Business

Bolstered By Tourism And Increased Consumer Spending, Territory's GDP Increased For First Time In Five Years

ST. THOMAS -- The U.S. Bureau of Economic Analysis (BEA) reported on Wednesday that after declining for four consecutive years, the U.S. Virgin Islands economy grew in 2015, bolstered by tourism and consumer spending. The estimates of gross domestic product for the USVI show that real GDP -- GDP adjusted to remove price changes -- increased 0.2 percent in 2015, after decreasing 1.0 percent in 2014. The territory's gross domestic product is the total value of goods produced and services it provided during one year. The analysis, seen here, shows data going back to 2008, when the GDP grew by almost 1 percent; decreased in 2009 by over 6 percent; grew again in 2010 by almost 1 percent; and saw steep declines of over 8 percent and over 14 percent in 2011 and 2012 respectively. "The growth in exports of services, which consists primarily of spending by tourists, reflected increases in air arrivals and hotel revenues," BEA said. The assessment serves as encouraging news for the Departme...