Economy
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 […]
McTaggart: Gov’t has room to cut all fuel duty
(CNS): Opposition Leader Roy McTaggart said the Cayman Islands Government should cut duty on fuel to zero, removing the 75 cents tax it adds to each gallon at the pump and the 25 cents it charges CUC, until the end of the year to help people deal with the soaring cost of living. Speaking Tuesday […]
Non-exec civil servants to get 4.5% COLA by year-end
(CNS): Civil servants on Grade E and below on the salary scale can look forward to three special payments of $150, which they will receive this month and in July and August, to help them navigate the increasing cost of living. This precedes a 2% increase in pay that will be rolled out across the […]
CIG will help over 20,000 families with light bills
(CNS): The Cayman Islands Government has set aside around $5-6million to help families in need meet the rising cost of residential electricity bills and the additional fuel costs, according to Premier Wayne Panton. Responding to a statement by Opposition Leader Roy McTaggart in Parliament Thursday evening, asking how the government was going to provide relief […]
Inflation running at record high of 11.2%
(CNS): The Consumer Price Index (CPI) increased by 11.2% in the first quarter of this year when compared to the same period in 2021. All twelve CPI divisions recorded increases in average prices, with housing and utilities increasing by more than 20% and fuel by over 29% over the last 12 months. While residents of […]
Fuel import costs increased 44% in 2021
(CNS): Petroleum and petroleum-related import costs grew by 44% last year, reaching a record $128.9 million as a result of the high average prices of all major fuels brought into the country, according to the Annual Foreign Trade Statistics Report published by the Economics and Statistics Office on Thursday. The report reveals that the total […]
Expert to advise on merging nature into economy
(CNS): Economist Ralph Chami, the assistant director at the International Monetary Fund (IMF) and co-founder of Rebalance Earth, which advocates for integrating natural capital into economies, will be visiting the Cayman Islands for five days, arriving on Sunday, Premier Wayne Panton has announced. While here Chami will be participating in various events and engagements, sharing […]
