Cayman’s economy expanded more than anticipated in 2017. Gross domestic product grew by 2.9 percent in real terms following similar growth of 3 percent in 2016 and 3.1 percent in 2015.
Economic expansion was significantly higher than previous forecasts of 2.1 and 2.4 percent throughout last year.
The GDP growth of 2.9 percent is also more robust than the growth of the U.S. economy last year, said Finance Minister Roy McTaggart.
At $59,748 per capita, Cayman’s economy now ranks seventh in the world, again ahead of the U.S., which ranks eighth, and many other G-20 countries, the minister noted during an economic update at a Cayman Islands Institute of Professional Accountants training event in May.