CIA Factbook The World Factbook 1994: British Virgin IslandsEconomy Overview: The economy, one of the most prosperous in the Caribbean area, is highly dependent on the tourist industry, which generates about 21% of the national income. In 1985 the government offered offshore registration to companies wishing to incorporate in the islands, and, in consequence, incorporation fees generated about $2 million in 1987. The economy slowed in 1991 because of the poor performances of the tourist sector and tight commercial bank credit. Livestock raising is the most significant agricultural activity. The islands' crops, limited by poor soils, are unable to meet food requirements. National product: GDP—purchasing power equivalent—$133 million (1991) National product real growth rate: 2% (1991) National product per capita: $10,600 (1991) Inflation rate (consumer prices): 2.5% (1990 est.) Unemployment rate: NEGL% (1992) Budget: • revenues: $51 million • expenditures: $88 million, including capital expenditures of $38 million (1991) Exports: $2.7 million (f.o.b., 1988) • commodities: rum, fresh fish, gravel, sand, fruits, animals • partners: Virgin Islands (US), Puerto Rico, US Imports: $11.5 million (c.i.f., 1988) • commodities: building materials, automobiles, foodstuffs, machinery • partners: Virgin Islands (US), Puerto Rico, US External debt: $4.5 million (1985) Industrial production: growth rate 4% (1985) Electricity: • capacity: 10,500 kW • production: 43 million kWh • consumption per capita: 3,510 kWh (1990) Industries: tourism, light industry, construction, rum, concrete block, offshore financial center Agriculture: livestock (including poultry), fish, fruit, vegetables Economic aid: $NA Currency: 1 United States dollar (US$)=100 cents Exchange rates: US currency is used Fiscal year: 1 April–31 March