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British Virgin Islands Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











British Virgin Islands Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism, which generates an estimated 45% of the national income. More than 934,000 tourists, mainly from the US, visited the islands in 2008. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959.Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements.In the mid-1980s, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues. Roughly 400,000 companies were on the offshore registry by yearend 2000. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the British Virgin Islands even more attractive to international business.

GDP (purchasing power parity):
$500 million (2010 est.)
country comparison to the world: 214

GDP (official exchange rate):
$1.095 billion (2008)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.3% (2010 est.) -0.6% (2008 est.)
country comparison to the world: 181
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$42,300 (2010 est.)
country comparison to the world: 43

GDP - composition, by end use:
household consumption: 25.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 7.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 20.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 94.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -69.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 11.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 87.8% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
tourism, light industry, construction, rum, concrete block, offshore banking center

Industrial production growth rate:
2.2% (2017 est.)
country comparison to the world: 121
[see also: Industrial production growth rate country ranks ]

Labor force:
12,770 (2004)
country comparison to the world: 216
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 40%
[see also: Labor force - by occupation - industry country ranks ]
services: 59.4% (2005)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.7% (2010 est.)
country comparison to the world: 118
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $400 million
[see also: Budget - revenues country ranks ]
expenditures: $400 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
36.5% of GDP (2017 est.)
country comparison to the world: 48
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0% of GDP (2017 est.)
country comparison to the world: 34
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
2.5% (2017 est.) 1.1% (2016 est.)
country comparison to the world: 117
[see also: Inflation rate (consumer prices) country ranks ]

Current account balance:
$362.6 million (2011 est.) $279.8 million (2010 est.)
country comparison to the world: 49
[see also: Current account balance country ranks ]

Exports:
$23 million (2015 est.)
country comparison to the world: 209
[see also: Exports country ranks ]

Exports - commodities:
rum, fresh fish, fruits, animals; gravel, sand

Imports:
$NA (2016 est.) $200 million (2015 est.)
[see also: Imports country ranks ]

Imports - commodities:
building materials, automobiles, foodstuffs, machinery

Debt - external:
$36.1 million (1997)
country comparison to the world: 198
[see also: Debt - external country ranks ]

Exchange rates:
the US dollar is used


NOTE: 1) The information regarding British Virgin Islands on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of British Virgin Islands Economy 2018 information contained here. All suggestions for corrections of any errors about British Virgin Islands Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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