Friday, February 22, 2008

DPU taking measures to improve the BVI economic data collection

Every country for taking strategic decisions needs accurate data on its economy indicators. Also the effectiveness of private business depends on availability of reliable information about performance in various sectors of country's economy. In the BVI, the Development Planning Unit (DPU) working under the patronage of the Premier's Office bears responsibility for collecting economic data of the British Virgin Islands which afterwards is processed and presented to the Government as well as private business, local and international investors.

Currently, the DPU is improving its collection of economic data that informs Government's policy on making processes and private sector's investment and growth decisions; these data will be necessary for territory's accounting statistics database, to measure the economic performance of various sectors of the Territory's economy.

From February 26 until March 17, the preliminary phase of Government's Establishment Survey will be performed. This pilot phase will allow to make all necessary changes to the questionnaire. It will be used by the DPU to identify and address any possible logistical problems, as well as any issues and concerns that business establishments might have, to collect preliminary data, and test the interview and data collection procedures. After that, the actual Establishment Survey will be launched in April.

The survey is supervised by the Director of DPU Mr. Raymond J. Philips, who also noted specially this is a sample survey that targets public or private businesses and agencies resident in the territory to secure information on their operations. Now Philips is seeking co-operation from the operators of business establishments, to invite them to participate in the pilot survey.

Till here about the efficiency of measuring BVI economy. Now some words about the main components of BVI economy that contribute to its growth and development. Some weeks ago, the Premier and Minister for Tourism Ralph T. O'Neal has taken steps towards improving the efficiency of tourism industry, which is one of the main sectors of the economy of BVI along with offshore financial services. The nine new members of the BVI Tourist Board were appointed by Cabinet to serve for a period of four years, with effect from February 1, 2008. The new BVI Tourist Board members will take an insight in the situation with the local tourism sector during the last four years and plot the new policy.

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