Turks and Caicos Islands - Economy
How is the economy of Turks and Caicos Islands? Based on the information we have, Turks and Caicos Islands has a upper middle-income South American economy; COVID-19 hit while still recovering from 2019 Argentina-driven recession; global hydroelectricity leader; major corruption and money-laundering locale; highly agrarian economy; significant income inequality. Key agricultural products in this country include: soybeans, sugarcane, maize, cassava, wheat, rice, milk, beef, oranges, bananas (2023).
More about the economy of Turks and Caicos Islands
| Labor force | 3.502 million (2024 est.) |
|---|---|
| Industrial production growth rate | 2.2% (2024 est.) |
| Industries | sugar processing, cement, textiles, beverages, wood products, steel, base metals, electric power |
| Population below poverty line | 24.7% (2022 est.) |
| Taxes and other revenues | 10.1% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | guarani (PYG) per US dollar - |
| Exchange rates 2024 | 7,560.248 (2024 est.) |
| Exchange rates 2023 | 7,288.872 (2023 est.) |
| Exchange rates 2022 | 6,982.752 (2022 est.) |
| Exchange rates 2021 | 6,774.163 (2021 est.) |
| Exchange rates 2020 | 6,771.097 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $13.783 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $9.886 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $9.519 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $9.661 billion (2021 est.) |
| Current account balance | |
| Current account balance 2024 | -$1.666 billion (2024 est.) |
| Current account balance 2023 | -$176.597 million (2023 est.) |
| Current account balance 2022 | -$2.948 billion (2022 est.) |
| Public debt | |
| Public debt 2016 | 18.9% of GDP (2016 est.) |
| Budget | |
| Revenues | $7.751 billion (2023 est.) |
| Expenditures | $9.397 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 2% of GDP (2024 est.) |
| Remittances 2023 | 1.7% of GDP (2023 est.) |
| Remittances 2022 | 1.4% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 1.8% (2023 est.) |
| Highest 10% | 34.4% (2023 est.) |
| Average household expenditures | |
| On food | 29.3% of household expenditures (2023 est.) |
| On alcohol and tobacco | 4.2% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $18.377 billion (2024 est.) |
| Imports 2023 | $17.848 billion (2023 est.) |
| Imports 2022 | $17.088 billion (2022 est.) |
| Imports (partners) | China 33%, Brazil 24%, USA 8%, Argentina 7%, Germany 2% (2023) |
| Comodities Imports force | broadcasting equipment, refined petroleum, fertilizers, cars, pesticides (2023) |
| Exports | |
| Imports 2024 | $18.377 billion (2024 est.) |
| Imports 2023 | $17.848 billion (2023 est.) |
| Imports 2022 | $17.088 billion (2022 est.) |
| Exports (partners) | Argentina 33%, Brazil 25%, Chile 10%, USA 2%, Uruguay 2% (2023) |
| Comodities Exports force | soybeans, beef, electricity, corn, soybean meal (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $112.919 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $108.316 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $103.159 billion (2022 est.) |
| GDP (official exchange rate) | $44.458 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $16,300 (2024 est.) |
| Real GDP per capita 2023 | $15,800 (2023 est.) |
| Real GDP per capita 2022 | $15,300 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 10.7% (2024 est.) |
| Industry | 32.5% (2024 est.) |
| Services | 48.7% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 67% (2024 est.) |
| Government consumption | 12.6% (2024 est.) |
| Investment in fixed capital | 21% (2024 est.) |
| Investment in inventories | 1.8% (2024 est.) |
| Exports of goods and services | 37.2% (2024 est.) |
| Imports of goods and services | -39.6% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 6.1% (2024 est.) |
| Unemployment rate 2023 | 5.8% (2023 est.) |
| Unemployment rate 2022 | 6.8% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 14.1% (2024 est.) |
| Male | 11% (2024 est.) |
| Female | 18.8% (2024 est.) |
All Important Facts about Turks and Caicos Islands
Want to know more about Turks and Caicos Islands? Check all different factbooks for Turks and Caicos Islands below.
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Turks and Caicos Islands Factbook
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The Economy of Turks and Caicos Islands
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Learn about the Government of Turks and Caicos Islands
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Communication in Turks and Caicos Islands
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Popular Universities in Turks and Caicos Islands
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Enerny in Turks and Caicos Islands
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Transport in Turks and Caicos Islands
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The Geography and society of Turks and Caicos Islands
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The Environment of Turks and Caicos Islands
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Military and security in Turks and Caicos Islands