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Data Center: Glossary of Terms


External Sector

External sector statistics provide information about Trinidad and Tobago’s relations with the rest of the world and are key economic indicators for policymakers. External sector statistics include the Balance of Payments and the International Investment Position.

The Balance of Payments (BOP) is a statement that summarises economic transactions between residents and non-residents during a specific time period. Residence is defined in terms of the centre of predominant economic interest of the transactors. An institutional unit (e.g. household, corporation, government, non-profit institutions serving households) is resident in the domestic economic territory if its centre of predominant economic interest is in the domestic economic territory.

An institutional unit is a non-resident when its centre of predominant economic interest lies outside the domestic economic territory. The International Investment Position (IIP) is a statement that shows at a point in time the value of:

• financial assets of residents of an economy that are claims on non-residents; and

• the liabilities of residents of an economy to non-residents.

The external sector statistics are compiled in accordance with the International Monetary Fund, Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). The following series, as defined below, are selected external sector statistics published by the Bank.

Public Finance

The statistics provided under the Public Finance sector pertain to the Central Government fiscal operations namely its collection of revenue, expenditure and financing undertaken to support its operations. It also encompasses the borrowing operations of the Central Government as well as Government-owned entities and the stock of public sector debt owed at a point in time. The following series, as defined below, are selected public finance sector statistics published by the Bank.

 

Real Sector

The real sector encompasses the sectors of the economy that produce goods and services. Real sector statistics include production, sales, investment, employment, consumption, income, prices and wages. The following series, as defined below, are selected real sector statistics published by the Bank.

 

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