Economic Expansion Continued in 2013

07/04/2014 // eso (Press Release) // Narnia Ebanks // (press release)

Economic Expansion Continued in 2013 as the Central Government Posted its First Overall Fiscal Surplus Since 2006

The country’s estimated Gross Domestic Product (GDP) at constant prices rose by 1.2 percent in 2013. This was the highlight of The Cayman Islands’ Annual Economic Report 2013 released by the Economics and Statistics Office.

“I am pleased to note that we had another year of economic growth for the Cayman Islands in 2013,” noted the Minister for Finance and Economic Development, Hon. Marco Archer.

The growth in GDP is traced to greater economic activity in a number of sectors including hotels and restaurants, transport, storage and communication, and financing and insurance services.

Consequently, average income (or nominal GDP per capita) in the Cayman Islands rose to $47,415 in 2013 from $45,896 in 2012.

The central government recorded an overall fiscal surplus of $70.8 million for the first time since 2006. This was achieved by a combination of growth in revenue and a decline in overall spending.

“This much needed improvement in fiscal position led to a decline in the central government’s outstanding debt by $26.3 million, from $586.2 million as at end 2012 to $559.9 million as at end 2013,” Minister Archer stated.

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