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    St. Vincent and the Grenadines Economy - 1990

      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. The economy continues to have a high unemployment rate of 30% 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: $136 million, per capita $1,305; real growth rate 8.4% (1988)

      Inflation rate (consumer prices): 2.0% (1988)

      Unemployment rate: 30% (1989 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); commodities--bananas, eddoes and dasheen (taro), arrowroot starch, copra; partners--CARICOM 60%, UK 27%, US 10%

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

      External debt: $35 million (July 1987)

      Industrial production: growth rate - 1.2% (1986)

      Electricity: 16,600 kW capacity; 64 million kWh produced, 610 kWh per capita (1989)

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

      Agriculture: accounts for 20% of GDP and 60% of labor force; provides bulk of exports; products--bananas, arrowroot (world's largest producer), coconuts, sweet potatoes, spices; small numbers of cattle, sheep, hogs, goats; small fish catch used locally

      Aid: US commitments, including Ex-Im (FY70-87), $11 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $71 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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of St. Vincent and the Grenadines Economy 1990 information contained here. All suggestions for corrections of any errors about St. Vincent and the Grenadines Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
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