Turks and Caicos Islands: Services, value added (constant 2015 US$)

Key figures

What the numbers say

In 2024, Turks and Caicos Islands' services, value added (constant 2015 US$) rose 5.1% on 2023 (from US$1.82 billion to US$1.91 billion).

Across the 16 yearly changes before that (2008 to 2023), the average change was +7.8% and a typical year strayed about 21.5% from that (the standard deviation). This year's change was 0.1 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 66.6% in 2017 and the biggest yearly fall was 36.2% in 2020. 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 the straight-line trend is upward, about US$96.4 million a year. A straight line explains 59% of the movement over 10 observed years.

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 19th 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

• Tajikistan — 16th of 26: US$5.2 billion
• Barbados — 17th of 26: US$4.88 billion
• Suriname — 18th of 26: US$2.84 billion
• Timor-Leste — 20th of 26: US$1.17 billion
• Solomon Islands — 21st of 26: US$768.94 million
• Vanuatu — 22nd of 26: US$602.9 million

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 defense, 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 is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2015. This indicator is expressed 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 gap-filled total.

All 18 values

Services, value added (constant 2015 US$) in nearby economies

• Antigua and Barbuda — US$1.23 billion (2025)
• Argentina — US$348.29 billion (2025)
• Aruba — US$2.48 billion (2023)
• Bahamas, The — US$10.48 billion (2024)
• Barbados — US$4.88 billion (2024)
• Belize — US$1.7 billion (2025)
• Bolivia — US$18.56 billion (2024)
• Brazil — US$1.31 trillion (2025)
• Cayman Islands — US$5.48 billion (2024)
• Chile — US$186.17 billion (2025)

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

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Turks and Caicos Islands's services, value added (constant 2015 US$)?

US$1.91 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2007?

It is up 160.32% from US$734.43 million in 2007 (5.79% a year on average, compounded). The highest value was US$1.91 billion in 2024 and the lowest US$688.43 million in 2009.

How does Turks and Caicos Islands rank?

19th highest of 26 economies with data for 2024.

Is the latest change in services, value added (constant 2015 US$) unusual for Turks and Caicos Islands?

In 2024, Turks and Caicos Islands' services, value added (constant 2015 US$) rose 5.1% on 2023 (from US$1.82 billion to US$1.91 billion). Across the 16 yearly changes before that (2008 to 2023), the average change was +7.8% and a typical year strayed about 21.5% from that (the standard deviation). This year's change was 0.1 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, 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.

Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.