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Region:
Central America
and the Caribbean
Capital:
Charlotte Amalie
Population:
108,775 (July
2004 est.)
Surface
area:
352 sq km
Currency:
US dollar (USD)
GDP
per capita:
purchasing power
parity - $17,200
(2002 est.)
Background:
During the 17th
century, the
archipelago was
divided into
two territorial
units, one English
and the other
Danish. Sugarcane,
produced by slave
labor, drove
the islands'
economy during
the 18th and
early 19th centuries.
In 1917, the
US purchased
the Danish portion,
which had been
in economic decline
since the abolition
of slavery in
1848.
Economy
– Overview:
Tourism is the
primary economic
activity, accounting
for 80% of GDP
and employment.
The islands normally
host 2 million
visitors a year.
The manufacturing
sector consists
of petroleum
refining, textiles,
electronics,
pharmaceuticals,
and watch assembly.
The agricultural
sector is small,
with most food
being imported.
International
business and
financial services
are a small but
growing component
of the economy.
One of the world's
largest petroleum
refineries is
at Saint Croix.
The islands are
subject to substantial
damage from storms.
The government
is working to
improve fiscal
discipline, to
support construction
projects in the
private sector,
to expand tourist
facilities, to
reduce crime,
and to protect
the environment.
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