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Cayman’s economy expanded by an estimated 4.0% in the first nine months of 2023

Cayman’s economy expanded by an estimated 4.0% in the first nine months of 2023

Seven Mile Beach, Grand Cayman

Real gross domestic product (GDP) in the Cayman Islands is estimated to have increased by 4.0% in the first nine months of 2023.

Available indicators suggest that the Islands’ output expanded across all the core sectors. The largest positive changes were seen in hotels & restaurants, which grew by 26.4%. This supported growth of 6.7% and 7.7% in the transport storage & communication and the óther’ sector, respectively. The recovery in tourism-related activities coupled with high temperatures in the summer also boosted activities in the electricity and water supply sector by 9.9%. The financing and insurance services sector, the largest contributor to GDP, grew by an estimated 3.1% for the first nine months of the year.

The central government recorded an overall surplus of CI$72.3 million in the first three quarters of the year. This resulted from revenue of $846.1 million and expenditure of $773.7 million.

The central government’s outstanding debt decreased to $469.0 million as at September 2023, compared to $524.4 million recorded as at September 2022.

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