Cayman Islands Economy
Economy - overviewWith no direct taxation, the islands are a thriving offshore financial center. More than 40,000 companies were registered in the Cayman Islands as of 1998, including almost 600 banks and trust companies; banking assets exceed $500 billion. 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 1.2 million in 1997, with 600,000 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 - $1.27 billion (2002 est.)
GDP - real growth rate
1.7% (2002 est.)
GDP - per capita
purchasing power parity - $35,000 (2002 est.)
GDP - composition by sector
agriculture: 1.4%
industry: 3.2%
services: 95.4% (1994 est.)
Population below poverty line
NA (2002 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
2.8% (2002)
Labor force
19,820 (1995)
Labor force - by occupation
agriculture 1.4%, industry 12.6%, services 86% (1995)
Unemployment rate
4.1% (1997)
Budget
revenues: $265.2 million
expenditures: $248.9 million, including capital expenditures of NA (1997)
Agriculture - products
vegetables, fruit; livestock, turtle farming
Industries
tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial production growth rate
NA
Electricity - production
381.9 million kWh (2001)
Electricity - consumption
355.2 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
0 bbl/day (2001 est.)
Oil - consumption
2,400 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Exports
$1.2 million (1999)
Exports - commodities
turtle products, manufactured consumer goods
Exports - partners
mostly US
Imports
$457.4 million (1999)
Imports - commodities
foodstuffs, manufactured goods
Imports - partners
US, Trinidad and Tobago, UK, Netherlands Antilles, Japan
Debt - external
$70 million (1996)
Currency
Caymanian dollar (KYD)
Currency code
KYD
Exchange rates
Caymanian dollars per US dollar - 0.82 (29 October 2001), 0.83 (3 November 1995), 0.85 (22 November 1993)
