USVI BUREAU OF ECONOMIC RESEARCH
USVI BUREAU OF ECONOMIC RESEARCH USVI ECONOMY IN REVIEW 2022 AND OUTLOOK 2023 Website & Email: WWW.USVIBER.ORG | WEBMASTER@USVIBER.ORG 1 Gross Domestic Product 2021 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). Real GDP had shrunk by 1.9 percent in 2020 ($3.9 billion) when the pandemic led to ordered lockdowns and businesses to shut down or reduce hours. As shown in Figure 1, contributions to GDP growth in 2021 came from exports and consumer spending, which contributed 40.91 and 0.41 percentage points, respectively, to the overall 2.8 percent growth rate. Exports, which grew 94.9 percent, reflected a surge in crude oil and petroleum products exports and services, primarily visitor spending. The 0.6 percent growth in consumer spending reflected increased spending on goods and services. Among goods, the leading contributor was nondurable goods. …
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