Economy of Saint Vincent and the Grenadines

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Economy of Saint Vincent and the Grenadines
Flag of Saint Vincent and the Grenadines.svg
Rank200th (2012 ext.) PPP
CurrencyEast Caribbean dollar (2.7 per US$ fixed rate since 1976)
Fiscal yearcalendar year
Trade organisationsCARICOM
Statistics
GDP$1.301 billion (2012 est.)
GDP growth1.2% (2012 est.)
GDP per capita$11,900 (2012 est.)
GDP by sectoragriculture: 8.4%; industry: 19.9%; services: 73.6% (2012 est.)
Inflation (CPI)6.1% (2012 est.)
Population
below poverty line
n/av
Labour force57,520 (2007 est.)
Labour force
by occupation
agriculture 26%, industry 17%, services 57% (1980 est.)
Unemployment15% (2001 est.)
Main industriestourism, food processing, cement, furniture, clothing starch
Ease of doing business rank75th[1]
External
Exports$68.3 million (2012 est.)
Export goodsbananas, eddoes and dasheen (taro), arrowroot starch, tennis racquets
Main export partners Trinidad and Tobago 15.2%
 Saint Lucia 13.5%
 Turkey 12.1%
 Barbados 11.2%
 Dominica 8.9%
 Grenada 8.5%
 Antigua and Barbuda 7.6% (2012 est.)[2]
Imports$366.5 million (2012 est.)
Import goodsfoodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Main import partners Singapore 27.0%
 Trinidad and Tobago 24.1%
 United States 18.3%
 China 5.4%
 Barbados 5.3% (2012 est.)[3]
Public finances
Public debt$252.2 million (31 December 2012 est.)
Revenues$185.2 million (2012 est.)
Expenses$185.2 million est.
Economic aid$47.5 million (1995); note - EU $34.5 million (1998)
All values, unless otherwise stated, are in US dollars
 
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Economy of Saint Vincent and the Grenadines
Flag of Saint Vincent and the Grenadines.svg
Rank200th (2012 ext.) PPP
CurrencyEast Caribbean dollar (2.7 per US$ fixed rate since 1976)
Fiscal yearcalendar year
Trade organisationsCARICOM
Statistics
GDP$1.301 billion (2012 est.)
GDP growth1.2% (2012 est.)
GDP per capita$11,900 (2012 est.)
GDP by sectoragriculture: 8.4%; industry: 19.9%; services: 73.6% (2012 est.)
Inflation (CPI)6.1% (2012 est.)
Population
below poverty line
n/av
Labour force57,520 (2007 est.)
Labour force
by occupation
agriculture 26%, industry 17%, services 57% (1980 est.)
Unemployment15% (2001 est.)
Main industriestourism, food processing, cement, furniture, clothing starch
Ease of doing business rank75th[1]
External
Exports$68.3 million (2012 est.)
Export goodsbananas, eddoes and dasheen (taro), arrowroot starch, tennis racquets
Main export partners Trinidad and Tobago 15.2%
 Saint Lucia 13.5%
 Turkey 12.1%
 Barbados 11.2%
 Dominica 8.9%
 Grenada 8.5%
 Antigua and Barbuda 7.6% (2012 est.)[2]
Imports$366.5 million (2012 est.)
Import goodsfoodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Main import partners Singapore 27.0%
 Trinidad and Tobago 24.1%
 United States 18.3%
 China 5.4%
 Barbados 5.3% (2012 est.)[3]
Public finances
Public debt$252.2 million (31 December 2012 est.)
Revenues$185.2 million (2012 est.)
Expenses$185.2 million est.
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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