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 more than 1 million visitors that arrived in 2013. Three-quarters of the visitors came by ship. 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.)
$568.3 million (2006 est.)
GDP (official exchange rate)$NA
GDP - real growth rate11.2% (2007 est.)
GDP - per capita (PPP)$29,100 (2007 est.)
GDP - composition, by end usehousehold consumption: 49.2%
government consumption: 20.4%
investment in fixed capital: 26.7%
investment in inventories: -0.1%
exports of goods and services: 47.7%
imports of goods and services: -44% (2016 est.)
GDP - composition, by sector of originagriculture: 0.5%
industry: 9.7%
services: 89.8% (2016 est.)
Agriculture - productscorn, beans, cassava (manioc, tapioca), citrus fruits; fish
Industriestourism, offshore financial services
Industrial production growth rate3% (2016 est.)
Labor force4,848 (1990 est.)
Labor force - by occupation
note: about 33% in government and 20% in agriculture and fishing; significant numbers in tourism, financial, and other services
Unemployment rate10% (1997 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $225.6 million
expenditures: $187.2 million (2016 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)2.2% (2016 est.)
1% (2015 est.)
Exports$24.77 million (2008 est.)
Exports - commoditieslobster, dried and fresh conch, conch shells
Imports$591.3 million (2008 est.)
Imports - commoditiesfood and beverages, tobacco, clothing, manufactures, construction materials
Debt - external$NA
Exchange ratesthe US dollar is used