The largest contributor was goods-producing industries, which includes the construction industry. [4][5][6][7] GDP data for the Northern Mariana Islands is from 2019, so it is listed separately. An official website of the United States government. Percent Change from Preceding Year in Prices for Gross Domestic Product and Price Indexes for Gross Domestic Product, Table 1.7. (see Data FAQs) Source: IMF World Economic Outlook Database Statistics for the Caribbean. Private fixed investment measures spending by USVI private businesses, nonprofit institutions, and households on structures and equipment that are used in the production of goods and services. Fixed assets consist of structures, equipment, and software that are used in the production of goods and services. 2018 visitor arrivals by air had been low in the aftermath of the 2017 hurricanes. Revised data on shipments from the U.S. Census Bureau "International Trade in Goods and Services" (FT900) report. Over the past 17 years, the value for this indicator has fluctuated between $44,159 in 2007 and $30,062 in 2002. Estimates for 2018 and 2019 that were released on May 26, 2021, have been revised to incorporate updates to source data, including the following: The revised estimates exhibit a pattern of inflation-adjusted GDP growth similar to the previously published estimates (table 1.7). Private fixed investmentdecreased 36.8 percent reflecting declines in business spending on construction and equipment. Chained-dollar values are not additive, because the relative weights for a given period differ from those of the reference year. Quantities and prices. In place of these financial statements, BEA used information from a variety of alternate data sources, including USVI government budget documents, unaudited financial statements, building permit values, reports on federal grant expenditures and disaster recovery progress, testimonies from the Legislature of the USVIs committee meetings, hospital cost reports from the Centers for Medicare & Medicaid Services, and the USVI government's Open Finance database, which includes checkbook-level spending by the primary government. As of April 2023, most of the USVI government's fiscal year 2021 audited financial statements were unavailable. The U.S. Virgin Islands consist of the main islands of Saint Croix, Saint John, and Saint Thomas and 50 other surrounding minor islands and cays. Consumer spending also increased, reflecting growth in household purchases of goods, including motor vehicles and food. Territorial government spending decreased 0.3 percent (table 1.3), reflecting a decline in compensation of employees. Gross Domestic Product for the U.S. Virgin Islands, 2021, 4600 Silver Hill Road Suitland, MD 20746, Territorial Economic Accounts for American Samoa, Guam, and the U.S. Virgin Islands: Estimates of GDP for 2021 and Estimates of GDP by Industry and Compensation by Industry for 2020, Summary of Methodologies: Gross Domestic Product for American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the U.S. Virgin Islands, Territorial Economic Accounts for American Samoa, Guam, and the U.S. Virgin Islands, Territorial Economic Accounts for American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the U.S. Virgin Islands, The Bureau of Economic Analysis (BEA) Releases GDP Estimates for Four U.S. territories, Territorial Economic Accounts: New Estimates of GDP for 2016 and New Estimates of GDP by Industry and Compensation by Industry for 2015, New Estimates of GDP for 2015 and GDP by Industry and Compensation by Industry for 2014, Results of the First Comprehensive Revision of the Territorial Economic Accounts: New Estimates of GDP for 2014 and Revised Estimates for 2002-2013. Visit farmers.gov/subscribe. Quantity and price indexes are calculated using a Fisher chain-weighted formula that incorporates weights from two adjacent years. Average annual growth rate. Total visitor arrivals to the USVI decreased in 2018; the number of air visitors, who spend substantially more in the islands on average than cruise visitors, decreased more than 20 percent. Contributions to Percent Change in Real Gross Domestic Product by Industry, Table 2.6. Government consumption expenditures and gross investment, or government spending, measures the portion of GDP that is accounted for by the government sector. Total visitor arrivals decreased; the number of air visitors, who spend more on average than cruise visitors, decreased 23 percent. USDA Offers Disaster Assistance to Farmers and Livestock Producers in Puerto Rico and U.S. Virgin Islands Impacted by Hurricane Fiona. For American Samoa and the U.S. Virgin Islands, territorial government spending accounted for most of government spending. The USVI economy was substantially affected by the COVID-19 pandemic due to its effects on spending by consumers, visitors, businesses, and governments. Published by Teresa Romero , Sep 12, 2022. United States of America excluding Puerto Rico and United States Virgin Islands. GDP per capita also varied widely throughout the United States in 2022, with New York ($105,226), Massachusetts ($99,274), and North Dakota ($96,461) recording the three highest GDP per capita figures in the U.S., while Mississippi ($47,572), Arkansas ($54,644), and West Virginia ($54,870) recorded the three lowest GDP per capita figures in the U.S. Net exports of goods and services is the difference between exports of goods and services and imports of goods and services. 