Economy - overview Tourism is the primary economic activity, accounting for more than 70%of GDP and 70% of employment. The number of US tourists in the first five months of 1996 was down by 55% from the same period in 1995, the lingeringresult 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, most food beingimported. International business and financial services are a small but growingcomponent of the economy. One of the world's largest petroleum refineriesis at Saint Croix. A major economic problem at the beginning of 1997 was themore than $1 billion in governmental arrears, in income tax refunds, paymentsto 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%

Inflation rate - consumer price index NA%

Labor force
total: 47,443 (1990 est.)
by occupation: agriculture, industry, services, other (1990 est.)

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 12% (year NA)

Electricity - capacity NA kW

Electricity - production 990 million kWh (1994)

Electricity - consumption per capita 9,565 kWh (1995 est.)

Agriculture - products truck garden products, fruit, vegetables, sorghum; Senepol cattle

Exports
total value: $1.8 billion (f.o.b., 1992)
commodities : refined petroleum products
partners: US, Puerto Rico

Imports
total value: $2.2 billion (c.i.f., 1992)
commodities: crude oil, foodstuffs, consumer goods, building materials
partners: US, Puerto Rico

Debt - external $NA

Economic aid $NA

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

Exchange rates US currency is used

Fiscal year 1 October - 30 September

NOTE: The information regarding 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 Virgin Islands Economy 1997 information contained here. All suggestions for corrections of any errors about Virgin Islands Economy 1997 should be addressed to the CIA.