Economy - overview Tourism is the primary economic activity, accounting for more than 70% of GDP and 70% of employment. The islands normally host 2 million visitors a year. The number of US tourists in the first five months of 1996 was down by 55% from the same period in 1995, the lingering result of the fierce hurricanes of 1995. Unemployment rose sharply in 1996. The manufacturing sector consists of textile, electronics, pharmaceutical, and watch assembly plants. The agricultural sector is small, most food being imported. International business and financial services are a small but growing component of the economy. One of the world's largest petroleum refineries is at Saint Croix. A major economic problem at the beginning of 1997 was the more than $1 billion in governmental arrears, in income tax refunds, payments to vendors, and overdue wages.

GDP purchasing power parity - $1.2 billion (1987 est.)

GDP - real growth rate NA%

GDP - per capita purchasing power parity - $12,500 (1987 est.)

GDP - composition by sector
agriculture: NA%
industry: NA%
services: NA%

Inflation rate - consumer price index NA%

Labor force
total: 47,443 (1990 est.)
by occupation: agriculture 1%, industry 20%, services 62%, other 17% (1990)

Unemployment rate 6.2% (March 1994)

Budget
revenues: $364.4 million
expenditures: $364.4 million, including capital expenditures of $NA (1990 est.)

Industries tourism, petroleum refining, watch assembly, rum distilling, construction, pharmaceuticals, textiles, electronics

Industrial production growth rate NA%

Electricity - capacity 316 million kW (1995)

Electricity - production 1 billion kWh (1995)

Electricity - consumption per capita 10,285 kWh (1995)

Agriculture - products truck garden products, fruit, vegetables, sorghum; Senepol cattle

Exports
total value: $1.8 billion (f.o.b., 1992)
commodities: refined petroleum products
partners: US, Puerto Rico

Imports
total value: $2.2 billion (c.i.f., 1992)
commodities: crude oil, foodstuffs, consumer goods, building materials
partners: US, Puerto Rico

Debt - external $NA

Economic aid $NA

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

Exchange rates US currency is used

Fiscal year 1 October - 30 September

NOTE: The information regarding 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 Virgin Islands Economy 1998 information contained here. All suggestions for corrections of any errors about Virgin Islands Economy 1998 should be addressed to the CIA.