Economy of Turks and Caicos

source: CIA World Fact Book 1997

Economy - overview: The Turks and Caicos economy is based on tourism, fishing, and offshore financial services. Most food for domestic consumption is imported; there is some subsistence farming - mainly corn, cassava, citrus, and beans - on the Caicos Islands. The tourism sector expanded in 1995, posting a 10% increase in the first quarter as compared to the same period in 1994. The US was the leading source of tourists in 1995, accounting for upward of 70% of arrivals or about 60,000 visitors. Major sources of government revenue include fees from offshore financial activities and customs receipts as the Islands rely on imports for nearly all consumption and capital goods.

GDP: purchasing power parity - $84.5 million (1993 est.)

GDP - real growth rate: 2% (1993 est.)

GDP - per capita: purchasing power parity - $6,400 (1993 est.)

• total: 4,848 (1990 est.)
• by occupation: majority engaged in fishing and tourist industries; some subsistence agriculture

Unemployment rate: 12% (1992)

• revenues: $31.9 million
• expenditures: $30.4 million, including capital expenditures of $NA (1995)

Industries: fishing, tourism, offshore financial services

Agriculture - products: corn, beans; fish

• total value: $6.8 million (f.o.b., 1993)
• commodities: lobster, dried and fresh conch, conch shells
• partners: US, UK

• total value: $42.8 million (1993)
• commodities: food and beverages, tobacco, clothing, manufactures, construction materials
• partners: US, UK

• recipient : ODA, $NA

Currency: 1 United States dollar (US$) = 100 cents

Exchange rates: US currency is used

Fiscal year: calendar year