Saint Vincent and the Grenadines Economy 2008

Economy - overview:
Economic growth slowed slightly in 2007 after reaching a 10 year high of nearly 7% in 2006, but is expected to remain robust, hinging upon seasonal variations in the agricultural and tourism sectors and a recent increase in construction activity. This lower-middle-income country is vulnerable to natural disasters - tropical storms wiped out substantial portions of crops in 1994, 1995, and 2002. In 2005, the islands had more than 160,000 tourist arrivals, mostly to the Grenadines. 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 percent of current revenues are directed towards debt servicing.

GDP (purchasing power parity):
$902 million (2007 est.)

GDP (official exchange rate):
$428 million (2005)

GDP - real growth rate:
4.4% (2007 est.)

GDP - per capita (PPP):
$3,600 (2005 est.)

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

Labor force:
41,680 (1991 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%

Inflation rate (consumer prices):
1% (2005 est.)

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

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

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

Industrial production growth rate:
-0.9% (1997 est.)

Electricity - production:
115 million kWh (2005)

Electricity - consumption:
107 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005 est.)

Oil - consumption:
1,500 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
1,468 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Exports:
$193 million (2006)

Exports - commodities:
bananas 39%, eddoes and dasheen (taro), arrowroot starch; tennis racquets

Exports - partners:
France 26.2%, Greece 21.3%, Italy 18.9%, Russia 7.2%, UK 6.8% (2006)

Imports:
$578 million (2006)

Imports - partners:
Singapore 17.3%, Trinidad and Tobago 12.1%, US 11.1%, Italy 11%, Spain 9.5%, Turkey 4.6%, Germany 4.4% (2006)

Economic aid - recipient:
$4.89 million (1995); note - EU $34.5 million (2005)

Debt - external:
$223 million (2004)

Currency (code):
East Caribbean dollar (XCD)

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