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.
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)country comparison to the world: 200
Electricity production
546 million kWh (2007 est.)country comparison to the world: 157
Electricity Consumption
507.8 million kWh (2007 est.)country comparison to the world: 162
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
0 kWh (2008 est.)
Unemployment Rate
4.4% (2004)country comparison to the world: 54
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)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
$NA (31 December 2008)country comparison to the world: 107 $183.5 million (31 December 2007)$188.4 million (31 December 2006)
Reserves of Foreign Exchange and Gold
Debt External
$70 million (1996)country comparison to the world: 191
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)
