Economy in Turks and Caicos Islands

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Economy—overview: The Turks and Caicos economy is based on tourism fishing and offshore financial services. Most capital goods and food for domestic consumption are imported. The US was the leading source of tourists in 1996 accounting for more than half of the 87 000 visitors. Major sources of government revenue include fees from offshore financial activities and customs receipts.

GDP: purchasing power parity—$110 million (1996 est.)

GDP—real growth rate: 3.5% (1996 est.)

GDP—per capita: purchasing power parity—$7 700 (1996 est.)

GDP—composition by sector:

agriculture: NA%

industry: NA%

services: NA%

Inflation rate—consumer price index: 8% (1994 est.)

Labor force:

total: 4 848 (1990 est.)

by occupation: about 33% in government and 20% in agriculture and fishing; large numbers in tourism and financial and other services (1997 est.)

Unemployment rate: 15% (1996 est.)

Budget:

revenues: $31.9 million

expenditures: $30.4 million including capital expenditures of $NA (1995)

Industries: tourism offshore financial services

Industrial production growth rate: NA%

Electricity—capacity: 4 000 kW (1995)

Electricity—production: 5 million kWh (1995)

Electricity—consumption per capita: 359 kWh (1995)

Agriculture—products: corn beans cassava citrus fruits; fish

Exports:

total value: $6.8 million (f.o.b. 1993)

commodities: lobster dried and fresh conch conch shells

partners: US UK

Imports:

total value: $42.8 million (1993)

commodities: food and beverages tobacco clothing manufactures construction materials

partners: US UK

Debt—external: $NA

Economic aid:

recipient: ODA $NA

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

Exchange rates: US currency is used

Fiscal year: calendar year

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