Auditor General’s 2024 Economic Report explained

Compass journalist James McKeigue takes a closer look at the recently published Auditor General’s 2024 Economic Report, which highlighted “fundamental weaknesses in financial oversight that must be addressed urgently”.

14 October 2025 | 00:02:20

Cayman Compass

Cayman Finance report sounds alarm on falling GDP per capita

Cayman’s growing economy masks the fact that earnings per person are dropping, says a report from consultancy Capital Economics.

The report, which was published on 3 Oct., warned the rapid growth of construction and tourism is driving down Cayman’s GDP per capita.

On the surface, Cayman’s economy has enjoyed strong growth, with an average annual expansion of 3.2% over the last decade. Yet “despite this seemingly positive picture, GDP per capita – a measure of individual prosperity and economic well-being – has been broadly stagnant over the last ten years, even declining in 2023 to reach its lowest level since 2006,” said the report, which was commissioned by Cayman Finance.

“Since 2007, GDP per capita has fallen by 18%, suggesting a deterioration in average living standards for residents”, continues the report, which follows the September publication of a preview that revealed financial services contribute more to the jurisdiction’s GDP than previously estimated.