By the Caribbean Journal staff

The Gross Domestic Product of the Turks and Caicos Islands grew by 4.1 percent in 2011, according to a report from interim Chief Economist Stephen Pollard.

The total figure for GDP in constant market prices were $549.6 million in 2011. That number came after a 19.6 percent decline in GDP in 2009 and a slight 0.98 percent increase in GDP in 2010.

The hospitality sector continues to dominate the territory’s economy, contributing 47.4 percent to GDP in 2011, with a growth rate of 22.7 percent in 2011.

“the improved performance of the economy in 2011 reflects an expansion in key industries such as hotels and restaurants, transport, storage and communication, and real estate, renting and business activity,” Pollard said. “However, the drastic fall in GDP in 2009, followed by smaller improvements since, shows that, although the economic picture of TCI is improving, it has some way to go before it is back to pre-2009 levels.”

GDP is the value of all goods and services produced in the economy in a given period of time.

“While I accept that not every individual is benefiting from this economic growth or the improving public finances, the direction of travel is positive,” TCI Governor Ric Todd said. “These statistics back up what I have been saying in public for some time — things are improving here in the Turks and Caicos.”