Home > Factbook > Countries > Saint Vincent and the Grenadines
| Economy - overview | Success 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) | $1.38 billion (2019 est.) $1.373 billion (2018 est.) $1.344 billion (2017 est.) note: data are in 2017 dollars |
| GDP (official exchange rate) | $785 million (2017 est.) |
| GDP - real growth rate | 0.7% (2017 est.) 0.8% (2016 est.) 0.8% (2015 est.) |
| GDP - per capita (PPP) | $12,485 (2019 est.) $12,466 (2018 est.) $12,245 (2017 est.) note: data are in 2017 dollars |
| Gross national saving | 12.1% of GDP (2017 est.) 10.3% of GDP (2016 est.) 10.4% of GDP (2015 est.) |
| GDP - composition, by end use | household consumption: 87.3% (2017 est.) government consumption: 16.6% (2017 est.) investment in fixed capital: 10.8% (2017 est.) investment in inventories: -0.2% (2017 est.) exports of goods and services: 37.1% (2017 est.) imports of goods and services: -51.7% (2017 est.) |
| GDP - composition by sector | agriculture: 7.1% (2017 est.) industry: 17.4% (2017 est.) services: 75.5% (2017 est.) |
| Ease of Doing Business Index scores | Overall score: 57.1 (2020) Starting a Business score: 87 (2020) Trading score: 77.4 (2020) Enforcement score: 63.7 (2020) |
| Population below poverty line | NA |
| Labor force | 57,520 (2007 est.) |
| Labor force - by occupation | agriculture: 26% industry: 17% services: 57% (1980 est.) |
| Unemployment rate | 18.8% (2008 est.) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 225.2 million (2017 est.) expenditures: 230 million (2017 est.) |
| Taxes and other revenues | 28.7% (of GDP) (2017 est.) |
| Budget surplus (+) or deficit (-) | -0.6% (of GDP) (2017 est.) |
| Public debt | 73.8% of GDP (2017 est.) 82.8% of GDP (2016 est.) |
| Inflation rate (consumer prices) | 2.2% (2017 est.) -0.2% (2016 est.) |
| Credit ratings | Moody's rating: B3 (2014) |
| Agriculture - products | bananas, sugar cane, roots/tubers nes, plantains, vegetables, fruit, coconuts, sweet potatoes, yams, mangoes/guavas |
| Industries | tourism; food processing, cement, furniture, clothing, starch |
| Industrial production growth rate | 2.5% (2017 est.) |
| Current Account Balance | -$116 million (2017 est.) -$122 million (2016 est.) |
| Exports | $48.6 million (2017 est.) $47.3 million (2016 est.) |
| Exports - commodities | natural gas, drilling platforms and ships, recreational boats, collector's items, eddoes and dasheen (taro), arrowroot starch (2019) |
| Exports - partners | Jordan 39%, Singapore 14% (2019) |
| Imports | $295.9 million (2017 est.) $294.6 million (2016 est.) |
| Imports - commodities | refined petroleum, ships, poultry meats, tug boats, recreational boats (2019) |
| Imports - partners | United States 30%, Trinidad and Tobago 12%, China 8%, United Kingdom 6% (2019) |
| Reserves of foreign exchange and gold | $182.1 million (31 December 2017 est.) $192.3 million (31 December 2016 est.) |
| Debt - external | $362.2 million (31 December 2017 est.) $330.8 million (31 December 2016 est.) |
| Exchange rates | East 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 year | calendar year |
Source: CIA World Factbook
This page was last updated on September 18, 2021
