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The economy of Saint Vincent and the Grenadines is heavily dependent on agriculture, being the world's leading producer of arrowroot and grows other exotic fruit, vegetables and root crops. Bananas alone account for upwards of 60% of the work force and 50% of merchandise exports in Saint Vincent and the Grenadines. 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.
$47.5 million (1995); note - EU $34.5 million (1998)
All values, unless otherwise stated, are in US dollars.
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. Figures from 2005 record tourism's contribution to the economy at US$90 million.[8]
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.
Graphical depiction of St Vincent's product exports in 28 color-coded categories.
Saint Vincent and the Grenadines electricity production by source
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This article has multiple issues Please help improve it or discuss these issues on the talk page Learn how and when to remove these template messages This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Economy of Saint Vincent and the Grenadines news newspapers books scholar JSTOR August 2009 Learn how and when to remove this template message This article s factual accuracy may be compromised due to out of date information Please help update this article to reflect recent events or newly available information November 2011 Learn how and when to remove this template message The economy of Saint Vincent and the Grenadines is heavily dependent on agriculture being the world s leading producer of arrowroot and grows other exotic fruit vegetables and root crops Bananas alone account for upwards of 60 of the work force and 50 of merchandise exports in Saint Vincent and the Grenadines 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 Economy of Saint Vincent and the GrenadinesCurrencyEastern Caribbean dollar 2 7 per US fixed rate since 1976 Fiscal yearcalendar yearTrade organisationsCARICOMStatisticsGDP 0 811 billion nominal 2018 1 1 321 billion PPP 2018 1 GDP growth2 0 2018 0 4 2019e 5 5 2020f 4 0 2021f 2 GDP per capita 7 354 nominal 2018 est 1 11 970 PPP 2018 est 1 GDP by sectoragriculture 8 4 industry 19 9 services 73 6 2012 est Inflation CPI 2 324 2018 1 Population below poverty linen avHuman Development Index0 728 high 2018 3 94th N A IHDI 2018 4 Labour force57 520 2007 est Labour force by occupationagriculture 26 industry 17 services 57 1980 est Unemployment25 8 2017 est Main industriestourism food processing Agriculture furniture clothing starchEase of doing business rank130th medium 2020 5 ExternalExports 68 3 million 2012 est Export goodsbananas eddoes and dasheen taro arrowroot starch tennis racquetsMain export partners Trinidad and Tobago 15 2 Saint Lucia 13 5 Chile 12 1 Barbados 11 2 Dominica 8 9 Grenada 8 5 Antigua and Barbuda 7 6 2012 est 6 Imports 366 5 million 2012 est Import goodsfoodstuffs machinery and equipment chemicals and fertilizers minerals and fuelsMain import partners Singapore 27 0 Trinidad and Tobago 24 1 United States 18 3 China 5 4 EU 2 8 2016 est 7 Public financesPublic 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 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 Figures from 2005 record tourism s contribution to the economy at US 90 million 8 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 Graphical depiction of St Vincent s product exports in 28 color coded categories Saint Vincent and the Grenadines electricity production by sourceMacroeconomic statistics EditName Source Year Notes RefGDP PPP International Monetary Fund 2015 GDP PPP is 1 572 billion 1 World Bank 2013 GDP PPP is 1 147 388 850 2 3 The World Factbook 2014 Est GDP PPP is 1 198 000 000 4 GDP PPP per capitaInternational Monetary Fund 2015 GDP PPP per capita is 13 259 473 5 World Bank 2013 GDP PPP per capita is 10 490 6 6 The World Factbook 2014 Est GDP PPP per capita is 10 900 7 GDP PPP per person employedWorld Bank 1990 2010 GDP PPP per person employed 13 225 8 The World Factbook 2012 9 GDP nominal United Nations 2013 GDP nominal is 709 197 778 10 International Monetary Fund 2013 GDP nominal is US 0 720 billion 11 World Bank 2013 GDP nominal is 709 358 185 12 13 The World Factbook 2014 Est GDP nominal is 745 million 14 GDP nominal per capitaUnited Nations 2013 GDP nominal per capita is US 6 484 15 International Monetary Fund 2013 Est GDP nominal per capita is US 6 563 096 16 World Bank 2012 17 The World Factbook 2013 18 Gross national income Atlas method World Bank 2013 Gross national income is US 707 million 19 GNI per capita Atlas method and PPP World Bank 2013 Average national income PPP of US 6 460 per person Year 20 Household income or consumption by percentage share Distribution of family income Gini index N AAgriculture products banana coconuts sweet potatoes spices small numbers of cattle sheep pigs goats fishIndustrial production growth rate 0 9 1997 estimate Electricity production 115 million kWh 2005 Electricity consumption 107 million kWh 2005 Oil consumption 1 500 bbl d 240 m3 d 2005 estimate Current account balance 0 22 billion 2013 estimate 0 19 billion 2012 estimate Reserves of foreign exchange and gold 115 million 2013 estimate 111 million 2012 estimate 2010 Index of Economic Freedom rank 49thExchange rates East Caribbean dollars per US dollar 2 7 2007 2 7 2006 2 7 2005 2 7 2003 See also EditSaint Vincent and the Grenadines Minister of Finance of Saint Vincent and the GrenadinesReferences Edit a b c d e World Economic Outlook Database October 2019 IMF org International Monetary Fund Retrieved 25 October 2019 Global Economic Prospects June 2020 openknowledge worldbank org World Bank 86 8 June 2020 Retrieved 16 June 2020 Human Development Index HDI hdr undp org HDRO Human Development Report Office United Nations Development Programme Retrieved 11 December 2019 Inequality adjusted Human Development Index IHDI hdr undp org HDRO Human Development Report Office United Nations Development Programme Retrieved 11 December 2019 Ease of Doing Business in St Vincent and the Grenadines Doingbusiness org Retrieved 2017 01 24 Export Partners of Saint Vincent and the Grenadines CIA World Factbook 2012 Archived from the original on June 13 2007 Retrieved 2013 07 24 Import Partners of Saint Vincent and the Grenadines CIA World Factbook 2012 Archived from the original on June 13 2007 Retrieved 2013 07 24 Bleau Blackett Cynthia Public Sector Modernization PDF CARICAD Retrieved 2006 09 15 Retrieved from https en wikipedia org w index php title Economy of Saint Vincent and the Grenadines amp oldid 1133453651, 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