Turks and Caicos Islands: Services, value added (annual % growth)

Key figures

What the numbers say

In 2024, Turks and Caicos Islands' services, value added (annual % growth) fell 10.13 percentage points on 2023 (from 15.25% to 5.11%).

Across the 15 yearly changes before that (2009 to 2023), the average change was +0.17 percentage points and a typical year strayed about 32.95 percentage points from that (the standard deviation). This year's change was 0.3 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 68.19 percentage points in 2021 and the biggest yearly fall was 60.6 percentage points in 2018. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 2% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Turks and Caicos Islands had the 8th highest value of the 26 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Turks and Caicos Islands in the 2024 ranking

• Kiribati — 4th of 26: 6.22%
• Papua New Guinea — 5th of 26: 5.24%
• Tonga — 6th of 26: 5.19%
• United Arab Emirates — 8th of 26: 4.92%
• Cayman Islands — 9th of 26: 3.93%
• Barbados — 10th of 26: 3.44%

What this measures

Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and restaurants, transport, storage and communication, financial intermediation, real estate, renting and business activities, public administration and defence, compulsory social security, education, health and social work, other community, social and personal service activities, private households with employed persons, and extra-territorial organizations and bodies. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.

Limitations: In the services industries, including most of government, value added in constant prices is often imputed from labor inputs, such as real wages or number of employees. In the absence of well defined measures of output, measuring the growth of services remains difficult.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 17 values

Services, value added (annual % growth) in nearby economies

• Antigua and Barbuda — 4.04% (2025)
• Argentina — 3.73% (2025)
• Aruba — 6.01% (2023)
• Bahamas, The — 2.04% (2024)
• Barbados — 3.44% (2024)
• Belize — 2.93% (2025)
• Bolivia — 0.89% (2024)
• Brazil — 1.82% (2025)
• Cayman Islands — 3.93% (2024)
• Chile — 3.18% (2025)
• Colombia

More economic policy & debt data for Turks and Caicos Islands

• Adjusted savings, education expenditure (% of GNI) — 2.29% (2021)
• Adjusted savings, net forest depletion (current US$) — US$30,821 (2021)
• Adjusted savings, mineral depletion (current US$) — US$0 (2021)
• Adjusted savings, energy depletion (current US$) — US$0 (2021)
• Agriculture, forestry, and fishing, value added (current LCU) — 6.14 million (2024)
• Agriculture, forestry, and fishing, value added (% of GDP) — 0.35% (2024)
• Manufacturing, value added (current LCU) — 7.8 million (2024)
• Manufacturing, value added (% of GDP) — 0.45% (2024)

Reading data like this

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Questions people ask

What is Turks and Caicos Islands's services, value added (annual % growth)?

5.11% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2008?

It is down 7.56 percentage points from 12.67% in 2008. The highest value was 66.55% in 2017 and the lowest -36.19% in 2020.

How does Turks and Caicos Islands rank?

8th highest of 26 economies with data for 2024.

Is the latest change in services, value added (annual % growth) unusual for Turks and Caicos Islands?

In 2024, Turks and Caicos Islands' services, value added (annual % growth) fell 10.13 percentage points on 2023 (from 15.25% to 5.11%). Across the 15 yearly changes before that (2009 to 2023), the average change was +0.17 percentage points and a typical year strayed about 32.95 percentage points from that (the standard deviation). This year's change was 0.3 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator NV.SRV.TOTL.KD.ZG, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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