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EMBARGOED UNTIL RELEASE AT 2:00 P.M. EDT, WEDNESDAY, MAY 26, 2021
Technical:
Media:

Christina Hovland (BEA)
Jeannine Aversa (BEA)
Tanya Harris Joshua (OIA)

(301) 278-9076
(301) 278-9003
(202) 208-6008

BEA 21-21

territories@bea.gov
Jeannine.Aversa@bea.gov
Tanya_Joshua@ios.doi.gov

Gross Domestic Product for the U.S. Virgin Islands (USVI), 2019
Today, the Bureau of Economic Analysis (BEA) released estimates of gross domestic product (GDP) for
the U.S. Virgin Islands (USVI) for 2019, in addition to estimates of GDP by industry and compensation by
industry for 2018.1 These estimates were developed under the Statistical Improvement Program funded
by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.
Gross Domestic Product for 2019
The estimates of GDP for the USVI show that real GDP—GDP adjusted to remove price changes—
increased 2.2 percent in 2019 after increasing 1.6 percent in 2018 (table 1.3).
As shown in chart 1, the increase in real GDP reflected increases in private fixed investment, exports,
and consumer spending. These increases were partly offset by decreases in inventory investment and
government spending.2 Imports, which are a subtraction item in the calculation of GDP, increased.

Chart 1. Contributions to Percent Change in Real GDP for the USVI, 2019
Percent

Percentage points (pp)
12.52pp

15
10
5

2.2%

4.49pp

3.93pp

0
-0.58pp

-5
-6.62pp

-10
-11.55pp

-15
GDP

Consumer Private fixed
spending investment

CIPI

Government
spending

Exports

Imports

Notes: "Change in private inventories" is abbreviated CIPI. Imports are a subtraction item. Thus, an
increase in imports results in a negative contribution to GDP.
U.S. Bureau of Economic Analysis
1

These estimates are based on limited source data and are subject to revision.
“Consumer spending” refers to “personal consumption expenditures.” “Inventory investment” refers to “change
in private inventories,” which is abbreviated CIPI. “Government spending” refers to “government consumption
expenditures and gross investment.”
2

How to Interpret Contributions to Percent Change in Major GDP Components
There is often interest in how much a specific GDP component contributes to the change in real
GDP. BEA publishes this measure in news release table 1.4. Chart 1 shows both the percent change
of total real GDP and the contributions (in percentage points) of each major component to that
change. For example, exports of goods and services accounted for 4.49 percentage points of the 2.2
percent increase in real GDP in 2019. This means that, all else equal, had exports neither increased
nor decreased in 2019, real GDP would have decreased 2.3 percent.
Private fixed investment doubled from the previous year, reflecting growth in business purchases of
equipment and in construction, including of homes. A refinery and oil storage facility on St. Croix
invested in major capital improvements during 2019 as part of the current owner’s preparations to
resume refining operations that were shut down by the former owner of the facility in early 2012.
Additionally, disaster-related insurance payouts and federal assistance supported the reconstruction
and major repairs of businesses and homes that were destroyed or heavily damaged by two major
hurricanes in September 2017.
Within exports, services increased 23.0 percent. For the USVI, exports of services consists primarily of
spending by tourists and business travelers. According to USVI government statistics, total visitor arrivals
to the USVI increased in 2019; the number of air visitors, who spend substantially more in the islands on
average than cruise visitors, increased 30.5 percent. 2018 visitor arrivals by air had been low in the
aftermath of the 2017 hurricanes.
Consumer spending increased 5.8 percent, reflecting growth in household purchases of goods, such as
motor vehicles and food, and services, including health care.
These increases were partly offset by declines in inventory investment and government spending. The
decline in inventory investment reflected a slowdown of petroleum products imported and stored in the
islands. Government spending decreased 15.4 percent, reflecting a decline in spending on disaster
response and recovery activities by the federal and territorial governments.
3
4

Effect of Natural Disasters and the COVID-19 Pandemic on Data Availability for 2018–2019 GDP
The USVI suffered extensive damage from two major hurricanes in September 2017. These
hurricanes, along with the ongoing COVID-19 pandemic, affected the availability of various data
sources typically used in the estimation of USVI GDP. For example, as of mid-May 2021, several of the
USVI government’s fiscal year 2019 financial statements were unavailable.3 In place of these financial
statements, BEA used information from budget documents, unaudited operating and financial
statements, reports on federal grant expenditures, and the Government of the U.S. Virgin Islands’
new Open Finance database, which includes checkbook-level spending by the primary government.4
3

Fiscal year 2019 for the Virgin Islands primary government and most independent agencies covers the period
from October 2018 through September 2019; for select independent agencies, the fiscal year covers the period
from July 2018 to June 2019.
4
The Government of the United States Virgin Islands Open Finance database is available at
https://usvi.spending.socrata.com/.
-2-

