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Cayman Islands

Introduction to Cayman Islands

The Cayman Islands were colonized from Jamaica by the British during the 18th and 19th centuries. Administered by Jamaica since 1863, they remained a British dependency after 1962 when the former became independent.

Government

Capital:

George Town

National holiday:

Constitution Day, first Monday in July

Economy

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 - id=mce_marker.27 billion (2002 est.)

GDP - composition by sector:

agriculture: 1.4%
industry: 3.2%
services: 95.4% (1994 est.) 

Agriculture products:

vegetables, fruit; livestock, turtle farming

Industries:

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

Transportation

Highways:

total: 785 km
paved: 785 km (2000)

Ports and harbors:

Cayman Brac, George Tow

Merchant marine:

total: 137 ships (1,000 GRT or over) 2,827,837 GRT/4,555,974 DWT
registered in other countries: 2 (2003 est.)
foreign-owned: Germany 9, Greece 25, Hong Kong 3, Italy 14, Norway 4, Singapore 1, Spain 11, Sweden 13, Switzerland 1, United Kingdom 18, United States 43
by type: bulk 27, cargo 7, chemical tanker 36, container 2, liquefied gas 1, petroleum tanker 25, refrigerated cargo 33, roll on/roll off 4, short-sea/passenger 1, specialized tanker 1

Airports:

3 (2003 est.)

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