Economy
In 2006, GDP contributions were as follows: Hotels & Restaurants 23.27%, Financial Services 29.64%, Construction 48.71%, Wholesale & Retail Trade 20.89% and Health & Social Work 10.83%. Most capital goods and food for domestic consumption are imported.
In 2006, major sources of government revenue included Import Duties (37%), Stamp Duties from Property Transactions (20%), Work Permits and Residency Fees (9%) and Accommodation Tax (9%). The territory's gross domestic product as of late 2006 is approximately US$722 million (per capita $17,112), with an inflation rate of 3.7%.
The labour force totalled 12000 workers in 2006. The labour force distribution is as follows:
| Skill level | Percentage |
|---|---|
| Unskilled/Manual | 53% |
| Semi-skilled | 12% |
| Skilled | 20% |
| Professional | 15% |
The unemployment rate in 2007 was 5.4%. In 2006–2007, the territory took in revenues of $202.5 million against expenditures of $199.5 million. In 1995, the island received economic aid worth $5.7 million. The territory's currency is the United States dollar, with a few government fines (such as airport infractions) being payable in pounds sterling. Most commemorative coin issues are denominated in crowns.
The primary agricultural products include limited amounts of maize, beans, cassava (tapioca) and citrus fruits. Fish and conch are the only significant export, with some $169.2 million of lobster, dried and fresh conch, and conch shells exported in 2000, primarily to the United Kingdom and the United States. In recent years, however, the catch has been declining. The territory used to be an important trans-shipment point for South American narcotics destined for the United States, but due to the ongoing pressure of a combined American, Bahamian and Turks and Caicos effort this trade has been greatly reduced.
The islands import food and beverages, tobacco, clothing, manufacture and construction materials, primarily from the United States and the United Kingdom. Imports totalled $581 million in 2007.
The islands produce and consume about 5 GWh of electricity, per year, all of which comes from fossil fuels.
Read more about this topic: Transport In The Turks And Caicos Islands
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)