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 favorite 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.)

Labor force: 67,000 (1984 est.)

Labor 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 million kWh (1998)

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

Electricity - consumption: 60 million kWh (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