The Local Economy expanded by 5.2 percent in 2022

The GDP estimate for 2022 (which is based on data collected from businesses and other establishments in the Islands) shows that the local economy expanded by 5.2%, adding to the 4.9% growth in 2021 after a 5.0% decline in economic activity in 2020.

The performance of the domestic economy in 2022 outstrips the 2022 estimates for the United Kingdom (4.1%), Latin America & the Caribbean (4.1%), Canada (3.4%), the Euro Area (3.3%), and the USA (2.1%).

Fifteen of the eighteen industries posted improved economic performance in 2022, led by hotel & restaurant services (59.6%); transport & storage services (38.9%); other services, which is dominated by diving & watersports activities (15.8%); human health & social work (7.7%); and water supply, sewerage & waste management (7.0%). The three industries to record declines in economic output in 2022 were manufacturing services (-4.3%); agriculture & fishing (-0.3%); and real estate activities (-0.2%).

The financial & insurance services industry continued its positive performance in 2022, albeit at a marginally lower rate compared to 2021. The industry grew by 2.9% in 2022 after increasing by 3.1% in 2021 and 1.3% in 2020.

For more information on the “The Cayman Islands’ Gross Domestic Product (GDP) Report 2022”, please visit www.eso.ky.