ent Business

Legislative branch:

unicameral Legislative Assembly (18 seats; 3 appointed members from
the Executive Council and 15 elected by popular vote; to serve
four-year terms)
elections: last held 11 May 2005 (next to be held in 2009)
election results: percent of vote by party - NA; seats by party -
PPM 9, UDP 5, independent 1

Judicial branch:

Summary Court; Grand Court; Cayman Islands Court of Appeal

Political parties and leaders:

United Democratic 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%
servi