October 21, 2021

The Editor Speaks: Stats show improvements but backbench MLA’s doubt

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colin-wilsonweb2When there is an election on the horizon and the government of the day, hoping to be re-elected, produce good news, you are not to give them any congratulations.

In fact you are going to cast as much doubt as you can without providing any concrete facts to back up your doubts and that is the way it always is and always will be.

Your core base of supporters will believe anything you say anyway so you are on a win win situation for starters.

Now these doubting Thomas’ are going against the three recent reports from the Economics and Statistics Office (ESO). These reports are:

* The Cayman Islands’ Consumer Price Index Report: June 2016 (CPI)
* The Cayman Islands’ Labour Force Survey Report: Spring 2016 (LFS)
* The Cayman Islands’ Quarterly Trade Statistics Bulletin: April to June 2016 (QTS)

Marco Archer, Minister for Finance and Economic Development, said, “Collectively, the reports confirm that based on the major indicators the Cayman Islands economy is performing well and poised for further improvement this year. Currently, inflation is under control, more persons are being employed and there is increased spending and investment within our economy.”

Speaking about the CPI Report Archer said, “…generally the cost of living has decreased and persons have a bit more disposable income that they can choose to spend as they wish or increase their savings. Lower fuel prices pushed down the average charges for, electricity, water and related services, gas and other fuels, as well as the cost of operation of personal transport equipment.”

On the LFS Report Archer was even more enthusiastic saying, “Employment statistics are an excellent benchmark of economic well-being of any economy. The 3.9% total unemployment rate is the lowest since 2007, with a high of 6.3% in 2011 and 2013, and indicates that we have a vibrant economy that is creating jobs. I am particularly pleased to see that employment amongst Caymanians has registered the highest rate of growth. This is a significant achievement considering that in 2012, the unemployment rate for Caymanians was 10.5%.”

And on the QTS Bulletin he was very upbeat stating, “The level of imports is a key economic indicator for the Cayman Islands as we have very little local manufacturing to speak of and are dependent upon imports to meet our needs. The increased level of capital goods imported indicates that businesses are making investments in new and improved infrastructure thereby strengthening their commitment to the Cayman Islands and positioning themselves for future growth in their respective sectors. This future growth will also help to create more job opportunities within the economy.”

The government then will be going into the 2017 election with a distinct advantage although there is plenty of other areas the backbenchers can attack – the dump and the dock being huge red hot potatoes.

I have no doubt everything will be warming up come the New Year.

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