In government’s expanding efforts to collect more detailed economic data, this year’s business surveys will ask for more specific expense data from across Cayman’s industries.
The annual business surveys from the Cayman Islands Economics and Statistics Office, the System of National Accounts and the Balance of Payments surveys, will be sent to every business and government organization in an effort to get better measurements to gauge the economic impact of each industry.
The surveys are optional for businesses to complete, and all completed surveys are confidential and exempt from the Freedom of Information Law.
The ESO uses the System of National Accounts survey to develop a “detailed picture of the supply of goods and services (locally produced and imported) and their various uses by local businesses and households,” according to an ESO press release.
The ESO notes that the supply data is essential for analyzing and forecasting the economic impact of industries.
“The surveys cover all entities that produce goods and services in the Cayman Islands,” the ESO writes.
The Balance of Payment survey this year will be a little different from 2015, bringing it in compliance with international standards. The ESO explains, “The changes are expected to produce more accurate statistics, which are essential for assessing the country’s credit-worthiness by rating agencies.”
Businesses will receive hard copies of the surveys in the mail and electronic versions are available on the ESO website at eso.ky. Responses are due May 20.