Economy of Saint Vincent and the Grenadines

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Economy of Saint Vincent and the Grenadines

Currency	Eastern Caribbean dollar (2.7 per US$ fixed rate since 1976)
Fiscal year	calendar year
Trade organisations	CARICOM
Statistics
GDP	$0.811 billion (nominal, 2018)[1] $1.321 billion (PPP, 2018)[1]
GDP growth	2.0% (2018) 0.4% (2019e) −5.5% (2020f) 4.0% (2021f)[2]
GDP per capita	$9,360 (nominal, 2023 est.)[1] $11,970 (PPP, 2018 est.)[1]
GDP by sector	agriculture: 8.4%; industry: 19.9%; services: 73.6% (2012 est.)
Inflation (CPI)	2.324% (2018)[1]
Population below poverty line	n/av
Human Development Index	0.728 high (2018)[3] (94th) N/A IHDI (2018)[4]
Labour force	57,520 (2007 est.)
Labour force by occupation	agriculture 26%, industry 17%, services 57% (1980 est.)
Unemployment	25.8% (2017 est.)
Main industries	tourism, food processing, Agriculture, furniture, clothing starch
External
Exports	$68.3 million (2012 est.)
Export goods	bananas, eddoes and dasheen (taro), arrowroot starch, tennis racquets
Main export partners	Malaysia 33.7%  United States 9.87%  Greece 9.44%  Barbados 8.29%  Spain 6.29% (2022)[5]
Imports	$366.5 million (2012 est.)
Import goods	foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Main import partners	United States 39.7%  Trinidad and Tobago 9.6%  China 6.46% (2022)[6]
Public finances
Government 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.

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.

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.^[7]

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.