Turks and Caicos Islands Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

British Caribbean island territorial economy; GDP and its tourism industry hit hard by COVID-19 disruptions; major biodiversity locale; US dollar user; fossil fuel dependent; negative trade balance; increasing unemployment

Real GDP (purchasing power parity)

$835.171 million (2021 est.)

$817.993 million (2020 est.)

$1.117 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.1% (2021 est.)

-26.78% (2020 est.)

5.32% (2019 est.)

Real GDP per capita

$18,500 (2021 est.)

$18,500 (2020 est.)

$25,900 (2019 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

5% (2021 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

Current account balance

$172.709 million (2018 est.)

$35.016 million (2017 est.)

$247.081 million (2016 est.)

Exports

$827 million (2018 est.) note: data are in current year dollars

$603 million (2017 est.)

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

$544.219 million (2018 est.) note: data are in current year dollars

$484.842 million (2017 est.)

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 2023 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 2023 information contained here. All suggestions for corrections of any errors about Turks and Caicos Islands 2023 should be addressed to the CIA or the source cited on each page.