Cayman Islands

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Introduction - Cayman Islands:
Location - Cayman Islands:
People - Cayman Islands:
Government - Cayman Islands:
Economy - Cayman Islands:

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 ppp

$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; including capital expenditures of $NA (2004)

Agriculture products

vegetables, fruit; livestock; turtle farming

Industries

tourism, banking, insurance and finance, construction, construction materials, furniture

Industrial production growth rate

NA%

Electricity production

400 million kWh (2004)

Electricity consumption

372 million kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

0 kWh (2004)

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

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

0 cu m (2004 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)

Communications - Cayman Islands:
Transportation - Cayman Islands:
Military - Cayman Islands:
This page was last updated on 16 September, 2007
Source: CIA >>>


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Cayman Islands



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