election results: percent of vote - NA%; seats - PPM 9, UDP 5,independent 1
Judicial branch:
Summary Court; Grand Court; Cayman Islands Court of Appeal
Political parties and leaders: no national teams (loose groupings of political organizations) were formed for the 2000 elections; United Democratic Party or UDP [leader McKeeva BUSH]; People's Progressive Movement or PPM [leader Kurt TIBBETTS]
Political pressure groups and leaders:
NA
International organization participation:
Caricom (associate), CDB, Interpol (subbureau), IOC, UNESCO
(associate), UPU
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 40,000 companies were registered in the
Cayman Islands as of 1998, including almost 600 banks and trust
companies; banking assets exceed $500 billion. 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 1.2 million in 1997, with
600,000 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):
$1.391 billion (2004 est.)
GDP - real growth rate:
1.7% (2002 est.)
GDP - per capita:
purchasing power parity - $32,300 (2004 est.)
GDP - composition by sector: agriculture: 1.4% industry: 3.2% services: 95.4% (1994 est.)
Labor force:
19,820 (1995)
Labor force - by occupation:
agriculture 1.4%, industry 12.6%, services 86% (1995)
Unemployment rate:
4.1% (1997)
Population below poverty line:
NA (2002 est.)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
2.8% (2002)
Budget:
revenues: $265.2 million
expenditures: $248.9 million, including capital expenditures of NA
(1997)
Agriculture - products:
vegetables, fruit; livestock, turtle farming
Industries:
tourism, banking, insurance and finance, construction, construction
materials, furniture
Industrial production growth rate:
NA%
Electricity - production:
410.8 million kWh (2002)
Electricity - production by source: fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001)
Electricity - consumption:
382.1 million kWh (2002)
Electricity - exports:
0 kWh (2002)
Electricity - imports:
0 kWh (2002)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
2,400 bbl/day (2001 est.)
Oil - exports:
NA
Oil - imports:
NA
Exports:
$1.2 million (1999)
Exports - commodities:
turtle products, manufactured consumer goods
Exports - partners:
mostly US
Imports:
$457.4 million (1999)
Imports - commodities:
foodstuffs, manufactured goods
Imports - partners:
US, Trinidad and Tobago, UK, Netherlands Antilles, Japan
Debt - external:
$70 million (1996)
Economic
