Virgin Islands Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real 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

Real GDP growth rate

0.9% (2016 est.)

0.3% (2015 est.)

-1% (2014 est.)

Real GDP per capita

$37,000 (2016 est.)

$35,800 (2015 est.)

$34,500 (2014 est.)

GDP (official exchange rate)

$5.182 billion (2016 est.)

Inflation rate (consumer prices)

1% (2016 est.)

2.6% (2015 est.)

GDP - composition, by sector of origin

agriculture: 2% (2012 est.)

industry: 20% (2012 est.)

services: 78% (2012 est.)

GDP - composition, by end use

household consumption: 68.2% (2016 est.)

government consumption: 26.8% (2016 est.)

investment in fixed capital: 7.5% (2016 est.)

investment in inventories: 15% (2016 est.) NA

exports of goods and services: 46.7% (2016 est.)

imports of goods and services: -64.3% (2016 est.)

Agricultural products

fruit, vegetables, sorghum; Senepol cattle

Industries

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

Industrial production growth rate

N/A

Labor force

48,550 (2016 est.)

Labor force - by occupation

agriculture: 1%

industry: 19%

services: 80% (2003 est.)

Unemployment rate

10.4% (2017 est.)

11% (2016 est.)

Population below poverty line

28.9% (2002 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 1.496 billion (2016 est.)

expenditures: 1.518 billion (2016 est.)

Budget surplus (+) or deficit (-)

-0.4% (of GDP) (2016 est.)

Public debt

53.3% of GDP (2016 est.)

45.9% of GDP (2014 est.)

Taxes and other revenues

28.9% (of GDP) (2016 est.)

Fiscal year

1 October - 30 September

Exports

$1.81 billion (2016 est.)

$1.537 billion (2015 est.)

Exports - partners

Haiti 14%, Guadeloupe 7%, Malaysia 7%, Martinique 7%, Barbados 7%, British Virgin Islands 5% (2019)

Exports - commodities

refined petroleum, jewelry, recreational boats, watches, rum (2019)

Imports

$2.489 billion (2016 est.)

$1.549 billion (2015 est.)

Imports - partners

India 18%, Algeria 14%, South Korea 9%, Argentina 9%, Sweden 7%, Brazil 5% (2019)

Imports - commodities

refined petroleum, crude petroleum, rubber piping, jewelry, beer (2019)

Debt - external

N/A

Exchange rates

the US dollar is used

NOTE: The information regarding 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 Virgin Islands 2022 information contained here. All suggestions for corrections of any errors about Virgin Islands 2022 should be addressed to the CIA or the source cited on each page.