The Local Economy expanded by 5.8 percent in 2023

The GDP estimate for 2023 (which is based on data collected from businesses and other establishments in the Islands) shows that the local economy expanded by 5.8%, the same rate of grow as that posted for 2022. Economic activity continue to rebound from the 5.0% decline posted in 2020.

The increase in economic activity for the domestic economy in 2023 outpaced the estimates of economic growth for the USA (2.9%), Latin America & the Caribbean (2.2%), Canada (1.2%), the Euro Area (0.4%), and the United Kingdom (0.3%).

Fifteen of the eighteen industries posted improved economic performance in 2023, led by hotel & restaurant services (22.1%); transport & storage services (18.7%); other services, which is dominated by diving & watersports activities (13.3%); water supply, sewerage & waste management (10.2%); and human health & social work (10.1%). The three industries to record declines in economic output in 2023 were agriculture & fishing (-8.9%); mining & quarrying (-3.3%); and manufacturing services (-2.0%).

The financial & insurance services industry continued its positive performance in 2023, albeit at a lower rate of growth compared to 2022. The industry grew by 2.8% in 2023 after increasing by 3.8% in 2022 and 3.3% in 2021.

For more information on the “The Cayman Islands’ Gross Domestic Product (GDP) Report 2023”, please visit www.eso.ky