Economy of Saint Vincent and the Grenadines

Economy of Saint Vincent and the Grenadines

Infobox Economy
country = Saint Vincent and the Grenadines

width = 200px
caption =
currency = East Caribbean dollar (2.7 per US$ fixed rate since 1976)
year =
organs = CARICOM
rank =
gdp = $342 million (2002 est.)
growth = 0.7% (2002 est.)
per capita = $2 900 (2002 est.)
sectors = agriculture: 10%; industry: 26%; services: 64% (2001 est.)
inflation = -0,4% (1999 est.)
poverty =
labor = 67,000 (1984 est.)
occupations = agriculture 26%, industry 17%, services 57% (1980 est.)
unemployment = 15% (2001 est.)
industries = food processing, cement, furniture, clothing, starch
exports = $37 million (2004 est.)
export-goods = bananas 39%, eddoes and dasheen (taro), arrowroot starch, tennis racquets
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
import-partners = France 37.5%, Singapore 13%, Italy 12.2%, Trinidad and Tobago 8.5%, USA 7.4% (2005)
debt = $167,2 million (2000)
revenue =
expenses =
aid = $47.5 million (1995); note - EU $34.5 million (1998)
cianame =

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

* Saint Vincent and the Grenadines

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