British Virgin Islands Economy 1997

Economy - overview The economy, one of the most prosperous in the Caribbean, is highlydependent on tourism, which generates an estimated 45% of the national income.In 1985, the government began offering offshore registration to companieswishing to incorporate in the islands, and incorporation fees now generatesubstantial revenues. The adoption of a comprehensive insurance law in late1994, which provides a blanket of confidentiality with regulated statutorygateways for investigation of criminal offenses, is expected to make the BritishVirgin Islands even more attractive to international business. Livestock raisingis the most important agricultural activity; poor soils limit the islands'ability to meet domestic food requirements. Because of traditional close linkswith the US Virgin Islands, the British Virgin Islands have used the dollaras their currency since 1959.

GDP purchasing power parity - $135 million (1995 est.)

GDP - real growth rate 4% (1995 est.)

GDP - per capita purchasing power parity - $10,200 (1995 est.)

GDP - composition by sector
agriculture: 3%
industry: 14%
services: 83% (1989)

Inflation rate - consumer price index 2.5% (1990 est.)

Labor force
total: 4,911 (1980)
by occupation: tourism NA%

Unemployment rate 3% (1995)

Budget
revenues: $77.1 million
expenditures : $76.4 million, including capital expenditures of $NA (FY93/94)

Industries tourism, light industry, construction, rum, concrete block, offshorefinancial center

Industrial production growth rate 4% (1985)

Electricity - capacity NA kW

Electricity - production NA kWh

Electricity - consumption per capita NA kWh

Agriculture - products fruits, vegetables; livestock, poultry; fish

Exports
total value: $3.4 million (f.o.b., 1990)
commodities : rum, fresh fish, fruits, animals; gravel, sand
partners: Virgin Islands (US), Puerto Rico, US

Imports
total value: $11.5 million (c.i.f., 1988)
commodities: building materials, automobiles, foodstuffs, machinery
partners: Virgin Islands (US), Puerto Rico, US

Debt - external $4.5 million (1985)

Economic aid $NA

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

Exchange rates US currency is used

Fiscal year 1 April - 31 March

NOTE: The information regarding British Virgin Islands on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of British Virgin Islands Economy 1997 information contained here. All suggestions for corrections of any errors about British Virgin Islands Economy 1997 should be addressed to the CIA.