Real gross home merchandise (GDP) for nan U.S. Virgin Islands (USVI) decreased 2.2 percent successful 2020 aft expanding 2.8 percent successful 2019 (table 1.3), according to statistic released coming by nan U.S. Bureau of Economic Analysis (BEA). These statistic were developed nether nan Statistical Improvement Program funded by nan Office of Insular Affairs (OIA) of nan U.S. Department of nan Interior.
GDP for 2020
The alteration successful existent GDP reflected decreases successful exports of services, backstage fixed investment, individual depletion expenditures, and authorities spending (table 1.4). These decreases were partially offset by an summation successful backstage inventory investment. Imports, a subtraction point successful nan calculation of GDP, declined.
COVID-19 Impact connected nan 2020 USVI GDP Estimate
The USVI system was substantially affected by nan COVID-19 pandemic owed to its effects connected spending by consumers, visitors, businesses, and governments. The U.S. authorities passed respective laws to support and prolong businesses and individuals done nan pandemic. Expenditures funded by nan various national grants and transportation payments are reflected successful nan GDP estimates. However, nan afloat effects of nan pandemic cannot beryllium quantified successful nan GDP statistic for nan USVI because nan impacts are mostly embedded successful root information and cannot beryllium separately identified.
Exports of services, which consists chiefly of spending by visitors, decreased 43.5 percent (table 1.3). Total visitant arrivals declined 58.5 percent, according to statistic from nan USVI government, reflecting nan effects of nan COVID-19 pandemic.
Private fixed finance decreased 27.7 percent, reflecting declines successful business spending connected building and equipment. Despite this decline, private-sector finance spending remained astatine an elevated level (table 1.2), supported by superior betterment projects ongoing successful 2020 to resume lipid refinery operations connected St. Croix.
Personal depletion expenditures decreased 5.0 percent, reflecting declines successful spending connected goods, specified arsenic centrifugal vehicles and family appliances, and services, arsenic nonessential businesses passim nan territory were taxable to mandatory reductions successful operations owed to nan COVID-19 pandemic.
Government spending decreased 4.0 percent, reflecting a alteration successful territorial authorities spending that was partially offset by an summation successful national authorities spending. Territorial authorities spending decreased 7.2 percent, reflecting a continued diminution successful disaster consequence and betterment activities pursuing nan 2017 hurricanes. Although spending successful 2020 was supported by Coronavirus Relief Fund payments, anterior twelvemonth spending was elevated by expenditures funded by national disaster grants.
The declines successful nan components supra were partially offset by an summation successful backstage inventory investment, reflecting an summation successful crude lipid and different petroleum products imported and stored successful nan islands.
Imports decreased 10.6 percent, reflecting declines successful imports of equipment including user equipment and instrumentality and successful imports of services.
GDP by manufacture and compensation by manufacture for 2019
In 2019, GDP accrued 2.8 percent. The recently disposable GDP by manufacture data, which are released connected a 1-year lag, uncover that some nan backstage assemblage and authorities assemblage contributed to maturation successful existent GDP successful 2019 (table 2.5).
Growth successful nan backstage assemblage was widespread; nan largest summation was successful accommodation and nutrient services, which accrued 14.4 percent, reflecting maturation successful visitant spending (table 2.4). Goods-producing industries accrued 5.5 percent, reflecting an summation successful building activity, including building related to nan restart of nan lipid refinery connected St. Croix.
The authorities assemblage accrued 2.5 percent, chiefly reflecting increases successful compensation for some national and territorial authorities employees.
Total compensation accrued successful 2019, reflecting maturation successful each industries shown (table 2.6). The largest contributor was goods-producing industries, which includes nan building industry.
The accompanying news merchandise tables coming estimates for GDP and its awesome components, GDP by industry, compensation by industry, and estimates of gross home income.
Due to lags successful nan readiness of root data, successful peculiar for territorial authorities spending and territorial authorities income to nan family sector, nan estimates presented successful nan news merchandise are preliminary for 2020. As of February 2022, astir of nan USVI government's fiscal twelvemonth 2020 audited financial statements were unavailable. In spot of these financial statements, BEA utilized accusation from a assortment of alternate information sources, including fund documents, unaudited operating statements, reports connected national assistance expenditures, and nan USVI government's Open Finance database, which includes checkbook-level spending by nan superior government.Updates to GDP and Related Estimates for Prior Years
Estimates for 2018 and 2019 that were released connected May 26, 2021, person been revised to incorporated updates to root data, including nan following:
- Newly disposable audited financial statements for nan Government of USVI and its independent agencies and
- Revised information connected shipments from nan U.S. Census Bureau's International Trade successful Goods and Services (FT-900) report.
The revised estimates grounds a shape of inflation-adjusted GDP maturation akin to nan antecedently published estimates (table 1.7).
For much accusation connected information sources underlying these estimates, spot "Summary of Methodologies: Gross Domestic Product for American Samoa, nan Commonwealth of nan Northern Mariana Islands, Guam, and nan U.S. Virgin Islands."
Next release: First Quarter 2023
Gross Domestic Product for nan U.S. Virgin Islands, 2021
U.S. Virgin Islands GDP by Industry and Compensation by Industry, 2020