Cayman Islands domestic economy sustains growth in the first quarter

The Cayman Islands economy is estimated to have grown by 1.4 percent in the first quarter.

“This is slightly lower than the 1.5 percent recorded a year ago, nonetheless this is a solid pace considering that the US had a GDP decline in the same period,” stated Hon. Marco Archer, Minister for Finance and Economic Development. A number of sectors contributed to the growth led by hotels & restaurants and real estate and business. Financial services, which remain the largest sector, had a marginal growth of 0.4%, an improvement over the estimated decline of 0.2% in 2014.

“Overall, the recent performance means that we are on track in achieving the 2.1 percent forecast GDP growth for the year,” Minister Archer explained.

“I am also pleased to note that the fiscal performance continued to improve,” he added. The fiscal surplus at $151.9 million is 1.7 percent higher than a year earlier while the central government’s outstanding debt amounting to $530.2 million is 5.0 percent lower from the same period a year ago.

For more information on the “The Cayman Islands’ First Quarter Economic Report 2015,” please visit www.eso.ky.

Cayman Islands Consumer Price Index continued to decline in the second quarter

The Consumer Price Index (CPI) fell anew in the second quarter, this time by 3.6 percent. In the first quarter, the CPI slid by 0.4 percent.

“Similar to the first quarter, the second quarter decline is traced primarily to the reduction in fuel prices this year compared to a year ago” stated the Minister for Finance and Economic Development, Honourable Marco Archer.

The price index for electricity, gas and other fuels fell sharply by 25.7 percent during the quarter over the same quarter in 2014. The index for water supply and miscellaneous services also moved downward by 10.3 percent.

The decline in fuel prices also drove down the transport price index by 7.6 percent.

More information from the Cayman Islands’ Consumer Price Index Report: June 2015 may be downloaded from www.eso.ky
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