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. Nearly 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy a standard of living comparable 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
1.5% (2013 est.) country comparison to the world: 134
Labor Force
39,000 country comparison to the world: 198 note: nearly 55% are non-nationals (2007)
Labor Force by Occupation
agriculture: 1.9%
industry: 19.1%
services: 79% (2008 est.)
Unemployment Rate
4% (2008) country comparison to the world: 31 4.4% (2004)
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
lowest 10%: NA%
highest 10%: NA%
Budget
revenues: $700.5 million
expenditures: $757.5 million (2013 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$334.3 million (31 December 2008) country comparison to the world: 168
Stock of Broad Money
$5.564 billion (31 December 2008 est.) country comparison to the world: 126
Market Value of Publicly Traded Shares
$NA (31 December 2008) country comparison to the world: 106 $183.5 million (31 December 2007) $188.4 million (31 December 2006)
Reserves of Foreign Exchange and Gold
Stock of Direct Foreign Investment at Home
$NA
Stock of Direct Foreign Investment Abroad
$NA
Exchange Rates
Caymanian dollars (KYD) per US dollar -0.83 (2013 est.) 0.83 (2012 est.) 0.83 (2010 est.)
