The BVI’s economy continues to perform strongly, with key revenue indicators pointing to sustained growth despite global and domestic challenges, Premier Dr Natalio Wheatley said during the House of Assembly debate on the 2026 budget.
Presenting updated figures, the Premier said government data contradicted claims that the economy was struggling. “When you look at the numbers, when you look at the numbers, our economy is growing,” he told the House.
The Premier stressed that official statistics, rather than anecdotal accounts, should guide public discussion. “The actual data states that the economy is doing well,” he argued.
He pointed to record collections in several major revenue streams. Payroll tax receipts reached their highest level in 2023, totalling more than $62 million, with 2024 recording the second-highest figure in the territory’s history. Import duties also peaked in 2024 at just over $50 million, while hotel accommodation tax reached a record $8.7 million that same year, according to figures laid before the House.
Tourism performance, another area where his government was heavily criticised, was highlighted as another stellar area of the economy. The Premier said the territory recorded more than 300,000 overnight visitors in 2024, the highest level since the 2017 hurricanes. Day-trip arrivals also rose sharply. Between January and September 2025, arrivals in that category increased by more than 50 percent compared with the same period the year before. “That’s good news for the Virgin Islands. That means we are doing well,” he said.
Financial services, the other main pillar of the economy, continued to generate strong returns, the Premier said. He cited record revenues following fee adjustments and said the industry had demonstrated resilience while meeting international regulatory requirements. He also told lawmakers that the territory had achieved compliance with all 40 recommendations of the Financial Action Task Force, strengthening confidence in the sector’s oversight framework.
Investment activity across the territory was also cited as convincing evidence of economic momentum. The Premier said several major tourism and mixed-use developments were expanding or preparing to break ground, while airlift improvements, including direct flights from Miami, were already benefiting businesses. “Every time that I’ve spoken to [businesses], they’ve mentioned to me how pleased they are with that direct flight,” he said.
While acknowledging ongoing pressures, including inflation and labour market skills gaps, the Premier urged a balanced assessment of the territory’s position. “The territory is never as bad as some people make it look,” he said, stressing that the government remained focused on building sustainable growth through the 2026 budget.
The budget debate now moves to closed-door sessions as lawmakers examine allocations to support economic activity, public services, and long-term development across the Virgin Islands.
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