Economy of Saint Vincent and the Grenadines

The economy of Saint Vincent and the Grenadines is heavily dependent on agriculture, being the world’s leading producer of arrowroot and grows other exotic fruit, vegetables and root crops. Bananas alone account for upwards of 60% of the work force and 50% of merchandise exports in Saint Vincent and the Grenadines. 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.

Economy of Saint Vincent and the Grenadines
CurrencyEastern Caribbean dollar (2.7 per US$ fixed rate since 1976)
calendar year
Trade organisations
CARICOM
Statistics
GDP
  • $0.811 billion (nominal, 2018)[1]
  • $1.321 billion (PPP, 2018)[1]
GDP growth
  • 2.0% (2018) 0.4% (2019e)
  • −5.5% (2020f) 4.0% (2021f)[2]
GDP per capita
  • $7,354 (nominal, 2018 est.)[1]
  • $11,970 (PPP, 2018 est.)[1]
GDP by sector
agriculture: 8.4%; industry: 19.9%; services: 73.6% (2012 est.)
2.324% (2018)[1]
Population below poverty line
n/av
Labour force
57,520 (2007 est.)
Labour force by occupation
agriculture 26%, industry 17%, services 57% (1980 est.)
Unemployment15% (2001 est.)
Main industries
tourism, food processing, cement, furniture, clothing starch
130th (medium, 2020)[5]
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%
 Chile 12.1%
 Barbados 11.2%
 Dominica 8.9%
 Grenada 8.5%
 Antigua and Barbuda 7.6% (2012 est.)[6]
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%
 EU 2.8% (2016 est.)[7]
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.

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. Figures from 2005 record tourism's contribution to the economy at US$90 million.[8]

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.

Graphical depiction of St Vincent's product exports in 28 color-coded categories.

Macroeconomic statistics
Name Source Year Notes Ref
GDP (PPP)
International Monetary Fund 2015 GDP (PPP) is $1.572 billion
World Bank 2013 GDP (PPP) is $1,147,388,850
The World Factbook 2014 (Est.) GDP (PPP) is $1,198,000,000
GDP (PPP) per capita
International Monetary Fund 2015 GDP (PPP) per capita is $13,259.473
World Bank 2013 GDP (PPP) per capita is $10,490.6
The World Factbook 2014 (Est.) GDP (PPP) per capita is $10,900
GDP (PPP) per person employed
World Bank 1990-2010 GDP (PPP) per person employed $13,225
The World Factbook 2012
GDP (nominal)
United Nations 2013 GDP (nominal) is $709,197,778
International Monetary Fund 2013 GDP (nominal) is US$0.720 billion
World Bank 2013 GDP (nominal) is $709,358,185
The World Factbook 2014 (Est.) GDP (nominal) is $745 million
GDP (nominal) per capita
United Nations 2013 GDP (nominal) per capita is US$6,484
International Monetary Fund 2013 (Est.) GDP (nominal) per capita is US$6,563.096
World Bank 2012
The World Factbook 2013
Gross national income (Atlas method) World Bank 2013 Gross national income is US$707 million
GNI per capita (Atlas method and PPP) World Bank 2013 Average national income (PPP) of US$6,460 per person/Year

Household income or consumption by percentage share:

Distribution of family income - Gini index: N/A

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

Industrial production growth rate: -0.9% (1997 estimate)

Electricity - production: 115 million KWh (2005)

Electricity - consumption: 107 million KWh (2005)

Oil - consumption: 1,500 bbl/d (240 m3/d) (2005 estimate)

Current account balance: $-0.22 billion (2013 estimate)
$-0.19 billion (2012 estimate)

Reserves of foreign exchange and gold: $115 million (2013 estimate)
$111 million (2012 estimate)

2010 Index of Economic Freedom rank = 49th

Exchange rates: East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2003)

See also

References
  1. "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 25 October 2019.
  2. "Global Economic Prospects, June 2020". openknowledge.worldbank.org. World Bank. p. 86. Retrieved 16 June 2020.
  3. "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  4. "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  5. "Ease of Doing Business in St Vincent and the Grenadines". Doingbusiness.org. Retrieved 2017-01-24.
  6. "Export Partners of Saint Vincent and the Grenadines". CIA World Factbook. 2012. Retrieved 2013-07-24.
  7. "Import Partners of Saint Vincent and the Grenadines". CIA World Factbook. 2012. Retrieved 2013-07-24.
  8. Bleau-Blackett, Cynthia. "Public Sector Modernization" (PDF). CARICAD. Retrieved 2006-09-15.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.