The Cayman Islands' GDP in 2023 was predominantly driven by the services sector, accounting for 72.04%. This has shown a stable growth pattern year-on-year, with minor fluctuations over the last two years. The wholesale, retail trade, restaurants, and hotels sector contributed 13.15%, slightly increasing from previous years, with a steady CAGR over the past five years. Transport, storage, and communication made up 7.02%, showing marginal growth. The mining, manufacturing, and utilities sector constituted 4.48%, decreasing slightly year-on-year, while construction was 2.97%, exhibiting minimal fluctuations. Agriculture, hunting, forestry, and fishing stood at 0.34%, with negligible changes over the years.
Future trends to watch for the Cayman Islands GDP composition by sector include potential shifts in the services sector due to technological advancements and changes in global financial regulations. Additionally, sustainable tourism and eco-friendly initiatives might influence the wholesale, retail trade, restaurants, and hotels sector, keeping its growth dynamics adaptive to new tourist preferences.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Services | 72.04 | 2016 | |
| 2 | 2 Wholesale, retail trade, restaurants and hotels | 13.15 | 2016 | |
| 3 | 3 Transport, storage and communication | 7.02 | 2016 | |
| 4 | 4 Mining, Manufacturing, Utilities | 4.48 | 2016 | |
| 5 | 5 Construction | 2.97 | 2016 | |
| 6 | 6 Agriculture, hunting, forestry, fishing | 0.34 | 2016 |
