Saint Vincent and the Grenadines flag

The Economy of Saint Vincent and the Grenadines

Saint Vincentian or Vincentian Economy

Saint Vincent and the Grenadines' map

Economy - overview: Economic growth slowed in 2008 after reaching a 10 year high of nearly 7% in 2006, and will likely slow in 2009 with the global economic downturn, though it will be above average for Latin America. Success of the economy hinges upon seasonal variations in agriculture, tourism, and construction activity as well as remittance inflows. Much of the workforce is employed in banana production and tourism, but persistent high unemployment has prompted many to leave the islands. This lower-middle-income country is vulnerable to natural disasters - tropical storms wiped out substantial portions of crops in 1994, 1995, and 2002. In 2007, the islands had more than 200,000 tourist arrivals, mostly to the Grenadines. Saint Vincent is home to a small offshore banking sector and has moved to adopt international regulatory standards. The government's ability to invest in social programs and respond to external shocks is constrained by its high debt burden - 25% of current revenues are directed towards debt servicing. An agreement with Italy to write-off debt reduced the public debt-to-GDP ratio to about 70%. The GONSALVES administration is directing government resources to infrastructure projects, including a new international airport that is expected to be completed in 2011.

GDP:

GDP - real growth rate: 5% (2008 est.) 6.6% (2007 est.) 6.9% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 10% industry: 26% services: 64% (2001 est.)

Population below poverty line:

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

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 41,680 (1991 est.)

Labor 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 (2000 est.)

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

Industrial production growth rate:

Electricity - production: 129 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 120 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 1,570 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 1,460 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

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

Exports: $193 million (2006)

Exports - commodities: bananas, eddoes and dasheen (taro), arrowroot starch; tennis racquets

Exports - partners: Greece 28.4%, Italy 14.6%, France 12%, UK 7.5%, Trinidad and Tobago 4.8%, Spain 4.6%, Germany 4.3%, Saint Lucia 4.2% (2007)

Imports: $578 million (2006)

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

Imports - partners: Singapore 15.9%, Trinidad and Tobago 14.9%, Italy 13.3%, US 13%, China 5% (2007)

Debt - external: $223 million (2004)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)

Fiscal year: