HOME GRAND CAYMAN CAYMAN BRAC LITTLE CAYMAN   CAR RENTALS CAYMAN DIVING
 

Cayman Web Search
 Cayman Community ::.
    .:: Company Services ::.
Cayman Company
Advertise
    Google AD ONS

 

 
 
 
   .:: Sponsor Ads ::.

   .:: Affiliates ::.
Villas In Jamaica
Get Jamaica
Get Trinidad
Jamaica Real Estate
Zoom Jamaica
Jerk Chicken Recipes
Kingston Jamaica.Net
Sandals all-inclusive vacations

Free Weddings at Sandals

Beaches All-Inclusive Family Resorts

Sandals All-Inclusive Resorts

 

THE ECONOMY OF THE CAYMAN ISLANDS

From the earliest settlement of the Cayman Islands, economic activity was hindered by isolation and a limited natural resource base. The harvesting of sea turtles to re-supply passing sailing ships was the first major economic activity on the islands, but local stocks were depleted by the 1790s. Agriculture, while sufficient to support the small early settler population, has always been limited by the scarcity of available land. Fishing, shipbuilding, and cotton production boosted the economy during the early days of settlement. In addition, settler’s scavenged shipwreck remains from the surrounding coral reefs. The advent of modern transportation and telecommunications in the 1950s led to the emergence of what are now considered the Cayman Islands' "twin pillars" of economic development: international finance and tourism. The Cayman Islands Investment Bureau is a Government agency established with the mandate of promoting investment and economic development in the Cayman Islands. The boom in the Cayman Islands' international finance industry can also be at least partly attributed to the colony having no direct taxation. A popular legend claims that England granted it tax-free status because Caymanians rescued most of the victims of the Wreck of the Ten Sails, in which ten British ships ran aground on the reefs off Grand Cayman in 1794. Whether or not the legend is true, the Cayman Islands' tax-free status has attracted numerous banks and other companies to its shores. More than 40,000 companies were registered in the Cayman Islands as of 2000, including almost 600 banks and trust companies, with banking assets exceeding $500 billion. Large corporations based in the Cayman Islands include Seagate Technology, Semiconductor Manufacturing International Corporation (SMIC), Garmin Ltd. and Transoceanic Inc. The Cayman Islands 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. Unspoiled beaches, duty-free shopping, scuba diving, and deep-sea fishing draw almost a million visitors to the islands each year. Due to the well-developed tourist industry, many citizens work in service jobs in that sector. Because the islands cannot produce enough goods to support the population, about 90% of their food and consumer goods must be imported. In addition, the islands have few natural fresh water resources. Desalination of sea water is used to solve this. Despite those challenges, the Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world. Education is compulsory to the age of 16 and is free to all Caymanian children. Most schools follow the British educational system. Ten primary, one special education, a high school and a middle school ('junior high school') are operated by the government, along with three private high schools. In addition, there is a law school, a university-college and a medical school.

Economic Statistics
GDP: purchasing power parity - $1.939 billion (2004 est.)
GDP - real growth rate: 1.7% (2005 est.)
GDP - per capita: purchasing power parity - $43,800 (2004 est.)
GDP - composition by sector:
agriculture: 1.4%
industry: 3.2%
services: 95.4% (1994 est.)
Population below poverty line: NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 4.4% (2004)
Labor force: 23,450 (2004)
Labor force-by occupation: agriculture 1.4%, industry 12.6%, services 86%
Unemployment rate: 4.4% (2004)
Budget:
revenues: $423.8 million
expenditures: $392.6 million, including capital expenditures of $NA (1997)
Industries: tourism, banking, insurance and finance, construction
Industrial production growth rate: NA%
Electricity - production: 441.9 million kWh (2003)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption: 411 million kWh (2003)
Electricity - exports: 0 kWh (1998)
Electricity - imports: 0 kWh (1998)
Agriculture - products: vegetables, fruit; livestock, turtle farming
Exports: $2.52 million (2004)
Exports - commodities: turtle products, manufactured consumer goods
Exports - partners: mostly US (2004)
Imports: $866.9 million (2004)
Imports - commodities: foodstuffs, manufactured goods
Imports - partners: US, Netherlands Antilles, Japan (2004)
Debt - external: $70 million (1996)
Economic aid - recipient: $NA
Currency: 1 Caymanian dollar (CI$) = 100 cents

