British Virgin Islands Economy

Is British Virgin Islands a rich country?

The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism, which generates an estimated 45% of the national income. More than 934,000 tourists, mainly from the US, visited the islands in 2008. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959.

Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements.

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 the investigation of criminal offenses, made the British Virgin Islands even more attractive to international business.

British Virgin Islands Economy Data

What is the GDP of British Virgin Islands?

Currency Name and Code US Dollar (USD)
GDP - Gross Domestic Product (PPP) $500,000,000 (USD)
GDP - official exchange rate $1,095,000,000 (USD)
GDP - real growth rate 1.3%
GDP Per Capita $42,300.00 (USD)
GDP by Sector- agriculture 1%
GDP by Sector- Industry 11.1%
GDP by Sector- services 87.9%
GDP - composition, by end use Household Consumption: 68.9%

Government Consumption: 8.9%

Investment in Fixed Capital: 25%

Investment in Inventories: 0%

Exports of Goods and Services: 91.8%

Imports of Goods and Services: -94.6%
Inflation Rate 1.1%
Labor Force 12,770
Labor Force By Occupation- agriculture 0.6%
Labor Force By Occupation- industry 40%
Labor Force By Occupation- services 59.4%
Unemployment Rate 8.7%
Fiscal Year 1 April - 31 March
Annual Budget $300,000,000 (USD)
Taxes and other revenues - percent of GDP 27.4%
Major Industries Tourism, light industry, construction, rum, concrete block, offshore banking center
Industrial Growth Rate 2.2%
Agriculture Products Fruits, vegetables; livestock, poultry; fish

Labor Force by Occupation- As reported by British Virgin Islands

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