From The Cayman Islands Economics And Statistics Office

Driven by solid performances
in wholesale and retail trade, transport, construction and tourism,
the Cayman Islands’ economy recorded strong growth in 2019, with
the estimated Gross Domestic Product (GDP) rising by 3.2 percent.
This was the highlight of The
Cayman Islands’ Annual Economic Report 2019 released
by the Economics and Statistics Office.

The 2019 GDP growth
represents the second highest growth rate in recent times and
occurred amidst increased demand for the Islands’ key services,
particularly, from the US where growth was to 2.3 percent relative to
2.9 percent in 2018.

The Islands’ economic
growth in 2019 was broad-based as all sectors expanded. The wholesale
and retail trade sector had the highest estimated growth of 6.1
percent due to an increase in non-oil imports. Other industries with
the high estimated growth rates were transport and communication
(3.1%); construction (5.8%); hotels and restaurants (5.3%); and
electricity and water supply (4.7%).

The central government
recorded an overall fiscal surplus of $102.1 million, as revenue
collection improved to $860.0 million due to improved collection from
all revenue bases increased.

The strong fiscal position
allowed the government to reduce its outstanding debt from $418.7
million as at end 2018 to $284.4 million as at end 2019.

For more information on the
“The Cayman Islands’ Annual Economic Report 2019,” please visit
www.eso.ky.