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Economic Surveys Commence

Annual economic surveys that measure and record the pulse of economic activity of all businesses and other economic sectors in the Cayman Islands commence on Monday, 19 March and continue into May.

The Balance of Payments (BOP) and System of National Accounts (SNA) surveys seek to provide a true picture of the Cayman Islands' economy. These surveys are conducted by the Economics and Statistics Office (ESO) on an annual basis and cover all local industries, core government, statutory authorities, government enterprises, and non-profit organisations, including churches and voluntary organisations.

The information gathered from the surveys is vital for business and economic planning, ESO staff said. For instance, the SNA Survey is used in calculating the country's gross domestic product (GDP) representing the total value of goods and services produced in the Cayman Islands as a whole and in each economic sector. The SNA also measures the total costs involved in producing goods and services locally.

The BOP measures Cayman's economic transactions with the rest of the world, including receipts and payments for financial services, tourism, professional services and workers' remittances.

ESO staff emphasise all data collected by the surveys will be kept confidential and used strictly for statistical purposes only, ensuring complete compliance under the Statistics Law. With only aggregate outcomes posted, no individual business or other entity need fear its information will be made public or disclosed or released to anyone, they stated.

Businesses will receive the forms hand-delivered or in the mail and are expected to fill out and return the forms to ESO. The forms can also be downloaded from www.eso.ky.

All completed forms should be returned to ESO, located on 3rd floor, Government Administration Building, 133, Elgin Avenue, Grand Cayman, Cayman Islands.

Additionally, department staff will be available to assist those who need help to fill out the forms. Clinics for small and medium businesses are being planned. Another option is to simply submit the financial statements for the year to enable the ESO staff to fill in the information themselves.

For all enquiries or assistance in filling out the forms, please contact the following staff members:

For SNA:

Yvonne Newland, Senior Statistician; 244-1615; Yvonne NewlandYvonne.Newland@gov.ky

Selburn Christian, Statistician I; 244-1676; Selburn Christiany

For BOP:

Julietta Beaupierre, Senior Statistician; 244-3500; Julietta Beaupierre

Michael Godfrey, Statistician I; 244-1617; Michael Godfrey

(GIS)

For further information contact: Bina Mani