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British Virgin Islands:
Economy

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British Virgin Islands Page


Other pages in this profile of the British Virgin Islands:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism, generating an estimated 45% of the national income. An estimated 820,000 tourists, mainly from the US, visited the islands in 2005. In the mid-1980s, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues. Roughly 400,000 companies were on the offshore registry by yearend 2000. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the British Virgin Islands even more attractive to international business. Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959.
GDP (purchasing power parity)
Definition - World rank and map
$853.4 million (2004 est.)
GDP (official exchange rate)
Definition
$839.7 million (2003)
GDP - real growth rate
Definition - World rank and map
1% (2002 est.)
GDP - per capita
Definition - World rank and map
$38,500 (2004 est.)
GDP - composition by sector
Definition
agriculture: 1.8%
industry: 6.2%
services: 92% (1996 est.)
Labor force
Definition
12,770 (2004)
Labor force - by occupation
Definition
agriculture: 0.6%
industry: 40%
services: 59.4% (2005)
Unemployment rate
Definition - World rank and map
3.6% (1997)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
2% (2005)
Budget
Definition
revenues: $204.7 million
expenditures: $180.4 million (2004)
Agriculture - products
Definition
fruits, vegetables; livestock, poultry; fish
Industries
Definition
tourism, light industry, construction, rum, concrete block, offshore financial center
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
45 million kWh (2005)
Electricity - consumption
Definition - World rank and map
41.85 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
1,743.5 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005)
Oil - consumption
Definition - World rank and map
600 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
25 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
604.3 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$134.3 million (1999)
Exports
Definition - World rank and map
$25.3 million (2002)
Exports - commodities
Definition
rum, fresh fish, fruits, animals; gravel, sand
Exports - partners
Definition
Virgin Islands (US), Puerto Rico, US (2006)
Imports
Definition - World rank and map
$187 million (2002 est.)
Imports - commodities
Definition
building materials, automobiles, foodstuffs, machinery
Imports - partners
Definition
Virgin Islands (US), Puerto Rico, US (2006)
Debt - external
Definition - World rank and map
$36.1 million (1997)
Economic aid - recipient
Definition
$NA
Currency (code)
Definition
US dollar (USD)
Exchange rates
Definition
the US dollar is used
Fiscal year
Definition
1 April - 31 March


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