Economy of Saint Vincent and the Grenadines
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| Economy of Saint Vincent and the Grenadines | |
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| Currency | East Caribbean dollar (2.7 per US$ fixed rate since 1976) |
|---|---|
| Trade organisations | CARICOM |
| Statistics | |
| GDP (PPP) | $342 million (2002 est.) ([[List of countries by GDP (PPP)|]]) |
| GDP growth | 0.7% (2002 est.) |
| GDP per capita | $2 900 (2002 est.) |
| GDP by sector | agriculture: 10%; industry: 26%; services: 64% (2001 est.) |
| Inflation (CPI) | -0,4% (1999 est.) |
| Labour force | 67,000 (1984 est.) |
| Labour force by occupation |
agriculture 26%, industry 17%, services 57% (1980 est.) |
| Unemployment | 15% (2001 est.) |
| Main industries | food processing, cement, furniture, clothing, starch |
| External | |
| Exports | $37 million (2004 est.) |
| Export goods | bananas 39%, eddoes and dasheen (taro), arrowroot starch, tennis racquets |
| Main export partners | France 49.9%, Italy 20.8%, Greece 10.9%, USA 4.2% (2005) |
| Imports | $225 million (2004 est.) |
| Import goods | foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels |
| Main import partners | France 37.5%, Singapore 13%, Italy 12.2%, Trinidad and Tobago 8.5%, USA 7.4% (2005) |
| Public finances | |
| Public debt | $167,2 million (2000) |
| 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.
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