Cayman Islands’ Current Account Deficit contracted in 2024

The Cayman Islands’ Balance of Payments (BOP) and International Investment Position (IIP) Report 2024 presents statistical summaries of economic and financial transactions between residents of the Cayman Islands and the rest of the world. The statistics are generated from survey responses from local businesses and government departments, as well as from the Cayman Islands Monetary Authority (CIMA) and other organizations.

The latest BOP statistics for 2024 show that total payments by residents to non-residents exceeded receipts, resulting in a current account deficit of $571.7 million, compared with the revised deficit of $592.3 million recorded in 2023.

This emanated mainly from a surplus on the services sub-account and a reduction in the deficit on the primary income sub-account. The services account balance improved mainly from growth in other business services, which recorded a net surplus of $514.8 million in 2024, up from $482.4 million in 2023. This outcome reflected the increased receipts from professional and management consulting services. The primary income sub-account net inflows increased $279.1 million or 18.3 percent. In contrast, the deficit on the goods and the secondary income sub-accounts worsened by 4.1 percent and 260.4 percent, respectively, in 2024.

The IIP shows the value and composition of residents' foreign assets and liabilities at the end of the year. The latter represents the total investments of non-residents in the Cayman Islands.

At the end of 2024, the net international investment position stood at $67.5 billion, up from the $55.1 billion recorded in 2023. The stock of assets held by residents overseas grew by $5.8 billion to $180.2 billion, while liabilities fell by $6.6 billion to $112.7 billion.

Other information may be obtained from the Report posted at the Economics and Statistics Office website: www.eso.ky