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EMBARGOED UNTIL RELEASE AT 10:00 a.m. EDT, Monday, May 22, 2023 Technical: Media: Christina Hovland (BEA) Connie O’Connell (BEA) Melissa Braybrooks (OIA) 301-278-9076 301-278-9003 202-336-2651 BEA 23–19 Territories@bea.gov Connie.OConnell@bea.gov Melissa_Braybrooks@ios.doi.gov Gross Domestic Product for the U.S. Virgin Islands, 2021 Gross Domestic Product by Industry and Compensation by Industry, 2020 Real gross domestic product (GDP) for the U.S. Virgin Islands (USVI) increased 2.8 percent in 2021 after decreasing 1.9 percent in 2020 (table 1.3), according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). These statistics were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior. GDP for 2021 The increase in real GDP reflected increases in exports and personal consumption expenditures (chart 1). These increases were partly offset by decreases in private inventory investment, private fixed investment, and government spending. Imports, a subtraction item in the calculation of GDP, also decreased. Chart 1. U.S. Virgin Islands: Contributions to the Percent Change in Real GDP, 2021 Percentage points 50 40 30 20 10 0 –10 –20 –30 –40 40.91 2.8% 0.87 0.41 –0.42 –6.63 –32.30 GDP Personal Private fixed consumption investment expenditures Private inventory investment Government spending Exports Imports Note. The chart shows the percent change of total real GDP and the contributions (in percentage points) of each major component to that change. For example, personal consumption expenditures accounted for 0.41 percentage points of the 2.8 percent increase in real GDP in 2021. Imports are a subtraction item; thus, a decrease in imports results in a positive contribution to GDP. U.S. Bureau of Economic Analysis Page 1 of 5 Coronavirus (COVID–19) Impact on the 2021 USVI GDP Estimate In 2021, the USVI economy was affected by the continued federal government response related to the COVID–19 pandemic. Territorial government and consumer spending were supported by federal payments authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020; the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act of 2021; and the American Rescue Plan Act of 2021. Expenditures funded by these payments are reflected in the GDP estimates. However, the full effects of the pandemic cannot be quantified in BEA statistics for the USVI, because the impacts are generally embedded in the data sources used to estimate the components of GDP. Exports increased 94.9 percent (table 1.3), reflecting increases in both goods and services. The growth in exports of goods primarily reflected increases in exports of crude oil and petroleum products. Exports of services, which consists primarily of spending by visitors, also increased. Total visitor arrivals were higher in 2021 than in 2020. Although cruise arrivals were lower, statistics published by the USVI government show that arrivals of air visitors, who spend more on the islands than cruise visitors, were 97 percent higher in 2021. Personal consumption expenditures increased 0.6 percent (table 1.3), reflecting increases in spending on both goods and services. Consumer spending was supported by government assistance payments distributed to households through the CRRSA Act and the American Rescue Plan Act. Private inventory investment decreased (table 1.2), as crude oil and petroleum product inventories were drawn down for export and use in petroleum refining. Private fixed investment decreased 36.8 percent (table 1.3), reflecting declines in business spending on construction and equipment. Investment spending had been elevated in prior years to support capital improvement projects, including the restart of the oil refinery on St. Croix. Government spending decreased 1.2 percent (table 1.3), primarily reflecting a decline in spending by the federal government. Federal government spending decreased after being elevated in 2020 to support reconstruction of federal facilities heavily