statistical procedures and economic

theory. Data were validated and cross-checked for consistency of information.

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SELECTED ACRONYMS

APUA Antigua Public Utilities Authority

ASEA Annual Survey of Economic Activity

BOP Balance of Payments

c.i.f. cost, insurance, and freight

CPI Consumer Price Index

ECCB Eastern Caribbean Central Bank

FISIM Financial Intermediation Services Indirectly Measured

f.o.b. free on board

GFCE Government Final Consumption Expenditure

GDP Gross Domestic Product

GVA Gross Value Added

ISIC International Standard Industrial Classification of All Economic Activities

IRD Inland Revenue Department

KWh Kilo Watt hour

SSB Social Security Board

SITC Standard Industrial Trade Classification

SNA System of National Accounts

SUT Supply and Use Table

UN United Nations

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NOTATIONS CONVENTIONS USED IN TABLES

Convention Meaning

M millions

‘000 thousands

P provisional / preliminary

R Revised

E estimated

F forecasted / projected

. Negligible

- Zero

~~ not applicable

n. a not available

EC$ Eastern Caribbean dollar

( ) deficit, decrease or negative value

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STATISTICAL TABLES, GRAPHS AND CHARTS

Table Index

Table 1a: GDP by Economic Activity in Current Prices, 2000-2004 .................................. 16

Table 1b: GDP by Economic Activity in Current Prices, 2005-2009 .................................. 17

Table 1c: GDP by Economic Activity in Current Prices, 2010-2014 .................................. 18

Table 1d: GDP by Economic Activity in Current Prices, 2015-2019 .................................. 19

Table 2a: GDP by Economic Activity in Constant Prices, 2000-2004 ................................ 20

Table 2b: GDP by Economic Activity in Constant Prices, 2005-2009................................ 21

Table 2c: GDP by Economic Activity in Constant Prices, 2010-2014 ................................ 22

Table 2d: GDP by Economic Activity in Constant Prices, 2015-2019................................ 23

Table 3a: Percentage Contribution of GVA by Economic Activity in Current Prices, 2000- 2004 .................................................................................................................................. 24

Table 3b: Percentage Contribution of GVA by Economic Activity in Current Prices, 2005- 2009 .................................................................................................................................. 25

Table 3c: Percentage Contribution of GVA by Economic Activity in Current Prices, 2010- 2014 .................................................................................................................................. 26

Table 3d: Percentage Contribution of GVA by Economic Activity in Current Prices, 2015- 2019 .................................................................................................................................. 27

Table 4a: Percentage Contribution of GVA by Economic Activity in Constant Prices, 2000- 2004 .................................................................................................................................. 28

Table 4b: Percentage Contribution of GVA by Economic Activity in Constant Prices, 2005- 2009 .................................................................................................................................. 29

Table 4c: Percentage Contribution of GVA by Economic Activity in Constant Prices, 2010- 2014 .................................................................................................................................. 30

Table 4d: Percentage Contribution of GVA by Economic Activity in Constant Prices, 2015- 2019 .................................................................................................................................. 31

Table 5a: Rate of Growth of GVA by Economic Activity in Current Prices: 2000-2004 .... 32

Table 5b: Rate of Growth of GVA by Economic Activity in Current Prices: 2005-2009 .... 33

Table 5c: Rate of Growth of GVA by Economic Activity in Current Prices: 2010-2014 .... 34

Table 5d: Rate of Growth of GVA by Economic Activity in Current Prices: 2015-2019 .... 35

Table 6a: Rate of Growth of GVA by Economic Activity in Constant Prices: 2000-2004 .. 36

Table 6b: Rate of Growth of GVA by Economic Activity in Constant Prices: 2005-2009.. 37

Table 6c: Rate of Growth of GVA by Economic Activity in Constant Prices: 2010-2014 .. 38

Table 6d: Rate of Growth of GVA by Economic Activity in Constant Prices: 2015-2019.. 39

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Table 7a: GVA Deflators by Economic Activity 2000-2004 ............................................... 40

Table 7b: GVA Deflators by Economic Activity 2005-2009............................................... 41

Table 7c: GVA Deflators by Economic Activity 2010-2014 ............................................... 42

Table 7d: GVA Deflators by Economic Activity 2015-2019............................................... 43

Table 8a: GVA Consumption in Current Basic Prices, 2000 And 2001 ............................. 44

Table 8b: GVA Consumption in Current Basic Prices, 2002 And 2003 ............................. 44

Table 8c: GVA Consumption in Current Basic Prices, 2004 And 2005 .............................. 46

Table 8d: GVA Consumption in Current Basic Prices, 2006 And 2007 ............................. 47

Table 8e: GVA Consumption in Current Basic Prices, 2008 And 2009 ............................. 48

Table 8f: GVA Consumption in Current Basic Prices, 2010 And 2011 .............................. 49

Table 8g: GVA Consumption in Current Basic Prices, 2012 And 2013 ............................. 50

Table 8h: GVA Consumption in Current Basic Prices, 2014 And 2015 ............................. 51

Table 8i: GVA Consumption in Current Basic Prices, 2016 And 2017 .............................. 52

Table 8j: GVA Consumption in Current Basic Prices, 2018 And 2019 .............................. 53

Table 9a: Expenditure On Gross Domestic Product In Current Prices: 2000-2004 .......... 54

Table 9b: Expenditure on Gross Domestic Product in Current Prices, 2005-2009 ........... 55

Table 9c: Expenditure on Gross Domestic Product in Current Prices, 2010-2014 ........... 56

Table 9d: Expenditure on Gross Domestic Product in Current Prices, 2015-2019 ........... 57

Table 10a: National Accounts Aggregates in Current Prices, 2000-2004 ......................... 58

Table 10b: National Accounts Aggregates in Current Prices, 2005-2009......................... 58

Table 10c: National Accounts Aggregates in Current Prices, 2010-2014 ......................... 59

Table 10d: National Accounts Aggregates in Current Prices, 2015-2019......................... 59

Table 11a: Selected Economic Indicators, 2000-2004 ...................................................... 60

Table 11b: Selected Economic Indicators, 2005-2009 ..................................................... 61

Table 11c: Selected Economic Indicators, 2010-2014 ...................................................... 62

Table 11d: Selected Economic Indicators, 2015-2019 ..................................................... 63

Chart Index

Chart 1: Nominal Gross Domestic Product Growth Rate ................................................. 64

Chart 2: Real Gross Domestic Product Growth Rate ........................................................ 64

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Figure Index

Figure 1: Relationship among Basic, Producer and Purchaser Prices .............................. 66

Figure 2: Components of Gross Domestic Product .......................................................... 67

Figure 3: Derivation of Gross Value-added ...................................................................... 68

Box Index

Box 1: Valuation of Goods and Services ........................................................................... 66

Box 2: Classification of Institutional Sectors .................................................................... 76

Box 3: Types of Production Units ..................................................................................... 77

Box 4: Classification example applied to Antigua and Barbuda ....................................... 77

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Table 1a: GDP by Economic Activity in Current Prices, 2000-2004 All Figures in EC$M

Economic Activity 2000 2001 2002 2003 2004

Agriculture 18.75 17.82 16.46 18.31 19.02 Crops 9.90 9.98 10.24 10.60 11.13 Livestock 7.95 6.94 5.32 6.81 6.99 Forestry 0.90 0.90 0.90 0.90 0.90 Fishing 16.88 17.05 21.6 22.11 20.96 Mining & Quarrying 14.46 16.69 17.65 28.64 16.83 Manufacturing 36.40 37.61 39.96 44.04 46.08 Electricity & Water Supply 60.89 77.64 69.72 56.93 71.27 Electricity 55.29 69.93 60.45 50.95 62.31 Water 5.60 7.71 9.27 5.98 8.96 Construction 198.18 146.49 159.53 175.23 189.97 Wholesale & Retail Trade 317.25 322.23 326.93 331.64 347.31 Hotels & Restaurants 291.00 285.74 291.46 325.45 360.37 Accommodation 237.40 229.09 232.42 261.66 306.04 Restaurants 53.60 56.65 59.04 63.79 54.34 Transport, Storage & Communication 322.96 286.40 283.70 294.17 281.36 Transport & Storage 182.51 157.35 155.61 165.5 165.44 Road Transport 99.49 89.58 88.89 106.90 111.96 Sea Transport 2.52 1.28 0.65 0.38 1.00 Air Transport 58.63 43.21 43.09 37.29 27.27 Auxiliary Transport Activities & Storage 21.87 23.28 22.98 20.93 25.20 Communications 140.45 129.06 128.09 128.67 115.92 Financial Intermediation 141.89 142.99 161.57 149.79 178.54 Banks 111.74 106.07 120.89 108.21 126.37 Insurance 30.00 36.77 40.52 41.41 42.79 Offshore Banks & Trusts 0 0 0 0 6.10 Auxiliary 0.14 0.15 0.16 0.17 3.27 Real Estate, Renting & Business Activities 201.92 205.23 214.21 226.04 234.96 Owner Occupied Dwellings 142.29 142.82 148.99 154.79 160.88 Real Estate Activities 7.46 9.59 10.03 11.26 11.07 Renting of Machinery & Equipment 11.35 11.35 12.87 12.98 12.00 Computer & Related Services 0.94 1.49 1.52 1.48 1.76 Business Services 39.90 39.99 40.80 45.53 49.24 Public Administration & Defence; Compulsory Social Security 158.72 164.25 186.01 194.33 201.88 Education 55.58 57.42 61.71 64.22 67.81 Public 44.38 45.84 49.46 51.67 54.05 Private 11.20 11.58 12.25 12.55 13.76 Health & Social Work 74.52 78.88 66.5 68.45 70.23 Public 66.33 69.48 57.48 58.98 59.93 Private 8.20 9.40 9.02 9.47 10.30 Other Community, Social & Personal Services 139.60 89.71 50.16 60.52 65.52 Public 2.83 2.93 3.12 3.27 3.21 Private 136.76 86.78 47.04 57.24 62.31 Private Households with Employed Persons 7.11 7.13 7.22 7.55 8.57 Less FISIM 41.61 38.61 38.71 37.18 38.68 GVA in Basic Prices 2,014.48 1,914.66 1,935.68 2,030.23 2,141.99 Growth Rate (%) (4.96) 1.10 4.88 5.50 Taxes on Products 231.10 251.51 267.96 284.53 352.58 Less Subsidies on Products 4.15 4.17 4.18 4.52 11.71 GDP in Market Prices 2,241.43 2,162.00 2,199.46 2,310.24 2,482.86 Growth Rate (%) (3.54) 1.73 5.04 7.47

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Table 1b: GDP by Economic Activity in Current Prices, 2005-2009

All Figures in EC$M


Agriculture 18.42 20.27 20.94 22.79 23.08

Crops 11.72 12.20 12.69 13.60 14.85 Livestock 5.79 7.17 7.35 8.27 7.31 Forestry 0.90 0.90 0.90 0.92 0.92

Fishing 30.10 31.37 35.98 34.46 26.39 Mining & Quarrying 19.56 35.76 41.32 41.58 31.24 Manufacturing 49.48 56.82 60.06 58.76 68.36 Electricity & Water Supply 77.20 82.25 74.36 110.64 91.32

Electricity 64.06 59.58 55.48 102.06 65.41 Water 13.14 22.67 18.89 8.58 25.90

Construction 254.76 401.93 453.08 496.82 453.25 Wholesale & Retail Trade 389.74 434.67 505.67 559.25 407.29 Hotels & Restaurants 338.72 347.64 349.90 352.01 333.67

Accommodation 277.78 289.55 286.37 283.08 258.63 Restaurants 60.93 58.09 63.53 68.92 75.04

Transport, Storage & Communication 349.62 334.62 412.59 422.48 383.09 Transport & Storage 191.71 206.33 266.97 264.87 239.23 Road Transport 116.42 135.44 152.49 158.51 123.61 Sea Transport 0.91 1.26 2.12 2.40 2.53 Air Transport 50.42 42.38 80.04 73.94 80.94 Auxiliary Transport Activities & Storage 23.97 27.25 32.32 30.02 32.15 Communications 157.91 128.29 145.62 157.61 143.86

Financial Intermediation 205.12 250.32 286.98 278.78 272.12 Banks 149.43 190.78 219.34 208.93 196.17 Insurance 45.20 48.14 51.31 56.57 58.83 Offshore Banks & Trusts 5.75 6.91 8.15 8.98 11.13 Auxiliary 4.74 4.50 8.18 4.29 5.99

Real Estate, Renting & Business Activities 255.66 275.64 304.18 314.26 310.86 Owner Occupied Dwellings 167.32 173.49 179.23 192.44 194.83 Real Estate Activities 14.93 22.27 35.81 36.80 28.90 Renting of Machinery & Equipment 10.98 11.08 11.36 9.45 5.78 Computer & Related Services 1.90 1.82 2.13 2.56 1.81 Business Services 60.53 66.98 75.65 73.00 79.54

Public Administration & Defence; Compulsory Social Security 201.69 220.65 243.88 252.93 254.75 Education 105.31 123.68 144.16 152.19 149.53

Public 58.41 56.66 62.91 64.87 65.41 Private 46.90 67.02 81.26 87.32 84.12

Health & Social Work 72.05 67.56 73.55 75.43 76.80 Public 60.71 55.03 60.45 62.15 62.62 Private 11.34 12.54 13.10 13.27 14.18

Other Community, Social & Personal Services 74.88 65.52 60.12 64.17 60.96 Public 3.35 3.40 3.78 3.89 3.93 Private 71.54 62.11 56.35 60.28 57.04

Private Households with Employed Persons 10.75 12.06 12.81 12.12 14.80 Less FISIM 46.91 55.02 80.42 74.74 74.93

GVA in Basic Prices 2,406.15 2,705.76 2,999.18 3,173.91 2,882.58 Growth Rate (%) 12.33 12.45 10.84 5.83 (9.18)

Taxes on Products 368.31 427.90 563.33 547.23 446.90 Less Subsidies on Products 14.55 9.75 21.73 26.37 24.00 GDP in Market Prices 2,759.92 3,123.91 3,540.78 3,694.76 3,305.48

Growth Rate (%) 11.16 13.19 13.34 4.35 (10.54)

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Table 1c: GDP by Economic Activity in Current Prices, 2010-2014

All Figures in EC$M


Agriculture 26.40 29.92 28.73 29.39 30.13

Crops 15.74 16.70 17.70 18.76 19.89 Livestock 9.74 12.30 10.11 9.70 9.32

Forestry 0.92 0.92 0.92 0.92 0.92









Public 61.16 60.79 63.83 63.37 73.76 Private 74.57 76.20 90.21 107.06 104.87




GVA in Basic Prices 2,673.80 2,645.87 2,793.20 2,797.19 2996.30 Growth Rate (%) (7.24) (1.04) 5.57 0.14 7.12


Growth Rate (%) (5.86) (0.90) 6.07 (1.53) 6.93

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Table 1d: GDP by Economic Activity in Current Prices, 2015-2019

All Figures in EC$M

Economic Activity 2015 2016 2017R 2018P 2019P

Agriculture 30.28 31.75 33.07 34.29 35.40







Financial Intermediation 241.39 254.48 265.63 279.24 293.61 Banks 169.43 190.22 198.02 209.05 220.69 Insurance 50.54 49.57 51.25 53.32 55.47

Offshore Banks & Trusts 15.57 10.83 12.51 12.89 13.28 Auxiliary 5.86 3.86 3.85 3.98 4.16 Real Estate, Renting & Business Activities 468.01 472.09 495.40 518.58 541.05

