Tag: Economics and Statistics Office
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% […]
ESO prepares to begin labour and quality of life surveys
(CNS): The Spring Labour Force Survey (LFS) and the Quality of Life Survey (QLS) conducted by the Economics and Statistics Office will begin on Sunday, 28 April, and the ESO is urging people to take part as the Cayman Islands continues the quest to improve data collection. The LFS seeks information on employed and unemployed […]
Local unemployment up to 5% even as workforce grows
(CNS): Unemployment statistics appear to be going in the wrong direction, according to the latest numbers from the Economics and Statistics office. The Labour Force Survey (LFS) Fall 2023 Report shows that the overall unemployment rate was 3.3% in October last year, but the number of Caymanians out of work had increased to 5% (357 more people) […]
Civil service headcount increased 4.6% in Q3 of 2023
(CNS): Alongside the unprecedented growth in work permits over the last year, the civil service headcount grew by 203 (4.6%) between September 2022 and September 2023, when it stood at 4,629, according to the Economics and Statistics Office’s latest publication. The Third Quarter Economic Report 2023 said there were 36,079 work permits during this period, […]
Cayman continues to import a huge volume of vehicles
(CNS): According to the unaudited Third Quarter Economic Report 2023 covering government earnings and spending up to the end of September, a significant boost to the surplus at the time came from fees on imported motor vehicles. The earnings surpassed budget expectations by $7.8 million due to the volume of vehicles being imported. While the […]
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 […]
