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Cayman Islands Government

ESO Launches Seminars

The Economics and Statistics Office is pleased to launch Economic Statistics Seminar, a forum where the local community will be apprised of economic statistics recently developed or updated by the office.

The first seminar on 29 October 2009 will feature two inaugural reports aimed at improving the local database 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.

In the SNA report, the economic growth and contribution of all sectors in the Cayman Islands are presented for the first time. There are 15 sectors included in the report: financial services; real estate, renting and business activities; hotels and restaurants; construction; electricity and water supply; wholesale and retail trade; manufacturing, agriculture and fishing; mining and quarrying; transport, storage and communication; public administration and defence; education; health and social work; and other services.

The BOP is a system of accounts that measures the receipts and payments Cayman's residents against residents of the rest of the world. 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.

ESO Director Maria Zingapan explained, "These two economic statistics are considered among the most basic that every country in the world must produce, and we are pleased that the Cayman Islands also have them now."

Both reports are now available on www.eso.ky. Both were noted by Cabinet last 29 September. As relayed by the Financial Secretary's Office, the Cabinet commended the ESO for developing the SNA and BOP systems and for producing the reports.

The seminar will also include reviews of the reports from key users of economic statistics. Among those who confirmed is Mr. Tim Ridley, former Chairman of the CIMA Board. It will be held at the Cayman Islands Investment Bureau (CIIB) Conference Room from 10:00 AM to 12:00 Noon.

Due to limited space, those interested to attend should please pre-register on or before 23 October by email with Miss Julietta Beaupierre or by phoning 244-3500.