The Economics and Statistics Office is carrying out its annual economic performance surveys. The system of national accounts (SNA) and balance of payments (BOP) surveys measure the economic performance of individual sectors and of the Cayman Islands as a whole.
The surveys cover all entities that produce goods and services in the Cayman Islands. They started on 25 May and will end on 17 July.
The previous SNA survey conducted in 2019 showed that Cayman’s gross domestic product – a measure of the total value of goods and services produced locally – grew by 4.1% to CI$4.35 billion in 2018 after adjusting for price increases.
The last BOP survey estimated that Cayman received a total of $3.28 billion from the export of goods as well as services to non-residents, such as tourism and financial services, against a total payment of $2.04 billion.
The surveys this year collect comparative information for 2019, to assist the government and the private sector in policy-making and planning, and to provide the global financial community with updated economic data on the country, the ESO said in a press release.
Approximately 4,600 forms have been emailed or mailed 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 balance of payment survey is based on guidelines prescribed by the International Monetary Fund.
All SNA and BOP survey returns are confidential as mandated by the Statistics Law and are exempt from the Freedom of Information 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 17 July 2020. ESO staff is available to assist in completing the forms. Survey forms and other information can be found at www.eso.ky or may be requested by contacting 525-8565 (SNA) or 325-6652 (BOP).
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