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IMF Country Report No. 20/74

KINGDOM OF THE NETHERLANDS—ARUBA

TECHNICAL ASSISTANCE REPORT—NATIONAL ACCOUNTS REVIEW MISSION

March 2020

This Technical Assistance report on Kingdom of the Netherlands—Aruba was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed on November 2019.

Copies of this report are available to the public from

International Monetary Fund • Publication Services

PO Box 92780 • Washington, D.C. 20090

Telephone: (202) 623–7430 • Fax: (202) 623–7201

E-mail: publications@imf.org Web: http://www.imf.org

Price: $18.00 per printed copy

International Monetary Fund

Washington, D.C.

© 2020 International Monetary Fund

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TECHNICAL ASSISTANCE REPORT

KINGDOM OF THE NETHERLANDS—ARUBA

Report on National Accounts Review Mission (November 18–27, 2019)

DECEMBER 2019

PREPARED BY

Zia Abbasi

MEMBERS

Anguilla, Antigua and Barbuda, Aruba, The Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Curaçao, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos Islands

PARTNERS

Canada, United Kingdom, European Union, Netherlands, Mexico, Caribbean Development Bank

DISCLAIMER

The contents of this report constitute technical advice provided by the staff of the International Monetary Fund (IMF) to the authorities of Aruba (the “TA recipient”) in response to their request for technical assistance. This report (in whole or in part) or summaries thereof may be disclosed by the IMF to IMF Executive Directors and members of their staff, as well as to other agencies or instrumentalities of the TA recipient, and upon their request, to World Bank staff, and other technical assistance providers and donors with legitimate interest, including members of the Steering Committee of CARTAC, unless the TA recipient specifically objects to such disclosure (see Operational Guidelines for the Dissemination of Technical Assistance Information). Publication or Disclosure of this report (in whole or in part) or summaries thereof to parties outside the IMF other than agencies or instrumentalities of the TA recipient, World Bank staff, other technical assistance providers and donors with legitimate interest, including members of the Steering Committee of CARTAC, shall require the explicit consent of the TA recipient and the IMF’s Statistics Department.

MEMBERS

PARTNERS

Contents

  • Glossary

  • SUMMARY OF MISSION OUTCOMES AND PRIORITY RECOMMENDATIONS

  • PREREQUISITES, DATA SOURCES, AND METHODS

  • A. Strengthening Prerequisites, Staff Capacity, and Other Resources

  • B. Finalization of the SUT Benchmark Estimates

  • C. Compilation of the Revised GDP Estimates

  • DETAILED TECHNICAL ASSESSMENT AND RECOMMENDATIONS

  • A. Officials Met During the Mission

  • TABLES

  • 1. Priority Recommendations

  • 2. Use of Financial Statements in Compiling the GDP-P Estimates

  • APPENDICES

  • I. Action Plan 2020–2025

  • II. Project Timetable 2020–2025

  • III. Data Quality Assessment Summary

  • IV. Improving Data Sources and Indicators

  • V. Improving the GDP-P Methodology

  • VI. Improving the GDP-E Methodology

Glossary

2008 SNA

System of National Accounts 2008

BOP

Balance of payments

CARTAC

Caribbean Regional Technical Assistance Centre

CBA

Central Bank of Aruba

CBS

Central Bureau of Statistics

CFC

Consumption of fixed capital

ci.f.

Cost including insurance and freight

COE

Compensation of employees

COICOP

Classification of Individual Consumption According to Purpose

CPI

Consumer price index

CPV

Current price values

FCE

Final consumption expenditure

FISIM

Financial intermediation services indirectly measured

GDP-E

Gross domestic product by expenditure

GDP-P

Gross domestic product by economic activity

GFCE

Government final consumption expenditure

GFCF

Gross fixed capital formation

GVA

Gross value added

HFCE

Household final consumption expenditure

HIES

Household Income and Expenditure Survey

IC

Intermediate consumption

IMTS

International Merchandise Trade Statistics

I/O ratio

Intermediate consumption to output ratio

ISIC

International Standard Industrial Classification of All Economic Activities

LFS

Labor Force Survey

KPV

Constant price values

MFEC

Ministry of Finance, Economic Affairs and Culture

MOU

Memorandum of understanding

NAD

National Accounts Division

NAS

National Accounts Survey

NPISHs

Non-profit institutions serving households

PIM

Perpetual inventory model

PPI

Producer price index

SDDS

Special Data Dissemination Standard

SDGs

Sustainable Development Goals

SSB

Social Security Bank

SUT

Supply and Use Tables

TA

Technical assistance

TD

Tax Department

TES

Tourist Expenditure Survey

TTMs

Trade and transport margins

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Kingdom of the Netherlands - Aruba: Technical Assistance Report; National Accounts Review Mission
Author:
International Monetary Fund. Statistics Dept.