Gross Domestic Product by Industry and Compensation by Industry for 2018
The estimates of GDP by industry show that the private sector was the major source of the increase in
real GDP in 2018 (table 2.5). Goods-producing industries were the largest contributor to the increase,
reflecting increases in construction activity in the months following Hurricanes Irma and Maria.5
Accommodation and food services was the largest negative contributor in the private sector, reflecting a
decline in tourism activity following the hurricanes. Total visitor arrivals to the USVI decreased in 2018;
the number of air visitors, who spend substantially more in the islands on average than cruise visitors,
decreased more than 20 percent. The territorial government sector also contributed negatively to
economic growth, primarily reflecting operating losses of government utilities.
The compensation by industry estimates, which are measured in current dollars, show trends in
compensation for major industries (table 2.6). Total compensation increased in 2018; the largest
contributor was goods-producing industries, which includes construction. U.S. Bureau of Labor Statistics
data show that wages paid to construction industry workers in the USVI increased 84 percent.6
Revisions to GDP and Related Estimates
This release also includes the results of a comprehensive update of the territorial economic accounts.
Comprehensive updates are typically performed every 5 years, based on the Census Bureau’s every-5years economic censuses of island areas.
With the comprehensive update, estimates for 2002 to 2018 have been revised to incorporate
improvements to source data and methods, including information from:
• The U.S. Census Bureau’s 2017 Economic Census of Island Areas (ECIA), which provides the most
thorough and detailed statistics on the structure of the USVI economy,
• Newly available USVI government data sources, such as government financial statements for
fiscal year 2018, a 2015 visitor exit survey, consumer prices for 2017 and 2018, and the
Government of the U.S. Virgin Islands Open Finance database,
• Revised data on shipments from the U.S. Census Bureau’s International Trade in Goods and
Services (FT-900) report, and
• BEA’s U.S. national income and product accounts.
The revised real GDP estimates exhibit a similar pattern of growth as the previously published estimates
(chart 2). However, there are notable revisions within the components of GDP, including to consumer
spending and private fixed investment.

5

Construction activities performed by private companies on behalf of the government sector are reflected within
private sector industry value added.
6
The data are available at www.bls.gov/cew/.
-3-

Chart 2. Percent Change from Preceding Year in Real GDP for the USVI
6
3
0
-3
-6
-9
-12
-15
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18
Previously published

Revised

U.S. Bureau of Economic Analysis

Consumer spending increased less than previously estimated between 2012 and 2017, reflecting the
incorporation of 2017 ECIA data on sales to resident households and visitors. Private fixed investment
also increased less than previously estimated over this period, reflecting the incorporation of 2017 ECIA
data on capital expenditures by private businesses.
Revisions to GDP in earlier years primarily reflect improvements to the methods and source data used to
estimate private fixed investment in structures. The new estimates incorporate newly available data on
business revenues by type of construction from the 2017 ECIA and are inflation-adjusted at a higher
level of detail.
The reference year for inflation-adjusted measures has been updated to 2012. This is the same
reference year used in BEA’s national GDP estimates.
The estimates of GDP by industry and compensation by industry have been updated to incorporate the
above data sources.
Future Directions
OIA and BEA will continue to work to extend and improve the estimates of GDP for the USVI. The
information provided by the USVI government will continue to be critical to the successful production of
these estimates.
BEA plans to release GDP estimates for 2020 for the USVI this winter. GDP by industry and
compensation by industry estimates for 2019 will be released at the same time.

-4-

Additional Information
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.

Resources
•

•
•
•
•

Stay informed about BEA developments by
reading the BEA blog, signing up for BEA’s email
subscription service, or following BEA on Twitter
@BEA_News.
Historical time series for these estimates can be
accessed at BEA’s Gross Domestic Product (GDP)
for the U.S. Territories.
Access BEA data by registering for BEA’s Data
Application Programming Interface (API).
For more on BEA’s statistics, see our monthly
online journal, the Survey of Current Business.
BEA's news release schedule

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.

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.

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 as
“current-price estimates.”
Real values are inflation-adjusted estimates—that is,
estimates that exclude the effects of price changes.

Personal consumption expenditures (PCE), also referred to
as “consumer spending,” measures the goods and services
purchased by “persons”—that is, by households and by
nonprofit institutions serving households (NPISHs)—who
are resident in the USVI.

Statistical Conventions
Quantities and prices. 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 (2012) and then dividing by 100.

Private fixed investment (PFI) measures spending by
private businesses, nonprofit institutions, and households
on fixed assets in the USVI economy. Fixed assets consist of
structures, equipment, and software that are used in the
production of goods and services.
Change in private inventories (CIPI), or “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.

Chained-dollar values are not additive because the relative
weights for a given period differ from those of the reference
year.

Net exports of goods and services is the difference
between exports of goods and services and imports of

-5-

List of News Release Tables
Table 1.1.
Table 1.2.
Table 1.3.
Table 1.4.
Table 1.5.
Table 1.6.
Table 1.7.
Table 2.1.
Table 2.2.
Table 2.3.
Table 2.4.
Table 2.5.
Table 2.6.

Gross Domestic Product
Real Gross Domestic Product, Chained Dollars
Percent Change From Preceding Year in Real Gross Domestic Product
Contributions to Percent Change in Real Gross Domestic Product
Percent Change From Preceding Year in Prices for Gross Domestic Product and Price
Indexes for Gross Domestic Product
Gross Domestic Income
Revisions to Percent Change in Real Gross Domestic Product
Value Added by Industry
Value Added by Industry as a Percentage of GDP
Real Value Added by Industry
Percent Changes in Real Value Added by Industry
Contributions to Percent Change in Real Gross Domestic Product by Industry
Compensation of Employees by Industry

-6-

U.S. Virgin Islands
1. Domestic Product and Income
Table 1.1. Gross Domestic Product
[Millions of dollars]
Line
Gross domestic product

