Economy - overview:
Tourism is the primary economic activity, accounting for 80% of GDP and employment. The islands hosted 2.6 million visitors in 2005. The manufacturing sector consists of petroleum refining, rum distilling, textiles, electronics, pharmaceuticals, and watch assembly. One of the world's largest petroleum refineries is at Saint Croix. The agricultural sector is small, with most food being imported. International business and financial services are small but growing components of the economy. The islands are vulnerable to substantial damage from storms. The government is working to improve fiscal discipline, to support construction projects in the private sector, to expand tourist facilities, to reduce crime, and to protect the environment.
GDP (purchasing power parity):
$1.577 billion (2004 est.)
GDP (official exchange rate):
$NA
GDP - real growth rate:
2% (2002 est.)
GDP - per capita (PPP):
$14,500 (2004 est.)
GDP - composition by sector:
agriculture: 1%
industry: 19%
services: 80% (2003 est.)
Labor force:
43,980 (2004 est.)
Labor force - by occupation:
agriculture: 1%
industry: 19%
services: 80% (2003 est.)
Unemployment rate:
6.2% (2004)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $837 million
expenditures: $837 million (FY08/09)
Inflation rate (consumer prices):
2.2% (2003)
Agriculture - products:
fruit, vegetables, sorghum; Senepol cattle
Industries:
tourism, petroleum refining, watch assembly, rum distilling, construction, pharmaceuticals, textiles, electronics
Industrial production growth rate:
NA%
Electricity - production:
960 million kWh (2006 est.)
Electricity - consumption:
892.8 million kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
0 kWh (2007 est.)
Oil - production:
17,620 bbl/day (2007 est.)
Oil - consumption:
91,680 bbl/day (2007 est.)
Oil - exports:
398,500 bbl/day (2005)
Oil - imports:
492,300 bbl/day (2005)
Oil - proved reserves:
NA bbl
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
0 cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
Exports:
$4.234 billion (2001)
Exports - commodities:
refined petroleum products
Imports:
$4.609 billion f.o.b. (2001)
Imports - commodities:
crude oil, foodstuffs, consumer goods, building materials
Debt - external:
$NA
Exchange rates:
the US dollar is used
