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Virgin Islands Economy 1998 https://greekorthodoxchurch.org/wfb1998/virgin_islands/virgin_islands_economy.html SOURCE: 1998 CIA WORLD FACTBOOK 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 number of US tourists in the first five months of 1996 was down by 55% from the same period in 1995, the lingering result of the fierce hurricanes of 1995. Unemployment rose sharply in 1996. The manufacturing sector consists of textile, electronics, pharmaceutical, and watch assembly plants. The agricultural sector is small, 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. A major economic problem at the beginning of 1997 was the more than $1 billion in governmental arrears, in income tax refunds, payments to vendors, and overdue wages. GDP purchasing power parity - $1.2 billion (1987 est.) GDP - real growth rate NA% GDP - per capita purchasing power parity - $12,500 (1987 est.) GDP - composition by sector
Inflation rate - consumer price index NA% Labor force
Unemployment rate 6.2% (March 1994) Budget
Industries tourism, petroleum refining, watch assembly, rum distilling, construction, pharmaceuticals, textiles, electronics Industrial production growth rate NA% Electricity - capacity 316 million kW (1995) Electricity - production 1 billion kWh (1995) Electricity - consumption per capita 10,285 kWh (1995) Agriculture - products truck garden products, fruit, vegetables, sorghum; Senepol cattle Exports
Imports
Debt - external $NA Economic aid $NA Currency 1 United States dollar (US$) = 100 cents Exchange rates US currency is used Fiscal year
1 October - 30 September
NOTE: The information regarding Virgin Islands on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Virgin Islands Economy 1998 information contained here. All suggestions for corrections of any errors about Virgin Islands Economy 1998 should be addressed to the CIA. |