Government distributes annual economic surveys

The Cayman Islands government’s Economics and Statistics Office is distributing its annual surveys to local businesses, nonprofits and government organisations throughout the territory.

The forms started being sent out 25 March and are due back 10 May, according to a news release. Under the Statistics Law, it is mandatory to fill out and return the forms. The law also dictates that all survey data must be treated confidentially.

Officials said the confidential surveys are important for ascertaining the economic status of the Cayman Islands. The surveys are based on international standards to ensure that there are no biases when comparing the Cayman Islands with the rest of the world, according to the news release.

As part of the System of National Accounts survey, staff are distributing some 3,400 forms locally. The survey was designed in accordance with standards issued by the United Nations Statistical Commission. It is the main basis for estimating the territory’s gross domestic product, along with the economic contribution of all sectors to GDP. The survey covers payments for all types of economic activities.

More than 1,200 Balance of Payments forms are also being distributed. The survey intends to measure receipts from and payments to overseas entities. The survey was developed based on prescribed standards issued by the International Monetary Fund.

The comprehensive survey seeks information about transactions between local and overseas entities for calendar years 2011 and 2012. The transactions cover topics such as investment in assets abroad, amounts owed to foreign affiliates, payments for telecommunications and construction services.

All survey respondents have until 10 May, 2013, to return their filled-in forms. The envelopes, which are being disseminated by mail or by hand, include: the questionnaires, explanatory notes, a brochure about the survey, as well as a self-addressed, stamped envelope to post the completed forms.

The results from all returns will be published in aggregate form only. Information provided by individual entities will not be disclosed, officials said.

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