Cayman Islands' economy grew 3.1% in 2024

The Cayman Islands' economy continued its growth streak in 2024, with real GDP expanding by 3.1% to $5.21 billion, underpinned by expansion across all major sectors. Financial services, which account for over 30% of GDP, had a solid 2.9% increase, driven by robust demand and the jurisdiction’s growing share in global insurance markets. This was the highlight of The Cayman Islands’ Annual Economic Report 2024, released by the Economics and Statistics Office (ESO).

The economic performance for the year was largely driven by the services sector, which accounted for 89.1% of GDP and increased by 2.9%. Actual indicators suggest robust growth in the construction sector (up 3.0%), real estate (2.9%), other services (up 3.1%), the wholesale and retail trade sector (up 3.7%), and health and social work (up 3.0%).

Overall, the 2024 economic outturn signals continued confidence in the Cayman Islands’ development, while pointing to a generally synergistic and integrated economy with complementary sectors.

The government ended the year with a net borrowing of $6.5 million. This resulted from the total revenue of $1,127.1 million falling below its total expenditure of $1,133.6. Despite the excess spending for the period, the central government's outstanding debt decreased to $405.2 million at the end of 2024, representing a 10.6% decrease from the figure recorded at the end of 2023.

For more information on The Cayman Islands’ Annual Economic Report 2024, please visit www.eso.ky.