Average Annual Inflation Rate was 3.8 percent for the 2023 Calendar Year

The average CPI in 2023 was 131.0, an increase of 3.8 percent over the average CPI in 2022.  This represents an increase in the overall index, driven mainly by higher prices for household furnishings and equipment, food and non-alcoholic beverages, housing and utilities, clothing and footwear, alcoholic beverages and tobacco, and restaurants and hotels.

The fourth quarter inflation rate was 3.6 percent, and among the leading contributors was a 9.3 percent rise in household equipment.  The main contributors to this increase were a significant rise in the index for glassware, tableware and household utensils,  27.3 percent, a 21.0 percent increase in the index for the repair of household appliances, a 19.2 percent increase for small electric household appliances, a 14.3 percent rise in furniture and furnishings, an 8.8 percent increase in non-durable household goods, 8.2 percent increase in household textiles, 2.2 increase in major household appliances and a 0.7 percent increase in small tools and miscellaneous accessories.  

There were other increases, such as the housing and utility division up by 5.9 per cent, transport up by 4.1 per cent, and the education division up by 3.5 per cent.

A comparison of the fourth quarter of 2023 with the third quarter of 2022 indicates that the CPI rose by 1.7 percent, as the index for housing and utilities rose by 4.1 percent, 1.4 percent in housing equipment, communication increased by 1.2 percent, while transport and miscellaneous goods and services each rose by 1.0 percent.

More information from the Cayman Islands Consumer Price Index Report: October to December 2023 may be downloaded from www.eso.ky  

Cayman’s economy expanded by an estimated 3.6% in the First Half of 2023

Economic activity in the Cayman Islands, as measured by real gross domestic product (GDP), is estimated to have increased by 3.6% in the first six months of 2023. 

Indicators suggest that economic activity was primarily driven by increased output in the hotels and restaurants sector (up by 25.9%), the transport, storage & communication sector (up by 7.1%), and the electricity and water supply sector (up by 8.6%). 

The financing and insurance services sector, which remains the largest contributor to GDP, grew by an estimated 2.6% for the first six months of the year.

The central government recorded an overall surplus of CI$145.4 million in the first six months of the year  which resulted from revenue of $656.1 million and expenditure of $493.1 million.

The central government’s outstanding debt declined to $477.2 million in June 2023, 10.8% lower than the $534.7 million recorded as June 2022. 

For more information on the “The Cayman Islands’ Semi-Annual Economic Report 2023,” please visit www.eso.ky.      

Marginal decline in Merchandise  Imports for Third Quarter of 2023 

The total value of merchandise imports decreased to $380.29 million for the July to September 2023 quarter. This reflected a 0.8 percent reduction over the corresponding quarter in 2022, with petroleum and petroleum-related imports falling by 26.0 percent. However, non-petroleum products imports grew by 4.9 percent for the review period. 

Imports of manufactured goods classified chiefly by materials declined 14.1 percent, reflecting declines in the imports of manufactures of metals n.e.s by 25.6 percent and iron and steel by 41.4 percent. Also, imports of non-metallic metal manufactures and cork and wood manufactures contracted by 6.4 percent and 7.4 percent, respectively, for the third quarter of 2023.

Imports of commodities and transactions not classified elsewhere declined by 42.6 percent, reflecting lower imports of non-monetary gold, while the 13.7 percent reduction in animal and vegetable oils reflected mostly the lower importation of fixed vegetable fats and oils for the period. 

Imports of beverages and tobacco decreased by 1.7 percent, mainly due to lower purchases of some alcoholic beverages. However, imports of food and live animals increased by 11.2 percent, reflecting the larger importation of vegetables and fruit, meat, fish, and dairy products.  

The importation of miscellaneous manufactured articles was 4.6 percent larger due to increases in clothing apparel as well as prefabricated buildings and lighting fixtures and fittings. 

Additionally, machinery and transport equipment grew by 22.0 percent due to larger imports of road vehicles, power generating machinery and equipment, as well as electrical machinery and appliances. 

The value of petroleum and petroleum-related products declined 26.0 percent for the period. This outturn reflected lower average prices of all major types of mineral fuels imported, as well as lower volumes of all types, except aviation fuel, for the third quarter of 2023.

More information on the “The Cayman Islands’ Quarterly Trade Statistics Bulletin: July to September 2023,” is available at www.eso.ky

The following reports have been published on the Economics & Statistics Office website www.eso.ky

• The Cayman Islands First Quarter Economic Report 2023
• The Cayman Islands Quarterly Trade Bulletin: April to June 2023
• The Cayman Islands Consumer Price Index Report: July to September 2023
• The Cayman Islands Gross Domestic Product (GDP) Report 2022
• The Cayman Islands Balance of Payment and International Investment Position Report 2022