Economy of the Cayman Islands
The economy of the Cayman Islands, a British overseas territory located in the western Caribbean Sea, is mainly fueled by the tourism sector and by the financial services sector, together representing 50–60 percent of the country's gross domestic product (GDP). The Cayman Islands Investment Bureau, a government agency, has been established with the mandate of promoting investment and economic development in the territory. Because of the territory’s strong economy and it being a popular banking destination for wealthy individuals and businesses, it is often dubbed the ‘financial capital’ of the Caribbean.
| Currency | Cayman Islands dollar (KYD) |
|---|---|
| 1.00 KYD = 1.20 USD | |
| 1 April – 31 March | |
| Statistics | |
| Population | 81,546 |
| GDP | $5.936 billion (2021 est., nominal) $2.507 billion (2021, PPP) |
| GDP rank | 161st (nominal) 191st (PPP) |
GDP growth | 3.3% (2021) |
GDP per capita | $91,392 (2021) |
GDP by sector | agriculture: 0.3% industry: 28.2% services: 71.5% (2014) |
| 1% (2014) | |
Population below poverty line | 1% |
| 0.3995 (2010) | |
| 0.984 (2022) | |
Labour force | 54,398 (2021) |
Labour force by occupation | agriculture: 1.9% industry: 19.1% services: 79% (2008 est.) |
| Unemployment | 2.1% (2022) |
| External | |
| Exports | $15.2 million (2014 est.) |
Export goods | turtle products, manufactured consumer goods |
| Imports | $705.3 million (2014 est.) |
Import goods | foodstuffs, manufactured goods, fuels |
The emergence of what is now considered the Cayman Islands' "twin pillars of economic development" (tourism and international finance) started in the 1950s with the introduction of modern transportation and telecommunications.