Turks and Caicos Islands Economy Profile 2008

Economy - overview

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.

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: 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

note: 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 (1997-98 est.)

Industries

tourism, offshore financial services

Industrial production growth rate

NA%

Electricity - production

11.57 million kWh (2005)

Electricity - consumption

10.76 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

80 bbl/day (2005 est.)

Oil - imports

83.55 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

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 (2006)

Imports

$175.6 million (2000)

Imports - commodities

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

Imports - partners

US, UK (2006)

Debt - external

$NA

Economic aid - recipient

$4.1 million (1997)

Currency (code)

US dollar (USD)

Exchange rates

the US dollar is used

Fiscal year

calendar year