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Cayman Islands Economy 1996

Overview:

The economy depends heavily on tourism (70% of GDP and 75% of foreign currency earnings) and offshore financial services, with the tourist industry aimed at the luxury market and catering mainly to visitors from North America. 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.

National product:

GDP - purchasing power parity - $700 million (1993 est.)

National product real growth rate:

1.4% (1991)

National product per capita:

$23,000 (1993 est.)

Inflation rate (consumer prices):

2.5% (1993 est.)

Unemployment rate:

7% (1992)

Budget:

revenues:

$141.5 million

expenditures:

$160.7 million, including capital expenditures of $NA (1991)

Exports:

$10 million (f.o.b., 1993 est.)

commodities:

turtle products, manufactured consumer goods

partners:

mostly US

Imports:

$312 million (c.i.f., 1993 est.)

commodities:

foodstuffs, manufactured goods

partners:

US, Trinidad and Tobago, UK, Netherlands Antilles, Japan

External debt:

$15 million (1986)

Industrial production:

growth rate NA%

Electricity:

capacity:

80,000 kW

production:

230 million kWh

consumption per capita:

6,899 kWh (1993)

Industries:

tourism, banking, insurance and finance, construction, building materials, furniture making

Agriculture:

minor production of vegetables, fruit, livestock; turtle farming

Illicit drugs:

a major money-laundering center for illicit drug profits; transshipment point for narcotics bound for the US and Europe

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $26.7 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $35 million

Currency:

1 Caymanian dollar (CI$) = 100 cents

Exchange rates:

Caymanian dollars (CI$) per US$1 - 0.83 (18 November 1993), 0.85 (22 November 1993)

Fiscal year:

1 April - 31 March

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