The Domestic Economy Rebounded in 2021 after Declining in 2020

The Cayman Islands’ Gross Domestic Product (GDP) Report 2021, which presents the economic performance of the Islands using the GDP, is released today.

The GDP estimate for 2021, which is based on data collected from businesses and other establishments in the Islands, shows that the local economy expanded by 4.0%, reversing the 5.1% contraction in economic activity in 2020.

The domestic economic performance in 2021 is less vibrant than the 2021 estimates for the United Kingdom (7.4%), Latin America & the Caribbean (6.9%), the USA (5.7%), the Euro Area (5.2%), and Canada (4.5%).

Sixteen of the eighteen industries posted improved economic performance in 2021, led by human health & social work (17.8%); manufacturing services (12.0%); construction activities (8.7%); agriculture & fishing (7.7%); mining & quarrying (6.7%), and education services (6.0%). The two industries to record declines in economic output in 2021 were hotel & restaurant services (-13.6%) and transport & storage services (-10.5%).

The financial & insurance services industry continued its expansion in 2021 at a marginally higher rate compared to 2020. The industry grew by 1.0% in 2021 after increasing by 0.9% in 2020 and 2.5% in 2019.

For more information on the “The Cayman Islands’ Gross Domestic Product (GDP) Report 2021”, please visit www.eso.ky.