Economy of Saint Vincent and the Grenadines
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| Economy of Saint Vincent and the Grenadines | |
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| Rank | 200th (2012 ext.) PPP |
| Currency | East Caribbean dollar (2.7 per US$ fixed rate since 1976) |
| Fiscal year | calendar year |
| Trade organisations | CARICOM |
| Statistics | |
| GDP | $1.301 billion (2012 est.) |
| 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.) |
| Inflation (CPI) | 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 |
| Ease of Doing Business Rank | 75th1 |
| External | |
| Exports | $68.3 million (2012 est.) |
| Export goods | bananas, eddoes and dasheen (taro), arrowroot starch, tennis racquets |
| Main export partners | Trinidad & Tobago 23.0%, Austria 12.0%, St. Lucia 10.7%, France 9.5%, Turkey 8.9%, Barbados 8.9%, Dominica 7%, Grenada 6.7%, Antigua & Barbuda 6.1% (2011) |
| Imports | $366.5 million (2012 est.) |
| Import goods | foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels |
| Main import partners | Singapore 24.9%, Trinidad and Tobago 17.6%, US 12.6%.4%, China 12.3%, Norway 7.5% (2011) |
| Public finances | |
| Public debt | $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) |
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All values, unless otherwise stated, are in US dollars |
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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 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.
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