Turks and Caicos Islands Economy - 2005

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 annual 93,000 visitors in the late 1990s. Major sources of government revenue also include fees from offshore financial activities and customs receipts.

GDP:
purchasing power parity - $216 million (2002 est.)

GDP - real growth rate:
4.9% (2000 est.)

GDP - per capita:
purchasing power parity - $11,500 (2002 est.)

GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%

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.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
4% (1995)

Budget:
revenues: $47 million
expenditures: $33.6 million, including capital expenditures of NA (1997-98 est.)

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

Industries:
tourism, offshore financial services

Industrial production growth rate:
NA%

Electricity - production:
5 million kWh (2002)

Electricity - consumption:
4.65 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day

Oil - consumption:
0 bbl/day

Oil - exports:
NA

Oil - imports:
NA

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 (code):
US dollar (USD)

Exchange rates:
the US dollar is used