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Turks & Caicos Island Economy
 
 
 

General

In 2006, GDP contributions in Turks & Caicos Islands were Hotels & Restaurants 23.27%, Financial Services 29.64%, Construction 48.71%, Wholesale & Retail Trade 20.89% and Health & Social Work 10.83%. Most capital goods and food for domestic consumption are imported.

In 2006, major sources of government revenue included Import Duties (37%), Stamp Duties from Property Transactions (20%), Work Permits and Residency Fees (9%) and Accommodation Tax (9%). The territory's gross domestic product as of late 2006 is approximately $722 million (per capita $17,112), with an inflation rate of 3.7%.

The unemployment rate in 2007 was 5.4%. In 2006-2007, the territory took in revenues of $202.5 million against expenditures of $199.5 million. In 1995, the island received economic aid worth $5.7 million. The territory's currency is the dollar, with a few government fines (such as airport infractions) being payable in pounds sterling. Most commemorative coin issues are denominated in crowns.

The primary agricultural products include limited amounts of maize, beans, cassava (tapioca) and citrus fruits. Fish and conch are the only significant export, with some $169.2 million of lobster, dried and fresh conch, and conch shells exported in 2000, primarily to the United Kingdom and the United States. In recent years, however, the catch has been declining. The territory used to be an important trans-shipment point for South American narcotics destined for the US, but due to the ongoing pressure of a combined US, Bahamas and Turks & Caicos effort, this trade has been greatly reduced.

The islands import food and beverages, tobacco, clothing, manufacture and construction materials, primarily from the US and UK. Imports totalled $581 million in 2007.

The US was the leading source of tourists in 1996, accounting for more than half of the 87,000 visitors; another major source of tourists is Canada. Tourist arrivals had risen to 264,887 in 2007. The government is pursuing a two-pronged strategy to increase tourism. Upscale resorts are aimed at the wealthy, while a large new cruise ship port and recreation centre has been built for the masses visiting Grand Turk. Turks & Caicos Islands has one of the longest coral reefs in the world, making it a premier diving destination.

Overview

Economy - overview : The Turks & 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.
GDP (purchasing power parity) : $216 million (2002 est.)
GDP (official exchange rate) : $NA
GDP - real growth rate : 4.9% (2000 est.)
GDP - per capita (PPP) : $11,500 (2002 est.)
GDP - composition by sector : agriculture: 1%
industry: 23.9%
services: 75.2%
Labour force : 4,848 (1990 est.)
Labour force - by occupation : note: about 33% in government and 20% in agriculture and fishing; significant numbers in tourism, financial, and other services
Unemployment rate : 10% (1997 est.)
Population below poverty line : NA%
Household income or consumption by percentage share
: lowest 10%: NA%
highest 10%: NA%
Investment (gross fixed) : 44.5% of GDP (2010 est.)
Budget : revenues: $345 million
expenditures: $374.5 million (2010 est.)
Inflation rate (consumer prices) : 2% (2010 est.)
Agriculture - products : corn, beans, cassava (tapioca), citrus fruits; fish
Industries : tourism, offshore financial services
Industrial production growth rate : NA%
Electricity - production : 175 million kWh (2008 est.)
Electricity - consumption : 162.8 million kWh (2008 est.)
Electricity - exports : 0 kWh (2009 est.)
Electricity - imports : 0 kWh (2009 est.)
Oil - production : 0 bbl/day (2010 est.)
Oil - consumption : 500 bbl/day (2010 est.)
Oil - exports : 0 bbl/day (2009 est.)
Oil - imports : 470 bbl/day (2009 est.)
Oil - proved reserves : 0 bbl (1 January 2011 est.)
Natural gas - production : 0 cu m (2009 est.)
Natural gas - consumption : 0 cu m (2009 est.)
Natural gas - exports : 0 cu m (2009 est.)
Natural gas - imports : 0 cu m (2009 est.)
Natural gas - proved reserves : 0 cu m (1 January 2011 est.)
Exports : $169.2 million (2000)
Exports - commodities : lobster, dried and fresh conch, conch shells
Imports : $175.6 million (2000)
Imports - commodities : food and beverages, tobacco, clothing, manufactures, construction materials
Debt - external : $NA
Exchange rates : the US dollar is used
 

 
 

 



 


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