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

1

3,262

3,443

3,797

4,428

4,484

4,784

4,244

4,201

4,324

4,223

4,089

3,738

3,565

3,663

3,798

3,794

3,900

4,068

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

2
3
4
5
6
7
8
9
10
11
12
13

1,651
977
672
305
193
112
1,552
407
121
389
636
-878

1,738
997
688
309
192
117
1,665
432
131
428
674
-925

1,872
1,113
766
347
220
126
1,753
461
150
459
682
-994

2,096
1,257
874
383
229
154
1,891
498
163
491
739
-1,052

2,280
1,392
945
447
243
204
1,964
526
175
510
753
-1,077

2,280
1,319
822
497
258
239
2,075
587
189
515
784
-1,114

2,311
1,262
741
520
264
257
2,184
632
216
538
797
-1,135

2,368
1,215
688
527
277
250
2,156
653
231
507
764
-1,004

2,428
1,205
664
541
288
253
2,233
655
243
542
792
-1,011

2,524
1,233
677
556
305
251
2,323
710
268
551
793
-1,032

2,528
1,206
666
540
322
219
2,402
745
288
568
801
-1,080

2,515
1,195
723
472
319
153
2,437
789
292
577
780
-1,117

2,493
1,198
737
462
324
138
2,455
791
285
599
780
-1,160

2,564
1,199
731
468
332
136
2,554
829
305
623
797
-1,188

2,582
1,198
747
451
322
129
2,577
826
315
623
814
-1,193

2,578
1,087
607
479
327
153
2,468
829
293
566
780
-976

2,657
1,176
694
482
332
150
2,304
862
253
374
814
-823

2,851
1,286
795
491
360
131
2,593
869
292
533
899
-1,028

Private fixed investment
Change in private inventories

14
15

516
-73

399
27

461
33

578
-5

633
-30

569
-540

521
180

437
210

411
-267

390
104

292
114

298
149

300
-6

286
-168

274
625

303
878

480
1,168

999
671

Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services

16
17
18
19
20
21
22

381
4,809
3,911
898
4,428
4,140
288

542
6,520
5,575
945
5,977
5,651
326

685
8,604
7,587
1,017
7,919
7,547
372

983
11,632
10,556
1,076
10,650
10,243
407

703
12,730
11,628
1,102
12,027
11,615
412

1,474
14,141
13,002
1,139
12,667
12,251
415

190
18,412
17,255
1,157
18,222
17,861
361

76
10,717
9,696
1,021
10,641
10,310
331

534
12,945
11,922
1,023
12,411
12,067
343

58
14,371
13,329
1,043
14,313
13,943
371

129
3,278
2,186
1,091
3,149
2,932
217

-267
2,525
1,395
1,130
2,792
2,570
222

-269
2,794
1,623
1,171
3,063
2,843
220

-54
1,525
329
1,196
1,580
1,367
213

-730
1,786
585
1,201
2,517
2,291
226

-1,178
2,403
1,418
985
3,580
3,268
313

-2,064
2,085
1,252
833
4,149
3,680
468

-1,909
2,203
1,167
1,036
4,112
3,650
462

Government consumption
expenditures and gross investment
Federal
Territorial

23
24
25

788
77
711

737
92
645

746
104
641

777
107
670

898
110
789

1,000
115
885

1,043
121
922

1,110
136
974

1,218
175
1,043

1,147
166
981

1,026
161
865

1,043
159
884

1,048
141
907

1,035
150
884

1,048
147
901

1,212
208
1,004

1,659
242
1,417

1,456
189
1,267p

NOTE. Detail may not add to total because of rounding.
(p) Fiscal year 2019 audited financial statements for the primary government and various independent agencies were not available in time for incorporation into these estimates. Preliminary estimates of territorial
government spending are based on information collected from budget documents, unaudited operating and financial statements, reports on federal grant expenditures, including disaster assistance grants, and the
USVI government's Open Finance website.

-7-

U.S. Virgin Islands

Table 1.2. Real Gross Domestic Product, Chained Dollars
[Millions of chained (2012) dollars]
Line
Gross domestic product

