GDP grew by 1.4% in 2013 as Most Industries Posted Economic Growth

"The GDP estimate for 2013 after adjusting for price increases based on data collected from businesses on the Islands expanded by 1.4 percent."

The Cayman Islands’ System of National Accounts Report 2013 which presents the economic performance of the various industries contributing to the country’s Gross Domestic Product (GDP) is released today.

⫿The GDP estimate for 2013 after adjusting for price increases based on data collected from businesses on the Islands expanded by 1.4 percent. This exceeds the 1.2 percent advance estimate for the year based on early indicators,??? stated he Minister for Finance & Economic Development, Honourable Marco Archer.

Fourteen (14) of the country’s 18 industries improved their economic performance in 2013, led by hotels and restaurants which grew by 5.9 percent. This was followed by transport & storage services (2.6%); public administration (1.9%); administrative & support services activities which consists mainly of security and car rental services (1.7%); wholesale & retail trade services (1.6%); and health & social work (1.6%).

The financial and insurance services industry recorded growth of 1.3% in 2013, on the back of the expansions in insurance services (1.4%) and financial services (1.3%).

With the growth in 2013, the country’s GDP per capita in current prices reached CI$47,170, higher by 2.6 percent compared to 2012.