## 1. Priority Recommendations

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---

### Summary of mission outcomes and priority recommendations
- Mission: Remote technical assistance (TA) mission by STA for CARTAC to Saint Lucia during February 14–25, 2022, advising CSO on compiling improved estimates of Gross Domestic Product by expenditure components (GDP-E) in line with System of National Accounts 2008 (SNA 2008).
- Status and objectives:
  - Supply and Use Tables (SUT) compiled for 2016; GDP by economic activities (GDP-P) benchmarked to base year 2018 and compiled annually and quarterly in current and constant prices; GDP-E only compiled annually in current prices.
  - Mission focus: develop quarterly and annual GDP-E in both current and constant prices, and develop quarterly and annual current and constant price indicators; remedy prior approach that treated private consumption as a residual by developing a complete set of indicators for all expenditure transactions.
  - Training provided on GDP-E current price methods and price and volume measurement; theoretical framework used to identify potential indicators based on CSO data sources.
- Deliverables and timeline:
  - Methodology developed with expenditure breakdown, data sources, and weights aligning to agreed breakdown (summary in Detailed Technical Assessment; full breakdown in Annex II).
  - CSO to develop new GDP-E system during 2022 and aim to publish first results for Q1 2023 in the first half of 2023.
  - NAD has an organized spreadsheet system for GDP-P that can be integrated; parallel running recommended.
  - Re-developed GDP-E will be independent and produce different aggregate estimates to GDP-P; balancing approach needed — statistical discrepancy identified as most likely option.
- Quality issues:
  - Accommodation accounts for over 20 percent of GDP-P; NAD recognizes a volume shift from hotels to self-catering (quality mix change) not fully captured by current indicators; recommended consultation with Tourist Board and ECCB for improved data collection coordination.
  - Mission reviewed SNA revision research agenda; CSO should keep abreast of international framework developments for future rebasing.

- Recommended priority actions (excerpt):
  - CSO to address the GDP-E research issues identified and update the methodology accordingly — Target Date: July 2022 — Responsible: CSO
  - CSO to extend their current GDP compilation system to incorporate GDP-E — Target Date: October 2022 — Responsible: CSO
  - CSO to publish quarterly results of GDP-E to same publication timetable as the production approach — Target Date: June 2023 — Responsible: CSO

### GDP by expenditure component — key findings and proposed methodology
- Context and aim:
  - In 2020, GDP-P updated and benchmarked to 2018 using 2016 SUT; GDP-E not published since 2018.
  - Mission aimed to develop improved quarterly GDP-E in current and constant prices.
- Approach:
  - For each expenditure transaction, a list of indicators and provisional breakdown were produced. Methodology is data rich and will be based on 91 percent quarterly data. Annual benchmarks will be adopted where available, using same approach as GDP-P.
  - Indicators assessed against the Eurostat Price and Volume Handbook: over half methods assessed as acceptable or better.
  - Key weaknesses identified: producer price indices (PPI), trade deflators, and high-level volume indicators.
- High-level GDP(E) component weights and summary approaches (selected items preserved exactly):
  - GFCE 13.3% — 3 COFOG groups — CP GFS current expenditure — VM Public sector employment
  - HFCE 61.4% — 26 COICOP groups — CP Domestic output and imports measured or reflated volume — VM Current price deflated by CPI or direct volume indicators
  - NPISH FCE 0.8% — 1 group — CP Volume reflated by CPI — VM Population
  - GFCF 25.5% — 4 assets — CP Construction output or imports of capital goods — VM Construction volume or imports deflated by US/Japan EPI
  - Valuables 0.02% — 1 group — CP Volume reflated by CPI — VM Population
  - Net trade -1.1% — disaggregated into:
    - Exports of Goods 5.0% — 6 SITC groups — CP Exports of goods from customs data — VM Deflate imports by detailed CPI series
    - Exports of Services 42.9% — 2 BPM6 groups — CP Exports of services from customs data — VM Deflate imports by detailed CPI and PPI series
    - Imports of Goods -34.0% — 6 SITC groups — CP Imports of goods from BPM6 — VM Deflate imports by detailed US and Japan EPI series
    - Imports of Services -15.0% — 5 BPM6 groups — CP Imports of services from BPM6 — VM Deflate imports by detailed CPI series
  - GDP 100.0%
- Data and research needs:
  - Manufacturing establishment survey quality, excise data availability, detailed CPI series, household splits of volume indicators, backcasting PPI for hotels.
  - Retail sales: one dominant retailer could provide product-level data.
  - Industry regulators may collect useful data for national accounts.
- Implementation actions:
  - NAD to start developing GDP-E system; augment existing Excel-based production measure system.
  - Aim to have results available later in 2022; parallel run prior to go-live; review NAD resource requirements.
  - CSO aiming to publish quarterly GDP-E for Q1 2023; dissemination expected in second quarter of 2023.
- Balancing:
  - Previously private consumption used as residual to balance with GDP-P; with full indicators this is no longer valid.
  - Statistical discrepancy is the most likely balancing approach; to be reviewed in a subsequent mission.
- Recommended action (select):
  - CSO to investigate compiling unit value price indices with technical assistance support.