damaged during the 2017 hurricanes Irma and Maria. Territorial government spending decreased 0.3 percent (table 1.3), reflecting a decline in compensation of employees. GDP by industry and compensation by industry for 2020 In 2020, real GDP decreased 1.9 percent. The newly available GDP by industry data, which are released one year after the preliminary GDP statistics, reveal that the private sector was the source of decline in real GDP in 2020 (table 2.5). The decline in the private sector was widespread. Goods-producing industries decreased 15.3 percent (table 2.4), reflecting a decline in construction activity. The largest source of decline within servicesproducing industries was accommodation and food services, which decreased 27.7 percent, reflecting a decrease in visitor spending. These declines were partly offset by a 4.8 percent increase in other Page 2 of 5 services, except government, which includes transportation and warehousing of crude oil and petroleum products. The government sector increased 11.0 percent (table 2.4), reflecting growth in compensation for both territorial and federal government employees. Total compensation decreased from $2,592 million in 2019 to $2,546 million in 2020 (table 2.6). The $46 million decrease reflected widespread declines in the private sector. Updates to USVI GDP and Its Components Estimates for 2018–2020 that were released on March 4, 2022, have been revised to incorporate updates to source data, including the following: • • Newly available data sources provided by the USVI government, such as draft and audited financial statements for the Government of the USVI and its independent agencies and consumer price indexes for 2020, and Revised data on shipments from the U.S. Census Bureau “International Trade in Goods and Services” (FT900) report. The revised estimates exhibit a pattern of inflation-adjusted GDP growth similar to the previously published estimates (table 1.7). Due to lags in the availability of data for various components of GDP, the statistics presented today for 2021 are preliminary estimates. As of April 2023, most of the USVI government's fiscal year 2021 audited financial statements were unavailable. In place of these financial statements, BEA used information from a variety of alternate data sources, including USVI government budget documents, unaudited financial statements, building permit values, reports on federal grant expenditures and disaster recovery progress, testimonies from the Legislature of the USVI’s committee meetings, hospital cost reports from the Centers for Medicare & Medicaid Services, and the USVI government's Open Finance database, which includes checkbook-level spending by the primary government. As additional source data become available, BEA will incorporate the information and will release updated estimates once a year. For more information on the data sources underlying these estimates, see Summary of Methodologies: Gross Domestic Product for American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the U.S. Virgin Islands. Next release: First Quarter 2024 Gross Domestic Product for the U.S. Virgin Islands, 2022 Gross Domestic Product by Industry and Compensation by Industry, 2021 Page 3 of 5 Additional Information Resources • • • • Stay informed about BEA developments by reading The BEA Wire, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for gross domestic product for the U.S. territories can be accessed at BEA’s website. For more on BEA statistics, see our online journal, the Survey of Current Business. For upcoming economic indicators, see BEA’s news release schedule. Definitions Gross domestic product (GDP) is the value of the goods and services produced by the U.S. Virgin Islands (USVI) economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, private fixed investment, change in private inventories, net exports of goods and services, and government consumption expenditures and gross investment. Personal consumption expenditures