Background
Macroeconomic statistics are essential for evaluating a country’s economic performance and for making bilateral and multilateral comparisons. They also provide the framework for planning, formulating, and monitoring the implementation of economic and budgetary policies. In addition, statistics enhance evidence-based economic policy making. Furthermore, they serve the needs of market participants through providing timely and transparent information about the economy. While considerable progress has been made by member states in adopting the latest international manuals for compilation of macroeconomic statistics, there is still room to improve the quality of data collected, compiled and disseminated. MEFMI will hold a virtual retreat which aims to provide a platform through which heads of statistics can discuss and exchange views on improving the quality and timeliness of macroeconomic statistics produced within the region, in line with international best practices, with a particular focus on digitalisation and innovation for compilation and dissemination.

Objective
To discuss and exchange views on improving the quality, timeliness and dissemination of macroeconomic statistics produced by client institutions in the region, in line with international best practices and standards on compilation and dissemination. The retreat will also provide a platform for heads of statistics departments to highlight existing country-specific capacity gaps in macroeconomic statistics, and related technical assistance requirements.

Course Content
The retreat will cover, among others:

• Current methodology guiding the compilation of the four (4) macroeconomic accounts statistics (System of National Accounts, Balance of Payments, Monetary and Financial Accounts, and Statement of Government Operations);

• Data sources, data quality assessment and dissemination practices.

• Benchmarking techniques for combining quarterly indicators with the annual estimates.

• Importance of data in the agenda of Regional Integration.

• Artificial Intelligence (AI) and technological advancements in macroeconomic statistics.

• Key issues relating to Capacity Building in macroeconomic statistics in the region.

• Other related capacity-building issues in the region.

• Challenges in statistics; and

• MEFMI requests to member countries and way forward.

Target Group
This course targets heads of statistics departments in central banks, ministries of finance and national statistics offices/agencies.