Economy - overview With no direct taxation, the Islands are a thriving offshore financial center; 28,000 foreign companies do business with the 600 registered banks and trust companies; banking assets exceed $500 billion. 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 million visitors in 1995 and again in 1996. 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 - $860 million (1996 est.)

GDP - real growth rate 4.5% (1996 est.)

GDP - per capita purchasing power parity - $23,800 (1996 est.)

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

Inflation rate - consumer price index 2.1% (1996 est.)

Labor force
total: 8,061
by occupation: service workers 18.7%, clerical 18.6%, construction 12.5%, finance and investment 6.7%, directors and business managers 5.9% (1979)

Unemployment rate 7% (1992)

Budget
revenues: $141.5 million
expenditures: $160.7 million, including capital expenditures of $NA (1991)

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

Industrial production growth rate NA%

Electricity - capacity 75,000 kW (1995)

Electricity - production 230 million kWh (1995)

Electricity - consumption per capita 6,929 kWh (1995)

Agriculture - products vegetables, fruit; livestock; turtle farming

Exports
total value: $3.4 million (f.o.b., 1995 est.)
commodities: turtle products, manufactured consumer goods
partners: mostly US

Imports
total value: $333 million (c.i.f., 1995 est.)
commodities: foodstuffs, manufactured goods
partners: US, Trinidad and Tobago, UK, Netherlands Antilles, Japan

Debt - external $NA

Economic aid
recipient: ODA, $NA

Currency 1 Caymanian dollar (CI$) = 100 cents

Exchange rates Caymanian dollars (CI$) per US$1 - 0.83 (3 November 1995), 0.85 (22 November 1993)

Fiscal year 1 April - 31 March

NOTE: The information regarding Cayman Islands on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cayman Islands Economy 1998 information contained here. All suggestions for corrections of any errors about Cayman Islands Economy 1998 should be addressed to the CIA.