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Latest Indicators

Estimated Gross Domestic Product:
8.2%, Jan - Sept 2020 / Jan - Sept 2019
Gross Domestic Product Actual:
6.7%, Dec 2020 / Dec 2019
Average Consumer Price Index (CPI):
1.0%, March 2021 / March 2020
Total Population:
65,786, as of Fall 2020
Unemployment Rate:
5.2%, as at Fall 2020
Merchandise Imports ($):
2.4% Jan - Mar 2021 / Jan - Mar 2020
Balance of Payments Current Account Deficit % GDP:
18.3% of GDP, Dec 2019
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Home / News / Economic Growth Strengthened in the First Quarter

Economic Growth Strengthened in the First Quarter

"Economic activity in the Cayman Islands as measured by the gross domestic product (GDP) is estimated to have grown by 2.4% in the first quarter of 2016."

Economic activity in the Cayman Islands as measured by the gross domestic product (GDP) is estimated to have grown by 2.4% in the first quarter of 2016.

 

“The domestic economy continued to strengthen as GDP growth accelerated from the 1.4% recorded in the first quarter of 2015,” stated Hon. Marco Archer, Minister for Finance and Economic Development.

 

Indicators show that the first quarter economic performance was broad-based. The major sectors that contributed to growth were transport, storage and communication, construction and wholesale & retail trade. The financing and insurance sector, which remains the largest sector, grew by 1.3%, improving on its 0.4% growth in the first quarter of 2015.

 

“Overall, the recent performance means that we are on track in achieving the 2.1% forecast GDP growth for the year,” Minister Archer explained.

 

“I am also pleased to note that the fiscal performance continued to improve,” he added. The fiscal surplus in the first quarter amounted to $180.4 million,   $28.5 million higher than a year ago. The central government’s outstanding debt was lower by 4.1% and settled at $508.4 million. 



Tags: Economic Growth, cayman islands,