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The Cayman Islands were colonized from Jamaica by the British during the 18th and 19th centuries and were administered by Jamaica after 1863. In 1959, the islands became a territory within the Federation of the West Indies. When the Federation dissolved in 1962, the Cayman Islands chose to remain a British dependency.


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Economy

Economy - overview
With no direct taxation, the islands are a thriving offshore financial center. More than 93,000 companies were registered in the Cayman Islands as of 2008, including almost 300 banks, 800 insurers, and 10,000 mutual funds. 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 1.9 million in 2008, with about half from the US. Nearly 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy a standard of living comparable to that of Switzerland.

Gdp (purchasing power parity) World Ranking: 186
$2.25 billion (2008 est.)
$2.23 billion (2003 est.)

Gdp (official exchange rate)
$2.25 billion (2008 est.)

Gdp - real growth rate World Ranking: 176
1.1% (2008 est.)
0.9% (2004 est.)

Gdp - per capita (ppp) World Ranking: 15
$43,800 (2004 est.)

Gdp - composition by sector
Agriculture 0.5%
Industry 50.4%
Services 49.1% (2011 est.)

Labor force World Ranking: 197
39,000
Note
Nearly 55% are non-nationals (2007)

Labor force - by occupation
Agriculture 1.9%
Industry 19.1%
Services 79% (2008 est.)

Unemployment rate World Ranking: 35
4% (2008)
4.4% (2004)

Population below poverty line
NA%

Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA%

Budget
Revenues $659.9 million
Expenditures $723.9 million (2011 est.)

Taxes and other revenues World Ranking: 94
29.3% of GDP (2011 est.)

Budget surplus (+) or deficit (-) World Ranking: 93
-2.8% of GDP (2011 est.)

Inflation rate (consumer prices) World Ranking: 24
2% (2011 est.)
0.3% (2010 est.)

Stock of narrow money World Ranking: 170
$334.3 million (31 December 2008)

Stock of broad money World Ranking: 123
$5.564 billion (31 December 2008 est.)


Market value of publicly traded shares World Ranking: 114
$NA (31 December 2008)
$183.5 million (31 December 2007)
$188.4 million (31 December 2006)

Agriculture - products
Vegetables, fruit; livestock; turtle farming

Industries
Tourism, banking, insurance and finance, construction, construction materials, furniture

Industrial production growth rate
NA%

Electricity - production World Ranking: 154
597.4 million kWh (2009 est.)

Electricity - consumption World Ranking: 162
537.5 million kWh (2008 est.)

Electricity - exports
0 kWh (2009 est.)

Electricity - imports
0 kWh (2009 est.)

Oil - production World Ranking: 161
0 bbl/day (2010 est.)

Oil - consumption World Ranking: 176
3,000 bbl/day (2010 est.)

Oil - exports World Ranking: 145
0 bbl/day (2009 est.)

Oil - imports World Ranking: 168
3,700 bbl/day (2009 est.)

Oil - proved reserves World Ranking: 116
0 bbl (1 January 2011 est.)

Natural gas - production World Ranking: 163
0 cu m (2009 est.)

Natural gas - consumption World Ranking: 161
0 cu m (2009 est.)

Natural gas - exports World Ranking: 75
0 cu m (2009 est.)

Natural gas - imports World Ranking: 169
0 cu m (2009 est.)

Natural gas - proved reserves World Ranking: 161
0 cu m (1 January 2011 est.)

Exports World Ranking: 197
$40.5 million (2011 est.)
$40.72 million (2010 est.)

Exports - commodities
Turtle products, manufactured consumer goods

Imports World Ranking: 180
$851.7 million (2011 est.)
$745.3 million (2010 est.)

Imports - commodities
Foodstuffs, manufactured goods, fuels

Debt - external World Ranking: 191
$70 million (1996)

Stock of direct foreign investment - at home
$NA

Stock of direct foreign investment - abroad
$NA

Exchange rates
Caymanian dollars (KYD) per US dollar -
0.83 (2011 est.)
0.83 (2010 est.)

Fiscal year
1 April - 31 March


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  Cayman Islands [ United Kingdom ] (Overseas Territory):


  GPS points from Cayman Islands [ United Kingdom ] (Overseas Territory)

Long Coconut Tree Point Cayman Islands (general)

Isaac's Point Cayman Islands (general)

Jackson Point Cayman Islands (general)

Colliers Point Cayman Islands (general)

West Bay Cayman Islands (general)

Weary Hill Cayman Islands (general)

Finger Cay Cayman Islands (general)

Lower Bay Cayman Islands (general)




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