Owner Occupied Dwellings 249.83 253.08 263.22 272.65 282.41 Real Estate Activities 44.00 46.75 49.26 51.75 54.37 Renting of Machinery & Equipment 7.54 6.67 7.34 7.96 8.64 Computer & Related Services 1.17 1.20 1.32 1.37 1.42 Business Services 165.46 164.40 174.27 184.86 194.21


Public 76.40 82.45 83.10 85.59 87.30 Private 92.29 117.19 114.00 118.61 123.40




GVA in Basic Prices 3183.93 3435.18 3575.33 3861.47 4111.52 Growth Rate (%) 6.26 7.89 4.08 8.00 6.48


Growth Rate (%) 6.56 7.76 3.53 7.25 5.95

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Table 2a: GDP by Economic Activity in Constant Prices, 2000-2004

All Figures in EC$M


Agriculture 19.11 18.10 16.89 18.83 19.33










Public 47.59 49.15 53.04 55.40 57.95 Private 13.04 13.46 13.89 14.32 15.37




GVA in Basic Prices 2,173.62 2,035.71 2,043.73 2,164.40 2,246.67 Growth Rate (%) (6.34) 0.39 5.90 3.80

Plus: Taxes less Subsidies on Products 244.89 262.38 278.05 298.28 357.52

GVA in Basic Prices 2,418.51 2,298.09 2,321.77 2,462.68 2,604.18 Growth Rate (%) (4.98) 1.03 6.07 5.75

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Table 2b: GDP by Economic Activity in Constant Prices, 2005-2009

All Figures in EC$M


Agriculture 18.72 20.27 19.75 20.34 20.09










Public 58.41 56.66 62.91 58.97 59.46 Private 47.00 67.02 80.63 76.79 74.13




GVA in Basic Prices 2,415.98 2,705.76 2,891.09 2,931.13 2,615.32 Growth Rate (%) 7.54 11.99 6.85 1.38 (10.77) Plus: Taxes less Subsidies on Products 355.02 418.15 522.22 481.26 383.81

GVA in Basic Prices 2,771.00 3,123.91 3,413.30 3,412.39 2,999.13 Growth Rate (%) 6.41 12.74 9.26 (0.03) (12.11)

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Table 2c: GDP by Economic Activity in Constant Prices, 2010-2014

All Figures in EC$M


Agriculture 22.28 23.61 22.64 21.91 22.54






Transport, Storage & Communication 274.32 274.82 272.11 267.06 274.70 Transport & Storage 164.01 158.88 167.55 158.88 165.06 Road Transport 105.34 101.45 103.37 101.15 106.03 Sea Transport 1.75 1.74 1.70 1.87 2.03 Air Transport 35.31 35.05 35.21 33.89 34.51 Auxiliary Transport Activities & Storage 21.62 20.64 27.26 21.98 22.50

Communications 110.31 115.94 104.57 108.18 109.64 Financial Intermediation 245.59 247.32 244.14 228.98 230.65

Banks 178.75 177.21 176.48 163.23 167.01 Insurance 53.61 56.78 55.63 53.86 52.38 Offshore Banks & Trusts 7.43 7.59 7.51 6.97 7.45 Auxiliary 5.80 5.75 4.52 4.92 3.81



Public 55.60 55.26 56.89 57.60 67.05 Private 64.31 65.35 76.63 91.29 88.67




GVA in Basic Prices 2,391.46 2,338.43 2,408.89 2,447.16 2565.70 Growth Rate (%) (8.56) (2.22) 3.01 1.59 4.84 Plus: Taxes less Subsidies on Products 391.86 386.80 411.59 370.69 383.41

GVA in Basic Prices 2,783.32 2,725.23 2,820.48 2,817.85 2,949.11 Growth Rate (%) (7.20) (2.09) 3.49 (0.09) 4.66

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Table 2d: GDP by Economic Activity in Constant Prices, 2015-2019

All Figures in EC$M


Agriculture 22.03 22.69 23.02 23.57 24.02










Public 69.45 74.95 75.54 77.80 79.36 Private 76.94 98.43 95.54 97.45 99.40


Other Community, Social & Personal Services 72.18 68.59 68.46 69.88 71.28 Public 4.17 4.50 4.53 4.67 4.76

Private 68.01 64.09 63.93 65.21 66.51 Private Households with Employed Persons 10.38 9.45 8.32 8.07 7.99

Less FISIM 53.37 50.80 52.97 54.03 54.84 GVA in Basic Prices 2661.65 2793.59 2909.15 3085.49 3225.09

Growth Rate (%) 3.74 4.96 4.14 6.06 4.52 Plus: Taxes less Subsidies on Products 406.19 422.33 422.24 423.36 424.32

GVA in Basic Prices 3,067.84 3,215.92 3,331.39 3,508.84 3,649.40

Growth Rate (%) 4.03 4.83 3.59 5.33 4.01

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Table 3a: Percentage Contribution of GVA by Economic Activity in Current Prices, 2000-2004

(%)


Agriculture 0.93 0.93 0.85 0.90 0.89






Transport, Storage & Communication 16.03 14.96 14.66 14.49 13.14 Transport & Storage 9.06 8.22 8.04 8.15 7.72

Road Transport 4.94 4.68 4.59 5.27 5.23 Sea Transport 0.13 0.07 0.03 0.02 0.05 Air Transport 2.91 2.26 2.23 1.84 1.27 Auxiliary Transport Activities & Storage 1.09 1.22 1.19 1.03 1.18 Communications 6.97 6.74 6.62 6.34 5.41




Public 2.20 2.39 2.56 2.54 2.52 Private 0.56 0.60 0.63 0.62 0.64




TOTAL 100.00 100.00 100.00 100.00 100.00

Totals may not add up due to rounding

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Table 3b: Percentage Contribution of GVA by Economic Activity in Current Prices, 2005-2009

(%)


Agriculture 0.77 0.75 0.70 0.72 0.80











Public 2.43 2.09 2.10 2.04 2.27 Private 1.95 2.48 2.71 2.75 2.92




TOTAL 100.00 100.00 100.00 100.00 100.00


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Table 3c: Percentage Contribution of GVA by Economic Activity in Current Prices, 2010-2014

(%)


Agriculture 0.99 1.13 1.03 1.05 1.01











Public 2.29 2.30 2.29 2.27 2.46 Private 2.79 2.88 3.23 3.83 3.50




TOTAL 100.00 100.00 100.00 100.00 100.00


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Table 3d: Percentage Contribution of GVA by Economic Activity in Current Prices, 2015-2019

(%)


Agriculture 0.95 0.92 0.92 0.89 0.86







Road Transport 4.37 4.18 4.18 4.19 4.21 Sea Transport 0.09 0.09 0.09 0.10 0.10 Air Transport 2.25 2.19 2.00 2.02 2.02 .Auxiliary Transport Activities & Storage 1.35 1.59 1.82 1.98 2.05 Communications 3.87 3.98 3.72 3.55 3.43

Financial Intermediation 7.58 7.41 7.43 7.23 7.14 Banks 5.32 5.54 5.54 5.41 5.37 Insurance 1.59 1.44 1.43 1.38 1.35 Offshore Banks &Trusts 0.49 0.32 0.35 0.33 0.32 Auxiliary 0.18 0.11 0.11 0.10 0.10



Public 2.40 2.40 2.32 2.22 2.12 Private 2.90 3.41 3.19 3.07 3.00




TOTAL 100.00 100.00 100.00 100.00 100.00


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Table 4a: Percentage Contribution of GVA by Economic Activity in Constant Prices, 2000-2004

(%)


Agriculture 0.88 0.89 0.83 0.87 0.86











Public 2.19 2.41 2.60 2.56 2.58 Private 0.60 0.66 0.68 0.66 0.68




TOTAL 100.00 100.00 100.00 100.00 100.00


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Table 4b: Percentage Contribution of GVA by Economic Activity in Constant Prices, 2005-2009

(%)


Agriculture 0.77 0.75 0.68 0.69 0.77











Public 2.42 2.09 2.18 2.01 2.27 Private 1.95 2.48 2.79 2.62 2.83




TOTAL 100.00 100.00 100.00 100.00 100.00


Page | 30

Table 4c: Percentage Contribution of GVA by Economic Activity in Constant Prices, 2010-2014

(%)


Agriculture 0.93 1.01 0.94 0.90 0.88











Public 2.32 2.36 2.36 2.35 2.61 Private 2.69 2.79 3.18 3.73 3.46




TOTAL 100.00 100.00 100.00 100.00 100.00


Page | 31

Table 4d: Percentage Contribution of GVA by Economic Activity in Constant Prices, 2015-2019

(%)


Agriculture 0.83 0.81 0.79 0.76 0.74








Financial Intermediation 8.80 8.28 8.24 8.00 7.88 Banks 6.38 6.09 6.04 5.89 5.83 Insurance 1.98 1.85 1.84 1.76 1.72 Offshore Banks &Trusts 0.27 0.21 0.23 0.22 0.21 Auxiliary 0.17 0.13 0.13 0.12 0.12



Public 2.61 2.68 2.60 2.52 2.46 Private 2.89 3.52 3.28 3.16 3.08




TOTAL 100.00 100.00 100.00 100.00 100.00


Page | 32

Table 5a: Rate of Growth of GVA by Economic Activity in Current Prices: 2000-2004


Agriculture (4.97) (7.65) 11.24 3.88

Crops 0.79 2.59 3.52 5.04 Livestock (12.70) (23.36) 28.01 2.60 Forestry 0.00 0.00 0.00 0.00

Fishing 1.01 26.71 2.36 (5.23) Mining & Quarrying 15.46 5.73 62.30 (41.22) Manufacturing 3.31 6.26 10.19 4.64 Electricity & Water Supply 27.51 (10.20) (18.34) 25.18

Electricity 26.47 (13.56) (15.71) 22.30 Water 37.84 20.22 (35.46) 49.73

Construction (26.08) 8.90 9.84 8.41 Wholesale & Retail Trade 1.57 1.46 1.44 4.73 Hotels & Restaurants (1.81) 2.00 11.66 10.73

Accommodation (3.50) 1.45 12.58 16.96 Restaurants 5.69 4.23 8.03 (14.82)

Transport, Storage & Communication (11.32) (0.94) 3.69 (4.36) Transport & Storage (13.79) (1.11) 6.36 (0.04)

Road Transport (9.96) (0.77) 20.26 4.74 Sea Transport (49.36) (49.36) (40.57) 160.35 Air Transport (26.30) (0.27) (13.46) (26.86) Auxiliary Transport Activities & Storage 6.46 (1.30) (8.92) 20.42 Communications (8.11) (0.75) 0.45 (9.91)

Financial Intermediation 0.78 12.99 (7.29) 19.20 Banks (5.08) 13.97 (10.49) 16.78 Insurance 22.57 10.20 2.20 3.33 Offshore Banks & Trusts 0.00 0.00 0.00 0.00 Auxiliary 5.26 5.26 5.26 1873.49

Real Estate, Renting & Business Activities 1.64 4.38 5.52 3.94 Owner Occupied Dwellings 0.37 4.32 3.89 3.94 Real Estate Activities 28.62 4.59 12.27 (1.69) Renting of Machinery & Equipment 0.03 13.44 0.80 (7.54) Computer & Related Services 59.02 2.01 (2.42) 18.87 Business Services 0.22 2.04 11.60 8.15

Public Administration & Defence; Compulsory Social Security 3.48 13.25 4.47 3.88 Education 3.32 7.47 4.06 5.58

Public 3.29 7.90 4.46 4.61 Private 3.45 5.79 2.47 9.59

Health & Social Work 5.85 (15.70) 2.94 2.60 Public 4.76 (17.28) 2.61 1.61 Private 14.68 (4.05) 5.03 8.76

Other Community, Social & Personal Services (35.74) (44.08) 20.64 8.27 Public 3.29 6.49 4.94 (1.80) Private (36.55) (45.79) 21.68 8.85

Private Households with Employed Persons 0.26 1.35 4.52 13.53 Less FISIM (7.21) 0.27 (3.95) 4.04

TOTAL (4.96) 1.10 4.88 5.50


Page | 33

Table 5b: Rate of Growth of GVA by Economic Activity in Current Prices: 2005-2009


Agriculture (3.15) 10.07 3.30 8.82 1.30

Crops 5.34 4.04 4.03 7.14 9.21 Livestock (17.08) 23.83 2.48 12.52 (11.57) Forestry 0.00 0.00 0.00 2.22 0.00

Fishing 43.62 4.24 14.69 (4.24) (23.41) Mining & Quarrying 16.19 82.84 15.56 0.62 (24.87) Manufacturing 7.39 14.82 5.71 (2.17) 16.35 Electricity & Water Supply 8.32 6.54 (9.59) 48.78 (17.46)

Electricity 2.81 (7.00) (6.88) 83.97 (35.91) Water 46.65 72.53 (16.69) (54.59) 202.02

Construction 34.11 57.77 12.73 9.65 (8.77) Wholesale & Retail Trade 12.22 11.53 16.33 10.59 (27.17) Hotels & Restaurants (6.01) 2.64 0.65 0.60 (5.21)

Accommodation (9.23) 4.24 (1.10) (1.15) (8.64) Restaurants 12.14 (4.67) 9.36 8.49 8.88

Transport, Storage & Communication 24.26 (4.29) 23.30 2.40 (9.32) Transport & Storage 15.88 7.62 29.39 (0.79) (9.68)

Road Transport 3.98 16.34 12.59 3.94 (22.02) Sea Transport (9.15) 38.60 68.63 12.79 5.40 Air Transport 84.85 (15.94) 88.86 (7.61) 9.46 Auxiliary Transport Activities & Storage (4.90) 13.70 18.60 (7.12) 7.10 Communications 36.22 (18.75) 13.50 8.24 (8.72)

Financial Intermediation 14.89 22.04 14.65 (2.86) (2.39) Banks 18.25 27.67 14.97 (4.74) (6.11) Insurance 5.63 6.50 6.58 10.25 4.00 Offshore Banks &Trusts (5.78) 20.14 18.01 10.21 23.89 Auxiliary 44.72 (5.05) 81.96 (47.59) 39.67

Real Estate, Renting & Business Activities 8.81 7.82 10.35 3.31 (1.08) Owner Occupied Dwellings 4.00 3.69 3.31 7.37 1.24 Real Estate Activities 34.85 49.15 60.83 2.77 (21.46) Renting of Machinery & Equipment (8.46) 0.92 2.52 (16.83) (38.86) Computer & Related Services 7.53 (3.98) 16.94 20.43 (29.25) Business Services 22.92 10.65 12.94 (3.49) 8.95

Public Administration & Defence; Compulsory Social Security (0.10) 9.40 10.53 3.71 0.72 Education 55.31 17.45 16.56 5.56 (1.75)

Public 8.08 (3.01) 11.02 3.12 0.83 Private 240.83 42.92 21.24 7.46 (3.66)

Health & Social Work 2.59 (6.23) 8.86 2.56 1.82 Public 1.30 (9.36) 9.85 2.82 0.75 Private 10.11 10.53 4.48 1.34 6.80

Other Community, Social & Personal Services 14.29 (12.51) (8.23) 6.74 (5.01) Public 4.12 1.66 11.02 3.12 0.83 Private 14.82 (13.17) (9.29) 6.98 (5.38)

Private Households with Employed Persons 25.46 12.18 6.20 (5.35) 22.08 Less FISIM 21.27 17.30 46.16 (7.06) 0.26

TOTAL 12.33 12.45 10.84 5.83 (9.18)


Page | 34

Table 5c: Rate of Growth of GVA by Economic Activity in Current Prices: 2010-2014


