Turks and Caicos Islands Economy 2008

Economy - overview:
The Turks and Caicos economy is based on tourism, offshore financial services, and fishing. Most capital goods and food for domestic consumption are imported. The US is the leading source of tourists, accounting for more than three-quarters of the 175,000 visitors that arrived in 2004. Major sources of government revenue also include fees from offshore financial activities and customs receipts.

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

GDP (official exchange rate):
$NA

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

GDP - per capita (PPP):
$11,500 (2002 est.)

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

Labor force:
4,848 (1990 est.)

Labor force - by occupation:
note: 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 (1997-98 est.)

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

Industries:
tourism, offshore financial services

Industrial production growth rate:
NA%

Electricity - production:
11.57 million kWh (2005)

Electricity - consumption:
10.76 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005 est.)

Oil - consumption:
80 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
83.55 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Exports:
$169.2 million (2000)

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

Exports - partners:
US, UK (2006)

Imports:
$175.6 million (2000)

Imports - partners:
US, UK (2006)

Economic aid - recipient:
$4.1 million (1997)

Debt - external:
$NA

Currency (code):
US dollar (USD)

Exchange rates:
the US dollar is used