Economy of Saint Vincent and the Grenadines
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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 (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