Caymans’ economy expanded by an estimated 1.4% in the First Half of 2021
As measured by the real gross domestic product (GDP), economic activity in the Cayman Islands is estimated to have increased by 1.4% in the first six months of 2021.
Indicators suggest that the growth in economic activity was largely driven by increased output in the construction, business activities, government services and real estate sectors. The construction sector grew by 13.0%, while the business services sector expanded by 4.5%. The financing and insurance services sector, which remains the largest contributor to GDP, grew by an estimated 3.2% for the first six months of the year.
Economic activity continued to be negatively impacted by the closure of Cayman’s borders, which led to a significant decline in the hotels and restaurants sector.
The central government recorded an overall surplus of CI$127.1 million in the first six months of the year. This resulted from revenue of $580.0 million and expenditure of $452.9 million.
The central government’s outstanding debt fell anew and settled at $232.3 million as at June 2021, lower than the $266.5 million recorded as at June 2020.
For more information on the “The Cayman Islands’ Semi-Annual Economic Report 2021,”