Economy Grew by 0.8% in the First Quarter
"The Cayman Islands’ economy grew by an estimated rate of 0.8 percent in the first quarter of 2012."The Cayman Islands’ economy grew by an estimated rate of 0.8 percent in the first quarter of 2012.
The Honourable Premier and Minister for Finance, Mr McKeeva Bush stated ⫿The modest growth reflects the sustained recovery of tourism-related sectors such as hotels and restaurants, wholesale and retail trade, and transport, storage and communication.???
Contributing to the sustained performance of tourism was the improvement in air arrivals by 2.5 percent and in cruise ship arrivals by 8.4 percent.
The Premier also added, ⫿There was also a modest turn-around estimated for the construction industry, which I believe was partly due to Cabinet’s decision to grant a partial duty waiver for building materials. The duty waiver was intended to achieve this purpose.???
Overall growth of the economy was supported by an increase in merchandise imports by 8.4 percent to reach CI$184.6 million. Imports of both fuel and non-fuel merchandise were on the uptrend.
Meanwhile, commercial banks’ credit to the private sector expanded by 3.8 percent while public sector indebtedness to the local banking sector increased by 20.4 percent.