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: 1.9%
Industry: 19.1%
Services: 79% (2008 est.)
2008: 4%
2004: 4.4%
Lowest 10: NA
Highest 10: NA
Revenues: 874.5 million (2017 est.)
Expenditures: 766.6 million (2017 est.)
31 December 2017: 14.9%
31 December 2016: 14.9%
31 December 2008: $334.3 million
31 December 2008: $5.564 billion
31 December 2015: $315.6 million
31 December 2007: $183.5 million
31 December 2006: $188.4 million
Currency: Caymanian dollars (KYD) per US dollar -
Exchange rates:
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