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Virgin Islands Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Virgin Islands Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Tourism, trade, other services, and rum production are the primary economic activities of the US Virgin Islands (USVI), accounting for most of its GDP and employment. The USVI receives between 2.5 and 3 million tourists a year, mostly from visiting cruise ships. The islands are vulnerable to damage from storms, as evidenced by the destruction from two major hurricanes in 2017. Recovery and rebuilding have continued, but full recovery from these back-to-back hurricanes is years away. The USVI government estimates it will need $7.5 billion, almost twice the territory’s GDP, to rebuild the territory.

The agriculture sector is small and most food is imported. In 2016, government spending (both federal and territorial together) accounted for about 27% of GDP while exports of goods and services, including spending by tourists, accounted for nearly 47%. Federal programs and grants, including rum tax cover-over totaling $482.3 million in 2016, contributed 32.2% of the territory’s total revenues. The economy picked up 0.9% in 2016 and had appeared to be progressing before the 2017 hurricanes severely damaged the territory’s infrastructure and the economy.

GDP (purchasing power parity):
$3.872 billion (2016 est.)
$3.759 billion (2015 est.)
$3.622 billion (2014 est.)
note: data are in 2013 dollars
country comparison to the world: 181
[see also: GDP country ranks ]

GDP (official exchange rate):
$5.182 billion (2016 est.) (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.9% (2016 est.)
0.3% (2015 est.)
-1% (2014 est.)
country comparison to the world: 185
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$37,000 (2016 est.)
$35,800 (2015 est.)
$34,500 (2014 est.)
country comparison to the world: 54
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 68.2% (2016 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 26.8% (2016 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 7.5% (2016 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 15% NA (2016 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 46.7% (2016 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -64.3% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2% (2012 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20% (2012 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 78% (2012 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
fruit, vegetables, sorghum; Senepol cattle

Industries:
tourism, watch assembly, rum distilling, construction, pharmaceuticals, electronics

Industrial production growth rate:
NA
[see also: Industrial production growth rate country ranks ]

Labor force:
48,550 (2016 est.)
country comparison to the world: 193
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
[see also: Labor force - by occupation - industry country ranks ]
services: 80% (2003 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
10.4% (2017 est.)
11% (2016 est.)
country comparison to the world: 145
[see also: Unemployment rate country ranks ]

Population below poverty line:
28.9% (2002 est.)
[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
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 1.496 billion (2016 est.)
[see also: Budget - revenues country ranks ]
expenditures: 1.518 billion (2016 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
28.9% (of GDP) (2016 est.)
country comparison to the world: 89
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.4% (of GDP) (2016 est.)
country comparison to the world: 59
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
53.3% of GDP (2016 est.)
45.9% of GDP (2014 est.)
country comparison to the world: 91
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
1% (2016 est.)
2.6% (2015 est.)
country comparison to the world: 54
[see also: Inflation rate (consumer prices) country ranks ]

Exports:
$1.81 billion (2016 est.)
$1.537 billion (2015 est.)
country comparison to the world: 147
[see also: Exports country ranks ]

Exports - commodities:
rum

Imports:
$2.489 billion (2016 est.)
$1.549 billion (2015 est.)
country comparison to the world: 159
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, consumer goods, building materials

Debt - external:
NA
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
(31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:

the US dollar is used


NOTE: 1) The information regarding Virgin Islands on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Virgin Islands Economy 2019 information contained here. All suggestions for corrections of any errors about Virgin Islands Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They 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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