U.S. Virgin Islands
1 | P a g e U.S. Virgin Islands Economic Review Bureau of Economic Research April 2008 Overview The Virgin Islands economy has begun to experience the effects of the downturn in the US economy. Deterioration in the US housing markets and volatility in the equity markets along-side higher energy prices have triggered a slow-down in the pace of economic activity. Most notably, consumer and business spending has began to tighten as evident by the recent drop in business receipts. Taxable business receipts—a broad measure of economic performance—fell during the second quarter of fiscal year 2008. The growth of consumer spending sustained by growth in income and borrowing, is being curtailed by increased cost of borrowing, persistently high oil prices and the rising cost of food, utilities and other consumer goods and services. Although there is weakness in some sectors, the outlook in the near- term is for the economy to stay on course, though growth is expected to be marginal. There are reasons for optimism. …
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