Which industry contributes significantly to the economy of the Cayman Islands?

The financial services industry is a cornerstone of the economy of the Cayman Islands, significantly contributing to its overall economic structure. The islands are known as an international financial center, attracting a multitude of investment funds, hedge funds, and banks due to their favorable regulatory environment and tax neutrality. This industry generates substantial revenue through fees, services, and employment, making it a vital part of the local economy.

In contrast, agriculture, mining, and textiles do not play a significant role in the Cayman Islands' economy. The geographical landscape and limited arable land restrict agricultural development, there are virtually no mining operations due to the lack of mineral resources, and the textile industry is minimal, with little emphasis on manufacturing. Thus, the prominence of the financial services sector stands out as the most impactful contributor to the islands' economic health.