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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 120 100 80 60 40 20 0 2007/08 2008/09 New CPI Basket Balance of Payment New Social Statistics 2009/2010 2010/2011 System of National Accounts Population & Vital Statistics Census 2010 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 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 noncompliant 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 1,491.0 1,563.6 1,636.2 11,712.5 12,455.8 13,246.6 Federal, state and local government Gross Domestic Product Source: 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 SNA Production Table: Bermuda Comparative analysis of sector contribution or sector importance in the economy Upgrading Cayman’s Economic Statistics: the SNA SAMPLE SNA REPORT: BERMUDA Comparative analysis of Bermuda’s international business (off-shore sector) Upgrading Cayman’s Economic Statistics: the SNA Classification of SNA Respondents in the Cayman Islands Goods Producing Sectors 1) 2) 3) Agriculture and Fishing Manufacturing Construction, Mining and Quarrying Services Sectors 1) Electricity and Water 2) Wholesale Trade, Retail Trade and Repair Services 3) Accommodation Services 4) Restaurants, Bars and Night Clubs 5) Transport and Related Services 6) Communication Services 7) Financial Services- Intermediation and Development Banking 8) Mutual Funds, Securities Dealers and Holding Companies 9) Life and General Insurance Companies and Pension Funds 10) Insurance Managers, Agents, Brokers and Loss Adjusters 11) Realtors, Real Estate Agents and Brokers 12) Business Service (e.g. Legal, Accounting, Engineering, Management etc.) 13) Software Development and Computer Services 14) Educational Institutions 15) Hospital and other Medical Services 16) Private Non-Profit Institutions 17) Personal Services 18) 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 A Sample BOP: Bermuda 2006 Q1 2006Q2 2006Q3 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. www.eso.ky