Turks and Caicos Islands Economy - 2024

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.)

Unemployment rate

10% (1997 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

0.81% of GDP (2020 est.)
0.62% of GDP (2019 est.)
0.67% of GDP (2018 est.)

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