From Economics and Statistics Office.

Caymans’ economy expanded by an estimated 1.4% in the First Half of 2021

As measured by the real gross domestic product (GDP), economic activity in the Cayman Islands is estimated to have increased by 1.4% in the first six months of 2021.

Indicators suggest that the growth in economic activity was largely driven by increased output in the construction, business activities, government services and real estate sectors. The construction sector grew by 13.0%, while the business services sector expanded by 4.5%. The financing and insurance services sector, which remains the largest contributor to GDP, grew by an estimated 3.2% for the first six months of the year.

Economic activity continued to be negatively impacted by the closure of Cayman’s borders, which led to a significant decline in the hotels and restaurants sector.

The central government recorded an overall surplus of CI$127.1 million in the first six months of the year. This resulted from revenue of $580.0 million and expenditure of $452.9 million.

The central government’s outstanding debt fell anew and settled at $232.3 million as at June 2021, lower than the $266.5 million recorded as at June 2020.

For more information on the “The Cayman Islands’ Semi-Annual Economic Report 2021,” please visit www.eso.ky

Consumer Prices increased by 0.2 percent in June 2021

The Consumer Price Index (CPI) rose by 0.2 percent in the second quarter of 2021 when compared to the same period in 2020. Of the twelve CPI divisions, ten recorded increased average prices.

In the second quarter of 2021, the division miscellaneous goods and services recorded the largest average price increase of 4.9 percent in the CPI basket. This was due mainly to the rise in the average cost of other financial services which went up by 30.3 percent, costs of vehicle insurance which increased by 12.3 percent, social protection which rose by 9.6 percent, and health insurance up by 5.5 percent.

The education index rose by 3.7 percent, as pre-primary and primary education had an upward movement of 8.3 percent while, the index for secondary education increased by 3.8 percent.

The index for communication moved up by 3.4 percent in the second quarter of 2021. The main contributors to this increase were a 3.6 percent increase in the price of telephone and telefax services and a 1.5 percent incline in telephone and telefax equipment.

A comparison of the second quarter of 2021 and the first quarter of 2021, indicates that the CPI rose by 1.3 percent, as the average cost of transport increased by 4.2 percent, education moved up by 2.6 percent while,  household furnishings and equipment rose by 2.1 percent.

More information from the Cayman Islands’ Consumer Price Index Report: April to June  2021 may be downloaded from www.eso.ky.

Consumer Prices rose sharply by 6.4 percent in September 2021

The Consumer Price Index (CPI) increased by 6.4 percent in the third quarter of 2021 compared to the same period in 2020. All twelve CPI divisions recorded increased average prices.

The division housing and utilities recorded the largest average price increase of 10.1 percent. This was due mainly to the rise in the index for imputed rentals for owner-occupiers which went up by 8.6 percent, actual rentals paid by tenants, which increased by 2.0 percent, electricity which rose by 31.2 percent, and water supply up by 15.9 percent. Materials for the maintenance and repair of the dwelling increased by 13.0 percent.

The communication index rose by 7.9 percent, as telephone and telefax services had an upward movement of 6.7 percent, while the index for telephone and telefax equipment decreased by 0.6 percent.

The index for recreation and culture moved up by 7.0 percent in the third quarter of 2021. The main contributors to this increase were a 49.8 percent increase in the cost of package holidays (abroad), an 11.0 percent increase in pets and related products, and a 10.3 percent incline in the index for major durables for outdoor recreation.

Comparing the third quarter of 2021 and the previous quarter indicates that the CPI rose by 5.6 percent. The most significant movers were the average cost of housing and utilities, which increased by 10.8 percent, recreation and culture moved by 6.4 percent, and communication rose by 60 percent.

More information from the Cayman Islands’ Consumer Price Index Report: July to September  2021 may be downloaded from www.eso.ky