U.S Virgin Islands: Economy

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 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, support construction projects in the private sector, expand tourist facilities, and protect the environment.

GDP:	purchasing power parity - $1.8 billion (2000 est.)

GDP - real growth rate:

NA%

GDP - per capita:

purchasing power parity - $15,000 (2000 est.)

GDP - composition by sector:

agriculture:  NA% industry:  NA% services:  NA%

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%:  NA% highest 10%:  NA%

Inflation rate (consumer prices):

NA%

Labor force:

47,443 (1990 est.)

Labor force - by occupation:

agriculture 1%, industry 20%, services 79% (1990 est.)

Unemployment rate:

4.9% (March 1999)

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:

1.02 billion kWh (1999)

Electricity - production by source:

fossil fuel:  100% hydro:  0% nuclear:  0% other:  0% (1999)

Electricity - consumption:

948.6 million kWh (1999)

Electricity - exports:

0 kWh (1999)

Electricity - imports:

0 kWh (1999)

Agriculture - products:

fruit, vegetables, sorghum; Senepol cattle

Exports:

$NA

Exports - commodities:

refined petroleum products

Exports - partners:

US, Puerto Rico

Imports:

$NA

Imports - commodities:

crude oil, foodstuffs, consumer goods, building materials

Imports - partners:

US, Puerto Rico

Debt - external:

$NA

Economic aid - recipient:

$NA

Currency:

US dollar (USD)

Currency code:

USD

Exchange rates:

the US dollar is used

Fiscal year:

1 October - 30 September

Source: CIA World Factbook 2001
(In general, information available as of 1 January 2001 was used in the preparation of this edition.)

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