The Economics and Statistics Office began carrying out its 2023 Household Budget Survey (HBS) on Sunday, 29 Jan.
The results will provide a comprehensive view of Cayman households and their expenditures. Its findings are used to update the consumer price index (CPI) basket of goods and services.
In contrast to macroeconomic measures about the state of the economy overall, like gross economic product, the household budget survey can distinguish population segments in terms of their consumption patterns or their cost of living.
Taken together, the HBS and CPI results are used by government departments, utility regulator OfReg and the private sector for cost-of-living adjustments and other salary thresholds contained in policies.
The HBS further provides the primary data for calculating the “expenditure multiplier” or total economic impact of government spending or private investment in the economy. This, in turn, informs government’s fiscal policies and projects.
“Apart from a housing and population census, an HBS is the most significant statistical activity carried out in the Cayman Islands,” the ESO said on its website.
The last HBS for the Cayman Islands was conducted in 2015. The total annual consumption of goods and services estimated from that survey was approximately $1.72 billion (March 2017). The overall per capita consumption was approximately $28,748 (March 2017).
The ESO encourages households to participate and emphasised that the accuracy of the data will have direct socio-economic implications for the residents of the islands.
“The expenditure you will report will have implications for your electricity bill, your parents’ pension, or your own salary,” the statistics office said.
The interviews are confidential, in accordance with the Statistics Act (2016 Revision). No individual data will be published or disclosed. Survey data are exempt from Freedom of Information requests.
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