British Virgin Islands:
Economy

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

British Virgin Islands: Economy

British Virgin Islands:
Economy