Annual Surveys on the Country’s Economic Performance Begin
04/01/2016 // eso // (press release)
The business surveys consist of the System of National Accounts (SNA) and the Balance of Payments (BOP) surveys and will run from April 4, 2016 to May 20, 2016. The surveys which are conducted by the Economics and Statistics Office (ESO) seek to collect information necessary to measure the economic performance of the Cayman Islands as a whole and all the individual sectors. The surveys cover all entities that produce goods and services in the Cayman Islands.
The last SNA survey conducted in 2015 revealed that the country’s gross domestic product (GDP) – a measure of the total value of goods and services produced locally – amounted to CI$2.55 billion in 2014 after adjusting for price increases. This represents an economic growth of 2.4% over 2013, the highest rate of economic expansion since 2007. The BOP survey showed that in the same year, the Islands received from abroad a total of $1.65 billion from the export of goods and services (mainly tourism, business and financial services), against a total payment of $1.57 billion. The surveys this year aim to collect comparative information for 2015, to assist the government and the private sector in their policy-making and planning, as well as provide the global financial community with updated economic data on the country.
Approximately 3,400 forms will be either mailed or hand-delivered to local businesses, government entities and non-profit organisations. The SNA survey is designed in accordance with the internationally accepted standards issued by the United Nations Statistical Commission. The BOP survey is based on guidelines prescribed by the International Monetary Fund (IMF).
All SNA and BOP survey returns are confidential as mandated by the Statistics Law and are exempt from the Freedom of Information (FOI) Law. The returns will be used exclusively for ESO’s statistical purpose. ESO officials emphasised that the survey results will be published in aggregate form only, with individual information remaining confidential.
All survey respondents are required to return a completed form by the survey deadline May 20, 2016. ESO staff are available to assist entities in completing the forms. Survey forms and other information can also be found on the website (www.eso.ky), or may be requested by contacting 949-0940.