Cayman Islands Economy Profile 2008

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.)

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)

Labor force

23,450 (2004)

Labor force - by occupation

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

Unemployment rate

4.4% (2004)

Budget

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

Industries

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

Industrial production growth rate

NA%

Electricity - production

400 million kWh (2005)

Electricity - consumption

372 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005)

Oil - consumption

2,700 bbl/day (2005 est.)

Oil - imports

2,698 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

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

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)

Stock of direct foreign investment - at home

$NA

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$130 million (2005)

Economic aid - recipient

$390,000 (2004)

Currency (code)

Caymanian dollar (KYD)

Exchange rates

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

Fiscal year

1 April - 31 March