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Turks and Caicos Islands (British Overseas Territory)

 Flag of Turks & Caicos Islands


Last reviewed: 24 September 2009

Country information

ECONOMY

Basic economic facts

GDP: US $632 million (2007 provisional estimate)
GDP per head: US $23,768 (2007 provisional estimate)
Annual Growth: 11.2% (2007 provisional estimate)
Inflation: 3.7% (2007 provisional estimate)
Major Industries: Tourism, property development, real estate, international finance and fishing
Major trading partners: US
Exchange rate: UK£1 = US $1.64

Additional information

Total Merchandise Imports: US $580 million (2007)
Total Merchandise Exports: US $16 million (2007)
Traditional Domestic Exports: Lobster US $2.9 million, Conch US $2.7 million (2007 provisional estimate)

In September 2008, the Turks and Caicos Islands were hit in quick succession by Tropical Storm Hanna and Hurricane Ike (a category 4 hurricane).  Tropical Storm Hanna caused widespread flooding, and Hurricane Ike caused severe damage to the islands of Grand Turk, South Caicos and Salt Cay.  A report prepared by the UN Economic Commission for Latin America and the Caribbean (ECLAC)  estimated the total damage at US$213.6 million.

On 27 January 2009, the Governor and the Premier signed a Memorandum of Understanding between the UK and TCI Governments opening the way for disbursements from a £5 million grant from the UK for recovery and reconstruction.  Initial projects funded by the grant are for the provision of hurricane shelters.

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