### GDP by economic activity — accommodation and insurance reviews
- Accommodation:
  - Accommodation accounts for 22 percent of gross value added.
  - Main data source: Visitor Expenditure Survey; main volume indicator: number of bed nights.
  - Increasing proportion of self-catering accommodation (predominantly via Airbnb) — anecdotal evidence — suggests quality mix shift from hotels to self-catering; current indicators do not account for quality differences; potential lower growth in volume measure if switch continues.
  - Data needs: more granular data on accommodation quality consumed. Potential sources: arrival records of intended location, aggregate data from Airbnb, coordination via ECCB/CARTAC for region-wide data collection.
  - Recommended actions:
    - CSO to investigate additional data sources to measure quality mix of accommodation industry — Target Completion Date: December 2022
    - CARTAC to raise coordination of self-catering accommodation data collection with the ECCB — Target Completion Date: June 2022
- Insurance:
  - Current estimation method for insurance activity ratified.
  - Volume indicators used are appropriate proxies; current price data reflated using the CPI for insurance is not appropriate given the insurance algorithm used to calculate output.
  - Series is benchmarked to an annual estimate of the insurance algorithm; NAD lacks full data to measure insurance fully and makes assumptions on proportions of claims, so choice of CPI has minimal impact on end results.
  - Regulator data may help improve current price figures.
  - Recommended action:
    - CSO to investigate additional data sources which can help measure the quality mix of the accommodation industry — Target Completion Date: December 2022 (related to accommodation; insurance improvements via regulator data noted)

### Strategic issues
- Business register:
  - Developed via Statistics Canada project ending March 2022; Statistics Canada installed business register application; database populated with tax system data.
  - CSO to run establishment census in May 2022 to update business register.
  - Improvements expected to facilitate use of administrative data (such as VAT) and widen/improve establishment surveys.
  - Developing retail sales estimates via VAT data and major retailer data could enhance GDP-E methods.
  - Recommended action:
    - CSO to explore potential areas of improvement from the implementation of the business register — Target Completion Date: December 2022
- SNA 2025 and classifications:
  - Mission updated NAD on SNA 2025 development and activity/product classification progress; implementation still several years away and should be factored into future rebasing plans.

### Detailed technical assessment and recommendations (summary of Table 3)
- Priority actions and target completion dates (selected exact entries):
  - M The CSO to address the GDP-E research issues identified and update the methodology accordingly — Target Completion Date: July 2022
  - H The CSO to extend their current GDP compilation system to incorporate GDP-E — Target Completion Date: October 2022
  - H The CSO to publish quarterly results of GDP-E to same publication timetable as the production approach — Target Completion Date: June 2023
  - M The CSO to investigate compiling unit value price indices with technical assistance support — Target Completion Date: December 2022
  - M The CSO to investigate additional data sources which can help measure the quality mix of the accommodation industry — Target Completion Date: December 2022
  - M CARTAC to raise the issue of coordinating data collection on self-catering accommodation with the ECCB — Target Completion Date: June 2022
  - M The CSO to explore potential areas of improvement from the implementation of the business register — Target Completion Date: December 2022

### Detailed GDP-E actions for NAD (highlights from Table 4)
- HFCE Alcohol and Tobacco: Domestic — NAD review whether excise duty is available as a volume indicator
- HFCE Clothing & Footwear: Domestic — NAD review quality of establishment survey data – alternatively review import of inputs instead
- HFCE Household Goods: Domestic — NAD review quality of establishment survey data – alternatively review whether to just use imports
- HFCE Land transport — NAD review quality of lower-level CPIs for land transport
- HFCE Air transport — NAD review quality of lower-level CPIs for air transport and whether volume series are available broken down to households
- HFCE Sea transport — NAD review quality of lower-level CPIs for sea transport and whether volume series are available broken down to households
- HFCE Financial services n.e.c. — NAD review whether FISIM can be split to households
- GFCF Transport Equipment — NAD review the choice between US or Japan EPI for transport equipment
- Exports Travel — NAD to generate a back history for the PPI - series only available from 2017
- Imports Services — If available, use HFCE transport CPIs for imports of services. Otherwise use CPI for services and roll up the group to a single series.

