GDP jumps over 2% as inflation falls 0.4%
(CNS) The drop in fuel prices saw inflation fall in Cayman last year and the biggest upturn in the economy since 2007 led to a growth in the country’s estimated Gross Domestic Product (GDP) by 2.1 per cent in 2014. Although the quantity of imports rose in 2014, the value fell by more than $26 million because of the impact the fall in global oil prices had on other goods, despite Caymanians seeing only a small and limited reprieve in local pump prices.
The Economics and Statistics Office has released a catalogue of figures this week, including the consumer price index, quarterly trade figures, the GDP and its annual compendium of statistics showing promise for the local economy.
“I am pleased that we had another year of economic growth for the Cayman Islands in 2014, the highest we have achieved since 2007,” the Minister for Finance and Economic Development, Marco Archer said. “With this performance, average income in the Cayman Islands rose to $48,095 in 2014 from $47,170 in 2013,” he further noted.
GDP grew because of increased activity in a number of sectors including tourism as a result of growth in stay over visitors. Government also recorded its second consecutive year of overall fiscal surplus which amounted to $93.2 million. This was achieved by an improvement in revenue collection which outpaced a slight increase in overall spending, officials said.
“This strong fiscal position enabled the government to reduce its outstanding debt by $25.9 million to $534.0 million as at end 2014,” Archer added.
See the latest reports and statistics at www.eso.ky
