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.

GDP purchasing power parity - $128 million (1999 est.)

GDP - real growth rate 8.7% (1999 est.)

GDP - per capita purchasing power parity - $7,300 (1999 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 (1997 est.)

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 (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 4.65 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products corn, beans, cassava (tapioca), citrus fruits; fish

Exports $13.7 million (1999)

Exports - commodities lobster, dried and fresh conch, conch shells

Exports - partners US, UK

Imports $175.6 million (1999)

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

NOTE: The information regarding Turks and Caicos Islands on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Turks and Caicos Islands Economy 2002 information contained here. All suggestions for corrections of any errors about Turks and Caicos Islands Economy 2002 should be addressed to the CIA.