The Cayman Islands’ economy continues to boom. In recent years, the economy has experienced a sustained period of steady growth; low and falling unemployment; moderate inflation; and strong public finances. This general trend continued in 2019. Growth occurred in tandem with rising employment that boosted private consumption demand, with knock-on inflationary impacts.
The Government continued to pursue a prudent fiscal strategy anchored within its Framework for Fiscal Responsibility. Revenues were robust; and the cash reserves continued to be amassed. Some of these reserves were used to pay a large maturing bullet bond obligation. Since 2013, the Government has fast-tracked debt reduction by avoiding new loans. As a result, public debt has been falling since it peaked in 2011 at CI$613.4 million.
