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Turks and Caicos Islands Economy 1996

    • Overview:
      The economy is based on fishing, tourism, and offshore banking. Only subsistence farming - corn, cassava, citrus, and beans - exists on the Caicos Islands, so that most foods, as well as nonfood products, must be imported.

    • National product:
      GDP - purchasing power parity - $80.8 million (1992 est.)

    • National product real growth rate:
      -1.5% (1992)

    • National product per capita:
      $6,000 (1992 est.)

    • Inflation rate (consumer prices):
      NA%

    • Unemployment rate:
      12% (1992)

    • Budget:

        revenues:
        $20.3 million

        expenditures:
        $44 million, including capital expenditures of $23.9 million (1989 est.)

    • Exports:
      $6.8 million (f.o.b., 1993)

        commodities:
        lobster, dried and fresh conch, conch shells

        partners:
        US, UK

    • Imports:
      $42.8 million (1993)

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

        partners:
        US, UK

    • External debt:
      $NA

    • Industrial production:
      growth rate NA%

    • Electricity:

        capacity:
        9,050 kW

        production:
        11.1 million kWh

        consumption per capita:
        860 kWh (1992)

    • Industries:
      fishing, tourism, offshore financial services

    • Agriculture:
      subsistence farming prevails, based on corn and beans; fishing more important than farming; not self-sufficient in food

    • Illicit drugs:
      transshipment point for South American narcotics destined for the US

    • Economic aid:

        recipient:
        Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $110 million

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

    • Exchange rates:
      US currency is used

    • Fiscal year:
      calendar year






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