Saint Vincent and The Grenadines Economy - 2024

Economic overview

upper middle-income Caribbean island economy; key agriculture and tourism sectors; environmentally fragile; diversifying economy across services, science and knowledge, and creative industries; CARICOM member and US Caribbean Basin Initiative beneficiary

Real GDP (purchasing power parity)

$1.429 billion (2021 est.)
$1.41 billion (2020 est.)
$1.489 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.35% (2021 est.)
-5.31% (2020 est.)
0.4% (2019 est.)

Real GDP per capita

$13,700 (2021 est.)
$13,500 (2020 est.)
$14,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$785 million (2017 est.)

Inflation rate (consumer prices)

1.57% (2021 est.)
-0.63% (2020 est.)
0.91% (2019 est.)

Credit ratings

Moody's rating: B3 (2014)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 7.1% (2017 est.)

industry: 17.4% (2017 est.)

services: 75.5% (2017 est.)

GDP - composition, by end use

household consumption: 87.3% (2017 est.)

government consumption: 16.6% (2017 est.)

investment in fixed capital: 10.8% (2017 est.)

investment in inventories: -0.2% (2017 est.)

exports of goods and services: 37.1% (2017 est.)

imports of goods and services: -51.7% (2017 est.)

Agricultural products

bananas, sugar cane, roots/tubers, plantains, vegetables, fruit, coconuts, sweet potatoes, yams, mangoes/guavas

Industries

tourism; food processing, cement, furniture, clothing, starch

Industrial production growth rate

5.7% (2021 est.)

Labor force

51,700 (2021 est.)

Unemployment rate

21.62% (2021 est.)
21% (2020 est.)
19.28% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 41.1% (2021 est.)

male: 39.7%

female: 43.9%

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

9.5% of GDP (2021 est.)
6.96% of GDP (2020 est.)
8.72% of GDP (2019 est.)

Budget

revenues: $243 million (2020 est.)

expenditures: $288 million (2020 est.)

Budget surplus (+) or deficit (-)

-0.6% (of GDP) (2017 est.)

Public debt

73.8% of GDP (2017 est.)
82.8% of GDP (2016 est.)

Taxes and other revenues

23.7% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$211.643 million (2021 est.)
-$131.46 million (2020 est.)
-$27.903 million (2019 est.)

Exports

$125.777 million (2021 est.) note: data are in current year dollars
$188.834 million (2020 est.)
$327.51 million (2019 est.)

Exports - partners

Netherlands 45%, India 9%, United States 6%, Barbados 5%, Greece 5% (2021)

Exports - commodities

recreational boats, drilling platforms, cargo ships, wheat flours, animal food, collector's items (2021)

Imports

$415.725 million (2021 est.) note: data are in current year dollars
$373.621 million (2020 est.)
$425.28 million (2019 est.)

Imports - partners

United States 29%, Netherlands 15%, Trinidad and Tobago 10%, China 8%, France 5% (2021)

Imports - commodities

dredger ships, refined petroleum, floating docks, aircraft, poultry, packaged medicines (2021)

Reserves of foreign exchange and gold

$311.903 million (31 December 2021 est.)
$205.195 million (31 December 2020 est.)
$193.357 million (31 December 2019 est.)

Debt - external

$362.2 million (31 December 2017 est.)
$330.8 million (31 December 2016 est.)

Exchange rates

East Caribbean dollars (XCD) per US dollar -

Exchange rates:
2.7 (2021 est.)
2.7 (2020 est.)
2.7 (2019 est.)
2.7 (2018 est.)
2.7 (2017 est.)