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.

GDP (purchasing power parity):
$853.4 million (2004 est.)

GDP (official exchange rate):
$1.095 billion (2003)

GDP - real growth rate:
-0.6% (2008 est.)

GDP - per capita (PPP):
$38,500 (2004 est.)

GDP - composition by sector:
agriculture: 0.9%
industry: 10.7%
services: 88.3% (1996 est.)

Labor force:
12,770 (2004)

Labor force - by occupation:
agriculture: 0.6%
industry: 40%
services: 59.4% (2005)

Unemployment rate:
3.6% (1997 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $204.7 million
expenditures: $180.4 million (2004)

Inflation rate (consumer prices):
7.1% (2008 est.) 2% (2005)

Agriculture - products:
fruits, vegetables; livestock, poultry; fish

Industries:
tourism, light industry, construction, rum, concrete block, offshore financial center

Industrial production growth rate:
NA%

Electricity - production:
45 million kWh (2007 est.)

Electricity - consumption:
41.85 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
1,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
691 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$134.3 million (1999 est.)

Exports:
$25.3 million (2002 est.)