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. Floods and mudslides caused by unseasonable 2013 rainfall caused substantial damage to infrastructure, homes, and crops, which the World Bank estimated at US$112 million. In 2013, the islands had more than 200,000 tourist arrivals, mostly to the Grenadines. The arrival numbers represent a marginal increase from 2012 but remain 26% below St. Vincent's 2009 peak. 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 67% of GDP at the end of 2013. Weak recovery in the tourism and construction sectors will limit growth prospects in 2014.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$1.335 billion (2013 est.)
country comparison to the world: 199
$1.309 billion (2012 est.)
$1.288 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$742 million (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
2% (2013 est.)
country comparison to the world: 144
1.5% (2012 est.)
0.4% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$12,100 (2013 est.)
country comparison to the world: 106
$11,900 (2012 est.)
$11,800 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
-4.7% of GDP (2013 est.)
country comparison to the world: 154
-6.7% of GDP (2012 est.)
-4.2% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
92.3%
government consumption:
16.6%
investment in fixed capital:
23.7%
investment in inventories:
0%
exports of goods and services:
21.8%
imports of goods and services:
-54.4%
(2013 est.)
agriculture:
5.4%
industry:
20.3%
services:
74.4% (2013 est.)
bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish
tourism; food processing, cement, furniture, clothing, starch
3% (2013 est.)
country comparison to the world: 102
[see also: Industrial production growth rate country ranks ]
57,520 (2007 est.)
country comparison to the world: 188
[see also: Labor force country ranks ]
agriculture:
26%
industry:
17%
services:
57% (1980 est.)
18.8% (2008 est.)
country comparison to the world: 158
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$185.2 million
expenditures:
$185.2 million (2013 est.)
25% of GDP (2013 est.)
country comparison to the world: 129
[see also: Taxes and other revenues country ranks ]
0% of GDP (2013 est.)
country comparison to the world: 45
[see also: Budget surplus (+) or deficit (-) country ranks ]
68% of GDP (2011 est.)
country comparison to the world: 40
[see also: Public debt country ranks ]
calendar year
2.8% (2013 est.)
country comparison to the world: 109
2.6% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
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 ]
9.4% (31 December 2013 est.)
country comparison to the world: 92
9.43% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$142.2 million (31 December 2013 est.)
country comparison to the world: 180
$133.7 million (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$460.4 million (31 December 2013 est.)
country comparison to the world: 179
$438.5 million (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$423.2 million (31 December 2013 est.)
country comparison to the world: 169
$404.8 million (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
-$207.7 million (2013 est.)
country comparison to the world: 85
-$215.9 million (2012 est.)
[see also: Current account balance country ranks ]
$45.7 million (2013 est.)
country comparison to the world: 197
$48.7 million (2012 est.)
[see also: Exports country ranks ]
bananas, eddoes and dasheen (taro), arrowroot starch; tennis racquets
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)
$301.5 million (2013 est.)
country comparison to the world: 200
$314.6 million (2012 est.)
[see also: Imports country ranks ]
foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Singapore 28%, Trinidad and Tobago 22.6%, US 19%, China 5.6%, Barbados 5% (2012)
$115 million (31 December 2013 est.)
country comparison to the world: 165
$111 million (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$255.3 million (31 December 2013 est.)
country comparison to the world: 185
$265 million (31 December 2012 est.)
[see also: Debt - external country ranks ]
East Caribbean dollars (XCD) per US dollar -
2.7 (2013 est.)
2.7 (2012 est.)
2.7 (2010 est.)
2.7 (2009)