|
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 100% 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:
|
5% (2000)
|
|
GDP - per capita:
|
purchasing power parity -
$30,000 |
|
GDP - composition by sector:
|
agriculture: 1%
industry: 3%
services: 95% |
|
Population below poverty line:
|
NA%
|
|
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
|
Inflation rate (consumer prices):
|
2% (2000)
|
|
Labor force:
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19,820 (1995)
|
|
Labor force - by occupation:
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agriculture 1%, industry 13%,
services 86% (1995) |
|
Unemployment rate:
|
4% (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)
|
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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:
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mostly US
|
|
Imports:
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$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)
|
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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
|
