Caymans’ economy expanded by an estimated 3.5% in the First Half of 2022
Economic activity in the Cayman Islands, as measured by real gross domestic product (GDP), is estimated to have increased by 3.5% in the first six months of 2022.
Indicators suggest that the growth in economic activity was primarily driven by increased output in the hotels and restaurants, transport, storage & communication, and the ‘other’ services sectors. The hotels and restaurants sector grew by 21.6%, while the transport, storage & communication and ‘other’ services sectors expanded by 12.6% and 10.3%, respectively. The financing and insurance services sector, which remains the largest contributor to GDP, grew by an estimated 1.9% for the first six months of the year.
The central government recorded an overall surplus of CI$144.7 million in the year's first six months. This resulted in revenue of $636.6 million and expenditure of $491.9 million.
The central government’s outstanding debt changed trajectory and rose to $534.7 million in June 2022, higher than the $218.0 million recorded as June 2021.
For more information on the “The Cayman Islands’ Semi-Annual Economic Report 2022,” please visit www.eso.ky.