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Company Formations Boost Cayman Economy

Tuesday, August 2, 2011

The Cayman Islands economy exceeded growth estimates for the first quarter of 2011, bolstered by higher levels of tourism and company formation.

The Economics and Statistics Office has released figures showing the state of the jurisdiction's economy for January to March, 2011. The statistics show that growth of 1.2% was achieved in Q1. This figure is higher than the 0.9% growth projected for the entire 2011 calendar year.

According to the government, several positive results contributed to this growth. These include an increase in new company registrations by 11.9%. In addition, the tourism industry experienced strong performance, with air arrivals up by 6.8% and cruise ship passenger numbers increasing by 8.2%. The number of property transfers increased by 20.3%, which complemented a 271.2% increase in the value of properties transferred in the quarter that amounted to USD253.9m.

Commenting on the figures Premier and Minster for Finance McKeeva Bush said: "I, along with the government, am very upbeat with respect to the future performance of the economy - which is based not only on positive results achieved in the first quarter of 2011 but also on the partnerships and initiatives that the government has forged with the private sector. We are encouraged by the 2011 first quarter results and by the Islands' bright future prospects."