Cayman’s economy expanded by an estimated 3.2% in the First Half of 2024

Economic activity in the Cayman Islands, as measured by real gross domestic product (GDP), is estimated to have increased by 3.2% in the first six months of 2024.

Indicators suggest that economic activity was primarily driven by increased output in the electricity and water supply sector (up by 7.4%), the hotels and restaurants sector (up by 5.7%), the health sector (up by 5.1 %), and the other services sector (up by 4.0%). The financing and insurance services sector, the largest contributor to GDP, grew by an estimated 2.7% for the first six months of the year.

The central government recorded an overall surplus of CI$182.0 million in the first six months of the year which resulted from revenue of $714.8 million and expenditure of $532.8 million.

The central government’s outstanding debt declined to $430.1 million in June 2024, 9.9% lower than the $477.2 million recorded in June 2023.

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