Virgin Islands: Economy#

Tourism, trade, and other services are the primary economic activities, accounting for nearly 60% of the Virgin Island's GDP and about half of total civilian employment. The islands host nearly 3 million tourists per year, mostly from visiting cruise ships. The islands are vulnerable to damage from storms. The agriculture sector is small, with most food being imported. Industry and government each account for about one-fifth of GDP. The manufacturing sector consists of rum distilling, electronics, pharmaceuticals, and watch assembly. A refinery on St. Croix, one of the world’s largest, processed 350,000 barrels of crude oil a day until it was shut down in February 2012, after operating for 45 years.

Federal programs and grants, totaling $241.4 million in 2013, contributed 19.7% of the territory’s total revenues. The economy declined in 2013, due to decreases in exports resulting from the loss of refined oil products. Nevertheless, the economy remains relatively diversified. Along with a vibrant tourism industry, rum exports, trade, and services will be major income sources in future years.

Economic Facts#

GDP (purchasing power parity)$3.792 billion (2013 est.)
$4.143 billion (2012 est.)
$4.288 billion (2011 est.)
GDP (official exchange rate)$5.075 billion (2013)
GDP - real growth rate-5.4% (2013 est.)
-13.8% (2012 est.)
-7.5% (2011 est.)
GDP - per capita (PPP)$36,100 (2013 est.)
$39,300 (2012 est.)
$40,500 (2011 est.)
GDP - composition, by end usehousehold consumption: 63.6%
government consumption: 28%
investment in fixed assets: 6.1%
investment in inventories: NA%
exports of goods and services: 69.3%
imports of goods and services: -66.9% (2013)
GDP - composition, by sector of originagriculture: 2%
industry: 20%
services: 78% (2012 est.)
Agriculture - productsfruit, vegetables, sorghum; Senepol cattle
Industriestourism, watch assembly, rum distilling, construction, pharmaceuticals, electronics
Industrial production growth rateNA%
Labor force50,580 (2012 est.)
Labor force - by occupationagriculture: 1%
industry: 19%
services: 80% (2003 est.)
Unemployment rate13% (2014)
Population below poverty line28.9% (2002 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $1.223 billion
expenditures: $1.551 billion (2013)
Taxes and other revenues24.1% of GDP (2013)
Budget surplus (+) or deficit (-)-6.5% of GDP (2013)
Public debt45.9% of GDP (2014)
Fiscal year1 October - 30 September
Inflation rate (consumer prices)3.1% (2012)
Exports$2.627 billion (2013)
$3.339 billion (2012)
Exports - commoditiesrum
Imports$2.694 billion (2013)
$3.056 billion (2012)
Imports - commoditiesfoodstuffs, consumer goods, building materials
Debt - external$NA
Exchange ratesthe US dollar is used