10/28/2013 // eso (Press Release) // (press release)

Overall economic activity in the Cayman Islands’ grew by an estimated 0.9% in the first six months of 2013.

“Gross domestic product rebounded in the second quarter to outweigh the contraction in the first quarter,” explained Mr. Marco Archer, Honourable Minister for Finance and Economic Development.

Robust growth was indicated for hotels and restaurants (5.4%), construction (4.4%), real estate, renting and business activities (2.0%), electricity and water supply (1.5%). Financing and insurance, the largest sector, posted modest growth (0.4%).

“I am also pleased to report that with the growth of the economy, the overall fiscal balance of the central government improved to a surplus of $94.8 million as compared to a surplus of $27.6 million a year earlier,” Mr. Archer added. This resulted as total revenue grew by 17.7% while total expenditure declined by 2.1%. The central government’s outstanding debt continued to decline, amounting to $573.2 million as at June 2013, lower by 4.4% from the same period a year ago.

For more information see “The Cayman Islands’ Semi-Annual Economic Report 2013.”

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