(CMR) The Cayman Islands' gross domestic product (GDP) indicated that economic activity increased by an estimated 1.7% in the first nine months of 2021.
According to a release from the Economics & Statistics Office (ESO), indicators suggest that the growth in economic activity was relatively broad-based, with only three sectors contracting.
The largest positive changes were seen in real estate, which grew by 6.5%, and construction, which rose by 5.7%. The financing and insurance services sector, which remains the largest contributor to GDP, grew by an estimated 2.4% for the first nine months of the year.
Economic activity continued to be negatively impacted by the closure of Cayman's borders in 2021, which led to a contraction in the hotels and restaurants sector and the transport sector.
The central government recorded an overall surplus of CI$62.8 million in the first three quarters of the year. This resulted from revenue of $784.7 million and expenditure of $721.9 million.
The central government's outstanding debt declined to $235.1 million as of September 2021, lower than the $261.4 million recorded in September 2020.