BVI’s economic growth could reach 3.5% by end of 2022 — Premier
The Ministry of Finance has projected that economic growth in the BVI could surpass three per cent by the end of this year.
At the height of the COVID-19 pandemic, the BVI’s economy contracted drastically partly because the territory closed its borders and implemented strict rules for those wishing to visit as tourists. But during his budget presentation yesterday, Premier and Minister of Finance Dr Natalio Wheatley gave statistics which confirm that the BVI’s economy started showing signs of recovery.
The Premier said the local economy was boosted last year by a return of activities in tourism which then spurred activities in other areas such as the wholesale and retail industry and food and accommodation services.
Another area which showed growth in 2021 was real estate and Premier Wheatley said this area thrived because the government decided to waive stamp duties for Belongers and Virgin Islanders who purchase property locally.
“Confidence in the financial services sector continued to show with the small but steady growth while activities in other economic areas realised increases as well,” Premier Wheatley stated while speaking about economic growth in 2021.
He added that the government is expecting the economy to continue growing in 2022 and is expecting tourism to contribute largely to this growth as it did in 2021.
“At the end of 2022, we expect tourism-related activities to continue to boost economic activities throughout many sectors including accommodation and food services, wholesale and retail and transportation and storage,” Premier Wheatley stated.
Other areas that are expected to contribute to the territory’s Gross Domestic Product include construction in the private and public sectors, the e-government administration initiative and the administration of the Commission of Inquiry recommendations.
“Given these planned activities, the Ministry of Finance and the government are confident that our output performance for 2022 could close the year at a 3.5 percent growth in comparison to 2021,” Premier Wheatley said.
The Premier also revealed that the areas that employ the most people (aside from the Ministries of Health and Education) are construction, wholesale and retail, financial services, professional services and administrative services.
The Premier said the local economy was boosted last year by a return of activities in tourism which then spurred activities in other areas such as the wholesale and retail industry and food and accommodation services.
Another area which showed growth in 2021 was real estate and Premier Wheatley said this area thrived because the government decided to waive stamp duties for Belongers and Virgin Islanders who purchase property locally.
“Confidence in the financial services sector continued to show with the small but steady growth while activities in other economic areas realised increases as well,” Premier Wheatley stated while speaking about economic growth in 2021.
He added that the government is expecting the economy to continue growing in 2022 and is expecting tourism to contribute largely to this growth as it did in 2021.
“At the end of 2022, we expect tourism-related activities to continue to boost economic activities throughout many sectors including accommodation and food services, wholesale and retail and transportation and storage,” Premier Wheatley stated.
Other areas that are expected to contribute to the territory’s Gross Domestic Product include construction in the private and public sectors, the e-government administration initiative and the administration of the Commission of Inquiry recommendations.
“Given these planned activities, the Ministry of Finance and the government are confident that our output performance for 2022 could close the year at a 3.5 percent growth in comparison to 2021,” Premier Wheatley said.
The Premier also revealed that the areas that employ the most people (aside from the Ministries of Health and Education) are construction, wholesale and retail, financial services, professional services and administrative services.
