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British Virgin Islands Economy
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| Economy - overview: |
The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism, which generates an estimated 45% of the national income. An estimated 350,000 tourists, mainly from the US, visited the islands in 1997. 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. An estimated 250,000 companies were on the offshore registry by yearend 1997. 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, is expected to make 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 dollar as its currency since 1959.
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| GDP: |
purchasing power parity - $311 million (2000 est.)
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| GDP - real growth rate: |
6% (2000 est.)
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| GDP - per capita: |
purchasing power parity - $16,000 (2000 est.)
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| GDP - composition by sector: |
agriculture:
1.8%
industry:
6.2%
services:
92% (1996 est.)
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| Population below poverty line: |
NA%
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| Household income or consumption by percentage share: |
lowest 10%:
NA%
highest 10%:
NA%
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| Inflation rate (consumer prices): |
2% (2000)
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| Labor force: |
4,911 (1980)
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| Labor force - by occupation: |
agriculture NA%, industry NA%, services NA%
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| Unemployment rate: |
3% (1995)
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| Budget: |
revenues:
$121.5 million
expenditures:
$115.5 million, including capital expenditures of $NA (1997)
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| Industries: |
tourism, light industry, construction, rum, concrete block, offshore financial center
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| Industrial production growth rate: |
4% (1985)
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| Electricity - production: |
42 million kWh (1999)
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| Electricity - production by source: |
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1999)
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| Electricity - consumption: |
39.1 million kWh (1999)
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| Electricity - exports: |
0 kWh (1999)
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| Electricity - imports: |
0 kWh (1999)
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| Agriculture - products: |
fruits, vegetables; livestock, poultry; fish
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| Exports: |
$6.2 million (2000 est.)
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| Exports - commodities: |
rum, fresh fish, fruits, animals; gravel, sand
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| Exports - partners: |
Virgin Islands (US), Puerto Rico, US
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| Imports: |
$220 million (2000 est.)
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| Imports - commodities: |
building materials, automobiles, foodstuffs, machinery
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| Imports - partners: |
Virgin Islands (US), Puerto Rico, US
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| Debt - external: |
$36.1 million (1997)
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| Economic aid - recipient: |
$2.6 million (1995)
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| Currency: |
US dollar (USD)
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| Exchange rates: |
the US dollar is used
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| Fiscal year: |
1 April - 31 March
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