Agriculture 14.39 13.30 (3.96) 2.28 2.52

Crops 6.00 6.09 6.00 6.00 6.00 Livestock 33.22 26.21 (17.79) (4.03) -3.95 Forestry 0.00 0.00 0.00 0.00 0.00

Fishing (8.14) 21.51 11.31 6.66 -26.39 Mining & Quarrying (19.08) (19.30) 5.97 40.25 4.57 Manufacturing (2.17) 3.17 (2.46) 29.82 6.39 Electricity & Water Supply 24.37 15.85 (14.56) (3.00) 8.50

Electricity 42.74 25.27 (15.36) (5.22) 11.93 Water (22.00) (27.67) (8.14) 13.35 -12.66

Construction (34.59) (23.99) 15.57 5.02 10.88 Wholesale & Retail Trade (4.00) (4.81) 11.69 (2.65) 7.94 Hotels & Restaurants 0.12 4.91 3.36 0.14 3.24

Accommodation (2.42) 4.71 2.32 (1.52) 1.61 Restaurants 8.88 5.53 6.55 5.02 7.73

Transport, Storage & Communication (12.30) (4.22) 4.07 (5.75) 6.17 Transport & Storage (7.49) (2.60) 7.00 (10.18) 7.42

Road Transport (4.25) 2.80 5.17 (1.13) 6.10 Sea Transport (19.88) 8.05 (2.40) 9.80 8.56 Air Transport (11.85) (21.95) 5.26 (36.69) 14.34 Auxiliary Transport Activities & Storage (8.04) 21.71 16.47 (1.73) 5.17 Communications (20.30) (7.33) (1.88) (4.03) 3.78

Financial Intermediation 2.72 4.72 (0.82) (23.29) 0.43 Banks 5.28 6.48 (0.93) (29.69) -2.79 Insurance (4.97) 1.77 (0.33) (5.71) -5.96 Offshore Banks & Trusts (4.39) 4.96 3.28 (6.16) 97.03 Auxiliary 7.68 (26.25) (11.10) 24.21 -39.69

Real Estate, Renting & Business Activities 8.73 5.84 4.26 4.99 7.20 Owner Occupied Dwellings 7.38 5.28 5.43 2.55 2.61 Real Estate Activities 12.64 9.46 0.83 (21.17) 5.39 Renting of Machinery & Equipment 44.34 23.16 (6.11) (8.30) -6.97 Computer & Related Services 1.32 (5.62) (12.02) (13.47) -17.44 Business Services 8.21 4.41 4.23 22.77 18.54

Public Administration & Defence; Compulsory Social Security (6.64) (0.29) 5.54 (0.31) 16.11 Education (9.22) 0.92 12.45 10.64 4.81

Public (6.50) (0.61) 5.01 (0.72) 16.40 Private (11.35) 2.18 18.39 18.68 -2.04

Health & Social Work 1.33 3.62 9.59 (0.33) 7.81 Public 2.92 4.54 10.76 (1.23) 8.68 Private (5.68) (0.85) 3.64 4.56 3.39

Other Community, Social & Personal Services 5.18 4.87 4.85 8.67 3.96 Public (6.50) (0.61) 5.01 (0.72) 16.40 Private 5.98 5.21 4.85 9.21 3.31

Private Households with Employed Persons 1.52 0.99 2.77 0.40 -2.19 Less FISIM 17.66 4.35 (7.49) (23.43) -17.01

TOTAL (7.24) (1.04) 5.57 0.14 7.12


Page | 35

Table 5d: Rate of Growth of GVA by Economic Activity in Current Prices: 2015-2019


Agriculture 0.50 4.85 4.16 3.71 3.22

Crops 5.00 5.00 4.55 3.52 3.02 Livestock -9.06 5.00 3.53 4.55 4.04 Forestry 0.00 0.00 1.00 0.00 0.00

Fishing 8.41 5.00 30.32 4.03 2.51 Mining & Quarrying -10.90 11.45 14.10 11.10 12.11 Manufacturing 4.16 9.02 -2.84 5.56 4.55 Electricity & Water Supply 28.55 15.18 -10.22 2.18 3.13

Electricity 37.22 16.84 -9.76 2.01 3.02 Water -39.96 -14.77 -21.42 7.06 6.05

Construction 4.47 19.70 24.96 24.20 19.03 Wholesale & Retail Trade 2.80 1.49 3.33 7.56 4.03 Hotels & Restaurants 2.44 10.64 -1.20 6.66 4.19

Accommodation 1.38 9.93 -4.63 6.56 4.03 Restaurants 5.18 12.43 7.20 6.88 4.55


Road Transport 3.53 3.40 4.05 8.12 7.10 Sea Transport 10.80 6.11 7.57 16.15 7.06 Air Transport 68.81 5.24 -5.13 9.18 6.09 Auxiliary Transport Activities & Storage -0.77 27.32 18.90 17.30 10.16 Communications 9.37 11.05 -2.70 3.02 3.02

Financial Intermediation 7.92 5.42 4.38 5.13 5.15 Banks 13.78 12.27 4.10 5.57 5.57 Insurance 0.50 -1.90 3.38 4.04 4.04 Offshore Banks & Trusts -27.02 -30.43 15.55 3.02 3.02 Auxiliary 85.00 -34.15 -0.30 3.53 4.55

Real Estate, Renting & Business Activities 11.48 0.87 4.94 4.68 4.33 Owner Occupied Dwellings 2.26 1.30 4.01 3.58 3.58 Real Estate Activities 47.41 6.23 5.36 5.06 5.06 Renting of Machinery & Equipment -8.34 -11.62 10.06 8.45 8.63 Computer & Related Services 7.04 2.74 10.36 3.53 3.53 Business Services 21.38 -0.64 6.00 6.08 5.06

Public Administration & Defence; Compulsory Social Security 3.83 6.84 1.02 3.00 2.00 Education -5.56 18.35 -1.27 3.60 3.18

Public 3.58 7.92 0.78 3.00 2.00 Private -11.99 26.98 -2.72 4.04 4.04


Other Community, Social & Personal Services 2.20 -0.59 0.34 3.98 3.92 Public 3.58 7.92 0.78 3.00 2.00 Private 2.12 -1.10 0.31 4.04 4.04

Private Households with Employed Persons -18.11 -9.18 -9.77 -2.03 -0.01 Less FISIM 1.42 8.95 5.19 4.04 3.53

TOTAL 6.26 7.89 4.08 8.00 6.48


Page | 36

Table 6a: Rate of Growth of GVA by Economic Activity in Constant Prices: 2000-2004


Agriculture (5.29) (6.70)

11.48 2.71

Crops (0.01) 1.28 3.82 1.01 Livestock (13.88) (21.59) 30.84 6.12 Forestry 0.00 0.00 0.00 0.00

Fishing 1.01 29.40 2.31 (5.36) Mining & Quarrying 15.46 5.73 56.05 (43.40) Manufacturing 1.88 5.31 1.47 4.81 Electricity & Water Supply 0.37 4.67 (3.44) 7.63

Electricity 5.21 2.78 (0.76) 3.35 Water (11.56) 10.23 (10.73) 20.62

Construction (29.26) 6.77 9.84 6.29 Wholesale & Retail Trade 1.10 (0.93) (0.54) 2.64 Hotels & Restaurants (5.56) 2.18 9.46 2.55

Accommodation (7.84) 2.15 10.25 6.75 Restaurants 4.63 2.32 6.37 (14.62)

Transport, Storage & Communication (9.95) (5.31) 12.45 7.42 Transport & Storage (8.88) (7.13) 17.90 12.09

Road Transport (10.69) (12.72) 19.29 11.91 Sea Transport (20.54) (20.50) (22.35) 25.45 Air Transport (5.31) 3.06 5.79 10.47 Auxiliary Transport Activities & Storage (3.13) 7.82 42.65 15.69 Communications (11.14) (3.21) 6.43 1.71

Financial Intermediation 7.03 13.52 1.27 10.31 Banks 6.73 15.70 0.22 4.32 Insurance 8.05 6.43 5.03 4.75

Offshore Banks & Trusts 0.00 0.00 0.00 0.00

Auxiliary 0.00 0.00 0.00 2215.77 Real Estate, Renting & Business Activities 1.13 2.68 3.41 2.24

Owner Occupied Dwellings 0.00 1.87 1.87 1.87 Real Estate Activities 27.57 3.14 9.15 (4.08) Renting of Machinery & Equipment (0.90) 14.01 (1.90) (10.05) Computer & Related Services 27.08 22.95 (17.33) 30.65 Business Services 0.22 1.71 10.17 7.75

Public Administration & Defence; Compulsory Social Security 3.48 13.25 4.47 3.88 Education 3.28 6.88 4.17 5.17

Public 3.29 7.90 4.46 4.61 Private 3.28 3.17 3.08 7.35

Health & Social Work 5.73 (15.82) 2.56 2.30 Public 4.76 (17.28) 2.61 1.61 Private 13.29 (5.31) 2.23 6.64

Other Community, Social & Personal Services (33.48) (43.19) 16.73 (1.66) Public 3.29 6.49 4.94 (1.80) Private (34.25) (44.84) 17.48 (1.65)

Private Households with Employed Persons (0.11) (1.04) 2.47 11.27 Less FISIM 4.22 6.28 3.47 (1.01)

TOTAL (6.34) 0.39 5.90 3.80


Page | 37

Table 6b: Rate of Growth of GVA by Economic Activity in Constant Prices: 2005-2009


Agriculture (3.19) 8.30 (2.58) 2.98 (1.20)

Crops 3.27 1.69 (1.12) (0.07) 7.27 Livestock (14.62) 23.20 (5.38) 8.49 (15.22) Forestry 0.00 0.00 0.00 2.22 0.00

Fishing 23.54 4.09 0.12 (13.06) (23.63) Mining & Quarrying 12.03 76.53 9.55 0.29 (25.37) Manufacturing 4.87 12.24 9.14 (9.14) 10.61 Electricity & Water Supply 7.28 2.97 10.38 5.66 1.43

Electricity 4.19 6.35 9.32 5.02 2.23 Water 15.33 (4.99) 13.17 7.29 (0.58)

Construction 27.72 46.09 7.35 0.60 (9.23) Wholesale & Retail Trade 9.91 9.57 14.71 4.92 (26.64) Hotels & Restaurants 0.11 1.59 5.30 2.32 (8.06)

Accommodation (1.10) 2.45 4.89 1.46 (11.28) Restaurants 6.26 (2.45) 7.36 6.50 6.88

Transport, Storage & Communication 2.04 5.90 3.79 (0.39) (14.39) 0.81 15.16 8.76 (3.55) (18.64)

Road Transport 3.98 16.34 11.09 (4.74) (21.81) Sea Transport 2.12 73.26 53.10 2.82 (0.41) Air Transport (3.97) 5.29 (0.36) (1.55) (12.15) Auxiliary Transport Activities & Storage (5.92) 25.14 9.27 (0.82) (13.65) Communications 3.69 (6.23) (4.20) 5.38 (7.27)

Financial Intermediation 4.24 20.72 9.33 4.37 (9.27) Banks 4.72 25.36 9.42 5.49 (14.18) Insurance 5.63 6.50 4.04 5.36 4.00 Offshore Banks &Trusts (7.72) 18.03 16.36 4.63 14.73 Auxiliary (7.98) 9.11 51.40 (37.63) 33.23

Real Estate, Renting & Business Activities 7.60 4.87 7.60 (1.84) (1.04) Owner Occupied Dwellings 1.87 1.87 1.87 1.82 1.87 Real Estate Activities 32.44 49.16 60.69 2.33 (21.10) Renting of Machinery & Equipment (10.52) 0.82 3.30 (17.27) (41.63) Computer & Related Services 13.58 (7.61) 7.06 13.35 (23.81) Business Services 24.79 3.62 5.52 (11.13) 9.24

Public Administration & Defence; Compulsory Social Security (6.79) 9.40 (2.58) 4.71 (4.66) Education 43.77 17.33 16.05 (5.42) (1.60)

Public 0.79 (3.01) 11.02 (6.26) 0.83 Private 205.84 42.60 20.31 (4.76) (3.47)

Health & Social Work (3.82) (6.24) 8.84 (5.59) 2.00 Public (5.53) (9.36) 9.85 (6.53) 0.75 Private 6.49 10.41 4.41 (1.26) 7.46

Other Community, Social & Personal Services 16.97 (12.31) (9.64) (1.59) (6.77) Public (2.90) 1.66 11.02 (6.26) 0.83 Private 18.10 (12.96) (10.78) (1.27) (7.26)

Private Households with Employed Persons 22.89 10.20 4.72 (10.21) 22.97 Less FISIM 5.07 13.21 26.60 (10.31) 8.02

TOTAL 7.54 11.99 6.85 1.38 (10.77)


Page | 38

Table 6c: Rate of Growth of GVA by Economic Activity in Constant Prices: 2010-2014


Agriculture 10.87 5.97 (4.08) (3.23) 2.88

Crops 1.97 2.22 4.01 5.31 2.26 Livestock 30.89 12.70 (16.33) (19.13) 4.77 Forestry 0.00 0.00 0.00 0.00 0.00

Fishing (7.15) 22.28 8.94 13.25 -30.22 Mining & Quarrying (18.56) (19.30) 6.26 40.46 4.67 Manufacturing (8.81) 2.77 (15.23) 17.59 3.88 Electricity & Water Supply 1.10 8.02 (1.41) (1.98) -1.82

Electricity 6.90 8.73 (2.81) (2.41) 2.19 Water (13.72) 5.78 3.15 (0.69) -13.93

Construction (34.92) (24.37) 10.06 2.83 7.08 Wholesale & Retail Trade (7.22) (7.89) 6.42 (2.31) 6.78 Hotels & Restaurants (1.13) 4.37 2.22 (0.01) 2.96

Accommodation (3.22) 4.59 1.54 (1.04) 1.98 Restaurants 6.89 3.60 4.60 3.50 6.14

Transport, Storage & Communication (7.37) 0.18 (0.98) (1.86) 2.86 Transport & Storage (6.85) (3.13) 5.45 (5.17) 3.89

Road Transport (6.01) (3.69) 1.89 (2.16) 4.82 Sea Transport (11.58) (0.28) (2.40) 9.80 8.56 Air Transport (3.32) (0.73) 0.47 (3.77) 1.83 Auxiliary Transport Activities & Storage (15.24) (4.52) 32.08 (19.37) 2.39 Communications (8.15) 5.10 (9.81) 3.46 1.35

Financial Intermediation (5.24) 0.70 (1.29) (6.21) 0.73 Banks (5.42) (0.86) (0.41) (7.51) 2.31 Insurance (2.32) 5.91 (2.03) (3.17) -2.75 Offshore Banks &Trusts (22.98) 2.08 (1.07) (7.14) 6.96 Auxiliary 2.53 (0.90) (21.29) 8.84 -22.63

Real Estate, Renting & Business Activities 3.84 2.19 1.66 4.70 4.70 Owner Occupied Dwellings 3.77 1.87 1.87 1.47 1.50 Real Estate Activities 12.75 9.46 0.83 (21.17) 5.39 Renting of Machinery & Equipment 37.59 20.85 (7.12) (8.71) -7.75 Computer & Related Services (0.26) 1.32 (5.62) (12.02) -13.47 Business Services (2.33) (2.55) 2.91 30.12 13.22

Public Administration & Defence; Compulsory Social Security (6.64) (0.29) 3.47 1.69 15.51 Education (10.24) 0.59 10.70 11.53 4.58

Public (6.50) (0.61) 2.95 1.26 16.40 Private (13.25) 1.63 17.25 19.14 -2.88

Health & Social Work 1.06 2.81 6.02 1.07 7.84 Public 2.93 4.54 8.59 0.74 8.68 Private (6.59) (5.01) (6.75) 2.97 3.10

