The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism, generating an estimated 45% of the national income. An estimated 350,000 tourists, mainly from the US, visited the islands in 1998. Tourism suffered in 2002 because of the lackluster US economy. 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 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 traditionally close links with the US Virgin Islands, the British Virgin Islands has used the dollar as its currency since 1959.
Agriculture Products
fruits, vegetables; livestock, poultry; fish
Industries
tourism, light industry, construction, rum, concrete block, offshore financial center
Industrial Production Growth Rate
NA
Labor Force
4,911 (1980)
Electricity production
38.1 million kWh (2001)
Electricity Consumption
35.43 million kWh (2001)
Electricity Exports
0 kWh (2001)
Electricity Imports
0 kWh (2001)
Currency
US dollar (USD)
Unemployment Rate
3% (1995)
Population Below Poverty Line
NA
Household Income or Consumption by Percentage Share
Lowest 10%: NA
Highest 10%: NA
Budget
Revenues: $121.5 million
Expenditures: $115.5 million, including capital expenditures of NA (1997)
