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by pltm
(PLTM) - Since 2011, the Virgin Islands economy has enjoyed a positive trajectory of economic growth, demonstrating modest recovery from the impacts of the global economic crisis, according government's Medium Term Fiscal Plan (MTFP) 2017-2019.
"This trajectory continued in 2015, as our Gross Domestic Product (GDP) was estimated to increase approximately 4.3 percent in nominal terms from the previous year," the plan states.
"This estimated growth was higher than the 4.1 percent growth observed in 2014, and sets the stage for levels of growth of over 2 percent in the coming years."
It further stated that positive output growth in 2015 is attributed specifically to growth in the construction, transportation and storage industries, which grew 23.4 percent in 2015, reflecting both public and private sector investment in major infrastructural projects in the year.
"For the public sector, the land side development of the cruise pier, Tortola Pier Park, dominated public sector investment in the year, while private sector investments in establishing upgrading accommodation properties also propelled growth."
The MTFP states that the investments noted have been aimed at strengthening the tourism product, thus buttressing the state of one of the Territory's two economic pillars.
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