Other Community, Social & Personal Services 8.57 4.18 5.43 7.75 2.59 Public (6.50) (0.61) 2.95 1.26 16.40 Private 9.63 4.46 5.57 8.11 1.87

Private Households with Employed Persons (1.89) (2.27) (0.71) (0.66) -3.24 Less FISIM (2.40) 1.37 (5.00) (5.84) -6.75

TOTAL (8.56) (2.22) 3.01 1.59 4.84


Page | 39

Table 6d: Rate of Growth of GVA by Economic Activity in Constant Prices: 2015-2019


Agriculture -2.28 3.00 1.44 2.40 1.92

Crops -0.27 2.38 1.50 2.50 2.00 Livestock -7.24 5.00 1.50 2.50 2.00 Forestry 0.00 0.00 0.00 0.00 0.00

Fishing 8.14 5.00 28.11 3.00 1.50 Mining & Quarrying -11.11 11.42 14.31 10.00 11.00 Manufacturing 1.52 6.32 -2.73 4.00 3.00 Electricity & Water Supply 6.93 0.53 0.94 2.08 2.67

Electricity 4.81 2.79 1.09 1.00 2.00 Water 14.48 -6.87 0.42 6.00 5.00

Construction 3.94 17.93 23.11 20.00 15.00 Wholesale & Retail Trade 2.07 1.73 0.88 6.50 3.00 Hotels & Restaurants 2.22 6.37 -1.96 5.30 2.86

Accommodation 1.79 4.95 -4.53 5.50 3.00 Restaurants 3.60 10.72 5.57 4.78 2.50

Transport, Storage & Communication 5.02 2.66 2.51 5.45 3.96 Transport & Storage 4.01 -0.01 4.85 7.82 5.24

Road Transport 1.30 1.37 0.02 6.00 5.00 Sea Transport 10.80 6.11 7.57 15.00 6.00 Air Transport 2.32 6.25 -7.52 6.00 3.00 Auxiliary Transport Activities & Storage 18.74 -14.37 47.84 15.00 8.00 Communications 6.56 6.60 -0.71 2.00 2.00

Financial Intermediation 1.50 -1.22 3.60 3.06 3.08 Banks 1.62 0.18 3.36 3.50 3.50 Insurance 0.50 -1.90 3.38 2.00 2.00 Offshore Banks &Trusts -4.63 -18.04 16.35 1.00 1.00 Auxiliary 22.25 -19.08 -2.25 1.50 2.50

Real Estate, Renting & Business Activities 12.09 3.77 2.76 2.63 2.30 Owner Occupied Dwellings 1.53 1.54 1.55 1.55 1.55 Real Estate Activities 48.17 10.01 -1.26 3.00 3.00 Renting of Machinery & Equipment -8.03 -13.46 7.42 6.32 6.50 Computer & Related Services -17.44 7.04 2.74 2.00 2.00 Business Services 24.73 6.15 6.00 4.00 3.00

Public Administration & Defence; Compulsory Social Security 4.37 -1.19 8.24 3.00 2.00 Education -5.99 18.44 -1.33 2.44 2.00

Public 3.58 7.92 0.78 3.00 2.00 Private -13.22 27.93 -2.93 2.00 2.00


Other Community, Social & Personal Services 0.82 -4.97 -0.18 2.07 2.00 Public 3.58 7.92 0.78 3.00 2.00 Private 0.65 -5.76 -0.25 2.00 2.00

Private Households with Employed Persons -18.69 -8.96 -11.91 -3.00 -1.00 Less FISIM -4.18 -4.80 4.27 2.00 1.50

TOTAL 3.74 4.96 4.14 6.06 4.52


Page | 40

Table 7a: GVA Deflators by Economic Activity 2000-2004

ECONOMIC ACTIVITY 2000 2001 2002 2003 2004

Agriculture 98.12 98.45 97.44 97.24 98.36










Public 93.26 93.26 93.26 93.26 93.26 Private 85.89 86.03 88.21 87.69 89.53




TOTAL 92.68 94.05 94.71 93.80 95.34

Page | 41

Table 7b: GVA Deflators by Economic Activity 2005-2009


Agriculture 98.39 100.00 106.04 112.05 114.88










Public 100.00 100.00 100.00 110.01 110.01 Private 99.77 100.00 100.77 113.70 113.47




TOTAL 99.59 100.00 103.74 108.28 110.22

Page | 42

Table 7c: GVA Deflators by Economic Activity 2010-2014


Agriculture 118.53 126.73 126.89 134.11 133.65







Financial Intermediation 113.81 118.36 118.92 97.27 96.98 Banks 115.54 124.09 123.44 93.84 89.16 Insurance 104.29 100.21 101.95 99.28 96.00 Offshore Banks and Trusts 143.20 147.23 153.71 155.34 286.17 Auxiliary 111.20 82.75 93.47 106.67 83.14



Public 110.01 110.01 112.21 110.01 110.01 Private 115.97 116.60 117.73 117.27 118.28




TOTAL 111.81 113.15 115.95 114.30 116.78

Page | 43

Table 7d: GVA Deflators by Economic Activity 2015-2019


Agriculture 137.44 139.91 143.66 145.50 147.36










Public 110.01 110.01 110.01 110.01 110.01 Private 119.96 119.06 119.32 121.71 124.14




122.97 122.90 125.15 127.49

TOTAL 119.62 139.91 143.66 145.50 147.36

Page | 44

Table 8a: GVA Consumption in Current Basic Prices, 2000 And 2001 All Figures in EC$M

Economic Activity

2000 2001

Gross Output

Intermediate Consumption

Gross Value Added

Gross Output


Gross Value Added

Agriculture 25.47 6.72 18.75 24.14 6.32 17.82 Crops 13.37 3.47 9.90 13.47 3.49 9.98 Livestock 10.35 2.40 7.95 8.91 1.97 6.94 Forestry 1.76 0.86 0.90 1.76 0.86 0.90 Fishing 24.11 7.23 16.88 24.35 7.31 17.05 Mining & Quarrying 21.26 6.80 14.46 24.54 7.85 16.69 Manufacturing 98.19 61.79 36.40 100.94 63.33 37.61 Electricity & Water Supply 244.43 183.54 60.89 269.48 191.84 77.64 Electricity 204.16 148.87 55.29 227.31 157.39 69.93 Water 40.26 34.67 5.60 42.16 34.45 7.71 Construction 492.21 294.03 198.18 363.82 217.34 146.49 Wholesale & Retail Trade 447.22 129.97 317.25 453.84 131.61 322.23 Hotels & Restaurants 714.45 423.46 291.00 687.97 402.23 285.74 Accommodation 557.28 319.88 237.40 521.85 292.76 229.09 Restaurants 157.17 103.58 53.60 166.11 109.47 56.65 Transport, Storage & Communication 602.09 279.13 322.96 527.93 241.54 286.38 Road Transport 153.06 53.57 99.49 137.79 48.23 89.56 Sea Transport 5.82 3.30 2.52 4.67 3.39 1.28 Air Transport 116.74 58.11 58.63 87.64 44.43 43.21 Auxiliary Transport Activities 37.43 15.56 21.87 38.38 15.10 23.28 Communications 289.04 148.59 140.45 259.45 130.40 129.06 Financial Intermediation 203.78 61.90 141.89 203.64 60.65 142.99 Banks & Other Financial Institutions 152.28 40.53 111.74 147.99 41.92 106.07 Insurance 51.20 21.20 30.00 55.32 18.55 36.77 Offshore Banks & Trusts - - - - - - Auxiliary 0.31 0.17 0.14 0.32 0.18 0.15 Real Estate, Renting & Business Activities 310.98 109.06 201.92 317.73 112.49 205.23 Owner Occupied Dwellings 203.27 60.98 142.29 204.03 61.21 142.82 Real Estate Activities 16.17 8.72 7.46 20.80 11.21 9.59 Renting of Machinery & Equipment 23.01 11.67 11.35 23.02 11.67 11.35 Computer & Related Services 2.03 1.10 0.94 3.23 1.74 1.49 Business Services 66.50 26.60 39.90 66.64 26.66 39.99 Public Administration & Defence; Compulsory Social Security 247.57 88.85 158.72 277.50 113.25 164.25 Education 61.15 5.57 55.58 63.35 5.93 57.42 Public 45.15 0.77 44.38 46.81 0.97 45.84 Private 15.99 4.80 11.20 16.55 4.96 11.58 Health & Social Work 96.27 21.75 74.52 104.49 25.61 78.88 Public 80.80 14.48 66.33 86.76 17.27 69.48 Private 15.46 7.27 8.20 17.73 8.33 9.40 Other Community, Social & Personal Services 163.47 23.88 139.60 128.03 38.32 89.71 Public 3.00 0.16 2.83 3.13 0.20 2.93 Private 160.47 23.71 136.76 124.89 38.11 86.78 Private Households with Employed Persons 7.11 - 7.11 7.13 - 7.13

Less FISIM 41.61 38.61

TOTAL 3,759.76 1,745.28 2,014.48

3,578.87 1,664.23 1,914.64

Page | 45

Table 8b: GVA Consumption in Current Basic Prices, 2002 And 2003 All Figures in EC$M

Economic Activity

2002 2003

Gross Output


Gross Value Added

Gross Output


Gross Value Added

Agriculture 22.47 6.01 16.46 25.00 6.70 18.31 Crops 13.82 3.58 10.24 14.30 3.71 10.60 Livestock 6.89 1.57 5.32 8.94 2.13 6.81 Forestry 1.76 0.86 0.90 1.76 0.86 0.90 Fishing 30.86 9.26 21.60 31.59 9.48 22.11 Mining & Quarrying 25.95 8.30 17.65 42.12 13.48 28.64 Manufacturing 109.30 69.34 39.96 117.46 73.43 44.04 Electricity & Water Supply 275.07 205.35 69.72 274.59 215.63 58.96 Electricity 230.76 170.31 60.45 232.86 179.89 52.98 Water 44.31 35.04 9.27 41.72 35.74 5.98 Construction 396.22 236.69 159.53 435.22 259.99 175.23 Wholesale & Retail Trade 460.47 133.54 326.93 467.09 135.46 331.64 Hotels & Restaurants 698.27 406.81 291.46 762.69 437.24 325.45 Accommodation 525.13 292.70 232.42 575.08 313.42 261.66 Restaurants 173.14 114.10 59.04 187.61 123.82 63.79 Transport, Storage & Communication 522.38 238.68 283.69 579.63 285.46 294.17 Road Transport 136.75 47.86 88.89 164.46 57.56 106.90 Sea Transport 3.74 3.10 0.65 2.93 2.54 0.38 Air Transport 87.39 44.30 43.09 99.25 61.96 37.29 Auxiliary Transport Activities 38.95 15.97 22.98 41.66 20.74 20.93 Communications 255.54 127.45 128.09 271.34 142.67 128.67 Financial Intermediation 227.64 66.08 161.57 222.20 72.41 149.79 Banks & Other Financial Institutions 165.24 44.35 120.89 156.41 48.19 108.21 Insurance 62.06 21.54 40.52 65.43 24.02 41.41 Offshore Banks & Trusts - - - - - - Auxiliary 0.34 0.18 0.16 0.36 0.19 0.17 Real Estate, Renting & Business Activities 332.01 117.80 214.21

350.98

124.94

226.04

Owner Occupied Dwellings 212.84 63.85 148.99 221.13 66.34 154.79 Real Estate Activities 21.76 11.73 10.03 24.43 13.17 11.26 Renting of Machinery & Equipment 26.11 13.24 12.87 26.32 13.35 12.98 Computer & Related Services 3.30 1.78 1.52 3.22 1.73 1.48 Business Services 68.00 27.20 40.80 75.89 30.35 45.53 Public Administration & Defence; Compulsory Social Security 360.25 174.24 186.01

290.12

95.79

194.33

Education 67.74 6.02 61.71 70.39 6.17 64.22 Public 50.23 0.77 49.46 52.46 0.79 51.67 Private 17.50 5.25 12.25 17.94 5.38 12.55 Health & Social Work 87.24 20.75 66.50 92.97 24.52 68.45 Public 70.23 12.75 57.48 75.10 16.12 58.98 Private 17.01 8.00 9.02 17.87 8.40 9.47 Other Community, Social & Personal Services 85.45 35.28 50.16

89.64

29.12

60.52

Public 3.42 0.30 3.12 3.55 0.28 3.27 Private 82.03 34.98 47.04 86.08 28.84 57.24 Private Households with Employed Persons 7.22 - 7.22

7.55

-

7.55

Less FISIM 38.71

37.18

TOTAL 3,708.53 1,772.85 1,935.68

3,859.23 1,826.98 2,032.25

Page | 46

Table 8c: GVA Consumption in Current Basic Prices, 2004 And 2005 All Figures in EC$M

Economic Activity

2004 2005

Gross Output


Gross Value Added

Gross Output


Gross Value Added

Agriculture 25.92 6.90 19.02 25.01 6.59 18.42 Crops 15.03 3.90 11.13 15.83 4.10 11.72 Livestock 9.14 2.15 6.99 7.43 1.63 5.79 Forestry 1.76 0.86 0.90 1.76 0.86 0.90 Fishing 29.94 8.98 20.96 43.00 12.90 30.10 Mining & Quarrying 24.76 7.92 16.83 28.76 9.20 19.56 Manufacturing 120.46 74.38 46.08 127.96 78.48 49.48 Electricity & Water Supply 260.93 189.65 71.27 253.26 176.06 77.20 Electricity 220.53 158.22 62.31 208.47 144.41 64.06 Water 40.40 31.44 8.96 44.79 31.65 13.14 Construction 471.83 281.86 189.97 632.75 377.99 254.76 Wholesale & Retail Trade 489.17 141.86 347.31 548.93 159.19 389.74 Hotels & Restaurants 810.18 449.81 360.37 770.18 431.46 338.72 Accommodation 647.01 340.97 306.04 593.55 315.77 277.78 Restaurants 163.17 108.83 54.34 176.62 115.69 60.93 Transport, Storage & Communication 594.14 312.78 281.36 640.45 290.84 349.61 Road Transport 172.25 60.29 111.96 179.10 62.68 116.41 Sea Transport 3.67 2.67 1.00 3.75 2.84 0.91 Air Transport 96.90 69.62 27.27 123.66 73.25 50.42 Auxiliary Transport Activities 45.74 20.54 25.20 47.92 23.95 23.97 Communications 275.59 159.66 115.92 286.02 128.12 157.91 Financial Intermediation 267.42 88.88 178.54 299.04 93.92 205.12 Banks & Other Financial Institutions 170.58 44.20 126.37 199.80 50.37 149.43 Insurance 69.94 27.15 42.79 73.88 28.68 45.20 Offshore Banks & Trusts 20.25 14.15 6.10 19.08 13.33 5.75 Auxiliary 6.66 3.39 3.27 6.28 1.54 4.74 Real Estate, Renting & Business Activities 364.08 129.12 234.96 398.69 143.03 255.66 Owner Occupied Dwellings 229.83 68.95 160.88 239.03 71.71 167.32 Real Estate Activities 24.01 12.94 11.07 32.38 17.45 14.93 Renting of Machinery & Equipment 24.34 12.34 12.00 22.28 11.30 10.98 Computer & Related Services 3.82 2.06 1.76 4.11 2.22 1.90 Business Services 82.07 32.83 49.24 100.89 40.36 60.53 Public Administration & Defence; Compulsory Social Security 314.56 112.68 201.88 303.38 101.69 201.69 Education 74.38 6.57 67.81 115.79 10.48 105.31 Public 54.91 0.86 54.05 59.12 0.71 58.41 Private 19.47 5.71 13.76 56.66 9.77 46.90 Health & Social Work 95.26 25.03 70.23 101.88 29.83 72.05 Public 75.82 15.90 59.93 80.48 19.77 60.71 Private 19.43 9.13 10.30 21.40 10.06 11.34 Other Community, Social & Personal Services 104.90 39.38 65.52 117.27 42.39 74.88 Public 3.53 0.32 3.21 3.74 0.40 3.35 Private 101.37 39.07 62.31 113.53 41.99 71.54 Private Households with Employed Persons 8.57 - 8.57 10.75 - 10.75


