British Virgin Islands Economy - 2024

Economic overview

British Caribbean island territorial economy; strong tourism and services industries; vulnerable to hurricanes; navigating public debt insolvency since 2008 Crisis; considered a tax haven; high electrification costs; major rum exporter

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)

$1.38 billion (2018 est.)

Inflation rate (consumer prices)

4.2% (2022 est.)
2.8% (2021 est.)
0.4% (2020 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)

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

aircraft, recreational boats, ships, hydrogen, halogens (2021)

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