Economy of Saint Vincent and the Grenadines
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| Economy of Saint Vincent and the Grenadines | ||
|---|---|---|
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| 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 | ||
| Gini index | {{{gini}}} | |
| 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%, USA 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%, USA 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 United States visitors constituting 2.7%, as most of the nation's tourists are from other countries in the Caribbean and the United Kingdom.
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%, United States 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%, United States 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
1 All twenty-seven member states of the European Union are also members of the WTO in their own right:
Austria • Belgium • Bulgaria • Cyprus • Czech Republic • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Latvia • Lithuania • Luxembourg • Malta • Netherlands (— For the Kingdom in Europe and for the Netherlands Antilles) • Poland • Portugal • Romania • Slovakia • Slovenia • Spain • Sweden • United Kingdom
