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: sugarcane, maize, soybeans, cassava, rice, wheat, milk, beef, oranges, oil palm fruit (2022).
More about the economy of Turks and Caicos Islands
Labor force 3.469 million (2023 est.)
Industrial production growth rate 3.43% (2023 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 10.27% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency guarani (PYG) per US dollar -
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.)
Exchange rates 2019 6,240.722 (2019 est.)
Debt - external
Debt - external 2022 $12.118 billion (2022 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 2023 $109.625 million (2023 est.)
Current account balance 2022 -$2.993 billion (2022 est.)
Current account balance 2021 -$347.383 million (2021 est.)
Public debt
Public debt 2017 19.5% of GDP (2017 est.)
Budget
Revenues $7.148 billion (2022 est.)
Expenditures $6.937 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 1.4% of GDP (2023 est.)
Remittances 2022 1.41% of GDP (2022 est.)
Remittances 2021 1.47% of GDP (2021 est.)
Household income
Lowest 10% 1.8% (2022 est.)
Highest 10% 35.4% (2022 est.)
Average household expenditures
On food 29.8% of household expenditures (2022 est.)
On alcohol and tobacco 4.2% of household expenditures (2022 est.)
Imports
Imports 2023 $17.906 billion (2023 est.)
Imports 2022 $17.142 billion (2022 est.)
Imports 2021 $14.316 billion (2021 est.)
Imports (partners) China 28%, Brazil 23%, US 11%, Argentina 8%, Chile 3% (2022)
Comodities Imports force refined petroleum, broadcasting equipment, cars, fertilizers, pesticides (2022)
Exports
Imports 2023 $17.906 billion (2023 est.)
Imports 2022 $17.142 billion (2022 est.)
Imports 2021 $14.316 billion (2021 est.)
Exports (partners) Brazil 36%, Argentina 19%, Chile 12%, Russia 4%, US 3% (2022)
Comodities Exports force beef, electricity, soybeans, corn, soybean meal (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $108.022 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $103.159 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $102.978 billion (2021 est.)
GDP (official exchange rate) $42.956 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $15,700 (2023 est.)
Real GDP per capita 2022 $15,200 (2022 est.)
Real GDP per capita 2021 $15,400 (2021 est.)
GDP - composition, by sector of origin
Agriculture 11.3% (2023 est.)
Industry 32.4% (2023 est.)
Services 49% (2023 est.)
GDP - composition, by end use
Household consumption 66.3% (2023 est.)
Government consumption 12% (2023 est.)
Investment in fixed capital 20.6% (2023 est.)
Investment in inventories -0.9% (2023 est.)
Exports of goods and services 42.5% (2023 est.)
Imports of goods and services -40.4% (2023 est.)
Unemployment rate
Unemployment rate 2023 5.78% (2023 est.)
Unemployment rate 2022 6.76% (2022 est.)
Unemployment rate 2021 7.31% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 13% (2023 est.)
Male 10.4% (2023 est.)
Female 16.9% (2023 est.)
All Important Facts about Turks and Caicos Islands

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Turks and Caicos Islands is found in Caribbean