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):
$1.939 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% services: 95.4% (1994 est.)
Labor force: 23,450 (2004)
Labor force - by occupation: agriculture: 1.4% industry: 12.6% services: 86% (1995)