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(CNS): What economists described as a pent-up demand as well as robust growth in financial services led to an inflation-fuelled expansion in domestic output last year, with the real gross domestic product (GDP) estimated to have expanded by 1.8%. The Cayman Islands Annual Economic Report 2021, released by the Economics and Statistics Office (ESO) Thursday, revealed that demand for consumer goods and real estate propelled growth in the local economy as it emerged from the slump caused by the pandemic.
Following the economic contraction in 2020 of more than 5%, overall indicators for 2021 point to an inflated accelerated growth in construction of 7.9%, real estate of over 6.3% and wholesale and retail trade grew by 5.4%, while tourism-dependent sectors still witnessed a decline.
But although Cayman’s nominal GDP per capita income was estimated at $72,580 for 2021, the reality is that most people are not benefiting from the wealth they play a part in generating….
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