Cayman’s economy expanded by an estimated 3.3% in the first nine months of 2024

Real gross domestic product (GDP) in the Cayman Islands is estimated to have increased by 3.3% in the first nine months of 2024.

Available indicators suggest that the Islands’ output expanded across most sectors with only one contracting. The rise in output for the period was largely linked to robust demand for services. Electricity and water supply is estimated to have expanded by 5.4%, while health & social work and governemnt services grew by 5.1% and 4.0%, respectively. The construction sector expanded by an estimated 3.0%, while wholesale and retail trade rose by 3.7%. Finance and insurance services, which continue to be the largest contributor to GDP, expanded by 2.7% during the review period.

The central government recorded an overall surplus of CI$97.8 million in the first three quarters of the year. This resulted from revenue of $914.0 million and expenditure of $816.1 million.

The central government’s outstanding debt decreased to $421.1 million as at September 2024, compared to $469.0 million recorded as at September 2023.

For more information on the “The Cayman Islands’ Third Quarter Economic Report 2024,” please visit www.eso.ky.