Cayman Islands



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Cayman Islands Economy 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.)
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)
Agriculture - products: vegetables, fruit; livestock; turtle farming
Industries: tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial production growth rate: NA%
Electricity - production: 546.1 million kWh (2007 est.)
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 - exports: 0 bbl/day (2005)
Oil - imports: 2,818 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.)
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)
Currency (code): Caymanian dollar (KYD)
Exchange rates: Caymanian dollars (KYD) per US dollar - NA (2007), 0.8496 (2006)

NOTE: The economy information regarding Cayman Islands on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cayman Islands Economy 2008 information contained here. All suggestions for corrections of any errors about Cayman Islands Economy 2008 should be addressed to the CIA.