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

1

4,797

4,778

4,935

5,107

5,286

5,498

5,565

5,198

5,229

4,800

4,089

3,832

3,764

3,748

3,808

3,780

3,840

3,925

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

2
3
4
5
6
7
8
9
10
11
12
13

2,295
1,293
824
469
269
196
2,137
652
166
508
806
-1,129

2,352
1,331
864
463
264
196
2,201
660
168
549
816
-1,173

2,455
1,481
965
512
298
208
2,248
680
182
566
814
-1,264

2,646
1,641
1,098
533
297
233
2,326
709
191
585
837
-1,308

2,807
1,758
1,170
579
296
282
2,348
747
200
586
818
-1,283

2,660
1,597
974
618
307
313
2,359
751
207
566
836
-1,285

2,545
1,418
821
595
295
301
2,370
727
229
580
834
-1,238

2,606
1,358
747
610
307
304
2,328
759
239
542
790
-1,078

2,637
1,322
715
607
318
289
2,381
752
248
572
810
-1,066

2,614
1,271
687
584
324
260
2,397
758
271
567
802
-1,055

2,528
1,206
666
540
322
219
2,402
745
288
568
801
-1,080

2,454
1,194
724
470
309
160
2,367
744
289
565
769
-1,107

2,427
1,211
760
452
304
146
2,366
752
281
572
761
-1,151

2,479
1,229
770
460
299
161
2,421
770
299
579
773
-1,172

2,472
1,212
759
454
293
162
2,427
770
307
575
774
-1,168

2,417
1,075
611
464
285
186
2,287
758
282
511
735
-946

2,431
1,145
700
447
281
170
2,090
771
243
331
749
-793

2,571
1,239
801
444
291
153
2,316
767
279
457
815
-979

Private fixed investment
Change in private inventories

14
15

686
-311

517
95

571
89

673
-10

696
-49

603
-797

538
203

452
385

425
-380

394
108

292
114

293
150

289
-7

274
-313

261
1,342

284
1,557

437
1,737

876
1,046

Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services

16
17
18
19
20
21
22

1,386
17,456
16,274
1,160
16,070
15,606
433

1,562
20,353
19,422
1,202
18,791
18,360
460

1,492
21,678
20,650
1,295
20,185
19,723
495

1,355
21,851
20,754
1,338
20,496
20,015
509

1,337
20,717
19,610
1,314
19,380
18,905
495

2,542
20,793
19,688
1,314
18,251
17,765
496

1,860
21,097
20,062
1,261
19,238
18,846
411

1,124
18,996
18,115
1,097
17,872
17,495
393

1,736
18,218
17,332
1,079
16,482
16,091
396

840
15,171
14,231
1,066
14,331
13,960
373

129
3,278
2,186
1,091
3,149
2,932
217

-89
2,741
1,608
1,119
2,830
2,611
219

94
3,228
2,084
1,161
3,134
2,925
211

159
2,063
614
1,180
1,903
1,686
202

-708
2,485
1,214
1,177
3,192
2,990
216

-921
3,133
2,597
955
4,054
3,780
287

-1,674
2,496
1,996
803
4,169
3,758
403

-1,482
2,710
1,970
987
4,192
3,816
374

Government consumption
expenditures and gross investment
Federal
Territorial

23
24
25

1,029
113
912

918
124
792

938
135
803

941
130
810

986
127
857

1,075
128
945

1,086
131
953

1,141
146
993

1,199
182
1,017

1,129
167
961

1,026
161
865

1,011
157
854

983
137
846

962
144
818

956
139
817

1,079
191
889

1,418
214
1,204

1,200
163
1,036p

Addenda:
Population (thousands)1
Per capita real GDP (chained dollars)

26
27

110.0
43,609

110.7
43,162

111.5
44,260

111.5
45,803

113.7
46,491

114.7
47,934

115.9
48,016

107.3
48,444

106.4
49,145

105.9
45,326

105.4
38,795

105.3
36,391

105.1
35,814

104.9
35,729

104.7
36,371

104.5
36,172

104.2
36,852

103.9
37,777

1. BEA estimates based on data from the U.S. Virgin Islands Bureau of Economic Research and the U.S. Census Bureau.
(p) Fiscal year 2019 audited financial statements for the primary government and various independent agencies were not available in time for incorporation into these estimates. Preliminary estimates of territorial
government spending are based on information collected from budget documents, unaudited operating and financial statements, reports on federal grant expenditures, including disaster assistance grants, and the
USVI government's Open Finance website.

-8-

U.S. Virgin Islands

Table 1.3. Percent Change From Preceding Year in Real Gross Domestic Product
[Percent]
Line
Gross domestic product

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

1

-0.4

3.3

3.5

3.5

4.0

1.2

-6.6

0.6

-8.2

-14.8

-6.3

-1.8

-0.4

1.6

-0.7

1.6

2.2

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

2
3
4
5
6
7
8
9
10
11
12
13

2.5
2.9
4.9
-1.3
-1.9
-0.1
3.0
1.2
1.3
8.1
1.3
……..

4.4
11.3
11.6
10.4
12.9
6.3
2.2
3.1
8.2
3.1
-0.3
……..

7.8
10.8
13.9
4.2
-0.3
11.8
3.5
4.3
4.7
3.3
2.8
……..

6.1
7.1
6.5
8.5
-0.3
21.5
0.9
5.3
4.8
0.1
-2.2
……..

-5.2
-9.1
-16.7
6.9
3.6
10.7
0.5
0.6
3.4
-3.3
2.2
……..

-4.3
-11.2
-15.8
-3.8
-3.8
-3.8
0.5
-3.3
10.9
2.4
-0.3
……..

2.4
-4.2
-9.0
2.6
4.0
1.2
-1.8
4.5
4.4
-6.5
-5.2
……..

1.2
-2.6
-4.3
-0.5
3.6
-5.0
2.3
-1.0
3.8
5.5
2.5
……..

-0.9
-3.9
-3.9
-3.8
1.9
-10.0
0.7
0.8
9.1
-0.8
-1.0
……..

-3.3
-5.1
-3.1
-7.5
-0.6
-15.9
0.2
-1.7
6.4
0.2
-0.2
……..

-2.9
-1.0
8.8
-13.0
-4.0
-26.8
-1.4
-0.1
0.4
-0.7
-4.0
……..

-1.1
1.4
4.9
-3.8
-1.5
-8.7
-0.1
1.0
-2.8
1.3
-1.1
……..

2.1
1.5
1.4
1.6
-1.8
10.2
2.3
2.4
6.6
1.2
1.6
……..

-0.3
-1.4
-1.4
-1.3
-1.9
0.3
0.2
0.0
2.7
-0.7
0.2
……..

