CI Economy Grows
The Cayman Islands' economy recorded positive growth in the first six months of the 2011 calendar year. The growth achieved in the January to June period on an annualized basis was 1.3 percent as compared to a contraction of 4.1 percent a year ago.
Annual GDP growth for the entire 2011 calendar year is projected at 0.9 percent.
Among the sectors, the performance of the hotels and restaurants stood out as it was estimated to have grown by 8.0 percent. This sector is mainly supported by the continuing strength of air arrivals.
The Honourable Premier and Minster of Finance, Mr. McKeeva Bush stated: "The improved performance of the Cayman Islands' economy in the first six months points to a recovery that the Government nurtured and fostered, and the Islands' supportive private sector worked arduously to bring about the growth. It also demonstrates that we, as the Government, must continue to press ahead to ensure that the recovery strengthens and broadens to all economic sectors."
For more information on the "The Cayman Islands' Semi-Annual Economic Report 2011," please visit www.eso.ky.
For further information contact: Lennon Christian