TOTAL 4,056.50 1,914.51 2,141.99 4,417.09 2,010.95 2,406.15

Page | 47

Table 8d: GVA Consumption in Current Basic Prices, 2006 And 2007 All Figures in EC$M

Economic Activity

2006 2007

Gross Output


Gross Value Added

Gross Output


Gross Value Added

Agriculture 27.58 7.31 20.27 28.44 7.50 20.94 Crops 16.47 4.27 12.20 17.13 4.44 12.69 Livestock 9.36 2.19 7.17 9.56 2.20 7.35 Forestry 1.76 0.86 0.90 1.76 0.86 0.90 Fishing 44.82 13.45 31.37 51.40 15.42 35.98 Mining & Quarrying 52.59 16.83 35.76 60.77 19.45 41.32 Manufacturing 148.49 91.67 56.82 166.94 106.88 60.06 Electricity & Water Supply 273.23 190.98 82.25 308.18 233.82 74.36 Electricity 222.25 162.67 59.58 254.76 199.29 55.48 Water 50.99 28.31 22.67 53.42 34.53 18.89 Construction 998.27 596.34 401.93 1,125.30 672.23 453.08 Wholesale & Retail Trade 612.22 177.54 434.67 712.22 206.54 505.67 Hotels & Restaurants 802.24 454.60 347.64 811.79 461.89 349.90 Accommodation 626.74 337.19 289.55 619.85 333.48 286.37 Restaurants 175.50 117.41 58.09 191.94 128.41 63.53 Transport, Storage & Communication 668.14 333.52 334.62 747.53 334.94 412.58 Road Transport 208.37 72.93 135.44 234.60 82.11 152.49 Sea Transport 6.49 5.23 1.26 9.94 7.82 2.12 Air Transport 133.58 91.20 42.38 183.58 103.54 80.04 Auxiliary Transport Activities 50.98 23.73 27.25 60.91 28.59 32.32 Communications 268.71 140.42 128.29 258.50 112.88 145.62 Financial Intermediation 367.07 116.74 250.32 434.66 147.68 286.98 Banks & Other Financial Institutions 258.49 67.71 190.78 315.09 95.75 219.34 Insurance 78.68 30.54 48.14 81.86 30.55 51.31 Offshore Banks & Trusts 22.92 16.01 6.91 27.05 18.90 8.15 Auxiliary 6.98 2.48 4.50 10.66 2.48 8.18 Real Estate, Renting & Business Activities 434.21 158.57 275.64

487.47 183.29 304.18

Owner Occupied Dwellings 247.84 74.35 173.49 256.04 76.81 179.23 Real Estate Activities 48.30 26.03 22.27 77.68 41.87 35.81 Renting of Machinery & Equipment 22.48 11.40 11.08 23.05 11.69 11.36 Computer & Related Services 3.95 2.13 1.82 4.62 2.49 2.13 Business Services 111.64 44.65 66.98 126.08 50.43 75.65 Public Administration & Defence; Compulsory Social Security 318.78 98.13 220.65

370.23 126.35 243.88

Education 136.87 13.18 123.68 159.59 15.43 144.16 Public 57.65 0.99 56.66 64.17 1.26 62.91 Private 79.22 12.20 67.02 95.42 14.17 81.26 Health & Social Work 98.31 30.74 67.56 110.05 36.50 73.55 Public 74.65 19.63 55.03 85.34 24.89 60.45 Private 23.65 11.12 12.54 24.71 11.62 13.10 Other Community, Social & Personal Services 109.37 43.86 65.52 104.31 44.19 60.12 Public 3.83 0.43 3.40 4.33 0.55 3.78 Private 105.54 43.43 62.11 99.98 43.64 56.35 Private Households with Employed Persons 12.06 - 12.06

12.81 - 12.81

Less FISIM 55.02

80.42

TOTAL 5,104.25 2,398.49 2,705.76 5,691.69 2,692.51 2,999.17

Page | 48

Table 8e: GVA Consumption in Current Basic Prices, 2008 And 2009 All Figures in EC$M

Economic Activity

2008 2009

Gross Output


Gross Value Added

Gross Output


Gross Value Added

Agriculture 31.07 8.28 22.79 31.58 8.49 23.08

Crops 18.35 4.76 13.60 20.05 5.20 14.85 Livestock 10.92 2.65 8.27 9.74 2.42 7.31 Forestry 1.79 0.87 0.92 1.79 0.87 0.92

Fishing 49.22 14.77 34.46 37.70 11.31 26.39 Mining & Quarrying 61.15 19.57 41.58 45.94 14.70 31.24 Manufacturing 154.18 95.42 58.76 171.07 102.70 68.36 Electricity & Water Supply 395.60 285.34 110.27 329.97 237.40 92.57

Electricity 339.79 237.73 102.06 271.13 204.47 66.66 Water 55.81 47.61 8.21 58.83 32.93 25.91

Construction 1,233.95 737.13 496.82 1,125.72 672.47 453.25 Wholesale & Retail Trade 787.67 228.42 559.25 750.41 217.62 532.79 Hotels & Restaurants 820.96 468.96 352.01 786.51 452.84 333.67

Accommodation 612.73 329.65 283.08 559.80 301.17 258.63 Restaurants 208.23 139.31 68.92 226.71 151.67 75.04

Transport, Storage & Communication 830.85 408.87 421.98 753.66 370.56 383.09 Road Transport 243.10 85.08 158.01 190.17 66.56 123.61 Sea Transport 10.22 7.82 2.40 10.18 7.65 2.53 Air Transport 255.51 181.57 73.94 242.99 162.04 80.94 Auxiliary Transport Activities 51.18 21.16 30.02 59.23 27.08 32.15 Communications 270.84 113.23 157.61 251.08 107.22 143.86

Financial Intermediation 467.05 188.27 278.78 409.71 137.59 272.12 Banks & Other Financial Institutions 343.93 134.99 208.93 281.22 85.05 196.17 Insurance 86.25 29.68 56.57 89.70 30.87 58.83 Offshore Banks & Trusts 29.81 20.83 8.98 29.45 18.32 11.13 Auxiliary 7.06 2.77 4.29 9.33 3.34 5.99

Real Estate, Renting & Business Activities 501.15 186.89 314.26 489.24 178.38 310.86

Owner Occupied Dwellings 274.92 82.47 192.44 278.33 83.50 194.83 Real Estate Activities 79.83 43.03 36.80 62.70 33.79 28.90 Renting of Machinery & Equipment 19.17 9.72 9.45 11.72 5.94 5.78 Computer & Related Services 5.56 3.00 2.56 3.93 2.12 1.81 Business Services 121.67 48.67 73.00 132.56 53.03 79.54

Public Administration & Defence; Compulsory Social Security 460.05 207.12 252.93 445.92 191.16 254.75 Education 179.65 27.46 152.19 175.86 26.33 149.53

Public 66.94 2.07 64.87 67.33 1.92 65.41 Private 112.71 25.39 87.32 108.53 24.41 84.12

Health & Social Work 127.82 52.39 75.43 127.47 50.67 76.80 Public 102.77 40.62 62.15 100.72 38.10 62.62 Private 25.05 11.77 13.27 26.75 12.57 14.18

Other Community, Social & Personal Services 104.23 40.05 64.17 103.03 42.07 60.96

Public 4.80 0.91 3.89 4.77 0.84 3.93 Private 99.43 39.15 60.28 98.26 41.23 57.04

Private Households with Employed Persons 12.12 - 12.12 14.80 - 14.80


TOTAL 6,216.72 3,043.67 3,173.04

5,798.57 2,789.24 3,009.33

Page | 49

Table 8f: GVA Consumption in Current Basic Prices, 2010 And 2011 All Figures in EC$M

Economic Activity

2010 2011

Gross Output


Gross Value Added

Gross Output


Gross Value Added

Agriculture 36.11 9.71 26.40 41.03 11.12 29.92




Construction 736.33 439.86 296.47 559.70 334.35 225.35 Wholesale & Retail Trade 550.71 159.71 391.00 524.24 152.03 372.21 Hotels & Restaurants 793.12 459.04 334.08 832.51 482.02 350.49







Public 62.51 1.35 61.16 61.98 1.19 60.79 Private 96.79 22.21 74.57 98.75 22.55 76.20



Public 4.26 0.59 3.67 4.17 0.52 3.65 Private 105.55 45.11 60.45 115.86 52.27 63.59



TOTAL 5,196.03 2,522.20 2,673.83

5,181.56 2,535.69 2,645.87

Page | 50

Table 8g: GVA Consumption in Current Basic Prices, 2012 And 2013 All Figures in EC$M

Economic Activity

2012 2013

Gross Output


Gross Value Added

Gross Output


Gross Value Added

Agriculture 39.32 10.59 28.73 40.39 11.01 29.39




Construction 646.83 386.40 260.43 679.29 405.79 273.50 Wholesale & Retail Trade 577.40 161.67 415.73 570.04 165.31 404.73 Hotels & Restaurants 862.84 500.57 362.27 867.85 505.09 362.76







Public 65.11 1.28 63.83 64.88 1.52 63.37 Private 116.50 26.29 90.21 137.68 30.62 107.06



Public 4.39 0.56 3.83 4.47 0.66 3.80 Private 122.10 55.42 66.68 132.42 59.61 72.82



TOTAL 5,404.09 2,610.90 2,793.19 5,451.13 2,653.96 2,797.17

Page | 51

Table 8h: GVA Consumption in Current Basic Prices, 2014 And 2015 All Figures in EC$M

Economic Activity

2014 2015

Gross Output


Gross Value Added

Gross Output


Gross Value Added

Agriculture 41.42 11.29 30.13 41.65 11.37 30.28




Construction 753.22 449.95 303.27 786.89 470.07 316.82 Wholesale & Retail Trade 615.31 178.44 436.87 632.55 183.44 449.11 Hotels & Restaurants 899.69 525.17 374.52 1,099.33 715.69 383.64







Public 75.21 1.45 73.76 77.70 1.30 76.40 Private 135.06 30.19 104.87 119.27 26.97 92.29



Public 5.06 0.63 4.43 5.15 0.57 4.59 Private 135.88 60.66 75.23 142.11 65.28 76.82



TOTAL 5,791.95 2,795.63 2,996.32

6,124.58 2,940.65 3,183.93

Page | 52

Table 8i: GVA Consumption in Current Basic Prices, 2016 And 2017 All Figures in EC$M

Economic Activity

2016 2017

Gross Output


Gross Value Added

Gross Output


Gross Value Added

Agriculture 43.64 11.90 31.75 45.44 12.37 33.07


Fishing 41.86 12.56 29.31 54.56 16.37 38.19

Mining & Quarrying 46.30 14.82 31.48 52.83 16.91 35.93 Manufacturing 214.67 109.10 105.56 212.33 109.77 102.56 Electricity & Water Supply 409.78 234.61 175.17 392.55 235.28 157.28


Construction 941.92 562.67 379.24 1,176.98 703.10 473.89 Wholesale & Retail Trade 641.95 186.17 455.79 663.31 192.36 470.95 Hotels & Restaurants 1,216.72 792.26 424.46 1,204.36 785.00 419.36







Public 83.88 1.42 82.45 84.52 1.43 83.10 Private 150.65 33.45 117.19 146.68 32.68 114.00



Public 5.57 0.62 4.95 5.61 0.63 4.99 Private 137.86 61.88 75.98 137.22 61.01 76.21



TOTAL 6,619.07 3,183.89 3,435.18

6,939.54 3,364.20 3,575.33

Page | 53

Table 8i: GVA Consumption in Current Basic Prices, 2016 And 2017 All Figures in EC$M

Economic Activity

2018 2019

Gross Output


Gross Value Added

Gross Output


Gross Value Added

Agriculture 47.11 12.81 34.29 48.61 13.21 35.40




Construction 1,461.82 873.25 588.57 1,739.93 1,039.38 700.54 Wholesale & Retail Trade 713.49 206.91 506.58 742.24 215.25 526.99 Hotels & Restaurants 1,284.58 837.31 447.28 1,338.56 872.53 466.03







Public 87.06 1.47 85.59 88.80 1.50 87.30 Private 152.61 34.00 118.61 158.77 35.37 123.40



Public 5.78 0.64 5.14 5.90 0.66 5.24 Private 142.76 63.47 79.29 148.53 66.03 82.49



TOTAL 7,547.94 3,686.47 3,861.47

8,085.21 3,973.68 4,111.52

Page | 54

Table 9a: Expenditure On Gross Domestic Product In Current Prices: 2000-2004 All Figures in EC$M


TOTAL CONSUMPTION 1,680.00 1,830.38 1,838.55 1,968.64 2,056.65 Government Final Consumption Expenditure 385.93 420.90 483.79 428.34 455.00

Private Final Consumption Expenditure 1,294.07 1,409.48 1,354.76 1,540.30 1,601.65 GROSS CAPITAL FORMATION 646.74 442.96 486.66 536.30 583.80 Transport Equipment 31.62 21.82 28.06 34.29 40.53 Other Machinery and Equipment 172.13 93.70 102.01 110.31 118.61 Construction 442.99 327.44 356.60 391.70 424.65 GOODS AND SERVICES (85.32) (111.35) (125.75) (194.71) (157.59) Total Exports of Goods and Services 1,260.53 1,202.40 1,155.24 1,249.12 1,441.73

Exports of Goods 141.37 120.57 90.84 120.76 154.25 Exports of Services 1,119.15 1,081.83 1,064.39 1,128.36 1,287.48 Total Imports of Goods and Services 1,345.85 1,313.75 1,280.99 1,443.83 1,599.31

Imports of Goods 924.46 857.25 818.08 951.17 1,086.37 Imports of Services 421.39 456.50 462.91 492.66 512.95

GDP in MARKET PRICES 2,241.43 2,162.00 2,199.46 2,310.24 2,482.86

Less: Other Taxes on Products and

Production 231.10 251.51 267.96 284.53 352.58 Add: Subsidies 4.15 4.17 4.18 4.52 11.71

GVA in BASIC PRICES 2,014.48 1,914.66 1,935.68 2,030.23 2,141.99

Page | 55

Table 9b: Expenditure on Gross Domestic Product in Current Prices, 2005-2009 All Figures in EC$M


TOTAL CONSUMPTION 2,387.86 2,722.61 3,165.17 3,192.84 2,446.55 Government Final Consumption Expenditure 454.72 469.43 542.77 657.10 647.69 Private Final Consumption Expenditure 1,933.14 2,253.18 2,622.40 2,535.75 1,798.86 GROSS CAPITAL FORMATION 743.17 1,130.96 1,323.54 1,384.39 1,250.03 Transport Equipment 46.77 62.10 79.32 78.25 77.18 Other Machinery and Equipment 126.92 170.42 231.44 195.57 159.70 Construction 569.48 898.44 1,012.77 1,110.56 1,013.15 GOODS AND SERVICES (371.12) (729.66) (947.92) (882.47) (391.10) Total Exports of Goodsand Services 1,472.23 1,480.06 1,569.48 1,688.50 1,516.38 Exports of Goods 223.39 199.88 160.25 176.73 137.19

