ESO Releases Five Reports
The Economics and Statistics Office (ESO) has released five new reports including the Compendium of Statistics 2016. The releases listed below can be viewed at www.eso.ky:
- Quarterly Economic Report 2017;
- Compendium of Statistics 2016;
- Labour Force Survey Report (Spring 2017);
- Consumer Price Index Report: April-June 2017; and
- Quarterly Trade Statistics Bulletin: April to June 2017.
The Cayman Islands' Compendium of Statistics 2016 is a comprehensive collection of statistics from various public and private sector data sources covering population, demographics, social and living conditions; the economy, finance and development; the environment; and information and communication technology.
In an ESO release on this report, also released Friday, the percentage of students attaining Level 2 passes in at least seven entries improved to 47.8% in 2016 as compared to 46.0% in 2015, based on data from the Department of Education. However, the percentage of students with Level 2 passes in at least five entries (including English and Math) further decreased to 46.8% in 2016 relative to the 48.3% in 2015, although it was an improvement over the 23.9% in 2012, 35.9% in 2013, and 47.5% in 2014.
In social services, the total number of families who received assistance from the Needs Assessment Unit further decreased in FY2015/2016 to 1,805 compared to 1,994 in FY 2014/15.
In 2016, the total waste managed at the landfills increased sharply by 38.7 percent to reach 102,074 tons compared to the level in 2015. The total waste incinerated/managed during the year was 297 tons which comprised only 0.3 percent of total waste.
Among selected economic indicators included in the Compendium, new ships registration increased to 234 in 2016 from 210 in 2015, traced mainly to a sharp growth in pleasure yachts. Meanwhile, the volume of postal activity recovered sharply in 2016 as total mail reached 5.8 million following a reduction by 1.6 million in 2015. Incoming (foreign) mail recorded significant growth in 2016 while outgoing mails continued to dwindle.
Meanwhile, according to the ESO release Friday on the Consumer Price Index report, the average prices of goods and services in the Cayman Islands, as estimated by the Consumer Price Index (CPI), increased by 2.2% in the second quarter of 2017 compared to the same period in 2016.
The largest contributor to the increase in the CPI was the 7.9% rise in the price index for restaurants and hotels. In particular, accommodation services had a significant increase of 14.5% in the second quarter over the same quarter in 2016. Average prices of catering services also went up by 7.2%.
There was also an upward movement in clothing and footwear by 5.9 percent and housing and utilities by 4.0 percent.
Food prices were higher by 2.2 percent during the quarter compared to the same quarter in 2016. The food classes comprising of milk, cheese and egg and fruits had the highest increase of 6.8 percent.
According to the release on the quarterly economic report, economic activity in the Cayman Islands as measured by the gross domestic product (GDP) is estimated to have grown by 2.0% in the first quarter of 2017.
Indicators show that the first quarter economic performance was broad-based. The major sectors that contributed to growth were construction, electricity and water supply and wholesale & retail trade. The financing and insurance sector, which remains the largest sector, grew by 1.4%, continuing its solid performance in recent times.
The performance in the first quarter is consistent with the 2.1% forecasted GDP growth for the year.
The central government recorded an overall surplus of CI$178.1 million in the first quarter. This resulted despite an increase in expenditure (8.2%) as total revenue increased by 2.7%. The increase in revenue was generated mainly from domestic taxes on goods and services, including financial service fees. Total expenditure increased by $11.3 million on account of additions to both current expenditure (by $5.8 million) and capital expenditure (by $5.5 million).
The central government's outstanding debt fell anew and settled at $481.3 million as at March 2017, lower by 5.3 percent from the same period in 2016.
More information on all the reports can be downloaded at www.eso.ky.