4600 Silver Hill Road Suitland, MD 20746, statistics published by the USVI government, Gross Domestic Product for the U.S. Virgin Islands, 2021. In May, June, and July, BEA will be releasing additional detail on the major components of GDP at press events in each of the territories. The increase in real GDP reflected increases in exports and personal consumption expenditures. However, the full effects of the pandemic cannot be quantified in the GDP statistics for the USVI because the impacts are generally embedded in source data and cannot be separately identified. Federal grants supported the reconstruction and major repairs of businesses and homes that were destroyed or heavily damaged by the 2017 hurricanes. The U.S. Virgin Islands suffered extensive damage from two major hurricanes in September 2017. Explore resources provided by the Research Division at the Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, This leaves the territory vulnerable to food shortages in case of any global food crisis. Total compensation increased in 2017, reflecting growth in wages for goods-producing industries, including construction. World Development Indicators, Units: The data source for the list is the Bureau of Economic Analysis (BEA) in 2022. 6 The data are available at www.bls.gov/cew/. Real gross domestic product (GDP) for the U.S. Virgin Islands increased 2.8 percent in 2021 after decreasing 1.9 percent in 2020, according to statistics released today by the U.S. Bureau of Economic Analysis. Information from the Economic Census of Island Areas was used to establish levels of GDP for the years 2002 and 2007. The Northern Mariana Islands GDP was $1.18 billion ($1,180 million) in 2019; GDP for the Northern Mariana Islands decreased by 11.2% in 2019; and GDP per capita in the Northern Mariana Islands was $20,659 in 2019.[5][4][6]. Net exports of goods and services is the difference between exports of goods and services and imports of goods and services. The government sector increased 2.5 percent, primarily reflecting increases in compensation for both federal and territorial government employees. 1. Investment spending had been elevated in prior years to support capital improvement projects, including the restart of the oil refinery on St. Croix. Real dollar series are calculated by multiplying the quantity index by the current-dollar value in the reference year (2012) and then dividing by 100. All calls are confidential. Imports, a subtraction item in the calculation of GDP, declined. As shown in chart 1, the increase in real GDP reflected increases in private fixed investment, exports, and consumer spending. Therefore, the NIPAs provide separate estimates of changes in quantities and prices, derived as indexes that provide information on the change from some reference period. In 2020, real GDP decreased 1.9 percent. Data and research on GDP including real GDP growth, Annual Gross Domestic Product (GDP), Quarterly Gross Domestic Product (GDP), National Accounts at a Glance., Although GDP per capita is often used as a broad measure of average living standards, high levels of GDP per capita do not necessarily mean high levels of household disposable income, a key measure of average material well-being of people. Real gross domestic product (GDP) for the U.S. Virgin Islands (USVI) increased 2.8 percent in 2021 after decreasing 1.9 percent in 2020 (table 1.3), according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). Chained-dollar values are not additive, because the relative weights for a given period differ from those of the reference year. These data have been superseded. GDP is also equal to the sum of personal consumption expenditures, private fixed investment, change in private inventories, net exports of goods and services, and government consumption expenditures and gross investment. GDP by State with Industry Detail State counterpart of national GDP, including industries' contributions to each state economy Consumer Spending by State Spending by residents of the 50 states and D.C. Real Consumer Spending by State Consumer spending adjusted for state price level differences and national inflation Personal Income by State The V.I. BEA currently plans to release these estimates, in addition to new GDP estimates for 2019, in the fall of 2020. This is the same reference year used in BEAs national GDP estimates. The territorial