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10 - Richest Caribbean Islands (2010)
The rankings are based on each country's Gross Gross Domestic
Product (GDP) per capita. GDP is on a purchasing power parity
basis divided by population
(1)
Bermuda
Bermuda enjoys the third highest per capita income in the
world, more than 50% higher than that of the US; the average
cost of a house by the mid-2000s exceeded $1,000,000. Its
economy is primarily based on providing financial services
for international business and luxury facilities for tourists.
A number of reinsurance companies relocated to the island
following the 11 September 2001 attacks and again after Hurricane
Katrina in August 2005 contributing to the expansion of an
already robust international business sector. Bermuda's tourism
industry - which derives over 80% of its visitors from the
US - continues to struggle but remains the island's number
two industry. Most capital equipment and food must be imported.
Bermuda's industrial sector is largely focused on construction
and agriculture is limited, with only 20% of the land being
arable.
Population:
64,500
GDP - per capita (PPP): $69,900
Bermuda is rank 4th overall in the world
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(2) Cayman Islands
With no direct taxation, the islands are a thriving offshore
financial center. More than 93,000 companies were registered
in the Cayman Islands as of 2008, including almost 300 banks,
800 insurers, and 10,000 mutual funds. 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 1.9 million in 2008, with about half 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.
Population:
53,172
GDP - per capita (PPP): $43,800
Number 14thcomparison to the world:
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(3) British Virgin Islands
The economy, one of the most stable and prosperous in the
Caribbean, is highly dependent on tourism generating an estimated
45% of the national income. More than 934,000 tourists, mainly
from the US, visited the islands in 2008. In the mid-1980s,
the government began offering offshore registration to companies
wishing to incorporate in the islands, and incorporation fees
now generate substantial revenues. Roughly 400,000 companies
were on the offshore registry by yearend 2000. The adoption
of a comprehensive insurance law in late 1994, which provides
a blanket of confidentiality with regulated statutory gateways
for investigation of criminal offenses, made the British Virgin
Islands even more attractive to international business. Livestock
raising is the most important agricultural activity; poor
soils limit the islands' ability to meet domestic food requirements.
Because of traditionally close links with the US Virgin Islands,
the British Virgin Islands has used the US dollar as its currency
since 1959.
Population:
53,172
GDP - per capita (PPP): $38,500
Number 24 comparison to the world:
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(4) Bahamas
The Bahamas is one of the wealthiest Caribbean countries with
an economy heavily dependent on tourism and offshore banking.
Tourism together with tourism-driven construction and manufacturing
accounts for approximately 60% of GDP and directly or indirectly
employs half of the archipelago's labor force. Prior to 2006,
a steady growth in tourism receipts and a boom in construction
of new hotels, resorts, and residences led to solid GDP growth
but since then tourism receipts have begun to drop off. The
global recession in 2009 took a sizeable toll on the Bahamas,
resulting in a contraction in GDP and a widening budget deficit.
The decline continued in 2010 as tourism from the US and sector
investment lagged. Financial services constitute the second-most
important sector of the Bahamian economy and, when combined
with business services, account for about 36% of GDP. However,
the financial sector currently is smaller than it has been
in the past because of the enactment of new and more strict
financial regulations in 2000 that caused many international
businesses to relocate elsewhere. Manufacturing and agriculture
combined contribute approximately a tenth of GDP and show
little growth, despite government incentives aimed at those
sectors. Overall growth prospects in the short run rest heavily
on the fortunes of the tourism sector
Population:
307,451
GDP - per capita (PPP): $28,600
Bermuda is rank 49th overall in the world
(5)Trinidad
and Tobago
Trinidad and Tobago has earned a reputation as an excellent
investment site for international businesses and has one of
the highest growth rates and per capita incomes in Latin America.
Economic growth between 2000 and 2007 averaged slightly over
8%, significantly above the regional average of about 3.7%
for that same period; however, GDP has slowed down since then
and contracted about 3.5% in 2009, before rising more than
2% in 2010. Growth has been fueled by investments in liquefied
natural gas (LNG), petrochemicals, and steel. Additional petrochemical,
aluminum, and plastics projects are in various stages of planning.
Trinidad and Tobago is the leading Caribbean producer of oil
and gas, and its economy is heavily dependent upon these resources
but it also supplies manufactured goods, notably food products
and beverages, as well as cement to the Caribbean region.
Oil and gas account for about 40% of GDP and 80% of exports,
but only 5% of employment. The country is also a regional
financial center, and tourism is a growing sector, although
it is not as important domestically as it is to many other
Caribbean islands. The economy benefits from a growing trade
surplus. The previous MANNING administration benefited from
fiscal surpluses fueled by the dynamic export sector; however,
declines in oil and gas prices have reduced government revenues
which will challenge the new government's commitment to maintaining
high levels of public investment.
