Tia Belau Editorial, January 9, 2011 —-
One of the most essential government functions is to monitor trends in political, social, and economic landscape of a nation.
The government via its vast network of activities gathers all sorts of data. This data are then analyzed to get a clear picture of where is the nation is heading.
We are often reminded that without good statistics, the development process is blind: policy-makers cannot learn from their mistakes and the public cannot hold them accountable.
As we enter the new year, our hopes are raised high with the economy to outperform the projected growth rate for fiscal year 2012, as was the case for fiscal 2011. The robust economic growth of 2011 was on the back of the tourist industry, which topped 100,000 visitors for the first time ever, over 23 percent increase as compared to the previous year.
Projections by PVA indicate that Palau will continue to experience tourist numbers above the 100,000 mark at least for the next three years. The FY 2011 4th quarter financial report from the Ministry of Finance (MOF) shows revenue collection hitting double-digit growth of over 11-percent.
Figures for arriving visitors and revenue collections are the only two sets of economic data that are readily available in public. Perhaps, for the reason that PVA and the tourists industry knows the value of publicly traded information, and that the MOF is required to generate quarterly financial report to the president and OEK.
However, the talk of good economic performance can’t be measured on only those two sets of economic data. Where we can begin to establish real economic performance is to look at other key indicators, such as number of persons added to payrolls and the number of unemployed, growth in individual or family income.
Other basic economic information would be to look at the direction of each economic sectors – fisheries, mining and quarrying, manufacturing, construction, trade, hotel and restaurants, transportation and communication, finance and insurance, real estate and business services, electricity, gas, and water, and public administration, and etc. – measured as a percentage of GDP.
These and many other economic indicators haven’t been readily available for everyone searching for information about Palau. The Office of Planning and Statistics should look to update its website (http://www.palaugov.net/stats/) in this 2012. If the date on the opening page is any indication, the website hasn’t been updated since August 11, 2010.
Ironically, one has to go to the websites of Asian Development Bank/IMF/World Bank/CIA Factbook for Palau’s latest information generated by the MOF.
