Local Economy on Track to Record Strongest GDP Growth Since 2008

"Overall economic activity in the Cayman Islands’ grew by an estimated 2.3 percent in the first nine months of 2014."

Overall economic activity in the Cayman Islands’ grew by an estimated 2.3 percent in the first nine months of 2014.

⫿This marks the strongest real GDP growth so far achieved by the local economy in the post-2008 global financial crisis period,??? stated the Minister for Finance and Economic Development, Hon. Marco Archer.

Growth was contributed by a number of sectors led by hotels and restaurants (11.7%), wholesale and retail trade (6.2%), and transport, storage and communication (3.6%).

⫿I am also pleased to note that growth was achieved in the midst of continuing improvement in fiscal performance,??? Minister Arched further stated. The fiscal surplus improved to $92.9 million as compared to $69.7 million a year earlier. The central government’s outstanding debt continued to decline, amounting to $543.1 million as at September 2014, lower by 4.6 percent from the same period a year ago.