Economy contracted by 0.4% in the First Quarter

"The Cayman Islands’ economy contracted by an estimated 0.4 percent in the first quarter of 2013."

The Cayman Islands’ economy contracted by an estimated 0.4 percent in the first quarter of 2013.

The major sources of decline were financing and insurances services, real estate, renting and business activities, and wholesale and retail trade. These sectors’ performance outweighed the growth in hotels and restaurants, construction and utilities.

⫿Despite the weakness in the first quarter performance, the forecast GDP growth for the year is maintained at 2.0 percent,??? Mr. Marco Archer, Honourable Minister for Finance and Economic Development, stated. ⫿The forecast is conditional on the recovery mainly of the financing and insurance services and the sustained growth of construction and tourism services,??? he further added.