Turks and Caicos Islands Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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 more than 1 million visitors that arrive annually. Three-quarters of the visitors come by ship. Major sources of government revenue also include fees from offshore financial activities and customs receipts.

Real GDP (purchasing power parity)

$820 million (2020 est.)

$1.12 billion (2019 est.)

$1.06 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.3% (2018 est.)

4.3% (2017 est.)

4.4% (2016 est.)

Real GDP per capita

$21,100 (2020 est.)

$29,300 (2019 est.)

$28,200 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.02 billion (2018 est.)

Inflation rate (consumer prices)

4% (2017 est.)

0.7% (2016 est.)

GDP - composition, by sector of origin

agriculture: 0.5% (2017 est.)

industry: 8.9% (2017 est.)

services: 90.6% (2017 est.)

GDP - composition, by end use

household consumption: 49% (2017 est.)

government consumption: 21.5% (2017 est.)

investment in fixed capital: 16.5% (2017 est.)

investment in inventories: -0.1% (2017 est.)

exports of goods and services: 69.5% (2017 est.)

imports of goods and services: -56.4% (2017 est.)

Agricultural products

corn, beans, cassava (manioc, tapioca), citrus fruits; fish

Industries

tourism, offshore financial services

Industrial production growth rate

3% (2017 est.)

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

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 247.3 million (2017 est.)

expenditures: 224.3 million (2017 est.)

Fiscal year

calendar year

Exports

$830 million (2018 est.) note: data are in current year dollars

Exports - partners

France 31%, United States 16%, Zambia 13%, Singapore 9%, Republic of the Congo 8% (2019)

Exports - commodities

plastic building materials, stone processing machinery, iron structures, crustaceans, integrated circuits (2019)

Imports

$540 million (2018 est.) note: data are in current year dollars

Imports - partners

United States 76% (2019)

Imports - commodities

refined petroleum, cars, jewelry, furniture, soybeans (2019)

Debt - external

N/A

Exchange rates

the US dollar is used

NOTE: The information regarding Turks and Caicos Islands on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Turks and Caicos Islands 2022 information contained here. All suggestions for corrections of any errors about Turks and Caicos Islands 2022 should be addressed to the CIA or the source cited on each page.