Cayman economy strengthens with the help of banking assets growth
It is known that the Cayman Islands is among the most competitive financial centres in the world. Last year, the jurisdiction maintained its international ranking of 6th place for total banking assets held by Cayman. The growth of the Cayman economy outpaced the growth of of the United States.
Financial Secretary Kenneth Jefferson has reported to the Cayman Legislative Assembly that in 2006 of the total global banking assets of USD 29.4 trillion, the Cayman Islands held USD 1.7 trillion, which represents a growth of 37.2% during the year, while the global growth was 22.9%.
The Cayman economy grew by 4.6%, and outpaced its main trading partner – the United States, the economy of which grew by 3.2%.
Jefferson said that the jurisdiction had continued good performance and in the beginning of September presented the Cayman Islands Annual Economic Report 2006.
Financial Secretary informed the House that increases in the financial sector were observed in company registrations, insurance company licences, mutual funds, as well as in stock exchange listings and capitalisation.