US Virgin Islands Bureau of Economic Research
US Virgin Islands Bureau of Economic Research 7 U.S. Virgin Islands Economic Review Bureau of Economic Research (BER) August 2003 Prepared by Lauritz Mills, Director, Bureau of Economic Research (BER) Introduction Macroeconomic performance over the past year was characterized by contractions in output and employment and deepening fiscal problems. The fall in economic activ- ity was linked to the sluggish recovery of the US economy, lingering concerns about the safety of air travel, as well as to the hos- tilities in Iraq and the oil-sector strike in Venezuela. The spill-over effects from each of these factors were transmitted to the already weak local economy, which was experienc- ing a contraction in sectors such as con- struction and manufacturing. The down- turn in economic activity also brought about a worsening of the Territory’s fiscal position which deteriorated as revenue in- flows contracted. By the second quarter of fiscal year 2003, the Territory was faced with a current annual budget deficit of $152 million. …
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Archive identifier LF-64009a73a424