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US Virgin Islands Economic Review & Outlook Fiscal Year-to-Date September 2018 & Fiscal Year-to-Date November 2019 Release Date: February 2019 Bureau of Economic Research 8201 A Sub Base, Suite 4 St. Thomas, US Virgin Islands 00802 REPORT: ECONOMIC CONDITIONS USVI Bureau of Economic Research Overview Preliminary data released by the U.S. Department of Commerce, Bureau of Economic Analysis (BEA), showed that the Territory’s real Gross Domestic Product (GDP) decreased by 1.7 percent in 2017 to $3.07 billion from increasing by 0.9 percent to $3.12 billion in 2016. The decline in the USVI economy reflected decreases in exports of services and consumer spending. The 2017 GDP estimates showed an increase in two areas of the USVI economy. Firstly, there was an increase in visitor and local consumer spending. Secondly, petroleum and crude oil transactions accounted for the majority of the growth in inventory investments, reflecting the April 2016 opening of Limetree Bay Terminals, LLC’s oil storage facility on St. Croix. …
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