Tourism projected to contribute $445M to economy

Premier and Minister for Tourism and Finance Dr Natalio Wheatley announced that the BVI anticipates generating over $400 million in tourism revenue by the end of 2024, driven by a strong visitor count.

Presenting the $407.9 million budget in the House of Assembly on Monday, November 11, Dr Wheatley emphasised tourism as the primary driver of the BVI’s GDP, citing a post-pandemic resurgence in travel.

“With this level of visitor arrivals, we can expect tourism to contribute approximately $445 million to the BVI economy,” Wheatley stated, noting a 10% increase in visitor numbers up to the third quarter compared to the same period in 2023.

He also highlighted upcoming developments, including the reopening of Peter Island Resort and upcoming tenders for the Prospect Reef project, expected to be completed by year-end.

In its third-quarter tourism report, the government noted strong bookings in cruise and overnight stays, suggesting the territory could surpass last year’s arrival numbers and possibly exceed one million visitors, a mark last reached in 2016.

Wheatley further remarked that 2023 recorded the second-highest visitor numbers in the BVI’s history, following closely behind 2019, though the COVID-19 pandemic slowed progress between 2019 and 2023.