The Cayman Islands has a GDP of $7.14B compared to $282M for Palau, ranking 159/197 and 193/197 by economy size, respectively.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Cayman Islands
|
Palau
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1970 | - | - | $11,563,041 | $145,352,813 |
| 1971 | - | - | $12,706,874 | $145,536,452 |
| 1972 | - | - | $13,956,474 | $146,033,169 |
| 1973 | - | - | $15,331,889 | $146,328,192 |
| 1974 | - | - | $16,848,759 | $146,482,619 |
| 1975 | - | - | $18,521,112 | $146,519,630 |
| 1976 | - | - | $20,364,420 | $146,458,790 |
| 1977 | - | - | $22,308,104 | $148,553,303 |
| 1978 | - | - | $24,530,015 | $147,827,479 |
| 1979 | - | - | $27,004,251 | $147,274,387 |
| 1980 | - | - | $29,728,054 | $146,723,368 |
| 1981 | - | - | $32,726,594 | $146,174,407 |
| 1982 | - | - | $36,027,583 | $145,627,496 |
| 1983 | - | - | $39,661,530 | $148,441,032 |
| 1984 | - | - | $44,814,259 | $155,301,972 |
| 1985 | - | - | $51,030,637 | $163,744,973 |
| 1986 | - | - | $58,109,314 | $172,646,979 |
| 1987 | - | - | $66,169,905 | $182,032,942 |
| 1988 | - | - | $75,348,615 | $191,929,175 |
| 1989 | - | - | $85,800,543 | $202,363,417 |
| 1990 | - | - | $97,702,303 | $213,364,917 |
| 1991 | - | - | $106,555,300 | $223,830,946 |
| 1992 | - | - | $104,771,300 | $209,505,677 |
| 1993 | - | - | $96,455,700 | $183,736,397 |
| 1994 | - | - | $106,138,500 | $197,149,210 |
| 1995 | - | - | $121,018,500 | $218,638,452 |
| 1996 | - | - | $137,494,600 | $241,376,946 |
| 1997 | - | - | $143,860,800 | $246,928,594 |
| 1998 | - | - | $149,079,600 | $251,867,130 |
| 1999 | - | - | $144,206,500 | $238,266,284 |
| 2000 | - | - | $149,535,800 | $232,062,062 |
| 2001 | - | - | $159,453,500 | $247,147,106 |
| 2002 | - | - | $162,665,500 | $259,544,370 |
| 2003 | - | - | $154,559,900 | $251,178,536 |
| 2004 | - | - | $166,391,600 | $261,072,519 |
| 2005 | - | - | $191,048,400 | $269,985,444 |
| 2006 | $4,200,288,241 | $4,633,485,654 | $193,679,700 | $269,651,419 |
| 2007 | $4,466,278,065 | $4,780,025,440 | $200,903,600 | $274,381,188 |
| 2008 | $4,585,949,024 | $4,762,941,572 | $201,167,300 | $259,306,750 |
| 2009 | $4,281,714,567 | $4,419,986,800 | $189,998,000 | $240,479,586 |
| 2010 | $4,156,841,107 | $4,299,956,080 | $188,174,300 | $238,325,139 |
| 2011 | $4,186,073,104 | $4,350,225,241 | $198,873,900 | $250,523,288 |
| 2012 | $4,291,004,524 | $4,403,722,295 | $215,762,400 | $253,663,378 |
| 2013 | $4,405,796,023 | $4,460,060,480 | $225,345,700 | $245,961,582 |
| 2014 | $4,562,853,611 | $4,578,454,034 | $243,156,500 | $257,693,948 |
| 2015 | $4,708,167,233 | $4,708,167,233 | $278,824,800 | $278,824,800 |
| 2016 | $4,909,322,237 | $4,860,710,643 | $298,323,500 | $277,598,001 |
| 2017 | $5,166,281,305 | $5,015,477,902 | $285,600,000 | $268,548,255 |
| 2018 | $5,530,178,441 | $5,229,501,758 | $288,546,300 | $268,843,680 |
| 2019 | $5,941,896,608 | $5,434,269,977 | $281,941,600 | $269,381,408 |
| 2020 | $5,655,358,021 | $5,165,012,420 | $258,990,800 | $253,220,049 |
| 2021 | $6,060,026,520 | $5,418,352,633 | $235,752,900 | $218,291,145 |
| 2022 | $6,600,843,963 | $5,697,740,751 | $255,591,100 | $215,413,136 |
| 2023 | $7,139,428,558 | $5,946,143,785 | $281,849,100 | $219,456,509 |
Economic indicators
|
Cayman Islands
|
Palau
|
|
|---|---|---|
| Gross domestic product |
