Cayman Islands Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

dominant offshore banking territory; services sector accounts for over 85% of economic activity; recently adopted a fiscal responsibility framework to combat tax evasion and money laundering; large tourism sector; does not have any welfare system; high standard of living

Real GDP (purchasing power parity)

$4.599 billion (2021 est.) note: data are in 2017 dollars

$4.516 billion (2020 est.) note: data are in 2017 dollars

$4.788 billion (2019 est.)

Real GDP growth rate

1.84% (2021 est.)

-5.68% (2020 est.)

3.87% (2019 est.)

Real GDP per capita

$67,500 (2021 est.) note: data are in 2017 dollars

$67,100 (2020 est.) note: data are in 2017 dollars

$72,400 (2019 est.)

GDP (official exchange rate)

$2.25 billion (2008 est.)

Inflation rate (consumer prices)

2% (2017 est.)

-0.6% (2016 est.)

Credit ratings

Moody's rating: Aa3 (1997)

note: The year refers to the year in which the current credit rating was first obtained.

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

-3.36% (2020 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)

Youth unemployment rate (ages 15-24)

total: 13.8%

male: 16.4%

female: 11.4% (2015 est.)

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.)

Budget surplus (+) or deficit (-)

4.8% (of GDP) (2017 est.)

Taxes and other revenues

38.9% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

-$763.556 million (2020 est.)

-$646.843 million (2019 est.)

-$927.544 million (2018 est.)

Exports

$3.652 billion (2020 est.)

$4.205 billion (2019 est.)

$3.959 billion (2018 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Netherlands 82%, Spain 11% (2019)

Exports - commodities

recreational boats, aircraft, ships, gold, refined petroleum, natural gas (2021)

Imports

$2.507 billion (2020 est.) note: data are in current year dollars

$2.743 billion (2019 est.) note: data are in current year dollars

$2.518 billion (2018 est.)

Imports - partners

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

Imports - commodities

recreational boats, ships, gold, refined petroleum, cars (2019)

Reserves of foreign exchange and gold

$216.8 million (31 December 2020 est.)

$183.5 million (31 December 2019 est.)

$162.074 million (31 December 2018 est.)

Exchange rates

Caymanian dollars (KYD) per US dollar -

0.833 (2021 est.)

0.833 (2020 est.)

0.833 (2019 est.)

0.833 (2018 est.)

0.833 (2017 est.)

NOTE: The information regarding Cayman Islands on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Cayman Islands 2023 information contained here. All suggestions for corrections of any errors about Cayman Islands 2023 should be addressed to the CIA or the source cited on each page.