The Balance of Payments Manuel 6th Edition (BPM6) defines the balance of payments as “a statistical statement that systematically summarizes, for a specific time period, the economic transactions of an economy with the rest of the world” Calculated also, is the International Investment Position (IIP). This is a representation of a country’s foreign stock of financial assets and the country’s liabilities to the Rest of the World as at a particular date.
The BOP and IIP statistical statements are very useful for the economy. It is used for policy making and analysis in a country. For example, The trade data in goods and services are used for national negotiations to obtain better relationships in international trade. The inward and outward foreign investment and the payment imbalances are normally the focus of many countries. This data is analysed and certain realizations are made such as the country’s ability to withstand internal and external shocks or disasters.
This is an establishment survey that collects data for measuring the level of economic activity by sector within St. Kitts-Nevis. The data set produced is referred to as the National Accounts Statistics or Gross Domestic Product (GDP) estimates.
Sometimes refer to as the Tourism Expenditure Survey, this study is designed to collect, and compile estimates mainly on the revenue by type of goods and services generated by persons visiting St. Kitts-Nevis. This survey is conducted by the Department of Statistics on average- once every three (3) years.
Unlike a census a surbey only gathers information from a portion of the population and seeks to generate information that is representative of the entire region. The Labour Force Survey seeks to provide information on the labour market within the federation. It provides estimates of employment and unemployment within the federation. LFS data provides an unemployment rate and other standard labour market indicators.
The Enhance Country Poverty Assessment is a project to study the nature and scope of poverty in St. Kitts-Nevis. This research study integrates a combination of household survey, interview of establishments and community focal group discussions to gauge to provide a framework for the assessment of the incidence of poverty and effectiveness of institutions to address the issue of poverty.
This census is conducted once every ten (10) years, and it is mandatory for every household to participate. It is a process of gathering information pertaining to the number and characteristics of all persons residing in the country. The last population and housing census was conducted in 2011, and the next round of census is scheduled for 2021.