British Virgin Islands Economy Profile 2008

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 (official exchange rate)

$839.7 million (2003)

GDP - real growth rate

1% (2002 est.)

GDP - per capita (PPP)

$38,500 (2004 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)

2% (2005)

Labor force

12,770 (2004)

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)

Industries

tourism, light industry, construction, rum, concrete block, offshore financial center

Industrial production growth rate

NA%

Electricity - production

45 million kWh (2005)

Electricity - consumption

41.85 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005)

Oil - consumption

600 bbl/day (2005 est.)

Oil - imports

604.3 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

$134.3 million (1999)

Agriculture - products

fruits, vegetables; livestock, poultry; fish

Exports

$25.3 million (2002)

Exports - commodities

rum, fresh fish, fruits, animals; gravel, sand

Exports - partners

Virgin Islands (US), Puerto Rico, US (2006)

Imports

$187 million (2002 est.)

Imports - commodities

building materials, automobiles, foodstuffs, machinery

Imports - partners

Virgin Islands (US), Puerto Rico, US (2006)

Debt - external

$36.1 million (1997)

Economic aid - recipient

$NA

Currency (code)

US dollar (USD)

Exchange rates

the US dollar is used

Fiscal year

1 April - 31 March