Growth Estimates by Industry Shows Higher GDP Growth in 2014
"The Cayman Islands’ System of National Accounts Report 2014"
The Cayman Islands’ System of National Accounts Report 2014 which presents the economic performance of the various industries contributing to the country’s Gross Domestic Product (GDP) is released today.
“The GDP estimate for 2014 based on data collected from local businesses shows that the local economy expanded by 2.4 percent, exceeding the 2.1 percent earlier estimate for the year based on indicators reported in the 2014 Annual Economic Report released in July,” the Minister for Finance & Economic Development, Honourable Marco Archer stated.
Sixteen (16) of the country’s 18 industries posted improved economic performance in 2014. Agriculture & fishing posted the highest growth of 8.3 percent. This was followed by other services such as diving and related activities (5.1%); human health & social work (4.9%); hotel & restaurants (4.9%); administrative & support services activities comprising mainly of security and car rental services (4.8%); and professional, scientific & technical activities which mainly includes legal and accounting services (4.4%).
The financial and insurance services industry recorded growth of 1.0 percent in 2014, on the back of the expansions in insurance services (2.6%) and monetary & financial services (0.6%). The 2014 performance of the industry improved on the 0.3 percent growth in 2013.
With the growth in 2014, the country’s GDP per capita in current prices reached CI$48,642, higher by 3.3 percent compared to 2013.
For more information on the “The Cayman Islands’ System of National Accounts Report 2014,” please visit www.eso.ky.