Cayman’s economy hits highest growth for seven years
The Economics and Statistics office announced a 2.1 percent growth in Caymans estimated Gross Domestic Product during 2014, the highest since 2007.
It has been the second consecutive year that the central government has recorded overall fiscal surplus which has amounted to CI$93.2 million attributed to improved revenue collection.
The strong fiscal position the government has found itself in has enabled them to reduce its outstanding debt by $25.9 million to $534.0 million at the end of 2014.
It was also noted that the average income in the Cayman Islands raised from CI$47,170 in 2013 to CI$48,095 in 2014, an increase of just under 2 percent.
The increase of tourism arrivals from both air and sea is believed to have had a strong impact on the Gross Domestic Product with growth in areas such as hotels and restaurants, transport, storage and communications, wholesale and retail trade. Air arrivals in 2014 were up 10.8 percent on the previous year and Cruise ship arrivals up a massive 17 percent on 2013. (more…)