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 - $1.18 billion (1999 est.)

GDP - real growth rate 4.5% (2000)

GDP - per capita purchasing power parity - $30,000 (1999 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) 2.3% (2000)

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)

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

Industrial production growth rate NA%

Electricity - production 355 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 330.15 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products vegetables, fruit; livestock, turtle farming

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

Debt - external $70 million (1996)

Economic aid - recipient $NA

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

NOTE: The information regarding Cayman Islands on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cayman Islands Economy 2002 information contained here. All suggestions for corrections of any errors about Cayman Islands Economy 2002 should be addressed to the CIA.