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Developing the Cayman Islands’ Official Statistics

Developing the Cayman Islands’ Official Statistics. ESO Strategic Plan 2007-2011: An Overview. Outline of Presentation. A vision for Cayman’s official statistics Strategic goals in 2007-2011 New official statistics: overview System of National Accounts Balance of Payments Challenges.

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Developing the Cayman Islands’ Official Statistics

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  1. Developing the Cayman Islands’ Official Statistics ESO Strategic Plan 2007-2011: An Overview

  2. Outline of Presentation • A vision for Cayman’s official statistics • Strategic goals in 2007-2011 • New official statistics: overview • System of National Accounts • Balance of Payments • Challenges

  3. Local needs of evidence-based decision-making: • Public Management and Financial Law • Business planning: sector and national • Physical and HR planning: sector and national • Socio-economic planning and resource programming • International standards: • United Nations Statistical Commission • IMF General Data Dissemination Standards Vision: Official statistics that are responsive to local needs & compliant to international standards

  4. Strategic Goals • Upgrade Cayman’s official statistics • Build-up in-house capacity • Increase the local community’s ownership and use of official statistics

  5. Upgrading Cayman’s Official Statistics

  6. Upgrading Cayman’s Official Statistics • New CPI basket • Replaces the 14 year-old basket currently used for measuring changes in the cost of living New social statistics • Provide official poverty, education and other social statistics that can be used for designing social assistance programs Population and vital statistics • Records-based population projection program Census 2010 • Most comprehensive source of socio-demographic data

  7. System of National Accounts (SNA): • a comprehensive and systematic record of the value of all economic activities in the country; • standard tool for economic growth measurement, monitoring and forecasting across countries and periods, and across economic sectors in a single period. • developed jointly by the United Nations, the Commission of the European Communities, the International Monetary Fund, the Organisation for Economic Co-operation and Development, and the World Bank. • launched in 1953 and has been adopted by almost all countries in the world, including the Caribbean (Cayman is one of the very few non-compliant countries) Upgrading Cayman’s Official Economic Statistics

  8. Upgrading Cayman’s Economic Statistics: the SNA Comparative analysis of sector contribution or sector importance in the economy

  9. SNA Production Table: Bermuda Upgrading Cayman’s Economic Statistics: the SNA Comparative analysis of sector contribution or sector importance in the economy

  10. SAMPLE SNA REPORT: BERMUDA Upgrading Cayman’s Economic Statistics: the SNA Comparative analysis of Bermuda’s international business (off-shore sector)

  11. Classification of SNA Respondents in the Cayman Islands • Goods Producing Sectors • Agriculture and Fishing • Manufacturing • Construction, Mining and Quarrying • Services Sectors • Electricity and Water • Wholesale Trade, Retail Trade and Repair Services • Accommodation Services • Restaurants, Bars and Night Clubs • Transport and Related Services • Communication Services • Financial Services- Intermediation and Development Banking • Mutual Funds, Securities Dealers and Holding Companies • Life and General Insurance Companies and Pension Funds • Insurance Managers, Agents, Brokers and Loss Adjusters • Realtors, Real Estate Agents and Brokers • Business Service (e.g. Legal, Accounting, Engineering, Management etc.) • Software Development and Computer Services • Educational Institutions • Hospital and other Medical Services • Private Non-Profit Institutions • Personal Services • Public Administration and Defense Upgrading Cayman’s Economic Statistics: the SNA

  12. Annual Business Survey: Source of SNA data

  13. Annual Business Survey: Source of SNA data

  14. Annual Business Survey: Source of SNA data

  15. A double entry system in which flows of international payments and receipts are recorded at a specific period of time. • Comprises of 3 accounts: • Current Account records the outflow and inflow of merchandise trade, services, income and unilateral transfers; • Capital Account records all international capital transfers such as the following:foreign aid received by the government; transfer of goods and financial assets by migrants; sale/purchase of property overseas by residents (i.e. government, businesses and individuals). • Financial Account records all international monetary flows related to investment in businesses, bonds and stocks Upgrading Cayman’s economic statistics: Balance of Payments (BOP)

  16. A Sample BOP: Bermuda 2006 Q1 2006Q2 2006Q3 Upgrading Cayman’s Economic Statistics: BOP

  17. Resistance to business surveys; • Lack of a “business records-keeping” culture; • Absence of an intra-government (public sector) data-sharing system that could alleviate the above issues and reduce “response burden;” • Need to coordinate data requirements with CIMA and other offices. Upgrading Cayman’s Official Economic Statistics: Challenges

  18. www.eso.ky

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