Anguilla

The economy of Anguilla is dependent heavily on their offshore banking, lobster fishing, luxury tourism and the remittances of immigrants. They have very few natural resources.

Although their tourism sector suffered a major setback last September 1995 because of a Hurricane Luis, they were able to regain their economy the following year.

They were able to regain economic growth because of the increased activity in their tourism industry. This even led to their construction sector’s growth.

With their government’s goal to develop their financial sector (offshore), they enacted financial services legislation on the latter part of 1994. Ever since, Anguilla received favorable benefits from their tourism industry.

Aruba

Aruba’s economy is still categorized with their open system. A large percentage of the country’s income is being provided by their tourism industry. Aruba’s exotic coasts and amazing beaches are considered as one amongst the most beautiful worldwide. Their luxurious resorts and hotels have become not just a favorite tourist destination but a paradise for honeymooners.

With the large number of tourists falling in love with Aruba’s rich natural landscape, their construction industry also flourished. The prices for timeshares and land in Aruba have gone quite high, but still reasonable enough.

Their other primary industries would include their offshore banking, as well as their oil refining industries. They even boast of their aloe cultivation, fishing and livestock. Aside from all these, they also export machinery, transport and electrical equipment, collectibles and art.

Their government is currently focusing on the expansion of their finance, communications and technology. These are just minor setbacks compared to the economic growth their tourism industry has provided.

Cayman Islands

Economic activity in the Cayman Islands was caught up by the isolation and limitation of the base of their natural resource. In fact, the first big economic activity in the Cayman Island would be the harvest of sea turtles. This was done to resupply the sailing ships passing by their island.

Shipbuilding, cotton production and fishing were the ones that bolstered their economy. Aside from this, they also relied on agriculture and the scavenging of shipwreck remains along their coral reef surroundings. They are producers of sea salt (gourmet).

Their Tourism and Finance Industry  

Tourism and international finance is considered as the “twin pillars” that led to the economic development of the Cayman Islands. Since their colony doesn’t give direct taxation, this bolstered their international finance sector.

There was even a legend that explains why England declared it as tax free. Legend states that when 10 British ships got stuck along the Grand Cayman’s reefs, the Caymanians were the ones who rescued the “Wreck of the Ten Sails” victims. As stated, it is a legend and it remains unknown if it really happened.

Even so, the tax-free status of the Cayman Islands made numerous banks plus other companies fascinated and interested in their island.

Tourism has accounted to the majority of their foreign currency income. The Caymanians are considered to have the highest way of life in the whole wide world. Their well-developed and strategized tourism industry paved the way for service-oriented jobs. Many Caymanians benefit from this sector.  

Their tourist industry is focused on the luxury market. They cater also to visitors of North America. Their unspoiled beaches and tropical climate continue to draw a surge of visitors year after year. Aside from this, deep sea fishing, scuba diving and duty free shopping have become a popular trend in the Cayman Islands.

Greenland

Ever since 1993, Greenland’s economy made a competent improvement. The government’s tight fiscal policy created a low inflation rate with the surplus of their public budget.  From their zinc and lead mines, their current economy depends on the exportation of fish.

It is their public sector, through their municipalities and publicly-owned enterprises that dominate their economy. Most companies there started to explore mineral and hydrocarbon deposits. Thus, Greenland’s hydropower potential made 2 international companies dealing with aluminum consider placing smelters in their nation.

Last May 2007, they were able to open a new tourism market. This market, though limited because of high costs and a short-termed season, remains the only sector that offers actual near-term potential.

Bermuda

Bermuda is known to have the highest income worldwide. The success of its economy is due to the successful exploitation of its location. They are currently providing not just financial services to international firms but luxurious tourist facilities as well.

Their industrial sector is quite small. Agriculture is also limited because it lacks suitable land. It is in fact the international businesses who contribute to the economic output of Bermuda. The government plans to further strengthen their tourist and actual international financial-based sectors.

Tourism and Finances 

Bermuda is also considered as an offshore financial-based center. Their integrity in their financial regulatory system continues to receive a deserving reputation. They are now home to aspiring immigrants from different countries.