measures the goods and services purchased by “persons”—that is, by households and by nonprofit institutions serving households—who are resident in the USVI. Private fixed investment measures spending by USVI private businesses, nonprofit institutions, and households on structures and equipment that are used in the production of goods and services. Change in private inventories, or “private inventory investment,” is a measure of the value of the change in the physical volume of the inventories—additions less withdrawals—that businesses maintain to support their production and distribution activities. Net exports of goods and services is the difference between exports of goods and services and imports of goods and services. Exports measures the portion of total USVI production of goods and services that is provided to the rest of the world. Imports measures the portion of total USVI expenditures that is accounted for by goods and services provided by the rest of the world. Government consumption expenditures and gross investment, or “government spending,” measures the portion of GDP that is accounted for by the government sector. Government consumption expenditures consists of spending by government to produce and provide services to the public. Gross investment consists of spending by government for fixed assets that directly benefit the public or that assist government agencies in their production activities. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value” (also referred to as “nominal estimates” or “currentprice estimates”). Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Statistical conventions Quantities (or “real” volume measures) and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisher chain-weighted formula that incorporates weights from two adjacent years. “Real” dollar series are calculated by multiplying the quantity index by the current-dollar value in the reference year and then dividing by 100. Chained-dollar values are not additive, because the relative weights for a given period differ from those of the reference year. Page 4 of 5 News Release Tables Table 1.1. Gross Domestic Product Table 1.2. Real Gross Domestic Product Table 1.3. Percent Change from Preceding Year in Real Gross Domestic Product Table 1.4. Contributions to Percent Change in Real Gross Domestic Product Table 1.5. Percent Change from Preceding Year in Prices for Gross Domestic Product and Price Indexes for Gross Domestic Product Table 1.6. Gross Domestic Income Table 1.7. Revisions to Percent Change in Real Gross Domestic Product Table 2.1. Value Added by Industry Table 2.2. Value Added by Industry as a Percentage of Gross Domestic Product Table 2.3. Real Value Added by Industry Table 2.4. Percent Changes in Real Value Added by Industry Table 2.5. Contributions to Percent Change in Real Gross Domestic Product by Industry Table 2.6. Compensation of Employees by Industry Page 5 of 5 U.S. Virgin Islands May 22, 2023 Table 1.1. Gross Domestic Product Line 1 Gross domestic product ................................. 2 Personal consumption expenditures ........... 3 Goods.......................................................... 4 Durable goods.......................................... 5 Nondurable goods................................... 6 Foods, feeds, and beverages................ 7 Other nondurable goods...................... 8 Services........................................................ 9 Housing and utilities................................ 10 Health care............................................... 11 Food services and accommodations........ 12 Other services.......................................... 13 Net foreign travel........................................ 14 Private fixed investment ............................. 15 Change in private inventories...................... 16 Net exports of goods and services................ 17 Exports ........................................................ 18 Goods ...................................................... 