Business Surveys To Start
The Economics and Statistics Office is once again conducting the annual business surveys which start April 4, 2016. The surveys consist of the System of National Accounts (SNA) and the Balance of Payments (BOP) surveys. The surveys seek to collect the information required to measure the economic performance of the Cayman Islands as a whole and all the individual sectors in 2015. The surveys cover all entities that produce goods and services in the Cayman Islands.
The SNA survey this year will collect more detailed expense data to facilitate the development of a Supply and Use Table (SUT) for the Cayman Islands. The SUT will provide a detailed picture of the supply of goods and services (locally produced and imported) and their various uses by local businesses and households. Among its many other uses, the SUT data is essential for analyzing and forecasting the economic impact of industries.
This year's BOP survey includes a few revisions in compliance with changes in the BOP classification and methodology, as well as in the International Investment Position (IIP) compilation issued by the International Monetary Fund. The changes are expected to produce more accurate statistics, which are essential for assessing the country's credit-worthiness by rating agencies.
All SNA and BOP survey returns are confidential as mandated by the Statistics Law and are exempt from the Freedom of Information (FOI) Law. The returns will be used exclusively for ESO's statistical purpose. ESO officials emphasize 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 May 20, 2016. ESO staff are available to assist entities in completing the forms. Survey forms and other information can also be found on the website www.eso.ky, or may be requested by contacting 949-0940.