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The Economy of Virgin Islands

Virgin Islander Economy

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Economy - overview: Tourism is the primary economic activity, accounting for 80% of GDP and employment. The islands hosted 2.6 million visitors in 2005. The manufacturing sector consists of petroleum refining, rum distilling, textiles, electronics, pharmaceuticals, and watch assembly. One of the world's largest petroleum refineries is at Saint Croix. The agricultural sector is small, with most food being imported. International business and financial services are small but growing components of the economy. The islands are vulnerable to substantial damage from storms. The government is working to improve fiscal discipline, to support construction projects in the private sector, to expand tourist facilities, to reduce crime, and to protect the environment.

GDP:

GDP - real growth rate: 2% (2002 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 1% industry: 19% services: 80% (2003 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 43,980 (2004 est.)

Labor force - by occupation: agriculture: 1% industry: 19% services: 80% (2003 est.)

Unemployment rate: 6.2% (2004)

Budget: revenues: $837 million expenditures: $837 million (FY08/09)

Industries: tourism, petroleum refining, watch assembly, rum distilling, construction, pharmaceuticals, textiles, electronics

Industrial production growth rate: NA%

Electricity - production: 960 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 892.8 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 17,620 bbl/day (2007 est.)

Oil - consumption: 91,680 bbl/day (2007 est.)

Oil - exports: 398,500 bbl/day (2005)

Oil - imports: 492,300 bbl/day (2005)

Oil - proved reserves: NA bbl

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: fruit, vegetables, sorghum; Senepol cattle

Exports: $4.234 billion (2001)

Exports - commodities: refined petroleum products

Exports - partners:

Imports: $4.609 billion f.o.b. (2001)

Imports - commodities: crude oil, foodstuffs, consumer goods, building materials

Imports - partners:

Debt - external: $NA

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: the US dollar is used

Fiscal year: