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Encyclopedia > Economy of Saint Vincent and the Grenadines

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 U.S. visitors constituting 2.7%.


St. Vincent and the Grenadines is a beneficiary of the U.S. Caribbean Basin Initiative. The country belongs to the Caribbean Community and Common Market (CARICOM), which has signed a framework agreement with the United States to promote trade and investment in the region.


GDP: purchasing power parity - $309 million (1999 est.)


GDP - real growth rate: 4% (1999 est.)


GDP - per capita: purchasing power parity - $2,600 (1999 est.)


GDP - composition by sector:
agriculture: 10.6%
industry: 17.5%
services: 71.9% (1996 est.)


Population below poverty line: NA%


Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%


Inflation rate (consumer prices): 2% (1999 est.)


Labour force: 67,000 (1984 est.)


Labour force - by occupation: agriculture 26%, industry 17%, services 57% (1980 est.)


Unemployment rate: 22% (1997 est.)


Budget:
revenues: $85.7 million
expenditures: $98.6 million, including capital expenditures of $25.7 million (1997 est.)


Industries: food processing, cement, furniture, clothing, starch


Industrial production growth rate: -0.9% (1997 est.)


Electricity - production: 64 GWh (1998)


Electricity - production by source:
fossil fuel: 67.19%
hydro: 32.81%
nuclear: 0%
other: 0% (1998)


Electricity - consumption: 60 GWh (1998)


Electricity - exports: 0 kWh (1998)


Electricity - imports: 0 kWh (1998)


Agriculture - products: bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish


Exports: $47.8 million (1998 est.)


Exports - commodities: bananas 39%, eddoes and dasheen (taro), arrowroot starch, tennis racquets


Exports - partners: Caricom countries 49%, United Kingdom 16%, United States 10% (1995)


Imports: $180 million (1998 est.)


Imports - commodities: foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels


Imports - partners: US 36%, Caricom countries 28%, UK 13% (1995)


Debt - external: $83.6 million (1997)


Economic aid - recipient: $47.5 million (1995); note - EU $34.5 million (1998)


Currency: 1 East Caribbean dollar (EC$) = 100 cents


Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)


Fiscal year: calendar year

See also : Saint Vincent and the Grenadines

  Results from FactBites:
 
MSN Encarta - Saint Vincent and the Grenadines (1190 words)
Saint Vincent and the Grenadines, independent country in the West Indies, consisting of the island of Saint Vincent and the northern islands of the Grenadines group.
Saint Vincent and the Grenadines is the third smallest country in the Western Hemisphere in area, after Saint Kitts and Nevis, and Grenada.
Education is compulsory in Saint Vincent and the Grenadines from the ages of 5 to 15, and government-run primary and secondary schools are free.
Saint Vincent and the Grenadines - Wikipedia, the free encyclopedia (989 words)
Saint Vincent and the Grenadines is an independent sovereign state of the Caribbean, part of the Commonwealth of Nations.
Vincent and the Grenadines is a parliamentary democracy within the Commonwealth of Nations.
Saint Vincent and the Grenadines are a full and participating member of the Caribbean Community (CARICOM) and the Organisation of Eastern Caribbean States (OECS).
  More results at FactBites »

 
 

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