(CNS): The Economics and Statistics Office said this week that it has produced two inaugural reports aimed at improving local information for both business analysis and planning purposes. The System of National Accounts (SNA) Report and the Balance of Payments (BOP) Report, considered two of the most fundamental collections of statistics that a country should produced, are now available and will be presented to the wider community during a series of forums, the office said.
The BOP is a system of accounts that measures the receipts and payments of Cayman’s residents against residents of the rest of the world, and the SNA is a report of the economic growth and contribution of all sectors in the Cayman Islands.
“These two economic statistics are considered among the most basic that every country in the world must produce, and we are pleased that the Cayman Islands also have them now,” said ESO Director Maria Zingapan explained.
At the forum the ESO will update the local community on this latest data and place the figures in context. The first seminar on 29 October will feature the two inaugural reports and reviews of the reports from key users of economic statistics. Among those who confirmed is Tim Ridley, former chairman of the CIMA Board.
In the SNA report, the economic growth and contribution of all sectors in the Cayman Islands are presented for the first time. There are 15 sectors: financial services, real estate, renting and business activities, hotels and restaurants, construction, electricity and water supply, wholesale and retail trade, manufacturing, agriculture and fishing, mining and quarrying, transport, storage and communication, public administration and defence, education, health and social work, and other services.
In the inaugural BOP report, Cayman’s receipts and payments for the following are estimated: merchandise goods; financial, travel, insurance and other services; direct investment, portfolio investment and other income; and transfers.
Both reports are now available on www.eso.ky and have been commended by the Financial Secretary’s Office, the ESO said. The first forum will be held at the Cayman Islands Investment Bureau (CIIB) Conference Room from 10:00 AM to 12:00 Noon. Due to limited space, those wishing to attend should please pre-register on or before 23 October with Julietta Beaupierre at Julietta.beaupierre@gov.ky or call 244-3500.
