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Economic growth in OECD countries remains below pre-pandemic levels, despite a gross domestic product increase of 1.6% in the second quarter.
Cayman’s economy entered the difficult period of the COVID-19 pandemic and related lockdown measures this year with a 1.9% first-quarter increase of its gross domestic product in real terms.
Following the COVID-19 pandemic-containment measures around the world, real gross domestic product in OECD countries has suffered an unprecedented 9.8% fall in the second quarter of this year.
Cayman’s economy is expected to contract by 7.2% this year before recovering partially with a 6.4% expansion in 2021, according to Finance Minister Roy McTaggart.
Composite leading indicators for July in OECD countries continued to strengthen from the COVID-19-crisis lows across all major economies. However, the numbers remain below long-term trends and at levels lower than those recorded prior to the coronavirus outbreak.
With the implementation of COVID-19-containment measures across the world, real gross domestic product in the G20 area has fallen by 3.4% in the first quarter of 2020, exceeding the GDP decline of 1.5% in the first quarter of 2009 at the height of the financial crisis.
The trajectory of the Caribbean economy has been a “good news” story for a good while now. The latest thread in this positive narrative is the recent statistical report from the Caribbean Development Bank, estimating that the region’s gross domestic product grew by 0.6 percent last year, and forecasting 2 percent growth this year.
The Cayman Islands has experienced five consecutive years of economic growth. That’s cause for early Christmas cheer (no mug of eggnog required).
The Cayman Islands hit a milestone of five consecutive years of growth, government economists announced Friday, with the gross domestic product reaching $2.8 billion in 2015.
Led by construction, real estate and financial services, Cayman’s economy grew in the first quarter of this year, according to a report released recently by the government Economics and Statistics Office.
Gross domestic product grew 2 percent last year, slower than 2014’s 2.4 percent growth, according to the Economics and Statistics Office’s annual economic report. Growth in construction, real estate, financial services and government continued to be Cayman’s economic drivers.
The Cayman economy grew an estimated 1.6 percent in the first three quarters of 2015, down from 2.4 percent for the same period in 2014, according to a new report from the Economics and Statistics Office.