Cayman Islands - Economy
How is the economy of Cayman Islands? Based on the information we have, Cayman Islands has a 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. Key agricultural products in this country include: vegetables, fruit; livestock; turtle farming.
More about the economy of Cayman Islands
Labor force
Industrial production growth rate 3.45% (2022 est.)
Industries tourism, banking, insurance and finance, construction, construction materials, furniture
Population below poverty line
Taxes and other revenues 38.9% (of GDP) (2017 est.)
Fiscal year
Exchange rates
Currency Caymanian dollars (KYD) per US dollar -
Exchange rates 2021 0.833 (2021 est.)
Exchange rates 2020 0.833 (2020 est.)
Exchange rates 2019 0.833 (2019 est.)
Exchange rates 2018 0.833 (2018 est.)
Exchange rates 2017 0.833 (2017 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2020 $216.8 million (2020 est.)
Reserves of foreign exchange and gold 2019 $183.5 million (2019 est.)
Reserves of foreign exchange and gold 2018 $162.074 million (2018 est.)
Current account balance
Current account balance 2021 -$821.404 million (2021 est.)
Current account balance 2020 -$827.492 million (2020 est.)
Current account balance 2019 -$646.843 million (2019 est.)
Budget
Revenues $874.5 million (2017 est.)
Expenditures $766.6 million (2017 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2022 0.15% of GDP (2022 est.)
Remittances 2021 0.17% of GDP (2021 est.)
Remittances 2020 0.16% of GDP (2020 est.)
Imports
Imports 2021 $2.743 billion (2021 est.)
Imports 2020 $2.51 billion (2020 est.)
Imports 2019 $2.743 billion (2019 est.)
Imports (partners) US 47%, Italy 19%, Turkey 7%, Germany 6%, Switzerland 4% (2022)
Comodities Imports force ships, refined petroleum, diamonds, cars, gold (2022)
Exports
Imports 2021 $2.743 billion (2021 est.)
Imports 2020 $2.51 billion (2020 est.)
Imports 2019 $2.743 billion (2019 est.)
Exports (partners) Malta 30%, Norway 22%, Seychelles 16%, Grenada 8%, US 5% (2022)
Comodities Exports force ships, aircraft, refined petroleum, natural gas, broadcasting equipment (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022 $5.467 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $5.199 billion (2021 est.)
Real GDP (purchasing power parity) 2020 $4.956 billion (2020 est.)
GDP (official exchange rate) $6.601 billion (2022 est.)
Real GDP Per capita
Real GDP per capita 2022 $79,600 (2022 est.)
Real GDP per capita 2021 $76,300 (2021 est.)
Real GDP per capita 2020 $73,600 (2020 est.)
GDP - composition, by sector of origin
Agriculture 0.5% (2022 est.)
Industry 8.2% (2022 est.)
Services 85.4% (2022 est.)
GDP - composition, by end use
Household consumption 62.3% (2017 est.)
Government consumption 2.6% (2020 est.)
Investment in fixed capital 22.1% (2017 est.)
Investment in inventories 0.1% (2017 est.)
Exports of goods and services 59.6% (2020 est.)
Imports of goods and services -45.8% (2020 est.)
Youth unemployment rate (ages 15-24)
Total 13.8% (2015 est.)
Male 16.4%
Female 11.4%
All Important Facts about Cayman Islands

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Cayman Islands is found in Caribbean