Cayman’s economy expanded by an estimated 3.6% in the First Half of 2023

Economic activity in the Cayman Islands, as measured by real gross domestic product (GDP), is estimated to have increased by 3.6% in the first six months of 2023.

Indicators suggest that economic activity was primarily driven by increased output in the hotels and restaurants sector (up by 25.9%), the transport, storage & communication sector (up by 7.1%), and the electricity and water supply sector (up by 8.6%). The financing and insurance services sector, which remains the largest contributor to GDP, grew by an estimated 2.6% for the first six months of the year.

The central government recorded an overall surplus of CI$145.4 million in the first six months of the year which resulted from revenue of $656.1 million and expenditure of $493.1 million.

The central government’s outstanding debt declined to $477.2 million in June 2023, 10.8% lower than the $534.7 million recorded as June 2022.

For more information on the “The Cayman Islands’ Semi-Annual Economic Report 2023,” please visit www.eso.ky.