oole DAVIS

International organization participation: ECLAC (associate), IOC

Diplomatic representation in the US: none (territory of the US)

Diplomatic representation from the US: none (territory of the US)

Flag description: white with a modified US coat of arms in the center
between the large blue initials V and I; the coat of arms shows a
yellow eagle holding an olive branch in one talon and three arrows in
the other with a superimposed shield of vertical red and white stripes
below a blue panel

Economy

Economy - overview: Tourism is the primary economic activity,
accounting for more than 70% of GDP and 70% of employment. The number
of US tourists in the first five months of 1996 was down by 55% from
the same period in 1995, the lingering result of the fierce hurricanes
of 1995. Unemployment rose sharply in 1996. The manufacturing sector
consists of textile, electronics, pharmaceutical, and watch assembly
plants. The agricultural sector is small, 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. A major economic problem at the
beginning of 1997 was the more than $1 billion in governmental
arrears, in income tax refunds, payments to vendors, and overdue
wages.

GDP: purchasing power parity - $1.2 billion (1987 est.)

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $12,500 (1987 est.)

GDP - composition by sector:
agriculture: NA%
industry: NA%
services : NA%

Inflation rate - consumer price index: NA%

Labor force:
total: 47,443 (1990 est.)
by occupation: agriculture, industry, services, other (1990 est.)

Unemployment rate: 6.2% (March 1994)

Budget:
revenues: $364.4 million
expenditures : $364.4 million, including capital expenditures of $NA
(1990 est.)

Industries: tourism, petroleum refining, watch assembly, rum
distilling, construction, pharmaceuticals, textiles, electronics

Industrial production growth rate: 12% (year NA)

Electricity - capacity: NA kW

Electricity - production: 990 million kWh (1994)

Electricity - consumption per capita: 9,565 kWh (1995 est.)

Agriculture - products: truck garden products, fruit, vegetables,
sorghum; Senepol cattle

Exports:
total value: $1.8 billion (f.o.b., 1992)
commodities : refined petroleum products
partners: US, Puerto Rico

Imports:
total value: $2.2 billion (c.i.f.,