### Training provided during mission (selected topics)
- Quarterly GDP-E: Background on GDP(E) concepts; Data sources and classifications used; Possible measurement options for each GDP(E) component
- Price and Volume Measurement for GDP(E): Background on price and volume measurement; Review of recommended approaches for different GDP(E) components
- Balancing Quarterly GDP: Overview of approaches to produce balanced GDP estimates from multiple approaches
- Accommodation: Best practice for price and volume measurement; review of current methods; assessment of improvements
- Insurance: Best practice for price and volume measurement; review of current methods; assessment of improvements
- Conversion of HFCE data: Method for converting balanced SUT data for HFCE coded to CPC back to COICOP breakdown
- SNA 2025 and ISIC Review Update: Overview of SNA 2025 research programme and ISIC review timetable
- COICOP 2018: Overview of the revised classification

### Officials met during the mission
- Mr. Sean Mathurin — Director, CSO
- Mr. Richard Harris — Deputy Director, CSO
- Ms. Uranda Xavier — Statistician, CSO
- Mr. Arnold Lafeuillee — Statistician, CSO
- Ms. Stephanie Martial Constantin — Statistician, CSO
- Ms. Abigail Leo — Assistant Statistician, CSO

### Annex I. Actions Log — progress highlights
- Outcomes: Data compiled and disseminated using appropriate statistical techniques; completed actions include:
  - Complete checking the formulae in the compilation workbooks and switch to the XLPBM add-in in the shared drive — Target Completion Date: 02/14/2020 — Status: Completed
  - Incorporate updated indicator data and price indices for Q4 2019 — Target Completion Date: 02/17/2020 — Status: Completed
  - Compile the GDP-P estimates for Q4 2019 and initial 2019 estimates — Target Completion Date: 02/21/2020 — Status: Completed
  - Share the updated estimates with the ECCB, MOF and IMF mission team — Target Completion Date: 02/21/2020 — Status: Completed
  - Release the revised current and rebased constant 2018 price annual and quarterly GDP-P estimates — Target Completion Date: 04/03/2020 — Status: Completed

*Source: 1lcaea2023001*

### 1. Priority Recommendations _____________________________________________________________________ 5

### 1. Priority Recommendations

### Summary of mission outcomes and priority recommendations
- A remote technical assistance (TA) mission conducted by STA for the Caribbean Regional Technical Assistance Centre (CARTAC) to Saint Lucia during February 14–25, 2022, provided advice to the Central Statistics Office (CSO) on compiling improved estimates of Gross Domestic Product by expenditure components (GDP-E), in line with System of National Accounts 2008 (SNA 2008) recommendations.
- Following compilation of Supply and Use Tables (SUT) for 2016, GDP by economic activities (GDP-P) was benchmarked to base year 2018 and compiled annually and quarterly in current and constant prices; GDP-E was only compiled annually in current prices.
- Mission focus: develop quarterly and annual estimates of GDP-E in both current and constant prices, and develop quarterly and annual current and constant price indicators. Remedy previous approach that treated private consumption as a residual by developing a complete set of indicators for all expenditure transactions.
- Training was provided on GDP-E current price methods and price and volume measurement; theoretical framework used to identify potential indicators based on CSO data sources.
- A methodology for compiling GDP-E was developed, providing breakdown of expenditure components, data sources, and weights aligning to the agreed breakdown (summary in Detailed Technical Assessment; full breakdown in Annex II).
- Research topics were identified for the National Accounts Department (NAD) to check indicator quality and availability of lower-level detail.
- Implementation timeline: CSO to develop new GDP-E system during 2022 and aim to publish first results for Q1 2023 in the first half of 2023. NAD has an organized spreadsheet system for GDP-P that can be integrated; parallel running recommended.
- Re-developed GDP-E will be independent and produce different aggregate estimates to GDP-P; an approach to balancing the two estimates will be needed. Training was provided on balancing approaches; statistical discrepancy identified as most likely option.
- Quality assurance of accommodation in production measure: accommodation accounts for over 20 percent of GDP-P; NAD recognizes a volume shift from hotels to self-catering (quality mix change) not fully captured by current indicators; recommended consultation with Tourist Board and ECCB for improved data collection coordination.
- Mission reviewed SNA revision research agenda; CSO should keep abreast of international framework developments; implementation to be considered in future rebasing exercises.

