Gross Domestic Product for the U.S. Virgin Islands Increases

After declining for four consecutive years, the Virgin Islands’ economy grew in 2015.  Real GDP — adjusted to remove price changes—increased 0.2 percent in 2015, after decreasing 1.0 percent in 2014. For comparison, real GDP for the United States (excluding the territories) increased 2.6 percent in 2015 after increasing 2.4 percent in 2014.

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The growth in the Virgin Islands’ economy reflected increases in exports of services and consumer spending . These increases were partly offset by a decrease in government spending.

The growth in exports of services, which consists primarily of spending by tourists, reflected increases in air arrivals and hotel revenues.

The growth in consumer spending was supported by an increase in compensation and by lower energy prices.

Government spending fell in 2015, as territorial government construction activity decreased. Territorial government spending on capital assets had been elevated in previous years due in part to the development of a fiber optic network.

For more information, read the full report.


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