Transcript Upgrading Cayman`s Economic 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
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.
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