ESO report points to local growth in GDP

(CNS): While much of the wider community may still be feeling the fall out of years of economic hardship according to the latest report published by the Economics and Statistics Office at the end of last year Cayman’s economy was on the up in 2012. The Cayman Islands’ System of National Accounts Report 2012 which presents the economic performance of the various industries contributing to the country’s GDP found it grew by 1.4% as most industries posted economic growth.  Finance minister Marco Archer said he was pleased to see 16 of the country’s 18 industries experienced growth above the 0.9 percent posted in 2011. “With this GDP growth, per capita GDP in current prices amounted to CI$45,896.40,” he said.

The financial and insurance services industry recorded growth of 1.5% in 2012, the strongest growth recorded since 2007, on the back of the expansions in insurance services (4.6%) and other financial services (2.9%). The other industries which performed strongly in 2012 are administrative & support services activities which consist mainly of security and car rental services (4.6%); manufacturing (4.0%); mining & quarrying (3.8%); and agriculture & fishing (2.9%), the report found.

The expansion in the domestic economy however was tempered by declines in electricity, gas & air conditioning supply at -1.1% and real estate activities at -0.1%.

Financial and Insurance Services maintained its position as the largest single contributor to real GDP in 2012 accounting for 42.1 percent of total GDP. The ranking of the industries in terms of contribution to GDP remained unchanged.

See full report below