The economy of Cayman Islands advanced 4.0 percent in the first quarter of 2018, after an upwardly revised 4.4 percent advance in the previous period. Growth occurred across all sectors, with biggest contributions coming from: hotels & restaurants (19.8%); construction (8.5%); transport, storage & communications (5.8%); business activities, mainly legal and accounting (4.5%) and wholesale and retail trade, repair and installation of machinery (3.3%). The financial services sector, which remains
the largest contributor to GDP, had an estimated growth of 1.2%. GDP Annual Growth Rate in Cayman Islands averaged 1.78 percent from 1992 until 2018, reaching an all time high of 6.50 percent in the fourth quarter of 2005 and a record low of -6.90 percent in the second quarter of 2010.
GDP Annual Growth Rate in Cayman Islands is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Cayman Islands to stand at 2.90 in 12 months time. In the long-term, the Cayman Islands GDP Annual Growth Rate is projected to trend around 2.80 percent in 2020, according to our econometric models.