Territory Summary: Cayman Islands
Territory Name: Cayman Islands
Capital: George Town
Official Visa & Travel Information: Cayman Islands Customs & Border Control Service Website (Visa Services)
Government Type: parliamentary democracy; self-governing overseas territory of the UK
Background: The Cayman Islands were colonized from Jamaica by the British during the 18th and 19th centuries and were administered by Jamaica after 1863. In 1959, the islands became a territory within the Federation of the West Indies. When the Federation dissolved in 1962, the Cayman Islands chose to remain a British dependency. The territory has transformed itself into a significant offshore financial center.
Region: Caribbean
Population: 65,483 (2023 est.) note: most of the population lives on Grand Cayman
Ethnic Groups: Cayman Islander 35.4%, Jamaican 24.8%, Filipino 5.5%, British 5.3%, American 5.2%, Honduran 4.2%, Canadian 3.3%, Indian 2.1%, Cuban 1.6%, Nicaraguan 1%, other 11.1%, unspecified 0.5% (2021 est.)
Languages: English (official) 88.8%, Spanish 3.9%, Filipino 3.8%, other 2.8%, unspecified 0.7% (2021 est.)
Religions: Protestant 60.8% (includes Church of God 19.5%, Seventh Day Adventist 8.7%, non-denominational 8.3%, Baptist 6.9%, Pentecostal 6.8%, Presbyterian/United Church 5.7%, Anglican 2.8%, Wesleyan Holiness 1.5%, Methodist 0.5%), Roman Catholic 13.6%, Hindu 1.7%, Jehovah's Witness 0.9%, other 4.8%, none 16.7%, unspecified 1.4% (2021 est.)
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
Currency: Cayman Islands Dollar (KYD)
Reserves of Foreign Exchange & Gold: $216.8 million (2020 est.) note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Real GDP (Purchasing Power Parity): $4.902 billion (2022 est.) note: data in 2017 dollars
Real GDP Growth Rate: 3.67% (2022 est.) note: annual GDP % growth based on constant local currency
Real GDP per Capita: $71,400 (2022 est.) note: data in 2017 dollars
Exports:
$4.054 billion (2021 est.) note: balance of payments - exports of goods and services in current dollars
Comparison Ranking: 143
Export Commodities: recreational boats, aircraft, ships, gold, refined petroleum, natural gas (2021)
Export Partners: Netherlands 82%, Spain 11% (2019)
Imports:
$2.743 billion (2021 est.) note: balance of payments - imports of goods and services in current dollars
Comparison Ranking: 162
Import Commodities: recreational boats, ships, gold, refined petroleum, cars (2019)
Import Partners: Netherlands 56%, United States 18%, Italy 8%, Switzerland 5% (2019)
Natural Resources: fish, climate and beaches that foster tourism
Agricultural Products: vegetables, fruit; livestock; turtle farming
Industries: tourism, banking, insurance and finance, construction, construction materials, furniture
Industrial Production Growth Rate:
6.89% (2021 est.) note: annual % change in industrial value added based on constant local currency
Comparison Ranking: 40
Labor Force: 39,000 (2007 est.) note: nearly 55% are non-nationals
Unemployment Rate: 4% (2008)
Natural Hazards: Geography:
Total: 264 sq km
Land: 264 sq km
Water: 0 sq km
(Country Summary, The World Factbook, CIA.gov)
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