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Economic Surveys Begin

The annual surveys covering all entities that produce goods and services in the Cayman Islands will commence on March 30, 2015 and end on May 15, 2015. The surveys, which are conducted by the Economics and Statistics Office (ESO), are designed to measure the economic performance of the Cayman Islands as a whole and all its sectors.

The surveys consist of the System of National Accounts (SNA) and Balance of Payments (BOP) surveys. The last SNA survey conducted in 2014 showed that the country's gross domestic product (GDP), a measure of the total value of goods and services produced locally, amounted to $2.49 billion in 2013 after adjusting for price increases. The BOP survey showed that in the same year, the Islands received from abroad a total of $1.53 billion from the export of services (mainly tourism, business and financial services) as well as goods, against a total payment of $1.61 billion. The surveys this year aim to collect comparative information for 2014, to assist the government and private sectors 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 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 have until May 15, 2015 to return their completed forms. Upon request, ESO survey officers can also assist entities in filling up the forms. Survey forms and other information can also be downloaded from www.eso.ky or may be requested by contacting 949-0940.