Virgin Islands Economy Profile 2008

Economy - overview

Tourism is the primary economic activity, accounting for 80% of GDP and employment. The islands hosted 2.6 million visitors in 2005. The manufacturing sector consists of petroleum refining, textiles, electronics, pharmaceuticals, and watch assembly. One of the world's largest petroleum refineries is at Saint Croix. The agricultural sector is small, with most food being imported. International business and financial services are small but growing components of the economy. The islands are vulnerable to substantial damage from storms. The government is working to improve fiscal discipline, to support construction projects in the private sector, to expand tourist facilities, to reduce crime, and to protect the environment.

GDP (purchasing power parity)

$1.577 billion (2004 est.)

GDP (official exchange rate)

$NA

GDP - real growth rate

2% (2002 est.)

GDP - per capita (PPP)

$14,500 (2004 est.)

GDP - composition by sector

agriculture: 1%
industry: 19%
services: 80% (2003 est.)

Population below poverty line

28.9% (2002)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

2.2% (2003)

Labor force

43,980 (2004 est.)

Labor force - by occupation

agriculture: 1%
industry: 19%
services: 80% (2003 est.)

Unemployment rate

6.2% (2004)

Budget

revenues: $NA
expenditures: $NA

Industries

tourism, petroleum refining, watch assembly, rum distilling, construction, pharmaceuticals, textiles, electronics

Industrial production growth rate

NA%

Electricity - production

996.1 million kWh (2005)

Electricity - consumption

926.4 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

17,620 bbl/day (2005 est.)

Oil - consumption

98,000 bbl/day (2005 est.)

Oil - imports

493,000 bbl/day (2004)

Oil - exports

397,400 bbl/day (2004)

Oil - proved reserves

NA

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.)

Agriculture - products

fruit, vegetables, sorghum; Senepol cattle

Exports

$4.234 billion (2001)

Exports - commodities

refined petroleum products

Exports - partners

US, Puerto Rico (2006)

Imports

$4.609 billion (2001)

Imports - commodities

crude oil, foodstuffs, consumer goods, building materials

Imports - partners

US, Puerto Rico (2006)

Debt - external

$NA

Economic aid - recipient

$NA

Currency (code)

US dollar (USD)

Exchange rates

the US dollar is used

Fiscal year

1 October - 30 September