The Turks and Caicos Islands' GDP composition in 2023 was heavily dominated by the wholesale, retail trade, restaurants, and hotels sector, constituting 45.8% of the GDP. Services also played a significant role with 34.89%. Transport, storage, and communication represented 8.22%, followed by mining, manufacturing, and utilities at 6.7%, construction at 3.78%, and agriculture, hunting, forestry, and fishing at a mere 0.61%. Over the past two years, the service industry and construction saw modest year-on-year growth, while agriculture showed negligible change. The five-year CAGR across sectors indicates stability with minor fluctuations.
Future trends to watch include the potential expansion in the service sector driven by tourism. The growth in communication technology could spur the transport and communication sector. Conversely, agriculture may remain stagnant unless incentivized policies are introduced.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Wholesale, retail trade, restaurants and hotels | 45.8 | 2016 | |
| 2 | 2 Services | 34.89 | 2016 | |
| 3 | 3 Transport, storage and communication | 8.22 | 2016 | |
| 4 | 4 Mining, Manufacturing, Utilities | 6.7 | 2016 | |
| 5 | 5 Construction | 3.78 | 2016 | |
| 6 | 6 Agriculture, hunting, forestry, fishing | 0.61 | 2016 |
