The Virgin Islands are made up of the Western Island Group (Leeward Islands) which form the northern portion of Lesser Antiles. The eastern part forms the British Virgin Islands while the western area is the Virgin Islands of the United States.
The US Virgin Islands is peaceful and secured. However, the economy has gone down significantly starting 2012 based on the data released by the United States Bureau of Economic Analysis. This is credited to the closure of the HOVENSA Saint Croix Refinery more than two years ago and to a lesser degree, reduced government spending. This report showed that the territory's Gross Domestic Product declined by 6.6 percent in 2011 and plunged to 13.2 percent the following year. However, employment has started to recover since last year particularly in the private and manufacturing sectors. Tourism is peaking up primarily because of the pleasant tropical weather, beautiful sceneries, free port status and proximity to the Unites States mainland.
On the other hand, the British Virgin Islands demonstrates the integrity of a well-governed British Dependent Territory as well as democratic and stable society. Economic development is very much dependent on the tourism and financial industries. Unfortunately, these were affected by the world financial crisis of 2008. According to the World and Travel Tourism Council, the total contribution of the tourism industry to overall Gross Domestic Product and employment in the territory went above 75 percent in 2013. The financial sector is just starting to recuperate although a three percent rise in GDP is expected until 2016. Meanwhile, inflation is expected to stay within the two to three percent range considering the relatively quiet outlook for prices of prime commodities. The medium-term viewpoint of slow growth in key economies like the United States, United Kingdom and Euro Zone is likely to hold back growth in the islands.
Population. Ranked 192nd in 2013.
350 sq km
Sq. km. Ranked 185th in 2008.