Recommended priority actions (Table 1):
- Target Date July 2022: The CSO to address the GDP-E research issues identified and update the methodology accordingly — Responsible: CSO
- Target Date October 2022: The CSO to extend their current GDP compilation system to incorporate GDP-E — Responsible: CSO
- Target Date June 2023: The CSO to publish quarterly results of GDP-E to same publication timetable as the production approach — Responsible: CSO

### GDP by expenditure component — key findings and proposed methodology
- Context:
  - In 2020, GDP-P updated and benchmarked to 2018 using 2016 SUT; GDP-E not published since 2018.
  - Mission aimed to develop improved quarterly GDP-E in current and constant prices.
- Training provided on concepts, data sources, price and volume measurement to identify current price sources, deflators, and volume indicators.
- For each expenditure transaction, a list of indicators and provisional breakdown were produced. High-level summary (Table 2) — GDP(E) component, GDP% in 2016, detail, basis, summary approach:
  - GFCE 13.3% — 3 COFOG groups — CP GFS current expenditure — VM Public sector employment
  - HFCE 61.4% — 26 COICOP groups — CP Domestic output and imports measured or reflated volume — VM Current price deflated by CPI or direct volume indicators
  - NPISH FCE 0.8% — 1 group — CP Volume reflated by CPI — VM Population
  - GFCF 25.5% — 4 assets — CP Construction output or imports of capital goods — VM Construction volume or imports deflated by US/Japan EPI
  - CII 0.0% — 0 groups — Not measured
  - Valuables 0.02% — 1 group — CP Volume reflated by CPI — VM Population
  - Net trade -1.1% (of which:)
    - Exports of Goods 5.0% — 6 SITC groups — CP Exports of goods from customs data — VM Deflate imports by detailed CPI series
    - Exports of Services 42.9% — 2 BPM6 groups — CP Exports of services from customs data — VM Deflate imports by detailed CPI and PPI series
    - Imports of Goods -34.0% — 6 SITC groups — CP Imports of goods from BPM6 — VM Deflate imports by detailed US and Japan EPI series
    - Imports of Services -15.0% — 5 BPM6 groups — CP Imports of services from BPM6 — VM Deflate imports by detailed CPI series
  - GDP 100.0%

- Methodology attributes:
  - Proposed set of indicators identifies further research needs (manufacturing establishment survey quality, excise data availability, detailed CPI series, household splits of volume indicators, backcasting PPI for hotels).
  - Retail sales: one dominant retailer could provide product-level data.
  - Industry regulators may collect useful data for national accounts.
  - Methodology is data rich and will be based on 91 percent quarterly data. Annual benchmarks will be adopted where available, using same approach as GDP-P.
  - Indicators assessed against the Eurostat Price and Volume Handbook: over half methods assessed as acceptable or better.
  - Key weaknesses: producer price indices (PPI), trade deflators, and high-level volume indicators.
    - NAD collects quantity and value data from formal manufacturing sector — scope to generate PPI series.
    - Customs data contains quantity information alongside value data — quality issues but potential for price-side work.
    - High-level volume indicators identified as part of research agenda.
- Implementation:
  - NAD to start developing GDP-E system; augment existing Excel-based production measure system.
  - Aim to have results available later in 2022; parallel run prior to go-live; review NAD resource requirements.
  - CSO aiming to publish quarterly GDP-E for Q1 2023; dissemination expected in second quarter of 2023.
- Balancing:
  - Previously private consumption used as residual to balance with GDP-P; with full indicators this is no longer valid.
  - Mission covered balancing options; statistical discrepancy is most likely approach; to be reviewed in a subsequent mission.

Recommended actions (excerpt):
- CSO to address GDP-E research issues and update methodology accordingly.
- CSO to extend current GDP compilation system to incorporate GDP-E.
- CSO to publish quarterly results of GDP-E to same publication timetable as production approach.
- CSO to investigate compiling unit value price indices with technical assistance support.

### GDP by economic activity — accommodation and insurance reviews
- Accommodation:
  - Accommodation accounts for 22 percent of gross value added.
  - Main data source: Visitor Expenditure Survey; main volume indicator: number of bed nights.
  - Increasing proportion of self-catering accommodation (predominantly via Airbnb) — anecdotal evidence — suggests quality mix shift from hotels to self-catering; current indicators do not account for quality differences; potential lower growth in volume measure if switch continues.
  - Data needs: more granular data on accommodation quality consumed. Potential sources: arrival records of intended location, aggregate data from Airbnb, coordination via ECCB/CARTAC for region-wide data collection.
- Insurance:
  - Current estimation method for insurance activity ratified.
  - Volume indicators used are appropriate proxies; current price data reflated using the CPI for insurance is not appropriate given the insurance algorithm used to calculate output.
  - Series is benchmarked to an annual estimate of the insurance algorithm; NAD lacks full data to measure insurance fully and makes assumptions on proportions of claims, so choice of CPI has minimal impact on end results.
  - Regulator data may help improve current price figures.

