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NAVIGATION
British Virgin Islands
GOVERNMENT
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Country name:
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conventional long form: none
conventional short form: British Virgin Islands abbreviation: BVI |
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Dependency status:
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overseas territory of the UK; internal self-governing |
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Government type:
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NA |
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Capital:
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Road Town |
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Administrative divisions:
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none (overseas territory of the UK) |
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Independence:
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none (overseas territory of the UK) |
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National holiday:
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Territory Day, 1 July |
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Constitution:
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1 June 1977 |
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Legal system:
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English law |
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Suffrage:
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18 years of age; universal |
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Executive branch:
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chief of state: Queen ELIZABETH II (since 6 February 1952), represented by Governor Tom MACAN (since 14 October 2002)
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 head of government: Chief Minister Ralph T. O'NEAL (since 15 May 1995) cabinet: Executive Council appointed by the governor from members of the Legislative Council |
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Legislative branch:
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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 17 May 1999 (next to be held NA 2003) election results: percent of vote by party - NA%; seats by party - VIP 7, CCM 1, NDP 5 |
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Judicial branch:
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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 |
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Political parties and leaders:
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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] |
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Political pressure groups and leaders:
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NA |
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International organization participation:
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Caricom (associate), CDB, ECLAC (associate), Interpol (subbureau), IOC, OECS (associate), UNESCO (associate) |
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Diplomatic representation in the US:
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none (overseas territory of the UK) |
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Diplomatic representation from the US:
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none (overseas territory of the UK) |
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Flag description:
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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
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Economy - overview:
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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. 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. |
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GDP:
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purchasing power parity - $311 million (2000 est.) |
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GDP - real growth rate:
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4.4% (2000 est.) |
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GDP - per capita:
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purchasing power parity - $16,000 (2000 est.) |
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GDP - composition by sector:
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agriculture: 2%
industry: 6% services: 92% (1996 est.) |
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Population below poverty line:
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NA% |
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
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Inflation rate (consumer prices):
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3.3% (2000) |
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Labor force:
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4,911 (1980) |
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Labor force - by occupation:
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agriculture NA%, industry NA%, services NA% |
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Unemployment rate:
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3% (1995) |
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Budget:
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revenues: $121.5 million
expenditures: $115.5 million, including capital expenditures of $NA (1997) |
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Industries:
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tourism, light industry, construction, rum, concrete block, offshore financial center |
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Industrial production growth rate:
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4% (1985) |
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Electricity - production:
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42 million kWh (1999) |
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Electricity - production by source:
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fossil fuel: 100%
hydro: 0% other: 0% (1999) nuclear: 0% |
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Electricity - consumption:
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39.1 million kWh (1999) |
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Electricity - exports:
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0 kWh (1999) |
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Electricity - imports:
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0 kWh (1999) |
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Agriculture - products:
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fruits, vegetables; livestock, poultry; fish |
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Exports:
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$6.2 million |
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Exports - commodities:
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rum, fresh fish, fruits, animals; gravel, sand |
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Exports - partners:
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Virgin Islands (US), Puerto Rico, US |
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Imports:
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$230 million (2000 est.) |
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Imports - commodities:
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building materials, automobiles, foodstuffs, machinery |
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Imports - partners:
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Virgin Islands (US), Puerto Rico, US |
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Debt - external:
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$36.1 million (1997) |
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Economic aid - recipient:
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NA |
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Currency:
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US dollar (USD) |
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Currency code:
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USD |
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Exchange rates:
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the US dollar is used |
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Fiscal year:
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1 April - 31 March |