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Latest Indicators

Estimated Gross Domestic Product:
8.2%, Jan - Sept 2020 / Jan - Sept 2019
Gross Domestic Product Actual:
6.7%, Dec 2020 / Dec 2019
Average Consumer Price Index (CPI):
1.0%, March 2021 / March 2020
Total Population:
65,786, as of Fall 2020
Unemployment Rate:
5.2%, as at Fall 2020
Merchandise Imports ($):
2.4% Jan - Mar 2021 / Jan - Mar 2020
Balance of Payments Current Account Deficit % GDP:
18.3% of GDP, Dec 2019
Census Portal - [ESO Staff Only]
Home / News / Covid-19 restrictions lead to lower economic activity in 2020

Covid-19 restrictions lead to lower economic activity in 2020

Restrictive measures and a fall in global and local demand led to a reduction in Cayman’s economic activity in 2020. Real Gross Domestic Product (GDP) is estimated to have contracted by 6.7 percent for the year. This was the highlight of The Cayman Islands’ Annual Economic Report 2020 released by the Economics and Statistics Office.

The economic contraction interrupted a period of steady growth in the islands where growth averaged 3.5 percent per year in the five years before the pandemic. Notwithstanding, the decline was in tandem with a sharp reduction in global economic activity, which fell as varying restrictions hampered both supply and demand. The US economy contracted by 3.5 percent for the year relative to a growth of 2.2 percent in 2019.

Actual indicators point to declines across most sectors of the economy in 2020. The hotels and restaurants sector had the highest estimated decline of 76.6 percent due to the closure of the Islands’ borders. Other industries with the high estimated contractions were transport and communication (14.4%), other services (23.2%), and wholesale and retail trade (4.3%).

The central government recorded an overall fiscal deficit of $116.4 million, as revenue collection declined to $797.4 million and expenditure increased to $913.8 million.

Despite the deterioration in the fiscal account, the government reduced its outstanding debt from $284.4 million as at the end 2019 to $248.6 million as at the end 2020.

For more information on the “The Cayman Islands’ Annual Economic Report 2020,” please visit www.eso.ky.