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Turks and Caicos Economy

*Turks and Caicos Islands Economy *

Turks and Caicos Islands economy is based on various sectors.These include financial services, construction, tourism, health and social work.In 2006 construction contributed 48.71% of the Turks and Caicos Islands economy gross domestic product.

In 2007 unemployment within the Turks and Caicos economy was measured to be about 5.4%.In the fiscal period 2006 to 2007 expenditures amounted to USD199.5 million while revenues amounted to USD202.5 million. Transactions relating to work permits, residency fees and property, import duties and hotel tax for accommodation were the main income earned for the Turks and Caicos Islands economy for that same fiscal year.

Agriculture is also an important sector in Turks and Caicos Islands economy.The main agricultural crops grown in Turks and Caicos Islands economy include beans, citrus, maize and cassava.Fisheries too contribute to Turks and Caicos Islands economy, with fish, conch and lobster being the main exports within this sector.Catch has however reduced over the years and has resulted in fewer contributions into the Turks and Caicos Islands economy.

Most tourist arrivals into the Turks and Caicos Islands economy come from Canada and the United States.In 1996, US visitors were calculated to be over 50% of the total number of international visitors that had visited the Turks and Caicos Islands. Different projects have been put on stream to improve and expand tourism in the Turks and Caicos Islands economy.Various luxury resorts have been constructed with the aim of targeting wealthy visitors. A new port for cruise ports and a center for recreation was also constructed to help improve the economy of Turks and Caicos by improving the tourist Island experience.

In 2011 the gross domestic product of Turks and Caicos economy increased by 4.1%.In that same year hotels and restaurant were the strongest Turks and Caicos economic sectors, accounting for 47.4% of GDP.This figure represented a 22.7% increase.Construction, in spite of being a very important sector in the economy of Turks and Caicos, 2011 represented the third year in decrease in earnings.