-2.2
-11.3
-19.6
2.3
-2.7
14.8
-5.8
-1.5
-8.1
-11.1
-5.1
……..

0.6
6.4
14.6
-3.7
-1.4
-8.3
-8.6
1.7
-14.0
-35.3
1.9
……..

5.8
8.3
14.5
-0.6
3.5
-10.0
10.8
-0.5
14.8
38.4
8.8
……..

Private fixed investment
Change in private inventories

14
15

-24.6
……..

10.4
……..

18.0
……..

3.4
……..

-13.4
……..

-10.8
……..

-16.1
……..

-6.0
……..

-7.1
……..

-25.9
……..

0.2
……..

-1.3
……..

-5.0
……..

-4.7
……..

8.7
……..

53.6
……..

100.6
……..

Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services

16
17
18
19
20
21
22

……..
16.6
19.3
3.6
16.9
17.7
6.1

……..
6.5
6.3
7.7
7.4
7.4
7.5

……..
0.8
0.5
3.3
1.5
1.5
2.9

……..
-5.2
-5.5
-1.8
-5.4
-5.5
-2.6

……..
0.4
0.4
0.0
-5.8
-6.0
0.2

……..
1.5
1.9
-4.0
5.4
6.1
-17.3

……..
-10.0
-9.7
-13.0
-7.1
-7.2
-4.3

……..
-4.1
-4.3
-1.6
-7.8
-8.0
0.7

……..
-16.7
-17.9
-1.3
-13.1
-13.2
-5.8

……..
-78.4
-84.6
2.4
-78.0
-79.0
-41.9

……..
-16.4
-26.5
2.6
-10.1
-10.9
0.8

……..
17.8
29.7
3.7
10.7
12.0
-3.7

……..
-36.1
-70.6
1.7
-39.3
-42.3
-3.9

……..
20.5
97.9
-0.3
67.7
77.4
6.9

……..
26.1
113.9
-18.8
27.0
26.4
32.9

……..
-20.3
-23.2
-16.0
2.8
-0.6
40.2

……..
8.6
-1.3
23.0
0.6
1.6
-7.1

Government consumption
expenditures and gross investment
Federal
Territorial

23
24
25

-10.8
10.5
-13.1

2.3
8.2
1.4

0.3
-3.5
0.9

4.8
-1.8
5.8

9.1
0.6
10.3

1.0
2.1
0.8

5.1
11.7
4.2

5.1
24.8
2.4

-5.9
-8.4
-5.5

-9.1
-3.8
-10.0

-1.4
-2.1
-1.3

-2.7
-13.1
-0.9

-2.2
5.1
-3.4

-0.6
-3.6
0.0

12.9
37.7
8.8

31.4
12.4
35.4

-15.4
-24.0
-13.9p

(p) Fiscal year 2019 audited financial statements for the primary government and various independent agencies were not available in time for incorporation into these estimates. Preliminary estimates of
territorial government spending are based on information collected from budget documents, unaudited operating and financial statements, reports on federal grant expenditures, including disaster assistance
grants, and the USVI government's Open Finance website.

