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Tag Archive: growth

High Tourist Numbers Boost Cayman’s Economy

Cayman Hope Spot

Tourist numbers in Cayman hit an all time high in 2014 with air arrivals up 11 per cent on 2013 and cruise ship numbers up more than 23 percent.

This growth has resulted in developers building homes and expanding resort hotels. This has opened the door for investors to come in and buy houses and condos all over the Cayman Islands and capture the lucrative sun-seekers holiday and rental market.

High tourist numbers has been the catalyst for the boost to Cayman’s economy. Usually a quick increase in housing comes from a dramatic increase in population. However Caymans full time population, although steadily increasing, is still less than 60,000. (more…)

July 22, 2015 Blog, , , , , , , , , , , , , , Read more >

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…)

July 20, 2015 Blog, , , , , , , , , Read more >

IHS Predicts Big Economic Growth for Ocala

Ocala housing

IHS Global Insight’s new report for the U.S. Conference of Mayors has named Ocala in their top 10 list of metropolitan areas that are expected to see the most economic growth next year.

The forecast is that there is to be a large shift from the high performing energy areas that did so well in 2014 to the retirement and baby boomer areas of the South East.

Nowhere supports this better than Midland, Texas, the best economic growth in 2014, which grew 11.9%, is estimated to finish last in the list with only a 3.2% rise. (more…)

June 29, 2015 Blog, , , , , Read more >

Great First Quarter for Cayman

CIBC First Caribbean has had its best quarterly performance since 2010. For the first quarter of their financial year, ending January 31, 2015, they recorded a net income of $26.6 million. This is a good improvement compared with the net income of $15.4 million for the same period in 2014.

The Cayman Islands has also been named “Best Hedge Fund Services Jurisdiction” for 2015.

Cayman received the award at the Hedgeweek Global Awards in London’s Mayfair on the 27th of February. Hedgeweek Awards brought together 2014s best performing managers and service providers in the global hedge funds industry. (more…)

April 1, 2015 Blog, , , , , , , Read more >