ECONOMIC REVIEW 2023 USVI-USVIBER
2023 U.S. VIRGIN ISLANDS ECONOMY OFFICE OF THE GOVERNOR, BUREAU OF ECONOMIC RESEARCH ECONOMY OVERVIEW INTRODUCTION The United States Virgin Islands (USVI) economy in 2023 performed well by key headline indicators, such as a record low unemployment rate, growing economic output, and solid tourism performance. Economic challenges such as the closure of HOVENSA in 2015, the two category-five hurricanes in 2017, and the 2020 global pandemic have impacted the USVI. Despite these global headwinds and obstacles, the labor market is performing its strongest in two years, with unemployment rates below pre-pandemic levels and more workers employed. Visitor arrivals have also been buoyant, sustained by solid demand across all major visitor markets. Real Gross Domestic Product (GDP) returned to trend growth in 2022 since 2019. This growth has now matched pre-HOVENSA closure levels. While inflation continues to be a concern, there are encouraging signs of improvement, particularly in the food and energy categories. …
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