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    Virgin Islands Economy 1997

      Economy - overview Tourism is the primary economic activity, accounting for more than 70%of GDP and 70% of employment. The number of US tourists in the first five months of 1996 was down by 55% from the same period in 1995, the lingeringresult 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 beingimported. International business and financial services are a small but growingcomponent of the economy. One of the world's largest petroleum refineriesis at Saint Croix. A major economic problem at the beginning of 1997 was themore than $1 billion in governmental arrears, in income tax refunds, paymentsto 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
      agriculture: NA%
      industry: NA%
      services : NA%

      Inflation rate - consumer price index NA%

      Labor force
      total: 47,443 (1990 est.)
      by occupation: agriculture, industry, services, other (1990 est.)

      Unemployment rate 6.2% (March 1994)

      revenues: $364.4 million
      expenditures : $364.4 million, including capital expenditures of $NA (1990 est.)

      Industries tourism, petroleum refining, watch assembly, rum distilling, construction,pharmaceuticals, textiles, electronics

      Industrial production growth rate 12% (year NA)

      Electricity - capacity NA kW

      Electricity - production 990 million kWh (1994)

      Electricity - consumption per capita 9,565 kWh (1995 est.)

      Agriculture - products truck garden products, fruit, vegetables, sorghum; Senepol cattle

      total value: $1.8 billion (f.o.b., 1992)
      commodities : refined petroleum products
      partners: US, Puerto Rico

      total value: $2.2 billion (c.i.f., 1992)
      commodities: crude oil, foodstuffs, consumer goods, building materials
      partners: US, Puerto Rico

      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 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Virgin Islands Economy 1997 information contained here. All suggestions for corrections of any errors about Virgin Islands Economy 1997 should be addressed to the CIA.

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    Revised 06-Mar-02
    Copyright © 2002 Photius Coutsoukis (all rights reserved)