gal and structural reforms
called for in the agreement.

Virgin Islands
Tourism is the primary economic activity, accounting
for 80% of GDP and employment. The islands normally host 2 million
visitors a year. The manufacturing sector consists of petroleum
refining, textiles, electronics, pharmaceuticals, and watch
assembly. The agricultural sector is small, with most food being
imported. International business and financial services are a small
but growing component of the economy. One of the world's largest
petroleum refineries is at Saint Croix. The islands are subject 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.

Wake Island
Economic activity is limited to providing services to
contractors located on the island. All food and manufactured goods
must be imported.

Wallis and Futuna
The economy is limited to traditional subsistence
agriculture, with about 80% labor force earnings from agriculture
(coconuts and vegetables), livestock (mostly pigs), and fishing.
About 4% of the population is employed in government. Revenues come
from French Government subsidies, licensing of fishing rights to
Japan and South Korea, import taxes, and remittances from expatriate
workers in New Caledonia.

West Bank
Real per capita GDP for the West Bank and Gaza Strip
(WBGS) declined by about one-third between 1992 and 1996 due to the
combined effect of falling aggregate incomes and rapid population
growth. The downturn in economic activity was largely the result of
Israeli closure policies - the imposition of border closures in
response to security incidents in Israel - which disrupted labor and
commodity market relationships between Israel and the WBGS. The most
serious social effect of this downturn was rising unemployment,
which in the WBGS during the 1980s was generally under 5%; by 1995
it had risen to over 20%. Israel's use of comprehensive closures
during the next three years decreased and, in 1998, Israel
implemented new policies to reduce the impact of closures and other
security procedures on the movement of Palestinian goods and labor.
These changes fueled an almost three-year-long economic recovery in
the West Bank and Gaza Strip; real GDP grew by 5% in 1998 and 6% in