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
Peter Alfred PENFOLD (since 14 October 1991)
head of government:
Chief Minister H. Lavity STOUTT (since NA September 1986)
cabinet:
Executive Council; appointed by the governor
Legislative branch:
unicameral
Legislative Council:
election last held 12 November 1990 (next to be held by November
1995); results - percent of vote by party NA; seats - (9 total) VIP 6,
IPM 1, independents 2
Judicial branch:
Eastern Caribbean Supreme Court
Political parties and leaders:
United Party (UP), Conrad MADURO; Virgin Islands Party (VIP), H.
Lavity STOUTT; Independent Progressive Movement (IPM), E. Walwyln
BREWLEY
Member of:
CARICOM (associate), CDB, ECLAC (associate), INTERPOL (subbureau),
IOC, OECS (associate), UNESCO (associate)
Diplomatic representation in US:
none (dependent territory of the UK)
US diplomatic representation:
none (dependent territory of the UK)
Flag:
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)
@British Virgin Islands, Economy
Overview:
The economy, one of the most prosperous in the Caribbean area, is
highly dependent on the tourist industry, which generates about 21% of
the national income. In 1985 the government offered offshore
registration to companies wishing to incorporate in the islands, and,
in consequence, incorporation fees generated about $2 million in 1987.
The economy slowed in 1991 because of the poor performances of the
tourist sector and tight commercial bank credit. Livestock raising is
the most significant agricultural activity. The islands' crops,
limited by poor soils, are unable to meet food requirements.
National product:
GDP - purchasing power equivalent - $133 million (1991)
National product real growth rate:
2% (1991)
National product per capita:
$10,600 (1991)
Inflation rate (consumer prices):
2.5% (1990 est.)
Unemployment rate:
NEGL% (1992)
Budget:
revenues:
$51 million
expenditures:
$88 million, including capital expenditures of $38 million (1991)
Exports:
$2.7 million (f.o.b., 1988)
commodities:
rum, fresh fish, gravel, sand, fruits, animals
partners:
Virgin Islands (US), Puerto Rico, US
Imports:
$11.5 million (c.i.f., 1988)
commodities:
building materials, automobiles, foodstuffs, machinery
partners:
Virgin Islands (US), Puerto Rico, US
External debt:
$4.5 million (1985)
Industrial production:
growth rate 4% (1985)
Electricity:
capacity:
10,500 kW
production:
43 million kWh
consumption per capita:
3,510 kWh (1990)
Industries:
tourism, light industry, construction, rum, concrete block, offshore
financial center
Agriculture:
livestock (including poultry), fish, fruit, vegetables
Economic aid:
$NA
Currency:
1 United States dollar (US$) = 100 cents
Exchange rates:
US currency is used
Fiscal year:
