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Saint Vincent and the Grenadines Economy Profile 2018

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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)$1.281 billion (2017 est.)
$1.253 billion (2016 est.)
$1.243 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$815 million (2016 est.)
GDP - real growth rate2.2% (2017 est.)
0.8% (2016 est.)
0.9% (2015 est.)
GDP - per capita (PPP)$11,600 (2017 est.)
$11,400 (2016 est.)
$11,300 (2015 est.)
note: data are in 2017 dollars
Gross national saving-4.8% of GDP (2017 est.)
-5.1% of GDP (2016 est.)
-3.1% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 87.4%
government consumption: 19.2%
investment in fixed capital: 20.3%
investment in inventories: -0.2%
exports of goods and services: 22.3%
imports of goods and services: -49.2% (2017 est.)
GDP - composition by sectoragriculture: 7.1%
industry: 17.4%
services: 75.5% (2017 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 (2017 est.)
Taxes and other revenues27.3% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-4.5% of GDP (2017 est.)
Public debt79.2% of GDP (2016 est.)
81.3% of GDP (2015 est.)
Inflation rate (consumer prices)1.7% (2017 est.)
-0.2% (2016 est.)
Central bank discount rate6.5% (31 December 2010)
6.5% (31 December 2009)
Commercial bank prime lending rate9% (31 December 2017 est.)
9.17% (31 December 2016 est.)
Stock of narrow money$182.7 million (31 December 2017 est.)
$177.7 million (31 December 2016 est.)
Stock of broad money$591.5 million (31 December 2017 est.)
$563.2 million (31 December 2016 est.)
Stock of domestic credit$432.8 million (31 December 2017 est.)
$424.6 million (31 December 2016 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% (2017 est.)
Current Account Balance-$120 million (2017 est.)
-$122 million (2016 est.)
Exports$51.3 million (2017 est.)
$47.3 million (2016 est.)
Exports - commoditiesbananas, eddoes and dasheen (taro), arrowroot starch; tennis racquets
Exports - partnersBarbados 18.3%, St. Lucia 17.6%, Antigua and Barbuda 14.8%, Trinidad and Tobago 12.3%, Dominica 9.5%, St. Kitts and Nevis 7.3%, Grenada 5.9% (2016)
Imports$311.3 million (2017 est.)
$289.9 million (2016 est.)
Imports - commoditiesfoodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Imports - partnersUS 44%, Trinidad and Tobago 14.1%, UK 6.5%, France 4.8% (2016)
Reserves of foreign exchange and gold$160 million (31 December 2017 est.)
$192.3 million (31 December 2016 est.)
Debt - external$324.4 million (31 December 2017 est.)
$330.8 million (31 December 2016 est.)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2017 est.)
2.7 (2016 est.)
2.7 (2015 est.)
2.7 (2014 est.)
2.7 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018