Published 23 April 2018
Buckie Got It, St. Kitts and Nevis News Source
By: Media Source
Central Bank announces update on GDP terminology and data release and revision policy
Basseterre, St. Kitts, April 23, 2018 – The St. Kitts-based Eastern Caribbean Bank (ECCB) has announced that in keeping with international standards, it has updated the terminology used to describe economic activity in the Eastern Caribbean Currency Union (ECCU).
“Previously Gross Value Added (GVA) was quoted as the indicator of real change in the economy yet referenced as Gross Domestic Product (GDP). The two aggregates were used inter-changeably. GVA is the difference between Output (eg. Sales) and Intermediate Consumption (items used in the production process). It is calculated at the industry/producer level at basic prices. GDP is calculated at market prices, and is the sum of all Gross Values Added for all resident producers (industries) plus any taxes on products less any subsidies on products that are not already included in the valuation of output,” said a statement posted on the website of the Central Bank.
