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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 -