Home / News / Economic output expanded anew in 2012

Economic output expanded anew in 2012

"The country’s Gross Domestic Product (GDP) at constant prices rose by an estimated 1.6 percent in 2012 following a 0.9 percent growth in 2011."

The country’s Gross Domestic Product (GDP) at constant prices rose by an estimated 1.6 percent in 2012 following a 0.9 percent growth in 2011. This was the highlight of the Cayman Islands’ Annual Economic Report 2012 released by the Economics and Statistics Office.

The Honourable Minister of Finance Mr Marco Archer stated ⫿I am pleased to note the second consecutive year of economic growth recorded for the Cayman Islands which is attributed to increased activity in a number of sectors including hotels and restaurants, wholesale and retail trade, construction, transport, storage and communication, and financing and insurance services.???

The growth in GDP consequently boosted nominal per capita GDP to $45,847 in 2012 from $45,281 in 2011.

The Cayman Islands’ GDP is forecasted to grow better at 2.0 percent in 2013. This is contingent on continued recovery in stay-over tourism, greater activity from private sector construction projects and stability in financial services. Inflation is expected at 2.1 percent as risks are likely to arise from international food prices.

The overall fiscal deficit of the central government fell in 2012 to $27.6 million, the lowest amount in six years. ⫿This was achieved by a combination of growth in revenue and a decline in overall spending,??? added the Honourable Minister.