Exports of Services 1,248.83 1,280.18 1,409.23 1,511.76 1,379.20 Total Imports of Goods and Services 1,843.35 2,209.72 2,517.40 2,570.96 1,907.49

Imports of Goods 1,229.46 1,511.20 1,752.06 1,808.69 1,293.05 Imports of Services 613.89 698.52 765.35 762.27 614.44

GDP in MARKET PRICES 2,759.92 3,123.91 3,540.78 3,694.76 3,305.48

Less: Other Taxes on Products and Production 368.31 427.90 563.33 547.23 446.90

Add: Subsidies 14.55 9.75 21.73 26.37 24.00 GVA in BASIC PRICES 2,406.15 2,705.76 2,999.18 3,173.91 2,882.58

Page | 56

Table 9c: Expenditure on Gross Domestic Product in Current Prices, 2010-2014 All Figures in EC$M


TOTAL CONSUMPTION 2,658.37 2,726.22 2,982.77 2,937.15 3,010.93

Government Final Consumption Expenditure 553.97 538.91 569.69 547.76 564.08

Private Final Consumption Expenditure 2,104.40 2,187.31 2,413.08 2,389.39 2,446.85

GROSS CAPITAL FORMATION 872.05 637.05 716.55 756.84 842.35

Transport Equipment 35.02 22.26 30.04 35.89 46.97

Other Machinery and Equipment 174.33 111.06 104.36 109.60 117.47

Construction 662.70 503.73 582.15 611.36 677.90 GOODS AND SERVICES (418.76) (279.75) (428.51) (473.09) (409.22) Total Exports of Goods and Services 1,414.35 1,451.94 1,466.85 1,473.03 1,595.41

Exports of Goods 123.43 151.61 159.41 171.44 186.21

Exports of Services 1,290.92 1,300.33 1,307.43 1,301.59 1,409.21 Total Imports of Goods and Services 1,833.11 1,731.69 1,895.35 1,946.13 2,004.63

Imports of Goods 1,225.49 1,162.20 1,329.34 1,358.29 1,396.94

Imports of Services 607.63 569.49 566.02 587.84 607.69 GDP in MARKET PRICES 3,111.67 3,083.52 3,270.81 3,220.90 3,444.06

Less: Other Taxes on Products and Production 460.87 462.64 503.61 449.71 473.76


Page | 57

Table 9d: Expenditure on Gross Domestic Product in Current Prices, 2015-2019 All Figures in EC$M


TOTAL CONSUMPTION 2,990.43 3,082.78 2,984.74 2,967.92 2,922.44 Government Final Consumption Expenditure 586.87 610.58 635.25 660.91 687.61

Private Final Consumption Expenditure 2,403.56 2,472.20 2,349.49 2,307.01 2,234.83 GROSS CAPITAL FORMATION 863.59 1,054.35 1,290.81 1,603.19 1,908.20

Transport Equipment 52.26 82.87 77.22 95.91 114.15

Other Machinery and Equipment 103.14 123.76 154.31 191.65 228.11

Construction 708.20 847.72 1,059.29 1,315.63 1,565.93 GOODS AND NON-FACTOR SERVICES (184.20) (182.63) (181.29) (179.80) (178.17) Total Exports of Goods and Non-Factor Services 1,625.92 1,671.47 1,709.93 1,749.29 1,789.55

Exports of Goods 161.09 164.32 167.60 170.95 174.37

Exports of Non-Factor Services 1,464.83 1,507.15 1,542.33 1,578.34 1,615.18 Total Imports of Goods and Non-Factor Services 1,810.12 1,854.09 1,891.22 1,929.09 1,967.72

Imports of Goods 1,200.12 1,224.12 1,248.60 1,273.58 1,299.05

Imports of Non-Factor Services 610.00 629.97 642.62 655.52 668.67 GDP in MARKET PRICES 3,669.83 3,954.50 4,094.26 4,391.30 4,652.47 Less: Other Taxes on Products and Production 511.89 545.32 544.93 555.83 566.95


Page | 58

Table 10a: National Accounts Aggregates in Current Prices, 2000-2004 All Figures in EC$M

National Accounts Aggregates 2000 2001 2002 2003 2004

GVA AT BASIC PRICES 2,014.48 1,914.66 1,935.68 2,030.23 2,141.99

Taxes on Production and Imports less Subsidies 226.95 247.34 263.78 280.01 340.87

GDP AT MARKET PRICES 2,241.43 2,162.00 2,199.46 2,310.24 2,482.86

Net income from Abroad (120.20) (66.93) (111.91) (104.48) (121.73)

GROSS NATIONAL INCOME 2,121.23 2,095.07 2,087.56 2,205.76 2,361.13

Current Transfers from Abroad 25.23 24.66 15.16 35.78 22.54

GROSS NATIONAL DISPOSABLE INCOME 2,146.46 2,119.73 2,102.71 2,241.53 2,383.67

Private Final Consumption 1,294.08 1,409.48 1,354.75 1,540.30 1,601.65

Government Final Consumption 385.93 420.90 483.79 428.34 455.00

Total Consumption 1,680.01 1,830.38 1,838.54 1,968.64 2,056.65

GROSS NATIONAL SAVING 466.45 289.34 264.17 272.89 327.02

Gross Capital Formation 646.74 442.96 486.67 536.30 583.79

Gross National Saving 466.45 289.34 264.17 272.89 327.02

FOREIGN SAVING 180.29 153.62 222.50 263.41 256.77

Table 10b: National Accounts Aggregates in Current Prices, 2005-2009

All Figures in EC$M













Gross Capital Formation 743.17 1,130.96 1,323.53 1,384.38 1,250.03


FOREIGN SAVING 463.03 787.76 1,040.89 969.76 456.37

Page | 59

Table 10c: National Accounts Aggregates in Current Prices, 2010-2014

All Figures in EC$M













Gross Capital Formation 872.05 637.05 716.55 756.85 842.35


FOREIGN SAVING 451.19 317.02 484.51 485.91 429.96

Table 10d: National Accounts Aggregates in Current Prices, 2015-2019

All Figures in EC$M

National Accounts Aggregates 2015 2016 2017R 2018P 2019P











GROSS NATIONAL SAVING 672.28 851.63 1,078.15 1,379.00 1,670.67

Gross Capital Formation 863.59 1,054.35 1,290.81 1,603.19 1,908.20

Gross National Saving 672.28 851.63 1,078.15 1,379.00 1,670.67

FOREIGN SAVING 191.31 202.72 212.67 224.19 237.52

Page | 60

Table 11a: Selected Economic Indicators, 2000-2004

Indicators UNIT 2000 2001 2002 2003 2004

GDP Indicators

GVA at Current Basic Prices EC$M 2,014.48 1,914.66 1,935.68 2,030.23 2,141.99 GVA at Constant Basic Prices EC$M 2,173.62 2,035.71 2,043.73 2,164.40 2,246.67 GDP at Current Market Prices EC$M 2,241.43 2,162.00 2,199.46 2,310.24 2,482.86

GNI at Current Market Prices EC$M 2,121.23 2,095.07 2,087.56 2,205.76 2,361.13 Per Capita GDP at Market Prices EC$ 30,997.49 28,119.44 28,319.85 29,462.79 31,350.80

Other Indicators

Mid-year Population Number 72,310 76,886 77,665 78,412 79,196 Value of Exports (FOB) EC$M 60.81 55.44 31.24 48.49 187.06 Value of Imports (CIF) EC$M 913.68 757.13 907.90 1,056.77 1,237.99 Balance of Visible Trade EC$M (852.87) (701.69) (876.66) (1,008.29) (1,050.93)

Consumer Price Index Per cent change 0.77 1.40 2.41 1.99 2.03

Implicit GVA Deflator Per cent change 1.55 1.48 0.70 -0.96 1.64

Government Recurrent Revenue EC$M 325.60 357.31 392.80 422.85 472.34

Government Recurrent Expenditure EC$M 477.59 482.57 547.46 497.44 553.03 Total Stay-Over Visitors '000 206,871 193,176 198,085 224,032 245,797 Cruise Ship Visitors '000 428,791 408,812 312,241 385,686 522,753 Electricity Generated '000KWH 152,231 160,169 164,615 163,356 168,830

Page | 61

Table 11b: Selected Economic Indicators, 2005-2009

Indicators UNIT 2005 2006 2007 2008 2009

GDP Indicators

GVA at Current Basic Prices EC$M 2,406.15 2,705.76 2,999.18 3,173.91 2882.58 GVA at Constant Basic Prices EC$M 2,415.98 2,705.76 2,891.09 2,931.13 2,615.32 GDP at Current Market Prices EC$M 2,759.92 3,123.91 3,540.78 3,694.76 3,305.48 GNI at Current Market Prices EC$M 2,646.41 2,997.71 3,398.58 3,529.84 3,168.27

Per Capita GDP at Market Prices EC$

34,495.98

38,635.95

43,319.71

44,696.66 39,527.89

Other Indicators

Mid-Year Population Number 80,007 80,855 81,736 82,663 83,624 Value of Exports (FOB) EC$M 325.63 441.49 469.71 249.36 555.40 Value of Imports (CIF) EC$M 1,419.21 1,811.01 1,962.92 2,175.04 1,887.44

Balance of Visible Trade EC$M (1,093.57) (1,369.53) (1,493.21) (1,925.68) (1,332.04)

Consumer Price Index Per cent change 2.10 1.79 1.42 5.33 -0.55

Implicit GVA Deflator Per cent change 4.46 0.41 3.74 4.38 1.79

Government Recurrent Revenue EC$M 493.68 602.68 724.66 736.01 595.85 Government Recurrent Expenditure EC$M 563.27 684.07 749.62 766.27 781.74 Total Stay-Over Visitors '000 245,384 253,679 261,802 265,844 234,410 Cruise Ship Visitors '000 466,851 471,623 672,788 596,120 709,795 Electricity Generated '000KWH 175,897 187,073 204,507 214,779 219,572

Page | 62

Table 11c: Selected Economic Indicators, 2010-2014

Indicators UNIT 2010 2011 2012 2013 2014

GDP Indicators

GVA at Current Basic Prices EC$M 2,673.80 2,645.87 2,793.20 2,797.19 2,996.30 GVA at Constant Basic Prices EC$M 2,391.46 2,338.43 2,408.89 2,447.16 2,565.70 GDP at Current Market Prices EC$M 3,111.67 3,083.52 3,270.81 3,220.90 3,444.06 GNI at Current Market Prices EC$M 3,026.65 2,976.94 3,132.87 3,137.43 3,346.54


36,771.41

36,036.32

37,685.18

36,572.46

38,528.04

Other Indicators


Balance of Visible Trade EC$M (1,259.28) (1,193.58) (1,359.12) (1,283.98) (1,427.41)

Consumer Price Index Per cent change 3.37 3.46 3.38 1.06 1.09

Implicit GVA Deflator Per cent change 1.44 1.20 2.48 -1.42 2.17


Page | 63

Table 11d: Selected Economic Indicators, 2015-2019

Indicators UNIT 2015 2016 2017R 2018P 2019P

GDP Indicators

GVA at Current Basic Prices EC$M 3,183.93 3,435.18 3,575.33 3,861.47 4,111.52 GVA at Constant Basic Prices EC$M 2,661.65 2,793.59 2,909.15 3,085.49 3,225.09 GDP at Current Market Prices EC$M 3,669.83 3,954.50 4,094.26 4,391.30 4,652.47 GNI at Current Market Prices EC$M 3,585.43 3,855.18 3,981.67 4,263.66 4,507.76


40,436.67

42,910.47

43,570.98

46,217.40

48,235.62

Other Indicators


Balance of Visible Trade EC$M (1,247.70) (1,178.21) (1,532.11) (1981.24) (2,551.00)

Consumer Price Index Per cent change 0.97 -0.49 2.43 2.43 2.43

Implicit GVA Deflator Per cent change 2.43 2.80 0.05 1.83 1.87


Page | 64

Chart 1: Nominal Gross Domestic Product Growth Rate

Chart 2: Real Gross Domestic Product Growth Rate

Page | 65

KEY CONCEPTS AND DEFINITIONS

The following notes, concepts and definitions are presented here to facilitate an

understanding and interpretation of the data presented in the statistical tables.

Key Concepts

Output

Output measures the value of goods and services produced within an establishment that

becomes available for use outside that establishment. There are three types of output: market

output, output for own final use and other non-market output.

(a) Market output consists of:

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)

changes in inventories of work-in-progress and finished goods, referred to as stock investment

(b) Output for own final use consists of:

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

(c) Other non-market output:

Other non-market output consists of output that is provided free or at economically non-

significant prices to other units. This output includes most of the output of the government sector

and non-profit institutions serving households (NPISH).


Intermediate consumption 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 (See Figure

Page | 66

1). 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.

BASIC PRICE PRODUCER’S PRICE PURCHASER’S PRICE

Figure 1: Relationship among Basic, Producer and Purchaser Prices

Valuation of Items Used in Compiling the Accounts

There are six valuation items used in compiling the accounts. These are output,

intermediate consumption, private and government final consumption expenditure, gross capital

formation, value of imports, and value of exports.

(a) Output is valued at basic prices

(b) Intermediate consumption is valued at purchasers’ prices

PRODUCER’S PRICE

BASIC PRICE

Taxes less subsidies on products

(including non-deductible value

added taxes) on producers

Transport and trade margins

Taxes less subsidies on products

(including non-deductible value

added taxes) on consumers

BASIC PRICE

Box 1: 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

Page | 67

(c) 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

net exports of goods and services;

government final consumption expenditure and gross capital formation.

(d) 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.

(e) 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.

(f) 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.

Key Definitions

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 (See Figure 2).

Figure 2: Components of Gross Domestic Product

Financial Intermediation Services Indirectly Measured (FISIM)

An adjustment is made for financial intermediation services indirectly measured (FISIM)

when computing the gross domestic product for the total economy. FISIM is measured as the total

Gross•Consumption of fixed capital is not deducted

Domestic

•Measured output consists of what is produced within the economic territory/country

Product•Describes what is measured: the results of production

Page | 68

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 three ways – as intermediate consumption by

enterprises, as final consumption by households or as exports to non-residents.

Gross Value Added at Basic Prices

Gross value-added at basic prices pertains to the value of all goods and services produced

in an economy within a given time period of usually one year. It is equal to the sum of

compensation of employees, consumption of fixed capital, taxes less subsidies on production and

operating surplus. An over-riding consideration on measuring the value of a country’s gross

domestic product is that duplication must be avoided. Duplication is avoided by deducting from

the output of each producing unit the value of the inputs of goods and services that it has received

from other units, at home or abroad.

Figure 3: Derivation of Gross Value-added

Gross Domestic Product at Market Prices

Gross domestic product at market prices 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

Net Income from the Rest of the World 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

Gross OutputIntermediate Consumption

Gross Value-Added

Page | 69

in a country, i.e. profits and dividends could be remitted to foreign countries or left unremitted.

The unremitted portion is always treated as reinvested earnings.

Labour Income and Workers’ Remittances

It should be noted that there is a distinction between those individuals whose earnings

are to be classified as labour income (persons who are not residents of the economy where they

work) and migrants (persons who have become residents of that economy by virtue of being

expected to live there for a year or more).This distinction is often hard to make in practice. Data

for these items are generally obtained from the balance of payments accounts, where migrants’

income is classified as workers’ remittances under current transfers and labour income is

classified as compensation of employees in the income account.

