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The Economy of Cayman Islands

Caymanian Economy

Cayman Islands' map

Economy - overview: With no direct taxation, the islands are a thriving offshore financial center. More than 68,000 companies were registered in the Cayman Islands as of 2003, including almost 500 banks, 800 insurers, and 5,000 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 2.1 million in 2003, with about half from the US. About 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world.

GDP:

GDP - real growth rate: 0.9% (2004 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 1.4% industry: 3.2% services: 95.4% (1994 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 23,450 (2004)

Labor force - by occupation: agriculture: 1.4% industry: 12.6% services: 86% (1995)

Unemployment rate: 4.4% (2004)

Budget: revenues: $423.8 million expenditures: $392.6 million (2004)

Industries: tourism, banking, insurance and finance, construction, construction materials, furniture

Industrial production growth rate: NA%

Electricity - production: 546.1 million kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 546.1 million kWh (2007 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 2,767 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 2,818 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: vegetables, fruit; livestock; turtle farming

Exports: $2.52 million (2004)

Exports - commodities: turtle products, manufactured consumer goods

Exports - partners:

Imports: $866.9 million f.o.b. (2004)

Imports - commodities: foodstuffs, manufactured goods

Imports - partners:

Debt - external: $70 million (1996)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Caymanian dollars (KYD) per US dollar - NA (2007), 0.8496 (2006)

Fiscal year: