Virgin Islands Economy Profile 2009

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, rum distilling, 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)

Labor force

49,820 (2007 est.)

Labor force - by occupation

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

Unemployment rate

6.2% (2004)

Household income or consumption by percentage share

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

Budget

revenues: $837 million
expenditures: $837 million (FY08/09)

Inflation rate (consumer prices)

2.2% (2003)

Industries

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

Industrial production growth rate

NA%

Electricity - production

960 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

892.8 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

17,620 bbl/day (2007 est.)

Oil - consumption

91,680 bbl/day (2007 est.)

Oil - imports

492,300 bbl/day (2005)

Oil - exports

398,500 bbl/day (2005)

Oil - proved reserves

NA bbl

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

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

fruit, vegetables, sorghum; Senepol cattle

Exports

$4.234 billion (2001)

Exports - commodities

refined petroleum products

Imports

$4.609 billion (2001)

Imports - commodities

crude oil, foodstuffs, consumer goods, building materials

Debt - external

$NA

Economic aid - recipient

$NA

Currency (code)

US dollar (USD)

Currency (code)

USD

Exchange rates

the US dollar is used

Fiscal year

1 October - 30 September