Cayman Islands Economy Profile 2009

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.)
$1.922 billion (2003 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.)

Population below poverty line

NA%

Labor force

23,450 (2004)

Labor force - by occupation

agriculture: 1.4%
industry: 12.6%
services: 86% (1995)

Unemployment rate

4.4% (2004)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $423.8 million
expenditures: $392.6 million (2004)

Inflation rate (consumer prices)

4.4% (2004)

Industries

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

Industrial production growth rate

NA%

Electricity - production

546.1 million kWh (2007 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

546.1 million kWh (2007 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

2,767 bbl/day (2006 est.)

Oil - imports

2,818 bbl/day (2005)

Oil - exports

0 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Agriculture - products

vegetables, fruit; livestock; turtle farming

Exports

$2.52 million (2004)

Exports - commodities

turtle products, manufactured consumer goods

Imports

$866.9 million (2004)

Imports - commodities

foodstuffs, manufactured goods

Debt - external

$70 million (1996)

Stock of direct foreign investment - at home

$NA

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$NA (31 December 2008)
$183.5 million (31 December 2007)
$188.4 million (31 December 2006)

Economic aid - recipient

$390,000 (2004)

Currency (code)

Caymanian dollar (KYD)

Currency (code)

KYD

Exchange rates

Caymanian dollars (KYD) per US dollar - NA (2007), 0.8496 (2006)

Fiscal year

1 April - 31 March