Virgin Islands: Economy#
Tourism, trade, and other services are the primary economic activities, accounting for nearly 60% of the Virgin Island's GDP and about half of total civilian employment. The islands host nearly 3 million tourists per year, mostly from visiting cruise ships. The islands are vulnerable to damage from storms. The agriculture sector is small, with most food being imported. Industry and government each account for about one-fifth of GDP. The manufacturing sector consists of rum distilling, electronics, pharmaceuticals, and watch assembly. A refinery on St. Croix, one of the world’s largest, processed 350,000 barrels of crude oil a day until it was shut down in February 2012, after operating for 45 years.Federal programs and grants, totaling $241.4 million in 2013, contributed 19.7% of the territory’s total revenues. The economy declined in 2013, due to decreases in exports resulting from the loss of refined oil products. Nevertheless, the economy remains relatively diversified. Along with a vibrant tourism industry, rum exports, trade, and services will be major income sources in future years.
Economic Facts#
| GDP (purchasing power parity) | $3.792 billion (2013 est.) $4.143 billion (2012 est.) $4.288 billion (2011 est.) |
|---|---|
| GDP (official exchange rate) | $5.075 billion (2013) |
| GDP - real growth rate | -5.4% (2013 est.) -13.8% (2012 est.) -7.5% (2011 est.) |
| GDP - per capita (PPP) | $36,100 (2013 est.) $39,300 (2012 est.) $40,500 (2011 est.) |
| GDP - composition, by end use | household consumption: 63.6% government consumption: 28% investment in fixed assets: 6.1% investment in inventories: NA% exports of goods and services: 69.3% imports of goods and services: -66.9% (2013) |
| GDP - composition, by sector of origin | agriculture: 2% industry: 20% services: 78% (2012 est.) |
| Agriculture - products | fruit, vegetables, sorghum; Senepol cattle |
| Industries | tourism, watch assembly, rum distilling, construction, pharmaceuticals, electronics |
| Industrial production growth rate | NA% |
| Labor force | 50,580 (2012 est.) |
| Labor force - by occupation | agriculture: 1% industry: 19% services: 80% (2003 est.) |
| Unemployment rate | 13% (2014) |
| Population below poverty line | 28.9% (2002 est.) |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Budget | revenues: $1.223 billion expenditures: $1.551 billion (2013) |
| Taxes and other revenues | 24.1% of GDP (2013) |
| Budget surplus (+) or deficit (-) | -6.5% of GDP (2013) |
| Public debt | 45.9% of GDP (2014) |
| Fiscal year | 1 October - 30 September |
| Inflation rate (consumer prices) | 3.1% (2012) |
| Exports | $2.627 billion (2013) $3.339 billion (2012) |
| Exports - commodities | rum |
| Imports | $2.694 billion (2013) $3.056 billion (2012) |
| Imports - commodities | foodstuffs, consumer goods, building materials |
| Debt - external | $NA |
| Exchange rates | the US dollar is used |