-9-

U.S. Virgin Islands

Table 1.4. Contributions to Percent Change in Real Gross Domestic Product
Line

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

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

1

-0.4

3.3

3.5

3.5

4.0

1.2

-6.6

0.6

-8.2

-14.8

-6.3

-1.8

-0.4

1.6

-0.7

1.6

2.2

2
3
4
5
6
7
8
9
10
11
12
13

1.25
0.85
0.97
-0.12
-0.11
0.00
1.41
0.15
0.05
0.95
0.26
-1.02

2.19
3.18
2.27
0.92
0.71
0.21
1.03
0.39
0.31
0.39
-0.06
-2.03

3.74
3.05
2.67
0.38
-0.02
0.39
1.57
0.50
0.18
0.39
0.49
-0.88

2.95
2.08
1.31
0.78
-0.02
0.79
0.40
0.60
0.18
0.01
-0.39
0.46

-2.70
-2.86
-3.55
0.69
0.20
0.49
0.20
0.07
0.13
-0.38
0.37
-0.04

-2.29
-3.47
-3.02
-0.44
-0.23
-0.22
0.23
-0.46
0.47
0.28
-0.06
0.95

1.26
-1.23
-1.54
0.31
0.24
0.07
-0.89
0.64
0.22
-0.80
-0.95
3.37

0.68
-0.76
-0.70
-0.07
0.24
-0.30
1.17
-0.15
0.21
0.66
0.46
0.27

-0.48
-1.06
-0.60
-0.47
0.12
-0.59
0.34
0.13
0.49
-0.10
-0.18
0.24

-1.80
-1.37
-0.45
-0.91
-0.04
-0.87
0.10
-0.27
0.37
0.03
-0.03
-0.54

-1.85
-0.30
1.44
-1.74
-0.32
-1.42
-0.87
-0.02
0.03
-0.09
-0.79
-0.68

-0.77
0.46
0.95
-0.49
-0.13
-0.36
-0.04
0.20
-0.22
0.20
-0.22
-1.19

1.50
0.49
0.29
0.21
-0.17
0.37
1.61
0.54
0.52
0.20
0.35
-0.61

-0.18
-0.45
-0.29
-0.16
-0.17
0.01
0.16
0.00
0.22
-0.11
0.05
0.11

-1.53
-3.59
-3.86
0.28
-0.24
0.51
-3.93
-0.33
-0.68
-1.83
-1.09
5.99

0.38
1.85
2.32
-0.47
-0.12
-0.34
-5.62
0.38
-1.08
-5.31
0.38
4.15

3.93
2.48
2.56
-0.07
0.30
-0.38
6.39
-0.11
0.95
3.71
1.84
-4.94

Private fixed investment
Change in private inventories

14
15

-3.84
3.15

1.20
-0.05

2.13
-1.09

0.47
-0.51

-1.90
-10.56

-1.39
17.65

-1.92
2.99

-0.61
-11.22

-0.65
8.96

-2.18
0.12

0.02
0.89

-0.11
-3.89

-0.42
-5.91

-0.37
22.16

0.63
2.91

4.33
2.91

12.52
-11.55

Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services

16
17
18
19
20
21
22

1.64
25.74
24.75
0.99
-24.09
-23.55
-0.55

-0.52
13.41
11.34
2.07
-13.93
-13.22
-0.71

-1.35
1.97
1.12
0.86
-3.33
-3.05
-0.28

-0.29
-14.90
-14.44
-0.46
14.61
14.36
0.25

17.37
1.08
1.08
0.00
16.29
16.31
-0.02

-12.98
5.41
6.47
-1.06
-18.39
-20.04
1.65

-10.16
-34.56
-31.11
-3.45
24.41
24.06
0.35

10.39
-11.67
-11.27
-0.40
22.06
22.12
-0.06

-14.45
-8.72
-55.90 -247.28
-55.61 -247.82
-0.29
0.54
41.45 238.56
40.98 235.22
0.47
3.34

-4.97
-12.77
-13.47
0.70
7.80
7.85
-0.05

3.78
11.84
10.72
1.13
-8.06
-8.28
0.22

5.06
-25.42
-25.96
0.55
30.47
30.23
0.24

-19.87
8.39
8.48
-0.09
-28.26
-27.86
-0.39

-6.32
12.54
18.51
-5.97
-18.86
-16.87
-1.99

-16.24
-13.44
-9.30
-4.14
-2.81
0.60
-3.41

3.91
4.49
-0.40
4.90
-0.58
-1.45
0.87

Government consumption
expenditures and gross investment
Federal
Territorial

23
24
25

-2.60
0.25
-2.85

0.47
0.22
0.25

0.05
-0.09
0.15

0.89
-0.05
0.94

1.81
0.01
1.80

0.22
0.05
0.17

1.22
0.33
0.89

1.37
0.80
0.56

-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

10.20
0.69
9.51

-6.62
-1.50
-5.12p

-1.59
-0.33
-1.26

-2.23
-0.14
-2.09

(p) Fiscal year 2019 audited financial statements for the primary government and various independent agencies were not available in time for incorporation into these estimates. Preliminary estimates of
territorial government spending are based on information collected from budget documents, unaudited operating and financial statements, reports on federal grant expenditures, including disaster assistance
grants, and the USVI government's Open Finance website.

- 10 -

U.S. Virgin Islands

Table 1.5. Percent Change From Preceding Year in Prices for Gross Domestic Product and Price Indexes for Gross Domestic Product
Line
Gross domestic product
Personal consumption expenditures
Gross domestic product
Personal consumption expenditures

2002

2003

2004

2005

2006

2007

2008

1

……..

5.9

6.8

12.7

-2.2

2.6

-12.3

2

……..

2.7

3.2

3.8

2.6

5.5

5.9

3

68.0

72.1

76.9

86.7

84.8

87.0

4

71.9

73.9

76.3

79.2

81.2

85.7

2009
6.0

2010

2011

[Percent]
2.3
6.4

2012

2013

2014

2015

2016

2017

2018

2019

13.7

-2.5

-2.9

3.2

2.1

0.6

1.2

2.1

2.5

0.3

0.7

0.9

2.1

2.5

1.4

76.3

0.1
1.3
4.9
3.6
[Index numbers, 2012=100]
80.8
82.7
88.0
100.0

90.8

90.9

92.1

96.6

100.0

97.5

94.7

97.7

99.7

100.4

101.6

103.7

102.5

102.7

103.5

104.4

106.7

109.3

110.9

Table 1.6. Gross Domestic Income
[Millions of dollars]
Line

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Gross domestic income

1

3,262

3,443

3,797

4,428

4,484

4,784

4,244

4,201

4,324

4,223

4,089

3,738

3,565

3,663

3,798

3,794

3,900

4,068

Compensation of employees

2

1,658

1,652

1,751

1,896

2,033

2,139

2,185

2,114

2,244

2,197

2,040

1,886

1,893

1,936

1,998

2,012

2,087

2,592

Taxes on production and imports
less subsidies

3

81

111

124

147

152

163

156

119

145

153

170

161

160

175

184

174

223

242

Gross operating surplus

4

1,523

1,680

1,922

2,385

2,299

2,482

1,903

1,968

1,935

1,873

1,879

1,691

1,512

1,552

1,616

1,608

1,590

1,234

NOTE. Detail may not add to total because of rounding.

Table 1.7. Revisions to Percent Change in Real Gross Domestic Product
Line

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Percent change:
Revised
Previously published

1
2

-0.4
-0.3

3.3
2.9

3.5
3.6

3.5
3.6

4.0
4.0

1.2
0.9

-6.6
-6.6

0.6
0.9

-8.2
-8.2

-14.8
-15.0

-6.3
-5.8

-1.8
-0.9

-0.4
0.3

1.6
1.2

-0.7
-0.6

1.6
1.5

Percentage points:
Revision

3

-0.1

0.4

-0.1

-0.1

0.0

0.3

0.0

-0.3

0.0

0.2

-0.5

-0.9

-0.7

0.4

-0.1

0.1

- 11 -

U.S. Virgin Islands
2. GDP by Industry
Table 2.1. Value Added by Industry
[Millions of dollars]
Line
Gross domestic product

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

1

3,262

3,443

3,797

4,428

4,484

4,784

4,244

4,201

4,324

4,223

4,089

3,738

3,565

3,663

3,798

3,794

3,900

Private industries
Goods-producing industries
Services-producing industries
Wholesale and retail trade
Accommodation and food services
Other services, except government

2
3
4
5
6
7

2,647
705
1,943
350
267
1,326

2,755
721
2,034
342
284
1,408

3,125
1,015
2,110
362
308
1,441

3,743
1,473
2,269
403
325
1,542

3,716
1,430
2,286
418
330
1,538

4,004
1,471
2,533
449
405
1,678

3,441
991
2,450
435
424
1,591

3,378
1,046
2,332
408
400
1,524

3,452
1,025
2,426
413
428
1,585

3,388
944
2,443
422
436
1,585

3,330
823
2,507
411
450
1,646

2,986
556
2,430
411
454
1,565

2,815
448
2,367
405
470
1,493

2,865
386
2,479
398
486
1,596

2,973
336
2,638
394
483
1,760

3,008
373
2,635
381
436
1,818

3,191
662
2,529
380
288
1,861

Government
Federal
Territorial

8
9
10

615
83
532

688
92
596

672
108
564

686
112
574

768
117
651

779
120
659

803
125
678

823
130
693

872
140
732

835
138
697

759
138
621

752
139
613

750
135
615

797
144
654

825
141
684

786
140
646

709
146
563

NOTE. Detail may not add to total because of rounding.

Table 2.2. Value Added by Industry as a Percentage of GDP
[Percent]
Line
Gross domestic product

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

1

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

100

Private industries
Goods-producing industries
Services-producing industries
Wholesale and retail trade
Accommodation and food services
Other services, except government

2
3
4
5
6
7

81
22
60
11
8
41

80
21
59
10
8
41

82
27
56
10
8
38

85
33
51
9
7
35

83
32
51
9
7
34

84
31
53
9
8
35

81
23
58
10
10
37

80
25
56
10
10
36

80
24
56
10
10
37

80
22
58
10
10
38

81
20
61
10
11
40

80
15
65
11
12
42

79
13
66
11
13
42

78
11
68
11
13
44

78
9
69
10
13
46

79
10
69
10
11
48

82
17
65
10
7
48

Government
Federal
Territorial

8
9
10

19
3
16

20
3
17

18
3
15

15
3
13

17
3
15

16
3
14

19
3
16

20
3
16

20
3
17

20
3
17

19
3
15

20
4
16

21
4
17

22
4
18

22
4
18

21
4
17

18
4
14

- 12 -

U.S. Virgin Islands

Table 2.3. Real Value Added by Industry
[Millions of chained (2012) dollars]
Line
Gross domestic product

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

1

4,797

4,778

4,935

5,107

5,286

5,498

5,565

5,198

5,229

4,800

4,089

3,832

3,764

3,748

3,808

3,780

3,840

Private industries
Goods-producing industries
Services-producing industries
Wholesale and retail trade
Accommodation and food services
Other services, except government

2
3
4
5
6
7

4,048
1,598
2,560
432
342
1,794

3,968
1,385
2,622
414
360
1,859

4,135
1,515
2,679
424
380
1,885

4,317
1,554
2,825
457
387
1,992

4,489
1,798
2,751
462
382
1,914

4,698
1,783
2,973
492
450
2,037

4,751
2,031
2,834
469
470
1,898

4,381
1,870
2,616
432
416
1,773

4,409
1,806
2,681
433
445
1,806

3,989
1,366
2,608
434
454
1,720

3,330
823
2,507
411
450
1,646

3,105
559
2,548
407
441
1,700

3,067
435
2,646
398
444
1,812

3,025
363
2,685
384
438
1,880

3,076
312
2,796
383
428
2,015

3,101
338
2,792
371
376
2,092

3,275
583
2,680
367
241
2,159

Government
Federal
Territorial

8
9
10

775
119
656

826
122
702

822
137
685

820
136
683

830
136
693

838
134
703

845
136
708

832
137
694

836
143
693

811
138
673

759
138
621

724
137
586

694
130
563

717
134
583

725
131
595

680
126
553

588
127
462

Table 2.4. Percent Changes in Real Value Added by Industry
[Percent]
Line
Gross domestic product

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

1

-0.4

3.3

3.5

3.5

4.0

1.2

-6.6

0.6

-8.2

-14.8

-6.3

-1.8

-0.4

1.6

-0.7

1.6

Private industries
Goods-producing industries
Services-producing industries
Wholesale and retail trade
Accommodation and food services
Other services, except government

