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Home / News / Economic Surveys Commence

Economic Surveys Commence

"The 2013 round of annual surveys that measure economic activity in the Cayman Islands begins on Monday, 25 March 2013."

The 2013 round of annual surveys that measure economic activity in the Cayman Islands begins on Monday, 25 March 2013.

Economics and Statistics Office (ESO) officials explained that the confidential surveys are important for ascertaining the economic status of the Islands. The surveys are based on international standards to ensure that there are no biases when comparing the Cayman Islands with the rest of the world, they further emphasised.

As part of the System of National Accounts (SNA) survey, ESO staff are distributing some 3,400 forms locally to businesses, non-profit institutions and government organisations.

The SNA survey was 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), along with the economic contribution of all sectors to GDP. The SNA survey covers payments for all types of economic activities, ESO officials explain.

Over 1,200 Balance of Payments (BOP) forms are also being distributed. BOP measures receipts from and payments to overseas entities. The BOP Survey was developed based on prescribed standards issued by the International Monetary Fund.

The comprehensive BOP survey seeks information about transactions between local and overseas entities for calendar years 2011 and 2012. The transactions cover topics such as investment in assets abroad, amounts owed to foreign affiliates, payments for telecommunications and construction services.

All survey respondents have until 10 May 2013 to return their filled-in forms. The envelopes, which are being disseminated by mail or by hand, include: the questionnaires, explanatory notes, a brochure about the survey, as well as a self-addressed, stamped envelope to post the completed forms.

ESO officials point out that under the Statistics Law, it is mandatory to fill out and return the forms. The law also dictates that all survey data must be treated confidentially. In addition, statistical information collected by ESO is exempt from disclosure under the Freedom of Information (FOI) Law.

The results from all returns will be published in aggregate form only. Information provided by individual entities will remain undisclosed, officials underscore.