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Saint Vincent and the Grenadines Economy 2010
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SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Saint Vincent and the Grenadines Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 15, 2010

Economy - overview:
Success of the economy hinges upon seasonal variations in agriculture, tourism, and construction activity as well as remittance inflows. Much of the workforce is employed in banana production and tourism, but persistent high unemployment has prompted many to leave the islands. This lower-middle-income country is vulnerable to natural disasters - tropical storms wiped out substantial portions of crops in 1994, 1995, and 2002. In 2008, the islands had more than 200,000 tourist arrivals, mostly to the Grenadines, a drop of nearly 20% from 2007. Saint Vincent is home to a small offshore banking sector and has moved to adopt international regulatory standards. The government's ability to invest in social programs and respond to external shocks is constrained by its high debt burden - 25% of current revenues are directed towards debt servicing. An agreement with Italy to write-off debt reduced the public debt-to-GDP ratio to about 70%. Following the global downturn, St. Vincent and the Grenadines saw an economic decline in 2009, after slowing since 2006, when GDP growth reached a 10-year high of nearly 7%. The GONSALVES administration is directing government resources to infrastructure projects, including a new international airport that is expected to be completed in 2011.

GDP (purchasing power parity):
$1.55 billion (2009 est.)

$1.659 billion (2008 est.)
$1.613 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$625 million (2009 est.)

GDP - real growth rate:
-6.5% (2009 est.)

2.8% (2008 est.)
6.9% (2007 est.)

GDP - per capita (PPP):
$18,100 (2009 est.)

$19,600 (2008 est.)
$19,300 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 10%
industry: 26%
services: 64% (2001 est.)

Labor force:
57,520 (2007 est.)

Labor force - by occupation:
agriculture: 26%
industry: 17%
services: 57% (1980 est.)

Unemployment rate:
15% (2001 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $94.6 million
expenditures: $85.8 million (2000 est.)

Inflation rate (consumer prices):
6.1% (2007 est.)

Central bank discount rate:
6.5% (31 December 2008)

6.5% (31 December 2007)

Commercial bank prime lending rate:
9.52% (31 December 2008)

8.8% (31 December 2007)

Stock of money:
$150.8 million (31 December 2008)

$155.5 million (31 December 2007)

Stock of quasi money:
$302.7 million (31 December 2008)

$280.2 million (31 December 2007)

Stock of domestic credit:
$417.4 million (31 December 2008)

$387.8 million (31 December 2007)

Agriculture - products:
bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish

Industries:
food processing, cement, furniture, clothing, starch

Electricity - production:
133.8 million kWh (2007 est.)

Electricity - consumption:
124.4 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
2,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
1,451 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-149 million (2007 est.)

Exports:
$193 million (2006 est.)

Exports - commodities:
bananas, eddoes and dasheen (taro), arrowroot starch; tennis racquets

Exports - partners:
Greece 31.8%, France 18.9%, India 9.9%, China 8.3%, Italy 7.5% (2008)

Imports:
$578 million (2006 est.)

Imports - commodities:
foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels

Imports - partners:
Singapore 27.1%, Trinidad and Tobago 13.2%, US 12.1%, China 8.5%, Italy 7.1%, Norway 5.1% (2008)

Debt - external:
$223 million (2004 est.)

Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)


NOTE: The information regarding Saint Vincent and the Grenadines on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Vincent and the Grenadines Economy 2010 information contained here. All suggestions for corrections of any errors about Saint Vincent and the Grenadines Economy 2010 should be addressed to the CIA.






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