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    Cayman Islands Economy - 2004
    https://immigration-usa.com/wfb2004/cayman_islands/cayman_islands_economy.html
    SOURCE: 2004 CIA WORLD FACTBOOK

      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 - $1.27 billion (2002 est.)

      GDP - real growth rate:
      1.7% (2002 est.)

      GDP - per capita:
      purchasing power parity - $35,000 (2002 est.)

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

      Population below poverty line:
      NA% (2002 est.)

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      2.8% (2002)

      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:
      381.9 million kWh (2001)

      Electricity - production by source:
      fossil fuel: 100%
      hydro: 0%
      other: 0% (2001)
      nuclear: 0%

      Electricity - consumption:
      355.2 million kWh (2001)

      Electricity - exports:
      0 kWh (2001)

      Electricity - imports:
      0 kWh (2001)

      Oil - production:
      0 bbl/day (2001 est.)

      Oil - consumption:
      2,400 bbl/day (2001 est.)

      Oil - exports:
      NA

      Oil - imports:
      NA

      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 (1999)

      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 2004 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cayman Islands Economy 2004 information contained here. All suggestions for corrections of any errors about Cayman Islands Economy 2004 should be addressed to the CIA.

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    https://immigration-usa.com/wfb2004/cayman_islands/cayman_islands_economy.html

    Revised 21-May-04
    Copyright © 2004 Photius Coutsoukis (all rights reserved)


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