Economy of Saint Vincent and the Grenadines
|Economy of Saint Vincent and the Grenadines|
|Rank||200th (2012 ext.) PPP|
|Currency||East Caribbean dollar (2.7 per US$ fixed rate since 1976)|
|Fiscal year||calendar year|
|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.)|
below poverty line
|Labour force||57,520 (2007 est.)|
|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||75th|
|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%
Antigua and Barbuda 7.6% (2012 est.)
|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%
Barbados 5.3% (2012 est.)
|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)|
|All values, unless otherwise stated, are in US dollars|
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.
- "Doing Business in St. Vincent and the Grenadines 2013". World Bank. Retrieved 2012-10-23.
- "Export Partners of Saint Vincent and the Grenadines". CIA World Factbook. 2012. Retrieved 2013-07-24.
- "Import Partners of Saint Vincent and the Grenadines". CIA World Factbook. 2012. Retrieved 2013-07-24.