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NAVIGATION
Cayman Islands
GOVERNMENT
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Country name:
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conventional long form: none
conventional short form: Cayman Islands |
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Dependency status:
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overseas territory of the UK |
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Government type:
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British crown colony |
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Capital:
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George Town |
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Administrative divisions:
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8 districts; Creek, Eastern, Midland, South Town, Spot Bay, Stake Bay, West End, Western |
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Independence:
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none (overseas territory of the UK) |
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National holiday:
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Constitution Day, first Monday in July |
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Constitution:
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1959, revised 1972 and 1992 |
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Legal system:
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British common law and local statutes |
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Suffrage:
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18 years of age; universal |
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Executive branch:
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chief of state: Queen ELIZABETH II (since 6 February 1952); Governor Bruce DINWIDDY (since 29 May 2002)
elections: none; the monarch is hereditary; the governor is appointed by the monarch; the chief secretary is appointed by the governor head of government: Chief Secretary W. McKeeva BUSH (since NA December 2001) cabinet: Executive Council (three members appointed by the governor, four members elected by the Legislative Assembly) |
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Legislative branch:
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unicameral Legislative Assembly (18 seats, three appointed members from the Executive Council and 15 elected by popular vote; members serve four-year terms)
elections: last held 8 November 2000 (next to be held NA November 2004) election results: percent of vote - NA%; seats - NA |
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Judicial branch:
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Summary Court; Grand Court; Cayman Islands Court of Appeal |
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Political parties and leaders:
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there are no formal political parties but the following loose groupings act as political organizations; National Team [leader NA]; Democratic Alliance [leader NA]; Team Cayman [leader NA]; United Democratic Party [leader NA] |
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Political pressure groups and leaders:
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NA |
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International organization participation:
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Caricom (observer), CDB, Interpol (subbureau), IOC, UNESCO (associate) |
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Diplomatic representation in the US:
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none (overseas territory of the UK) |
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Diplomatic representation from the US:
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none (overseas territory of the UK) |
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Flag description:
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blue, with the flag of the UK in the upper hoist-side quadrant and the Caymanian coat of arms on a white disk 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
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Economy - overview:
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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. |
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GDP:
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purchasing power parity - $1.18 billion (1999 est.) |
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GDP - real growth rate:
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4.5% (2000) |
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GDP - per capita:
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purchasing power parity - $30,000 (1999 est.) |
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GDP - composition by sector:
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agriculture: 1%
industry: 3% services: 95% (1994 est.) |
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Population below poverty line:
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NA% |
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
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Inflation rate (consumer prices):
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2.3% (2000) (2000) |
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Labor force:
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19,820 (1995) |
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Labor force - by occupation:
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agriculture 1%, industry 13%, services 86% (1995) |
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Unemployment rate:
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4.1% (1997) |
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Budget:
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revenues: $265.2 million
expenditures: $248.9 million, including capital expenditures of $NA (1997) |
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Industries:
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tourism, banking, insurance and finance, construction, construction materials, furniture |
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Industrial production growth rate:
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NA% |
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Electricity - production:
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355 million kWh (2000) |
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Electricity - production by source:
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fossil fuel: 100%
hydro: 0% other: 0% (2000) nuclear: 0% |
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Electricity - consumption:
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330.15 million kWh (2000) |
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Electricity - exports:
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0 kWh (2000) |
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Electricity - imports:
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0 kWh (2000) |
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Agriculture - products:
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vegetables, fruit; livestock, turtle farming |
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Exports:
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$1.2 million (1999) |
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Exports - commodities:
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turtle products, manufactured consumer goods |
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Exports - partners:
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mostly US |
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Imports:
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$457.4 million (1999) |
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Imports - commodities:
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foodstuffs, manufactured goods |
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Imports - partners:
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US, Trinidad and Tobago, UK, Netherlands Antilles, Japan |
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Debt - external:
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$70 million (1996) |
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Economic aid - recipient:
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$NA |
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Currency:
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Caymanian dollar (KYD) |
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Currency code:
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KYD |
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Exchange rates:
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Caymanian dollars per US dollar - 0.82 (29 October 2001), 0.83 (3 November 1995), 0.85 (22 November 1993) |
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Fiscal year:
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1 April - 31 March |