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Saint Vincent and the Grenadines:
Economy

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Other pages in this profile of Saint Vincent and the Grenadines:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
Economic growth slowed slightly in 2007 after reaching a 10 year high of nearly 7% in 2006, but is expected to remain robust, hinging upon seasonal variations in the agricultural and tourism sectors and a recent increase in construction activity. This lower-middle-income country is vulnerable to natural disasters - tropical storms wiped out substantial portions of crops in 1994, 1995, and 2002. In 2007, the islands had more than 200,000 tourist arrivals, mostly to the Grenadines. 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 debt burden - 25 percent of current revenues are directed towards debt servicing.
GDP (purchasing power parity)
Definition - World rank and map
$1.042 billion (2007 est.)
GDP (official exchange rate)
Definition
$559 million (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.6% (2007 est.)
GDP - per capita
Definition - World rank and map
$9,800 (2007 est.)
GDP - composition by sector
Definition
agriculture: 10%
industry: 26%
services: 64% (2001 est.)
Labor force
Definition
41,680 (1991 est.)
Labor force - by occupation
Definition
agriculture: 26%
industry: 17%
services: 57% (1980 est.)
Unemployment rate
Definition - World rank and map
15% (2001 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
6.1% (2007 est.)
Budget
Definition
revenues: $94.6 million
expenditures: $85.8 million (2000 est.)
Agriculture - products
Definition
bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish
Industries
Definition
food processing, cement, furniture, clothing, starch
Industrial production growth rate
Definition - World rank and map
-0.9% (1997 est.)
Electricity - production
Definition - World rank and map
115 million kWh (2005)
Electricity - consumption
Definition - World rank and map
107 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
903.5 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
1,500 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
12.7 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
1,468 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$149 million (2007 est.)
Exports
Definition - World rank and map
$193 million (2006)
Exports - commodities
Definition
bananas, eddoes and dasheen (taro), arrowroot starch; tennis racquets
Exports - partners
Definition
Greece 25.4%, Italy 13%, France 10.7%, Russia 9.8%, UK 6.5%, Trinidad and Tobago 4.3%, Spain 4.1% (2006)
Imports
Definition - World rank and map
$578 million (2006)
Imports - commodities
Definition
foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Imports - partners
Definition
Singapore 15.1%, Trinidad and Tobago 14.2%, Italy 12.6%, US 12.4%, China 4.6% (2006)
Debt - external
Definition - World rank and map
$223 million (2004)
Economic aid - recipient
Definition
$4.89 million (1995); note - EU $34.5 million (2005)
Currency (code)
Definition
East Caribbean dollar (XCD)
Exchange rates
Definition
East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
Fiscal year
Definition
calendar year


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