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."

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.