Economy of the Turks and Caicos Islands

Mother Earth Travel > Country Index > Turks and Caicos Islands > Map Economy

Economy - overview: The Turks and Caicos economy is based on tourism, fishing, and offshore financial services. Most capital goods and food for domestic consumption are imported. The US was the leading source of tourists in 1996, accounting for more than half of the 87,000 visitors; tourist arrivals had risen to 93,000 by 1998. Major sources of government revenue include fees from offshore financial activities and customs receipts.

GDP: purchasing power parity - $128 million (1999 est.)
GDP - real growth rate: 4% (1997 est.), 8.7% (1999 est.)
GDP - per capita: purchasing power parity - $7,300 (1999 est.)
Inflation rate (consumer prices): 4% (1995)
Labor force: 4,848 (1990 est.)
Labor force - by occupation: about 33% in government and 20% in agriculture and fishing; significant numbers in tourism, financial, and other services (1997 est.)
Unemployment rate: 10% (1997 est.)
Budget:
revenues: $47 million
expenditures: $33.6 million (1997/98 est.)
Industries: tourism, offshore financial services
Electricity - production: 5 million kWh (1998)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption: 5 million kWh (1998)
Agriculture - products: corn, beans, cassava (tapioca), citrus fruits; fish
Exports: $4.7 million (1993)
Exports - commodities: lobster, dried and fresh conch, conch shells
Exports - partners: US, UK
Imports: $46.6 million (1993)
Imports - commodities: food and beverages, tobacco, clothing, manufactures, construction materials
Imports - partners: US, UK
Economic aid - recipient: $5.7 million (1995)
Currency: 1 United States dollar (USD) = 100 cents

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Turks and Caicos Islands > Map Economy