Economy - overview The economy, one of the most prosperous in the Caribbean, is highly dependent on tourism, which generates an estimated 45% of the national income. In 1985, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues. An estimated 210,000 companies were on the offshore registry by yearend 1996. 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, is expected to make 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 traditional close links with the US Virgin Islands, the British Virgin Islands has used the dollar as their currency since 1959.

GDP purchasing power parity - $144 million (1996 est.)

GDP - real growth rate 4.5% (1996 est.)

GDP - per capita purchasing power parity - $11,000 (1996 est.)

GDP - composition by sector
agriculture: 3%
industry: 14%
services: 83% (1989)

Inflation rate - consumer price index 2.5% (1990 est.)

Labor force
total: 4,911 (1980)
by occupation: tourism NA%

Unemployment rate 3% (1995)

Budget
revenues: $77.1 million
expenditures: $76.4 million, including capital expenditures of $NA (FY93/94)

Industries tourism, light industry, construction, rum, concrete block, offshore financial center

Industrial production growth rate 4% (1985)

Electricity - capacity 13,000 kW (1995)

Electricity - production 42 million kWh (1995)

Electricity - consumption per capita 3,224 kWh (1995)

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

Exports
total value: $3.4 million (f.o.b., 1990)
commodities: rum, fresh fish, fruits, animals; gravel, sand
partners: Virgin Islands (US), Puerto Rico, US

Imports
total value: $11.5 million (c.i.f., 1988)
commodities: building materials, automobiles, foodstuffs, machinery
partners: Virgin Islands (US), Puerto Rico, US

Debt - external $4.5 million (1985)

Economic aid $NA

Currency 1 United States dollar (US$) = 100 cents

Exchange rates US currency is used

Fiscal year 1 April - 31 March

NOTE: The information regarding British Virgin Islands on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of British Virgin Islands Economy 1998 information contained here. All suggestions for corrections of any errors about British Virgin Islands Economy 1998 should be addressed to the CIA.