Turks and Caicos Islands: Economy#

The Turks and Caicos economy is based on tourism, offshore financial services, and fishing. Most capital goods and food for domestic consumption are imported. The US is the leading source of tourists, accounting for more than three-quarters of the 175,000 visitors that arrived in 2004. Major sources of government revenue also include fees from offshore financial activities and customs receipts.

Economic Facts#

GDP (purchasing power parity)$632 million (2007 est.)
$568.3 million (2006 est.)
GDP - real growth rate11.2% (2007 est.)
GDP - per capita (PPP)$29,100 (2007 est.)
GDP - composition, by sector of originagriculture: 1%
industry: 22.5%
services: 76.5% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationnote: about 33% in government and 20% in agriculture and fishing; significant numbers in tourism, financial, and other services
Exports - commoditieslobster, dried and fresh conch, conch shells
Agriculture - productscorn, beans, cassava (manioc, tapioca), citrus fruits; fish
Budgetrevenues: $434.1 million
expenditures: $437.6 million (2013 est.)
Imports - commoditiesfood and beverages, tobacco, clothing, manufactures, construction materials
Exchange ratesthe US dollar is used
Exports$24.77 million (2008 est.)
Debt - external$NA
Fiscal yearcalendar year
Imports$591.3 million (2008 est.)
Industrial production growth rate3% (2013 est.)
Industriestourism, offshore financial services
Inflation rate (consumer prices)2.5% (2013 est.)
2.5% (2012 est.)
Labor force4,848 (1990 est.)
Unemployment rate10% (1997 est.)
GDP (official exchange rate)$NA
GDP - composition, by end usehousehold consumption: 29.6%
government consumption: 17.7%
investment in fixed capital: 52.9%
exports of goods and services: 76.2%
imports of goods and services: -76.3%
(2013 est.)