BELIZE PRESENTATION BY CENTRAL BANK OF BELIZE AND

BELIZE PRESENTATION BY CENTRAL BANK OF BELIZE AND STATISTICAL INSTITUTE OF BELIZE

ROLE OF THE CENTRAL BANK • Central Bank is in charge of compiling BOP and hence EBOPS. • CBB compiles BOP on a quarterly basis • EBOPs series going back to 2002. • Two TA missions to Belize: 2004 and 2010 to develop EBOPS compilation • The transition to BPM 6 as of the second quarter of 2011.

SOURCES FOR SERVICES DATA • Annual BOP Survey • Freight Survey • Tourist Visitor Expenditure Survey • Money Transfer Service Providers (WU & Money. Gram) • Exchange Control Records • Therefore, most data obtained from administrative records of CBB • Data on inflows (XCH 5) and outflows (XCH 1) of Services

SERVICES CAPTURED: OUTFLOW a)Financial i) Insurance Premiums b)Audiovisual j)Reinsurance c)Communication k)Royalty and License Fees d)Courier l)Business Management Consultancy e)Information m)Head Office Expenses f)Computer n)Advertisements g)Embassy o)Correspondence Courts, Sports & Culture h)Legal p)Military Units & Agencies

SERVICES: INFLOWS a)Tourism i)Legal b)Transportation j)Embassies & Military Agencies c)Insurance k)Financial d)Communication e)Accounting f)Architectural g)Engineering h)Scientific

ROLE OF THE STATISTICAL INSTITUTE OF BELIZE • Business Register • Need to create a Business Register for Belize • Business Establishment Survey 2016 • Sample extracted from a frame (VR and GST) • Identified: Number of employees, revenue, classification of businesses (ISIC Rev. 4) & Foreign Affiliated businesses

RECOMMENDATIONSCHALLENGES • Revisit estimation of Insurance Services • Explore estimation of FISIM • Greater collaboration with SIB to update FDI register • Resource constraints and confidentiality issues. • Statistical legislation prohibits the SIB from sharing business register with other organizations.