Economy of the United States Virgin Islands. This territory uses US currency and the fiscal year is 1 October - 3. September.[1]Tourism, trade, and other services are the primary economic activities, accounting for nearly 6. Virgin Island's GDP and about half of total civilian employment.

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Close to two million tourists per year visit the islands.[2] 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.[3] Rum production is significant. Shipments during a six- month period of fiscal year 2.

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Highlights the region's major crops plus legislative, environmental and regulatory issues that affect farmers in the Delta region who harvest cotton, soybeans, rice.

In mid February 2. USVI was facing a financial crisis due to a very high debt level of $2 billion and a structural budget deficit of $1.

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.[5][6][7]Economic history[edit]During the slave days of what was then the Danish West Indies, the islands cultivated cash crops to earn money. On July 3, 1. 84. Peter von Scholten granted the slaves emancipation, which was against the wishes of Danish Crown.

Although some plantation owners refused to accept the abolition, some 5,0. In that era, slaves labored mainly on sugar plantations. Other crops included cotton and indigo. Over the following years, strict labor laws were implemented several times, leading planters to abandon their estates, causing a significant drop in population and the overall economy.

In the late 1. 80. After the US purchased the islands from Denmark in 1. By 1. 97. 0, the economy had been boosted due to tourism and manufacturing.[9] Tourims started to increase more significantly in the 1. New hotels, restaurants and shops began to be built; this led to more jobs and an influx of immigrants which increased the population.[1. The HOVENSA oil refinery stopped exporting petroleum products in 2. In the final year of full refinery operations, the value of exported petroleum products was $1. The islands also receive cover- over revenues, which generated approximately $1.

Virgin Islands in 2. Federal excise taxes collected on rum and other distilled spirits are rebated, or covered over, to the government of the Virgin Islands. In 2. 01. 3, federal programs and grants of $2. Major banks have branches on St. Thomas, St. John and St.

Croix. These include Citibank, Banco Popular de Puerto Rico, The Bank of Nova Scotia, First Bank and Virgin Islands Community Bank.[1. Major airlines travel to and from St. Thomas and St. Croix.[1. Tourism[edit]The tourism industry is the main industry, generating a substantial portion of the GDP and much of the islands' employment.[1. Nearly 3 million tourists per year visit (2. Some 9. 3 percent of tourists are from other areas of the US.[1.

The number of tourists may increase in 2. Tourism department for travelers who stay for at least three nights this year. Other specific rules also apply.[1. An industry (World Travel & Tourism Council) publication indicates that money spent by foreign visitors totaled $1,3.

According to this report, Travel & Tourism generated 5,0. GDP. (This includes employment by hotels, travel agents, airlines and other passenger transportation services. It also includes the activities of the restaurant and leisure industries directly supported by tourists.) The total contribution of Travel & Tourism to GDP (including wider effects from investment) was 1.

GDP).[2. 0]These figures on employment are lower than the estimated by some other agencies' for the tourism industry based on their own research. However, agencies differ as to the types of jobs they classify as being in tourism.) For example, Euromonitor indicates that over 5.

The latest data (May 2. Bureau of Economic Research indicates that there were 3. This report states that the "leisure and hospitality sector" employed an average of 7,3. However, the retail trade sector, which also serves many tourists, averaged another 5,9. Other categories which also include some tourism jobs include Arts and Entertainment (7. Accommodation & Food (6,5. Accommodation (3.

Food Services & Drink (2,7. When those are totaled, it is clear that a large percentage of the 3. Watch Goal! Online more. Job market[edit]According to the CIA's research, the service sector - tourism, trade, and other services - were the primary economic activities, accounting for most the Virgin Island's GDP and about 8. More recent data is not available from this source.) The primary industries in 2. The local workforce totaled 5. The last watch assembly facilities, however, closed in 2. The report from the VI Bureau of Economic Research calculates that the labor force totaled 4.

The unemployment rate was 1. Some 2. 9 percent were employed by the public sector, making it the largest employer. Watch Safelight Online Metacritic on this page.

The May 2. 01. 6 report does not discuss the massive debt and provides this outlook: "The economy will continue on its present course of mild improvements with the major contributions coming from tourism, manufacture and construction In addition, several initiatives are being undertaken by Government .. However, a strong recovery of private sector demand, including consumer and investment spending, is required to give momentum to the recovery that brings the economy back to its pre- recession growth."[2. Manufacturing and other sectors[edit]Manufacturing industries developed significantly in the 1. St. Croix island. Most industries depend of tax concessions and the financial advantages they derive from being a U.

S. territory. An alumina factory processed bauxite until December 2. The Hovensa oil refinery produced 4. February 2. 01. 2.[2. Analysts reviewing the economy often point to the closure of the Hovensa oil refinery which had been the islands’ largest private sector employer. This certainly did affect the local economy, leaving 2,2. In the final year of full refinery operations, the value of exported petroleum products was $1.

The islands' exports dropped after the 2. However, imports dropped as well, from $3. In late 2. 01. 3, the Reserve Bank of New York’s Research and Statistics Group pointed out that manufacturing employment dropped by 5. May 2. 01. 2, and by another 4 percent by November 2. GDP fell by 1. 3 percent, "mainly due to an 8.

On the other hand, tourism and some other service industries were growing in 2. The CIA's World Factbook stated that in 2. Along with a vibrant tourism industry, rum exports, trade, and services will be major income sources in future years".[3. A New York based research group made the following comment in late 2. Looking ahead, we note that the tropical weather and picturesque beaches will continue to draw tourists, and natural resources bode well for rum production. However, the group also added that "it may also be worthwhile to look at the physical infrastructure and human capital built up over the years, with an eye toward using it for other types of productive economic activity".[3. The latest (May 2.

By comparison, there were 1,4. Internet and cell service[edit]With the help of funding from the American Recovery and Reinvestment Act of 2. Virgin Islands Next Generation Network (a government- owned subsidiary)[3. Today, broadband service is readily available via wireless and cable.

Cellular phone service is also widely available on all four islands from several providers.[3. Watch Operation Rogue Dailymotion here. Financial challenges[edit]A May 2.

Bloomberg expressed concern about the islands debt load."In terms of the debt load, on a per- capita basis, on an income basis, it’s high,” said Marcy Block, a Fitch analyst. The government believes it will be able to replay the loans.