Recommended actions:
- CSO to investigate additional data sources to measure quality mix of accommodation industry.
- CARTAC to raise coordination of self-catering accommodation data collection with the ECCB.

### Strategic issues
- Business register:
  - Business register developed via Statistics Canada project, project ending March 2022; Statistics Canada installed business register application; database populated with tax system data.
  - CSO to run establishment census in May 2022 to update business register.
  - Improvements expected to facilitate use of administrative data (such as VAT) and widen/improve establishment surveys.
  - Developing retail sales estimates via VAT data and major retailer data could enhance GDP-E methods.
- SNA 2025 and classifications:
  - Mission updated NAD on SNA 2025 development and activity/product classification progress; implementation still several years away and should be factored into future rebasing plans.

Recommended action:
- CSO to explore potential improvements from implementation of the business register.

### Detailed technical assessment and recommendations (summary of Table 3)
Priority actions and target completion dates:
- M The CSO to address the GDP-E research issues identified and update the methodology accordingly — Target Completion Date: July 2022
- H The CSO to extend their current GDP compilation system to incorporate GDP-E — Target Completion Date: October 2022
- H The CSO to publish quarterly results of GDP-E to same publication timetable as the production approach — Target Completion Date: June 2023
- M The CSO to investigate compiling unit value price indices with technical assistance support — Target Completion Date: December 2022
- M The CSO to investigate additional data sources which can help measure the quality mix of the accommodation industry — Target Completion Date: December 2022
- M CARTAC to raise the issue of coordinating data collection on self-catering accommodation with the ECCB — Target Completion Date: June 2022
- M The CSO to explore potential areas of improvement from the implementation of the business register — Target Completion Date: December 2022

### Detailed GDP-E actions for NAD (Table 4 highlights)
- HFCE Alcohol and Tobacco: Domestic — NAD review whether excise duty is available as a volume indicator
- HFCE Alcohol and Tobacco: Imports — (action listed)
- HFCE Clothing & Footwear: Domestic — NAD review quality of establishment survey data – alternatively review import of inputs instead
- HFCE Household Goods: Domestic — NAD review quality of establishment survey data – alternatively review whether to just use imports
- HFCE Land transport — NAD review quality of lower-level CPIs for land transport
- HFCE Air transport — NAD review quality of lower-level CPIs for air transport and whether volume series are available broken down to households
- HFCE Sea transport — NAD review quality of lower-level CPIs for sea transport and whether volume series are available broken down to households
- HFCE Financial services n.e.c. — NAD review whether FISIM can be split to households
- GFCF Transport Equipment — NAD review the choice between US or Japan EPI for transport equipment
- Imports Machinery & Transport Equipment — (action listed)
- Exports Food, Beverages and Tobacco — NAD investigate whether the CPI team can produce a combined index of COICOP sections 01 and 02
- Exports Travel — NAD to generate a back history for the PPI - series only available from 2017
- Imports Services — As per HFCE transport action – if available, use for imports of services. Otherwise use CPI for services and roll up the group to a single series.

### Training provided during mission (Table 5)
- Quarterly GDP-E:
  - Background on GDP(E) concepts
  - Data sources and classifications used
  - Possible measurement options for each GDP(E) component
- Price and Volume Measurement for GDP(E):
  - Background on price and volume measurement
  - Review of recommended approaches for different GDP(E) components
- Balancing Quarterly GDP:
  - Overview of approaches to produce balanced GDP estimates from multiple approaches
- Accommodation:
  - Best practice for price and volume measurement; review of current methods; assessment of improvements
- Insurance:
  - Best practice for price and volume measurement; review of current methods; assessment of improvements
- Conversion of HFCE data:
  - Method for converting balanced SUT data for HFCE coded to CPC back to COICOP breakdown
- SNA 2025 and ISIC Review Update:
  - Overview of SNA 2025 research programme, approach and timetable, task forces and consultation process; overview of ISIC review and timetable
- COICOP 2018:
  - Overview of the revised classification

### Officials met during the mission
- Mr. Sean Mathurin — Director, CSO
- Mr. Richard Harris — Deputy Director, CSO
- Ms. Uranda Xavier — Statistician, CSO
- Mr. Arnold Lafeuillee — Statistician, CSO
- Ms. Stephanie Martial Constantin — Statistician, CSO
- Ms. Abigail Leo — Assistant Statistician, CSO

*SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS*

### Annex I. Actions Log

### Annex I. Actions Log

### Actions Log — Progress on Recommendations
- Outcome: Data are compiled and disseminated using appropriate statistical techniques, including dealing with data sources, and/or assessment and validation of intermediate data and statistical outputs
  - Priority: H — Complete checking the formulae in the compilation workbooks and switch to the XLPBM add-in in the shared drive.
    - Target Completion Date: 02/14/2020
    - Status: Completed
  - Priority: H — Incorporate updated indicator data and price indices for Q4 2019.
    - Target Completion Date: 02/17/2020
    - Status: Completed
  - Priority: H — Compile the GDP-P estimates for Q4 2019 and initial 2019 estimates.
    - Target Completion Date: 02/21/2020
    - Status: Completed
  - Priority: H — Share the updated estimates with the ECCB, MOF and IMF mission team.
    - Target Completion Date: 02/21/2020
    - Status: Completed
  - Priority: H — Release the revised current and rebased constant 2018 price annual and quarterly GDP-P estimates.
    - Target Completion Date: 04/03/2020
    - Status: Completed

### Proposed GDP-E Methodology — Overview
- The methodology presents transaction-level breakdowns, associated weights, current price (CP) data sources and frequency, deflators (Defl) and frequency, and volume (Vol) series and frequency for GDP by expenditure (GDP-E).

### Government Final Consumption Expenditure
- Aggregate weight: 13.3%
  - Government excluding Health & Education
    - Weight: 10.4%
    - CP: GFS current expenditure
    - CP Freq: Q
    - Deflator: Implied
    - Defl Freq: Q
    - Volume: Public Sector Employment
    - Vol Freq: BA
  - Health
    - Weight: 1.3%
    - CP: GFS current expenditure
    - CP Freq: Q
    - Deflator: Implied
    - Defl Freq: Q
    - Volume: Public Sector Employment
    - Vol Freq: BA
  - Education
    - Weight: 1.6%
    - CP: GFS current expenditure
    - CP Freq: Q
    - Deflator: Implied
    - Defl Freq: Q
    - Volume: Public Sector Employment
    - Vol Freq: BA

