ESO’s Annual Economic Survey Underway
"The (ESO) will be conducting its annual Economic Survey for the (SNA) and Balance of Payments (BOP) starting March 22, 2010."The Economics and Statistics Office (ESO) will be conducting its annual Economic Survey for the System of National Accounts (SNA) and Balance of Payments (BOP) starting March 22, 2010.
The Economic Survey seeks to gather information from government, non-profit and business entities that will allow the accurate measurement of the country’s gross domestic product (GDP) and balance of payments in 2008 and 2009. These indicators are especially critical in analyzing the impact of the global financial crisis on Cayman’s economy in the past two years.
ESO also emphasizes that the Economic Survey is important in improving the quality of statistics in Cayman. Over the years, the business sector has clamoured for economic data that can address their business planning needs.
ESO aims to address this gap using the SNA and BOP methodologies that have been followed in advanced economies and other countries in the world. ESO has been assisted by the Caribbean Technical Assistance Centre (CARTAC) in this initiative.
For instance, BOP data are useful for global investors as these include the value of direct investment by sector as estimated in a manner comparable across countries. SNA data provide value-added or performance indicators across sectors. Sophisticated users of economic data such as credit ratings agencies have also relied on SNA and BOP data in making their assessment of a country’s economic performance and outlook.
ESO encourages all entities from the public and private sectors to participate in the Economic Survey. The survey is safe, confidential and will not be made available to any party outside of ESO.
ESO will use the responses exclusively for the aggregate compilation of GDP and BOP statistics. Section 17 of the Statistics Law prohibits the communication or publication of information in any manner so that an individual or business may be identified.
Completion of the questionnaire is a legal requirement under the Statistics Law (1196 Revision) and the Statistics (System of National Accounts and Balance of Payments) Regulation 2010.
For the official Cayman Islands Government web portal, www.gov.ky:
Web title: Annual Economic Survey
Web blurb: The Economics and Statistics Office reminds public and private sector entities to participate.