Local economy on the up, claims minister

| 26/08/2016 | 39 Comments
Cayman News Service

Finance Minister Marco Archer

(CNS): Finance Minister Marco Archer said that the local economy is on the up after figures released by the Economics and Statistics Office indicated that economic activity in the Cayman Islands, as measured by the gross domestic product, was estimated to have grown by 2.4% in the first quarter of 2016. “The domestic economy continued to strengthen as GDP growth accelerated from the 1.4% recorded in the first quarter of 2015,” Archer said.

Figures supplied by the government number crunchers indicate that the first quarter economic performance was broad-based. But the major sectors fueling economic growth were transport, storage and communication, construction and wholesale & retail trade. The financing and insurance sector, which remains the largest sector, grew by 1.3%, improving on its 0.4% growth in the first quarter of 2015, the ESO stated.

“Overall, the recent performance means that we are on track in achieving the 2.1% forecast GDP growth for the year,” Archer said, as he pointed to the continued improvement for the public purse as well.

“The fiscal performance continued to improve,” he added, with the government surplus amounting to $180.4 million, $28.5 million higher than a year ago. The central government’s outstanding debt was lower by 4.1% and settled at $508.4 million.

According to the quarterly report, the consumer price index fell by 2.8% due to a fall in housing, utility and transport costs. Non-oil related imports fueled an increase by 11.9% to $197.9 million boosting duty collection for government.

There were mixed results in the quarter for the financial sector, as bank and trust company registration continued to fall this time by 8.2%, and insurance licences fell by 6%. Stock exchange listings also fell by 1.1% to reach 1,064. New company registrations declined too by 6.4% after two years of double-digit growth. But mutual funds increased overall by 2% and new partnership registrations grew 8.7%.

In the tourism sector, cruise ships were bringing in 12.5% more passengers but a variety of issues have combined to push air arrivals down, as overnight visitors fell by 2.5%. Meanwhile, in the property market the value of building permits fell by 20.7% but project approvals rose by 124.5% and the value of property transfers more than doubled to reach $305.4 million.

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  1. Anonymous says:

    Hilarious….everybody believes the Government announcements when it is a “work permit holder” bashing opportunity but when it is factual good news then it is seen as lies and propaganda. It is hilarious when Caymanians are caught doing something corrupt and illegal it must be some “mistake” as it is only expats that commit crimes. The negativity here astounds me….revel in the good news as other countries would be overjoyed with such information and time to lose the chips on your shoulders!!!

    • Anonymous says:

      What? Are you a Caymanian, if not then this would explain why its all good for you. Are you living in Cayman? I dont see anything looking up for the average joe here, besides the increasing amount of work to pay the increasing amounts for bills…

  2. Foreign Devil says:

    Great work PPM!

  3. Anonymous says:

    The only unemployed Caymanians are those with bogus Mickey Mouse College qualifications and /or terrible attitude/work ethic/illiterate interview skills. It was ever thus and has been the case for at least 30 years. There are, however many Caymanians doing really well in both Government and the private sector proving that Caymanians are like others, some are hard workers and some are total wasters. Ezzard will never change that world dynamic.

  4. SSM345 says:

    When I see announcements like this from our Govt, whilst looking around at the majority of my fellow residents / Caymanians, it makes me wonder what the f**k they are smoking in the LA. Did they legalize ganja and haven’t told us yet?

  5. Anonymous says:

    10% of the population may have been able to feel benefits of economic increase and been able put more money in their pockets, the rest continues to live paycheck to paycheck (and that includes middle class families).

    So no, just because Government has managed to collect more cash (perhaps because they finally do their job), doesn’t mean that the economy has increased for the small man on the street!

  6. anonymous says:

    If the economy is performing, it is despite the PPM and certainly not because of. They were quick to point out that they did not cause the global financial crisis the last time the bottom fell out the bucket, but seem happy to take credit for the global recovery now.

    Mr. Archer, tell us one policy that you’ve implemented to positively impact the economy for the small man. Every week my dollar buys less at the grocery store and evey time I fill up my car seem to carry me a few less miles for the same $50 of gas.

    My salary continues to remain depresesd because my compensation is now benchmarked against cheap imported foreign labor. I am rowing and bailing as hard as I can, still this boat I call my home keep sinking.

    The statistics do not reflect the true state of the economy sir, you have to review your data set for outliers or the ESO for liars . we are suffering and it is not for a lack of effort or ambition.

