Solid Growth Continues for the First Nine Months of 2017
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 nine months of 2017.
Indicators show that the economic performance in these Islands for the first nine months of the year was broad-based, led by expansions in construction, hotels and restaurants, electricity and water supply and business activities. Growth in hotels and restaurants was firmly supported by a rebound in air arrivals which grew by 5.3%.The financing and insurance sector, which remains the largest sector, continued its solid performance in recent times growing by 1.2%.
The solid performance of the economy in the first three quarters of the year coupled with expectations of robust growth in the fourth quarter has resulted in an upward revision to the forecast for the year to 2.4% from 2.1%.
The central government recorded an overall surplus of CI$115.0 million in the first nine months of 2017, an improvement from the surplus of CI$114.1 million a year ago. This resulted as growth in revenue (1.8%) outweighed a rise in expenditure (2.1%). The increase in revenue was generated mainly from domestic taxes on goods and services, including accommodation and financial service fees. The rise in expenditure is traced to a sharp increase in capital spending.
The central government’s outstanding debt fell anew and settled at $464.0 million as at September 2017, lower than the $498.7 million recorded for the same period in 2016.
More information on Economic Reports
Host Barrie Quappe sits down with Hon. Roy McTaggart, the Minister for Finance and Economic Development, Ms. Maria Zingapan ESO Director and Mr Michael Nixon, the ESO Deputy Financial Director to discuss what Government Statistics about our Economy really mean.