British Virgin Islands Economy: from the All Country Info reference guide to country facts

British Virgin Islands Economy

British Virgin Islands Economy: A summary of information about British Virgin Islands Economy, from government research data as well as independent research and other sources.

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British Virgin Islands: Economy

Economy - overview
The economy, one of the most 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.
GDP
purchasing power parity - $287 million (1999 est.)
GDP - real growth rate
6.8% (1999 est.)
GDP - per capita
purchasing power parity - $15,000 (1999 est.)
GDP - composition by sector
agriculture: 1.8%
industry: 6.2%
services: 92% (1996 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
5.3% (1998)
Labor force
4,911 (1980)
Labor force - by occupation
agriculture NA%, industry NA%, services
NA%
Unemployment rate
3% (1995)
Budget
revenues: $121.5 million
expenditures: $115.5 million, including capital expenditures of $NA
(1997)
Industries
tourism, light industry, construction, rum, concrete
block, offshore financial center
Industrial production growth rate
4% (1985)
Electricity - production
42 million kWh (1998)
Electricity - production by source
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
39 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
fruits, vegetables; livestock, poultry; fish
Exports
$6 million (1998)
Exports - commodities
rum, fresh fish, fruits, animals; gravel, sand
Exports - partners
Virgin Islands (US), Puerto Rico, US
Imports
$175 million (1998)
Imports - commodities
building materials, automobiles, foodstuffs,
machinery
Imports - partners
Virgin Islands (US), Puerto Rico, US
Debt - external
$36.1 million (1997)
Economic aid - recipient
$2.6 million (1995)
Currency
1 United States dollar (US$) = 100 cents
Exchange rates
US currency is used
Fiscal year
1 April - 31 March
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