The Cayman Islands' System of National Accounts 2010
"The Cayman Islands’ System of National Accounts 2010 which presents estimates of the Gross Domestic Product"The Cayman Islands’ System of National Accounts 2010 which presents estimates of the Gross Domestic Product (GDP) for the entire country has been completed by the Economics and Statistics Office.
The Hon. Premier and Minister of Finance, Tourism and Development welcomes the release. He notes that while there was a contraction in the real value of gross domestic product (GDP) in 2010 by 3.4 percent when compared to 2009, there were signs that the rate of decline has abated. In 2009, GDP fell by 6.9 percent.
All but two industries experienced lower levels of output. The two industries are: hotels and restaurants (6.9%); and (b) professional, scientific and technical activities industries which include legal and accounting services (1.5%). The growth in the hotel and restaurant was influenced largely by the 6.0 percent increase in the number of stay-over visitors to the islands in 2010 as well as the growing popularity of the promotional programme ⫿staycation.???
The industries experiencing the highest levels of decline when compared to 2009 were: (a) construction (-23.7%); (b) manufacturing (-11.1%); (c) mining and quarrying (-10.1%); (d) wholesale and retail trade (-8.0%); (e) financial and insurance services (-4.8%); and (f) public administration and defense (-3.7%).
The Report also measures GDP by type of income. Total compensation of employees amounted to CI$1,365.9 million in 2010, a reduction of 2.7 percent when compared to 2009. Meanwhile, operating surplus/mixed income declined anew in 2010, continuing the downtrend since 2008.