The economy of the Cayman Islands has grown by 1.3 per cent on an annualized basis between January and June of 2011, according to data released by the Cayman Islands Economics and Statistics Office.
The first half-year growth contrasts a contraction of 4.1 per cent during the same period in 2010.
Annual GDP growth for 2011 is projected at 0.9 per cent, the ESO said.
A breakdown by industry reveals that hotels and restaurants (8 per cent), supported by the continuing strength of air arrivals, were the main drivers of growth in the first six months, followed by financial services (5.1 per cent) and wholesale and retail trade (4.6 per cent). The construction industry in turn saw a negative growth of 8.5 per cent during the period.
“The improved performance of the Cayman Islands economy in the first six months points to a recovery that the government supported by the private sector worked arduously to bring about,” commented Premier McKeeva Bush. “It also demonstrates that we, as the government, must continue to press ahead to ensure that the recovery strengthens and broadens to all economic sectors,” he said.
GDP growth of 1.2 per cent and 1.3 per cent in the first and second quarter, respectively, comes after a prolonged recession.