Economy of Saint Vincent and the Grenadines

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Economy of Saint Vincent and the Grenadines
Currency	East Caribbean dollar (2.7 per US$ fixed rate since 1976)
Fiscal year
Trade organisations	CARICOM
Statistics
GDP (PPP)	$342 million (2002 est.) ([[List of countries by GDP (PPP)|]] [1])
GDP growth	0.7% (2002 est.)
GDP per capita	$2 900 (2002 est.)
GDP by sector	agriculture: 10%; industry: 26%; services: 64% (2001 est.)
Inflation (CPI)	-0,4% (1999 est.)
Pop below poverty line
Labour force	67,000 (1984 est.)
Labour force by occupation	agriculture 26%, industry 17%, services 57% (1980 est.)
Unemployment	15% (2001 est.)
Main industries	food processing, cement, furniture, clothing, starch
Trading Partners
Exports	$37 million (2004 est.)
Export goods	bananas 39%, eddoes and dasheen (taro), arrowroot starch, tennis racquets
Main partners	France 49.9%, Italy 20.8%, Greece 10.9%, U.S. 4.2% (2005)
Imports	$225 million (2004 est.)
Imports goods	foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Main Partners	France 37.5%, Singapore 13%, Italy 12.2%, Trinidad and Tobago 8.5%, U.S. 7.4% (2005)
Public finances
Public debt	$167,2 million (2000)
Revenues
Expenses
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. 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 U.S. visitors constituting 2.7%, as most of the nation's tourists are from other countries in the Caribbean and Great Britain.

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.

GDP: purchasing power parity - $342 million (2002 est.)

GDP - real growth rate: 0.7% (2002 est.)

GDP - per capita: purchasing power parity - $2 900 (2002 est.)

GDP - composition by sector:
agriculture: 10%
industry: 26%
services: 64% (2001 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): -0,4% (1999 est.)

Labour force: 67,000 (1984 est.)

Labour force - by occupation: agriculture 26%, industry 17%, services 57% (1980 est.)

Unemployment rate: 15% (2001 est.)

Budget:
revenues: $94,6 million
expenditures: $85,8 million

Industries: food processing, cement, furniture, clothing, starch

Industrial production growth rate: -0.9% (1997 est.)

Electricity - production: 95 million kWh (2003)

Electricity - production by source:
fossil fuel: 67.19%
hydro: 32.81%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 88.35 million kWh (2003)

Electricity - exports: 0 kWh (2003)

Electricity - imports: 0 kWh (2003)

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

Exports: $37 million (2004 est.)

Exports - commodities: bananas 39%, eddoes and dasheen (taro), arrowroot starch, tennis racquets

Exports - partners: France 49.9%, Italy 20.8%, Greece 10.9%, U.S. 4.2% (2005)

Imports: $225 million (2004 est.)

Imports - commodities: foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels

Imports - partners: France 37.5%, Singapore 13%, Italy 12.2%, Trinidad and Tobago 8.5%, U.S. 7.4% (2005)

Debt - external: $167,2 million (2000)

Economic aid - recipient: $47.5 million (1995); note - EU $34.5 million (1998)

Currency: 1 East Caribbean dollar (EC$) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)

Fiscal year: calendar year

See also : Saint Vincent and the Grenadines