The Local Economy expanded by 3.8 percent in 2024

The GDP estimate for 2024 (which is based on data collected from businesses and other establishments in the Islands) shows that the local economy expanded by 3.8%, marking a deceleration from the 5.8% growth posted in 2023. Economic activity remains on a recovery trajectory following the 5.0% decline posted in 2020.

The increase in domestic economic activity in 2024 surpassed the estimated economic growth for the USA (2.8%), Latin America & the Caribbean (2.4%), Canada (1.6%), the United Kingdom (1.1%), and the Euro Area (0.9%).

Sixteen of the eighteen industries posted improved economic performance in 2024, led by agriculture & fishing activities (16.2%); administrative & support service activities (9.4%); transport & storage services (9.0%); human health & social work (6.7%); and professional, scientific & technical activities (5.8%). The two industries to record declines in economic output in 2024 were manufacturing services (-3.4%) and information & communication services (-1.0%).

The financial & insurance services industry continued to perform positively in 2024, though growth slowed compared to 2023. The industry grew by 2.5% in 2024, following increases of 2.6% in 2023 and 3.8% in 2022.

For more information on the “Cayman Islands’ Gross Domestic Product (GDP) Report 2024”, please visit www.eso.ky.