1. Compendium of Statistics Shows School Enrolment Rebounded in 2014

The Annual Compendium of Statistics 2014 was released today by the Economics and Statistics Office.

The Compendium seeks to assist policy-making and business decision-making by presenting the most comprehensive collection of statistics from various public and private sector data sources. The statistics pertain to population, demographics, social and living conditions; the economy, finance and development; the environment; and information and communication technology.

One of the highlights in the 2014 edition of the Compendium is the increase in total enrolment from reception to secondary education for the school-year 2014-2015. This reached 7,806, higher by 1.1 percent (or 84 students) as compared to the previous school-year when total enrolment in the Islands declined. The increase in enrolment is due to private schools which altogether registered a growth of 6.3 percent (or 181 students), while that of government schools fell by 2.0 percent (or 97 students). The enrolment trend coincided with the overall increase in population growth in 2014.

For more information on the “The Cayman Islands’ Compendium of Statistics 2014,” visit www.eso.ky.

2. Consumer Price Index Recorded a Decline in the First Quarter

The Consumer Price Index (CPI) fell by 0.4 percent in the first quarter of 2015.

“This is the first time since September 2010 that the CPI of the Cayman Islands showed a negative movement,” stated the Minister for Finance and Economic Development, Honourable Marco Archer. “It parallels the 0.1 percent CPI decline in the United States (US) during the same period. The general price movements in the two countries reflect the impact of global oil price reductions,” he further noted.

The major groups that contributed to the decrease in the CPI were restaurants and hotels (-8.2%); miscellaneous goods and services (-2.3%); and housing and utilities (-1.1%). The last category, which accounts for 2/5 of the entire CPI basket, had a significant price decline in electricity, gas and other fuels (-13.6%). In contrast, the price index for food and non-alcoholic beverages recorded a 2.9 percent increase.

More information from the Cayman Islands’ Consumer Price Index Report: March 2015 may be downloaded from www.eso.ky.
3. Global Oil Price Decline Brought Down Merchandise Imports in the First Quarter

The total value of all merchandise goods imported into the Cayman Islands in the first quarter of 2015 amounted to CI$176.9 million. This is lower by CI$26.3 million compared the same period in 2014.

The decline is attributed to the 45.9 percent reduction in the total value of petroleum and related products that resulted from their lower prices in the global market.

Imports of non-petroleum products, which accounted for 86.3 percent of total imports fell by 3.6 percent and stood at CI$152.7 million. Imports of machinery and transportation (largely road vehicles, aircraft equipment and telecommunications equipment) fell significantly. However, the total value of food imports registered an increase.

More information on the “The Cayman Islands’ Quarterly Trade Statistics Bulletin: January to March 2015,” are available at www.eso.ky.

4. Cayman’s Economy Expands in 2014 to its Highest Growth Since 2007

The country’s estimated Gross Domestic Product (GDP) at constant prices rose by 2.1 percent in 2014. This was the highlight of The Cayman Islands’ Annual Economic Report 2014 released by the Economics and Statistics Office.

“I am pleased that we had another year of economic growth for the Cayman Islands in 2014, the highest we have achieved since 2007,” stated the Minister for Finance and Economic Development, Hon. Marco Archer. “With this performance, average income in the Cayman Islands rose to $48,095 in 2014 from $47,170 in 2013,” he further noted.

The growth in GDP is traced to greater economic activity in a number of sectors led by hotels and restaurants; transport, storage and communication; and wholesale and retail trade. All these sectors were directly impacted by the sharp increase in tourist arrivals during the year.

Meanwhile, the central government recorded in 2014 its second consecutive year of overall fiscal surplus which amounted to $93.2 million. This was achieved by an improvement in revenue collection which outpaced a slight increase in overall spending.

“This strong fiscal position enabled the government to reduce its outstanding debt by $25.9 million to $534.0 million as at end 2014,” Minister Archer stated.

For more information on the “The Cayman Islands’ Annual Economic Report 2014,” please visit www.eso.ky.

IMAGE: ballerball.com