Annual Economic Surveys Begin in the Cayman Islands

"The annual surveys to take the pulse of the Cayman Islands economy will run from Monday, 31 March to Friday, 16 May 2014."

The annual surveys to take the pulse of the Cayman Islands economy will run from Monday, 31 March to Friday, 16 May 2014.

Economics and Statistics Office (ESO) officials will conduct the survey under two categories: System of National Accounts (SNA) and Balance of Payments (BOP).

Collectively the surveys will provide a vital picture of the economy. Officials explain that the survey design will allow for unbiased comparisons between the performance of the local economy and that of the rest of the world. To facilitate the surveys, they will distribute approximately 4,500 forms to local businesses, government entities and non-profit organisations.

The SNA survey covers all types of economic activities. Designed in accordance with standards issued by the United Nations Statistical Commission, it is the main basis for estimating the country’s gross domestic product (GDP), as well as the economic contribution of all sectors to GDP.

The BOP measures receipts and payments involving transactions with non-residents, and uses a survey developed according to International Monetary Fund prescribed standards. The comprehensive survey seeks information about all economic transactions between local and overseas entities for calendar years 2012 and 2013. Such transactions might involve investment in overseas assets, amounts owed to foreign affiliates, and payments for telecommunications and construction services among others.

All survey respondents have until 16 May 2014 to return their filled-in forms. The envelopes disseminated by mail or by hand include: questionnaires, explanatory notes, brochures), as well as a self-addressed, stamped envelope to post the completed forms. Forms can also be downloaded and printed from www.eso.ky.

The Statistics Law stipulates that it is mandatory for each local entity to fill out and return its form to the ESO. Equally important, the law also dictates that all survey data must be treated confidentially and are exclusively used by the ESO for statistical purpose only. The statistical information collected by ESO is exempt from disclosure under the Freedom of Information (FOI) Law.

The ESO officials emphasised that the results will be published only in aggregate form, with individual information remaining confidential.