GDP grows in first quarter of 2017
(CNS Business): The Cayman Islands rate of gross domestic product grew by around 2% in the first three months of 2017, according to the Economics and Statistics Office. The measure of local economic activity indicated that in the first quarter economic performance was broad-based and consistent with the 2.1% government forecast growth in GDP for this year. The latest statistics also show that government recorded a surplus of CI$178.1 million in the first quarter, despite an increase of 8.2% in public spending. Central government’s outstanding debt fell to $481.3 million by March 5.3 % lower than the debt the government was carrying at the same time last year.
Revenue increased by 2.7% largely from domestic taxes on goods and services, including financial service fees. But despite the increase in taxes that government collected on imports, the total value of all merchandise goods imported into the Cayman Islands continued to decline, according to the ESO’s quarterly trade bulletin.
Non-petroleum products fell by CI$4.3 million (or 2.4%) to reach CI$176.86 million. But with the price of fuel increasing again. the total value of the islands’ importation of petroleum and petroleum-related products grew in the second quarter by 6.1%, though the increase was not just down to price as there was an overall increase in the quantity of fuel imported as well.
For more information on the GDP and trade statistics, visit the ESO website.
