Monday 26 October, 2020

ESO annual economic performance surveys underway

The business surveys consisting of the System of National Accounts (SNA) and the Balance of Payments (BOP) surveys started on May 25 2020 and end on July 17 2020.

The surveys are conducted by the Economics and Statistics Office (ESO) and 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 previous SNA survey conducted in 2019 showed that Cayman’s Gross Domestic Product (GDP) - a measure of the total value of goods and services produced locally - amounted to CI$4.35 billion in 2018 after adjusting for price increases.

This represents an economic growth of 4.1%.

The last BOP survey estimated that the Islands received a total of $3.28 billion from the export of goods and services (mainly tourism, business and financial services) to non-residents, against a total payment of $2.04 billion.

The surveys this year aim to collect comparative information for 2019, to assist the government and the private sector in their policy-making and planning, as well as providing the global financial community with updated economic data on the country. 

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 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 Law. The returns will be used exclusively for ESO’s statistical purpose.

ESO officials emphasise 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 July 17, 2020. ESO staff is available to assist in completing the forms.

Survey forms and other information can be found on the website www.eso.ky or may be requested by contacting 525-8565 (SNA) or 325-6652 (BOP).

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