Cayman Islands Economy - 2024

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

Unemployment rate

4% (2008)
4.4% (2004)

Youth unemployment rate (ages 15-24)

total: 13.8% (2015 est.)

male: 16.4%

female: 11.4%

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

0.16% of GDP (2020 est.)
0.24% of GDP (2019 est.)
0.26% of GDP (2018 est.)

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 -

Exchange rates:
0.833 (2021 est.)
0.833 (2020 est.)
0.833 (2019 est.)
0.833 (2018 est.)
0.833 (2017 est.)