Economy in Cayman Islands

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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

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