Cayman Islands: Economy#

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.

Economic Facts#

GDP (purchasing power parity)$2.25 billion (2008 est.)
$2.23 billion (2003 est.)
GDP - real growth rate1.1% (2008 est.)
0.9% (2004 est.)
GDP - per capita (PPP)$43,800 (2004 est.)
GDP - composition, by sector of originagriculture: 0.3%
industry: 27.4%
services: 72.3% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 1.9%
industry: 19.1%
services: 79% (2008 est.)
Exports - commoditiesturtle products, manufactured consumer goods
Agriculture - productsvegetables, fruit; livestock; turtle farming
Budgetrevenues: $700.5 million
expenditures: $757.5 million (2013 est.)
Imports - commoditiesfoodstuffs, manufactured goods, fuels
Exchange ratesCaymanian dollars (KYD) per US dollar -
0.83 (2013 est.)
0.83 (2012 est.)
0.83 (2010 est.)
Exports$13.9 million (2013 est.)
$15 million (2012 est.)
Fiscal year1 April - 31 March
Imports$719 million (2013 est.)
$698.1 million (2012 est.)
Industrial production growth rate1.5% (2013 est.)
Industriestourism, banking, insurance and finance, construction, construction materials, furniture
Inflation rate (consumer prices)1.8% (2013 est.)
1.2% (2012 est.)
Labor force39,000
note: nearly 55% are non-nationals (2007)
Unemployment rate4% (2008)
4.4% (2004)
GDP (official exchange rate)$2.25 billion (2008 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Market value of publicly traded shares$NA (31 December 2008)
$183.5 million (31 December 2007)
$188.4 million (31 December 2006)
Stock of narrow money$334.3 million (31 December 2008)
Stock of broad money$5.564 billion (31 December 2008 est.)
Taxes and other revenues31.1% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.5% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 62.7%
government consumption: 14.8%
investment in fixed capital: 22.3%
exports of goods and services: 57.4%
imports of goods and services: -57.1%
(2013 est.)