Cayman economy grew more than expected

| 19/03/2018 | 26 Comments

Cayman Islands GDP(CNS): The Cayman Islands gross domestic product (GDP) is estimated to have grown by 2.4% in the first nine months of 2017, an increase of  0.3% on the projected forecast. Officials from the Economics and Statistics Office showed economic activity was up across most sectors last year but it also led to price hikes and an inflation rate of 1.9%. Indicators show economic performance improved because of growth in construction, tourism, utilities and the financing and insurance sector, which alone grew by 1.2%. Government’s coffers also grew and there was an overall surplus of CI$115 million in the first nine months of 2017.

“The solid performance of the economy in the first three quarters of the year coupled with expectations of robust growth in the fourth quarter has resulted in an upward revision to the forecast for the year to 2.4% from 2.1%,” officials said.

The public purse benefited from the economic growth, with an increase in revenue of 1.8% as a result of the rise in domestic taxes on goods and services and financial services fees. But there was also an increase in government expenditure of 2.1% due to a sharp rise in capital spending. There was good news for government on the debt front, which fell to $464 million at the end of September from $498.7 million in September 2016.

The good news about a growing economy was tempered for some, however, because of an increase in the cost of living. The Consumer Price Index (CPI) rose by 1.9% in 2017 when compared to a year ago. Prices went up in most areas, with the cost of transport increasing by  a whopping 4.9%, fuelled by airline costs, as well as a hike of 2.65% for housing and utilities.

For more information on the latest economic figures visit the ESO website.

Tags: ,

Category: Economy, Politics

Comments (26)

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  1. Anonymous says:

    what a crock of crock!😥 unemployment still exist…yet we employ roughly 30 thousand foreign workers?😠




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  2. Anonymous says:

    In the meantime prices and duties are astronomical and nobody gets any pay rise or bonus. The rich get richer and the poor get poorer. Great innit?




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    • Anonymous says:

      Anyone notice price on some food items going up by dollars not cents in the last couple of months?




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  3. Anonymous says:

    Im sure a chunk of that is dart aquisitions. Once he owns all the land there wont be anymore of those. Cns a good special report would be to uncover the percentage of cayman land dart group of companies now owns




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  4. Anonymous says:

    Oh well then. I guess everything is alright, because money.




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  5. Anonymous says:

    Radio also mentioned 1000 fewer work permits… CNS?




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    • Anonymous says:

      Yes, but what radio? The woody one? Also, in the short time I listened to that (mostly) nonsense of a show this morning I heard them go from something about woody sobbing away at being targeted by Alden (CNS, what was that about?) to the subway time check where they made a dick joke with a 12 foot sub. That show is a mess.




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  6. Anonymous says:

    Thanks hurricane Irma.




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  7. Anonymous says:

    Paradise lost.




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  8. Anonymous says:

    “estimated…”




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  9. Anonymous says:

    The land of milk and honey. We are so blessed. Our beloved Cayman Islands.

    Thank you everyone …together and I do mean together we made this happen.




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    • Anonymous says:

      Agreed, this just goes to show that our Honorable Premier and the rest of the Unity team are doing the right thing for Cayman. We must all get behind our tremendous government and give them all our support. Please change the constitution to allow them all to stay in office for the next 4 years as there is so much more to do. Make Cayman Great Again!!!!




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    • Anonymous says:

      Yes. Agreed. PAVE IT! PAVE IT ALL!




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  10. Anonymous says:

    The larger the GDP of Cayman, the lower the welfare of the average Caymanian.

    That is the definition of bad government.

    Unfortunately, Alden and his cohorts don’t care much for socioeconomics … yet.
    Rest assured he’ll / we’ll care a lot about them when it is far too late … as is everywhere else.




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  11. Anonymous says:

    Inflation 1.2%? Weekly, maybe…not annually…




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  12. Anonymous says:

    thank you ken.




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  13. Anonymous says:

    Yay! Now lets piss it away on a dock we don’t need.




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