Is Cayman Islands a rich country?
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.
What is the GDP of Cayman Islands?
|Currency Name and Code||Caymanian dollars (KYD)|
|GDP - Gross Domestic Product (PPP)||$4,780,000,000 (USD)|
|GDP - official exchange rate||$2,250,000,000 (USD)|
|GDP - real growth rate||1.7%|
|GDP Per Capita||$43,800.00 (USD)|
|GDP by Sector- agriculture||0.3%|
|GDP by Sector- Industry||7.2%|
|GDP by Sector- services||92.5%|
|GDP - composition, by end use||
Household Consumption: 55.1%
Government Consumption: 13.1%
Investment in Fixed Capital: 20.1%
Investment in Inventories: 0.1%
Exports of Goods and Services: 46.4%
Imports of Goods and Services: -34.8%
|Labor Force By Occupation- agriculture||1.9%|
|Labor Force By Occupation- industry||19.1%|
|Labor Force By Occupation- services||79%|
|Fiscal Year||1 April - 31 March|
|Annual Budget||$859,500,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||5.2%|
|Taxes and other revenues - percent of GDP||38.2%|
|Major Industries||Tourism, banking, insurance and finance, construction, construction materials, furniture|
|Industrial Growth Rate||2.4%|
|Agriculture Products||Vegetables, fruit; livestock; turtle farming|
|Exchange Rate per US Dollar||0.82|