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Economy of Virgin Islands (U.S.)

Virgin Islands (U.S.) is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Virgin Islands (U.S.) is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Virgin Islands (U.S.) exports around $4.23 billion and imports roughly $0.31 billion. 9.5% of population in the country are unemployed. The total number of unemployed people in Virgin Islands (U.S.) is 9,967. In Virgin Islands (U.S.), 0% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Virgin Islands (U.S.) is low, indicating that it has a stable economy. Investors should consider Virgin Islands (U.S.) to be a safe location for investments and other financial ventures. The Gini Index of the country is 42.96. Virgin Islands (U.S.) is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable.

Currency

The currency of Virgin Islands (U.S.) is United States dollar. The United States dollar is one of the most significant currencies in the world, and is used in several territories besides The United States including Puerto Rico, Guam, and The US Virgin Islands. The United States dollar is a stable currency that can be relied upon for investment opportunities. The plural form of the word United States dollar is dollars. The symbol used for this currency is $, and it is abbreviated as USD. The United States dollar is divided into Cent; there are 100 in one dollar.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Virgin Islands (U.S.).

Central bank

In Virgin Islands (U.S.), the institution that manages the state's currency, money supply, and interest rates is called Federal Reserve Bank.

Public debt

The government debt of Virgin Islands (U.S.) has not been calculated yet.

Tax information

The corporate tax in Virgin Islands (U.S.) is set at 35%. Personal income tax ranges from 10% to 35%, depending on your specific situation and income level. VAT in Virgin Islands (U.S.) is 0%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Virgin Islands (U.S.) is $1.577 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Virgin Islands (U.S.) was last recorded at $0 million. PPP in Virgin Islands (U.S.) is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Virgin Islands (U.S.) is 2 billion. Based on this statistic, Virgin Islands (U.S.) is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Virgin Islands (U.S.) was last recorded at $0 million. The average citizen in Virgin Islands (U.S.) has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Virgin Islands (U.S.) averaged 2% in 2014. According to this percentage, Virgin Islands (U.S.) is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Virgin Islands (U.S.).

Industry

Major industries in the country are tourism, watch assembly, rum distilling, construction, pharmaceuticals, electronics. The total labor force of Virgin Islands (U.S.) is 52,130 people, wherein 9.5% of population in the country are unemployed. The total number of unemployed people in Virgin Islands (U.S.) is 9,967. To read more about industrial information within Virgin Islands (U.S.) click on industry of Virgin Islands (U.S.).

Agriculture

There are 20 km2 of arable land in Virgin Islands (U.S.), and it comprises 1% of the country's total territory. There are 30 km2 of cultivated land in Virgin Islands (U.S.). The country's major agricultural crops and products are fruit, vegetables, sorghum, Senepol cattle.To read more about agriculture click on agriculture of Virgin Islands (U.S.).