Cayman Islands:
Economy

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Other pages in this profile of the Cayman Islands:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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)	Definition - World rank and map $1.939 billion (2004 est.)
GDP (official exchange rate)	Definition $NA
GDP - real growth rate	Definition - World rank and map 0.9% (2004 est.)
GDP - per capita	Definition - World rank and map $43,800 (2004 est.)
GDP - composition by sector	Definition agriculture: 1.4% industry: 3.2% services: 95.4% (1994 est.)
Labor force	Definition 23,450 (2004)
Labor force - by occupation	Definition agriculture: 1.4% industry: 12.6% services: 86% (1995)
Unemployment rate	Definition - World rank and map 4.4% (2004)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 4.4% (2004)
Budget	Definition revenues: $423.8 million expenditures: $392.6 million (2004)
Agriculture - products	Definition vegetables, fruit; livestock; turtle farming
Industries	Definition tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map 400 million kWh (2005)
Electricity - consumption	Definition - World rank and map 372 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 7,772.4 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005)
Oil - consumption	Definition - World rank and map 2,700 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 56.4 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2004)
Oil - imports	Definition - World rank and map 2,698 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Exports	Definition - World rank and map $2.52 million (2004)
Exports - commodities	Definition turtle products, manufactured consumer goods
Exports - partners	Definition mostly US (2006)
Imports	Definition - World rank and map $866.9 million (2004)
Imports - commodities	Definition foodstuffs, manufactured goods
Imports - partners	Definition US, Netherlands Antilles, Japan (2006)
Debt - external	Definition - World rank and map $70 million (1996)
Stock of direct foreign investment - at home	Definition $NA
Stock of direct foreign investment - abroad	Definition $NA
Market value of publicly traded shares	Definition $130 million (2005)
Economic aid - recipient	Definition $390,000 (2004)
Currency (code)	Definition Caymanian dollar (KYD)
Exchange rates	Definition Caymanian dollars per US dollar - NA (2007), 0.8496 (2006)
Fiscal year	Definition 1 April - 31 March

Cayman Islands: Economy

Cayman Islands:
Economy