Cayman Islands: Economy

Economy - overview: With 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%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 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)

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

Industrial production growth rate: NA%

Electricity - production: 381.9 million kWh (2001)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%

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)

Agriculture - products: vegetables, fruit; livestock, turtle farming

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)

Economic aid - recipient: $NA

Currency: 1 Caymanian dollar (CI$) = 100 cents

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)

Fiscal year: 1 April - 31 March

Source: CIA World Factbook 2003
(In general, information available as of 1 January 2003 was used in the preparation of this edition.)

Related Information:
Geography | People | Government | Economy | Communications | Transportation | Military