Turks and Caicos Islands/Economy

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 was the leading source of tourists in 1996, accounting for more than half of the 87,000 visitors; tourist arrivals had risen to 93,000 by 1998. Major sources of government revenue include fees from offshore financial activities and customs receipts.

GDP: purchasing power parity - $117 million (1997 est.)

GDP - real growth rate: 4% (1997 est.)

GDP - per capita: purchasing power parity - $7,700 (1997 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 (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 5 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

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

Exports: $4.7 million (1993)

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

Exports - partners: US, UK

Imports: $46.6 million (1993)

Imports - commodities: food and beverages, tobacco, clothing, manufactures, construction materials

Imports - partners: US, UK

Debt - external: $NA

Economic aid - recipient: $5.7 million (1995)

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

Exchange rates: US currency is used

Fiscal year: calendar year