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Cayman Islands:
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Other pages in this profile of the Cayman Islands:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
With no direct taxation, the islands are a thriving offshore financial center. More than 68,000 companies were registered in the Cayman Islands as of 2003, including almost 500 banks, 800 insurers, and 5,000 mutual funds. A stock exchange was opened in 1997. Tourism is also a mainstay, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Total tourist arrivals exceeded 2.1 million in 2003, with about half from the US. About 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world. |
GDP (purchasing power parity) |
$1.939 billion (2004 est.) |
GDP (official exchange rate) |
$NA |
GDP - real growth rate |
0.9% (2004 est.) |
GDP - per capita |
$43,800 (2004 est.) |
GDP - composition by sector |
agriculture: 1.4% industry: 3.2% services: 95.4% (1994 est.) |
Labor force |
23,450 (2004) |
Labor force - by occupation |
agriculture: 1.4% industry: 12.6% services: 86% (1995) |
Unemployment rate |
4.4% (2004) |
Population below poverty line |
NA% |
Household income or consumption by percentage share |
lowest 10%: NA% highest 10%: NA% |
Inflation rate (consumer prices) |
4.4% (2004) |
Budget |
revenues: $423.8 million expenditures: $392.6 million (2004) |
Agriculture - products |
vegetables, fruit; livestock; turtle farming |
Industries |
tourism, banking, insurance and finance, construction, construction materials, furniture |
Electricity - production |
400 million kWh (2005) |
Electricity - consumption |
372 million kWh (2005) |
Electricity - exports |
0 kWh (2005) |
Electricity - imports |
0 kWh (2005) |
Oil - production |
0 bbl/day (2004) |
Oil - consumption |
2,600 bbl/day (2004 est.) |
Oil - exports |
NA bbl/day |
Oil - imports |
NA bbl/day |
Oil - proved reserves |
0 bbl (1 January 2006) |
Natural Gas - production |
0 cu m (2005 est.) |
Natural Gas - consumption |
0 cu m (2005 est.) |
Exports |
$2.52 million (2004) |
Exports - commodities |
turtle products, manufactured consumer goods |
Exports - partners |
mostly US (2006) |
Imports |
$866.9 million (2004) |
Imports - commodities |
foodstuffs, manufactured goods |
Imports - partners |
US, Netherlands Antilles, Japan (2006) |
Debt - external |
$70 million (1996) |
Economic aid - recipient |
$390,000 (2004) |
Currency (code) |
Caymanian dollar (KYD) |
Exchange rates |
Caymanian dollars per US dollar - 0.8496 (2006) |
Fiscal year |
1 April - 31 March |
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