Cayman Islands 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 - 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)

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

Agriculture - products:vegetables, fruit; livestock; turtle farmingIndustries:tourism, banking, insurance and finance, construction, construction materials, furniture

Electricity - production:400 million kWh (2005)

Electricity - consumption:372 million kWh (2005)

Electricity - imports:0 kWh (2005)

Oil - consumption:2,700 bbl/day (2005 est.)

Oil - imports:2,698 bbl/day (2004)

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)

Economic aid - recipient:$390,000 (2004)