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Saint Vincent and the Grenadines Economy 1996

Overview:

Agriculture, dominated by banana production, is the most important sector of the economy. The services sector, based mostly on a growing tourist industry, is also important. In 1993, economic growth slowed to 1.4%, reflecting a sharp decline in agricultural production caused by drought. The government has been relatively unsuccessful at introducing new industries, and high unemployment rates of 35%-40% continue.

National product:

GDP - purchasing power parity - $235 million (1994 est.)

National product real growth rate:

2% (1994 est.)

National product per capita:

$2,000 (1994 est.)

Inflation rate (consumer prices):

4% (1993 est.)

Unemployment rate:

35%-40% (1994 est.)

Budget:

revenues:

$66.2

expenditures:

$77.3 million, including capital expenditures of $23 million (1993 est.)

Exports:

$57.1 million (f.o.b., 1993)

commodities:

bananas, eddoes and dasheen (taro), arrowroot starch, tennis racquets

partners:

UK 54%, CARICOM 34%, US 10%

Imports:

$134.6 million (f.o.b., 1993)

commodities:

foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels

partners:

US 36%, CARICOM 21%, UK 18%, Trinidad and Tobago 13%

External debt:

$74.9 million (1993)

Industrial production:

Electricity:

capacity:

16,600 kW

production:

50 million kWh

consumption per capita:

436 kWh (1993)

Industries:

food processing, cement, furniture, clothing, starch

Agriculture:

accounts for 14% of GDP and 60% of labor force; provides bulk of exports; products - bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, hogs, goats; small fish catch used locally

Illicit drugs:

transshipment point for South American drugs destined for the US and Europe

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-87), $11 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $81 million

Currency:

1 EC dollar (EC$) = 100 cents

Exchange rates:

East Caribbean dollars (EC$) per US$1 - 2.70 (fixed rate since 1976)

Fiscal year:

calendar year

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