Country Economic Review 2017 – British Virgin Islands

Economic growth in the British Virgin Islands (BVI) is estimated to have contracted in 2017, due in part to the impact of unprecedented weather-related events. Over the period August 7 to September 19, 2017, BVI was affected by severe flooding and two Category 5 hurricanes. The most destructive of the three events, Hurricane Irma, caused widespread and catastrophic damage to the Territory on September 6. This was followed by Hurricane Maria on September 19, 2017.  Damage from the two hurricanes is estimated to have exceeded $3.6 billion, equivalent to approximately three and a half times the annual gross domestic product (GDP) of BVI. The decline in economic activity, particularly in the last quarter of the year, is expected to have weakened the fiscal and debt positions of the Government of British Virgin Islands (GOVI). 

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