2013 GDP growth, led by hotels and restaurants, revised to 1.4 percent

The Economics and Statistics Office has revised its Cayman Islands economic growth estimate for 2013.

“The GDP estimate for 2013 after adjusting for price increases based on data collected from businesses on the islands expanded by 1.4 percent. This exceeds the 1.2 percent advance estimate for the year based on early indicators,” said Marco Archer, minister for finance and economic development.

According to the System of National Accounts Report 2013, released earlier in December, 14 of 18 industry sectors grew their economic output last year.

Hotels and restaurants led economic growth with an increase of 5.9 percent, followed by transport and storage services with 2.6 percent.

Government services grew 1.9 percent, and administrative and support services, which consist largely of rental car and security services, improved by 1.7 percent.

Wholesale and retail trade (1.6 percent) and health and social work (1.6 percent) also grew faster than the economy on average.

The financial and insurance services industry recorded growth of 1.3 percent in 2013.

On a per capita basis, Cayman’s economic output in current prices jumped 2.6 percent last year to $47,170.

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