Presentation of the Statistical Production of

Statistics Faroe Islands In general and specifically

ITG and ITS/BoP

Statistics Faroe Islands

• The national statistical authority of the Faroe Islands

• Operates in accordance with Parliamentary Act no. 33 of 7th of May 1991

• The Act ensures that:– independent institute under the Ministry of Finance– statistical data are produced without political influence– information handled by Statistics Faroe Islands is used solely for statistical purposes and

not disclosed to others - neither authorities nor individuals

• Statistics Faroe Islands is tiny but the need for data is about the same as in other countries

• The production is prioritized to the most importent and socially useful statistical data with importance for the public

• A major task of Statistics Faroe Islands is publishing

Significant years in the history

• 1962: The Economic Council and a statistical department under the Government is established

• 1984: New Withholding Taxation system by source

• 1991: Parliamentary Act no. 33 of 7th of May 1991

• 1998: Central Management information system at the Government Agency (Gjaldstovan)

• 2000: New statistical data in detail• The National Accounts 1998• Consumer Price index 1998 • BoP 1998

Organisation

• Is dynamic with a flat structure

• Incorporated mechanical systems standardises large parts of the data processes

• Management is based on functionality and knowledge

• Staff is highly educated

• Employees have responsibility of certain statistical areas

• Employees also carry out various ad-hoc duties

• Major part of the manpower at statistical department is used in the field of economics

Director

Project: Census 2011

Project:Supply and Use Tables

Project: Travel

Project: R, SQL,

IT 3

Statistics15

Publications 3

Administration 1

Project: Web-site

Project: Labour Market Survey

The Organisation chart

Core areas of the production

Environmental• Geography• Climate

Demographic• Populations and elections• Educations and culture• Justice• Labourmarket and wages• Prices, income and

consumption

Business• Wage expenditure• Business statistics• Fishing, aqua- and agriculture• Energy and construction• Transport and communication

Economic• Foreign trade• Public finance• National accounts• Balance of payments

Balance of Payments

• Current Account– Goods– Services

• Income Account– Primary Income

• Current Transfers– Government– Other

• Financial Account

Following parts are still not part of the Balance of Payments• Income Account

– Secundary Income• Capital Account• International Investment Position

Data requirements

Trade in goods• Import + cif (cif is removed to services)• Export + fob• Registered data from Faroese Customs

Trade in Services• Survey with about 700 respondents• Private- and public enterprises and public institutions• Registered data from other national authorities

Selection of respondents by:

Respondent statistics 2013 2012 2011 2010 2009 2008

Total number of respondents 716 692 645 1.101 1.423 1.211

Non Respons in numbers 248 148 78 239 426 275

Non Respons in % 35 21 12 22 30 23

• The figures for 2013 is not the final result • Branches• Payments of salaries/wages in the calender year• VAT• Import and Export• Participation in the survey in recent years

Data relation to CA and A&L Governement Agency:- Creditors- Debtors- Treasury: Public Debt & Interest

Survey of services in private and public enterprises and public institutions:

Services Insurance service fees Fishing & transport vessels Other transport Travel Stamps Bankingservice fees

Assets & Liabilities Foreign deposit in Faroese Banks

TAKS (Tax authority)• Wages• Pensions• Social Security fee, etc.

Depot (Elektron): Enterprise investment in foreign investmentpapers

Depot (Elektron):Housholds foreign investment.

Community status: Loans, etc.

Foreign Pensionfunds

Balance of Payment

Current Account

Assets & Liabilities

Capital Asset abroad: Enterprises and Households

Property inventory by acc.: Households (BRF and DLR)

Final assessments by Acc.: Dis, og aðrir ....

Trade of Goods:• Import• Export

Timeseries of Goods and Services

Goods and Services

-4.000

-2.000

0

2.000

4.000

6.000

8.000

10.000

Million DKK

Balance 178 -240 -676 -122 -101 -1.331 -387 -1.037 -1.192 -2.053 -1.120 -856 -478 -810 -2.040

Credit 3.281 3.664 4.265 4.743 4.719 4.398 4.224 4.412 4.907 5.225 5.630 5.016 5.769 6.511 6.654

Debit 3.103 3.904 4.940 4.865 4.821 5.729 4.611 5.449 6.099 7.278 6.749 5.872 6.247 7.321 8.694

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Timeseries of the Balance of Goods and Services

The balance of Goods and Services

-1.400

-1.200

-1.000

-800

-600

-400

-200

0

200

400

600

Million DKK

Balance of Goods 464 56 -302 301 412 -854 61 -454 -600 -1.228 -457 70 509 306 -977

Balance of Services -286 -296 -373 -423 -513 -477 -448 -583 -592 -825 -663 -926 -987 -1.116 -1.063

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Timeseries of Income Account

Income

-500

0

500

1.000

1.500

2.000

Million DKK

INCOME Balance 230 299 331 255 316 362 394 431 478 480 202 -97 429 604 740

INCOME Credit 645 679 700 720 723 727 626 874 1.070 1.218 1.183 854 1.180 1.282 1.730

INCOME Debit 415 381 369 465 407 365 231 443 592 738 981 951 750 677 991

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Timeseries of Current Transfers

Current transfers

0

200

400

600

800

1.000

1.200

1.400

Million DKK

Balance 1.081 1.102 1.148 1.128 748 748 770 792 841 1.097 762 766 821 1.090 854

Credit 1.137 1.169 1.211 1.270 912 871 908 905 970 1.242 910 913 1.015 1.242 993

Debit 56 67 63 142 164 124 138 112 129 145 148 147 193 152 139

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Timeseries of the Current Account

Current Account

-2.000

0

2.000

4.000

6.000

8.000

10.000

12.000

Million DKK

Balance 1.488 1.160 804 1.261 963 -221 777 187 126 -476 -156 -187 773 884 -447

Credit 5.062 5.512 6.176 6.733 6.354 5.996 5.758 6.192 6.946 7.685 7.723 6.782 7.964 9.035 9.378

Debit 3.574 4.352 5.373 5.472 5.391 6.218 4.981 6.005 6.820 8.161 7.879 6.970 7.191 8.151 9.824

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Capital Account

Capital Account

0

5.000

10.000

15.000

20.000

25.000

Million DKK

Balance 3.584 3.570 4.095 4.818 3.780 1.626 1.380 1.544 2.247 2.447

Assets 9.897 9.980 12.311 15.263 17.929 16.742 18.266 19.147 19.249 20.770

Liabilities 6.312 6.410 8.216 10.445 14.148 15.117 16.886 17.603 17.002 18.323

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

• Future plans for the Balance of Payments system– Improvements of the service balance

• New tourist- and business travel balance• More valid and reliable figures regarding services costs and -income from the

insurance companies• More reliable and valid data from parts of other business services and

international shipping business• Handbook of documentation for the Balance of Payment• Evaluation and coordination of data prosesses

– Secundary Income– Financial Account– International investment position

• Questions– What is the best possible way to create a valid and reliable estimate for

ITS?– Sample estimate for various services based on timeseries with enough

data?– Need to know/nice to know?

Plan for the future and questions

Thank you for your attention