| 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. 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):
|
$853.4 million (2004 est.) |
GDP - per capita (PPP):
|
$38,500 (2004 est.) |
GDP (official exchange rate):
|
$839.7 million (2003) |
GDP - real growth rate:
|
1% (2002 est.) |
GDP - composition by sector:
|
agriculture: 1.8%
industry: 6.2%
services: 92% (1996 est.) |
Investment (gross fixed):
|
void |
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):
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2% (2005) |
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 |
Labor force:
|
12,770 (2004) |
Labor force participation rate:
|
52.14 % of population |
Labor force - by occupation:
|
agriculture: 0.6%
industry: 40%
services: 59.4% (2005) |
Unemployment rate:
|
3.6% (1997) |
Budget:
|
revenues: $204.7 million
expenditures: $180.4 million (2004) |
Budget revenues per capita:
|
8,359 USD per capita |
Public debt:
|
void |
Industries:
|
tourism, light industry, construction, rum, concrete block, offshore financial center |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
45 million kWh (2006 est.) |
Electricity - production per capita:
|
1,838 kWh per capita |
Electricity - consumption:
|
41.85 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
1,709 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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650 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
9.69 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
|
649.8 bbl/day (2005) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
|
0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
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fruits, vegetables; livestock, poultry; fish |
Current account balance:
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$134.3 million (1999) |
Current account balance - per capita:
|
5,484 USD per capita |
Exports:
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$25.3 million (2002) |
Exports per capita:
|
1,034 USD per capita |
Exports - commodities:
|
rum, fresh fish, fruits, animals; gravel, sand |
Exports - partners:
|
void |
Imports:
|
$187 million f.o.b. (2002 est.) |
Imports per capita:
|
7,636 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:
|
1,475 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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$NA |
Economic aid - recipient 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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