Economy Overview
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. More than 934,000 tourists, mainly from the US, visited the islands in 2008. 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, made 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 US 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
12,770 (2004)country comparison to the world: 213
Electricity production
45 million kWh (2007 est.)country comparison to the world: 198
Electricity Consumption
41.85 million kWh (2007 est.)country comparison to the world: 198
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
0 kWh (2008 est.)
Unemployment Rate
3.6% (1997)country comparison to the world: 29
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$36.1 million (1997)country comparison to the world: 188
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
the US dollar is used
