St. Vincent and the Grenadines Economy, GDP, Budget, Industry and Agriculture

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St. Vincent and the Grenadines Economy


View the information below regarding the economy of St. Vincent and the Grenadines. The summary and statistics contains gdp, industry, agriculture and more for St. Vincent and the Grenadines. If you need other information please visit the St. Vincent and the Grenadines Country Page.

  • St. Vincent and the Grenadines Government
  • St. Vincent and the Grenadines People
  • St. Vincent and the Grenadines Geography
  • St. Vincent and the Grenadines History

    Economy
    GDP (2002): $360 million.
    GDP real growth: 0.7% Per capita GDP: $3,059.
    Natural resources: Timber, beaches.
    Industry: Types--plastic products, food processing, cement, furniture, clothing, starch, and detergents.
    Trade: Exports--(2001 est.)--$41.3 million (bananas, eddoes and dasheen, arrowroot starch). Major markets--U.K., CARICOM, U.S. Imports(2001 est.)--(2001 est.)$163.7 million (foodstuffs, machinery and equipment, chemicals and fertilizers). Major suppliers--U.S., CARICOM, U.K., Japan.

    Economy of St. Vincent and the Grenadines
    The St. Vincent economy is heavily dependent on agriculture. Bananas alone account for upwards of 60% of the work force and 50% of merchandise exports. Such reliance on a single crop makes the economy vulnerable to external factors. St. Vincent's banana growers benefited from preferential access to the European market. In view of the European Union's announced phase-out of this preferred access, economic diversification is a priority.

    Tourism has grown to become a very important part of the economy. In 1993, tourism supplanted banana exports as the chief source of foreign exchange. The Grenadines have become a favorite of the up-market yachting crowd. The trend toward increasing tourism revenues will likely continue. In 1996, new cruise ship and ferry berths came on-line, sharply increasing the number of passenger arrivals. In 2002, total visitor arrivals stood at 250,971 with U.S. visitors constituting 8.5%. A relatively small number of Americans--under 1,000--reside on the islands.

    St. Vincent and the Grenadines is a beneficiary of the U.S. Caribbean Basin Initiative. The country belongs to the Caribbean Community and Common Market (CARICOM), which has signed a framework agreement with the United States to promote trade and investment in the region.

    source: http://www.state.gov

  • St. Vincent and the Grenadines Government
  • St. Vincent and the Grenadines People
  • St. Vincent and the Grenadines Geography
  • St. Vincent and the Grenadines History