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Virgin Islands Economy 2017
http://www.theodora.com/wfbcurrent/virgin_islands/virgin_islands_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Virgin Islands Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
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.

GDP (purchasing power parity):
$3.792 billion (2013 est.) $4.143 billion (2012 est.) $4.288 billion (2011 est.)
country comparison to the world: 179
[see also: GDP country ranks ]

GDP (official exchange rate):
$5.075 billion (2013)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-5.4% (2013 est.) -13.8% (2012 est.) -7.5% (2011 est.)
country comparison to the world: 218
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$36,100 (2013 est.) $39,300 (2012 est.) $40,500 (2011 est.)
country comparison to the world: 54
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 63.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 28%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed assets: 6.1%
investment in inventories: NA%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 69.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -66.9% (2013)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 78% (2012 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
fruit, vegetables, sorghum; Senepol cattle

Industries:
tourism, watch assembly, rum distilling, construction, pharmaceuticals, electronics

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Labor force:
50,580 (2012 est.)
country comparison to the world: 192
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
[see also: Labor force - by occupation - industry country ranks ]
services: 80% (2003 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
13% (2014)
country comparison to the world: 142
[see also: Unemployment rate country ranks ]

Population below poverty line:
28.9% (2002 est.)
[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%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $1.223 billion
[see also: Budget revenues country ranks ]
expenditures: $1.551 billion (2013)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
24.1% of GDP (2013)
country comparison to the world: 121
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.5% of GDP (2013)
country comparison to the world: 183
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
45.9% of GDP (2014)
country comparison to the world: 100
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
3.1% (2012)
country comparison to the world: 140
[see also: Inflation rate (consumer prices) country ranks ]

Exports:
$2.627 billion (2013) $3.339 billion (2012)
country comparison to the world: 134
[see also: Exports country ranks ]

Exports - commodities:
rum

Imports:
$2.694 billion (2013) $3.056 billion (2012)
country comparison to the world: 147
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, consumer goods, building materials

Debt - external:
$NA
[see also: Debt - external country ranks ]

Exchange rates:
the US dollar is used

NOTE: The information regarding Virgin Islands on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Virgin Islands Economy 2017 information contained here. All suggestions for corrections of any errors about Virgin Islands Economy 2017 should be addressed to the CIA.




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