divisions:none (overseas territory of the UK)
Independence:
none (overseas territory of the UK)
National holiday:
Territory Day, 1 July
Constitution:
1 June 1977
Legal system:
English law
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Queen ELIZABETH II (since 6 February 1952),
represented by Governor Tom MACAN (since 14 October 2002)
head of government: Chief Minister Orlando D. SMITH (since 17 June
2003)
cabinet: Executive Council appointed by the governor from members of
the Legislative Council
elections: none; the monarch is hereditary; governor appointed by
the monarch; following legislative elections, the leader of the
majority party or the leader of the majority coalition is usually
appointed chief minister by the governor
Legislative branch:
unicameral Legislative Council (13 seats; members are elected by
direct popular vote, one member from each of 9 electoral districts,
four at-large members; members serve four-year terms)
elections: last held 16 May 2003 (next to be held NA 2007)
election results: percent of vote by party - NA%; seats by party -
NDP 8, VIP 5
Judicial branch:
Eastern Caribbean Supreme Court, consisting of the High Court of
Justice and the Court of Appeal (one judge of the Supreme Court is a
resident of the islands and presides over the High Court);
Magistrate's Court; Juvenile Court; Court of Summary Jurisdiction
Political parties and leaders:
Concerned Citizens Movement or CCM [Ethlyn SMITH]; National
Democratic Party or NDP [Orlando SMITH]; United Party or UP [Gregory
MADURO]; Virgin Islands Party or VIP [Ralph T. O'NEAL]
Political pressure groups and leaders:
NA
International organization participation:
Caricom (associate), CDB, Interpol (subbureau), IOC, OECS
(associate), UNESCO (associate), UPU
Diplomatic representation in the US:
none (overseas territory of the UK)
Diplomatic representation from the US:
none (overseas territory of the UK)
Flag description:
blue, with the flag of the UK in the upper hoist-side quadrant and
the Virgin Islander coat of arms centered in the outer half of the
flag; the coat of arms depicts a woman flanked on either side by a
vertical column of six oil lamps above a scroll bearing the Latin
word VIGILATE (Be Watchful)
Economy British Virgin Islands
Economy - overview:
The economy, one of the most stable and prosperous in the
Caribbean, is highly dependent on tourism, generating an estimated
45% of the national income. An estimated 350,000 tourists, mainly
from the US, visited the islands in 1998. Tourism suffered in 2002
because of the lackluster US economy. In the mid-1980s, the
government began offering offshore registration to companies wishing
to incorporate in the islands, and incorporation fees now generate
substantial revenues. Roughly 400,000 companies were on the offshore
registry by yearend 2000. The adoption of a comprehensive insurance
law in late 1994, which provides a blanket of confidentiality with
regulated statutory gateways for investigation of criminal offenses,
is expected to make the British Virgin Islands even more attractive
to international business. Livestock raising is the most important
agricultural activity; poor soils limit the islands' ability to meet
domestic food requirements. Because of traditionally close links
with the US Virgin Islands, the British Virgin Islands has used the
dollar as its currency since 1959.
GDP (purchasing power parity):
$2.498 billion (2004 est.)
GDP - real growth rate:
1% (2002 est.)
GDP - per capita:
purchasing power parity - $38,500 (2004 est.)
GDP - composition by sector: agriculture: 1.8% industry: 6.2% services: 92% (1996 est.)
Labor force:
12,770 (2004)
Labor force - by occupation:
agriculture NA%, industry NA%, services NA%
Unemployment rate:
3% (1995)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest
