U.S. VIRGIN ISLANDS ECONOMY
U.S. VIRGIN ISLANDS ECONOMY 2020 TO 2022 COVID AND BEYOND WWW.USVIBER.ORG ALL DATA ARE SUBJECT TO REVISION. In early 2020, the U.S Virgin Islands (USVI) economy grew moderately until lockdowns and containment measures to stem the coronavirus (COVID-19) pandemic shuttered economic activity, except for a few essential businesses and some services remaining open. Travel restrictions, reduced air travel demand, and "no sail order" for cruise ships halted sailings for over a year, which led to an unprecedented decrease in visitors. The ensuing contraction was one of economic activity's deepest and most sudden downswings. In 2022, indicators showed that the economy had generally recovered from the sharp decline that followed the onset of the pandemic. Some were returning to, and others were exceeding pre-pandemic levels. 1. GDP GROWTH The U.S. Virgin Islands economy grew in 2021, returning with resilience from 2020. Real Gross Domestic Product (GDP) increased by 2.8 percent at an annual rate, or to a level of $4 billion in 2021, according to the U.S. Bureau of Economic Analysis (BEA). …
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