(CMR) The Cayman Islands's economy is growing faster than Bermuda's, with the potential to outpace Bermuda's economy, recent figures released by the World Bank have shown.
According to the Economics and Statistics Office, Cayman's Real Gross Domestic Product (GDP) is estimated to have expanded by 3.8 percent in 2022.
The economic performance for the year was largely driven by the services sector, which accounted for 89.4 percent of GDP, and increased by 3.7 percent. Actual indicators point to robust growth in the hotels and restaurants sector (up by 23.2%); transport, storage, and communication sector (up by 11.4%); other services (up by 6.1%); wholesale & retail trade (4.8%); and real estate (4.8%).
The Gross Domestic Product (GDP) in the Cayman Islands was worth 6.84 billion US dollars in 2022, according to official data from the World Bank. Businessman Peter Everson told media in Bermuda that this growth trajectory being experienced by the Cayman Islands was not only expected but a result of strategic planning.
He attributes this growth to the country’s determination to overcome challenges faced over the years, from being underpopulated in the 1980s to the devastation caused by Hurricane Ivan in 2003. Cayman's economy has also been recovering strongly from the COVID-19 pandemic.
The gross domestic product (GDP) measures the national income and output of a given country's economy. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time.
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