Virgin Islands
(territory of the US)
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Tourism is the primary economic activity, accounting for 80% of GDP and employment. The islands hosted 2.6 million visitors in 2005. The manufacturing sector consists of petroleum refining, textiles, electronics, pharmaceuticals, and watch assembly. One of the world's largest petroleum refineries is at Saint Croix. The agricultural sector is small, with most food being imported. International business and financial services are small but growing components of the economy. The islands are vulnerable 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. Source: The Country Factbook, CIA. |
During
the 17th century, the archipelago was divided into two territorial units, one
English and the other Danish. Sugarcane, produced by slave labor, drove the
islands' economy during the 18th and early 19th centuries. In 1917, the US
purchased the Danish portion, which had been in economic decline since the
abolition of slavery in 1848.