3.9% (2019 est.)
Business in TCI
The Turks and Caicos Islands has much to offer potential investors with its numerous diverse islands and a focus on sustainable development that is mindful of the country’s natural resources.
The ideal investment climate is garnered in part by a stable fiscal position, skilled professional workforce, adequate infrastructure, a well-regulated and established financial services industry, proximity to key markets and the use of the US Dollar.
Country Overview
There is much that the Turks and Caicos Islands offer potential investors. The islands are diverse: the main tourist center of Providenciales; the tranquil islands of North and Middle Caicos; the historic island of Salt Cay; the nation’s capital Grand Turk; and the fishing mecca of South Caicos; as well as many still yet uninhabited locales.
Each island offers different experiences for visitors and a different set of opportunities for investors. Sustainable development, mindful of the natural resources, is the country’s philosophy – yet the business opportunities are as endless as the many miles of beautiful beaches.
Economy
The Turks and Caicos economy is primarily tourism based with financial services and fishing, as well as other cottage industries, contributing to GDP. The United States continue to be its leading source of tourists with visitor arrivals surpassing 1 million in 2019. The islands import 90% of the capital goods and food for domestic consumption while lobster, dried and fresh conch, and conch shells account for commodities being exported.
The economy has recovered strongly since being hit hard by the global economic crisis. We now enjoy one of the fastest growth rates in the Caribbean; an annual budget surplus; and a Standard & Poor’s credit rating of BBB+ with a GDP growth of 5.3% in 2019.
Population and Work Force
Much of the indigenous Turks and Caicos’ population have descended from Africans brought to the Caribbean with Bermudians to work on the salt pans in the 1700’s and later the cotton plantations. There is also a large expatriate population of residents from North America, Europe and Asia.
The official language of the Turks and Caicos Islands is English; however, Creole, French and Spanish are spoken widely within the expatriate community.
Current estimates place the population of the Turks and Caicos at 42,953 persons in 2019, at the most recent census in 2012 the population was recorded at 31, 458. Grand Turk (Capital) and Providenciales serve as major urban areas with 5,000 persons located in the Capital, and 31,000 in Provo. The islands possess a strong working population which accounts for 55.24% (25-54 years) of the total population, of which 10,576 and 10,364 account for the males and females respectively.
Labor force – by occupation:
about 33% in government and 20% in agriculture and fishing; significant numbers in tourism, financial, and other services
Unemployment rate:
7% (2019)
Population by island (2012 census)
| Providenciales | Grand Turk | North Caicos | South Caicos | Middle Caicos | Salt Cay | Parrot Cay |
|---|---|---|---|---|---|---|
|
23,769 |
23,769 |
1,312 |
1,139 |
168 |
108 |
131
|
Total Population by gender
| 0-14 years | 15-24 years | 25-54 years | 55-64 years | 65 years and over |
|---|---|---|---|---|
|
19.63% |
13.01% |
55.24% |
55.24% |
3.99% |
|
Male 3,742 |
Male 2,411 |
Male 10,576 |
Male 1,641 |
Male 799
|
|
Female 3,698 |
Female 3,698 |
Female 3,698 |
Female 2,145 |
Female 714
|
Total Population by Age Structure
| Male | Female | total |
|---|---|---|
|
32.7 years |
32 years |
32.4 years
|
Total Population by Median Age
| Male | Female |
|---|---|
|
16,037 |
15,421 |
