| Economy | British Virgin Islands |
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Economy - overview:
|
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. More than 934,000 tourists, mainly from the US, visited the islands in 2008. 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):
|
$853.4 million (2004 est.) |
GDP - per capita (PPP):
|
$38,500 (2004 est.) |
GDP (official exchange rate):
|
$1.095 billion (2008) |
GDP - real growth rate:
|
-0.6% (2008 est.) |
GDP - composition by sector:
|
agriculture: 0.9%
industry: 10.3%
services: 88.7% (2011 est.) |
Investment (gross fixed):
|
23.4% of GDP (2011 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
4.1% (2011 est.)
3.8% (2010 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
|
12,770 (2004) |
Labor force participation rate:
|
50.31 % of population |
Labor force - by occupation:
|
agriculture: 0.6%
industry: 40%
services: 59.4% (2005) |
Unemployment rate:
|
3.6% (1997) |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $300 million
expenditures: $300 million (2011 est.) |
Budget revenues per capita:
|
11,819 USD per capita |
Taxes and other revenues:
|
27.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
0% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
|
tourism, light industry, construction, rum, concrete block, offshore financial center |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
45 million kWh (2008 est.) |
Electricity - production per capita:
|
1,773 kWh per capita |
Electricity - consumption:
|
41.85 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
1,649 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
1,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
14.38 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
751.9 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
fruits, vegetables; livestock, poultry; fish |
Current account balance:
|
$362.6 million (2010 est.)
$328.6 million (2009 est.) |
Current account balance - per capita:
|
14,286 USD per capita |
Exports:
|
$35.2 million (2010 est.)
$33.6 million (2009 est.) |
Exports per capita:
|
1,387 USD per capita |
Exports - commodities:
|
rum, fresh fish, fruits, animals; gravel, sand |
Exports - partners:
|
void |
Imports:
|
$228.4 million (2010 est.)
$217.6 million (2009 est.) (2002 est.) |
Imports per capita:
|
8,999 USD per capita |
Imports - commodities:
|
building materials, automobiles, foodstuffs, machinery |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$36.1 million (1997) |
Debt - external - per capita:
|
1,423 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
US dollar (USD) |
Exchange rates:
|
the US dollar is used |
Fiscal year:
|
1 April - 31 March |
|
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