Virgin Islands Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income, tourism-based American territorial economy; severe COVID-19 economic disruptions; major rum distillery; high public debt; sluggish reopening of large oil refinery; environmentally susceptible to hurricanes; many informal industries

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

-2.15% (2020 est.)

2.78% (2019 est.)

1.9% (2018 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

42,200 (2021 est.)

Labor force - by occupation

agriculture: 1%

industry: 19%

services: 80% (2003 est.)

Unemployment rate

13.27% (2021 est.)

13.55% (2020 est.)

12.47% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 27%

male: 24.1%

female: 37.3% (2021 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 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Virgin Islands 2023 information contained here. All suggestions for corrections of any errors about Virgin Islands 2023 should be addressed to the CIA or the source cited on each page.