Cayman Islands

Country Summary

Introduction

Background

The British colonized the Cayman Islands during the 18th and 19th centuries, and Jamaica administered the islands 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.

Geography

Area

total: 264 sq km
land: 264 sq km
water: 0 sq km

Climate

tropical marine; warm, rainy summers (May to October) and cool, relatively dry winters (November to April)

Natural resources

fish, climate and beaches that foster tourism

People and Society

Population

65,483 (2023 est.)

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.)

Population growth rate

1.79% (2023 est.)

Government

Government type

parliamentary democracy; self-governing overseas territory of the UK

Capital

name: George Town (on Grand Cayman)

Executive branch

chief of state: King CHARLES III (since 8 September 2022); represented by Governor Jane OWEN (since 21 April 2023)
head of government: Premier Juliana O'CONNOR-CONNOLLY (since 15 November 2023)

Legislative branch

description: unicameral Parliament (21 seats; 19 members directly elected by majority vote and 2 ex-officio members - the deputy governor and attorney general - appointed by the governor; members serve 4-year terms)

Economy

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

Real GDP (purchasing power parity)

$4.902 billion (2022 est.)
$4.729 billion (2021 est.)
$4.546 billion (2020 est.)

Real GDP per capita

$71,400 (2022 est.)
$69,400 (2021 est.)
$67,500 (2020 est.)

Agricultural products

vegetables, fruit; livestock; turtle farming

Industries

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

Exports

$4.054 billion (2021 est.)
$3.951 billion (2020 est.)
$4.205 billion (2019 est.)

Exports - partners

Netherlands 82%, Spain 11% (2019)

Exports - commodities

recreational boats, aircraft, ships, gold, refined petroleum, natural gas (2021)

Imports

$2.743 billion (2021 est.)
$2.51 billion (2020 est.)
$2.743 billion (2019 est.)

Imports - partners

Netherlands 56%, United States 18%, Italy 8%, Switzerland 5% (2019)

Imports - commodities

recreational boats, ships, gold, refined petroleum, cars (2019)

Exchange rates

Caymanian dollars (KYD) per US dollar -
Exchange rates:
0.833 (2021 est.)
0.833 (2020 est.)
0.833 (2019 est.)
0.833 (2018 est.)
0.833 (2017 est.)


Page last updated: Friday, April 12, 2024