    • Anonymous says:

      It is not Archer’s responsibility to take you out of your unfortunate circumstances….market forces dictate who buys and at what price.

  7. Anonymous says:

    Cayman haters gonna hate, good times and bad.

  8. Michel Lemay says:

    Now we need more Caymanians working and not more work permits. You would think it was #1 priority. Needed : Potential future Politicians with a passion for Caymanians and our Cayman Islands, smart, honest, motivate ans not corruptable. All others no need to apply. l

  9. Anonymous says:

    What a pile of nonsense. People are still losing their jobs, bank are still for losing on homes, qualified Caumanians d ( especially in the tourism) still cannot get hired, wo

    • Anonymous says:

      Are you surprised when you write like that? Easy to blame everyone else for problems only you can solve.

    • Anonymous says:

      What a pile of nonsense , people are still losing their jobs, banks are still foreclosing on homes, qualified Caymanians , including those with qualifications and experience in the tourism sector still cannot find work while work permits continue to go up and Marco Archer has the audacity to talk about the economy getting better. Maybe it is but I have to ask for whom is it getting better?. He and his cohorts can still feed their families healthy foods but I hope he can take his head out of the sand/ his plate long enough to see that many of us are not that fortunate. His intentions perhaps are good but please do not insult us with that statistics rubbish because some of us understands clearly that statistics can be easily manipulated.

    • Harauguer says:

      McKeeva, is dat you?

  10. Anonymous says:

    Mr Archer… Come visit Cayman Brac

  11. Anonymous says:

    all down to dart investment…..and the fco budgetry controls….thank you both.
    ppm …as predicted…have done nothing….

  12. Anonymous says:

    Marco, Marco, Marco…manipulating the numbers to make it look good still does not do a damn thing for us out here barely making a living..get your head out of the sand,man..Start trying to relate to the common man and see that we are hurting..these things you think will help you get re-elected but your people will see differently…

  13. Anonymous says:

    These stats don’t lie. This is the busiest slow season I have ever seen. Restaurants are full lots of cars on the road. These are great times people. Enjoy.

  14. Anonymous says:

    Too many ####s They use that to confuse the hell out of us normal people . just saying

  15. Ah Marco says:

    Great Minister but please point out that contractions in financial services and stay over tourism have long term consequences such as reducing the number of jobs available in the economy for Caymanians. This is the same old PPM song ….Things are great for everyone else but not for us Caymanians

    • Anon says:

      Well said!

    • iTS ME YES ITS ME says:

      Hear Hear 8:55. it is hard to understand that people who not long ago told the Caymanian public that Better days were ahead and that they would all be working for the love of country, are still spewing political rhetoric and cant see that they have been total ineffective in making Cayman a better place to live and a land of opportunity for its own . Until we elect people who have a vision AND A PLAN TO BETTER THESE ISLANDS AND ITS PEOPLE AND ARE PREPARED TO DIE DOING SO, WE WILL BE THE SAME EVERYTIME EVERY CYCLE.

  16. Anonymous says:

    Economy is up for WHO????

  17. Anonymous says:

    Consumer prices went up, wages stayed the same.
    Yes it goes well with the economy.

  18. Anonymous says:

    Spin City, Neverland!

  19. Anonymous says:

    Economy went up ?
    You mean prices went up.

  20. Anonymous says:

    Judging by all the other comments I have read lately, this is also a direct result of Commissioner Baines going!

  21. Anonymous says:

    If the truth isnt convenient for you Bobo feel free to keep yourself quiet so the rest of us can enjoy the steadily increasing benefits in the country!

  22. Anonymous says:

    Bullshit.

  23. anonymously says:

    If there is one MLA who will be re-elected, it certainly will be Marco Archer! I would go so far as to say, he could start his own political party and be successful.

  24. Statistics 101 says:

    He has become pompous like all the rest. This is Archer’s version of voodo economics and an alternate reality under the Regressives. You are not fooling anybody Marco except yourself and your comrades the reality that Caymanians are experiencing is very different in our world.

  25. Anonymous says:

    Marco’s lies, damn lies and statistics…

    These guys have no clue that the middle class of Cayman is dying..

    He needs to drive around his district and speak to some people and I am not talking about just those in South Sound..

  26. Allar says:

    Which country Marco is living in?

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