Turks and Caicos Islands Economy Profile 2003

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 is the leading source of tourists, accounting for more than half of the 93,000 visitors in 1998. Major sources of government revenue include fees from offshore financial activities and customs receipts. Tourism fell by 6% in 2002 but appeared to be picking up at yearend.

GDP (purchasing power parity)

purchasing power parity - $231 million (2000 est.)

GDP - real growth rate

4.9% (2000 est.)

GDP - per capita (PPP)

purchasing power parity - $9,600 (2000 est.)

GDP - composition by sector

agriculture: NA%
industry: NA%
services: NA%

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

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

Unemployment rate

10% (1997 est.)

Budget

revenues: $47 million
expenditures: $33.6 million, including capital expenditures of $NA (1997-98 est.)

Industries

tourism, offshore financial services

Industrial production growth rate

NA%

Electricity - production

5 million kWh (2001)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

4.65 million kWh (2001)

Electricity - exports

0 kWh (2001)

Electricity - imports

0 kWh (2001)

Oil - production

NA (2001 est.)

Oil - consumption

NA bbl/day (2001 est.)

Oil - imports

NA (2001)

Oil - exports

NA (2001)

Agriculture - products

corn, beans, cassava (tapioca), citrus fruits; fish

Exports

$169.2 million (2000)

Exports - commodities

lobster, dried and fresh conch, conch shells

Exports - partners

US, UK

Imports

$175.6 million (2000)

Imports - commodities

food and beverages, tobacco, clothing, manufactures, construction materials

Imports - partners

US, UK

Debt - external

$NA

Economic aid - recipient

$4.1 million (1997)

Currency

US dollar (USD)

Currency (code)

USD

Exchange rates

the US dollar is used

Fiscal year

calendar year