English, Spanish 3.9, Filipino 3.8, other 2.8, unspecified 0.7
Economic Overview
Key economic indicators for Cayman Islands
GDP:
$5.705 billion
GDP per Capita:
$78,100
GDP Growth:
4.36%
Inflation:
2%
Credit Rating:
Aa3 (1997)
Political System
Governance structure of Cayman Islands
Government Type:
parliamentary democracy; self-governing overseas territory of the UK
Head 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)
Judiciary:
Court of Appeal (consists of the court president and at least 2 judges); Grand Court (consists of the court president and at least 2 judges); note - appeals beyond the Court of Appeal are heard by the Judicial Committee of the Privy Council (in London)
Administrative Divisions:
6 districts; Bodden Town, Cayman Brac and Little Cayman, East End, George Town, North Side, West Bay
Major Political Parties
Not specified
International Relations
Global position and alliances
UN Member:
Yes
EU Member:
No
Diplomatic Presence:
none (overseas territory of the UK)
Major Alliances and Organizations
Economic Sectors & Trade
Detailed economic breakdown
Major Economic Sectors
Agriculture
0.5% (2022 est.)
Industry
8.2% (2022 est.)
Services
85.4% (2022 est.)note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Trade Volume
Exports:
$5.019 billion
Imports:
$3.3 billion
Major Trading Partners
UK 40
Cyprus 21
Germany 9
Grenada 8
Italy 5
Economic Outlook
Cayman Islands has a 4.36% GDP growth rate with 2% inflation. The economy is characterized by a strong agriculture sector.