Index: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Home > Economy of Saint Vincent and the Grenadines

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%.

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

GDP: purchasing power parity - $309 million (1999 est.)

GDP - real growth rate: 4% (1999 est.)

GDP - per capita: purchasing power parity - $2,600 (1999 est.)

GDP - composition by sector:
agriculture: 10.6%
industry: 17.5%
services: 71.9% (1996 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 2% (1999 est.)

Labour force: 67,000 (1984 est.)

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

Unemployment rate: 22% (1997 est.)

Budget:
revenues: $85.7 million
expenditures: $98.6 million, including capital expenditures of $25.7 million (1997 est.)

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

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

Electricity - production: 64 GWh (1998)

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

Electricity - consumption: 60 GWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products:

bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish

Exports: $47.8 million (1998 est.)

Exports - commodities:

bananas 39%, eddoes and dasheen ( taro), arrowroot starch, tennis racquets

Exports - partners:

Caricom countries 49%, United Kingdom 16%, United States 10% (1995)

Imports: $180 million (1998 est.)

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

Imports - partners: US 36%, Caricom countries 28%, UK 13% (1995)

Debt - external: $83.6 million (1997)

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

Saint Vincent and the Grenadines Saint Vincent and the Grenadines

Read more »

<Hide>

Topics: Economy Of Saint Vincent And The Grenadines, Economy Of Algeria...

Economy of AlgeriaEconomy overview In Algeria, the hydrocarbons sector is the backbone of the economy, accounting for roughly 52% of budget revenues, 25% of GDP, and over 95% of export earnings. Algeria has the fifth-largest reserves of natural gas in the world and is the	Economy of AngolaAngola's is the fastest-growing economy in Africa, largely due to a major oil boom, but it also ranks in the bottom 10 of socioeconomic conditions in the world. Aside from the oil sector and diamonds, it is in economic disarray because of 26 years of near	Economy of Antigua and BarbudaEconomy overview Antigua and Barbuda's economy is service-based, with tourism and government services representing the key sources of employment and income. Tourism accounts directly or indirectly for more than half of GDP and is also the principal earner
Economy of American SamoaEconomy overview This is a traditional Polynesian economy in which more than 90% of the land is communally owned. Economic activity is strongly linked to the US, with which American Samoa conducts the great bulk of its foreign trade. Tuna fishing and tuna	Economy of AntarcticaEconomy overview No economic activity is conducted at present, except for fishing off the coast and small-scale tourism, both based abroad. Antarctic fisheries in 1998- 1999 ( July 1- June 30) reported landing 119,898 metric tonnes. Unregulated fishing la	Economy of the BahamasOverview The Bahamas is a stable, developing nation with an economy heavily dependent on tourism and offshore banking. Tourism alone accounts for more than 60% of GDP and directly or indirectly employs 40% of the archipelago's labor force. Moderate growth
Economy of Belarus	Economy of Belize	Economy of Benin
Economy of Bhutan	Economy of Bosnia and Herzegovina	Economy of Botswana
Economy of Brazil	Economy of the British Virgin Islands	Economy of Brunei

Non User