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Home > Country Profiles > Turks and Caicos Islands

Country Profiles

Turks and Caicos Islands - Economy

Whitaker's Almanack Version

Financial Outlook

The main drivers of the economy of the Turks and Caicos Islands, which was worth some US$547 million in 2013, are tourism and offshore financial services. There is also a sizable fishing industry, which is a valuable export earner. The only other notable industry is construction, which is largely geared toward improving the tourism infrastructure. Most capital goods and food for domestic consumption are imported. According to the UK government, nearly half of the Islands’ economy is generated by the hotel and restaurant sector, and it and the Islands’ administrators are keen to see more diversification in the economy. Under pressure from London, the European Union, and global organizations such as the OECD, the government has committed to improving transparency and establishing better exchange of information on tax matters, and it has introduced a tighter regulatory structure to prevent fraud and money-laundering. Turks and Caicos is currently in the middle of a long-term, 10-year, sustainable development plan. The aim is to create a knowledge-driven and internationally competitive economy, with particular regard to those sectors that generate foreign exchange for the country. The budget for 2013/14 forecast GDP growth in 2013 to reach 3.5%, well ahead of the 0.75% achieved in 2012.

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