Virgin Islands Economy - 2024

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.)

Unemployment rate

13.27% (2021 est.)
13.55% (2020 est.)
12.47% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 27% (2021 est.)

male: 24.1%

female: 37.3%

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