BVI Economy Performing Well, Finance Ministry
Premier Dr. Natalio Wheatley and Financial Secretary Jeremiah Frett say the BVI economy is growing overall, with key sectors such as tourism and financial services outperforming conservative projections. They acknowledge cost-of-living pressures driven by global inflation and energy prices and outline government steps to address skills gaps, import dependence and energy resilience.
Natalio Wheatley and Financial Secretary Jeremiah Frett have told residents that the British Virgin Islands economy is performing well overall, citing data in the territory's Medium-Term Fiscal Plan that shows steady growth across several indicators. Frett said government revenue increases and rising annual budgets reflect broader economic activity rather than fiscal excess.
He pointed to employment levels, GDP and sectoral performance as evidence that the territory is outperforming conservative forecasts. "We are normally very conservative with some of our estimates, but we always seem to outperform our projections," Frett said, adding that most sectors show increases and that any retractions are limited to one or two areas.
The finance ministry's assessment comes amid public concern about higher costs of living and growing operational burdens on local businesses. Officials acknowledge these pressures but stress that they stem largely from global factors. Premier Wheatley said inflation — particularly rising energy costs tied to international tensions — is a primary driver of higher prices for fuel, shipping and imported goods.
Wheatley also addressed unemployment figures, noting that the presence of unfilled positions does not necessarily indicate a weak economy. He said the territory continues to 'produce a lot of jobs' and to import labour where needed, but a skills gap persists among some local workers.
To tackle that gap, the government is promoting training and workforce programmes, including RATED initiatives, Labour Department schemes and courses at H. To ease the burden of inflation on households and businesses, the Premier said the government is exploring several measures: diversifying import sources, strengthening trade ties with regional partners such as the Dominican Republic, developing a 'protected basket' of essential goods to stabilise prices, and investing in energy resilience to reduce dependence on volatile oil markets.
Officials cautioned that while the headline message is one of overall growth, residents may experience uneven effects. Some sectors and households continue to feel strain from higher costs and supply-chain disruptions. The ministry said it will continue to monitor fiscal indicators and adjust policy to support job creation, economic resilience and targeted relief where needed.
Primary source: BVI News