"The salt industry, along with small sponge and hemp exports, sustained the Turks and Caicos Islands (only barely, however; there was little population growth and the economy stagnated) until in the 1960s American investors arrived on the islands and funded the construction of an airstrip on Provo Island and built the archipelago's first hotel, "The Third Turtle". A small trickle of tourists began to arrive, supplementing the salt economy. Club Med set up a resort at Grace Bay soon after. In the 1980s, Club Med funded an upgrading of the airstrip to allow for larger aircraft, and since then, tourism has been gradually on the increase. It is common for foreign couples to be married in the Turks and Caicos Islands today.
In 2009, GDP contributions were as follows: Hotels & Restaurants 34.67%, Financial Services 13.12%, Construction 7.83%, Transport, Storage & Communication 9.90%, and Real Estate, Renting & Business Activities 9.56%.[clarification needed] Most capital goods and food for domestic consumption are imported.
In 2010/2011, major sources of government revenue included Import Duties (43.31%), Stamp Duty on Land Transaction (8.82%), Work Permits and Residency Fees (10.03%) and Accommodation Tax (24.95%). The territory's gross domestic product as of late 2009 is approximately US$795 million (per capita $24,273)." - Wikipedia.
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Cable and Wireless (GSM) | Dynamic Open | |
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