Tourism Recovery Drives 3.8% Growth

Economic activity in the Cayman Islands, as measured by the gross domestic product (GDP) in real terms, is estimated to have increased by 3.8% in the first three months of 2022.

Indicators suggest that the growth in economic activity was broad-based and largely driven by growth in tourism and transport-related sectors. The hotels and restaurants sector had an estimated growth of 27.8 percent, while transport and communication expanded by an estimated 14.3 percent. The ‘other services’ sector also showed a notable expansion of 9.1 percent. The financing and insurance services sector, which remains the largest contributor to GDP, grew by an estimated 2.5% for the quarter.

Despite rising price pressures, robust demand both locally and internationally continues to spur
economic activities in the Islands. The central government recorded an overall surplus of CI$215.9 million in the first three months of the year. This resulted from revenue of $446.9 million and expenditure of $231.0 million.

The central government’s outstanding debt fell anew and settled at $218.0 million as at March
2022, lower than the $243.9 million recorded as at March 2021.

For more information on the “The Cayman Islands’ First Quarter Economic Report 2022,” please
visit www.eso.ky.