Economy of the United States Virgin Islands information
Charlotte Amalie Harbor, Saint Thomas, U.S. Virgin Islands
The economy of the United States Virgin Islands is primarily dependent upon tourism, trade, and other services, accounting for nearly 60% of the Virgin Island's GDP and about half of total civilian employment. Close to two million tourists per year visit the islands.[1] The government is the single largest employer. The agriculture sector is small, with most food being imported. The manufacturing sector consists of rum distilling, electronics, pharmaceuticals, and watch assembly.[2] Rum production is significant. Shipments during a six-month period of fiscal year 2016 totaled 8,136.6 million proof gallons.[1]
In mid February 2017, the USVI was facing a financial crisis due to a very high debt level of $2 billion and a structural budget deficit of $110 million. The government introduced a "sin tax" bill that would introduce or increase taxes on rum, beer, tobacco products and sugary drinks, as well as internet purchases and timeshare unit owners. Governor Kenneth Mapp issued an order that restricted the use of government-owned vehicles, put a freeze on non-essential hiring, suspended wage negotiations, and froze non-essential travel paid for by the GVI. He also suspended negotiated wage increases, including those ordered by the U.S. Appeals Court.[3][4][5]
This US territory uses US currency and its fiscal year is 1 October - 30 September.[6]
^ ab"U.S. Virgin Islands Economic Review - VI" (PDF). VI Bureau of Economic Research. VI Bureau of Economic Research. May 15, 2016. Archived from the original (PDF) on November 30, 2016. Retrieved February 15, 2017.
^"Central America and Caribbean - VIRGIN ISLANDS - Economy". CIA. CIA. 2014. Retrieved February 15, 2017.
^Shimel, Judy (February 16, 2017). "Governor Issues Hiring Freeze, Travel and Vehicle Restrictions; Awaits Agency Austerity Plans". St. John Tradewinds. St. John. Retrieved February 17, 2017.
^Baribeau, Simone (January 23, 2017). "United States Virgin Islands Risks Capsizing Under Weight Of Debt". Forbes. Retrieved February 15, 2017. How far behind is the United States Virgin Islands (USVI) from facing the same sort of financial crisis as Puerto Rico? Not very.
^Gilbert, Ernice (February 16, 2017). "GOVERNMENT HAS TWO DAYS CASH ON HAND LEFT, FINANCE COMMISSIONER REVEALS". VI Consortium. VI Consortium. Archived from the original on February 16, 2017. Retrieved February 16, 2017.
^"Loading..." www.usvifinance.info.
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