ESO urges businesses to supply info for national accounts
George Town Harbour (Photo by Dennie Warren Jr)
(CNS Business): As the finance ministry presses ahead with its goal to improve local statistics and information, the Economics and Statistics Office (ESO) is urging local businesses to fill out and return questionnaires for the System of National Accounts (SNA) and Balance of Payments (BOP) surveys. The forms have been sent to the local business community over the last few weeks and should be completed by 15 May, the ESO said.
The questionnaires cover local businesses but also public sector entities and include wholesale and retail trade, accommodation services, restaurants, bars and nightclubs, insurance providers, banks, realtors and business service providers.
The survey is designed to collect data that will allow government’s number crunchers to estimate the total value of goods and services produced by the different industries in the Cayman Islands. That will then allow the statisticians to measure total payments to and receipts from the rest of the world.
ESO officials explained that these are used by analysts and investors in determining the economic viability of the Cayman Islands as a place to invest. They are also used to monitor the economic health of specific sectors or their contribution to economic growth in the Cayman Islands.
“In view of their wide use not only by local players but also by global investors, it is critical that the survey questionnaires be filled accurately and returned to ESO. The surveys are confidential in accordance with the Statistics Law, and will be used exclusively by ESO for statistical purpose,” a spokesperson from the office said. “No individual information will be released to parties outside of ESO, and survey results will be presented in aggregate form. ESO survey data are exempted from Freedom of Information.”
Survey forms and other information can also be downloaded from www.eso.ky, or may be requested by contacting 949-0940. ESO survey officers can also assist entities in filling up the forms upon request.