19 Services ................................................... 20 Imports ....................................................... 21 Goods ...................................................... 22 Services ................................................... 23 Government consumption expenditures and gross investment .................................. 24 Federal......................................................... 25 Territorial.................................................... r Revised p Preliminary Note. Detail may not add to total because of rounding. U.S. Bureau of Economic Analysis 2012 4,089 2,528 1,206 666 540 322 219 2,402 745 288 568 801 -1,080 292 114 129 3,278 2,186 1,091 3,149 2,932 217 1,026 161 865 [Millions of dollars] 2013 2014 2015 3,738 3,565 3,663 2,515 2,493 2,564 1,195 1,198 1,199 723 737 731 472 462 468 319 324 332 153 138 136 2,437 2,455 2,554 789 791 829 292 285 305 577 599 623 780 780 797 -1,117 -1,160 -1,188 298 300 286 149 -6 -168 -267 -269 -54 2,525 2,794 1,525 1,395 1,623 329 1,130 1,171 1,196 2,792 3,063 1,580 2,570 2,843 1,367 222 220 213 1,043 159 884 1,048 141 907 1,035 150 884 2016 3,798 2,582 1,198 747 451 322 129 2,577 826 315 623 814 -1,193 274 625 -730 1,786 585 1,201 2,517 2,291 226 2017 3,794 2,578 1,087 607 479 327 153 2,468 829 293 566 780 -976 303 878 -1,178 2,403 1,418 985 3,580 3,268 313 2018r 3,923 2,657 1,176 694 482 332 150 2,304 862 253 374 814 -823 480 1,168 -2,078 2,084 1,252 833 4,163 3,680 482 2019r 4,121 2,852 1,287 795 492 361 131 2,596 872 294 533 899 -1,031 999 617 -1,874 2,265 1,226 1,039 4,139 3,650 488 2020r 4,189 2,743 981 507 474 360 114 2,348 886 307 396 759 -586 746 807 -1,565 1,620 1,027 592 3,185 2,762 423 2021p 4,444 2,923 1,176 568 609 432 176 2,865 942 334 774 814 -1,119 502 -487 10 4,075 2,952 1,123 4,065 3,681 384 1,048 147 901 1,212 208 1,004 1,696 238 1,457 1,527 188 1,339 1,458 231 1,228 1,495 225 1,270 U.S. Virgin Islands May 22, 2023 Table 1.2. Real Gross Domestic Product Line 1 Gross domestic product.................................. 2 Personal consumption expenditures ........... 3 Goods.......................................................... 4 Durable goods.......................................... 5 Nondurable goods................................... 6 Foods, feeds, and beverages................ 7 Other nondurable goods...................... 8 Services........................................................ 9 Housing and utilities................................ 10 Health care............................................... 11 Food services and accommodations........ 12 Other services.......................................... 13 Net foreign travel........................................ 14 Private fixed investment ............................. 15 Change in private inventories...................... 16 Net exports of goods and services................ 17 Exports ........................................................ 18 Goods ...................................................... 19 Services ................................................... 20 Imports ....................................................... 21 Goods ...................................................... 22 Services ................................................... 23 Government consumption expenditures and gross investment .................................. 24 Federal......................................................... 