unbekannter Gast

Saint Vincent and the Grenadines: Economy#

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. Floods and mudslides caused by unseasonable 2013 rainfall caused substantial damage to infrastructure, homes, and crops, which the World Bank estimated at US$112 million. In 2013, the islands had more than 200,000 tourist arrivals, mostly to the Grenadines. The arrival numbers represent a marginal increase from 2012 but remain 26% below St. Vincent's 2009 peak. 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 public debt burden, which was 67% of GDP at the end of 2013. Weak recovery in the tourism and construction sectors will limit growth prospects in 2014.

Economic Facts#

GDP (purchasing power parity)$1.335 billion (2013 est.)
$1.309 billion (2012 est.)
$1.288 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate2% (2013 est.)
1.5% (2012 est.)
0.4% (2011 est.)
GDP - per capita (PPP)$12,100 (2013 est.)
$11,900 (2012 est.)
$11,800 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 5.4%
industry: 20.3%
services: 74.4% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 26%
industry: 17%
services: 57% (1980 est.)
Exports - commoditiesbananas, eddoes and dasheen (taro), arrowroot starch; tennis racquets
Exports - partnersTrinidad and Tobago 14.5%, St. Lucia 12.9%, Turkey 12.7%, Barbados 10.7%, Dominica 8.5%, Grenada 8.1%, Antigua and Barbuda 7.3% (2012)
Agriculture - productsbananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish
Budgetrevenues: $185.2 million
expenditures: $185.2 million (2013 est.)
Imports - commoditiesfoodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Imports - partnersSingapore 28%, Trinidad and Tobago 22.6%, US 19%, China 5.6%, Barbados 5% (2012)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2013 est.)
2.7 (2012 est.)
2.7 (2010 est.)
2.7 (2009)
Exports$45.7 million (2013 est.)
$48.7 million (2012 est.)
Debt - external$255.3 million (31 December 2013 est.)
$265 million (31 December 2012 est.)
Fiscal yearcalendar year
Imports$301.5 million (2013 est.)
$314.6 million (2012 est.)
Industrial production growth rate3% (2013 est.)
Industriestourism; food processing, cement, furniture, clothing, starch
Inflation rate (consumer prices)2.8% (2013 est.)
2.6% (2012 est.)
Labor force57,520 (2007 est.)
Unemployment rate18.8% (2008 est.)
Public debt68% of GDP (2011 est.)
Current account balance-$207.7 million (2013 est.)
-$215.9 million (2012 est.)
Reserves of foreign exchange and gold$115 million (31 December 2013 est.)
$111 million (31 December 2012 est.)
GDP (official exchange rate)$742 million (2013 est.)
Central bank discount rate6.5% (31 December 2010 est.)
6.5% (31 December 2009 est.)
Commercial bank prime lending rate9.4% (31 December 2013 est.)
9.43% (31 December 2012 est.)
Stock of domestic credit$423.2 million (31 December 2013 est.)
$404.8 million (31 December 2012 est.)
Stock of narrow money$142.2 million (31 December 2013 est.)
$133.7 million (31 December 2012 est.)
Stock of broad money$460.4 million (31 December 2013 est.)
$438.5 million (31 December 2012 est.)
Taxes and other revenues25% of GDP (2013 est.)
Budget surplus (+) or deficit (-)0% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 92.3%
government consumption: 16.6%
investment in fixed capital: 23.7%
investment in inventories: 0%
exports of goods and services: 21.8%
imports of goods and services: -54.4%
(2013 est.)
Gross national saving-4.7% of GDP (2013 est.)
-6.7% of GDP (2012 est.)
-4.2% of GDP (2011 est.)