Economy

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