2
3
4
5
6
7

-2.0
-13.3
2.5
-4.3
5.4
3.6

4.2
9.4
2.2
2.5
5.4
1.4

4.4
2.6
5.5
7.8
1.8
5.7

4.0
15.7
-2.6
1.1
-1.3
-3.9

4.7
-0.8
8.1
6.4
17.9
6.4

1.1
13.9
-4.7
-4.7
4.4
-6.8

-7.8
-7.9
-7.7
-7.9
-11.5
-6.6

0.6
-3.4
2.5
0.2
7.1
1.9

-9.5
-24.4
-2.7
0.3
2.0
-4.7

-16.5
-39.7
-3.9
-5.3
-0.8
-4.3

-6.8
-32.0
1.6
-0.9
-2.0
3.3

-1.2
-22.3
3.9
-2.2
0.7
6.5

-1.4
-16.5
1.5
-3.4
-1.4
3.7

1.7
-14.1
4.1
-0.4
-2.4
7.2

0.8
8.5
-0.1
-3.0
-12.1
3.8

5.6
72.5
-4.0
-1.2
-35.9
3.2

Government
Federal
Territorial

8
9
10

6.6
3.2
7.2

-0.5
12.2
-2.5

-0.3
-0.8
-0.2

1.3
-0.1
1.5

0.9
-1.7
1.4

0.8
1.9
0.6

-1.5
0.6
-1.9

0.5
4.2
-0.2

-3.0
-3.3
-2.9

-6.5
-0.5
-7.7

-4.6
-0.2
-5.6

-4.1
-5.3
-3.9

3.4
3.2
3.4

1.2
-2.7
2.1

-6.3
-3.1
-6.9

-13.5
0.8
-16.6

- 13 -

U.S. Virgin Islands

Table 2.5. Contributions to Percent Change in Real Gross Domestic Product by Industry
Line
Percent change:
Gross domestic product
Percentage points:
Private industries
Goods-producing industries
Services-producing industries
Wholesale and retail trade
Accommodation and food services
Other services, except government
Government
Federal
Territorial

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

1

-0.4

3.3

3.5

3.5

4.0

1.2

-6.6

0.6

-8.2

-14.8

-6.3

-1.8

-0.4

1.6

-0.7

1.6

2
3
4
5
6
7

-1.60
-3.04
1.43
-0.45
0.43
1.46

3.41
2.17
1.24
0.25
0.44
0.56

3.66
0.76
2.90
0.71
0.14
2.05

3.31
4.71
-1.39
0.10
-0.10
-1.40

3.86
-0.25
4.12
0.60
1.33
2.19

0.95
3.59
-2.65
-0.48
0.39
-2.57

-6.32
-1.95
-4.37
-0.79
-1.15
-2.43

0.51
-0.85
1.36
0.02
0.66
0.68

-7.68
-6.17
-1.51
0.03
0.19
-1.73

-13.69
-11.59
-2.10
-0.49
-0.08
-1.53

-5.47
-6.46
0.99
-0.09
-0.22
1.30

-0.96
-3.42
2.46
-0.25
0.08
2.63

-1.08
-2.07
0.99
-0.39
-0.19
1.57

1.30
-1.48
2.78
-0.05
-0.32
3.14

0.65
0.75
-0.10
-0.31
-1.55
1.77

4.43
7.18
-2.76
-0.12
-4.17
1.53

8
9
10

1.24
0.08
1.16

-0.09
0.32
-0.42

-0.05
-0.02
-0.03

0.21
0.00
0.21

0.15
-0.04
0.20

0.15
0.05
0.09

-0.28
0.02
-0.30

0.10
0.13
-0.04

-0.58
-0.10
-0.47

-1.15
-0.02
-1.14

-0.88
-0.01
-0.88

-0.86
-0.20
-0.66

0.71
0.12
0.59

0.26
-0.11
0.37

-1.37
-0.12
-1.25

-2.83
0.03
-2.86

NOTE. Percentage-point contributions do not sum to the percent change in real gross domestic product because of rounding and differences in source data used to estimate GDP by industry and the
expenditures measure of real GDP.

Table 2.6. Compensation of Employees by Industry
[Millions of dollars]
Line

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

1

1,658

1,652

1,751

1,896

2,033

2,139

2,185

2,114

2,244

2,197

2,040

1,886

1,893

1,936

1,998

2,012

2,087

Private industries
Goods-producing industries
Services-producing industries
Wholesale and retail trade
Accommodation and food services
Other services, except government

2
3
4
5
6
7

1,049
261
788
169
154
464

1,003
187
816
172
167
477

1,123
223
900
184
180
535

1,257
286
971
189
186
596

1,306
329
978
191
190
596

1,399
369
1,030
201
208
621

1,411
340
1,070
205
217
649

1,318
309
1,008
197
191
620

1,393
317
1,076
198
204
674

1,386
302
1,084
209
208
668

1,319
275
1,045
209
212
624

1,164
110
1,054
237
214
603

1,163
103
1,060
223
222
616

1,169
109
1,060
213
243
604

1,213
108
1,104
207
248
649

1,225
166
1,060
198
234
627

1,292
284
1,008
197
128
683

Government
Federal
Territorial

8
9
10

609
81
528

649
90
559

628
106
522

639
110
529

727
115
611

740
118
622

774
123
651

797
129
668

851
139
712

811
137
674

721
136
585

723
136
586

730
132
598

768
140
627

786
138
648

787
135
651

795
141
654

Total compensation

NOTE. Detail may not add to total because of rounding.

- 14 -