| Economy | Saint Vincent and the Grenadines |
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Economy - overview:
|
Economic growth slowed in 2008 after reaching a 10 year high of nearly 7% in 2006, and will likely slow in 2009 with the global economic downturn, though it will be above average for Latin America. 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 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% of current revenues are directed towards debt servicing. An agreement with Italy to write-off debt reduced the public debt-to-GDP ratio to about 70%. 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):
|
$1.103 billion (2008 est.)
$1.05 billion (2007)
$984.9 million (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$10,500 (2008 est.)
$10,000 (2007 est.)
$9,300 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$597 million (2008 est.) |
GDP - real growth rate:
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5% (2008 est.)
6.6% (2007 est.)
6.9% (2006 est.) |
GDP - composition by sector:
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agriculture: 10%
industry: 26%
services: 64% (2001 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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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):
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6.1% (2007 est.) |
Central bank discount rate:
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6.5% (31 December 2007) |
Commercial bank prime lending rate:
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9.61% (31 December 2007) |
Stock of money:
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$155.5 million (31 December 2007) |
Stock of money - per capita:
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1,487 USD per capita |
Stock of quasi money:
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$280.2 million (31 December 2007) |
Stock of quasi money - per capita:
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2,680 USD per capita |
Stock of domestic credit:
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$387.8 million (31 December 2007) |
Stock of domestic credit - per capita:
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3,709 USD per capita |
Labor force:
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41,680 (1991 est.) |
Labor force participation rate:
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39.86 % of population |
Labor force - by occupation:
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agriculture: 26%
industry: 17%
services: 57% (1980 est.) |
Unemployment rate:
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15% (2001 est.) |
Budget:
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revenues: $94.6 million
expenditures: $85.8 million (2000 est.) |
Budget revenues per capita:
|
905 USD per capita |
Public debt:
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void |
Industries:
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food processing, cement, furniture, clothing, starch |
Industrial production growth rate:
|
void |
Electricity - production:
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129 million kWh (2006 est.) |
Electricity - production per capita:
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1,234 kWh per capita |
Electricity - consumption:
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120 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
1,148 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
0 bbl/day (2007 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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1,570 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
5.48 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
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1,460 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
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bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish |
Current account balance:
|
-$149 million (2007 est.) |
Current account balance - per capita:
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-1,424 USD per capita |
Exports:
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$193 million (2006) |
Exports per capita:
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1,846 USD per capita |
Exports - commodities:
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bananas, eddoes and dasheen (taro), arrowroot starch; tennis racquets |
Exports - partners:
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Greece 28.4%, Italy 14.6%, France 12%, UK 7.5%, Trinidad and Tobago 4.8%, Spain 4.6%, Germany 4.3%, Saint Lucia 4.2% (2007) |
Imports:
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$578 million (2006) |
Imports per capita:
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5,528 USD per capita |
Imports - commodities:
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foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels |
Imports - partners:
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Singapore 15.9%, Trinidad and Tobago 14.9%, Italy 13.3%, US 13%, China 5% (2007) |
Reserves of foreign exchange and gold:
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void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$223 million (2004) |
Debt - external - per capita:
|
2,133 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:
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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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$4.89 million (1995); note - EU $34.5 million (2005) |
Economic aid - recipient per capita:
|
47 USD per capita |
Currency (code):
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East Caribbean dollar (XCD) |
Exchange rates:
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East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003) |
Fiscal year:
|
calendar year |
|
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