Tag: Economics and Statistics Office
Compendium reveals myth of development struggle
(CNS): The persistent complaint from the development lobby and their political supporters was exposed as a myth in the latest edition of the Compendium of Statistics published by the Economics and Statistics Office. The idea that developers are struggling to get things done because of the National Conservation Act was revealed to be totally false […]
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.
Dump and development bring down quality of life score
(CNS): In Cayman’s first ever official Quality of Life Survey Report, the Economics and Statistics Office has made an attempt to measure and score how the population feels about the quality of life here, going beyond the traditional economic measurements of wealth, such as GDP, that have been the yardsticks for how well nations are doing […]
Official estimate of population is almost 88,000
(CNS): As of June this year, the estimated population of the Cayman Islands had risen to 87,866, a more than 5% increase on the 2023 figure and a growth in headcount of around 3,000 people from December 2023, when the population stood at 84,738. The number of Caymanians rose by just 2.5% to 39,897, while […]
Local jobless rate at 4.9% as workers grow to 62k
(CNS): The significant growth in the workforce over the last year has done little to assist the local unemployment rate, which was still running at 4.9% at the end of April. According to the results of the ESO’s Spring 2024 Labour Force Survey, over 61,000 people are currently in work, an increase of 6.5% compared […]
Over half the workforce earns $4k or less a month
(CNS): Some 58% of workers in the Cayman Islands are earning $4,000 or less per month, which, given the cost of living here, means most people are struggling to make ends meet despite having full-time jobs. The figure comes from the ESO’s Occupational Wage Survey, which was published Friday and gives a snapshot of how […]
GDP grows by 4.2%, nears CI$71k per capita in 2023
(CNS): The Cayman Islands’ real gross domestic product (GDP) expanded by an estimated rate of 4.2% last year, a slight decline from the growth of 5.2% in 2022. The nominal GDP per capita income was estimated at $70,985 for 2023 even though, according to the last Labour Force Survey, well over 60% of the working […]
2024 Inflation rate slows but COL still crippling families
(CNS): In the second quarter of 2024, the Consumer Price Index (CPI) was 132.7, which is 1.7% more than the second quarter of 2023, with eight out of the twelve divisions recording higher price indices. And while the rate of inflation may be slowing, given the historic highs over the last few years and the […]
Non-oil imports grow 3.6% to over $1.31 billion
(CNS): The total value of goods imported into the Cayman Islands last year was $1.53 billion, an increase of 2% over the previous year, according to the Foreign Trade Report 2023 produced by the Economics and Statistics Office. The value of non-petroleum products grew by 3.6% from 2022 to over $1.31 billion, while the value […]
Inflation rate at odds with real life experience
(CNS): The first quarter inflation rate for 2024 was 1.5% above the rate for the first three months of 2023 and around 0.3% higher than the rate at the end of the year, according to the Economics and Statistics Office. But with inflation running so high in the Cayman Islands over the last three years, […]
Growth in WPs undermining economic growth
(CNS): Recent revelations from the 2023 Fall Labour Force Survey about the size of the workforce and the increase in local unemployment to over 5% from just over 3% last year while work permit numbers remain high raise questions about the health and sustainability of Cayman’s economy. Last year, the economy grew by about 4% […]