Population:1,231,323
GDP - per capita (PPP): $22,100
Number 58 comparison to the world:
(6) Aruba
Tourism is the mainstay of the small open Aruban economy,
together with offshore banking. Oil refining and storage ended
in 2009. The rapid growth of the tourism sector over the last
decade has resulted in a substantial expansion of other activities.
Over 1.5 million tourists per year visit Aruba with 75% of
those from the US. Construction continues to boom with hotel
capacity five times the 1985 level. Tourist arrivals rebounded
strongly following a dip after the 11 September 2001 attacks.
The government has made cutting the budget and trade deficits
a high priority.
Population:
100,018
GDP - per capita (PPP): $21,800
Number 59 comparison to the world:
(7) Barbados
Historically, the Barbadian economy was dependent on sugarcane
cultivation and related activities. However, in recent years
the economy has diversified into light industry and tourism
with about three-quarters of GDP and 80% of exports being
attributed to services. Growth has rebounded since 2003, bolstered
by increases in construction projects and tourism revenues,
reflecting its success in the higher-end segment, but the
sector faced declining revenues in 2009 with the global economic
downturn. The country enjoys one of the highest per capita
incomes in the region. Offshore finance and information services
are important foreign exchange earners and thrive from having
the same time zone as eastern US financial centers and a relatively
highly educated workforce. The government continues its efforts
to reduce unemployment, to encourage direct foreign investment,
and to privatize remaining state-owned enterprises. The public
debt-to-GDP ratio rose to over 100% in 2009, largely because
a sharp slowdown in tourism and financial services led to
a wide budget deficit
Population:
275,330
GDP - per capita (PPP): $21,700
Number 60 comparison to the world:
(8) Antigua and Barbuda
Tourism continues to dominate Antigua and Barbuda's economy,
accounting for nearly 60% of GDP and 40% of investment. The
dual-island nation's agricultural production is focused on
the domestic market and constrained by a limited water supply
and a labor shortage stemming from the lure of higher wages
in tourism and construction. Manufacturing comprises enclave-type
assembly for export with major products being bedding, handicrafts,
and electronic components. Prospects for economic growth in
the medium term will continue to depend on tourist arrivals
from the US, Canada, and Europe and potential damages from
natural disasters. After taking office in 2004, the SPENCER
government adopted an ambitious fiscal reform program, and
was successful in reducing its public debt-to-GDP ratio from
120% to about 90% in 2008. However, the global financial crisis
that began in 2008, has led to a significant increase in the
national debt, which topped 130% at the end of 2010. The Antiguan
economy experienced solid growth from 2003 to 2007, reaching
over 12% in 2006 driven by a construction boom in hotels and
housing associated with the Cricket World Cup, but growth
dropped off in 2008 with the end of the boom. In 2009, Antigua's
economy was severely hit by the global economic crisis, suffering
from the collapse of its largest financial institution and
a steep decline in tourism. This decline continued in 2010
as the country struggled with a yawning budget deficit.
Antigua
and Barbuda Population - 69,481
GDP - per capita (PPP): $16,500
Number 68 comparison to the world:
(9) Curacao
Tourism, petroleum refining, and offshore finance are the
mainstays of this small economy, which is closely tied to
the outside world. Although GDP grew slightly during the past
decade, the island enjoys a high per capita income and a well-developed
infrastructure compared with other countries in the region.
Curacao has an excellent natural harbor that can accommodate
large oil tankers. The Venezuelan state oil company leases
the single refinery on the island from the government; most
of the oil for the refinery is imported from Venezuela; most
of the refined products are exported to the US. Almost all
consumer and capital goods are imported, with the US, Brazil,
Italy, and Mexico being the major suppliers. The government
is attempting to diversify its industry and trade and has
signed an Association Agreement with the EU to expand business
there. Poor soils and inadequate water supplies hamper the
development of agriculture. Budgetary problems complicate
reform of the health and pension systems for an aging population.
Population
- 130,000
GDP - per capita (PPP): $14,970
Number 75 comparison to the world:
(10) US Virgin Island
Tourism is the primary economic activity, accounting for 80%
of GDP and employment. The islands hosted 2.4 million visitors
in 2008. The manufacturing sector consists of petroleum refining,
rum distilling, textiles, electronics, pharmaceuticals, and
watch assembly. One of the world's largest petroleum refineries
is at Saint Croix. The agricultural sector is small, with
most food being imported. International business and financial
services are small but growing components of the economy.
The islands are vulnerable to substantial damage from storms.
The government is working to improve fiscal discipline, to
support construction projects in the private sector, to expand
tourist facilities, to reduce crime, and to protect the environment.
Population
- 108,612
GDP - per capita (PPP): $14,500
Number 80 comparison to the world:
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