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Home > Country Profiles > Cayman Islands

Country Profiles

Cayman Islands - Economy

Whitaker's Almanack Version

Financial Outlook

A new government came to power in the Cayman Islands in the May 2013 elections, with the new premier, Alden McLaughlin, promising an end to the Cayman Islands’ idiosyncratic block-voting electoral system in favor of a move to “one-man-one-vote” democracy. According to the Islands’ Economics and Statistics Office, overall economic activity grew by an estimated 0.9% in the first six months of 2013, despite some contraction in the first quarter. The tourist trade showed robust growth, as did construction, real estate, and business activities. However, the Islands’ economic mainstays—financing and insurance—saw growth of just 0.4%. Aided by the second quarter’s economic performance, the overall fiscal balance of the government showed a surplus of US$113.04 million, up from a surplus of US$33.12 million for the same quarter a year earlier. In the 2014 budget, the government’s total debt is forecast to decline from 25.6% of GDP in 2012/13 to 23.2% in 2013/14, and to 17.1% by the end of fiscal year 2016/17. (Note: 1 CI$ = US$1.2 (pegged rate))

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Further reading on Cayman Islands

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