GDP (Gross Domestic Product) -The GDP is defined as “the total monetary value of all goods and services produced in an economy over a given period of time” typically one year.

LF (Labour Force) – comprises of persons 15 years and over residing in the country who are employed or actively seeking work during the reference period. An estimate of the Cayman Islands labour force is produced whenever a Labour Force Survey is conducted which normally occurs twice a year (spring and fall).

CPI (Consumer Price Index) - measures the changing cost of a fixed basket of goods. Its change (on an annual or quarterly basis) is a measure of inflation.

The CPI for the Cayman Islands measures price changes at the retail level. The index is a Laspeyres type index and the scope of this information covers Grand Cayman only (therefore, excluding Cayman Brac and Little Cayman).

A total sample market basket size of approximately 661 items is used for the calculation of the CPI, with the data series dating back to 1974. The current CPI series is based in 1994 (1994=100).

CPI data is not seasonally adjusted. Moreover, with the exception of hotel rates, CPI prices are not seasonally influenced. The total expenditure weights for the CPI are chiefly determined by consumers’ preference and taste, and are derived from the Household Income and Expenditure Survey for 1990-91.

Traditionally, the prices of substitute goods are factored in after four quarters of those regularly surveyed commodities being unavailable. Moreover, changes in certain products, generally, result in the re-basing of those items.  

Varying units of measures are assigned to each product included in the CPI, and prices are gathered from over 100 outlets in the Cayman Islands. The collection of CPI data regularly includes: 1) personal visits to retailers; 2) telephone surveys; and 3) mail surveys. On the whole, personal visits to collect CPI data are mostly geared toward the three major local Supermarket retailers, and accounts for a large share of the total CPI data collection.

Overall, prices that are collected on approximately 661 sub-group items. These are further summarized into the following eight broad categories: Food, Clothing; Education and Medical; Transport and Communications; Alcohol and Tobacco; Housing; Durable Household Equipment; and Personal Goods and Services.

The CPI is compiled quarterly, specifically during March, June, September, and December. Traditionally, the collection of CPI figures begins during the second week of these months. For instance, the collection of CPI for the first quarter of the year, therefore, would begin during the second week of March.

The time lag between the completion, and the dissemination, of CPI data varies and is subject to resource availability and system performance. In some instances, this interval has extended to as much as three months, but the release of the CPI is typically within two months after data collection.

The Population and Housing Census is a ten-yearly survey providing a wealth of data for: small geographic areas; variables such as occupation and country of birth; and households.

In between censuses, population estimates normally by age-sex are prepared to give an indication of change since the last population census.

For those interested in planning, projections of population are derived to give an indication of future change. Population projections are normally available by age groups, sex and status.

Census

The most commonly used population census measure is the 'usually resident population count'. This is a count of all people who usually live in the country. This count excludes visitors from overseas and excludes residents who are overseas for a longer period. Residents temporarily away are included. The time limit for temporarily away is usually six months.

The 'census night population count' is a count of all people in the country on a given census night. This count includes visitors from overseas and excludes residents who are temporarily overseas on census night.

Provisional census counts are an early indication of the census population count. They are either based on the number of questionnaires collected and an estimate of the number of questionnaires uncollected, about one or two months after census night or on a manual count of the household members.

Estimates

Population estimates normally refers to the usually resident population. Population estimates are prepared bi-annually (mid-year and end year) to give an indication of population change since the last population census. The estimates are updated for births, deaths and net migration (external) since the last estimate. If reliable net migration figures are not available population estimates may be done using a household survey e.g. a Labour Force Survey. A third possibility is to do a head count between censuses.

Projections

Population projections use population estimates or a population census as a starting point and are an indication of future demographic change based on assumptions about future demographic behavior (births, deaths, migration).