Thus, Bermuda’s 2nd most important sector would be tourism. It is actually experiencing some tough times – especially after the US September 11, 2001 attack. This led to a positive and negative outcome.

The positive side would be the relocation of newer re-insurance companies in Bermuda. The negative aspect would be the fact that American tourists chose not to travel after that September 11, 2001 disaster.

As time passes, the trauma of the incident will eventually heal. Bermuda’s exotic paradise remains an enticing tourist vacation destination. Their resorts, hotels are still a favorite among foreigners. There are even those that choose to get married in Bermuda. Their port also remains a well loved stop over for passengers wanting to fall in love with nature.

British Virgin Islands

In the Caribbean, the British Virgin Islands’ economy is considered as one amongst the most prosperous. Their economy is actually based on the so-called “twin pillars” of tourism. This is because their economy is generated by their financial services and national income.

Many tourists frequent their islands. Most of them come from the US. It is their yacht chartering industry that is the main source of their tourism income. Although they have only a few big hotel establishments, many cruise liners stop over their islands. The abundance of passengers from these cruise ships resulted to helpful revenues for their taxi drivers.

Their financial Institutions 

For the international business aspect, the declaration of a comprehensive insurance law last 1994 made the British Virgin Islands more open to international business ventures. The law’s agenda is to provide confidentiality, with upheld statutory gateways, for the investigation of actual criminal offenses.

At present, the British Virgin Islands is amongst the world’s top offshore financial institutions. They were even able to form about 450,000 active offshore companies.

During the 1st quarter of 2007, there was a report about the leading sources of definite foreign (direct) investments worldwide. The British Virgin Islands was stated as the 2nd largest source worldwide. This is because of their growing offshore finance market.

Guadeloupe

Guadeloupe’s economy is dependent on their service industry, agriculture, light industry, and tourism. Large imports and subsidies were also available from France.

Amongst the above mentioned income generators, their key industry is tourism. This is because of the growing number of cruise liners visiting their island.

Natural Resources and Calamitites 

Periodical hurricanes and unemployment are the major setbacks that Guadeloupe’s economy continues to face. Their unemployment rate is quite high amongst the younger generation.

Crops like flowers, eggplant and most especially - bananas are slowly replacing sugarcane as their traditional crop. Other root crops and vegetables are only being cultivated for their local consumption.

Guadeloupe is still very dependent on imported goods like food and fuel. Most of these products are from France. Rum and sugar production would also account for their light industry.

Amidst their problems, Guadeloupe continues to grow because of their tourism industry.

Martinique

The economy of Martinique is primarily based on trade. This would go for their industrial and agriculture sector.

Ever since they started to produce rum, their sugar production sector has declined. It is their banana industry that is slowly growing. Most of their bananas are being directed to France.

One major requirement for their bulk of vegetable, grain and meat would be the fact that it needs to be imported. This requirement led to a chain of events like influencing their chronic trade deficits. Hence, these deficits made Martinique ask France for large yearly transfers of aid.

For foreign exchange, tourism has outweighed their agricultural exports. Aside from this, a majority of their work force is currently employed in their administration and service sector.

Montserrat

Montserrat’s economy is periodically devastated by severe volcanic activities. A severe effect on their economy was felt during a volcanic eruption last July 1995. Then, last July 1997, a terrible eruption closed all their seaports and airports. These eruptions not only made about two-thirds of their 12,000 inhabitants flee their island; it also caused further social and economic dislocation.

Although some of the inhabitants who left Montserrat wanted to return to their island, lack of infrastructure and housing made it a very difficult option. Only a few were able to return.

Even their agriculture sector was greatly affected. The deficiency of suitable land and the destruction of their crops made farming almost impossible.

Major developments and reformation, for the reconstruction of their public sector, is necessary to bring back the economic activity in Montserrat. Although a $122.8 million 3-year aid program was launched by the UK to reconstruct Montserrat’s economy; ½ of the island remains uninhabitable for about another decade.