Country Details
Cayman Islands
Caribbean, three-island group (Grand Cayman, Cayman Brac, Little Cayman) in Caribbean Sea, 240 km south of Cuba and 268 km northwest of Jamaica
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Economy
Detailed information and insights
Economic overview
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
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023
$5.705 billion (2023 est.)
Real GDP (purchasing power parity) 2022
$5.467 billion (2022 est.)
Real GDP (purchasing power parity) 2021
$5.199 billion (2021 est.)
Real GDP growth rate
Real GDP growth rate 2023
4.4% (2023 est.)
Real GDP growth rate 2022
5.2% (2022 est.)
Real GDP growth rate 2021
4.9% (2021 est.)
Real GDP per capita
Real GDP per capita 2023
$78,100 (2023 est.)
Real GDP per capita 2022
$76,400 (2022 est.)
Real GDP per capita 2021
$74,200 (2021 est.)
GDP (official exchange rate)
$7.139 billion (2023 est.)
Note
note: data in current dollars at official exchange rate
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2017
2% (2017 est.)
Inflation rate (consumer prices) 2016
-0.6% (2016 est.)
Inflation rate (consumer prices) 2015
-2.3% (2015 est.)
GDP - composition, by sector of origin
Agriculture
0.5% (2022 est.)
Industry
8.2% (2022 est.)
Services
85.4% (2022 est.)
Agricultural products
vegetables, fruit; livestock; turtle farming
Industries
tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial production growth rate
3.4% (2022 est.)
Note
note: annual % change in industrial value added based on constant local currency
Remittances
Remittances 2023
0.2% of GDP (2023 est.)
Remittances 2022
0.2% of GDP (2022 est.)
Remittances 2021
0.2% of GDP (2021 est.)
Budget
Revenues
$874.5 million (2017 est.)
Expenditures
$766.6 million (2017 est.)
Current account balance
Current account balance 2023
-$712.684 million (2023 est.)
Current account balance 2022
-$749.482 million (2022 est.)
Current account balance 2021
-$794.205 million (2021 est.)
Exports
Exports 2023
$4.6 billion (2023 est.)
Exports 2022
$4.215 billion (2022 est.)
Exports 2021
$3.542 billion (2021 est.)
Exports - partners
UK 40%, Cyprus 21%, Germany 9%, Grenada 8%, Italy 5% (2023)
Note
note: top five export partners based on percentage share of exports
Exports - commodities
aircraft, ships, refined petroleum, natural gas, broadcasting equipment (2023)
Note
note: top five export commodities based on value in dollars
Imports
Imports 2023
$3.444 billion (2023 est.)
Imports 2022
$3.287 billion (2022 est.)
Imports 2021
$2.808 billion (2021 est.)
Imports - partners
Germany 30%, USA 29%, Italy 20%, Turkey 5%, China 5% (2023)
Note
note: top five import partners based on percentage share of imports
Imports - commodities
ships, refined petroleum, cars, furniture, jewelry (2023)
Note
note: top five import commodities based on value in dollars
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023
$234 million (2023 est.)
Reserves of foreign exchange and gold 2022
$225.4 million (2022 est.)
Reserves of foreign exchange and gold 2021
$228.3 million (2021 est.)
Exchange rates
Currency
Caymanian dollars (KYD) per US dollar -
Exchange rates 2024
0.833 (2024 est.)
Exchange rates 2023
0.833 (2023 est.)
Exchange rates 2022
0.833 (2022 est.)
Exchange rates 2021
0.833 (2021 est.)
Exchange rates 2020
0.833 (2020 est.)