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Virgin Islands (territory of the US) Economy

    Economy—overview: Tourism is the primary economic activity, accounting for more than 70% of GDP and 70% of employment. The islands normally host 2 million visitors a year. The number of US tourists in the first five months of 1996 was down by 55% from the same period in 1995, the lingering result of the fierce hurricanes of 1995. Unemployment rose sharply in 1996. The manufacturing sector consists of textile, electronics, pharmaceutical, and watch assembly plants. The agricultural sector is small, with most food being imported. International business and financial services are a small but growing component of the economy. One of the world's largest petroleum refineries is at Saint Croix. A major economic problem at the beginning of 1997 was the more than $1 billion in governmental arrears, income tax refunds, payments to vendors, and overdue wages.

    GDP: purchasing power parity—$1.2 billion (1987 est.)

    GDP—real growth rate: NA%

    GDP—per capita: purchasing power parity—$12,500 (1987 est.)

    GDP—composition by sector:
    agriculture: NA%
    industry: NA%
    services: NA%

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): NA%

    Labor force: 47,443 (1990 est.)

    Labor force—by occupation: agriculture 1%, industry 20%, services 62%, other 17% (1990)

    Unemployment rate: 6.2% (March 1994)

    Budget:
    revenues: $364.4 million
    expenditures: $364.4 million, including capital expenditures of $NA (1990 est.)

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

    Industrial production growth rate: NA%

    Electricity—production: 1.02 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 1.02 billion kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

    Agriculture—products: truck garden products, fruit, vegetables, sorghum; Senepol cattle

    Exports: $1.8 billion (f.o.b., 1992)

    Exports—commodities: refined petroleum products

    Exports—partners: US, Puerto Rico

    Imports: $2.2 billion (c.i.f., 1992)

    Imports—commodities: crude oil, foodstuffs, consumer goods, building materials

    Imports—partners: US, Puerto Rico

    Debt—external: $NA

    Economic aid—recipient: $NA

    Currency: 1 United States dollar (US$) = 100 cents

    Exchange rates: US currency is used

    Fiscal year: 1 October—30 September

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)