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World > North America > Cayman Islands > Economy (Facts)

Cayman Islands - Economy (Facts)
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 - real growth rate: 0.9% (2004 est.)
GDP (purchasing power parity): $1.939 billion (2004 est.)
GDP (official exchange rate): NA
GDP - per capita (PPP): $43,800 (2004 est.)
GDP - composition by sector: agriculture: 1.4%
industry: 3.2%
services: 95.4% (1994 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 4.4% (2004)
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; including capital expenditures of NA (2004)
Industries: tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial production growth rate: NA
Electricity - production: 400 million kWh (2004)
Electricity - consumption: 372 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004)
Oil - consumption: 2,600 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: vegetables, fruit; livestock; turtle farming
Exports: $2.52 million (2004)
Exports - commodities: turtle products, manufactured consumer goods
Exports - partners: mostly US (2006)
Imports: $866.9 million (2004)
Imports - commodities: foodstuffs, manufactured goods
Imports - partners: US, Netherlands Antilles, Japan (2006)
Debt - external: $70 million (1996)
Economic aid - recipient: $390,000 (2004)
Currency: Cayman Islands Dollar (KYD)
Currency code: KYD
Exchange rates: Caymanian dollars per US dollar - 0.8496 (2006)
Fiscal year: 1 April - 31 March


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Current Time - Ranking Positions
Notes and Commentary: Economy - Government and Political Conditions - Historical Highlights - Foreign Relations



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Current Time
Ranking Positions


Notes and Commentary
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations





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