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You are here : AllRefer.com > Reference > World > Countries > Turks and Caicos Islands > Turks and Caicos Islands - Economy

Turks and Caicos Islands: Economy

Economy Turks and Caicos Islands
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 - $231 million (2000 est.)
GDP - real growth rate:
4.9% (2000 est.)
GDP - per capita:
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%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
4.65 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day NA (2001 est.)
Oil - consumption:
0 bbl/day NA bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
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

Also See:

Background & Country Profile
Geography
People
Government
Economy
Communications
Transportation
Military
Transnational Issues & International Disputes
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Source: The CIA World Fact Book 2003

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