
Cayman Islands Economy
Cayman Islands Economy: A summary of information about Cayman Islands Economy, from government research data as well as independent research and other sources.
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 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.)
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.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA% highest 10%: NA%
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
5.1% (1996)
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
290 million kWh (1998)
Electricity - production by source
fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (1998)
Electricity - consumption
270 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
vegetables, fruit; livestock, turtle farming
Exports
$2.17 million (1997)
Exports - commodities
turtle products, manufactured consumer goods
Exports - partners
mostly US
Imports
$432 million (1997)
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
Exchange rates
Caymanian dollars (CI$) per US$1 - 0.83 (3 November 1995), 0.85 (22 November 1993)
Fiscal year
1 April - 31 March