Caymans’ economy expanded by an estimated 1.9% in the First Quarter
Economic activity in the Cayman Islands as measured by the gross domestic product (GDP) in real terms is estimated to have increased by 1.9% in the first three months of 2020.
Indicators suggest that the growth in economic activity was broad-based with only the hotels and restaurants sector(-13.8%) declining for the period. Sectors which recorded notable growth for the period were construction (11.9%), electricity and water supply (6.1%) and reals estate (5.3%). The financing and insurance services sector, which remains the largest contributor to GDP grew by an estimated 1.3% for the quarter.
Economic activity for the quarter was negatively impacted by the closure of Cayman’s borders in the latter half of March 2020, which led to general declines in stay-over and cruise passenger arrivals.
The central government recorded an overall surplus of CI$176.3 million in the first three months of the year. This resulted from revenue of $353.2 million and expenditure $176.9 million increase.
The central government’s outstanding debt fell anew and settled at $279.3 million as at March 2020, lower than the $417.4 million recorded as at March 2019.
For more information on the “The Cayman Islands’ First Quarter Economic Report 2020,” please visit www.eso.ky.