| Economy - overview | With no direct taxation, the islands are a thriving offshore financial center. More than 65,000 companies were registered in the Cayman Islands as of 2017, including more than 280 banks, 700 insurers, and 10,500 mutual funds. A stock exchange was opened in 1997. Nearly 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy a standard of living comparable to that of Switzerland. 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 2.1 million in 2016, with more than three-quarters from the US. |
| GDP (purchasing power parity) | $4.591 billion (2018 est.) $4.409 billion (2017 est.) $2.507 billion (2014 est.) |
| GDP (official exchange rate) | $2.25 billion (2008 est.) |
| GDP - real growth rate | 1.7% (2014 est.) 1.2% (2013 est.) 1.6% (2012 est.) |
| GDP - per capita (PPP) | $71,549 (2018 est.) $69,573 (2017 est.) $43,800 (2004 est.) |
| GDP - composition, by end use | household consumption: 62.3% (2017 est.) government consumption: 14.5% (2017 est.) investment in fixed capital: 22.1% (2017 est.) investment in inventories: 0.1% (2017 est.) exports of goods and services: 65.4% (2017 est.) imports of goods and services: -64.2% (2017 est.) |
| GDP - composition by sector | agriculture: 0.3% (2017 est.) industry: 7.4% (2017 est.) services: 92.3% (2017 est.) |
| Population below poverty line | NA |
| Labor force | 39,000 (2007 est.) note: nearly 55% are non-nationals |
| Labor force - by occupation | agriculture: 1.9% industry: 19.1% services: 79% (2008 est.) |
| Unemployment rate | 4% (2008) 4.4% (2004) |
| Unemployment, youth ages 15-24 | total: 13.8% male: 16.4% female: 11.4% (2015 est.) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 874.5 million (2017 est.) expenditures: 766.6 million (2017 est.) |
| Taxes and other revenues | 38.9% (of GDP) (2017 est.) |
| Budget surplus (+) or deficit (-) | 4.8% (of GDP) (2017 est.) |
| Inflation rate (consumer prices) | 2% (2017 est.) -0.6% (2016 est.) |
| Credit ratings | Moody's rating: Aa3 (1997) |
| Agriculture - products | vegetables, fruit; livestock; turtle farming |
| Industries | tourism, banking, insurance and finance, construction, construction materials, furniture |
| Industrial production growth rate | 2.2% (2017 est.) |
| Current Account Balance | -$492.6 million (2017 est.) -$493.5 million (2016 est.) |
| Exports | $421.9 million (2017 est.) $47.6 million (2016 est.) |
| Exports - commodities | recreational boats, gold, broadcasting equipment, sulfates, collector's items (2019) |
| Exports - partners | Netherlands 82%, Spain 11% (2019) |
| Imports | $787.3 million (2017 est.) $810.1 million (2016 est.) |
| Imports - commodities | recreational boats, ships, gold, refined petroleum, cars (2019) |
| Imports - partners | Netherlands 56%, United States 18%, Italy 8%, Switzerland 5% (2019) |
| Exchange rates | Caymanian dollars (KYD) per US dollar - 0.82 (2017 est.) 0.82 (2016 est.) 0.82 (2015 est.) 0.82 (2014 est.) 0.83 (2013 est.) |
| Fiscal year | 1 April - 31 March |
Source: CIA World Factbook
This page was last updated on September 18, 2021
