Cayman’s economy expanded by an estimated 3.4% in the nine months of 2022
As measured by the real gross domestic product (GDP), economic activity in the Cayman Islands is estimated to have increased by 3.4% in the first nine months of 2022.
Indicators suggest that the economic expansion was broad-based, with only one sector contracting. The largest positive changes were seen in hotels & restaurants, which grew by 22.5%, and transport storage and communication, which rose by 12.7%. The financing and insurance services sector, which remains the largest contributor to GDP, grew by an estimated 2.1% for the first nine months of the year.
The central government recorded an overall surplus of CI$66.6 million in the first three quarters of the year. This resulted from revenue of $818.0 million and expenditure of $751.4 million.
The central government’s outstanding debt increased to $524.4 million as at September 2022, higher than the $222.7 million recorded as at September 2021.
For more information on the “The Cayman Islands’ Third Quarter Economic Report 2022,” please visit www.eso.ky.