UK in the upper
hoist-side quadrant and the Caymanian coat of arms on a white disk
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

Economy - overview: With no direct taxation, the Islands are a
thriving offshore financial center; 28,000 foreign companies do
business with the 600 registered banks and trust companies; banking
assets exceed $500 billion. 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 one million
visitors in 1995 and again in 1996. 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 - $860 million (1996 est.)

GDP - real growth rate: 4.5% (1996 est.)

GDP - per capita: purchasing power parity - $23,800 (1996 est.)

GDP - composition by sector:
agriculture : 1.4%
industry: 3.2%
services: 95.4% (1994 est.)

Inflation rate - consumer price index: 2.5% (1995 est.)

Labor force:
total: 8,061
by occupation: service workers 18.7%, clerical 18.6%, construction
12.5%, finance and investment 6.7%, directors and business managers
5.9% (1979)

Unemployment rate: 7% (1992)

Budget:
revenues: $141.5 million
expenditures: $160.7 million, including capital expenditures of $NA
(1991)

Industries: tourism, banking, insurance and finance, construction,
construction materials, furniture

Industrial production growth rate: NA%

Electricity - capacity: 71,000 kW (1994)

Electricity - production: NA kWh

Electricity - consumption per capita: 7,487 kWh (1994 est.)

Agriculture - products: vegetables, fruit; livestock; turtle farming

Exports:
total value : $10 million (f.o.b., 1993 est.)
commodities: turtle products, manufactured consumer goods
partners : mostly US

Imports:
total value: $329 million (c.i.f., 1995 est.)
commodities: foodstuffs, manufactured goods
partners: US, Trinidad and Tobago, UK, Netherlands Antilles, Japan

Debt - external: $15 million (1986)

Economic aid:
recipient: ODA, $NA

Currency: 1 Caymanian dollar (CI$) = 100 cents

Exchange rate