The British Virgin Islands (BVI), officially the Virgin Islands, are a British Overseas Territory in the Caribbean, to the east of Puerto Rico and the US Virgin Islands and north-west of Anguilla. The islands are geographically part of the Virgin Islands archipelago and are located in the Leeward Islands of the Lesser Antilles and part of the West Indies.
The economy of the British Virgin Islands is one of the most prosperous in the Caribbean. Although tiny in absolute terms, because of the very small population of the British Virgin Islands, in 2010 the Territory had the 19th highest GDP per capita in the world according to the CIA World factbook. In global terms the size of the Territory's GDP measured in terms of purchasing power is ranked as 215th out of a total of 229 countries. The economy of the Territory is based upon the "twin pillars" of financial services, which generates approximately 60% of government revenues, and tourism, which generates nearly all of the rest.
Country Code: +1284
International Call Prefix: 011
The economy of the United States Virgin Islands is primarily dependent upon tourism, trade, and other services, accounting for nearly 60% of the Virgin Island's GDP and about half of total civilian employment. Close to two million tourists per year visit the islands. The government is the single largest employer. The agriculture sector is small, with most food being imported. The manufacturing sector consists of rum distilling, electronics, pharmaceuticals, and watch assembly. Rum production is significant. Shipments during a six-month period of fiscal year 2016 totaled 8,136.6 million proof gallons.
His Majesty's Government of the Virgin Islands is the democratically elected government of the British Overseas Territory of the British Virgin Islands. It is regulated by the Constitution of the British Virgin Islands.
The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies. The terms "national deficit" and "national surplus" usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. In a deficit year the national debt increases as the government needs to borrow funds to finance the deficit, while in a surplus year the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back some Treasury securities. In general, government debt increases as a result of government spending and decreases from tax or other receipts, both of which fluctuate during the course of a fiscal year. There are two components of gross national debt:
Tortola is the largest and most populated island of the British Virgin Islands, a group of islands that form part of the archipelago of the Virgin Islands. It has a surface area of 55.7 square kilometres with a total population of 23,908, with 9,400 residents in Road Town. Mount Sage is its highest point at 530 metres above sea level.
The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. CBO estimated in February 2024 that Federal debt held by the public is projected to rise from 99 percent of GDP in 2024 to 116 percent in 2034 and would continue to grow if current laws generally remained unchanged. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. Those factors persist beyond 2034, pushing federal debt higher still, to 172 percent of GDP in 2054.
Terrance B. Lettsome International Airport, previously known as Beef Island Airport, is the main airport serving the British Virgin Islands, a British overseas territory in the Caribbean. The airport serves as the gateway to just about all of the islands within the BVI. The airport is also a gateway for inter-Caribbean travelers headed to the nearby U.S. Virgin Islands. Many travellers fly into Beef Island, with the intention of taking a ferry to the other smaller British Virgin Islands. The airport is located on Beef Island, a small island off the main island of Tortola, to which it is connected by the Queen Elizabeth II Bridge.
Scrub Island of the British Virgin Islands in the Caribbean is a part of the Lesser Antilles, a group of islands that are young volcanic or coral islands. It is home to the Scrub Island Resort Marina and Spa.
The financial position of the United States includes assets of at least $269 trillion and debts of $145.8 trillion to produce a net worth of at least $123.8 trillion. GDP in Q1 decline was due to foreclosures and increased rates of household saving. There were significant declines in debt to GDP in each sector except the government, which ran large deficits to offset deleveraging or debt reduction in other sectors.
BVI Airways is a defunct airline of the British Virgin Islands. Its headquarters were located at its hub at Terrance B. Lettsome International Airport serving the territory's main island of Tortola with the capital, Road Town. It suspended inter-island operations in late 2014, shortly after a change of ownership to concentrate on a non-stop schedule directly to the United States. The company slogan was Your Caribbean Airline.
The United Kingdom national debt is the total quantity of money borrowed by the Government of the United Kingdom at any time through the issue of securities by the British Treasury and other government agencies.
Deficit reduction in the United States refers to taxation, spending, and economic policy debates and proposals designed to reduce the federal government budget deficit. Government agencies including the Government Accountability Office (GAO), Congressional Budget Office (CBO), the Office of Management and Budget (OMB), and the U.S. Treasury Department have reported that the federal government is facing a series of important long-run financing challenges, mainly driven by an aging population, rising healthcare costs per person, and rising interest payments on the national debt.
The Cabinet of the British Virgin Islands is the collective decision-making body of the British Virgin Islands government. It is composed of the Premier, four other Ministers of Government, and the Attorney General as an ex officio, non-voting, member. The Governor attends and presides over meetings of Cabinet where possible. The Cabinet has responsibility for the formulation of policy, including directing the implementation of such policy, insofar as it relates to every aspect of government, except those matters for which are reserved to the Governor under the Constitution. The Cabinet is collectively responsible to the House of Assembly for such policies and their implementation.
Healthcare in the British Virgin Islands is predominantly provided by private healthcare providers with an overlay of public support. There is a single public hospital in the British Virgin Islands - Peebles Hospital in Road Town on Tortola. There is also one private hospital - the Bougainvillea clinic. On Anegada, Virgin Gorda and Jost Van Dyke, there are day clinics to serve non-emergency medical needs of residents of those islands. Although there is periodic discussion about the possibility of building another hospital on Virgin Gorda, to date there has been no commitment to doing so. For emergency medical evacuations from other islands a boat is maintained.
The National Health Insurance scheme is a form of national health insurance established by the Government of the British Virgin Islands through the Ministry of Health, with a goal to provide access to and financial coverage for health care services to British Virgin Islands residents. A National Health Insurance scheme was first considered in 2006, but it took over a decade to come to fruition. It eventually came into effect on 1 January 2016.
Events from the year 2017 in the British Virgin Islands.
Events from the year 2018 in the British Virgin Islands.
The effects of Hurricane Irma in the British Virgin Islands were significant in terms of both human and socio-economic impact on the Territory. Hurricane Irma struck the British Virgin Islands as a Category 5 hurricane during the daylight hours of Wednesday, 6 September 2017. It caused widespread destruction, and killed a total of four people. The eye of the hurricane traveled over the three major islands in the group: Virgin Gorda, Tortola and Jost Van Dyke.
