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) |
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.) |
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 |
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 | |
$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. 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.
See also
References
- ↑ "Doing Business in St. Vincent and the Grenadines 2013". World Bank. Retrieved 2012-10-23.
- ↑ "Export Partners of Saint Vincent and the Grenadines". CIA World Factbook. 2012. Retrieved 2013-07-24.
- ↑ "Import Partners of Saint Vincent and the Grenadines". CIA World Factbook. 2012. Retrieved 2013-07-24.
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