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British Virgin Islands Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











British Virgin Islands Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

Economy - overview:
The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism, which generates an estimated 45% of the national income. More than 934,000 tourists, mainly from the US, visited the islands in 2008. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959.

Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements.

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.

GDP (purchasing power parity):
$500 million (2017 est.)
$490.2 million (2016 est.)
$481.1 million (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 213
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.028 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2% (2017 est.)
1.9% (2016 est.)
1.8% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 149
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$34,200 (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 59
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 25.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 7.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.7% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 20.4% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 94.7% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -69.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.2% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 6.8% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 93.1% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
fruits, vegetables; livestock, poultry; fish

Industries:
tourism, light industry, construction, rum, concrete block, offshore banking center

Industrial production growth rate:
1.1% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 152
[see also: Industrial production growth rate country ranks ]

Labor force:
12,770 (2004)
country comparison to the world (CIA rank, may be based on non-current data): 215
[see also: Labor force country ranks ]

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

Unemployment rate:
2.9% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 32
[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
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 400 million (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 400 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
38.9% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 50
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 44
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
1.1% (2017 est.)
1.1% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 56
[see also: Inflation rate (consumer prices) country ranks ]

Current account balance:
$362.6 million (2011 est.)
$279.8 million (2010 est.)
country comparison to the world (CIA rank, may be based on non-current data): 57
[see also: Current account balance country ranks ]

Exports:
$23 million (2017 est.)
$23 million (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 209
[see also: Exports country ranks ]

Exports - commodities:
rum, fresh fish, fruits, animals; gravel, sand

Imports:
$300 million NA (2017 est.)
$210 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 204
[see also: Imports country ranks ]

Imports - commodities:
building materials, automobiles, foodstuffs, machinery

Debt - external:
$36.1 million (1997)
country comparison to the world (CIA rank, may be based on non-current data): 198
[see also: Debt - external country ranks ]

Exchange rates:

the US dollar is used


NOTE: 1) The information regarding British Virgin Islands on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of British Virgin Islands Economy 2020 information contained here. All suggestions for corrections of any errors about British Virgin Islands Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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