Economic activity in the Cayman Islands, as measured by the gross domestic product (GDP) in real terms, is estimated to have increased by 3.6% in the first three months of 2024. 

Indicators suggest that the growth in economic activity was broad-based and largely reflected a continued recovery in tourism-related services, which induced growth in auxiliary sectors. The hotels and restaurants sector had an estimated growth of 12.6 percent, while transport and communication expanded by an estimated 4.0 percent. The financing and insurance services sector, which remains the largest contributor to GDP, grew by an estimated 3.0% for the quarter. Key auxiliary sectors, which support tourism and financial services such as wholesale & retail trade and utilities, also expanded with respective growth of 1.7% and 6.6%. 

The central government recorded an overall surplus of CI$250.4 million in the year’s first three months. This resulted in revenue of $512.8 million and expenditure of $262.4 million.

The central government’s outstanding debt increased to $445.9 million as of March 2024 from $496.1 million as of March 2023. 

For more information on the “The Cayman Islands’ First Quarter Economic Report 2024,” please visit www.eso.ky.