MINISTER FOR FINANCE & ECONOMIC DEVELOPMENT’S SPEAKING NOTES FOR THE LAYING ON THE TABLE OF THE LEGISLATIVE ASSEMBLY –  THE LABOUR FORCE SURVEY REPORT SPRING 2018

On behalf of the Government, I Beg to Lay on the Table of this Honourable House, the Labour Force Survey Report Spring 2018.

Mister Speaker, I am pleased to present to this Honourable House the highlights of the results of the Labour Force Survey conducted by the Economics and Statistics Office from 15th April to 22nd May 2018.

Mister Speaker, the Report provides an updated estimate of our Islands’ population and a comprehensive presentation of their economic status as either employed or unemployed or not in the labour force, in accordance with their corresponding demographic and educational profile. The concepts and methodology used in the survey are derived from guidelines recommended by the International Labour Organization; however, these are adapted to local conditions to capture the characteristics of the Caymanian labour force as distinct from Permanent Residents and the non-Caymanian labour force.

As at 30th June 2018, the population of the Cayman Islands was estimated at 64,420, of which 36,154 (or 56.1%) are Caymanians, 5,971 (or 9.3%) are Permanent Residents and 22,295 (or 34.6%) are Non-Caymanians.

The estimated total population represents an increase of 2.1 percent compared to the estimated population as at 30th June 2017. The increase is traced largely to the 36.4 percent growth in the Permanent Resident (PR) population. The Caymanian population also increased by 1.8 percent while the Non-Caymanian population declined by 4.0 percent.

Mister Speaker, the total labour force reached 44,213 persons, of which 20,960 or 47.4 percent are Caymanians. From the survey results, the number of Permanent Residents with Rights to Work was estimated at 4,409 or 10.0 percent of the labour force, while 18,844 Non-Caymanians represented 42.6 percent.

Compared to the first half of 2017, the labour force grew by 668 persons (or 1.5%) due largely to an increase in the Permanent Resident labour force by 1,067 persons (or 31.9%). The Caymanian labour force also grew by 2.4 percent while the Non-Caymanian labour force fell by 4.5 percent compared to Spring 2017.

The labour force comprised of 42,717 employed persons and 1,496 unemployed persons.

Of the employed persons, 19,842 are Caymanians (or 46.5% of total employment); 4,283 (or 10%) are Permanent Residents with Rights to Work; and 18,592 (or 43.5%) are Non-Caymanians.

In comparison to the local employment as of the first half of 2017, the latest estimate shows an increase of 953 persons or 2.3 percent. This growth is traced to the employment growth among Permanent Residents with Rights to Work and Caymanians, while Non-Caymanian employment fell.

Mister Speaker, turning now to the unemployed labour force, their total number declined by 284 persons (or 16%) compared to Spring 2017. The resulting ratio of the unemployed to total labour force (that is, the overall Unemployment Rate) is 3.4 percent. This latest unemployment rate is the lowest for the Cayman Islands since Spring 2007 when it hit 3.0 percent. It is also significantly lower compared to the 4.1 percent unemployment rate in Spring 2017.

The number of unemployed persons fell across all groups, and over half of the total decline or 56 percent is traced to Caymanians.

Unemployment among Caymanians fell by 159 persons (or 12.4%) compared to Spring 2017. The corresponding Caymanian unemployment rate is 5.3 percent, the lowest since Spring 2007 when it was estimated at 4.6 percent. This is also significantly below the 6.2 percent estimated in Spring 2017.

Unemployment among Permanent Residents with Rights to Work and Non-Caymanians also fell compared to Spring 2017.

In conclusion, Mister Speaker, the results of the Labour Force Survey Report Spring 2018 show the continued strength of the local economy, in particular the private sector which employs the majority of the labour force.

I therefore wish to take this opportunity to commend the local business community, including the small businesses who contribute approximately 25 percent to total employment.

It is Government’s aim to continue efforts that will permit businesses to grow – which will sustain an improving employment situation for our people.

On behalf of the Ministry of Finance and Economic Development, I also extend our sincere appreciation for all the households across the six districts that participated in the Labour Force Survey – which has helped our Islands to have one of the highest response rates in the Caribbean region.

I commend this Report to all Honourable Members as it contains a tremendous amount of information with respect to the state of the Islands’ labour market.

Thank you Mister Speaker.