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 a standard of living roughly equal to that of Switzerland.
Agriculture Products
vegetables, fruit; livestock; turtle farming
Industries
tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial Production Growth Rate
NA%
Labor Force
39,000country comparison to the world: 196 note: nearly 55% are non-nationals (2007)
Electricity production
597.4 million kWh (2009 est.)country comparison to the world: 156
Electricity Consumption
537.5 million kWh (2008 est.)country comparison to the world: 163
Electricity Exports
0 kWh (2009 est.)
Electricity Imports
0 kWh (2009 est.)
Unemployment Rate
4% (2008)country comparison to the world: 35 4.4% (2004)
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $503.4 million
Expenditures: $674.7 million (2010 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$334.3 million (31 December 2008)country comparison to the world: 166
Stock of Broad Money
$5.564 billion (31 December 2008 est.)country comparison to the world: 119
Market Value of Publicly Traded Shares
$NA (31 December 2008)country comparison to the world: 115 $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: 188
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)
