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Saint Vincent and the Grenadines Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Saint Vincent and the Grenadines Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 28, 2014

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 public debt burden, which was 68% of GDP at the end of 2011. GDP grew on average 6% annually from 2002-07, but contracted between 2008-10 as a result of the global economic downturn; growth remains slow.

GDP (purchasing power parity):
$1.291 billion (2012 est.)
country comparison to the world: 200

$1.271 billion (2011 est.)
$1.266 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$703.4 million (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2012 est.)
country comparison to the world: 150

0.4% (2011 est.)
-2.3% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$11,800 (2012 est.)
country comparison to the world: 106

$11,600 (2011 est.)
$11,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 89.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.4%
investment in fixed capital: 23.6%
investment in inventories: 0%
exports of goods and services: 26.9%
imports of goods and services: -56.6%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 5.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20%
services: 74.6% (2012 est.)

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

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

Industrial production growth rate:
3% (2012 est.)
country comparison to the world: 91
[see also: Industrial production growth rate country ranks ]

Labor force:
57,520 (2007 est.)
country comparison to the world: 187
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 26%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 17%
services: 57% (1980 est.)

Unemployment rate:
15% (2001 est.)
country comparison to the world: 146
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $174.4 million
[see also: Budget revenues country ranks ]
expenditures: $181.5 million (2012 est.)

Taxes and other revenues:
24.8% of GDP (2012 est.)
country comparison to the world: 130
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1% of GDP (2012 est.)
country comparison to the world: 64
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
68% of GDP (2011 est.)
country comparison to the world: 40
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.6% (2012 est.)
country comparison to the world: 70

3.2% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2010 est.)
country comparison to the world: 46

6.5% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.43% (31 December 2012 est.)
country comparison to the world: 97

9.13% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$133.7 million (31 December 2012 est.)
country comparison to the world: 181

$122.8 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$431.9 million (31 December 2012 est.)
country comparison to the world: 179

$411.1 million (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$404.8 million (31 December 2012 est.)
country comparison to the world: 170

$389.3 million (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Current account balance:
$-215.9 million (2012 est.)
country comparison to the world: 86

$-198.9 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$48.7 million (2012 est.)
country comparison to the world: 197

$43.4 million (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Trinidad and Tobago 14.5%, St. Lucia 12.9%, Turkey 12.7%, Barbados 10.7%, Dominica 8.5%, Grenada 8.1%, Antigua and Barbuda 7.3% (2012)

Imports:
$314.6 million (2012 est.)
country comparison to the world: 198

$292.3 million (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Singapore 28%, Trinidad and Tobago 22.6%, US 19%, China 5.6%, Barbados 5% (2012)

Reserves of foreign exchange and gold:
$111 million (31 December 2012 est.)
country comparison to the world: 164

$89.63 million (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$265 million (31 December 2012 est.)
country comparison to the world: 184

$282.8 million (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
East Caribbean dollars (XCD) per US dollar -

2.7 (2012 est.)
2.7 (2011 est.)
2.7 (2010 est.)
2.7 (2009)


NOTE: 1) The information regarding Saint Vincent and the Grenadines on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Vincent and the Grenadines Economy 2014 information contained here. All suggestions for corrections of any errors about Saint Vincent and the Grenadines Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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