Cayman Islands: Technical Assistance Report-Improving Estimates of Gross Domestic Product

Author: International Monetary Fund. Statistics Dept.

Volume/Issue: Volume 2023 Issue 342

Publication date: October 2023

ISBN: 9798400255557

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , Industries - Hospitality Travel and Tourism , GDP , GDP at constant prices , Institutional Sector accounts , Tourism , , staff team of the International Monetary Fund , IMF statistics , GDP-E methodology , trade data , tourism satellite account , authorities of the Economics and Statistics Office , Treasury Single Account , Tourism , Deflation , Caribbean

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Summary

A technical assistance mission to the Economics and Statistics Office (ESO) of the Cayman Islands supported improved methods for compiling Gross Domestic Product (GDP) by economic activity and by expenditure components and assessed the feasibility of compiling institutional sector accounts (ISA) for the Cayman Islands. Given the importance of tourism for the economy, guidance was provided on how to develop a Tourism Satellite Account (TSA). A review of the data sources and methods used to compile GDP at constant prices was undertaken and improvements to deflators in the construction and service areas were recommended. These data enhancements will improve the understanding of the Cayman Islands economy and will also assist the Cayman Islands in meeting the IMF Special Data Dissemination Standards requirements.