2025 Budget Estimates

Table of Contents
Title
Theme & Strategy
The 2025 budget of the Virgin Islands is themed "Laying the Blocks of Success", continuing the momentum of sustainable development under the National Sustainable Development Plan (NSDP) – Vision 2036.
Title
Economic Performance in 2024
Despite global economic pressures, tourism and financial services showed resilience. Visitor arrivals increased 9.9% compared to 2023, and financial services saw 13,006 new incorporations by mid-2024, a 25.7% increase over the previous year.
Title
Revenue & Expenditure Overview
Total Revenue
$410,963,200
- Taxes: $381.8M
- Grants: $3.2M
- Other: $25.8M
Recurrent Expenditure
$411,729,600
- Employee Compensation: $182.3M
- Goods & Services: $94.5M
- Grants: $92.9M
Capital Expenditure
$62,941,400
- Development Projects: $54.5M
Recurrent Financing
$22,402,771
Capital Financing
$62,941,400
Includes New Loans, Development & Reserve Funds
Title
Key Sector Highlights
- Tourism: Projected revenue of $445M in 2024 with continued growth expected.
- Financial Services: Continued reforms to ensure AML/CFT compliance and protect investor confidence.
- Agriculture & Fisheries: Investments to improve food security and economic diversification.
- Education: Infrastructure upgrades, new playgrounds, and expansion of STEAM programs.
- Infrastructure: $35M allocated to roads, sewage, and water system improvements.
Title
Good Governance & Reforms
Significant legislative reforms aligned with the Commission of Inquiry recommendations were implemented, strengthening transparency, public service delivery, and financial accountability.
Title
Outlook for 2025
GDP is projected at $1.84B (4.6% growth). The government plans to maintain strong fiscal discipline, invest in infrastructure, enhance service delivery, and insulate residents from inflationary pressures. Key priorities include economic resilience, digital transformation, and education reform.
Contact Information
Ministry of Finance -
Rita Frett Georges Building
Road Town, Tortola
Virgin Islands (British) VG1110
Tel: 284 468- 2144
Email: finance@gov.vg