The Cayman Islands have experienced five consecutive years of economic growth.
Cayman’s gross domestic product reached $2.8 billion at the end of 2015 and grew a further 3 percent in the first half of 2016.
“It exceeds the initial GDP forecast for the year of 2.1 percent and is the highest growth rate since 2007,” Said Finance Minister Marco Archer in a statement accompanying the new numbers.
The economy outpaced government’s forecasts in 2016 and grew faster than it did in the first half of 2015.
As of Spring 2016, Cayman’s population increased 2.7 percent from the previous year, standing at 61,259.
The number of work permits continued to grow, increasing to 23,411 as of mid-2016.
The total unemployment rate fell to 3.9 percent, and the unemployment rate of Caymanians dropped to 5.6 percent.
Cruise arrivals continued to grow, up 7.1 percent from last year. However, there was a dip in air arrivals, down 1.4 percent.
(more…)
Robert McCrimmon
November 7, 2017
BlogCayman Islands, economy, tourism
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The Cayman Islands tourism department is seeking a 5-year plan that will help relieve the key attraction, Seven Mile Beach, and spread growing visitor numbers across Grand Cayman.
George Town has dramatically changed over the past three decades, and Seven Mile Beach is loosing its appeal as more and more people come to the island and overcrowd the iconic beach.
The strategy over the past couple years has been to focus on visitor growth. Now that the 300,000 targets has been met and surpassed that focus now shifts to managing that growth in a sustainable way.
“It is not just about numbers anymore. It is also our ability to handle that volume.” Said Director of Tourism Rosa Harris. “Developers will have their ideas for what they want to do, but we need our own vision for the type of development we want to encourage.” (more…)
Jason Pickthall
May 19, 2016
BlogCayman, Grand Cayman, Seven Mile Beach, tourism
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Cayman Brac has seen a twenty percent rise in air arrivals from this time last year.
The increased numbers are the outcome of the upgrades Charles Kirkconnel International Airport underwent during the past year, which were only officially opened in February 2015.
The upgrades included the construction of a Hold Baggage Screening (HBS) Room, which is a necessity for international travel to the United States, an In-transit lounge, and an arrivals hall. The run way also has the capability to accommodate all of the aircraft that can land at the Owen Roberts International airport, on Grand Cayman, apart from the British Airways Boeing 767. (more…)
Jason Pickthall
August 7, 2015
Blogair arrivals, arrival growth, arrivals hall, business, Cayman Brac, Cayman Brac Businesses, Cayman Government, Cayman Island, Charles Kirkconnell International Airport, development, economy, entrepreneurs, Hold Baggage Screening, In-transit lounge, investors, land, Owen Roberts International Airport, property, real estate, tourism
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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…)
Robert McCrimmon
July 22, 2015
Blogbuilding, Cannes, Cayman, Cayman Islands, developers, growth, hotels, Monaco, population, properties, property, Santa Barbara, tourism, tourist, visitor
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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…)
Robert McCrimmon
July 20, 2015
BlogCayman, Cayman Government, Cayman Islands, Cruise ship, Economics and Statistics office, economy, government, Gross Domestic Product, growth, tourism
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Regular business people and tourists can now apply for a new multiple-entry visa that lasts for five years. The previous visa only lasted three years, by adding an extra two years officials are confident that the new visa would encourage successful applicants to travel to the Cayman Islands more often. To be considered for the new long-term visa you must submit your application through the Cayman Island Visa Offices in Honduras and Jamaica. (more…)
Robert McCrimmon
June 10, 2015
Blogbusiness, Cayman Islands, Department of Immigration, multiple-entry, tourism, travel, Visa
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Just over a year after opening Health City Cayman Island has been awarded the gold seal of approval from Joint Commission International, and now is part of an elite club of top-class hospitals around the world.
Health City is only the second hospital in the Caribbean, after the Doctors hospital in the Bahamas, to receive the international accreditation from the international arm of the accrediting organization for hospitals in the United States.
The hospital already receives a number of U.S. patients but is still running far below capacity at around 22 percent. The accreditation will help boost the numbers higher and the head of medical services, Dr. Abraham “hopes to have the facility running at 75 percent to 80 percent capacity by the end of the year”.
The vision of the hospitals founder, Dr. Devi Shetty, has always been to bring affordable, quality healthcare to the Americas. The biggest hurdle in the way of this has been getting recognition from major U.S. insurance companies; this accreditation will make it easier for insurance companies to send to the Cayman Islands. (more…)
Robert McCrimmon
May 15, 2015
Blogaccreditation, Canada, Caribbean, Dr. Abraham, Dr. Devi Shetty, financial services, HCCI, Health City Cayman Island, insurance, Joint Commission International, North America, tourism
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