Cayman GDP increased to 3.6% in first quarter of 2024
(CNS): Economic activity in the Cayman Islands, as measured by the gross domestic product (GDP) in real terms, is estimated to have increased by 3.6% in the first three months of 2024 as the country continued its road to recovery after the 2020 pandemic which decimated the tourism sector for over two years.
The return of visitors has helped broad-based growth in economic activity as well as direct improvements in the hotel and restaurant sector, which grew by over 12%, according to the Economics and Statistics Office.
The First Quarter Economic Report, one of several reports recently published by the ESO, shows that despite the improvement in the tourism sector, the financial and insurance services sector remains the largest contributor to GDP.
The sector grew by an estimated 3% for the quarter, fuelling the rise in GDP. In real terms, gross domestic product (GDP) is estimated to have expanded at an annualised rate of 3.6% for the first three months of 2024 and is forecast to expand by 2.8% by the end of year-end.
The real estate and construction industries increased by 3.3% and 2.9%, respectively, during the first quarter of this year, even as government ministers have been implying that development was being hampered by the National Conservation Act.
The ESO said that the economic performance in the first quarter supports the macroeconomic outlook for the calendar year 2024. As the sector approached its pre-pandemic levels, a decelerating pace of expansion was expected in tourism services for the latter part of the year. Despite the normalisation of
accommodation services, activities in financial services were expected to remain robust for the year.
The report offers a snapshot of the economy and government finances for the first quarter, including details such as the number of civil servants employed as of 31 March (4,678) and the number of residential mortgage foreclosures, which, according to data supplied by CIMA, stood at 63 properties valued at US$18.8 million at the end of March. This represents an increase from the 51 properties valued at US$14.6 million in 2023.
See the full report on the ESO website here.
- Fascinated
- Happy
- Sad
- Angry
- Bored
- Afraid
What is particularly interesting and mind numbingly laughable is the info on inflation starting on page 6 of that report. Appearantly the inflation on food went from 12.3% DOWN to 1.1%. What universe is that happening. Not at Fosters bobo.
All it means is that the 1% of our population living in the gated communities and on Seven ( er, three) Mile Beach are doing fantastically well while the rest of us are struggling. GDP is and always has been a totally meaningless statistic, especially in places like Cayman.
What exactly is the GDP ?
Gross Domestic Product. It’s an dollar/percentage indicator of the goods and services pruduced in Cayman. It’s a nice stat showing how the country is doing, but it means and tells nothing about the average person.
This is really rich (pun intended)!
In light of the OAG’s recent report of the dismal state of financial reporting within Government, 4 statutory authorities hemorrhaging public funds, almost every other SA and the Entire Public service severely delinquent in compliance or in breach of FFR requirements – major expenditures without tender, using a 13-year old tender, etc., etc!!
These are the stewards of public finances who we must believe that our GDP has increased???
Morons in charge!!
GDP increasing despite cruise arrivals declining.
Further supporting that the new cruise pier is not necessary.
GDP increase 3.6% for Who ? The dire reality Caymanians facing where sympathy without relief don’t mean $#@%.
GDP. Get the Darned Plane!
locals are intentionally underpaid, misrepreaented and sold out.
Wuth Impunity?? No.
Sauders will see to it going in reverse.
What about the increase in costs for our Civil Service, we have more civil servants per capita than any other country!.
Is that adjusted for inflation? Most likely not, which means the actual GDP went down
GDP growth is always quoted in real terms aka inflation adjusted.
We have a lot of everything per capita compared to most countries. It’s because we’re small, so the number is adjusted, it doesn’t mean we physically have more. The US civil service has over 19 million people working at local, state and federal levels; it seems like a lot until you remember the US has 330 million people.
With benefits that make Maples HR blush.
Calling the CIG’s civil service whereas it plays more and more by the day the role of a social welfare program is kid of funny 😄 🤣 ! If it oinks like a pig , smells like a pig and squeals like a pig at the perspective of any alteration of its earthly comfort…
“Ahhh Swill Stroganoff…. Wait for me!” Credits Miss Piggy in Pigs in Space, The Muppet’s Show
https://youtu.be/2mUlo9kb8Ig?feature=shared