'Our economy continued to grow in 2026'- Premier Wheatley
Premier Wheatley delivered the 2027 National Budget Address themed ‘Turning Progress into Prosperity’ on Tuesday, October 27, 2026, at Eileene L. Parsons Auditorium at H. Lavity Stoutt Community College (HLSCC) in Paraquita Bay.
Final budget before HoA dissolves
“This is my final Budget Address before the House of Assembly is dissolved leading up to the next general election,” he said.
According to the Premier, the past four years have marked a period of transformative challenges, change, growth, resilience, and determination for the Virgin Islands.
“Through it all, my Government has been steadfast in our commitment to building a sustainable nation for our people. Great progress has been made to ensure that our institutions meet our people’s aspirations, our finances remain sound, our society grows fairer, and our natural inheritance remains protected.”
General elections in the VI are due in 2027.
Economy remained resilient
Premier Wheatley added that the economy continued to show resilience despite global trade tensions, regulatory change, and climate pressures.
“Our economy continued to grow in 2026. Nominal GDP is projected to increase by 3.3 per cent to $2.1 billion, while real GDP is expected to grow by 1.9 per cent to $1.8 billion.”
He said inflation declined to 2.07 per cent in 2025, and is expected to average 3.41 per cent in 2026, after averaging 3.57 per cent during the first eight months of the year.
Employment projected to increase over 2025 levels
“Notwithstanding the global economic challenges and uncertainty, there have been opportunities upon which to build.”
According to the Premier, new company incorporations reached 14,988 in the first half of 2026, up 7.0 per cent from 2025, and financial-services fees are projected at $276.7 million for the year.
“This has allowed us to continue to make the progress to fuel our prosperity.”
He added that information available up to June 2026 shows that employment is projected to grow by 1 to 3 per cent over 2025 levels, property sales values rose 59.6 per cent to $75 million, and tourism is also expanding.
“Navigating the challenges posed by global trade tensions, regulatory changes, and climate pressures requires steady leadership. Turning progress into prosperity means capitalising on opportunities while easing the pressures on our people,” Premier Wheatley said.
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