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World > North America > Virgin Islands > Economy (Facts)

Virgin Islands - Economy (Facts)
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 - real growth rate: 2% (2002 est.)
GDP (purchasing power parity): $1.577 billion (2004 est.)
GDP (official exchange rate): NA
GDP - per capita (PPP): $14,500 (2004 est.)
GDP - composition by sector: agriculture: 1%
industry: 19%
services: 80% (2003 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 2.2% (2003)
Labor force: 43,980 (2004 est.)
Labor force - by occupation: agriculture: 1%
industry: 19%
services: 80% (2003 est.)
Unemployment rate: 6.2% (2004)
Budget: revenues: NA
expenditures: NA
Industries: tourism, petroleum refining, watch assembly, rum distilling, construction, pharmaceuticals, textiles, electronics
Industrial production growth rate: NA
Electricity - production: 980 million kWh (2004)
Electricity - consumption: 911.4 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
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
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: fruit, vegetables, sorghum; Senepol cattle
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)
Debt - external: NA
Economic aid - recipient: NA
Currency: US Dollar (USD)

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Currency code: USD
Exchange rates: the US dollar is used
Fiscal year: 1 October - 30 September


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Climate - Current Time - Ranking Positions - US Dollar Exchange Rates



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