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

Vision: Official statistics that are responsive to local

needs & compliant to international standards

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

Strategic Goals

Upgrade Cayman’s official statistics

Build-up in-house capacity

Increase the local community’s ownership and use of official statistics

Upgrading Cayman’s Official Statistics

0

20

40

60

80

100

120

2007/08 2008/09 2009/2010 2010/2011

New CPI Basket System of National Accounts

Balance of Payment Population & Vital Statistics

New Social Statistics Census 2010

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

Upgrading Cayman’s Official Statistics

Upgrading Cayman’s Official Economic Statistics

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 Economic Statistics: the SNA

Example of an SNA Production Table: US Real GDP by Industry (US$ Billions)

Industry 2004 2005 2006

Agriculture, forestry, fishing and hunting 142.0 123.1 122.4

Mining 172.1 233.3 256.0

Utilities 235.2 248.0 262.6

Construction 541.0 611.1 647.9

Manufacturing 1,434.8 1,512.5 1,601.2

Wholesale and retail trade 1,469.4 1,566.7 1,651.9

Transportation, information and warehousing 859.3 899.8 942.9

Finance and insurance 971.3 957.7 1,027.5

Real estate, rental and leasing 1,491.4 1,578.4 1,731.1

Professional, management and business services 1,346.4 1,458.8 1,564.6

Education, health care and social assistance 914.6 975.4 1,035.0

Arts, entertainment, recreation, accommodation, and food services

424.0 444.6 471.8

Other services, except government 274.1 282.8 295.7

Federal, state and local government 1,491.0 1,563.6 1,636.2

Gross Domestic Product 11,712.5 12,455.8 13,246.6Source: Bureau of Economic Analysis, US Department of Commerce

Comparative analysis of sector contribution or sector importance in the economy

Upgrading Cayman’s Economic Statistics: the SNA

Comparative analysis of sector contribution or sector importance in the economy

SNA Production Table: Bermuda

Upgrading Cayman’s Economic Statistics: the SNA

Comparative analysis of Bermuda’s international business (off-shore sector)

SAMPLE SNA REPORT: BERMUDA

Upgrading Cayman’s Economic Statistics: the SNAClassification of SNA Respondents in the Cayman Islands

Goods Producing Sectors

1) Agriculture and Fishing2) Manufacturing3) Construction, Mining and Quarrying

Services Sectors1) Electricity and Water2) Wholesale Trade, Retail Trade and Repair Services3) Accommodation Services4) Restaurants, Bars and Night Clubs5) Transport and Related Services6) Communication Services7) Financial Services- Intermediation and Development Banking8) Mutual Funds, Securities Dealers and Holding Companies9) Life and General Insurance Companies and Pension Funds10) Insurance Managers, Agents, Brokers and Loss Adjusters11) Realtors, Real Estate Agents and Brokers12) Business Service (e.g. Legal, Accounting, Engineering, Management etc.)13)Software Development and Computer Services14)Educational Institutions15)Hospital and other Medical Services16)Private Non-Profit Institutions17)Personal Services18)Public Administration and Defense

Annual Business Survey: Source of SNA data

Annual Business Survey: Source of SNA data

Annual Business Survey: Source of SNA data

Upgrading Cayman’s economic statistics: Balance of Payments (BOP)

 

A double entry system in which flows of international payments and receipts are recorded at a specific period of time.

Comprises of 3 accounts:

1) Current Account records the outflow and inflow of merchandise trade, services, income and unilateral transfers;

2) 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).

3) Financial Account records all international monetary flows related to investment in businesses, bonds and stocks  

Upgrading Cayman’s Economic Statistics: BOP

 

2006 Q1 2006Q2 2006Q3

A Sample BOP: Bermuda

Upgrading Cayman’s Official Economic Statistics: Challenges

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.

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