National Accounts at Constant Prices

For analytical purposes, the national accounts at constant prices are derived by breaking

current values down into a price component and quantity component. Estimates at constant

prices are usually derived by deflating the current output values by price indices or by

extrapolating base year values by appropriate volume indices. Both are equivalent to expressing

current period quantities at base period prices.

Methodology for Estimating Gross Domestic Product

The value-added can be estimated using three different approaches that 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.

Compensation of Employees

Compensation of Employees 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

Page | 70

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

Wages and Salaries 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:

commissions, overtime payments

tips

bonuses

cost-of-living allowances

fees to ministers of religion

fees to board directors

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:

medical examinations

sporting and other recreational facilities

amenities at place of work

reimbursement of expenses for travel and entertainment

reimbursement of expenses or provision of uniforms, tools and equipment

Employer’s Contribution to Social Security Schemes

Employer’s Contribution to Social Security Schemes 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

Employer’s Contribution to Private Pension Funds and other Pensions 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 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.

Page | 71

Operating Surplus or Mixed Income

Operating Surplus or Mixed Income 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 approach and

income approach 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

Consumption of Fixed Capital 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

Taxes on Production and Imports 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.

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

production and imports consist of the following two groups:

(a) Taxes on Products

Tax usually payable per unit of specific goods and services

production tax/excise duties: Include excise duties on rum, beer, cigarettes and soft drinks

taxes on exports

other taxes on products: Other taxes on specific goods and services, e. g. hotel occupancy tax and entertainment tax

Page | 72

(b) 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

Subsidies

Subsidies 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 that 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 Expenditure

Government Final Consumption Expenditure (GFCE) 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 main source of data is the government accounts. Expenditure on FISIM is also

included in GFCE.

The government’s final consumption expenditure therefore consists 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 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

Private final consumption expenditure 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

Page | 73

estate industry and is included in the final consumption expenditure of households. At present,

private final consumption expenditure if derived as a residual.

Two 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 final consumption expenditure of

households in the domestic market 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 that is

classified according to type and object of expenditure.

Final consumption expenditure of resident households 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 made by 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

Gross Fixed Capital Formation 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 non-profit

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:

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.

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.

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.

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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.

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

Changes in inventories 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

Exports and Imports of Goods and Non-Factor Services consists of the transactions in

goods and services of the residents of a given country with the rest of the world, and covers

merchandise, transportation, travel, insurance and other non-factor services, such as government

transactions, various fees, rentals, royalties and gifts in kind. Military equipment transferred

between governments may be 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.

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SOURCES AND METHODS OF ESTIMATING THE GROSS VALUE-ADDED

This section provides an overview of the classification of sources of information and the

methods and concepts used to compile the gross value-added for each classification of

economic activity. The section also describes and explains the distinction among sectors,

industries, enterprises, establishments and key-of-activity units.

Classification of Sources of Information

Institutional Units

An institutional unit is an economic entity that is capable, in its own right, of owning

assets, incurring liabilities and engaging in economic activities and in transactions with other

entities. There are two main types of units in the real world that may qualify as institutional units,

namely persons or groups of persons in the form of households, and legal or social entities. A

legal or social entity is one whose existence is recognised by law or society independently of the

persons, or other entities, that may own or control it. The institutional units are grouped together

to form institutional sectors, based on their principal functions, behaviour and objectives.

Institutional Sectors

The institutional sectors of the SNA group together similar kinds of institutional units (See

Box 3). Corporations, non-profit institutions,, government units and households are intrinsically

different from each other in that their economic objectives, functions and behaviour are different.

The total economy is defined as the entire set of resident institutional units. The resident

institutional units that make up the total economy are grouped into five mutually exclusive

institutional sectors (See Box 3). Sectors are groups of institutional units and the whole of each

institutional unit must be classified to one or other sector of the SNA. Dividing the total economy

into sectors enhances the usefulness of the accounts for purposes of economic analysis by

grouping together institutional units with similar objectives and types of behaviour.

Industry

An industry consists of a group of establishments engaged in the same, or similar, kinds

of activity, whether the institutional units to which they belong are market producers or not.

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Establishment

Establishments are designed to be units that provide data that are more suitable for

analyses of production in which the technology of production plays an important role.

Production Unit

Production consists of processes or activities carried out under the control and

responsibility of institutional units that use inputs of labour, capital, goods and services to produce

outputs of goods and services. Any such activity may be described, and classified, with reference

to various characteristics, for example:

type of goods or services produced as outputs

type of inputs used or consumed

technique of production employed

ways in which the outputs are used

The principal activity of a producer unit is the activity whose value-added exceeds that of

any other activity carried out within the same unit. A secondary activity is an activity carried out

Box 2: Classification of Institutional Sectors

Non-financial corporations are institutional units that are principally engaged in the production of market goods and non-financial services.

Financial corporations are institutional units that are principally engaged in financial services including financial intermediation.

General government consists of institutional units that, in addition to fulfilling their political responsibilities and their role of economic regulation, produce services (and possibly goods) for individual or collective consumption mainly on a non-market basis and redistribute income and wealth.

Households are institutional units consisting of one individual or a group of individuals. All physical persons in the economy must belong to one and only one household. The principal functions of households are to supply labour, to undertake final consumption and, as entrepreneurs, to produce market goods and non-financial (and possibly financial) services. The entrepreneurial activities of a household consist of unincorporated enterprises that remain within the household except under certain specific conditions.

Non-profit institutions serving households (NPISHs) are legal entities that are principally engaged in the production of non-market services for households or the community at large and whose main resources are voluntary contributions.

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within a single producer unit in addition to the principal activity and whose output, like that of

the principal activity, must be suitable for delivery outside the producer unit. The value-added of

a secondary activity must be less than that of the principal activity. In order to obtain groups of

producers whose activities are more homogeneous, enterprises have to be partitioned into

smaller and more homogeneous units. These are kind-of-activity unit, local unit and

establishments. See Box 4 for a description of these units.

Box 4: Classification example applied to Antigua and Barbuda

In Antigua and Barbuda, an example of these classifications would be:

Sector – Non-Financial Corporation

Industry – Wholesale and Retail Trade

Kind-of-activity unit – Hadeed Motors Ltd., belonging to the Enterprise – Hadeed

Group of Companies. Principal activity is sale and servicing of motor vehicles

Box 3: Types of Production Units

A kind-of-activity unit is an enterprise, or a part of an enterprise, that engages in only one kind of productive activity or in which the principal productive activity accounts for most of the value-added. By definition, each enterprise must consist of at least one kind-of-activity unit.

A local unit is an enterprise, or a part of an enterprise, that engages in productive activity at or from one location.

An establishment is an enterprise, or part of an enterprise, that is situated in a single location and in which only a single productive activity is carried out or in which the principal productive activity accounts for most of the value-added. Establishments are sometimes referred to as local kind-of activity units (local KAUs).

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Methods Used to Estimate the GVA by Economic Activity

AGRICULTURE

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

The gross value-added is estimated using the production approach.

Other Crops

The Ministry of Agriculture has been unable for a number of years to

provide data on crop production; area cultivated and harvested; or yield rates for

the various crops produced on the island. There are plans for the Department of

Agriculture to start collecting the relevant data but the staff will need to be

trained and additional funding is required. Since no information is available on

crop production; output was estimated based on discussions with senior

agricultural officers and anecdotal information available. 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 26 per cent

of the gross value of output. For constant price estimates, the value of output

was deflated using the CPI for fruit and vegetables to derive the value of output

in constant 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. Estimates for livestock production

were obtained from the Livestock Division within the Ministry of Agriculture. The

cost of inputs (imported livestock feed, locally produced livestock feed, veterinary

services etc.) was estimated at 15 per cent of the output of livestock (goats,

sheep, pigs etc.) The gross value added for livestock was computed as the value

of output of production of livestock less the value of inputs. 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 inputs were

estimated at 30 per cent of the output of eggs and poultry. 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, the base year

price is used to estimate the value of output in constant prices; a volume index

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

Forestry

The Forestry sector in Antigua and Barbuda is almost non-existent.

Detailed information on charcoal production was and continues to be difficult to

obtain. It was decided that the estimates from the previous series would be

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utilised in the new rebased series as this activity was too small to make any

significant impact on the overall agricultural industry.

Fishing

Data on fish landed by fishermen were obtained from the Fisheries

Division within the Ministry of Agriculture. The quantity and price of fish landings

were provided. 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. This was estimated at 30 per cent of the Output. To derive

the constant prices, the quantity of fish landed was revalued using the base year

price and a volume index of output in constant prices was used to extrapolate the

base year value-added estimate.

MINING AND QUARRYING

The value of output for mining and quarrying comprised mainly of the value of the output

of stone and sand. The current price estimates were derived from the ASEA and from the annual

gross wages obtained from the Social Security Board which were 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 compiled to deflate the gross output, which was then used to extrapolate the base year

value added to derive the constant prices. The production of concrete blocks and other concrete

products are included in manufacturing,

MANUFACTURING

The manufacturing activities include production of dairy products, bakery products, other

food products; bottled water, soft drinks, beer, wine and spirits; wood products; printing and

publishing; paints; concrete products; fabricated metal products; and furniture, jewelry and other

manufacturing. The current price gross value added estimates are compiled by extrapolating the

benchmark estimate using the change in output values based on ASEA data, VAT sales and IRD

financial statements. A combination of price indices for deflation and volume indicators are used

to extrapolate the 2006 gross value added to derive the constant price estimates. For example,

the CPI for food is used to deflate the GVA for all food manufacturing.

ELECTRICITY AND WATER

Electricity includes activities related to the production, transmission and distribution of

electricity, while the water covers activities related to the collection, purification and distribution

of water. The main sources of information were the financial statements of Antigua Public

Utilities Authority (APUA), Antigua Power Company (APC) and Enerserv Ltd.

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.

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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 water produced

each year was used to form a volume index to extrapolate the base year value-

added to derive the constant prices.

CONSTRUCTION

The construction 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 utilised for manufacturing purposes. The resulting estimates is

intermediate consumption that 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 to extrapolate

the base year value added.

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. The annual current price

output estimates for wholesale and retail trade are compiled by extrapolating the benchmark

estimate using the movement in VAT sales for traders as a value indicator. The trade margin to

cost of goods sold is around 72 percent. The All Items CPI is used to deflate the current price

value estimates to derive the constant price output estimates. The BM 20 percent I/O ratio is

applied to the output estimates to derive the IC and GVA estimates. As most wholesalers also

sell retail and some retailers sell in bulk, it is not feasible to separate the two types of traders.

HOTELS AND RESTAURANTS

This industry includes the activities of all registered accommodation establishments such

as hotels, guesthouses and other paid accommodation and restaurants operating in the country.

Hotels and Restaurants

The gross value-added in current prices was derived by analysing the

accounts of the hotels and restaurants obtained by the annual national accounts

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survey. Fixed ratios (51.6 percent for accommodation and 13.2 percent for food

and beverage services) are applied to total tourist expenditure, along with the CPI

for meals away and population growth for resident expenditure is used to

compile the annual current price estimates for accommodation and food service

activities up to 2014, with VAT sales used from 2015 onwards. The stay-over

tourist numbers by length of stay (i.e., bed nights) is used to derive the constant

price estimates for accommodation services, with resident population used as a

volume indicator to derive the constant price estimates for food service activities.

TRANSPORT, STORAGE AND COMMUNICATION

The Transportation, Storage and Communication industry covers the activities related to

the provision of transport, storage and communication services. The gross value-added in this

industry was derived by estimating the value-added from each of the following sub-groups; road

transport, sea transport, air transport, supporting and auxiliary transport activities and

communication, which consist of postal and courier services and telecommunication services.

Different methods were applied for each category of transport as outlined below.

Road transport

This group of economic activities includes the transport of passengers

and freight via road. Data on the number of taxis, buses, trucks/pick-ups and

tour buses are available from the licensing department. The current price value

estimates for road passenger transport by tourists are compiled by multiplying

the (5. 9 percent of total tourist expenditure) land transport expenditure per

tourist by the number of stay-over tourists. The resident passengers’ component

is derived by extrapolating the BM estimate using population growth to compile

the constant price value estimates and reflated using the average for CPI

transport components to derive the current price value estimates. A fixed 65

percent I/O ratio is used for the current price estimates. The total constant price

value of output is then deflated using the transport services CPI.

Sea transport

This group of economic activities 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. Some estimates of gross

value-added in current prices were computed by utilising data obtained from the

ASEA that were reported by the establishments in this industry. Data were also

sourced from the VAT records. The current price estimates for water transport

were compiled by extrapolating the BM estimate using VAT sales for Destinations

Antigua (a tour operator) as a value indicator, with the water transport CPI used

for deflation to derive the constant price value estimates.

Air transport

The estimates of gross value-added for this sub sector were calculated

from financial data obtained from the ASEA for local and foreign owned. The

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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 Antigua and Barbuda Airport

Authority, the Antigua 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 ASEA of selected

establishments. Data were also sourced from the Social Security Board 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

The Communication industry comprises economic activities of telecommunications,

postal and courier services. These are described below.

Telecommunication

This group of economic activities 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 ASEA and IRD financial data. 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 ASEA and IRD financial data 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 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.

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FINANCIAL INTERMEDIATION

Financial intermediation include activities from production units in banks and other

financial institutions, insurance and pension funding and activities auxiliary to financial

intermediation.

Banks and other Financial Institutions

This group of economic activities 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 ASEA, IRD financial statements, ECCB, and from

the statutory returns of financial institutions to regulatory agencies. Output and

costs are estimated directly from these returns and used to calculate the gross

value-added estimates in current prices. 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 group of economic activities covers both life and non-life insurance.

The gross value-added estimates were derived from data provided by the ASEA

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 group are economic activities related mainly to offshore

banking. The FSRC data on financial fees collected from offshore banks are used

to derive the current and constant price estimates. For other financial services,

the current price estimates are derived from data provided by the ASEA, IRD

financial statements and SSB earnings data. 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 are used to form a

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volume index to extrapolate the base year gross value-added to derive the GVA

in constant price estimates

REAL ESTATE, RENTING AND BUSINESS ACTIVITIES

The Real Estate, Renting and Business Activities industry is 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 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 and rented 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

Data on VAT sales obtained from IRD were used to compute the gross

value of output. Gross value-added in current prices was estimated as a fixed

ratio of output. Constant price estimates were derived from deflating output

with a miscellaneous price index from the CPI. A volume index of the deflated

output was used to extrapolate the base year value added.

Computer Related Services

The gross value-added estimates were derived from VAT data provided

by the IRD. Data were also sourced from the Social Security Board on gross wages

and salaries and number of employees. The gross output was estimated based

on VAT data. Gross value-added in current prices was computed as a fixed ratio

of output. A price index consisting of average wage rate per employee was used

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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

The Business Services group of economic activities include the services of

lawyers, accountants, management consultants, architects, photographic

studios, building cleaning activities etc. The gross value-added estimates were

derived from VAT data provided by the IRD. Data were also sourced from the

Social Security Board on gross wages and salaries and number of employees. The

gross output was estimated based on VAT data. Gross value-added in current

prices was computed as a fixed ratio of output. A price index consisting of

average wage rate per employee 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.

PUBLIC ADMINISTRATION, DEFENCE AND SOCIAL SECURITY

The Public Administration, Defence and Social Security group of economic activities

comprises activities associated with the administration of central government and the social

security operations.

Central Government

The gross value-added estimates in current prices were compiled from

Antigua and Barbuda Budget Estimates of Revenue and Expenditure using the

income approach that comprises of compensation of employees. Compensation

of employees includes personal emoluments, wages, allowances, overtime,

severance payments, honoraria and retiring benefits. Compensation of

employees also includes the value of the unfunded pension benefits, which is

actually a current transfer from general government to the household sector. This

value is included as an estimate of the imputed contributions due by government.

