ESO Releases Two Inaugural Economic Statistics Reports
"The ESO is pleased to release to the public two inaugural reports aimed at improving the economic statistics for policy and business analysis"The Economics and Statistics Office is pleased to release to the public two inaugural reports aimed at improving the economic statistics for policy and business analysis, and planning in the Cayman Islands. These are the System of National Accounts (SNA) Report and the Balance of Payments (BOP) Report. These two economic statistics are considered among the most basic that every country in the world must produce.
The SNA is used globally to measure the economic growth performance of sectors and countries, using accepted international standards issued by the United Nations and the International Monetary Fund (among others). In the SNA Report, the economic growth and contribution of each sector to the Cayman Islands’ gross domestic product (the total value of the goods and services in the country) are presented for the first time.
The BOP is a system of accounts that measures the receipts and payments a country’s residents against the residents of the rest of the world. Along with the SNA, this is used universally in evaluating the economic performance of countries and jurisdictions using accepted international standards issued by the International Monetary Fund. In the inaugural report, Cayman’s receipts and payments for the following are estimated: merchandise goods; financial, travel, insurance and other services; direct investment, portfolio investment and other income; and transfers.
The two reports were noted by Cabinet yesterday, 29 September 2009. As relayed by the Office of the Financial Secretary, the Cabinet commended the ESO for developing the SNA and BOP systems and for producing the reports.
The development of the SNA and BOP economic statistics is part of the implementation of the ESO’s Strategic Plan 2007-2011.