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Cayman Islands:
Economy

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Cayman Islands Page


Other pages in this profile of the Cayman Islands:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
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)
Definition - World rank and map
$1.939 billion (2004 est.)
GDP (official exchange rate)
Definition
$NA
GDP - real growth rate
Definition - World rank and map
0.9% (2004 est.)
GDP - per capita
Definition - World rank and map
$43,800 (2004 est.)
GDP - composition by sector
Definition
agriculture: 1.4%
industry: 3.2%
services: 95.4% (1994 est.)
Labor force
Definition
23,450 (2004)
Labor force - by occupation
Definition
agriculture: 1.4%
industry: 12.6%
services: 86% (1995)
Unemployment rate
Definition - World rank and map
4.4% (2004)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
4.4% (2004)
Budget
Definition
revenues: $423.8 million
expenditures: $392.6 million (2004)
Agriculture - products
Definition
vegetables, fruit; livestock; turtle farming
Industries
Definition
tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
400 million kWh (2005)
Electricity - consumption
Definition - World rank and map
372 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
7,772.4 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005)
Oil - consumption
Definition - World rank and map
2,700 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
56.4 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
2,698 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Exports
Definition - World rank and map
$2.52 million (2004)
Exports - commodities
Definition
turtle products, manufactured consumer goods
Exports - partners
Definition
mostly US (2006)
Imports
Definition - World rank and map
$866.9 million (2004)
Imports - commodities
Definition
foodstuffs, manufactured goods
Imports - partners
Definition
US, Netherlands Antilles, Japan (2006)
Debt - external
Definition - World rank and map
$70 million (1996)
Stock of direct foreign investment - at home
Definition
$NA
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$130 million (2005)
Economic aid - recipient
Definition
$390,000 (2004)
Currency (code)
Definition
Caymanian dollar (KYD)
Exchange rates
Definition
Caymanian dollars per US dollar - NA (2007), 0.8496 (2006)
Fiscal year
Definition
1 April - 31 March


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