First Quarter Economic Report
The Cayman Islands' economy recorded real growth in the first quarter of the 2011 calendar year. The growth achieved in the January to March quarter of 2011 on an annualized basis, was 1.2% when compared to the same quarter in 2010.
The 2011 first quarter growth of 1.2% also exceeds the 0.9% growth estimated for the entire 2011 calendar year.
The Report has been produced and released by the Economics and Statistics Office.
There were several positive results that contributed to the growth in the economy such as: new company registrations increased in the first quarter by 11.9%; air arrivals grew by 6.8%; cruise ship passengers increased by 8.2%; and the number of property transfers increased by 20.3% - which complemented a 271.2% increase in the value of properties transferred in the quarter that amounted to $253.9 million.
The Honourable Premier and Minster for Finance, Mr. McKeeva Bush stated: "I , along with the Government, am very upbeat with respect to the future performance of the economy - which is based not only on positive results achieved in the first quarter of 2011 but also on the partnerships and initiatives that the Government has forged with the private sector. We are encouraged by the 2011 first quarter results and by the Islands' bright future prospects."
For more information on the "The Cayman Islands' First Quarter Economic Report 2011," please visit www.eso.ky.