Wed. Nov 14th, 2018

Cayman Islands: Economy Continues Healthy Growth

Economy Continues Healthy Growth

The latest reports released at Friday, 19 October 2018 by the Economics and Statistics Office (ESO) spotlight the enduring healthy economic growth of the Cayman Islands.

The Cayman Islands’ Quarterly Economic Report: First Quarter 2018 reveals that the Gross Domestic Product – the barometer for economic activity – grew by 4% in the first three months of 2018, with all major sectors such as hotels, restaurants and construction, registering significant growth.

Aiding the accelerated growth for the quarter were a record increase in tourist arrivals of 20.6% as well as a rise in new company registrations of 41.7%, with new partnership recordings rising by 28.7%.

Additionally, stock exchange listings rose by 30.9%, registering the highest level since 2009.

For its part, core Government recorded a surplus of $190.7 million during the first two quarters of 2018, achieving in fact the highest recorded first half surplus.

Maintaining another commitment, Government continued to pay off the public debt at a fast rate. As such the debt which had stood at $483.3 million in March 2017 was down to $432.8 million at end-June 2018.

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