Still no Inflation figures, but Glowing Trade Outlook for Turks & Caicos informs TCI Premier

By Dana Malcolm 

Staff Writer 

#TurksandCaicos, January 11, 2023 – Major trade expectations are in for the TCI in 2023 including a jump in the projected Gross Domestic Product from $900 million to well over $1 billion; the announcement came from Premier Washington Misick during his New Year’s Address.

In a marked recovery over the COVID shutdown years, the $1.2 billion GDP projection came alongside the announcement that the unemployment rate declined to 8% in 2022 and is projected to fall even more this year to as low as 7%.

In addition to more jobs in 2022 between the start of the financial year in April and the end of October, revenue increased by 11% over the same period in 2021. Conversely, government spending for the period increased by 20% due to what the Premier described as “additional spending on security and social intervention measures.”

The TCI Government also expects increased imports, especially of construction supplies for commercial and residential developments to continue in 2023 as international interest in the country flourishes.

Misick had several promises for the people of the Turks and Caicos,

“My government will continue to monitor and make changes as global economic headwinds continue to affect us. We will always act decisively in the national interest. We will continue to provide value for money, prudently manage expenditure, increase revenue, and put systems and resources in place to create an efficient and effective public service,”  he said.

Absent from the Premier’s address on trade though was any mention of the inflation that ravaged the Turks and Caicos’ population at the gas pumps and on supermarket shelves, also missing?

The current inflation rates and inflation outlook for 2023.