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 manufacturing sector consists of petroleum refining, textiles, electronics, pharmaceuticals, and watch assembly. 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. The islands are subject to substantial damage from storms. The government is working to improve fiscal discipline, support construction projects in the private sector, expand tourist facilities, reduce crime, and protect the environment.
GDP:
purchasing power parity - $2.4 billion (2001 est.)
GDP - real growth rate:
2% (2001 est.)
GDP - per capita:
purchasing power parity - $19,000 (2001 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):
2% (1992)
Labor force:
49,000 (2002 est.)
Labor force - by occupation:
agriculture 1%, industry 20%, services 79% (1990 est.)
Unemployment rate:
4.9% (March 1999)
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:
1.03 billion kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
957.9 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
66,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
fruit, vegetables, sorghum; Senepol cattle
Exports:
$NA
Exports - commodities:
refined petroleum products
Exports - partners:
US, Puerto Rico
Imports:
$NA
Imports - commodities:
crude oil, foodstuffs, consumer goods, building materials
Imports - partners:
US, Puerto Rico
Debt - external:
$NA
Economic aid - recipient:
$NA
Currency:
US dollar (USD)
Currency code:
USD
Exchange rates:
the US dollar is used
Fiscal year:
1 October - 30 September
NOTE: The information regarding Virgin Islands on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Virgin Islands Economy 2003 should be addressed to the CIA.
