Economy grows 2.4% in Q1 as audit backlog and PR queue persist

The Economics and Statistics Office's first-quarter numbers dominated the day. Cayman Marl Road reports the economy expanded by an estimated 2.4% in the first quarter of 2026, driven by tourism and financial services, with central government recording a CI$317.3 million surplus. The Cayman Independent notes the higher surplus came alongside rising government debt, a fall in work permits and record government employment. Cayman News Service argues the headline growth masks pressure on working families from rising household, supermarket and fuel costs.

On public finances and accountability, the Cayman Independent reports that nearly 61% of 2025 government revenue remains unaudited, with the backlog unchanged from a year ago. The Cayman Compass reports government is standing by its $6.5 million purchase of a West Bay preschool site amid calls for an inquiry, with Premier André Ebanks facing questions over his connection to one of the sellers. Immigration Minister Michael Myles told CNS that about 9,000 permanent residency applications are in process under the current points system as the regime is reshaped.

In financial services, the Cayman Independent reports Butterfield is preparing for US$500 million in outflows as the CIBC Caribbean deal advances, while Cayman Finance is adding staff and training. The Compass reports a global survey placing Cayman first for expected growth in demand from wealthy families. A local bank has warned customers of an elaborate "vishing" scam, the Compass reports.

On coastal policy, government is exploring a fixed "line in the sand" for measuring building setbacks on Seven Mile Beach, per the Compass, as officials flag significant sand loss at South Sound and Barkers. The maritime authority has flagged crane inspection gaps after a fatal yacht accident. Pirates Week 2026 opens today in Cayman Brac, CMR reports.