Economy - overview Bananas and other agricultural products remain the staple of this lower-middle income country's economy. Although tourism and other services have been growing moderately in recent years, the government has been ineffective at introducing new industries. Unemployment remains high, and economic growth hinges upon seasonal variations in the agricultural and tourism sectors. Tropical storms wiped out substantial portions of crops in 1994 and 1995, and tourism in the Eastern Caribbean has suffered low arrivals following September 11. St. Vincent is home to a small offshore banking sector, but its restrictive secrecy laws have come under international review. As of June 2001, it remained on the Financial Action Task Force's list of noncooperative jurisdictions.

GDP purchasing power parity - $339 million (2001 est.)

GDP - real growth rate -0.8% (2001 est.)

GDP - per capita purchasing power parity - $2,900 (2001 est.)

GDP - composition by sector
agriculture: 10%
industry: 26%
services: 64% (2001 est.)

Population below poverty line NA%

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

Inflation rate (consumer prices) -0.4% (2001 est.)

Labor force 67,000 (1984 est.)

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

Unemployment rate 22% (1997 est.)

Budget
revenues: $94.6 million
expenditures: $85.8 million, including capital expenditures of $NA (2000 est.)

Industries food processing, cement, furniture, clothing, starch

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

Electricity - production 82 million kWh (1999)

Electricity - production by source
fossil fuel: 73.17%
hydro: 26.83%
other: 0% (1999)
nuclear: 0%

Electricity - consumption 76.3 million kWh (1999)

Electricity - exports 0 kWh (1999)

Electricity - imports 0 kWh (1999)

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

Exports $53.7 million (2000 est.)

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

Exports - partners Caricom countries 49%, UK 16%, US 10% (1995)

Imports $185.6 million (2000 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 $167.2 million (2000)

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

Currency East Caribbean dollar (XCD)

Currency code XCD

Exchange rates East Caribbean dollars per US dollar - 2.7000 (fixed rate since 1976)

Fiscal year calendar year

NOTE: The information regarding Saint Vincent and the Grenadines on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Vincent and the Grenadines Economy 2002 information contained here. All suggestions for corrections of any errors about Saint Vincent and the Grenadines Economy 2002 should be addressed to the CIA.