Virgin Islands Economy 2007

Economy - overview:
Tourism is the primary economic activity, accounting for 80% of GDP and employment. The islands hosted 2.6 million visitors in 2005. The manufacturing sector consists of petroleum refining, textiles, electronics, pharmaceuticals, and watch assembly. One of the world's largest petroleum refineries is at Saint Croix. The agricultural sector is small, with most food being imported. International business and financial services are small but growing components of the economy. The islands are vulnerable to substantial damage from storms. The government is working to improve fiscal discipline, to support construction projects in the private sector, to expand tourist facilities, to reduce crime, and to protect the environment.

GDP (purchasing power parity):
$1.577 billion (2004 est.)

GDP (official exchange rate):
$NA

GDP - real growth rate:
2% (2002 est.)

GDP - per capita (PPP):
$14,500 (2004 est.)

GDP - composition by sector:
agriculture: 1%
industry: 19%
services: 80% (2003 est.)

Labor force:
43,980 (2004 est.)

Labor force - by occupation:
agriculture: 1%
industry: 19%
services: 80% (2003 est.)

Unemployment rate:
6.2% (2004)

Population below poverty line:
NA% (2002)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
2.2% (2003)

Budget:
revenues: $NA
expenditures: $NA

Agriculture - products:
fruit, vegetables, sorghum; Senepol cattle

Industries:
tourism, petroleum refining, watch assembly, rum distilling, construction, pharmaceuticals, textiles, electronics

Industrial production growth rate:
NA%

Electricity - production:
996.1 million kWh (2005)

Electricity - consumption:
926.4 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
17,110 bbl/day (2004 est.)

Oil - consumption:
115,000 bbl/day (2004 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Oil - proved reserves:
0 bbl (1 January 2006)

Natural gas - production:
0 cu m (2005 est.)

Natural gas - consumption:
0 cu m (2005 est.)

Exports:
$4.234 billion (2001)

Exports - commodities:
refined petroleum products

Exports - partners:
US, Puerto Rico (2006)

Imports:
$4.609 billion (2001)

Imports - commodities:
crude oil, foodstuffs, consumer goods, building materials

Imports - partners:
US, Puerto Rico (2006)

Economic aid - recipient:
$NA

Debt - external:
$NA

Currency (code):
US dollar (USD)

Exchange rates:
the US dollar is used