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    Virgin Islands Index 2005

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    Virgin Islands Economy - 2005

      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.

      purchasing power parity - $2.5 billion (2002 est.)

      GDP - real growth rate:
      2% (2002 est.)

      GDP - per capita:
      purchasing power parity - $17,200 (2002 est.)

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

      Labor force:
      48,900 (2003 est.)

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

      Unemployment rate:
      9.3% (2003 est.)

      Population below poverty line:

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

      Inflation rate (consumer prices):
      2.2% (2003)

      revenues: $560
      expenditures: NA (2003)

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

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

      Industrial production growth rate:

      Electricity - production:
      1.035 billion kWh (2002)

      Electricity - consumption:
      962.6 million kWh (2002)

      Electricity - exports:
      0 kWh (2002)

      Electricity - imports:
      0 kWh (2002)

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

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

      Oil - exports:

      Oil - imports:


      Exports - commodities:
      refined petroleum products

      Exports - partners:
      US, Puerto Rico


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

      Imports - partners:
      US, Puerto Rico

      Debt - external:

      Economic aid - recipient:

      Currency (code):
      US dollar (USD)

      Exchange rates:
      the US dollar is used

      Fiscal year:
      1 October - 30 September

      NOTE: The information regarding Virgin Islands on this page is re-published from the 2005 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Virgin Islands Economy 2005 information contained here. All suggestions for corrections of any errors about Virgin Islands Economy 2005 should be addressed to the CIA.

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    Revised 16-Feb-06
    Copyright © 2005 Photius Coutsoukis (all rights reserved)