Virgin Islands Economy - 2004

Economy - overview:
Tourism is the primary economic activity, accounting for 80% of GDP and employment. The islands normally host 2 million visitors a year. The manufacturing sector consists of petroleum refining, textiles, electronics, pharmaceuticals, and watch assembly. The agricultural sector is small, with 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. The islands are subject to substantial damage from storms. The government is working to improve fiscal discipline, to support construction projects in the private sector, to expand tourist facilities, to reduce crime, and to protect the environment.

GDP:
purchasing power parity - $2.4 billion (2001 est.)

GDP - real growth rate:
2% (2001 est.)

GDP - per capita:
purchasing power parity - $19,000 (2001 est.)

GDP - composition by sector:
agriculture: 1%
industry: 19%
services: 80% (2003 est.)

Population below poverty line:
NA%

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

Inflation rate (consumer prices):
2% (1992)

Labor force:
49,000 (2002 est.)

Labor force - by occupation:
agriculture 1%, industry 19%, services 80% (2003 est.)

Unemployment rate:
8.7% (2002 est.)

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 - production:
1.03 billion kWh (2001)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%

Electricity - consumption:
957.9 million kWh (2001)

Electricity - exports:
0 kWh (2001)

Electricity - imports:
0 kWh (2001)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
66,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

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

Exports:
$NA (2002 est.)

Exports - commodities:
refined petroleum products

Exports - partners:
US, Puerto Rico

Imports:
$NA (2002 est.)

Imports - commodities:
crude oil, foodstuffs, consumer goods, building materials

Imports - partners:
US, Puerto Rico

Debt - external:
$NA (2002 est.)

Economic aid - recipient:
$NA

Currency:
US dollar (USD)

Currency code:
USD

Exchange rates:
the US dollar is used