### Household Final Consumption Expenditure
- Aggregate weight: 61.4%
  - Food And Non-Alcoholic Beverages
    - Weight: 14.6%
    - Domestic: Weight: 10.1%
      - CP: Manufacturing output of food and non-alcoholic drink
      - CP Freq: Q
      - Deflator: CPI for food and non-alcohol drinks
      - Defl Freq: M
      - Volume: Deflated output
      - Vol Freq: Q
    - Imports: Weight: 4.6%
      - CP: Imports of food goods
      - CP Freq: Q
      - Deflator: CPI for food and non-alcohol drinks
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: Q
  - Alcohol and Tobacco
    - Weight: 1.7%
    - Domestic: Weight: 1.5%
      - CP: Manufacturing output of alcohol and tobacco
      - CP Freq: Q
      - Deflator: CPI for alcohol and tobacco
      - Defl Freq: M
      - Volume: Deflated output
      - Vol Freq: Q
    - Imports: Weight: 0.2%
      - CP: Imports of alcohol and tobacco
      - CP Freq: Q
      - Deflator: CPI for alcohol and tobacco
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: Q
  - Clothing & Footwear
    - Weight: 1.3%
    - Domestic: Weight: 0.9%
      - CP: Manufacturing output of clothing and footwear
      - CP Freq: Q
      - Deflator: CPI for clothing and footwear
      - Defl Freq: M
      - Volume: Deflated output
      - Vol Freq: Q
    - Imports: Weight: 0.5%
      - CP: Imports of clothing and footwear
      - CP Freq: Q
      - Deflator: CPI for clothing and footwear
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: Q
  - Housing
    - Weight: 10.9%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for housing
    - Defl Freq: M
    - Volume indicator: Electricity connections (households)
    - Vol Freq: M
  - Water
    - Weight: 0.7%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for water
    - Defl Freq: M
    - Volume indicator: Volume of water (gallons) supplied to households
    - Vol Freq: M
  - Electricity
    - Weight: 2.2%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for electricity
    - Defl Freq: M
    - Volume indicator: Volume of electricity (kWh) supplied to households
    - Vol Freq: M
  - Household Goods
    - Weight: 5.1%
    - Domestic: Weight: 3.0%
      - CP: Manufacturing output of household goods
      - CP Freq: Q
      - Deflator: CPI for furnishings and household equipment
      - Defl Freq: M
      - Volume: Deflated output
      - Vol Freq: Q
    - Imports: Weight: 2.1%
      - CP: Imports of household goods
      - CP Freq: Q
      - Deflator: CPI for furnishings and household equipment
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: Q
  - Medical products, appliances, and equipment
    - Weight: 0.5%
    - CP: Imports of medical appliances and pharmaceuticals
    - CP Freq: Q
    - Deflator: CPI for medical appliances and pharmaceuticals
    - Defl Freq: M
    - Volume: Deflated imports
    - Vol Freq: Q
  - Health services
    - Weight: 1.4%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for health services
    - Defl Freq: M
    - Volume indicator: Private sector employees
    - Vol Freq: Q
  - Own transport
    - Weight: 3.4%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for motor vehicles
    - Defl Freq: M
    - Volume indicator: Stock of new vehicles
    - Vol Freq: Q
  - Land transport
    - Weight: 2.2%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for services
    - Defl Freq: M
    - Volume indicator: Population
    - Vol Freq: Q
  - Air transport
    - Weight: 1.0%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for services
    - Defl Freq: M
    - Volume indicator: Passenger arrivals (residents)
    - Vol Freq: M
  - Sea transport
    - Weight: 0.3%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for services
    - Defl Freq: M
    - Volume indicator: Port arrivals (residents)
    - Vol Freq: M
  - Postal services
    - Weight: 0.0%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for transport
    - Defl Freq: M
    - Volume indicator: Employees
    - Vol Freq: Q
  - Telephone services and equipment
    - Weight: 3.0%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for communications
    - Defl Freq: M
    - Volume indicator: Employees
    - Vol Freq: Q
  - Recreation & Culture
    - Weight: 1.4%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for recreation and culture
    - Defl Freq: M
    - Volume indicator: Employees
    - Vol Freq: Q
  - Education (household)
    - Weight: 1.6%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for education
    - Defl Freq: M
    - Volume indicator: Private sector employees
    - Vol Freq: Q
  - Restaurants
    - Weight: 3.3%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for restaurants
    - Defl Freq: M
    - Volume indicator: Population
    - Vol Freq: Q
  - Accommodation services
    - Weight: 0.9%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for restaurants used to deflate quarterly expenditure
    - Defl Freq: M
    - Volume: Quarterly deflated expenditure benched to population
    - Vol Freq: Q
  - Other miscellaneous goods and services
    - Weight: 1.9%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for services
    - Defl Freq: M
    - Volume indicator: Employees
    - Vol Freq: Q
  - Insurance
    - Weight: 1.2%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for insurance
    - Defl Freq: M
    - Volume indicator: Insurance output volume
    - Vol Freq: A
  - Financial services n.e.c.
    - Weight: 2.7%
    - Treatment: Direct: Non-interest income; Indirect: FISIM on loans and deposits
    - CP Freq: A
    - Deflator: Direct: Total CPI; Indirect: Implied deflator
    - Defl Freq: A
    - Volume: Direct: Deflated income; Indirect: Stock of loans and deposits deflated by total CPI
    - Vol Freq: A
  - Non-Profit Institutions Serving Households
    - Weight: 0.8%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for goods and services
    - Defl Freq: M
    - Volume indicator: Population
    - Vol Freq: Q

### Gross Fixed Capital Formation (GFCF)
- Aggregate weight: 25.5%
  - Construction
    - Weight: 11.7%
    - CP: Construction Output
    - CP Freq: Q
    - Deflator: CPI: Repairs and Maintenance
    - Defl Freq: M
    - Volume: Deflated output
    - Vol Freq: Q
  - Transport Equipment
    - Weight: 1.6%
    - CP: Imports of transport equipment
    - CP Freq: Q
    - Deflator: JPN EPI Transportation Equipment
    - Defl Freq: M
    - Volume: Deflated imports
    - Vol Freq: Q
  - ICT equipment
    - Weight: 1.7%
    - CP: Imports of ICT equipment
    - CP Freq: Q
    - Deflator: US EPI for computers
    - Defl Freq: M
    - Volume: Deflated imports
    - Vol Freq: Q
  - Other machinery and equipment
    - Weight: 10.5%
    - CP: Imports of other machinery and equipment
    - CP Freq: Q
    - Deflator: US EPI Capital Goods except automotive
    - Defl Freq: M
    - Volume: Deflated imports
    - Vol Freq: Q
  - Changes in Inventories
    - Weight: 0.0%
    - No CP/Deflator/Volume specified
  - Acquisition less disposals of valuables
    - Weight: 0.0%
    - CP: Reflated volume
    - CP Freq: Q
    - Deflator: CPI for goods and services
    - Defl Freq: M
    - Volume indicator: Population
    - Vol Freq: Q

