Cayman Islands Economy - 2021

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP growth rate

1.7% (2014 est.)

1.2% (2013 est.)

1.6% (2012 est.)

Inflation rate (consumer prices)

2% (2017 est.)

-0.6% (2016 est.)

Credit ratings

Moody's rating: Aa3 (1997)

Real 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.)

Real GDP per capita

$71,549 (2018 est.)

$69,573 (2017 est.)

$43,800 (2004 est.)

GDP - composition, by sector of origin

agriculture: 0.3% (2017 est.)

industry: 7.4% (2017 est.)

services: 92.3% (2017 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.)

Agricultural products

vegetables, fruit; livestock; turtle farming

Industries

tourism, banking, insurance and finance, construction, construction materials, furniture

Industrial production growth rate

2.2% (2017 est.)

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)

Population below poverty line

N/A

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.)

Fiscal year

1 April - 31 March

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 - partners

Netherlands 82%, Spain 11% (2019)

Exports - commodities

recreational boats, gold, broadcasting equipment, sulfates, collector's items (2019)

Imports

$787.3 million (2017 est.)

$810.1 million (2016 est.)

Imports - partners

Netherlands 56%, United States 18%, Italy 8%, Switzerland 5% (2019)

Imports - commodities

recreational boats, ships, gold, refined petroleum, cars (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.)

NOTE: The information regarding Cayman Islands on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Cayman Islands 2021 information contained here. All suggestions for corrections of any errors about Cayman Islands 2021 should be addressed to the CIA or the source cited on each page.