Economy
Cargo port could curb inflation, claims minister
(CNS): The finance minister came up with a new justification for the cargo element of government’s controversial cruise berthing project Wednesday, as he addressed members of the Cayman Islands Chamber of Commerce. Roy McTaggart noted that the increase in inflation was a reflection of Cayman’s successful economy and its “high level of activity”. But, he […]
Inflation averaged 3.3% in 2018
(CNS): A fall in the country’s inflation rate in December led to an average rate for 2018 of 3.3%, as the consumer price index fluctuate wildly last year from a high of almost 5% at the end of June to a drop to 1.7% at the end of the year. The problem of inflation continues […]
Premier predicts further fall in unemployment
(CNS): Premier Alden McLaughlin has said that when the fall 2018 Labour Force Survey results are released by the Economics and Statistics Office, it will show that unemployment has dropped to its lowest rate in more than decade. He said the overall rate is expected to be just 2.9%, and among Caymanians it will have […]
Economy grew 3.7% in first half of 2018
(CNS): The Economics and Statistics Office has published the half-year report for the first six months of last year, which confirms that the Cayman Islands economy was heating up during the period, with gross domestic product estimated to have grown by 3.7%. All major sectors grew, fuelled by a strong increase in visitors and financial services […]
CIG working to offset inflation, says minister
(CNS): Finance Minister Roy McTaggart said government was “committed to continuously looking for ways to offset the burden of inflation on the average Caymanian”, in response to CNS enquiries about the issue, which has raised real concern among readers. The minister told us that the rising prices Cayman faces are largely external in nature, driven by international […]
Inflation undermining economic success
(CNS): The good news that government has been promoting over the last few years, that the economy is growing and the public is benefiting from this improvement in the Cayman Islands’ domestic fortunes, is now being challenged by persistent levels of inflation, which is eating away at the limited disposal income of many people. In […]
CIG on track for whopping surplus
(CNS): Government’s fiscal performance is on track for a record surplus. The financial results for the first nine months of this year show the public purse bursting at the seams with a net surplus of $183.8 million. A 99% increase on the projected figures, government has already collected $91.3 million more than it had budgeted. Officials […]
Local economy heating up with 4% growth
(CNS): The local economy is growing much faster than predicted, and while this is good news for business and government coffers, the increased economic activity across all major sectors is fuelling inflation. Gross domestic product was up 4% in the first quarter of 2018, and consumer demand led to the highest second quarter growth in imports since 2005 […]
Local inflation increases by more than 3%
(CNS): New figures from the Economics and Statistics Office show a worrying trend for Cayman, with inflation growing by 3.2% in the first quarter of 2018. Although the country saw what officials described as “robust growth” through 2017, with the gross domestic product rising by 2.9%, the inflation level is impacting the man on the […]
Cayman’s 2017 imports highest for ten years
(CNS): The increase in the price of oil and the volume imported was behind a surge in the value of imports to Cayman last year of more than $23 million. But in a sign of improving economic fortunes for some residents, people living in Cayman also purchased a lot more goods. Figures from the Economics […]
Unemployment persists despite economic growth
(CNS): The finance minister painted a rosy picture of Cayman’s economic growth and government’s fiscal prudence when he appeared at an economic forum Friday. Roy McTaggart pointed to growth in the economy of 2.9% in 2017, with the construction and tourism sectors leading the way, but Minister Roy McTaggart also revealed that Cayman’s unemployment rate […]
