Cayman’s economy expanded by 4.2% in 2023 as demand for services remained strong.

Real Gross Domestic Product (GDP) is estimated to have expanded by 4.2 percent in 2023. Growth during the year was broad-based, with most sectors expanding to support continued demand for financial and tourism services. This was the highlight of The Cayman Islands’ Annual Economic Report 2023, released by the Economics and Statistics Office (ESO).

The economic performance for the year was largely driven by the services sector, which accounted for 88.8 percent of GDP, and increased by 4.5 percent. Actual indicators point to robust growth in the hotels and restaurants sector (up by 34.4%); electricity and water supply (9.4%); other services (up by 6.3%); transport, storage and communication sector (up by 6.0%); and health and social work (up by 5.1%).

Visitor arrivals to the Cayman Islands rose to 1.7 million persons relative to 1.0 million recorded in 2022. The resurgence in arrivals was supported by on-going demand for global travel activities which led to a stronger performances in both stay-over and cruise arrivals.

The government ended the year with a net borrowing of $62.8 million. This resulted from the total revenue of $1,060.1 million falling below its total expenditure of $1,122.9. Despite the excess spending for the period, the central government's outstanding debt decreased to $453.2 million at the end of 2023 and to $506.4 million at the end of 2022.

For more information on The Cayman Islands’ Annual Economic Report 2023,please visit www.eso.ky.