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.)
Labor Force
39,000
(2007 est.)
Labor Force by Occupation
Agriculture: 1.9%
Industry: 19.1%
Services: 79%
(2008 est.)
Unemployment Rate
4.4%
(2004)
Population Below Poverty Line
NA
Household Income or Consumption by Percentage Share
