Cayman Islands: Technical Assistance Report-Improving Estimates of Gross Domestic Product
Cayman Islands: Technical Assistance Report-Improving Estimates ... International Monetary Fund
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Cayman Islands: Technical Assistance Report-Improving Estimates of Gross Domestic Product
Publication Date:
October 2, 2023
Electronic Access:
Use the free Adobe Acrobat Reader to view this PDF file.
Summary:
A technical assistance mission was conducted by the Economics and Statistics Office (ESO) of the Cayman Islands to improve the methods of compiling Gross Domestic Product (GDP) by economic activity and expenditure components. The mission also assessed the feasibility of compiling institutional sector accounts (ISA) for the Cayman Islands. Additionally, guidance was provided on developing a Tourism Satellite Account (TSA) due to the significant role of tourism in the economy. A review of data sources and methods used to compile GDP at constant prices was undertaken, and recommendations were made to enhance deflators in the construction and service sectors. These data improvements will enhance understanding of the Cayman Islands economy and help the country meet the requirements of the IMF Special Data Dissemination Standards.
Series:
Country Report No. 2023/342
Frequency:
Regular
English
Publication Date:
October 2, 2023
ISBN/ISSN:
9798400255557/1934-7685
Stock No:
1CYMEA2023001
Format:
Paper
Pages:
20
SDGs, Targets, and Indicators
-
SDGs Addressed or Connected to the Issues
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 12: Responsible Consumption and Production
-
Specific Targets Based on the Article’s Content
- Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries
- Target 9.1: Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all
- Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources
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Indicators to Measure Progress towards the Identified Targets
- Indicator 8.1.1: Annual growth rate of real GDP per capita
- Indicator 9.1.1: Proportion of the rural population who live within 2 km of an all-season road
- Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries | Indicator 8.1.1: Annual growth rate of real GDP per capita |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.1: Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all | Indicator 9.1.1: Proportion of the rural population who live within 2 km of an all-season road |
| SDG 12: Responsible Consumption and Production | Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources | Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP |
The article discusses technical assistance provided to the Cayman Islands to improve estimates of Gross Domestic Product (GDP) and compile institutional sector accounts (ISA). These efforts are connected to several Sustainable Development Goals (SDGs).
SDG 8: Decent Work and Economic Growth is addressed as the article focuses on improving GDP estimates, which is a key economic indicator. Target 8.1 specifically aims to sustain per capita economic growth, and the article mentions recommendations for improving deflators in the construction and service areas, which can contribute to achieving this target. The indicator to measure progress towards this target is the annual growth rate of real GDP per capita (Indicator 8.1.1).
SDG 9: Industry, Innovation, and Infrastructure is connected to the article as it mentions guidance provided on developing a Tourism Satellite Account (TSA) for the Cayman Islands. This supports the development of quality, reliable, sustainable, and resilient infrastructure, as stated in Target 9.1. The indicator to measure progress towards this target is the proportion of the rural population who live within 2 km of an all-season road (Indicator 9.1.1).
SDG 12: Responsible Consumption and Production is relevant as the article discusses improvements in estimating GDP by economic activity and expenditure components, which contributes to achieving sustainable management and efficient use of natural resources, as stated in Target 12.2. The indicator to measure progress towards this target is the material footprint, material footprint per capita, and material footprint per GDP (Indicator 12.2.1).
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Source: imf.org
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