Economy Overview
With no direct taxation, the islands are a thriving offshore financial center. More than 65,000 companies were registered in the Cayman Islands as of 2017, including more than 280 banks, 700 insurers, and 10,500 mutual funds. A stock exchange was opened in 1997. Nearly 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy a standard of living comparable to that of Switzerland.; 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 2016, with more than three-quarters from the US.;
Agriculture Products
vegetables, fruit; livestock; turtle farming
Industries
tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial Production Growth Rate
2.2% (2017 est.); country comparison to the world: 124;
Labor Force
39,000 (2007 est.); note: nearly 55% are non-nationals; country comparison to the world: 197;
Unemployment Rate
4% (2008); 4.4% (2004); country comparison to the world: 51;
Population Below Poverty Line
NA;
Household Income or Consumption by Percentage Share
Lowest 10%: NA
Highest 10%: NA
Budget
Revenues: 874.5 million (2017 est.)
Expenditures: 766.6 million (2017 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$334.3 million (31 December 2008); country comparison to the world: 179;
Stock of Broad Money
$5.564 billion (31 December 2008 est.); ; country comparison to the world: 100;
Market Value of Publicly Traded Shares
$315.6 million (31 December 2015 est.); $183.5 million (31 December 2007); $188.4 million (31 December 2006); country comparison to the world: 115;
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 -; 0.82 (2017 est.); 0.82 (2016 est.); 0.82 (2015 est.); 0.82 (2014 est.); 0.83 (2013 est.);
