Cayman Islands: Technical Assistance Report-Report on National Accounts Mission Rebasing of Gross Domestic Product (August 5–9, 2024)
Technical Assistance Reports, April 30, 2025
Source details
- Canonical URL
- Cayman Islands: Technical Assistance Report-Report on National Accounts Mission Rebasing of Gross Domestic Product (August 5–9, 2024)
Other formats
Bibliographic details
- Published: April 30, 2025
- Series: Technical Assistance Reports
- DOI: https://doi.org/10.5089/9798229008594.019
Mission overview
- A technical assistance (TA) mission was conducted from August 5 to 9, 2024, in response to a request from the Economics and Statistics Office (ESO) of the Cayman Islands.
- Objective: support the improvement and rebasing of Gross Domestic Product (GDP) by updating the base year of the National Accounts Statistics through development of Supply and Use Tables (SUT).
- Concurrent initiative: ESO will compile the first six tables of a Tourism Satellite Account (TSA) within the SUT framework.
Data sources and SUT development
- Key new data source: 2023 Household Budget Survey (HBS) to inform SUT and HFCE estimates.
- Recommendations to expand the product dimension of the SUT, with emphasis on transportation goods, to improve estimates of:
- Gross Fixed Capital Formation (GFCF)
- Household Final Consumption Expenditure (HFCE)
- Intermediate Consumption (IC)
- Guidance provided on SUT compilation and structure for integration with TSA tables.
Industry and product classification; TSA
- Guidance on updating industry classification to the draft Revision 5 of the International Standard Industrial Classification (ISIC).
- Special attention to new classifications for Accommodation Services.
- Support provided for TSA compilation within SUT framework.
- Data issues identified that require further attention, especially in Balance of Payments, which affect TSA consistency.
Methodological recommendations and backcasting
- Recommended enhancing backcasting methods by:
- Incorporating variable ratio approaches.
- Defining a link year to ensure improved historical consistency and methodological robustness.
- Emphasis on methodological robustness for rebasing and historical series alignment.
Key publication facts and identifiers
- Publication date on landing page: April 30, 2025
- Pages: 47
- Volume: 2025
- Issue: 045
- Series: Technical Assistance Report No. 2025/045
- DOI: https://doi.org/10.5089/9798229008594.019
- Stock No: TAREA2025045
- ISBN: 9798229008594
- ISSN: 3005-4575
International Monetary Fund. Cayman Islands: Technical Assistance Report-Report on National Accounts Mission Rebasing of Gross Domestic Product (August 5–9, 2024).
Content in this bundle
- tarea2025045-print-pdf