British Virgin Islands Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$500 million (2017 est.)

$490.2 million (2016 est.)

$481.1 million (2015 est.)

Real GDP growth rate

2% (2017 est.)

1.9% (2016 est.)

1.8% (2015 est.)

Real GDP per capita

$34,200 (2017 est.)

GDP (official exchange rate)

$1.028 billion (2017 est.)

Inflation rate (consumer prices)

1.1% (2017 est.)

1.1% (2016 est.)

GDP - composition, by sector of origin

agriculture: 0.2% (2017 est.)

industry: 6.8% (2017 est.)

services: 93.1% (2017 est.)

GDP - composition, by end use

household consumption: 25.1% (2017 est.)

government consumption: 7.5% (2017 est.)

investment in fixed capital: 21.7% (2017 est.)

investment in inventories: 20.4% (2017 est.)

exports of goods and services: 94.7% (2017 est.)

imports of goods and services: -69.4% (2017 est.)

Agricultural products

fruits, vegetables; livestock, poultry; fish

Industries

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

Industrial production growth rate

1.1% (2017 est.)

Labor force

12,770 (2004)

Labor force - by occupation

agriculture: 0.6%

industry: 40%

services: 59.4% (2005)

Unemployment rate

2.9% (2015 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 400 million (2017 est.)

expenditures: 400 million (2017 est.)

Budget surplus (+) or deficit (-)

0% (of GDP) (2017 est.)

Taxes and other revenues

38.9% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

$362.6 million (2011 est.)

$279.8 million (2010 est.)

Exports

$23 million (2017 est.)

$23 million (2015 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Malta 30%, Seychelles 29%, Switzerland 14% (2019)

Exports - commodities

recreational boats, aircraft, diamonds, paintings, precious stones (2019)

Imports

$300 million (2017 est.) NA

$210 million (2016 est.)

Imports - partners

Germany 32%, United States 22%, Italy 9%, France 7%, Seychelles 7% (2019)

Imports - commodities

recreational boats, aircraft, refined petroleum, cars, furniture (2019)

Debt - external

$36.1 million (1997)

Exchange rates

the US dollar is used

NOTE: The information regarding British Virgin Islands on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of British Virgin Islands 2022 information contained here. All suggestions for corrections of any errors about British Virgin Islands 2022 should be addressed to the CIA or the source cited on each page.