$7.14B
2023 |
$282M
2023 |
| GDP rank |
159/197
2023 |
193/197
2023 |
| GDP growth |
8.16%
2022-2023 |
10.3%
2022-2023 |
| GDP per capita |
$97,750
2023 |
$15,899
2023 |
| GDP per capita rank |
6/197
2023 |
67/197
2023 |
| GDP per capita, PPP |
$86,689
2023 |
$17,532
2023 |
| Average annual personal income after taxes |
$82,674
2025 |
$8,654
2025 |
| Market capitalization of domestic companies |
$644M
2020 |
n/a |
| Government expenditure, % of GDP |
14%
2025 |
53%
2025 |
| Consumer prices inflation |
-0.63%
2015-2016 |
1.8%
2024-2025 |
| Unemployment rate |
4.24%
2015 |
0.77%
2020 |
| Population |
76930
|
17663
|
GDP per capita in Cayman Islands vs Palau
The Cayman Islands' GDP per capita is $97,750, ranking 6/197, compared to $15,899 in Palau, ranking 67/197. Adjusted for purchasing power (GDP per capita PPP), the Cayman Islands ranks 10th at $86,689, while Palau ranks 105th at $17,532.
| Year | Current $ | |||
|---|---|---|---|---|
|
Cayman Islands
|
Palau
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1970 | - | - | $1,017 | - |
| 1971 | - | - | $1,081 | - |
| 1972 | - | - | $1,145 | - |
| 1973 | - | - | $1,221 | - |
| 1974 | - | - | $1,328 | - |
| 1975 | - | - | $1,464 | - |
| 1976 | - | - | $1,616 | - |
| 1977 | - | - | $1,781 | - |
| 1978 | - | - | $1,972 | - |
| 1979 | - | - | $2,189 | - |
| 1980 | - | - | $2,423 | - |
| 1981 | - | - | $2,639 | - |
| 1982 | - | - | $2,838 | - |
| 1983 | - | - | $3,049 | - |
| 1984 | - | - | $3,360 | - |
| 1985 | - | - | $3,728 | - |
| 1986 | - | - | $4,144 | - |
| 1987 | - | - | $4,616 | - |
| 1988 | - | - | $5,145 | - |
| 1989 | - | - | $5,741 | - |
| 1990 | - | - | $6,403 | $9,604 |
| 1991 | - | - | $6,824 | $10,179 |
| 1992 | - | - | $6,553 | $9,516 |
| 1993 | - | - | $5,892 | $8,344 |
| 1994 | - | - | $6,329 | $8,927 |
| 1995 | - | - | $7,038 | $9,858 |
| 1996 | - | - | $7,788 | $10,794 |
| 1997 | - | - | $7,945 | $10,951 |
| 1998 | - | - | $8,048 | $11,042 |
| 1999 | - | - | $7,630 | $10,382 |
| 2000 | - | - | $7,797 | $10,192 |
| 2001 | - | - | $8,240 | $10,999 |
| 2002 | - | - | $8,341 | $11,639 |
| 2003 | - | - | $7,862 | $11,395 |
| 2004 | - | - | $8,395 | $12,064 |
| 2005 | - | - | $9,640 | $12,868 |
| 2006 | $87,085 | $75,191 | $9,885 | $13,401 |
| 2007 | $89,888 | $77,337 | $10,408 | $14,216 |
| 2008 | $89,655 | $76,297 | $10,583 | $13,905 |
| 2009 | $81,374 | $69,254 | $10,155 | $13,183 |
| 2010 | $76,838 | $66,325 | $10,229 | $13,449 |
| 2011 | $75,281 | $66,629 | $11,001 | $14,683 |
| 2012 | $75,102 | $64,727 | $12,145 | $15,410 |
| 2013 | $75,114 | $63,648 | $12,769 | $15,298 |
| 2014 | $75,845 | $63,561 | $13,726 | $16,245 |
| 2015 | $76,379 | $64,009 | $15,691 | $17,685 |
| 2016 | $77,802 | $65,680 | $16,763 | $17,748 |
| 2017 | $80,054 | $68,018 | $16,034 | $17,462 |
| 2018 | $83,866 | $71,812 | $16,198 | $17,879 |
| 2019 | $88,254 | $72,697 | $15,841 | $18,227 |
| 2020 | $82,339 | $66,119 | $14,557 | $17,367 |
| 2021 | $86,438 | $74,151 | $13,257 | $15,663 |
| 2022 | $92,202 | $81,803 | $14,392 | $16,581 |
| 2023 | $97,750 | $86,689 | $15,899 | $17,532 |
Inflation comparison by year
Over the past 7 years, the Cayman Islands has recorded an average annual inflation rate of 0.46%, compared with 2.4% in Palau. In 2016, inflation was -0.63% in the Cayman Islands and 1.8% in Palau.
