The Domestic Economy Grew in 2019 for the Ninth Consecutive Year
"The Cayman Islands’ System of National Accounts Report 2019 which presents the economic performance of the Islands using the Gross Domestic Product (GDP) is released today. "
The Cayman Islands’ System of National Accounts Report 2019 which presents the economic performance of the Islands using the Gross Domestic Product (GDP) is released today.
The GDP estimate for 2019 which is based on data collected from businesses and other establishments in the Islands shows that the local economy expanded by 3.8%, the ninth consecutive year of positive economic performance and the second-highest recorded rate of growth since 2007. The 3.8% growth in real GDP (or GDP adjusted for inflation) exceeds the advance GDP growth estimate of 3.2% percent for the year which was based on early indicators.
The domestic economic growth in 2019 outperformed the growth estimated for the USA (2.3%), the Euro Area (2.4%), Latin America & the Caribbean (0.0%), Canada (1.3%), and the United Kingdom (1.4%) for the same period.
The industries posting the highest rates of expansion in 2019 were construction activities (10.0%); other services (9.3%); education services (7.5%); hotel & restaurant services (6.9%); public administration & defense (6.8%); and electricity, gas & air conditioning supply (6.7%).
The financial & insurance services industry continued its expansion in 2019 at an increased pace when compared to 2018. The industry grew by 2.6% in 2019, an uptick from the 2.2% posted in 2018.
For more information on the “The Cayman Islands’ System of National Accounts Report 2019”, please visit www.eso.ky.