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.

Social Security

The gross value-added was compiled from financial statements provided

by the Social Security Board. The GVA consists of the total compensation of

employees plus depreciation of the Social Security Board. 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.

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EDUCATION

Education is divided into public and private educational activities and includes primary,

secondary and tertiary institutions.

Public Education

Data on compensation of employees of the Ministry of Education were

analysed to derive the gross value-added that 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 education

administration were excluded from the calculation of GVA as it was already

included in central government. A weighted wage index is used to deflate the

current prices gross value added to compile the constant price estimates.

Private Education

The annual constant price estimates for private education were compiled

using student enrolment data as a volume indicator. The education CPI is used to

reflate the constant price estimates to derive the current price estimates. The

benchmark I/O ratio is used to derive both the current and constant price value

of output, IC and GVA estimates.

HEALTH AND SOCIAL WORK

This classification of economic activity includes activities associated with the delivery of

public health and private health services.

Public Health

Data on compensation of employees of the Ministry of Health were

analysed to derive the gross value-added that 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 SSB employment and earnings data are used as volume and value

indicators to compile the current price and constant price gross value added

estimates respectively.

OTHER COMMUNITY, SOCIAL AND PERSONAL SERVICES

This industry includes the economic activities of trade unions, sewerage and refuge

disposal, motion picture projection, beauty salons, barbershops, religious organisations, funeral

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related services etc. The SSB earnings data and CPI for personal services are used to compile the

constant and current price estimates respectively.

PRIVATE HOUSEHOLD WITH EMPLOYED PERSONS

This industry includes the economic 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 Social Security Board. 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.

FINANCIAL INTERMEDIATION SERVICES INDIRECTLY MEASURED (FISM)

In the SNA, FISM is an estimate of the value of the services provided by financial

intermediaries, such as banks, for which no explicit charges are made; instead these services are

paid for as part of the margin between rates applied to savers and borrowers. The supposition is

that savers would receive a higher interest rate and borrowers pay a lower interest rate if all

financial services had explicit charges.

The 1993 SNA calculated FISIM as the difference between property income receivable and

interest payable excluding the value of any property income receivable from the investment of

own funds. The 1993 SNA recognised 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 offers two ways of allocating FISIM to the relevant sectors. 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 to use

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 recognises

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

In the case of Antigua and Barbuda, data on global FISIM was obtained from the ASEA of

financial institutions. The balance sheet data on total deposits and loans and advances were

http://en.wikipedia.org/wiki/System_of_National_Accounts

http://en.wikipedia.org/wiki/Margin_(finance)

http://en.wikipedia.org/wiki/Interest_rate

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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 it is known 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. 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 | 89

ANNEX A: ISIC Rev 3.1

International Standard Industrial Classification Of All Economic Activities (ISIC, Rev. 3.1)

Code Description

A Agriculture, Hunting and Forestry 01 Agriculture, hunting and related service activities

011 Growing of crops; market gardening; horticulture

012 Farming of animals

013 Growing of crops combined with farming of animals (mixed farming)

014 Agricultural and animal husbandry service activities, except veterinary activities

015 Hunting, trapping and game propagation including related service activities

02 Forestry, logging and related service activities

B Fishing

05 Fishing, aquaculture and service activities incidental to fishing

C Mining and Quarrying

10 Mining of coal and lignite; extraction of peat

11 Extraction of crude petroleum and natural gas; service activities incidental to oil and gas extraction excluding surveying

12 Mining of uranium and thorium ores

13 Mining of metal ores

14 Other mining and quarrying

D Manufacturing

15 Manufacture of food products and beverages

16 Manufacture of tobacco products

17 Manufacture of textiles

18 Manufacture of wearing apparel; dressing and dyeing of fur

19 Tanning and dressing of leather; manufacture of luggage, handbags, saddlery, harness and footwear

20 Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials

21 Manufacture of paper and paper products

22 Publishing, printing and reproduction of recorded media

23 Manufacture of coke, refined petroleum products and nuclear fuel

24 Manufacture of chemicals and chemical products

25 Manufacture of rubber and plastics products

26 Manufacture of other non-metallic mineral products

27 Manufacture of basic metals

28 Manufacture of fabricated metal products, except machinery and equipment

29 Manufacture of machinery and equipment n.e.c.

30 Manufacture of office, accounting and computing machinery

31 Manufacture of electrical machinery and apparatus n.e.c.

32 Manufacture of radio, television and communication equipment and apparatus

33 Manufacture of medical, precision and optical instruments, watches and clocks

34 Manufacture of motor vehicles, trailers and semi-trailers

35 Manufacture of other transport equipment

36 Manufacture of furniture; manufacturing n.e.c.

37 Recycling

Page | 90


Code Description

E

Electricity, Gas and Water Supply

40 Electricity, gas, steam and hot water supply

41 Collection, purification and distribution of water

F Construction 45 Construction

G Wholesale & Retail Trade; Repair of Motor Vehicles, Motorcycles & Personal & Household Goods

50 Sale, maintenance and repair of motor vehicles and motorcycles; retail sale of automotive fuel

51 Wholesale trade and commission trade, except of motor vehicles and motorcycles

52 Retail trade, except of motor vehicles and motorcycles; repair of personal and household goods

H Hotels and Restaurants

55 Hotels and restaurants

551 Hotels; camping sites and other provision of short-stay accommodation

552 Restaurants, bars and canteens

I Transport, Storage and Communication

60 Land transport; transport via pipelines

61 Water transport

62 Air transport

63 Supporting and auxiliary transport activities; activities of travel agencies

64 Post and telecommunications

J Financial Intermediation

65 Financial intermediation, except insurance and pension funding

66 Insurance and pension funding, except compulsory social security

67 Activities auxiliary to financial intermediation

K Real Estate, Renting and Business Activities

70 Real estate activities

71 Renting of machinery and equipment without operator and of personal and household goods

72 Computer and related activities

73 Research and development

74 Other business activities

L Public Administration and Defence; Compulsory Social Security

75 Public administration and defence; compulsory social security

751 Administration of the State and the economic and social policy of the community

752 Provision of services to the community as a whole

753 Compulsory social security activities

M Education

80 Education

N Health and Social Work

85 Health and social work

851 Human health activities

852 Veterinary activities

853 Social work activities

Page | 91


Code Description

O

Other Community, Social and Personal Service Activities

90 Sewage and refuse disposal, sanitation and similar activities

91 Activities of membership organisations n.e.c.

92 Recreational, cultural and sporting activities

93 Other service activities

P Activities of Private Households as Employers and Undifferentiated Production Activities of Private Households

95 Activities of private households as employers of domestic staff

96 Undifferentiated goods-producing activities of private households for own use

97 Undifferentiated service-producing activities of private households for own use

Q Extra-territorial Organisations and Bodies

99 Extra-territorial organisations and bodies

Page | 92

ANNEX B : ASEA

Telephone # Email Address

Address

1) Local company 3) Overseas company/partnership

a) Sole proprietorship 4) Exempt/permit company/partnership

b) Local Partnership 5) Non-profit institution/charitable organization

c) Limited Company/Incorporated 6) Other:

d) Other

2) Government enterprise (please specify)

1 6 To 12 6

Contact Name Position

Telephone # Date

Email Adress

Which of the following best describes the ownership of your establishment?

% of foreign ownership

(Please provide date)

Principal Business Activity

Please complete the following:

Please provide your contact details incase of further enquiries:

Data in this form refer to the period from

Example: Jan - 2015 To Dec - 2015 with comparisons for 2014

The period above refers to your 2015 and 2014 Financial Year, whether it be a fiscal or calendar year.

Ceased Operation Permanently The Dates Should Equal a 12 Month Period

SECTION I – GENERAL INFORMATION

Name of Establishment

[email protected] Statistics Division,

Antigua

Form: 1

Private and ConfidentialStatistics Act No. 13 of 1975

Aba Scotland-Kheang

(268) 562-7492

(268) 462-4775

Contact Person(s)

Please complete this form and return via email to mailbox no later than May 7, 2018. We recommend that you retain a copy of this

form to consult in the event of a query.

DO NOT COMPLETE THIS QUESTIONNAIRE WITHOUT REFERRING TO THE EXPLANATORY NOTES.

If you encounter problems completing this questionnaire or find it difficult to meet the due date, please contact us at:

The main purpose of the survey is to obtain information for the compilation of estimates of Gross Domestic Product. The COMPLETION

OF THIS QUESTIONNAIRE IS A LEGAL REQUIREMENT UNDER the Statistics Act and is therefore MANDATORY. All information

taken from this questionnaire will be kept strictly CONFIDENTIAL, used for statistical purposes only, and published only in aggregate form.

MANUFACTURING

This form covers establishments that extract, process, produce or substantially alter products and components, food and beverages; textile,

clothing and footwear; wood, paper and printing; chemical, plastic and rubber products; cement, concrete, glass and other non-metallic

products; metal products; electronic components; furniture and other products for sale or own final use.

ANNUAL SURVEY OF ECONOMIC ACTIVITY, 2017 AND 2016

ANTIGUA AND BARBUDA STATISTICS DIVISIONC : 10 - 33

Ref #:

Page | 93

Section II Sales and Other Receipts (EC dollars) (EC dollars)

Item 2017 2016

P1111 Sales, excluding excise and VAT paid by customers (sub-total) - -

P1110 Sales of goods manufactured

P1109 Sales of goods purchased for resale

P1108 Amount received for custom work and repair

P2000 Other Operating Revenue - -

P1610 Income from rental of builidng and equipment

P1615 Revenue from franchise fees, commission fees, royalties,

patents, copyrights, service chargesP1189 Other operating revenue

P3000 Non-operating revenue - -

D4001 Interest and dividends received

D7511 Grants, donations and subventions received

D7200 Casualty insurance claims received

D7600 Other non-operating income

Total Revenue - -

Section III Expenses2017 2016

D1111 Wages, salaries, benefits and employer's social contributions to

NIS, Pension schemes, health schemes, and others

D2111 Excise duties and non-refundable VAT

D2990 Other taxes and licences

K I000 Depreciation and amortization

D4009 Interest paid

D7520 Bad debts, net of recoveries, and donations

P2120 Cost of raw production materials, supplies and components

P2140 Cost of goods purchased for resale

P2160 Cost of other goods used (office supplies, stationary)

P2170 Cost of fuel used

P2214 Maintenance/repair of transport, plant and other equipment

P2220 Electricity and water

P2240 Building maintenance and repair

P2412 Transport and storage

P2420 Telecommunications, computer and information services

P2520 Financial charges and insurance premiums payable

P2610 Rental /lease of buildings

P2630 Rental/ lease of machinery, equipment and vehicles

P2810 Professional, advertising, administrative and support services

P2900 Other expenses

Total Expenses - -

Page | 94

Specify %:

Goods Services

2017 EC$

2016 EC$

Item Capital Expenditure As at End

2015

Plus

Acquisitions

Less

Disposals

As At End

2016

Plus

Acquisitions

Less

Disposals

As At End

2017

P5114 Buildings and

structures

P5115 Machinery and

equipment

P5116 Transport equipment

P5117 Other durables and

fixed assets

P5118 Cultivated biological

assets

P5119 Intellectual property

products

P5120 Computer software

and databases

P5300 Valuables

P5200 INVENTORIESOPENING

VALUE

CLOSING

VALUE

OPENING

VALUE

CLOSING

VALUE

P5201 Raw materials, purchased, components and supplies

P5211 Goods / Works in progress

P5221 Finished products

P5231

P5241 Other Inventories

P5200 - - - -

2017– June

Section IV Additional Information

What percentage of the income earned by your establishment, in your estimate, comes directly from exports and tourists?

Main country/market:

What was the total value of goods (c.i.f.) and services purchased directly from abroad?

Period Employees

How many persons were engaged in each of the categories below during the last pay period for the months of June and December?

Working

Proprietors

Unpaid

Workers

2017- December

2016 – June

2016 - December

Section V Stock of Existing Capital (EC Dollars)

TOTAL VALUE OF INVENTORIES

Thank You for Your Cooperation

Section VI Changes in Inventories (EC Dollars)2017 2016

Goods (inventory) purchased for resale (in same condition as

purchased)

Page | 95

P1111 Sales Income from the sale of goods produced by this establishment, net of any refunds and discounts given. Include

receipts from maintenance and repair of agricultural, industrial and commercial machinery and equipment.

D4001 Interest and dividends received Interest and dividends earned on business account.

D7511 Grants, donations and subventions

received

Current transfers and voluntary donations from businesses, government, households or from abroad.

P1610 Income from rental of buildings and

equipment

Income earned from the rental of buildings and equipment

P1615 Revenue from franchise fees,

commission fees, royalties, patents,

copyrights and service charges

Revenue earned from franchise fees, commission fees, royalties, patents, copyrights and service charges

P1189 Other operating income Income from other sources related to the business, e.g., 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.

P7200 Casualty insurance claims received Icome received from casualty insurance claims

D7600 Other non-operating income Income from other sources related to the busniess, e.g. gain or losses on the sale of fixed assets

D1111 Wages, salaries, benefits and

employer social contributions

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.

D2111 Excise duties and non-refundable

VAT

Excise tax, and non-refundable VAT payable.

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.

P2120 Cost of raw materials, supplies and

components

Consists of purchases plus opening stock less closing stock of materials, supplies and components during the

period.

P2140 Cost of goods purchased for resale Consists of purchases plus opening stock less closing stock of goods purchased for resale during the period.

P2160 Cost of other goods used Consists of purchases plus opening stock less closing stock of stationary, office supplies and other goods

used.

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

P2420 Telecommunications, computer and

information services

Telecommunication costs, computer repairs, programming, Internet and other information services costs

P2520 Financial charges and insurance

premiums

Financial, banking and account fees and charges; and premiums payable for motor vehicle, property and marine

insurance. Include insurance of staff under D1111.

P2810 Professional, advertising,

administrative and support services

Include cost of legal, accounting, audit, advertising, marketing, architectural, management, technical, R&D,

administrative, janitorial, security, and other support services.

P2900 Other expenses Include medical expenses and other expenditures such as staff training, subscriptions, etc. Exclude bad debts,

extraordinary items and other non-current items of expenditure.

P5114 Buildings and structures Value of new and existing buildings and structures (e.g. telecom towers, bridges, dams, sea walls, major

drainage systems) acquired during the year, less disposals of existing buildings and structures. Include the value

of extensions and major renovations to existing buildings and structures.

P5115 Machinery and equipment Value of all new or second hand machinery and equipment, including accounting machines and computer

equipment; less disposals of similar items.

P5116 Transport equipment Value of all new or second hand transport equipment, less disposals of similar items.

P5117 Other durables and fixed assets Value of all new or second furniture, fixtures and furnishings and other durable goods acquired during the year,

less disposals of similar items.

P5118 Cultivated biological assets Value of improved land, acquisition of fruit trees, working livestock, etc.; less disposals of similar items.

P5119 Intellectual property products Expenditure on mineral exploration; technical or scientific research and development; entertainment, literary or

artistic originals; and other intellectual property.

P5120 Computer software and databases Value of all computer software and databases acquired or developed; less disposals of similar items.

P5300 Changes in valuables Value of changes in precious metals/stones, gold/silver jewelry, and other valuables between closing inventories,

less opening inventories.

P5200 Changes in inventories Value of changes in inventories between the closing inventories, less opening inventories.

EXPLANATORY NOTES

definition of components of the accounts and … · composition particularly a shift towards...

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