Economy of Cayman Islands

Mother Earth Travel > Country Index > Cayman Islands Map 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 1997, 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 visitors in 1997. 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 - $930 million (1997 est.)
GDP - real growth rate: 5% (1997 est.), 4.9% (1999 est.)
GDP - per capita: purchasing power parity - $24,500 (1997 est.)
GDP - composition by sector:
agriculture: 1.4%
industry: 3.2%
services: 95.4% (1994 est.)
Inflation rate (consumer prices): 3% (1998)
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
Electricity - production: 330 million kWh (1999)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)
Electricity - consumption: 306.9 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: vegetables, fruit; livestock, turtle farming
Exports: $1.5 million (1998)
Exports - commodities: turtle products, manufactured consumer goods
Exports - partners: mostly United States
Imports: $507.6 million (1998)
Imports - commodities: foodstuffs, manufactured goods
Imports - partners: United States, Trinidad and Tobago, UK, Netherlands Antilles, Japan
Debt - external: $70 million (1996)
Currency: Caymanian dollar (KYD)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Cayman Islands Map Economy