TOP 100 CAYMAN ISLANDS ARTICLES ON THE WEB

TOP 100 CAYMAN ISLANDS ARTICLES         


Cayman Islands Sting Ray City
The Truth About Offshore Banking In The Cayman Islands
About The Hell In The Cayman Islands
Your Vacation Guide To The Cayman Islands
The Beauty Of The Cayman Islands
What is Grand About The Cayman Islands
Cayman Islands Weddings
The Cayman Islands After Hurricane Ivan
Scuba Diving In The Cayman Islands
Cruising In The Cayman Islands
How To Incorporate In The Cayman Islands
All Inclusive Travel To The Cayman Islands
What Travelers Had To Say About Cayman Islands
A Grand Cayman Islands Wedding
Deep Sea Diving In The Cayman Islands
A Caymanian's view of Cayman
Hedge Fund Regulations In The Cayman Islands
See The Cayman Islands In Style
Cayman Islands As An Offshore Tax Shelter
Cayman Islands Property And The Tax Haven
Cayman Islands And Offshore Banking
Cruise Ships To Grand Cayman
Earn More Cash In The Cayman Islands
Why visit the Cayman Islands?
Offshore Sales Office In The Cayman Islands
Relocating To The Cayman Islands
Understanding Cayman Hedge Funds
Cruising Cayman Islands Beaches
Travel Tips When Visiting Cayman
Cable & Wireless In The Cayman Islands
Electricity In The Cayman Islands
An Overview Of Cayman Districts
Activities in Grand Cayman, Cayman Brac And Little Cayman
Bank Secrecy Act In The Cayman Islands
Cayman Islands Banking Guide
Precious Stones On The Cayman Islands
Exploring Grand Cayman And Cayman Brac
Sports Travel To The Cayman Islands
Top Visit Spots In Cayman Islands
A Guide To Cayman Islands Weather
How To Get Married In The Cayman Islands
Transportation In The Cayman Islands
What You Need To Know About Cayman Dollar
Customs And Immigration Requirements For Cayman
The Official Cayman Islands Relocation Guide
Education In The Cayman Islands
Healthcare In The Cayman Islands
Financial Services In The Cayman Islands
Trust Companies And Mutual Funds In Grand Cayman
The Cayman Islands Stock Exchange And Insurance
Cayman islands Structured Finance
Cayman Islands Financial Regulations
CIMA - The Cayman Islands Monetary Authority, And Overview
About The Cayman Islands Chamber Of Commerce
Setting Up A Cayman Company
Cayman Islands Stock Exchange - An Overview
The History Of Grand Cayman Part I
The History Of Grand Cayman Part II
The Geographic Structure Of The Cayman Islands
Cayman Islands Population Statistics
The Economy Of The Cayman Islands
The Cayman Islands Political Development
The Cayman Islands Judiciary And Government
The Role Of The Cayman Islands Governor And Cabinet
The Culture Of The Cayman Islands
The Population, Lifestyle And Religion In The Cayman Islands
Cayman Islands Economy On Tap
Cayman Islands Radio And Television Station
Overview Of Education In The Cayman Islands
The Health Sector In The Cayman Islands
The Cayman Islands Infrastructure
Utilities In The Cayman Islands
Arts And Entertainment In The Cayman Islands
Sports In The Cayman Islands
Sightseeing In The Cayman Islands
About The Cayman Islands Investment Bureau
Employment Regulations In The Cayman Islands
Understanding The Cayman Islands Currency
Monetary And Fiscal Policy In The Cayman Islands
The Economic History Of Cayman
About The Blue Iguana In The Cayman Islands
About The Cayman Island National Insurance Company
About The Cayman Islands Civil Aviation Authority
About The Cayman Islands National Recovery Fund
Underwater Photography In The Cayman Islands
Grand Cayman The Perfect Dive Location

 

SPONSOR ADS

GetSmart.com Refinance 250x250 form
Design your own logo $49
 
  Peter Bain Forex Trading Video Course
 


Contact UsPrivacy Policy

©Copyright 2007 Worldwide Realtors Co. Ltd - All Rights Reserved
Worldwide Realtors Company Limited Leaders In Innovation & Technology