Deadline Nears for Economic Surveys

"The Economics and Statistics Office (ESO) urges local businesses to fill out and return questionnaires"

The Economics and Statistics Office (ESO) urges local businesses to fill out and return questionnaires for the System of National Accounts (SNA) and Balance of Payments (BOP) surveys, before the 16 May 2014 deadline.

The goal of the SNA survey is to gather data to determine the total value of goods and services produced in the Cayman Islands. Meanwhile BOP statistics provide an insight into how much money the Cayman Islands receives from overseas compared to how much was paid out to the rest of the world.

Minister for Finance & Economic Development, Hon. Marco Archer urged businesses to fill out and return both critical surveys as mandated in the Statistics Law.

⫿They are extremely important in gauging the recovery of the Cayman Islands’ economy,??? Minister Archer said.

Stressing that the SNA provides vital information in estimating the Cayman Islands’ Gross Domestic Product (GDP), he added: ⫿GDP facts and figures are the tools that analysts and investors use to determine the economic viability of the Cayman Islands as a place to invest. It is necessary, therefore, that the data we receive is reliable and that we are able to provide these statistics on a regular basis.???

ESO sent a total of 3,419 SNA forms to local businesses across three goods-producing sectors, as well as 19 different types of service providers in the private and public sectors. These include wholesale and retail trade, accommodation services, restaurants, bars and nightclubs, insurance providers, banks, all business service providers and realtors.

An additional 1,026 BOP questionnaire forms were distributed among those local businesses whose operations include international transactions, such as financial services entities and importers.

Minister Archer noted that without stakeholder data, it is impossible to provide accurate information about the Cayman Islands to local and foreign investors.

ESO officials assure stakeholders that the information they provide is kept in utmost confidence, in accordance with the Statistics Law which outlines stiff penalties for any staff member that may divulge individual information.

Once the information is collected and analysed, it is made available in a format that provides a quick and accurate picture, but which reinforces the confidentiality of individual businesses and firms, he stated.

Tags: Economic Surveys, Statistics Law, The Cayman Economics and Statistics Office, Cayman Islands⫪