Economy
Bryan challenges report on low value of Cayman tourism
(CNS): Tourism Minister Kenneth Bryan has criticised a report by regional economist Marla Dukharan on the Cayman Islands’ economic fortunes in which she found that the tourism sector contributes a relatively small amount to the economy. Challenging the narrative that tourism is a twin pillar alongside financial services, Dukharan said that Cayman is almost entirely […]
Cayman’s GDP grew by 3.6% in the first half of 2023
(CNS): According to the Cayman Islands Semi-Annual Economic Report 2023 by the Economics and Statistics Office, the gross domestic product grew by an estimated 3.6% in the first half of last year. However, with inflation running at around 5.3% during the same six-month period, few people benefitted from the expanding economy. The weighted average lending […]
Inflation begins to slow but averaged 3.8% in 2023
(CNS): The cost of living rose by an average of 3.8% last year compared with 2022, the Economics and Statistics Office confirmed after releasing its Consumer Price Index Report for 2023 this week. While inflation slowed last year, particularly during the last quarter, the rise in the CPI followed the 9.5% average increase during the […]
Data suggests Cayman can sustain $10 minimum wage
(CNS): Pressure from the business community led the Minimum Wage Advisory Committee (MWAC) to recommend an increase to the national basic pay of just CI$2.75 per hour, rising from the current meagre CI$6 to $8.75 per hour, even though their research and data from the Economics and Statistics Office indicated that businesses could manage an […]
Inflation slowing down but prices still climbing
(CNS): The price of food, rent, utilities and clothes all increased during the second quarter of this year. The local inflation rate is still rising, even though it has slowed down to 4.1% from its peak of over 12% in the summer of 2022. The Consumer Price Index (CPI) between March and June was 130.4, […]
Premier admits Cayman’s economic success gap widening
(CNS): The Cayman Islands economy is doing well with GDP growth at 3.7% and estimated at US$70,790 per capita, the creation of over 8,900 jobs post-pandemic, an unemployment rate down to 3.6% among local people, a human development index of 0.877 and a $40million surplus for public finances. Nevertheless, there are a number of significant […]
Opposition to question minister on potential recession
(CNS): When legislators meet in parliament next week, among the 21 parliamentary questions that members of the opposition intend to put to the government, Opposition Leader Roy McTaggart will be asking Finance Minister Chris Saunders what the chances are that the Cayman Islands will face a recession next year. McTaggart wants to know the “government’s […]
Value of imports grows 25% in first half of 2022
(CNS): The total value of merchandise imports grew by 25.2% to $387.56 million during the first quarter of this year compared to the $309.47 million worth of goods imported in 2021, largely as a result of high fuel prices, as petroleum-related products increased in value by 113%, the Economics and Statistics Office has reported. Growth […]
Inflated demand drove 1.8% GDP growth in 2021
(CNS): What economists described as a pent-up demand as well as robust growth in financial services led to an inflation-fuelled expansion in domestic output last year, with the real gross domestic product (GDP) estimated to have expanded by 1.8%. The Cayman Islands Annual Economic Report 2021, released by the Economics and Statistics Office (ESO) Thursday, revealed […]
Inflation soars to record level of over 12%
(CNS): The consumer price index (CPI) increased by 12.1% in the second quarter of 2022 when compared to the same period in 2021, according to a release from the Economics and Statistics Office. The CPI was also up by 2.2% on the already recording-breaking levels of inflation for the first quarter of 2022.
Government promotes support as COL crisis worsens
(CNS): Caymanians are being warned that it could be some time before there will be any easing of the global cost of living crisis that is having a dramatic effect locally. With escalating prices and the challenge that creates for ordinary people, the Cayman Islands Government has launched a national campaign to raise awareness of […]
