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Cayman’s GDP grows by 2% in first quarter of 2017

Cayman Islands’ Gross Domestic Product grew by 2 percent in the first quarter of 2017, according to the Economics and Statistics Office’s Compendium of Statistics. 

The construction, electricity and water supply, as well as wholesale and retail trade sectors, were the main contributors to the GDP bump, according to the ESO. 

 
Also in the first quarter of this year, Government recorded an overall surplus of more than $178 million dollars.

Government earned that surplus despite an 8.2 percent increase in spending, as it increased expenditure by $11.3 million.

The surplus was made possible thanks to an increase in total revenue by a mark of 2.7 percent.

The ESO says the revenue increase was generated from domestic taxes on goods and services.

Central Government’s outstanding debt fell to $481 million as of March 2017. That’s 5.3 percent lower than the same period in 2016.

 

About the author

Kevin Morales

Kevin Morales

Cayman 27 News Director Kevin Morales is an award-winning journalist with more than 12 years of experience. Kevin is a Milwaukee, Wis., native. He graduated with a bachelor's degree in journalism in 2005 from the University of Minnesota. He's a proud father and a loyal fan of the Green Bay Packers, Milwaukee Brewers, Milwaukee Bucks and U of M Golden Gophers.

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