London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

BVI's GDP projected to grow by one to three percent at the end of 2019, 2020 -Premier

BVI's GDP projected to grow by one to three percent at the end of 2019, 2020 -Premier

The British Virgin Islands is expected to see an increase in its Gross Domestic Product (GDP) at the end of 2019 and 2020, Premier and Finance Minister Andrew Fahie has said.

Effectively, GDP represents the total dollar value of all goods and services produced over a specific time period and has been described as ‘one of the most common indicators used to track the health of a country’s economy’.

Addressing a recent sitting of the House of Assembly, Premier Fahie said: “Although we have not yet reached full recovery, substantial progress has been made to restore our physical infrastructure, demonstrating the resilience of our people and their ability to revive critical economic activity in the aftermath of the 2017 natural disasters.”

“The Ministry of Finance projects that, at the end of 2019, the total size of our economy measured by GDP in nominal terms should reach $1.303 billion. This reflects an increase in growth of between one and two per cent from 2018.”


Increased GDP projected for 2020

Fahie also mentioned a likely growth in GDP for the upcoming year.

He reasoned: “With increased investment in public services and infrastructure, a full recovery of our tourism sector is expected to be achieved by the 2020/2021 tourist season. We anticipate real GDP growth in 2020, ranging between one to three percent.”

The Minister for Finance explained that the increase would “continue to be tempered by downside risks to the financial services sector”.

He said these downside risks are from competition and changing client expectations as well as increasing regulations from international bodies such as the European Union.

The Premier, however, stated that the territory is mindful of the aforesaid risks and will exercise the necessary caution and diligence.

Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×