With no direct taxation, the islands are a thriving offshore financial center. More than 40,000 companies were registered in the Cayman Islands as of 1998, including almost 600 banks and trust companies; banking assets exceed $500 billion. 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 1.2 million in 1997, with 600,000 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.
Agriculture Products
vegetables, fruit; livestock; turtle farming
Industries
tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial Production Growth Rate
NA%
Labor Force
23,450 (2004)
Electricity production
441.9 million kWh (2003)
Electricity Consumption
411 million kWh (2003)
Electricity Exports
0 kWh (2003)
Electricity Imports
0 kWh (2003)
Unemployment Rate
4.4% (2004)
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; including capital expenditures of $NA (1997)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
Stock of Broad Money
Stock of Domestic Credit
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$70 million (1996)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Caymanian dollars per US dollar - 0.82 (29 October 2001), 0.83 (3 November 1995), 0.85 (22 November 1993)
