GCC-Stat Holds the Third Meeting for the Price Statistics Working Group
The Statistical Center of the Gulf Cooperation Council (GCC-Stat) held the third meeting for the price statistics and short term indicators working group via video conferencing aiming to develop and improve the quality of these indicators in the GCC countries.
The meeting discussed the technical support provided by the GCC-Stat in the field of price statistics, short term indicators, and the general GCC consumer price index (GCC General inflation), in addition to the work programme of the indices and short term indicators 2016-2017.
The attendees, from all GCC national statistical centers, discussed the process for the development and standardization of the producer price index (PPI) methodologies, as well as the priority short term indicators in the GCC region. They also discussed data dissemination and the process of providing the GCC-Stat with this data.
The roadmap for the development and the price indices and the short term indicators in the GCC countries is based on the dissemination price indices and short term indicators on a regular basis according to the transmission tables agreed upon by all states. By the year 2020 the GCC harmonized consumer price index will be developed and produced as the key measure for inflation in the GCC market. The center will support the development of the national consumer price indices to comply with international best practices, in addition to the development and harmonization of national producer price index (PPI) methodologies so that they are compiled according to the best international practices and seek to achieve the Special Data Dissemination Standard (SDDS).
The data strategy aims to achieve statistical objectives through the development of other short-term regional economic indicators based on the agreed priorities, and the development of the technical capacities of the statistical system in the GCC countries.