Economy - overview:
With no direct taxation, the islands are a thriving offshore financial center. More than 93,000 companies were registered in the Cayman Islands as of 2008, including almost 300 banks, 800 insurers, and 10,000 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 1.9 million in 2008, 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):
$2.25 billion (2008 est.)
GDP - real growth rate:
0.9% (2004 est.); 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.)
Labor force:
39,000
note:
nearly 55% are non-nationals (2007)
Labor force - by occupation:
agriculture: 1.9%
industry:
19.1%
services:
79% (2008)
Unemployment rate:
4.4% (2004 est.); NA%
Population below poverty line:
NA%
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 est.)
Stock of money:
$334.3 million (31 December 2008)
Stock of quasi money:
$5.23 billion (31 December 2008)
Market value of publicly traded shares:
$NA (31 December 2008)
Agriculture - products:
vegetables, fruit; livestock; turtle farming
Industries:
tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial production growth rate:
NA%
Electricity - production:
546 million kWh (2007 est.)
Electricity - consumption:
507.8 million kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
0 bbl/day (2008 est.)
Oil - consumption:
3,000 bbl/day (2008 est.)
Oil - exports:
0 bbl/day (2007 est.)
Oil - imports:
3,294 bbl/day (2007 est.)
Oil - proved reserves:
0 bbl (1 January 2009 est.)
Natural gas - production:
0 cu m (2008 est.)
Natural gas - consumption:
0 cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
0 cu m (2008 est.)
Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
Exports:
$2.52 million (2004 est.)
Exports - commodities:
turtle products, manufactured consumer goods
Imports:
$866.9 million (2004 est.)
Imports - commodities:
foodstuffs, manufactured goods, fuels
Debt - external:
$70 million (1996 est.)
Stock of direct foreign investment - at home:
$NA
Stock of direct foreign investment - abroad:
$NA
Exchange rates:
Caymanian dollars (KYD) per US dollar - NA (2007), 0.8496 (2006)
NOTE: The information regarding Cayman Islands on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cayman Islands Economy 2010 information contained here. All suggestions for corrections of any errors about Cayman Islands Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10