Flag description: blue with the flag of the UK in the upper hoist-side quadrant and the colonial shield centered on the outer half of the flag; the shield is yellow and contains a conch shell, lobster, and cactus
Economy
Economy - overview: The Turks and Caicos economy is based on tourism, fishing, and offshore financial services. Most food for domestic consumption is imported; there is some subsistence farming - mainly corn, cassava, citrus, and beans - on the Caicos Islands. The tourism sector expanded in 1995, posting a 10% increase in the first quarter as compared to the same period in 1994. The US was the leading source of tourists in 1995, accounting for upward of 70% of arrivals or about 60,000 visitors. Major sources of government revenue include fees from offshore financial activities and customs receipts as the Islands rely on imports for nearly all consumption and capital goods.
GDP: purchasing power parity - $84.5 million (1993 est.)
GDP - real growth rate: 2% (1993 est.)
GDP - per capita: purchasing power parity - $6,400 (1993 est.)
GDP - composition by sector: agriculture : NA% industry: NA% services: NA%
Inflation rate - consumer price index: NA%
Labor force: total: 4,848 (1990 est.) by occupation: majority engaged in fishing and tourist industries; some subsistence agriculture
Unemployment rate: 12% (1992)