Turks and Caicos Economy

The economy of the islands is primarily based on tourism and fishing. The primary agricultural products include limited amounts of maize, beans, cassava and citrus fruits. Fish and conch are the only significant exports, with some $169.2 million of lobster, dried and fresh conch, and conch shells exported in 2000, primarily to the United States and the United Kingdom. In recent years, however, the catch has been declining. The islands import food and beverages, tobacco, clothing, manufactures and construction materials, primarily from the United States and the United Kingdom. Imports totaled $581 million in 2007.

Tourist arrivals were 264,887 in 2007. The government is pursuing a two-prong strategy to increase tourism. Upscale resorts are aimed at the wealthy, while a large new cruise ship port and recreation center has been built for the masses visiting Grand Turk.

In an apparent effort to boost tourism during the Caribbean low season of late summer, the Turks and Caicos Tourist Board has organized and hosted an annual series of concerts called the Turks & Caicos Music and Cultural Festival since summer of 2003. Held at The Turtle Cove Marina in The Bight on Providenciales, this festival lasts about a week.

The territory’s gross domestic product as of late 2006 is approximately US$722 million (per capita $17,112), with an inflation rate of 3.7%. The territory’s currency is the United States dollar, with a few government fines being payable in British Pounds. Most commemorative coin issues are denominated in crowns.

Looking for more detailed information? Click on the topics below: