|
Economy - overview:
|
The economy, one of the most
stable and prosperous in the Caribbean, is highly dependent on tourism,
generating an estimated 45% of the national income. An estimated 350,000
tourists, mainly from the US, visited the islands in 1998. In the mid-1980s,
the government began offering offshore registration to companies wishing to
incorporate in the islands, and incorporation fees now generate substantial
revenues. Roughly 400,000 companies were on the offshore registry by yearend
2000. The adoption of a comprehensive insurance law in late 1994, which
provides a blanket of confidentiality with regulated statutory gateways for
investigation of criminal offenses, is expected to make the British Virgin
Islands even more attractive to international business. Livestock raising is
the most important agricultural activity; poor soils limit the islands'
ability to meet domestic food requirements. Because of traditionally close
links with the US Virgin Islands, the British Virgin Islands has used the
dollar as its currency since 1959. |
|
GDP:
|
purchasing power parity -
$311 million (2000 est.) |
|
GDP - real growth rate:
|
4%
|
|
GDP - per capita:
|
purchasing power parity -
$16,000 (2000 est.) |
|
GDP - composition by sector:
|
agriculture: 2%
industry: 6%
services: 92% |
|
Population below poverty line:
|
NA%
|
|
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
|
Inflation rate (consumer prices):
|
3% (2000)
|
|
Labor force:
|
4,911 (1980)
|
|
Labor force - by occupation:
|
agriculture NA%, industry
NA%, services NA% |
|
Unemployment rate:
|
3% (1995)
|
|
Budget:
|
revenues: $121.5
million
expenditures: $115.5 million, including capital expenditures of $NA
(1997) |
|
Industries:
|
tourism, light industry,
construction, rum, concrete block, offshore financial center |
|
Industrial production growth rate:
|
4% (1985)
|
|
Electricity - production:
|
42 million kWh (1999)
|
|
Electricity - production by source:
|
fossil fuel: 100%
hydro: 0%
other: 0% (1999)
nuclear: 0% |
|
Electricity - consumption:
|
39.1 million kWh (1999)
|
|
Electricity - exports:
|
0 kWh (1999)
|
|
Electricity - imports:
|
0 kWh (1999)
|
|
Agriculture - products:
|
fruits, vegetables;
livestock, poultry; fish |
|
Exports:
|
$6.2 million
|
|
Exports - commodities:
|
rum, fresh fish, fruits,
animals; gravel, sand |
|
Exports - partners:
|
Virgin Islands (US), Puerto
Rico, US |
|
Imports:
|
$230 million
|
|
Imports - commodities:
|
building materials,
automobiles, foodstuffs, machinery |
|
Imports - partners:
|
Virgin Islands (US), Puerto
Rico, US |
|
Debt - external:
|
$36.1 million (1997)
|
|
Economic aid - recipient:
|
NA
|
|
Currency:
|
US dollar (USD)
|
|
Currency code:
|
USD
|
|
Exchange rates:
|
the US dollar is used
|
|
Fiscal year:
|
1 April - 31 March
|