25 Territorial.................................................... r Revised p Preliminary U.S. Bureau of Economic Analysis [Millions of chained (2012) dollars] 2012 2013 2014 2015 2016 4,089 3,832 3,764 3,748 3,808 2,528 2,454 2,427 2,479 2,472 1,206 1,194 1,211 1,229 1,212 666 724 760 770 759 540 470 452 460 454 322 309 304 299 293 160 146 161 162 219 2,402 2,367 2,366 2,421 2,427 745 744 752 770 770 288 289 281 299 307 568 565 572 579 575 801 769 761 773 774 -1,080 -1,107 -1,151 -1,172 -1,168 293 289 274 261 292 114 150 -7 -313 1,342 129 -89 94 159 -708 3,278 2,741 3,228 2,063 2,485 2,186 1,608 2,084 614 1,214 1,091 1,119 1,161 1,180 1,177 3,149 2,830 3,134 1,903 3,192 2,932 2,611 2,925 1,686 2,990 217 219 211 202 216 1,026 161 865 1,011 157 854 983 137 846 962 144 818 956 139 817 2017 3,780 2,417 1,075 611 464 285 186 2,287 758 282 511 735 -946 284 1,557 -921 3,133 2,597 955 4,054 3,780 287 2018r 3,852 2,431 1,145 700 447 281 170 2,090 771 243 331 749 -793 437 1,737 -1,688 2,495 1,996 803 4,183 3,758 415 2019r 3,965 2,579 1,240 801 445 292 153 2,325 774 280 457 814 -980 877 965 -1,434 2,785 2,070 988 4,219 3,817 396 2020r 3,889 2,459 954 510 439 291 146 2,068 769 289 333 683 -552 639 1,604 -1,455 2,292 2,221 558 3,747 3,406 340 2021p 4,000 2,475 1,057 550 499 313 194 2,398 764 305 617 705 -988 404 -590 759 4,469 4,518 992 3,710 3,437 290 1,079 191 889 1,440 211 1,228 1,243 162 1,079 1,162 197 966 1,148 185 964 U.S. Virgin Islands May 22, 2023 Table 1.3. Percent Change from Preceding Year in Real Gross Domestic Product Line 1 Gross domestic product ................................. 2 Personal consumption expenditures ........... 3 Goods.......................................................... 4 Durable goods.......................................... 5 Nondurable goods................................... 6 Foods, feeds, and beverages................ 7 Other nondurable goods...................... 8 Services........................................................ 9 Housing and utilities................................ 10 Health care............................................... 11 Food services and accommodations........ 12 Other services.......................................... 13 Net foreign travel........................................ 14 Private fixed investment ............................. 15 Change in private inventories...................... 16 Net exports of goods and services................ 17 Exports ........................................................ 18 Goods ...................................................... 19 Services ................................................... 20 Imports ....................................................... 21 Goods ...................................................... 22 Services ................................................... 23 Government consumption expenditures and gross investment .................................. 24 Federal......................................................... 25 Territorial.................................................... r Revised p Preliminary U.S. Bureau of Economic Analysis 2013 -6.3 -2.9 -1.0 8.8 -13.0 -4.0 -26.8 -1.4 -0.1 0.4 -0.7 -4.0 …….. 0.2 …….. …….. -16.4 -26.5 2.6 -10.1 -10.9 0.8 -1.4 -2.1 -1.3 [Percent] 2014 2015 -1.8 -0.4 -1.1 2.1 1.4 1.5 4.9 1.4 -3.8 1.6 -1.5 -1.8 -8.7 10.2 -0.1 2.3 1.0 2.4 -2.8 6.6 1.3 1.2 -1.1 1.6 …….. …….. -1.3 -5.0 …….. …….. …….. …….. 17.8 -36.1 29.7 -70.6 3.7 1.7 10.7 -39.3 12.0 -42.3 -3.7 -3.9 -2.7 -13.1 -0.9 -2.2 5.1 -3.4 2016 1.6 -0.3 -1.4 -1.4 -1.3 -1.9 0.3 0.2 0.0 2.7 -0.7 0.2 …….. -4.7 …….. …….. 20.5 97.9 -0.3 67.7 77.4 6.9 2017 -0.7 -2.2 -11.3 -19.6 2.3 -2.7 14.8 -5.8 -1.5 -8.1 -11.1 -5.1 …….. 8.7 …….. …….. 26.1 113.9 -18.8 27.0 26.4 32.9 2018r 1.9 0.6 6.4 14.6 -3.7 -1.4 -8.3 -8.6 1.7 -14.0 -35.3 1.9 …….. 53.7 …….. …….. -20.3 -23.2 -16.0 3.2 -0.6 44.3 2019r 2.9 6.1 8.3 14.5 -0.5 3.8 -10.3 11.2 0.4 15.4 38.4 8.7 …….. 100.8 …….. …….. 11.6 3.7 23.0 0.9 1.6 -4.5 2020r -1.9 -4.6 -23.1 -36.4 -1.3 -0.3 -4.2 -11.1 -0.7 3.0 -27.2 -16.1 …….. -27.1 …….. …….. -17.7 7.3 -43.5 -11.2 -10.8 -14.2 2021p 2.8 0.6 10.8 7.9 13.7 7.6 32.5 16.0 -0.6 5.8 85.3 3.2 …….. -36.8 …….. …….. 94.9 103.4 77.7 -1.0 0.9 -14.7 -0.6 -3.6 0.0 12.9 37.7 8.8 33.4 10.8 38.0 -13.7 -23.2 -12.1 -6.6 21.2 -10.4 -1.2 -6.1 -0.3 U.S. Virgin Islands Line 1 May 22, 2023 Table 1.4. Contributions to Percent Change in Real Gross Domestic Product Percent change: Gross domestic product ................................. Percentage points: Personal consumption expenditures ........... Goods.......................................................... Durable goods.......................................... Nondurable goods................................... Foods, feeds, and beverages................ Other nondurable goods...................... Services........................................................ Housing and utilities................................ Health care............................................... Food services and accommodations........ Other services.......................................... Net foreign travel........................................ Private fixed investment ............................. Change in private inventories...................... Net exports of goods and services................ Exports ........................................................ Goods ...................................................... Services ................................................... Imports ....................................................... Goods ...................................................... Services ................................................... Government consumption expenditures and gross investment .................................. 24 Federal......................................................... 25 Territorial.................................................... 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 r Revised p Preliminary U.S. Bureau of Economic Analysis 2013 2014 2015 2016 2017 2018r 2019r 2020r 2021p -6.3 -1.8 -0.4 1.6 -0.7 1.9 2.9 -1.9 2.8 -1.85 -0.30 1.44 -1.74 -0.32 -1.42 -0.87 -0.02 0.03 -0.09 -0.79 -0.68 0.02 0.89 -4.97 -12.77 -13.47 0.70 7.80 7.85 -0.05 -0.77 0.46 0.95 -0.49 -0.13 -0.36 -0.04 0.20 -0.22 0.20 -0.22 -1.19 -0.11 -3.89 3.78 11.84 10.72 1.13 -8.06 -8.28 0.22 1.50 0.49 0.29 0.21 -0.17 0.37 1.61 0.54 0.52 0.20 0.35 -0.61 -0.42 -5.91 5.06 -25.42 -25.96 0.55 30.47 30.23 0.24 -0.18 -0.45 -0.29 -0.16 -0.17 0.01 0.16 0.00 0.22 -0.11 0.05 0.11 -0.37 22.16 -19.87 8.39 8.48 -0.09 -28.26 -27.86 -0.39 -1.53 -3.59 -3.86 0.28 -0.24 0.51 -3.93 -0.33 -0.68 -1.83 -1.09 5.99 0.63 2.91 -6.32 12.54 18.51 -5.97 -18.86 -16.87 -1.99 0.38 1.85 2.32 -0.47 -0.12 -0.34 -5.62 0.38 -1.08 -5.30 0.38 4.15 4.33 2.91 -16.59 -13.43 -9.29 -4.14 -3.15 0.60 -3.75 4.12 2.48 2.54 -0.06 0.33 -0.39 6.57 0.09 0.99 3.69 1.81 -4.93 12.46 -12.81 5.15 6.05 1.16 4.89 -0.90 -1.46 0.57 -3.16 -7.03 -6.88 -0.15 -0.03 -0.13 -6.88 -0.15 0.21 -3.48 -3.46 10.76 -6.53 8.87 1.30 -8.93 1.87 -10.80 10.22 8.56 1.66 0.41 2.59 0.96 1.63 0.68 0.95 9.02 -0.12 0.42 8.14 0.58 -11.20 -6.63 -32.30 41.79 40.91 29.76 11.15 0.87 -0.63 1.50 -0.37 -0.08 -0.28 -0.79 -0.57 -0.22 -0.65 0.20 -0.85 -0.15 -0.15 -0.01 3.58 1.48 2.11 10.86 0.60 10.26 -5.98 -1.41 -4.57 -2.40 0.95 -3.36 -0.42 -0.34 -0.08 U.S. Virgin Islands Line May 22, 2023 Table 1.5. Percent Change from Preceding Year in Prices for Gross Domestic Product and Price Indexes for Gross Domestic Product 2012 1 2 Gross domestic product ................................. Personal consumption expenditures ............. 3 4 Gross domestic product ................................. Personal consumption expenditures ............. r Revised p Preliminary U.S. Bureau of Economic Analysis 2013 2014 2015 Percent 13.7 -2.5 -2.9 3.2 3.6 2.5 0.3 0.7 Index numbers, 2012=100 100.0 97.5 94.7 97.7 100.0 102.5 102.7 103.5 2016 2017 2018r 2019r 2020r 2021p 2.1 0.9 0.6 2.1 1.5 2.5 2.1 1.2 3.6 0.8 3.1 5.9 99.7 104.4 100.4 106.7 101.8 109.3 103.9 110.6 107.7 111.5 111.1 118.1 2016 3,798 1,998 2017 3,794 2,012 2018r 3,923 2,087 2019r 4,121 2,592 2020r 4,189 2,546 2021p 4,444 2,306 184 1,616 174 1,608 195 1,641 189 1,340 110 1,533 192 1,946 Table 1.6. Gross Domestic Income Line 1 Gross domestic income................................... 2 Compensation of employees.......................... 3 Taxes on production and imports less subsidies.................................................. 