government sector also contributed negatively to economic growth, primarily reflecting operating losses of government utilities. Total compensation increased in 2019, reflecting growth in all industries shown (table 2.6). EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, JULY 6, 2010, BEAs national, international, regional, and industry statistics; the, 4600 Silver Hill Road Suitland, MD 20746, Real GDP (millions of chained 2005 dollars), Real GDP per capita (chained 2005 dollars). Fixed assets consist of structures, equipment, and software that are used in the production of goods and services. Private fixed investment increased 51.4 percent, reflecting growth in business purchases of equipment and in construction, including homes. Consumer spending increased less than previously estimated between 2012 and 2017, reflecting the incorporation of 2017 ECIA data on sales to resident households and visitors. Gross investment consists of spending by government for fixed assets that directly benefit the public or that assist government agencies in their production activities. Due to lags in the availability of data for various components of GDP, the statistics presented today for 2021 are preliminary estimates. Change in private inventories, or "private inventory investment," is a measure of the value of the change in the physical volume of the inventoriesadditions less withdrawalsthat businesses maintain to support their production and distribution activities. Moving forward, the agreement between OIA and BEA will extend and improve the estimates of GDP for the U.S. Virgin Islands. GDP by industry and compensation by industry estimates for 2018 will also be released. Government output decreased, largely due to hurricane-related disruptions in public utility and health services. EMBARGOED UNTIL RELEASE AT 10:00 a.m. EDT, Monday, May 22, 2023, Gross Domestic Product by Industry and Compensation by Industry, 2020, 4600 Silver Hill Road Suitland, MD 20746, statistics published by the USVI government, Gross Domestic Product for the U.S. Virgin Islands, 2021, Newly available data sources provided by the USVI government, such as draft and audited financial statements for the Government of the USVI and its independent agencies and consumer price indexes for 2020, and. * indicates "GDP of STATE or FEDERAL DISTRICT" or "Economy of STATE or FEDERAL DISTRICT" links. Growth in the private sector was widespread; the largest increase was in accommodation and food services, which increased 14.4 percent, reflecting growth in visitor spending (table 2.4). The reference year for inflation-adjusted measures has been updated to 2012. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. This dataset provides information on gross domestic product (GDP), total and per capita at current and constant (2010) prices also it contains annual average growth rates of gross domestic product (GDP), total and per capita, in per cent. The latest value for GDP per capita (current US$) in Virgin Islands was $38,137 as of 2019. The estimates of GDP for the USVI show that real GDPGDP adjusted to remove price changesincreased 1.5 percent in 2018 after decreasing 0.6 percent in 2017 (see Table 1.3). Consumer spending was supported by government assistance payments distributed to households through the CRRSA Act and the American Rescue Plan Act. 2 Summary GDP statistics for the U.S. Virgin Islands are presented on page 3 of this news release. The growth in exports of goods primarily reflected increases in exports of crude oil and petroleum products. The BEA's first set of estimates of gross domestic product (GDP) for American Samoa, the Commonwealth of the Northern Mariana Islands (CNMI), Guam, and the U.S. Virgin Islands (USVI) are based on limited source data and are subject to revision. As additional source data become available, BEA will incorporate the information and will release updated estimates once a year. St. Louis, MO 63102, More 2 Consumer spending refers to personal consumption expenditures. Inventory investment refers to change in private inventories, which is abbreviated CIPI. Private inventory investment decreased (table 1.2), as crude oil and petroleum product inventories were drawn down for export and use in petroleum refining. Gross investment consists of spending by government for fixed assets that directly benefit the public or that assist government agencies in their production activities. Imports measures the portion of total USVI expenditures that is accounted for by goods and services provided by the rest of the world. These increases were partly offset by decreases in private inventory investment, private fixed investment, and government spending. Change in private inventories (CIPI), or inventory investment, is a measure of the value of the change in the physical volume of the inventoriesadditions less withdrawalsthat businesses maintain to support their production and distribution activities. Private fixed investment decreased 27.7 percent, reflecting declines in business spending on construction and equipment. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. Territories. Source: 2008 U.S. Virgin Islands Annual Economic Indicators. Arrivals by air fell significantly in the months following the hurricanes and remained below pre-hurricane levels throughout 2018. Virgin Islands (British) VG: PPP Conversion Factor: GDP data is updated yearly, averaging 1.094 USD/Intl $ from Dec 2011 to 2017, with 7 observations. Note that several leading GDP-per-capita (nominal) jurisdictions may be considered tax havens, and their GDP data subject to material distortion by tax planning activities. Gross Domestic Product for the U.S. Virgin Islands, 2021 Gross Domestic Product for U.S. Virgin Islands [MKTGDPVIA646NWDB], BEAs U.S. national income and product accounts. Please see our, EMBARGOED UNTIL RELEASE AT 9:00 A.M. EST, Tuesday, December 17, 2019. The growth in the USVI economy reflected increases in government spending, private fixed investment, and consumer spending (see Table 1.4). Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Federal government spending decreased after being elevated in 2020 to support reconstruction of federal facilities heavily damaged during the 2017 hurricanes Irma and Maria. Other notable factors were changes in territorial government spending and in consumer spending. For some analyses, it is important to know these separate effectsfor instance, to know how much of the change in GDP is due to changes in the quantities of goods and services without the influence of price changes. Quantities (or "real" volume measures) and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). The increase in real GDP reflected increases in exports and personal consumption expenditures (chart 1). Stay informed about BEA developments by reading, Historical time series for gross domestic product for the U.S. territories can be accessed at, For more on BEA's statistics, see our monthly online journal, the, For upcoming economic indicators, see BEA's. Although spending in 2020 was supported by Coronavirus Relief Fund payments, prior year spending was elevated by expenditures funded by federal disaster grants. Private fixed investment (PFI) measures spending by private businesses, nonprofit institutions, and households on fixed assets in the USVI economy. Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.[2]. GDP is also equal to the sum of personal consumption expenditures, private fixed investment, change in private inventories, net exports of goods and services, and government consumption expenditures and gross investment. Please see our, EMBARGOED UNTIL RELEASE AT 2:00 P.M. EDT, Wednesday, May 26, 2021, 4600 Silver Hill Road Suitland, MD 20746. Personal consumption expenditures (PCE), also referred to as consumer spending, measures the goods and services purchased by personsthat is, by households and by nonprofit institutions serving households (NPISHs)who are resident in the USVI. County committees are unique to FSA and serve as a direct link between agricultural communities across the country and USDA. Government spending refers to government consumption expenditures and gross investment.. Newly available USVI government data sources, such as government financial statements for fiscal year 2018, a 2015 visitor exit survey, consumer prices for 2017 and 2018, and the Government of the U.S. Virgin Islands Open Finance database, Revised data on shipments from the U.S. Census Bureaus International Trade in Goods and Services (FT-900) report, and. Real values are inflation-adjusted estimatesthat is, estimates that exclude the effects of price changes. In constructing the estimates for the U.S. Virgin Islands, BEA used methodologies consistent with the methods used to estimate U.S. GDP. Quantities and prices. The compensation by industry estimates, which are measured in current dollars, show trends in compensation for major industries (table 2.6). Economic Data for Virgin Islands Gross Domestic Product Real GDP (a measure of economic growth) mostly declined from 2008-2014, but has begun growing slightly from 2014-2016, growing from $3.087 billion to $3.124 billion. According to USVI government statistics, total visitor arrivals to the USVI increased in 2019; the number of air visitors, who spend substantially more in the islands on average than cruise visitors, increased 30.5 percent. The District of Columbia, though, recorded a GDP per capita figure far higher than any U.S. state in 2022 at $242,853. [7] The territory's capital is Charlotte Amalie on the island of St. Thomas. The accompanying news release tables present estimates for GDP and its major components, GDP by industry, compensation by industry, and estimates of gross domestic income. Expenditures funded by the various federal grants and transfer payments are reflected in the GDP estimates.