Cayman’s Economy Up 1.4 Percent

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Economy grows in early 2015

By Dana Niland
CJ Contributor

The Cayman Islands economy experienced a 1.4 percent growth in the first quarter, according to a report by the Economics and Statistics Office.

A number of sectors contributed to the GDP growth, led by the hospitality, real estate, and business sectors.

Financial services remained the largest sector, and sustained a marginal growth of 0.4 percent.

“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 Marco Archer, Minister for Finance and Economic Development.

Archer said that the economy is on track to achieve the forecasted 2.1 percent GDP growth for the year, and that the fiscal performance continued to improve.

The fiscal surplus, at $151.9 million, is up 1.7 percent from a year earlier, while the central government’s outstanding debt, at $530.2 million, is five percent lower from the same period a year ago.