The Queen is represented by a Governor who presides over the Executive Council and is responsible for defense, external affairs, internal security, the public service and offshore finance. On all other matters, the Executive Council has authority. The Judicial System is headed by a Chief Justice, a Chief Magistrate and three Deputy Magistrates and follows British common law. Twice a year, judges from the British Court of Appeals hold court in the islands with a final right of appeal to the Privy Council in London. 8.9 14.1 8.6 Principal Exports from Turks and Caicos Islands Principal Imports to Turks and Caicos Islands Lobster food and beverages dried and fresh conch tobacco conch shells clothing manufactures construction materials Summary of the economy As in many Caribbean islands, the economy of the Turks and Caicos Islands is based on tourism, although offshore financial services are becoming increasingly important and fishing also makes a contribution.
Agriculture is limited to subsistence farming and there is very little industry of any description.
Most capital goods and food for domestic consumption are therefore imported and fees from offshore financial activities and customs receipts are major sources of government revenue. The economy has shown steady growth throughout the 1990s and prospects for the medium term look promising provided the islands can maintain tourism growth and compete with other islands offering offshore services. Its current dependence on tourism, however, necessarily makes it vulnerable to fluctuations in the world economy. The economy of Turks and Caicos has been transformed since the 1980 by growth in tourism and offshore financial services. After salt production, the islands traditional industry, ceased in 1964, there was little to generate legal income for two decades apart from fishing, government employment and some tourism.