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    St. Vincent and the Grenadines Economy - 1989

      Overview: Agriculture, dominated by banana production, is the most important sector of the economy, providing employment for over 60% of the labor force and contributing about 20% to GDP. The services sector is next in importance, based mostly on a growing tourist industry. In 1986 services grew by 4.4% and accounted for 15% of GDP. The economy continues to have a high unemployment rate of 40% because of an overdependence on the weather-plagued banana crop as a major export earner. Government progress toward diversifying into new industries has been relatively unsuccessful.

      GDP: $94.6 million, per capita $900; real growth rate 2.7% (1986)

      Inflation rate (consumer prices): 0.5% (1986)

      Unemployment rate: 40% (1987 est.)

      Budget: revenues $42.7 million; expenditures $67.5 million, including capital expenditures of $25.8 (FY88)

      Exports: $63.8 million (f.o.b., 1986); @m5commodities--bananas, eddoes and dasheen (taro), arrowroot starch, copra; @m5partners--CARICOM 60%, UK 27%, US 10%

      Imports: $87.3 million (c.i.f., 1986); @m5commodities--foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels; @m5partners--US 37%, CARICOM 18%, UK 13%

      External debt: $35 million (July 1987)

      Industrial production: growth rate - 1.2% (1986)

      Electricity: 16,600 kW capacity; 63.7 million kWh produced, 610 kWh per capita (1988)

      Industries: food processing (sugar, flour), cement, furniture, rum, starch, sheet metal, beverage

      Agriculture: bananas, arrowroot, coconuts, spices, vegetables; small numbers of cattle, hogs, sheep, and goats

      Aid: Western (non-US) countries, ODA and OOF bilateral commitments (1970-81), $25 million

      Currency: East Caribbean dollar (plural--dollars); 1 EC dollar (EC$) = 100 cents

      Exchange rates: East Caribbean dollars (EC$) per US$1--2.70 (fixed rate since 1976)

      Fiscal year: 1 July-30 June

      NOTE: The information regarding St. Vincent and the Grenadines on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of St. Vincent and the Grenadines Economy 1989 information contained here. All suggestions for corrections of any errors about St. Vincent and the Grenadines Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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