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Cayman Islands: Unemployment rate falls in first half of year as tourism sector rebounds from pandemic

The Cayman Islands says it estimates an unemployment rate of just three per cent in the first half of this year as the holiday destination reopened for tourism.

The Cayman Compass reported that the drop in unemployment for Caymanians alone had fallen from eight point five per cent to five point one per cent in the first six months of 2022.

According to the survey, the significant drop in unemployment "coincided" with a massive increase in Cayman's population.

The survey estimated a 10.5 per cent population jump to 78,554 in only six months since a countrywide census.

The Cayman Compass also stated that the unemployment rate for non-Caymanians fell to just one point one per cent from two point eight per cent, while four point eight per cent of all permanent residents were unemployed, down from six point two per cent at the time of the census.