| Year | Inflation | ||
|---|---|---|---|
|
Cayman Islands
|
Palau
|
Cayman Islands
|
Palau
|
| 2001 | - | -0.7% | |
| 2002 | - | -0.3% | |
| 2003 | - | 0.6% | |
| 2004 | - | 0.5% | |
| 2005 | - | 3.6% | |
| 2006 | - | 4.2% | |
| 2007 | - | 3% | |
| 2008 | - | 9.9% | |
| 2009 | - | 4.7% | |
| 2010 | 0.28% | 1.1% | |
| 2011 | 1.33% | 2.6% | |
| 2012 | 1.19% | 5.4% | |
| 2013 | 2.16% | 2.8% | |
| 2014 | 1.27% | 4% | |
| 2015 | -2.35% | 2.2% | |
| 2016 | -0.63% | -1.3% | |
| 2017 | - | 1.1% | |
| 2018 | - | 2.4% | |
| 2019 | - | 0.4% | |
| 2020 | - | 0.7% | |
| 2021 | - | -0.5% | |
| 2022 | - | 13.2% | |
| 2023 | - | 12.4% | |
| 2024 | - | 3.6% | |
| 2025 | - | 1.8% | |
Balance of trade
|
Cayman Islands
|
Palau
|
|
|---|---|---|
Current account balance
|
-$713M
2023 |
-$135M
2022 |
| Current account balance ranking |
114/189
2023 |
89/189
2022 |
| Current account balance, % of GDP |
-9.98%
2023 |
-53%
2022 |
| Goods imports |
$1.64B
2023 |
$159M
2022 |
| Goods exports |
$150M
2023 |
$2.1M
2022 |
| Service imports |
$1.8B
2023 |
$58.2M
2022 |
| Service exports |
$4.45B
2023 |
$22.4M
2022 |
| Imports of goods and services, % of GDP |
45.8%
2020 |
74.3%
2022 |
| Exports of goods and services, % of GDP |
59.6%
2020 |
13.5%
2022 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Cayman Islands
|
Palau
|
|
|---|---|---|
| Economic freedom | 74 | 62 |
| Economic freedom ranking | 20/197 | 84/197 |
More economic indicators
|
Cayman Islands
|
Palau
|
|
|---|---|---|
| Services, % of GDP |
85.4%
2022 |
76.7%
2023 |
| Industry, % of GDP |
8.19%
2022 |
9.87%
2023 |
| Agriculture, forestry, and fishing, % of GDP |
0.47%
2022 |
2.99%
2023 |
|
GNI, Atlas method
|
$4.42B
2022 |
$249M
2023 |
| GNI per capita, PPP |
$54,040
2022 |
$16,500
2023 |
| Total reserves including gold |
$234M
2023 |
n/a |
| Total reserves ranking |
169/177
2023 |
n/a |
|
Net foreign direct investment
|
-$5.52B
2023 |
-$72M
2022 |
|
Net inflows of foreign direct investment
|
$35.9B
2024 |
$69.1M
2024 |
|
Net outflows of foreign direct investment
|
$27.2B
2024 |
-$38K
1998 |
| Poverty at national poverty lines | n/a |
24.9%
2020 |
|
Gross capital formation, % of GDP
|
n/a |
38.4%
2022 |
GDP per capita map
GDP per capita
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Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.