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Saint Vincent and the Grenadines Economy Profile 2017

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Economy - overviewSuccess of the economy hinges upon seasonal variations in agriculture, tourism, and construction activity, as well as remittances. Much of the workforce is employed in banana production and tourism. Saint Vincent and the Grenadines is home to a small offshore banking sector and continues to fully adopt international regulatory standards.

This lower-middle-income country remains vulnerable to natural and external shocks. The economy has shown some signs of recovery due to increased tourist arrivals, falling oil prices and renewed growth in the construction sector. The much anticipated international airport opened in early 2017 with hopes for increased airlift and tourism activity. The government's ability to invest in social programs and respond to external shocks is constrained by its high public debt burden, which was 67% of GDP at the end of 2013.
GDP (purchasing power parity)$1.241 billion (2016 est.)
$1.219 billion (2015 est.)
$1.212 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$766 million (2016 est.)
GDP - real growth rate1.8% (2016 est.)
0.6% (2015 est.)
0.2% (2014 est.)
GDP - per capita (PPP)$11,300 (2016 est.)
$11,100 (2015 est.)
$11,000 (2014 est.)
note: data are in 2016 dollars
Gross national saving-2.9% of GDP (2016 est.)
-2.6% of GDP (2015 est.)
-4.7% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 89.6%
government consumption: 19%
investment in fixed capital: 20.9%
investment in inventories: -0.2%
exports of goods and services: 20.3%
imports of goods and services: -49.8% (2015 est.)
GDP - composition by sectoragriculture: 7.9%
industry: 17.2%
services: 75% (2016 est.)
Population below poverty lineNA%
Labor force57,520 (2007 est.)
Labor force - by occupationagriculture: 26%
industry: 17%
services: 57% (1980 est.)
Unemployment rate18.8% (2008 est.)
Unemployment, youth ages 15-24total: 33.8%
male: 27.8%
female: 41.4% (2008 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $222.2 million
expenditures: $259.3 million (2016 est.)
Taxes and other revenues29% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-4.8% of GDP (2016 est.)
Public debt67% of GDP (2013 est.)
68% of GDP (2011 est.)
Inflation rate (consumer prices)-0.3% (2016 est.)
-1.7% (2015 est.)
Central bank discount rate6.5% (31 December 2010)
6.5% (31 December 2009)
Commercial bank prime lending rate9.4% (31 December 2016 est.)
9.3% (31 December 2015 est.)
Stock of narrow money$167.9 million (31 December 2016 est.)
$162.2 million (31 December 2015 est.)
Stock of broad money$574.1 million (31 December 2016 est.)
$546.6 million (31 December 2015 est.)
Stock of domestic credit$447.9 million (31 December 2016 est.)
$439 million (31 December 2015 est.)
Agriculture - productsbananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish
Industriestourism; food processing, cement, furniture, clothing, starch
Industrial production growth rate2.3% (2016 est.)
Current Account Balance-$147 million (2016 est.)
-$156 million (2015 est.)
Exports$50.5 million (2016 est.)
$49.8 million (2015 est.)
Exports - commoditiesbananas, eddoes and dasheen (taro), arrowroot starch; tennis racquets
Exports - partnersTrinidad and Tobago 18.9%, St. Lucia 14.8%, Barbados 12.3%, Dominica 9.7%, Grenada 9.3%, Antigua and Barbuda 8.4%, Poland 7.1%, St. Kitts and Nevis 4.1% (2015)
Imports$327.1 million (2016 est.)
$320.7 million (2015 est.)
Imports - commoditiesfoodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Imports - partnersTrinidad and Tobago 29.4%, US 17.2%, Singapore 8.7%, China 8%, Barbados 6.1%, Poland 5.5%, Turkey 4.4% (2015)
Reserves of foreign exchange and gold$165 million (31 December 2016 est.)
$166 million (31 December 2015 est.)
Debt - external$321.1 million (31 December 2016 est.)
$327 million (31 December 2015 est.)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2016 est.)
2.7 (2015 est.)
2.7 (2014 est.)
2.7 (2013 est.)
2.7 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017