The 2008 CIA World Factbook. United States. Central Intelligence Agency
Party or UDP [McKeeva BUSH]; People's Progressive Movement or PPM [Kurt TIBBETTS]; note - no national teams (loose groupings of political organizations) were formed for the 2000 elections
Political pressure groups and leaders:
National Trust other: environmentalists
International organization participation:
Caricom (associate), CDB, Interpol (subbureau), IOC, UNESCO (associate), UPU, WFTU
Diplomatic representation in the US:
none (overseas territory of the UK)
Diplomatic representation from the US:
none (overseas territory of the UK)
Flag description:
blue, with the flag of the UK in the upper hoist-side quadrant and the Caymanian coat of arms centered on the outer half of the flag; the coat of arms includes a pineapple and turtle above a shield with three stars (representing the three islands) and a scroll at the bottom bearing the motto HE HATH FOUNDED IT UPON THE SEAS
Economy
Cayman Islands
Economy - overview:
With no direct taxation, the islands are a thriving offshore financial center. More than 68,000 companies were registered in the Cayman Islands as of 2003, including almost 500 banks, 800 insurers, and 5,000 mutual funds. A stock exchange was opened in 1997. 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 2003, with about half from the US. 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):
$1.939 billion (2004 est.)
GDP (official exchange rate):
$NA
GDP - real growth rate:
0.9% (2004 est.)
GDP - per capita (PPP):
$43,800 (2004 est.)
GDP - composition by sector:
agriculture: 1.4% industry: 3.2% services: 95.4% (1994 est.)
Labor force:
23,450 (2004)
Labor force - by occupation:
agriculture: 1.4% industry: 12.6% services: 86% (1995)
Unemployment rate:
4.4% (2004)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA% highest 10%: NA%
Budget:
revenues: $423.8 million expenditures: $392.6 million (2004)
Fiscal year:
1 April - 31 March
Inflation rate (consumer prices):
4.4% (2004)
Agriculture - products:
vegetables, fruit; livestock; turtle farming
Industries:
tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial production growth rate:
NA%
Electricity - production:
546.1 million kWh (2007 est.)
Electricity - consumption:
546.1 million kWh (2007 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
0 kWh (2007 est.)
Electricity - production by source:
fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001)
Oil - production:
0 bbl/day (2007 est.)
Oil - consumption:
2,767 bbl/day (2006 est.)
Oil - exports:
0 bbl/day (2005)
Oil - imports:
2,818 bbl/day (2005)
Oil - proved reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
0 cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
Exports:
$2.52 million (2004)
Exports - commodities:
turtle products, manufactured consumer goods
Exports - partners:
mostly US (2006)
Imports:
$866.9 million (2004)
Imports - commodities:
foodstuffs, manufactured goods
Imports - partners:
US, Netherlands Antilles, Japan (2006)
Economic aid - recipient:
$390,000 (2004)
Debt - external:
$70 million (1996)
Stock of direct foreign investment - at home:
$NA
Stock of direct foreign investment - abroad:
$NA
Market value of publicly traded shares:
$130 million (2005)
Currency (code):
Caymanian dollar (KYD)
Currency code:
KYD
Exchange rates:
Caymanian dollars (KYD) per US dollar - NA (2007), 0.8496 (2006)
Communications
Cayman Islands
Telephones - main lines in use:
38,000 (2002)
Telephones - mobile cellular:
33,800 (2004)
Telephone system:
general assessment: reasonably good system domestic: liberalization of telecom market in 2003; introduction of competition in the mobile-cellular market in 2004 international: