Today, nan Bureau of Economic Analysis (BEA) is releasing estimates of gross home merchandise (GDP) for nan U.S. Virgin Islands (USVI) for 2017, successful summation to estimates of GDP by manufacture and compensation by manufacture for 2016.1 These estimates were developed nether nan Statistical Improvement Program funded by nan Office of Insular Affairs (OIA) of nan U.S. Department of nan Interior.
Effects of Hurricanes Irma and Maria connected Source Data
The U.S. Virgin Islands suffered extended harm from 2 awesome hurricanes successful September 2017. These hurricanes affected nan readiness of various root information utilized successful nan estimation of USVI GDP, including financial statements for nan territorial authorities and its independent agencies.
Gross Domestic Product for 2017
The estimates of GDP for nan USVI show that existent GDP—GDP adjusted to region value changes—decreased 1.7 percent successful 2017 aft expanding 0.9 percent successful 2016 (see Table 1.3). For comparison, existent GDP for nan United States (excluding nan territories) accrued 2.2 percent successful 2017 aft expanding 1.6 percent successful 2016.
The diminution successful nan USVI system reflected decreases successful exports of services and user spending (see Table 1.4). These decreases were partially offset by an summation successful finance spending.
Exports of services, which consists chiefly of spending by tourists, decreased 16.0 percent, aft expanding for 5 consecutive years. Tourism arrivals decreased 24.1 percent; arrivals fell importantly successful nan months pursuing Hurricanes Irma and Maria.
Consumer spending besides decreased, reflecting wide declines successful family purchases of equipment and services, including centrifugal vehicles, food, lodging and electricity, and wellness care.
Partly offsetting these declines was maturation successful finance spending, by some nan backstage assemblage and by government. Private assemblage inventory finance increased, reflecting accrued retention capacity astatine an lipid retention terminal connected St. Croix. Construction spending by nan territorial authorities increased, reflecting hurricane betterment work.
Federal authorities spending besides accrued importantly owed to disaster consequence activities, including a U.S. Army Corps of Engineers' ngo to instal impermanent roofs connected homes, schools, and nan St. Thomas airport.
Gross Domestic Product by Industry and Compensation by Industry for 2016
The estimates of GDP by manufacture for nan USVI show that nan backstage assemblage was nan root of nan maturation successful existent GDP successful 2016 (see Table 2.5). The maturation successful “other services” reflected nan reopening of an lipid retention terminal connected St. Croix; a caller usability took ownership of nan installation antecedently owned by Hovensa and began receiving shipments of petroleum.
The compensation by manufacture estimates, which are measured successful existent dollars, show trends successful compensation for awesome industries (see Table 2.6). Total compensation accrued successful 2016, reflecting maturation successful wages for “other services.”
The accompanying tables coming estimates for GDP and its awesome components, GDP by industry, and compensation by industry. Also included successful this merchandise are estimates for nan awesome components of gross home income.
Revisions to GDP
Estimates for 2014 to 2016 that were released connected December 1, 2017 person been revised successful bid to incorporated improvements to root data, including:
- newly disposable information for territorial authorities spending from authorities financial statements and
- updates to Census Bureau information connected exports and imports of goods.
The revised estimates show a akin shape of inflation-adjusted maturation arsenic nan antecedently published estimates (see Table 1.7).
Moving forward, an statement betwixt OIA and BEA will widen and amended nan estimates of GDP for nan USVI. The accusation provided by nan USVI authorities will proceed to beryllium captious to nan successful accumulation of these estimates.
BEA presently plans to merchandise GDP estimates for 2018 opening successful nan summertime of 2019. GDP by manufacture and compensation by manufacture estimates for 2017 will besides beryllium released astatine nan aforesaid time.
1 These estimates are based connected constricted root information and are taxable to revision.