| Economy | Saint Vincent and the Grenadines |
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Economy - overview:
|
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. In 2008, the islands had more than 200,000 tourist arrivals, mostly to the Grenadines, a drop of nearly 20% from 2007. 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 over 90% of GDP at the end of 2010. Following the global downturn, St. Vincent and the Grenadines saw an economic decline in 2009, after slowing since 2006, when GDP growth reached a 10-year high of nearly 7%. The GONSALVES administration is directing government resources to infrastructure projects, including a new international airport that is expected to be completed in 2011. |
GDP (purchasing power parity):
|
$1.224 billion (2011 est.)
$1.229 billion (2010 est.)
$1.251 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$11,700 (2011 est.)
$11,800 (2010 est.)
$12,000 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$700 million (2011 est.) |
GDP - real growth rate:
|
-0.4% (2011 est.)
-1.8% (2010 est.)
-2.3% (2009 est.) |
GDP - composition by sector:
|
agriculture: 7.6%
industry: 25.3%
services: 67% (2011 est.) |
Investment (gross fixed):
|
32.3% of GDP (2011 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
3.7% (2011 est.)
1.5% (2010 est.) |
Central bank discount rate:
|
6.5% (31 December 2010 est.)
6.5% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
9.6% (31 December 2011 est.)
9.2% (31 December 2010 est.) |
Stock of money:
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$150.8 million (31 December 2008)
$155.5 million (31 December 2007) |
Stock of money - per capita:
|
1,452 USD per capita |
Stock of quasi money:
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$302.7 million (31 December 2008)
$280.2 million (31 December 2007) |
Stock of quasi money - per capita:
|
2,915 USD per capita |
Stock of domestic credit:
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$374 million (31 December 2010 est.)
$423.4 million (31 December 2009 est.) |
Stock of domestic credit - per capita:
|
3,601 USD per capita |
Stock of narrow money:
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$129.9 million (31 December 2011 est.)
$128 million (31 December 2010 est.) |
Stock of broad money:
|
$456.3 million (31 December 2010 est.)
$444.4 million (31 December 2009 est.) |
Labor force:
|
57,520 (2007 est.) |
Labor force participation rate:
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55.38 % of population |
Labor force - by occupation:
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agriculture: 26%
industry: 17%
services: 57% (1980 est.) |
Unemployment rate:
|
15% (2001 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
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revenues: $185.2 million
expenditures: $259.3 million (2011 est.) |
Budget revenues per capita:
|
1,784 USD per capita |
Taxes and other revenues:
|
26.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-10.6% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
|
food processing, cement, furniture, clothing, starch |
Industrial production growth rate:
|
void |
Electricity - production:
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132 million kWh (2008 est.) |
Electricity - production per capita:
|
1,271 kWh per capita |
Electricity - consumption:
|
122.7 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
1,182 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
2,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
7.03 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
1,252 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish |
Current account balance:
|
-$207.7 million (2011 est.)
-$213.7 million (2010 est.) |
Current account balance - per capita:
|
-1,999 USD per capita |
Exports:
|
$64.4 million (2011 est.)
$56 million (2010 est.) |
Exports per capita:
|
621 USD per capita |
Exports - commodities:
|
bananas, eddoes and dasheen (taro), arrowroot starch; tennis racquets |
Exports - partners:
|
France 43.6%, Greece 9.8%, Trinidad and Tobago 7.4%, St. Lucia 6.6%, Barbados 5.4%, Dominica 4.3%, Grenada 4.1% (2010) |
Imports:
|
$348 million (2011 est.)
$320.8 million (2010 est.) |
Imports per capita:
|
3,351 USD per capita |
Imports - commodities:
|
foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels |
Imports - partners:
|
Singapore 23.3%, Trinidad and Tobago 17%, US 14.5%, China 12.4%, France 5.2% (2010) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$288 million (31 December 2011 est.)
$272.4 million (31 December 2010 est.) |
Debt - external - per capita:
|
2,773 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
East Caribbean dollar (XCD) |
Exchange rates:
|
East Caribbean dollars (XCD) per US dollar -
2.7 (2011 est.)
2.7 (2010 est.)
2.7 (2009)
|
Fiscal year:
|
calendar year |
|
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