| Economy | Cayman Islands |
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Economy - overview:
|
With no direct taxation, the islands are a thriving offshore financial center. More than 93,000 companies were registered in the Cayman Islands as of 2008, including almost 300 banks, 800 insurers, and 10,000 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 1.9 million in 2008, with about half from the US. About 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy a standard of living roughly equal to that of Switzerland. |
GDP (purchasing power parity):
|
$2.25 billion (2008 est.)
$2.23 billion (2003 est.) |
GDP - per capita (PPP):
|
$43,800 (2004 est.) |
GDP (official exchange rate):
|
$2.25 billion (2008 est.) |
GDP - real growth rate:
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1.1% (2008 est.)
0.9% (2004 est.) |
GDP - composition by sector:
|
agriculture: 0.5%
industry: 50.4%
services: 49.1% (2011 est.) |
Investment (gross fixed):
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25.1% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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3.4% (2011 est.)
0.3% (2010 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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14.5% (31 December 2011 est.)
14.5% (31 December 2010 est.) |
Stock of money:
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$334.3 million (31 December 2008)
|
Stock of money - per capita:
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6,506 USD per capita |
Stock of quasi money:
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$5.23 billion (31 December 2008)
|
Stock of quasi money - per capita:
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101,783 USD per capita |
Stock of domestic credit:
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void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
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$334.3 million (31 December 2008) |
Stock of broad money:
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$5.564 billion (31 December 2008 est.)
|
Labor force:
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39,000
note: nearly 55% are non-nationals (2007) |
Labor force participation rate:
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75.90 % of population |
Labor force - by occupation:
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agriculture: 1.9%
industry: 19.1%
services: 79% (2008 est.) |
Unemployment rate:
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4% (2008)
4.4% (2004) |
Unemployment, youth ages 15-24:
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total: 13.5%
male: 13.6%
female: 13.3% (2008) |
Budget:
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revenues: $503.4 million
expenditures: $674.7 million (2011 est.) |
Budget revenues per capita:
|
9,797 USD per capita |
Taxes and other revenues:
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22.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-7.6% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
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tourism, banking, insurance and finance, construction, construction materials, furniture |
Industrial production growth rate:
|
NA% |
Electricity - production:
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597.4 million kWh (2009 est.) |
Electricity - production per capita:
|
11,627 kWh per capita |
Electricity - consumption:
|
537.5 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
10,461 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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3,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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21.31 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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3,700 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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vegetables, fruit; livestock; turtle farming |
Current account balance:
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-$384.5 million (2010 est.)
-$335.4 million (2009 est.) |
Current account balance - per capita:
|
-7,482 USD per capita |
Exports:
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$17 million (2010 est.)
$19.5 million (2009 est.) |
Exports per capita:
|
331 USD per capita |
Exports - commodities:
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turtle products, manufactured consumer goods |
Exports - partners:
|
void |
Imports:
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$795 million (2010 est.)
$897.4 million (2009 est.) |
Imports per capita:
|
15,472 USD per capita |
Imports - commodities:
|
foodstuffs, manufactured goods, fuels |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$70 million (1996) |
Debt - external - per capita:
|
1,363 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA (31 December 2008)
$183.5 million (31 December 2007)
$188.4 million (31 December 2006) |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Caymanian dollar (KYD) |
Exchange rates:
|
Caymanian dollars (KYD) per US dollar -
0.83 (2011 est.)
0.83 (2010 est.) |
Fiscal year:
|
1 April - 31 March |
|
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