GEOGRAPHICAL NAMES

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. 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.

GDP (purchasing power parity):
$853.4 million (2004 est.)
country comparison to the world: 209
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.095 billion (2008)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.6% (2008 est.)
country comparison to the world: 196
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$38,500 (2004 est.)
country comparison to the world: 28
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 11.7%
services: 87.3% (2012 est.)

Labor force:
12,770 (2004)
country comparison to the world: 214
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 40%
services: 59.4% (2005)

Unemployment rate:
3.6% (1997)
country comparison to the world: 30
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $300 million
[see also: Budget revenues country ranks ]
expenditures: $300 million (2012 est.)

Taxes and other revenues:
27.4% of GDP (2012 est.)
country comparison to the world: 115
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0% of GDP (2012 est.)
country comparison to the world: 40
[see also: Budget surplus (+) or deficit (-) country ranks ]

Inflation rate (consumer prices):
4% (2012 est.)
country comparison to the world: 118

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