The Cayman Islands’ 2011 Third Quarter Economic Report

"The Cayman Islands’ economy continues to record positive growth in the first nine months of the 2011 calendar year."

The Cayman Islands’ economy continues to record positive growth in the first nine months of the 2011 calendar year. The growth achieved in the January to September period on an annualized basis was 1.2 percent as compared to a contraction of 5.8 percent a year ago.

Annual GDP growth for the entire calendar year is projected at 1.2 percent.

Among the sectors, the performance of the hotels and restaurants, and real estate, renting and business services stood out as these were estimated to have grown by 7.5 percent and 3.4 percent respectively. These services are supported by the continuing strength of air arrivals and increased real estate and business services activities.

The Honourable Premier and Minster for Finance, Mr McKeeva Bush stated: ⫿The improved performance of the Cayman Islands economy in the first nine months points to the vigilance of the government in supporting the private sector in staging a turn-around from the recent down-turn in economic activity. However, we, as the government and as a people, must continue to press ahead to ensure that the recovery strengthens and broadens to benefit all economic sectors, given the increased economic uncertainly that is currently prevailing in the global economy.???
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