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    Saint Vincent and the Grenadines Economy - 1991

      Overview: Agriculture, dominated by banana production, is the most important sector of the economy. The services sector, based mostly on a growing tourist industry, is also important. 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: $146 million, per capita $1,315; real growth rate 5.9% (1989 est.)

      Inflation rate (consumer prices): 2.6% (1989)

      Unemployment rate: 30% (1989 est.)

      Budget: revenues $62 million; expenditures $67 million, including capital expenditures of $21 million (FY90 est.)

      Exports: $74.6 million (f.o.b., 1989); commodities--bananas 45%, eddoes and dasheen (taro), sweet potatoes, spices, light manufactures; partners--UK 43%, CARICOM 37%, US 15%

      Imports: $127.5 million (c.i.f., 1989); commodities--foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels; partners--US 42%, CARICOM 19%, UK 15%

      External debt: $42.2 million (FY89)

      Industrial production: growth rate 0% (1989); accounts for 14% of GDP

      Electricity: 16,600 kW capacity; 64 million kWh produced, 570 kWh per capita (1990)

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

      Agriculture: accounts for 15% of GDP and 60% of labor force; provides bulk of exports; products--bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, hogs, goats; small fish catch used locally

      Economic aid: US commitments, including Ex-Im (FY70-87), $11 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $76 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: calendar year (as of January 1991); previously 1 July-30 June

      NOTE: The information regarding Saint Vincent and the Grenadines on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Saint Vincent and the Grenadines Economy 1991 information contained here. All suggestions for corrections of any errors about Saint Vincent and the Grenadines Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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