Domestic Economic Growth in 2018 is Highest Since 2007

The Cayman Islands’ System of National Accounts Report 2018 which presents the economic performance of the Islands using the Gross Domestic Product (GDP) is released today.

The GDP estimate for 2018 which is based on data collected from businesses and other establishments in the Islands shows that the local economy expanded by 4.1%, the highest recorded rate of growth since 2007 and the eighth consecutive year of positive economic performance. The 4.1% growth in real GDP (or GDP adjusted for inflation) exceeds the advance GDP growth estimate of 3.3% percent for the year which were based on early indicators.

The domestic economic growth in 2018 outperformed the growth estimated for the USA (2.9%), the Euro Area (1.9%), Latin America & the Caribbean (1.0%), Canada (1.9%), and the United Kingdom (1.4%) for the same period. 

The industries posting the highest rates of expansion in 2018 were hotel & restaurant services (8.2%); construction activities (7.8%); manufacturing (6.7%); human health & social work (6.3%); wholesale & retail trade (4.7%); and professional, scientific & technical activities which consist mainly of legal and accounting services (4.4%). 

The financial & insurance services industry continued its expansion in 2018, albeit at a slower pace when compared to 2017.  The industry grew by 1.8% in 2018, which is lower than the 2.5% posted in 2017.

For more information on the “The Cayman Islands’ System of National Accounts Report 2018”, please visit www.eso.ky.