(CNS): The local economy continued a steady pace of expansion last year, recording an estimated 2.8% real GDP growth in the first nine months of the year, according to the third quarter economic report published by the Economic and Statistic Office last week. The growth was broad-based, with most major sectors expanding, the ESO said. In the commercial sphere, the real estate sector once again fuelled the growth and helped to fill government coffers.
However, general services remained a key driver of momentum, as government services increased by 4% and health services by 5.1%. The central government posted a CI$86 million surplus for the first three quarters, after collecting CI$970.4 million for the public purse against CI$884.5 million in expenditure. The civil service headcount also grew by well over 2%.
At the same time, the government paid down its debt burden to just CI$393.7 million as of September 2025, down from CI$421.1 million a year earlier.
Real estate business rose by 3.9%, business services by 3.3%, and utilities by 3%. Financing and insurance services, which remain central to Cayman’s economic base, expanded by 2.2%. The growing dependence on the unsustainable property sector was reflected in the increase in project approvals, which rose by 165.5%, even as the number of families losing homes increased.
As of September 2025, there were 87 properties in the foreclosure inventory valued at US$26.5 million compared to 75 during the third quarter of 2024.
See the full report here.
