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Economy of Turks & Caicos

Turks & Caicos is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Turks & Caicos is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Turks & Caicos exports around $0.02 billion and imports roughly $0.59 billion. 6% of population in the country are unemployed. The total number of unemployed people in Turks & Caicos is 2,158. The Gini Index of the country is 37. Turks & Caicos is experiencing good equality. The majority of citizens in Turks & Caicos fall within a narrow range of income, although some cases may show significant differences.

Currency

The currency of Turks & Caicos is United States dollar. The United States dollar is one of the most significant currencies in the world, and is used in several territories besides The United States including Puerto Rico, Guam, and The US Virgin Islands. The United States dollar is a stable currency that can be relied upon for investment opportunities. The plural form of the word United States dollar is dollars. The symbol used for this currency is $, and it is abbreviated as USD. The United States dollar is divided into Cent; there are 100 in one dollar.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Turks & Caicos.

Central bank

In Turks & Caicos, the institution that manages the state's currency, money supply, and interest rates is called Federal Reserve Bank.

Public debt

Turks & Caicos has a government debt of 24% of the country's Gross Domestic Product (GDP), as assessed in 2014.

Tax information

The corporate tax in Turks & Caicos is set at 0%. Personal income tax ranges from 0% to 0%, depending on your specific situation and income level. VAT in Turks & Caicos is 0%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Turks & Caicos is $0.632 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Turks & Caicos was last recorded at $0 million. PPP in Turks & Caicos is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Turks & Caicos is 1 billion. Based on this statistic, Turks & Caicos is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Turks & Caicos was last recorded at $0 million. The average citizen in Turks & Caicos has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Turks & Caicos averaged 11.2% in 2014. According to this percentage, Turks & Caicos is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Turks & Caicos.

Industry

Major industries in the country are tourism, offshore financial services. The total labor force of Turks & Caicos is 25,418 people, wherein 6% of population in the country are unemployed. The total number of unemployed people in Turks & Caicos is 2,158. The Industrial Production growth rate of Turks & Caicos is 3%.To read more about industrial information within Turks & Caicos click on industry of Turks & Caicos.

Agriculture

There are 10 km2 of arable land in Turks & Caicos, and it comprises 2% of the country's total territory. There are 10 km2 of cultivated land in Turks & Caicos. The country's major agricultural crops and products are corn, beans, cassava, citrus fruits, fish.To read more about agriculture click on agriculture of Turks & Caicos.