Cayman Islands: New businesses registered (number)

Key figures

What the numbers say

In 2024, Cayman Islands' new businesses registered (number) rose 16.9% on 2023 (from 9,582 to 11,197).

Across the 17 yearly changes before that (2007 to 2023), the average change was +0.6% and a typical year strayed about 20.5% from that (the standard deviation). This year's change was 0.8 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 42.8% in 2021 and the biggest yearly fall was 33.7% in 2009. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 4% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Cayman Islands had the 68th highest value of the 127 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Cayman Islands in the 2024 ranking

• Mauritius — 65th of 127: 12,614
• Namibia — 66th of 127: 12,117
• Guatemala — 67th of 127: 11,909
• Burkina Faso — 69th of 127: 10,046
• Kyrgyz Republic — 70th of 127: 9,638
• Luxembourg — 71st of 127: 9,137

What this measures

New businesses registered are the number of new limited liability corporations (or its equivalent) registered in the calendar year.

Limitations: The definition of entrepreneurship used is limited to the formal sector. Yet, it should be noted that the exclusion of the informal sector is based on the difficulties of quantifying the number of firms that compose it, rather than on its relevance for developing economies. Data collected from economies categorized as offshore financial centers by Eurostat are excluded from the analysis, because registered entities in these countries may not fit the objective of the Entrepreneurship Database aiming at measuring formally registered companies with actual economic activities.

All 19 values

New businesses registered (number) in nearby economies

• Antigua and Barbuda — 275 (2024)
• Argentina — 15,818 (2024)
• Barbados — 1,517 (2024)
• Belize — 3,710 (2024)
• Brazil — 979,211 (2024)
• Chile — 123,159 (2023)
• Colombia — 82,208 (2024)
• Costa Rica — 22,333 (2024)
• Dominica — 171 (2024)
• Ecuador — 19,317 (2024)
• El Salvador — 4,862 (2024)

More private sector & trade data for Cayman Islands

• International tourism, number of arrivals — 660,000 (2020)
• Import unit value index (2015 = 100) — 137 (2025)
• Export unit value index (2015 = 100) — 108.4 (2025)
• International tourism, receipts (current US$) — US$964 million (2019)
• Merchandise imports (current US$) — US$2.11 billion (2025)
• Merchandise exports (current US$) — US$25 million (2025)
• New business density (new registrations per 1,000 people ages 15-64) — 201.01 (2024)
• Merchandise trade (% of GDP) — 26.44% (2024)
• International tourism, expenditures (current US$) — US$299 million (2019)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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Questions people ask

What is Cayman Islands's new businesses registered (number)?

11,197 in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2006?

It is down 8.78% from 12,275 in 2006 (0.51% a year on average, compounded). The highest value was 16,748 in 2021 and the lowest 7,859 in 2009.

How does Cayman Islands rank?

68th highest of 127 economies with data for 2024.

Is the latest change in new businesses registered (number) unusual for Cayman Islands?

In 2024, Cayman Islands' new businesses registered (number) rose 16.9% on 2023 (from 9,582 to 11,197). Across the 17 yearly changes before that (2007 to 2023), the average change was +0.6% and a typical year strayed about 20.5% from that (the standard deviation). This year's change was 0.8 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator IC.BUS.NREG, licensed CC BY 4.0. Original source: Entrepreneurship Database, World Bank (WB), uri: https://www.worldbank.org/en/programs/entrepreneurship Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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