Cayman Islands Economy

June 29, 2010Cayman Islandsby EconomyWatch

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The Cayman Islands' economy is dependent upon financial services and tourism sector. Taking advantage of the islands' tax free status, more than 70,000 companies have registered themselves in the British overseas territory. The unit of currency is Caymanian dollar.

Cayman Islands are British overseas territory and a notable offshore financial center. The economy of the islands is dependent upon tourism and financial services. The tourism industry targets high end travelers and gather more than 70% of foreign currency earnings and GDP. Leisure travelers generally arrive from North America. Varied attractions of Cayman include duty free shopping, pristine beaches and aqua sports.

Industry

Cayman Islands' tax free status has attracted more than 70,000 companies to register themselves on that island territory. Approximately 1,000 insurance companies, 8,000 mutual funds and 750 banks have their offices on the island. Caymanians enjoy one of the highest standards of living in the world. GDP (purchasing power parity) is calculated to be at $1.939 billion (as of 2004). GDP per capita is $43,800.Schooling curricula follows the British educational system and is compulsory to all Cayman residents. Education up to 16 years of age is free of cost. Unit of currency is the Caymanian dollar.

GDP sector wise composition shows services contributing the most-95.4%. Industry and agriculture make up the rest with 3.2% and 1.4% respectively. The list of agriculture products include fruit, turtle farming, vegetables and livestock. Inflation rate is below 5%. Oil consumption is approximately 3,200 bbl/day. Import and export

The Cayman Islands are incapable of producing an adequate number of goods to support its population. More than 90% of consumer goods and food products are imported. Principal import partners are Japan, United States, Antilles and the Netherlands. Exports are mainly made to North American countries and include manufactured consumer goods and turtle products.

 

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