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. An estimated 350,000 tourists, mainly from the US, visited the islands in 1998. 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, 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 traditionally close links with the US Virgin Islands, the British Virgin Islands has used the dollar as its currency since 1959.

GDP purchasing power parity - $311 million (2000 est.)

GDP - real growth rate 4.4% (2000 est.)

GDP - per capita purchasing power parity - $16,000 (2000 est.)

GDP - composition by sector
agriculture: 1.8%
industry: 6.2%
services: 92% (1996 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 3.3% (2000)

Labor force 4,911 (1980)

Labor force - by occupation agriculture NA%, industry NA%, services NA%

Unemployment rate 3% (1995)

Budget
revenues: $121.5 million
expenditures: $115.5 million, including capital expenditures of $NA (1997)

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

Industrial production growth rate 4% (1985)

Electricity - production 42 million kWh (1999)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (1999)
nuclear: 0%

Electricity - consumption 39.1 million kWh (1999)

Electricity - exports 0 kWh (1999)

Electricity - imports 0 kWh (1999)

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

Exports $6.2 million (2000 est.)

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

Exports - partners Virgin Islands (US), Puerto Rico, US

Imports $230 million (2000 est.)

Imports - commodities building materials, automobiles, foodstuffs, machinery

Imports - partners Virgin Islands (US), Puerto Rico, US

Debt - external $36.1 million (1997)

Economic aid - recipient NA

Currency US dollar (USD)

Currency code USD

Exchange rates the US dollar is used

Fiscal year 1 April - 31 March

NOTE: The information regarding British Virgin Islands on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of British Virgin Islands Economy 2002 information contained here. All suggestions for corrections of any errors about British Virgin Islands Economy 2002 should be addressed to the CIA.