British Virgin Islands: Economy#

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. More than 934,000 tourists, mainly from the US, visited the islands in 2008. 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, made 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 US dollar as its currency since 1959.

Economic Facts#

GDP (purchasing power parity)$500 million (2010 est.)
GDP - real growth rate1.3% (2010 est.)
-0.6% (2008 est.)
GDP - per capita (PPP)$42,300 (2010 est.)
GDP - composition, by sector of originagriculture: 1.1%
industry: 11.7%
services: 87.2% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 0.6%
industry: 40%
services: 59.4% (2005)
Exports - commoditiesrum, fresh fish, fruits, animals; gravel, sand
Agriculture - productsfruits, vegetables; livestock, poultry; fish
Budgetrevenues: $300 million
expenditures: $300 million (2013 est.)
Imports - commoditiesbuilding materials, automobiles, foodstuffs, machinery
Exchange ratesthe US dollar is used
Exports$26 million (2012 est.)
$25 million (2011 est.)
Debt - external$36.1 million (1997)
Fiscal year1 April - 31 March
Imports$310 million (2012 est.)
$320 million (2011 est.)
Industrial production growth rate3% (2013 est.)
Industriestourism, light industry, construction, rum, concrete block, offshore banking center
Inflation rate (consumer prices)1.6% (2013 est.)
2.2% (2012 est.)
Labor force12,770 (2004)
Unemployment rate8.7% (2010 est.)
Current account balance$362.6 million (2010 est.)
$279.8 million (2010 est.)
GDP (official exchange rate)$1.095 billion (2008)
Taxes and other revenues27.4% of GDP (2013 est.)
Budget surplus (+) or deficit (-)0% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 34.1%
government consumption: 8.3%
investment in fixed capital: 23.7%
investment in inventories: 0%
exports of goods and services: 107.8%
imports of goods and services: -73.9%
(2013 est.)