Economy of Saint Vincent and the Grenadines

Economy of Saint Vincent and the Grenadines

Currency	East Caribbean dollar (2.7 per US$ fixed rate since 1976)
Fiscal year	calendar year
Trade organisations	CARICOM
Statistics
GDP	$1.301 billion (2012 est.)
GDP rank	200th (2012 ext.) PPP
GDP growth	1.2% (2012 est.)
GDP per capita	$11,900 (2012 est.)
GDP by sector	agriculture: 8.4%; industry: 19.9%; services: 73.6% (2012 est.)
Inflation (CPI)	6.1% (2012 est.)
Population below poverty line	n/av
Labour force	57,520 (2007 est.)
Labour force by occupation	agriculture 26%, industry 17%, services 57% (1980 est.)
Unemployment	15% (2001 est.)
Main industries	tourism, food processing, cement, furniture, clothing starch
Ease-of-doing-business rank	75th[1]
External
Exports	$68.3 million (2012 est.)
Export goods	bananas, eddoes and dasheen (taro), arrowroot starch, tennis racquets
Main export partners	Trinidad and Tobago 15.2%  Saint Lucia 13.5%  Turkey 12.1%  Barbados 11.2%  Dominica 8.9%  Grenada 8.5%  Antigua and Barbuda 7.6% (2012 est.)[2]
Imports	$366.5 million (2012 est.)
Import goods	foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Main import partners	Singapore 27.0%  Trinidad and Tobago 24.1%  United States 18.3%  China 5.4%  Barbados 5.3% (2012 est.)[3]
Public finances
Public debt	$252.2 million (31 December 2012 est.)
Revenues	$185.2 million (2012 est.)
Expenses	$185.2 million est.
Economic aid	$47.5 million (1995); note - EU $34.5 million (1998)
All values, unless otherwise stated, are in US dollars.

The St. Vincent economy is heavily dependent on agriculture being the world’s leading producer of arrowroot and grows other exotic fruit, vegetables and root crops. Bananas alone account for upwards of 60% of the work force and 50% of merchandise exports. Such reliance on a single crop makes the economy vulnerable to external factors. St. Vincent's banana growers benefited from preferential access to the European market. In view of the European Union's announced phase-out of this preferred access, economic diversification is a priority.

Tourism has grown to become a very important part of the economy. In 1993, tourism supplanted banana exports as the chief source of foreign exchange. The Grenadines have become a favourite of the up-market yachting crowd. The trend toward increasing tourism revenues will likely continue. In 1996, new cruise ship and ferry berths came on-line, sharply increasing the number of passenger arrivals. In 1998, total visitor arrivals stood at 202,109 with United States visitors constituting 2.7%, as most of the nation's tourists are from other countries in the Caribbean and the United Kingdom. Figures from 2005 record tourism's contribution to the economy at US$90 million. ^[4]

St. Vincent and the Grenadines is a beneficiary of the U.S. Caribbean Basin Initiative. The country belongs to the Caribbean Community (CARICOM), which has signed a framework agreement with the United States to promote trade and investment in the region.

Graphical depiction of St Vincent's product exports in 28 color-coded categories.

Macroeconomic statistics

Household income or consumption by percentage share:

Distribution of family income - Gini index: N/A

Agriculture - products: banana, coconuts, sweet-potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish

Industrial production growth rate: -0.9% (1997 estimate)

Electricity - production: 115 million KWh (2005)

Electricity - consumption: 107 million KWh (2005)

Oil - consumption: 1,500 bbl/d (240 m³/d) (2005 estimate)

Current account balance: $-0.22 billion (2013 estimate)
$-0.19 billion (2012 estimate)

Reserves of foreign exchange and gold: $115 million (2013 estimate)
$111 million (2012 estimate)

2010 Index of Economic Freedom rank = 49th

Exchange rates: East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2003)

See also

• Saint Vincent and the Grenadines

References