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The economy of the British Virgin Islands, 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 United States, 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 U.S. 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 forceIn economics the labor force is the group of people who have a potential for being employed. Normally, the labor force consists of everyone above a certain age (around 14 to 16) who are participating workers that is people actively seeking employment.: 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, rumThis article is about the liqour. For the Scottish island called Rum (or Rhum), see Rum, Scotland Rum is a liquor made from sugar cane by-products such as molasses and sugar cane juice which are fermented and distilled. The distillate, a clear liquid, is, concreteIn general, a concept is considered concrete if it is not abstract: it must be both particular and an individual, and hence occupy both space and time. To say that a physical object is concrete is to say, approximately, that it is a particular individual block, offshore financial center
Industrial production growth rate: 4% (1985)
ElectricityElectricity is a property of certain subatomic particles, such as electrons and protons, that gives rise to attractive and repulsive forces between them. It is one of the four fundamental forces of nature, and is a conserved property of matter that can be - production: 42 GWh (1998)
Electricity - production by source:
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1998)
Electricity - consumption: 39 GWh (1998)
Electricity - exports: 0 kWh (1998)
Electricity - imports: 0 kWh (1998)
AgricultureFarming, ploughing rice paddy, in Indonesia Agriculture is the process of producing food, feed, fiber and other desired products by cultivation of certain plants and the raising of domesticated animals (livestock). Agriculture is also known as farming . - products: fruits, vegetables; livestock, poultryPoultry Poultry is the class of domesticated fowl ( birds) used for food or for their eggs. These most typically are members of the orders Galliformes (such as chickens and turkeys), and Anseriformes ( waterfowl such as ducks and geese). The word poultry; fishAtlantic herring, Clupea harengus one of the most abundant species in the world Photo A fish is a poikilothermic (cold-blooded) water-dwelling vertebrate with gills. There are over 27,000 species of fish, making them the most diverse group of vertebrates.
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: $2.6 million (1995)
Currency: 1 United States dollarThe United States dollar is the official currency of the United States. It is also widely used as a reserve currency outside of the United States. Currently, the issuance of currency is controlled by the Federal Reserve Banking system. The most commonly u (US$) = 100 cents
Exchange rates: US currency is used
Fiscal year: 1 April - 31 March
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