GDP Report for 2009 Released

"The System of National Accounts (SNA) 2009 Report of the Cayman Islands exclusively focuses on the results of the estimation of the gross domestic product (GDP)"

The System of National Accounts (SNA) 2009 Report of the Cayman Islands exclusively focuses on the results of the estimation of the gross domestic product (GDP) using the production approach, where GDP is obtained by summing the value added of all industries. (Value added is equal to gross value of outputs minus the value of intermediate inputs). The overall GDP estimate comprises the value added of 18 industries as classified using the International Standard Industrial Classification 4 (ISIC 4).

GDP estimates in this report are presented in basic prices and producer prices. The main difference between basic and purchasers’ price is the taxes less subsidies (net taxes) on products. Taxes of this type in the Cayman Islands are primarily taxes and duties on imports; and other taxes on product excluding taxes and duties on import (e.g. hotel occupancy tax).

In 2009, the GDP of the Cayman Islands at basic prices was recorded at $2,541.56 million while the per capita GDP was estimated at $46,278.

Measured in terms of 2007 prices (also known as GDP in constant prices or GDP in real terms), GDP in 2009 amounted to $2,434 million. The corresponding per capita GDP is $44,319.

The estimated GDP in 2009 represents a reduction in real terms of 7.0 percent from the estimate for 2008. The top five industries that contributed to this decline and their corresponding changes from 2008 are:
(a) construction (-29.3%);
(b) financial and insurance services (-14.4%);
(c) wholesale and retail (-11.5%);
(d) hotels and restaurants (-10.2%); and
(e) transport and storage (-8.1%).

On the other hand, the following industries posted positive growth rates in 2009:
(a) electricity, gas and air conditioning supply (1.7%);
(b) water supply, sewerage and waste management (5.7%);
(c) information and communication (6.4%); and
(d) professional, scientific and technical activities consisting primarily of legal and accounting activities (1.7%).
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