The Full Wiki

Economy of Saint Vincent and the Grenadines: Wikis

Advertisements
  
  
  

Note: Many of our articles have direct quotes from sources you can cite, within the Wikipedia article! This article doesn't yet, but we're working on it! See more info or our list of citable articles.

Encyclopedia

From Wikipedia, the free encyclopedia

Economy of Saint Vincent and the Grenadines
Flag of Saint Vincent and the Grenadines.svg
Currency East Caribbean dollar (2.7 per US$ fixed rate since 1976)
Trade organisations CARICOM
Statistics
GDP $342 million (2002 est.)
GDP growth 0.7% (2002 est.)
GDP per capita $2 900 (2002 est.)
GDP by sector agriculture: 10%; industry: 26%; services: 64% (2001 est.)
Inflation (CPI) -0,4% (1999 est.)
Labour force 67,000 (1984 est.)
Labour force
by occupation
agriculture 26%, industry 17%, services 57% (1980 est.)
Unemployment 15% (2001 est.)
Main industries food processing, cement, furniture, clothing, starch
External
Exports $37 million (2004 est.)
Export goods bananas 39%, eddoes and dasheen (taro), arrowroot starch, tennis racquets
Main export partners France 49.9%, Italy 20.8%, Greece 10.9%, USA 4.2% (2005)
Imports $225 million (2004 est.)
Import goods foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Main import partners France 37.5%, Singapore 13%, Italy 12.2%, Trinidad and Tobago 8.5%, USA 7.4% (2005)
Public finances
Public debt $167,2 million (2000)
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.

See also

Advertisements

Advertisements






Got something to say? Make a comment.
Your name
Your email address
Message