Economy Of Cayman Islands

Economy overview	With no direct taxation, the islands are a thriving offshore financial center. More than 40,000 companies were registered in the Cayman Islands as of 1998, including almost 600 banks and trust companies; banking assets exceed $500 billion. 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 1.2 million in 1997, with 600,000 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	purchasing power parity - $1.27 billion (2002 est.)
GDP - real growth rate	1.7% (2002 est.)
GDP - per capita	purchasing power parity - $35,000 (2002 est.)
GDP - composition by sector	agriculture: 1.4% industry: 3.2% services: 95.4% (1994 est.)
Investment gross fixed
Population below poverty line	NA (2002 est.)
Household income or consumption by percentage share	lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index
Inflation rate consumer prices	2.8% (2002)
Labor force	19,820 (1995)
Labor force by occupation	agriculture 1.4%, industry 12.6%, services 86% (1995)
Unemployment rate	4.1% (1997)
Budget	revenues: $265.2 million expenditures: $248.9 million, including capital expenditures of NA (1997)
Public debt
Agriculture products	vegetables, fruit; livestock, turtle farming
Industries	tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial production growth rate	NA
Electricity production	381.9 million kWh (2001)
Electricity production by source	fossil fuel: 100% hydro: 0% other: 0% (2001) nuclear: 0%
Electricity consumption	355.2 million kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	2,400 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance
Exports	$1.2 million (1999)
Exports commodities	turtle products, manufactured consumer goods
Exports partners	mostly US
Imports	$457.4 million (1999)
Imports commodities	foodstuffs, manufactured goods
Imports partners	US, Trinidad and Tobago, UK, Netherlands Antilles, Japan
Reserves of foreign exchange gold
Debt external	$70 million (1996)
Economic aid recipient	NA (1999)
Currency	Caymanian dollar (KYD)
Currency code	KYD
Exchange rates	Caymanian dollars per US dollar - 0.82 (29 October 2001), 0.83 (3 November 1995), 0.85 (22 November 1993)
Fiscal year	1 April - 31 March

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This information was reproduced in part from the CIA World Fact book.

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Economy Of Cayman