Turks and Caicos Islands Economy - 2004

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 is the leading source of tourists, accounting for more than half of the 93,000 visitors in the late 1990s. Major sources of government revenue include fees from offshore financial activities and customs receipts. Tourism fell by 6% in 2002.

GDP:
purchasing power parity - $231 million (2000 est.)

GDP - real growth rate:
4.9% (2000 est.)

GDP - per capita:
purchasing power parity - $9,600 (2000 est.)

GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA% (2001 est.)

Population below poverty line:
NA% (2001 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
4% (1995)

Labor force:
4,848 (1990 est.)

Labor force - by occupation:
about 33% in government and 20% in agriculture and fishing; significant numbers in tourism, financial, and other services

Unemployment rate:
10% (1997 est.)

Budget:
revenues: $47 million
expenditures: $33.6 million, including capital expenditures of $NA (1997-98 est.)

Industries:
tourism, offshore financial services

Industrial production growth rate:
NA%

Electricity - production:
5 million kWh (2001)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%

Electricity - consumption:
4.65 million kWh (2001)

Electricity - exports:
0 kWh (2001)

Electricity - imports:
0 kWh (2001)

Oil - production:
0 bbl/day NA (2001 est.)

Oil - consumption:
0 bbl/day NA bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Agriculture - products:
corn, beans, cassava (tapioca), citrus fruits; fish

Exports:
$169.2 million (2000)

Exports - commodities:
lobster, dried and fresh conch, conch shells

Exports - partners:
US, UK

Imports:
$175.6 million (2000)

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

Imports - partners:
US, UK

Debt - external:
$NA (2002 est.)

Economic aid - recipient:
$4.1 million (1997)

Currency:
US dollar (USD)

Currency code:
USD

Exchange rates:
the US dollar is used