Economic Expansion is Estimated at 1.6%
Overall economic activity in the Cayman Islandsí grew by an estimated 1.6 percent in the first nine months of 2015.
"Since the beginning of 2013, the local economy averaged 1.5 percent real GDP growth, that is, ten of the last eleven quarters recorded positive economic growth. The re-emergence of the local economy on a continuous growth path was achieved through sustainable fiscal policies, improved efficiency in the public sector, and the facilitation of private sector development" stated the Minister for Finance and Economic Development, Hon. Marco Archer.
GDP growth was contributed by a number of sectors led by financing and insurance services, real estate, renting and business activities, electricity and water supply, and storage and other services.
"I am also pleased to note that economic growth was achieved in the midst of continued improvement in our fiscal performance and the FCO has confirmed their agreement that the Government is compliant with the Cash Reserve Days as required by the Framework for Fiscal Responsibility (FFR)" Minister Archer further stated.
For more information on the "The Cayman Islandsí Third Quarter Economic Report 2015," please visit website, www.eso.ky.
For further information contact: Bina Mani