### Exports
- Aggregate weight: 47.9%
  - Exports of Goods
    - Aggregate weight: 5.0%
    - Food, Beverages and Tobacco
      - Weight: 4.1%
      - CP: Exports of goods for SITC00_01_04
      - CP Freq: Q
      - Deflator: CPI for food and non-alcohol drinks; CPI for alcohol and tobacco
      - Defl Freq: M
      - Volume: Deflated exports
      - Vol Freq: Q
    - Crude Materials and Mineral Fuels
      - Weight: 0.2%
      - CP: Exports of goods for SITC02_03
      - CP Freq: Q
      - Deflator: CPI for Fuels and lubricants for personal transport equipment
      - Defl Freq: M
      - Volume: Deflated exports
      - Vol Freq: Q
    - Chemicals
      - Weight: 0.2%
      - CP: Exports of goods for SITC05
      - CP Freq: Q
      - Deflator: CPI for Non-durable household goods
      - Defl Freq: M
      - Volume: Deflated exports
      - Vol Freq: Q
    - Manufactured Goods
      - Weight: 0.1%
      - CP: Exports of goods for SITC06
      - CP Freq: Q
      - Deflator: CPI for other goods
      - Defl Freq: M
      - Volume: Deflated exports
      - Vol Freq: Q
    - Machinery & Transport Equipment
      - Weight: 0.2%
      - CP: Exports of goods for SITC07
      - CP Freq: Q
      - Deflator: CPI for motor vehicles
      - Defl Freq: M
      - Volume: Deflated exports
      - Vol Freq: Q
    - Miscellaneous Goods
      - Weight: 0.1%
      - CP: Exports of goods for SITC08_09
      - CP Freq: Q
      - Deflator: CPI for other goods
      - Defl Freq: M
      - Volume: Deflated exports
      - Vol Freq: Q
  - Exports of Services
    - Aggregate weight: 42.9%
    - Other services
      - Weight: 2.8%
      - CP: Exports of other services
      - CP Freq: A
      - Deflator: CPI for services
      - Defl Freq: M
      - Volume: Deflated exports
      - Vol Freq: A/Q
    - Travel
      - Weight: 40.2%
      - CP: Exports of travel services
      - CP Freq: A
      - Deflator: PPI for accommodation
      - Defl Freq: Q
      - Volume: Deflated exports
      - Vol Freq: A/Q

### Imports
- Aggregate weight: -49.0%
  - Imports of Goods
    - Aggregate weight: -34.0%
    - Food, Beverages and Tobacco
      - Weight: -7.9%
      - CP: Imports of goods for SITC00_01_04
      - CP Freq: Q
      - Deflator: US EPI Foods, Feeds and Beverages
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: Q
    - Crude Materials and Mineral Fuels
      - Weight: -7.5%
      - CP: Imports of goods for SITC02_03
      - CP Freq: Q
      - Deflator: US EPI Fuels and Lubricants
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: Q
    - Chemicals
      - Weight: -3.0%
      - CP: Imports of goods for SITC05
      - CP Freq: Q
      - Deflator: US EPI Industrial Supplies and Materials
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: Q
    - Manufactured Goods
      - Weight: -5.1%
      - CP: Imports of goods for SITC06
      - CP Freq: Q
      - Deflator: US EPI Capital Goods except automotive
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: Q
    - Machinery & Transport Equipment
      - Weight: -6.6%
      - CP: Imports of goods for SITC07
      - CP Freq: Q
      - Deflator: JPN EPI Transportation Equipment
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: Q
    - Miscellaneous Goods
      - Weight: -4.0%
      - CP: Imports of goods for SITC08_09
      - CP Freq: Q
      - Deflator: US EPI All Commodities
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: Q
  - Imports of Services
    - Aggregate weight: -15.0%
    - Air transport
      - Weight: -1.2%
      - CP: Exports of air transport
      - CP Freq: A
      - Deflator: CPI for services
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: A/M
    - Other business services
      - Weight: -6.6%
      - CP: Exports of other business services
      - CP Freq: A
      - Deflator: CPI for services
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: A/M
    - Other services
      - Weight: -2.3%
      - CP: Exports of other services
      - CP Freq: A
      - Deflator: CPI for services
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: A/M
    - Sea transport
      - Weight: -2.7%
      - CP: Exports of sea transport
      - CP Freq: A
      - Deflator: CPI for services
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: A/M
    - Travel
      - Weight: -2.2%
      - CP: Exports of travel
      - CP Freq: A
      - Deflator: CPI for services
      - Defl Freq: M
      - Volume: Deflated imports
      - Vol Freq: A/M

### GDP at market prices
- Total weight: 100.0%

*Annex I. Actions Log — Source: 1lcaea2023001 - Annex I. Actions Log*

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_Source: https://www.imf.org/-/media/files/publications/cr/2023/english/1lcaea2023001.pdf_