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EconomyEconomy - 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 90% of GDP at the end of 2010. GDP growth reached a 10-year high of nearly 7% in 2006. Following the global downturn, St. Vincent and the Grenadines has experienced annual contractions since 2009, The GONSALVES administration is directing government resources to infrastructure projects, including a new international airport that is under construction. Gdp (purchasing power parity) World Ranking: 198
$1.275 billion (2011 est.)
$1.28 billion (2010 est.) $1.304 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$695 million (2011 est.)
Gdp - real growth rate World Ranking: 200
-0.4% (2011 est.)
-1.8% (2010 est.) -2.3% (2009 est.) Gdp - per capita (ppp) World Ranking: 103
$11,600 (2011 est.)
$11,700 (2010 est.) $11,900 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 7.8%
Industry 25.9% Services 66.3% (2011 est.) Labor force World Ranking: 187
57,520 (2007 est.)
Labor force - by occupation
Agriculture 26%
Industry 17% Services 57% (1980 est.) Unemployment rate World Ranking: 149
15% (2001 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Budget
Revenues $185.2 million
Expenditures $259.3 million (2011 est.) Taxes and other revenues World Ranking: 118
26.6% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 201
-10.7% of GDP (2011 est.)
Inflation rate (consumer prices) World Ranking: 33
2.3% (2011 est.)
1.5% (2010 est.) Central bank discount rate World Ranking: 52
6.5% (31 December 2010 est.)
6.5% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 108
9.14% (31 December 2011 est.)
9.2% (31 December 2010 est.) Stock of narrow money World Ranking: 181
$154.6 million (31 December 2011 est.) $128 million (31 December 2010 est.) Stock of broad money World Ranking: 178
$466.1 million (31 December 2011 est.) $444.4 million (31 December 2009 est.) Stock of domestic credit World Ranking: 174
$389.3 million (31 December 2011 est.) $374 million (31 December 2010 est.) Agriculture - products
Bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish Industries
Tourism; food processing, cement, furniture, clothing, starch Electricity - production World Ranking: 185
132 million kWh (2008 est.)
Electricity - consumption World Ranking: 189
122.7 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 132
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 188
2,000 bbl/day (2010 est.)
Oil - exports World Ranking: 194
0 bbl/day (2009 est.)
Oil - imports World Ranking: 187
1,252 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 185
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 119
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 125
0 cu m (2009 est.)
Natural gas - exports World Ranking: 170
0 cu m (2009 est.)
Natural gas - imports World Ranking: 120
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 121
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 85
-$221.6 million (2011 est.)
-$213 million (2010 est.) Exports World Ranking: 194
$64.4 million (2011 est.)
$45 million (2010 est.) Exports - commodities
Bananas, eddoes and dasheen (taro), arrowroot starch; tennis racquets Exports - partners
Trinidad and Tobago 12.1%, Austria 12%, St. Lucia 10.7%, France 9.6%, Turkey 9%, Barbados 8.9%, Dominica 7%, Grenada 6.7%, Antigua and Barbuda 6.1% (2011) Imports World Ranking: 193
$348 million (2011 est.)
$297.7 million (2010 est.) Imports - commodities
Foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels Imports - partners
Singapore 25.4%, Trinidad and Tobago 17.9%, US 12.8%, China 12.5%, Norway 7.6% (2011) Debt - external World Ranking: 179
$264.9 million (31 December 2011 est.) $261.1 million (31 December 2010 est.) Exchange rates
East Caribbean dollars (XCD) per US dollar - 2.7 (2011 est.)2.7 (2010 est.) 2.7 (2009) Fiscal year
Calendar year
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Saint Vincent And The Grenadines (Kingstown):
GPS points from Saint Vincent And The Grenadines (Kingstown)
Wallibou Parish Of Saint David
Arnos Vale Airport Parish Of Saint George
Grand Bay Grenadines
Pauls Parish Of Saint George
Richland Park Parish Of Charlotte
Northwest Point Parish Of Saint George
Mount Brisbane Parish Of Saint David
Old Woman Point Saint Vincent And The Grenadines (general) |