IMF-St Lucia technical assistance report on external sector statistics mission (October 24–28, 2022) publication date, February 16, 2024
USA / ST LUCIA – A technical assistance (TA) mission on external sector statistics (ESS) was conducted for the Central Statistical Office (CSO) of Saint Lucia on October 24–28, 2022.
The mission was focused on improving key source data with the objective to strengthen the compilation of the balance of payments and the international investment position (IIP) statistics. The mission also provided practical advice during its review of the provisional 2021 balance of payments and IIP statistics, which were released in December 2022. An official from the Eastern Caribbean Central Bank (ECCB) participated and benefited from the mission.
The mission reviewed the provisional 2021 balance of payments, which was being prepared by the ECCB and CSO compilers
The net errors and omissions (NEOs) for 2021 were positive and higher than those estimated in March 2022. The deficit in the current account was significantly higher due to lower travel credits not fully offset by financial account net inflows. The response rate to the balance of payments surveys is systematically low for the accommodation establishments and the direct investment enterprises (see Appendix II). An official in charge of the validation/editing process of balance of payments surveys is needed at the CSO to better complement the compilation process by the ECCB. Compilers agreed to review the metadata before disseminating it along with the data in December 2022.
Trade in goods data needs further improvement
Imports of fuel data are provided by the Customs and Excise Department (CED) to the CSO without a determined frequency and with significant lags. As per feedback received from CED in a meeting held with the CSO, the ECCB, and the fuel storage and transshipment facility during the mission, fuel importers have been used to reporting to CED in a flexible manner for several years and have so far not shown a strong engagement with CED to enhance reporting. It was agreed that the fuel storage and transshipment facility would share with the CED detailed information on fuel volume to verify and enhance the provision of customs data by fuel importers. The CED is expected to follow up with fuel importers on the current inconsistent recordings.
To support progress in the above areas, the mission recommended an action plan with the following priority recommendations (Table 1).
Recommendations
Designate an official dedicated to the validation process of the balance of payments surveys who can better complement the compilation process of the ECCB.
Review and analyze the list of the holding companies included in the ongoing business registry, select a relevant number considering available indicators on the size of their transactions, and send the balance of payments and IIP questionnaire to them.
Disseminate the 2021 balance of payments and IIP statistics on the ECCB and CSO websites and report the data to STA.
Compile debt securities issued in the RGSM according to the residence of the holders for the whole series.
Summary of Mission outcomes and priority recommendations – TAREA2024007_stlucia-mission
