Part 166

Economy

Economy - overview: With no direct taxation, the Islands are a thriving offshore financial center; 28,000 foreign companies do business with the 600 registered banks and trust companies; banking assets exceed $500 billion. 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 one million visitors in 1995 and again in 1996. About 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world.

GDP: purchasing power parity - $860 million (1996 est.)

GDP - real growth rate: 4.5% (1996 est.)

GDP - per capita: purchasing power parity - $23,800 (1996 est.)

GDP - composition by sector: agriculture : 1.4% industry: 3.2% services: 95.4% (1994 est.)

Inflation rate - consumer price index: 2.5% (1995 est.)

Labor force: total: 8,061 by occupation: service workers 18.7%, clerical 18.6%, construction 12.5%, finance and investment 6.7%, directors and business managers 5.9% (1979)

Unemployment rate: 7% (1992)

Budget: revenues: $141.5 million expenditures: $160.7 million, including capital expenditures of $NA (1991)

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

Industrial production growth rate: NA%

Electricity - capacity: 71,000 kW (1994)

Electricity - production: NA kWh

Electricity - consumption per capita: 7,487 kWh (1994 est.)

Agriculture - products: vegetables, fruit; livestock; turtle farming

Exports: total value : $10 million (f.o.b., 1993 est.) commodities: turtle products, manufactured consumer goods partners : mostly US

Imports: total value: $329 million (c.i.f., 1995 est.) commodities: foodstuffs, manufactured goods partners: US, Trinidad and Tobago, UK, Netherlands Antilles, Japan

Debt - external: $15 million (1986)

Economic aid: recipient: ODA, $NA

Currency: 1 Caymanian dollar (CI$) = 100 cents

Exchange rates: Caymanian dollars (CI$) per US$1 - 0.83 (3 November 1995), 0.85 (22 November 1993)

Fiscal year: 1 April - 31 March

@Cayman Islands:Communications

Telephones: 21,584 (1993 est.)

Telephone system: domestic: NA international: 1 submarine coaxial cable; satellite earth station - 1 Intelsat (Atlantic Ocean)

Radio broadcast stations: AM 2, FM 1, shortwave 0

Radios: 28,200 (1992 est.)