4 Gross operating surplus.................................. r Revised p Preliminary Note. Detail may not add to total because of rounding. U.S. Bureau of Economic Analysis Line 2012 4,089 2,040 170 1,879 [Millions of dollars] 2013 2014 2015 3,738 3,565 3,663 1,886 1,893 1,936 161 1,691 160 1,512 175 1,552 Table 1.7. Revisions to Percent Change in Real Gross Domestic Product 1 2 Percent change: Revised........................................................... Previously published....................................... 3 Percentage points: Revision.......................................................... r Revised U.S. Bureau of Economic Analysis 2013 2014 2015 2016 2017 2018r 2019r 2020r -6.3 -6.3 -1.8 -1.8 -0.4 -0.4 1.6 1.6 -0.7 -0.7 1.9 1.9 2.9 2.8 -1.9 -2.2 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.3 U.S. Virgin Islands May 22, 2023 Table 2.1. Value Added by Industry Line 1 2 3 4 5 6 7 8 9 10 Gross domestic product ................................. Private industries......................................... Goods-producing industries........................ Services-producing industries..................... Wholesale and retail trade....................... Accommodation and food services.......... Other services, except government......... Government................................................. Federal......................................................... Territorial.................................................... [Millions of dollars] 2012 2013 2014 4,089 3,738 3,565 3,330 2,986 2,815 823 556 448 2,507 2,430 2,367 411 405 411 450 454 470 1,646 1,565 1,493 759 752 750 138 139 135 621 613 615 2015 3,663 2,865 386 2,479 398 486 1,596 797 144 654 2016 3,798 2,973 336 2,638 394 483 1,760 825 141 684 2017 3,794 3,008 373 2,635 381 436 1,818 786 140 646 2018r 3,923 3,206 687 2,520 380 288 1,852 717 145 571 2019r 4,121 3,333 740 2,593 395 341 1,857 789 159 629 2020 4,189 3,284 640 2,644 365 253 2,025 905 175 731 2018r 100 82 18 64 10 7 47 18 4 15 2019r 100 81 18 63 10 8 45 19 4 15 2020 100 78 15 63 9 6 48 22 4 17 r Revised Note. Detail may not add to total because of rounding. U.S. Bureau of Economic Analysis Table 2.2. Value Added by Industry as a Percentage of Gross Domestic Product Line 1 2 3 4 5 6 7 8 9 10 Gross domestic product ................................. Private industries......................................... Goods-producing industries........................ Services-producing industries..................... Wholesale and retail trade....................... Accommodation and food services.......... Other services, except government......... Government................................................. Federal......................................................... Territorial.................................................... r Revised Note. Detail may not add to total because of rounding. U.S. Bureau of Economic Analysis 2012 100 81 20 61 10 11 40 19 3 15 [Percent] 2013 2014 100 100 80 79 15 13 65 66 11 11 12 13 42 42 20 21 4 4 16 17 2015 100 78 11 68 11 13 44 22 4 18 2016 100 78 9 69 10 13 46 22 4 18 2017 100 79 10 69 10 11 48 21 4 17 U.S. Virgin Islands May 22, 2023 Table 2.3. Real Value Added by Industry Line 1 2 3 4 5 6 7 8 9 10 Gross domestic product ................................. Private industries......................................... Goods-producing industries........................ Services-producing industries..................... Wholesale and retail trade....................... Accommodation and food services.......... Other services, except government......... Government................................................. Federal......................................................... Territorial.................................................... [Millions of chained (2012) dollars] 2012 2013 2014 2015 4,089 3,832 3,764 3,748 3,330 3,105 3,067 3,025 823 559 435 363 2,507 2,548 2,646 2,685 407 398 384 411 450 441 444 438 1,646 1,700 1,812 1,880 759 724 694 717 138 137 130 134 621 586 563 583 2016 3,808 3,076 312 2,796 383 428 2,015 725 131 595 2017 3,780 3,101 338 2,792 371 376 2,092 680 126 553 2018r 3,852 3,280 605 2,660 367 240 2,139 594 127 468 2019r 3,965 3,357 621 2,720 372 275 2,148 627 136 493 2018r 1.9 5.8 78.8 -4.7 -1.2 -36.1 2.2 -12.6 0.5 -15.4 2019r 2.9 2.3 2.7 2.2 1.5 14.4 0.5 5.6 6.9 5.2 2020 -1.9 -5.0 -15.3 -2.1 -12.0 -27.7 4.8 11.0 8.3 11.7 r Revised U.S. Bureau of Economic Analysis Table 2.4. Percent Changes in Real Value Added by Industry Line 1 2 3 4 5 6 7 8 9 10 Gross domestic product ................................. Private industries......................................... Goods-producing industries........................ Services-producing industries..................... Wholesale and retail trade....................... Accommodation and food services.......... Other services, except government......... Government................................................. Federal......................................................... Territorial.................................................... r Revised U.S. Bureau of Economic Analysis [Percent] 2013 2014 -6.3 -1.8 -6.8 -1.2 -32.0 -22.3 1.6 3.9 -0.9 -2.2 -2.0 0.7 3.3 6.5 -4.6 -4.1 -0.2 -5.3 -5.6 -3.9 2015 -0.4 -1.4 -16.5 1.5 -3.4 -1.4 3.7 3.4 3.2 3.4 2016 1.6 1.7 -14.1 4.1 -0.4 -2.4 7.2 1.2 -2.7 2.1 2017 -0.7 0.8 8.5 -0.1 -3.0 -12.1 3.8 -6.3 -3.1 -6.9 2020 3,889 3,189 526 2,664 327 199 2,251 697 147 551 U.S. Virgin Islands Line 1 May 22, 2023 Table 2.5. Contributions to Percent Change in Real Gross Domestic Product by Industry Percent change: Gross domestic product.................................. Percentage points: 2 Private industries......................................... 3 Goods-producing industries........................ 4 Services-producing industries..................... 5 Wholesale and retail trade....................... 6 Accommodation and food services.......... 7 Other services, except government......... 8 Government................................................. 9 Federal......................................................... 10 Territorial.................................................... 2013 2014 2015 2016 2017 2018r 2019r 2020 -6.3 -1.8 -0.4 1.6 -0.7 1.9 2.9 -1.9 -5.47 -6.46 0.99 -0.09 -0.22 1.30 -0.88 -0.01 -0.88 -0.96 -3.42 2.46 -0.25 0.08 2.63 -0.86 -0.20 -0.66 -1.08 -2.07 0.99 -0.39 -0.19 1.57 0.71 0.12 0.59 1.30 -1.48 2.78 -0.05 -0.32 3.14 0.26 -0.11 0.37 0.65 0.75 -0.10 -0.31 -1.55 1.77 -1.37 -0.12 -1.25 4.55 7.80 -3.25 -0.12 -4.19 1.06 -2.64 0.02 -2.66 1.91 0.49 1.43 0.14 1.07 0.22 1.03 0.26 0.77 -4.04 -2.75 -1.30 -1.16 -2.28 2.14 2.11 0.32 1.79 r Revised Note. Percentage-point contributions do not sum to the percent change in real gross domestic product (GDP) because of rounding and differences in source data used to estimate GDP by industry and the expenditures measure of real GDP. U.S. Bureau of Economic Analysis Table 2.6. Compensation of Employees by Industry Line 1 2 3 4 5 6 7 8 9 10 Total compensation........................................ Private industries......................................... Goods-producing industries........................ Services-producing industries..................... Wholesale and retail trade....................... Accommodation and food services.......... Other services, except government......... Government................................................. Federal......................................................... Territorial.................................................... Note. Detail may not add to total because of rounding. U.S. Bureau of Economic Analysis [Millions of dollars] 2012 2013 2014 2,040 1,886 1,893 1,319 1,164 1,163 275 110 103 1,045 1,054 1,060 209 237 223 212 214 222 624 603 616 721 723 730 136 136 132 585 586 598 2015 1,936 1,169 109 1,060 213 243 604 768 140 627 2016 1,998 1,213 108 1,104 207 248 649 786 138 648 2017 2,012 1,225 166 1,060 198 234 627 787 135 651 2018 2,087 1,292 284 1,008 197 128 683 795 140 654 2019 2,592 1,755 540 1,215 209 176 830 837 154 683 2020 2,546 1,637 479 1,159 194 159 806 909 169 740
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