Saint Vincent and the Grenadines Economy - 2021

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP growth rate

0.7% (2017 est.)

0.8% (2016 est.)

0.8% (2015 est.)

Inflation rate (consumer prices)

2.2% (2017 est.)

-0.2% (2016 est.)

Credit ratings

Moody's rating: B3 (2014)

Real 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.)

Real GDP per capita

$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 sector of origin

agriculture: 7.1% (2017 est.)

industry: 17.4% (2017 est.)

services: 75.5% (2017 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.)

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)

Agricultural 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.)

Labor force

57,520 (2007 est.)

Labor force - by occupation

agriculture: 26%

industry: 17%

services: 57% (1980 est.)

Unemployment rate

18.8% (2008 est.)

Population below poverty line

N/A

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.)

Fiscal year

calendar year

Current account balance

-$116 million (2017 est.)

-$122 million (2016 est.)

Exports

$48.6 million (2017 est.)

$47.3 million (2016 est.)

Exports - partners

Jordan 39%, Singapore 14% (2019)

Exports - commodities

natural gas, drilling platforms and ships, recreational boats, collector's items, eddoes and dasheen (taro), arrowroot starch (2019)

Imports

$295.9 million (2017 est.)

$294.6 million (2016 est.)

Imports - partners

United States 30%, Trinidad and Tobago 12%, China 8%, United Kingdom 6% (2019)

Imports - commodities

refined petroleum, ships, poultry meats, tug boats, recreational boats (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.)

NOTE: The information regarding Saint Vincent and the Grenadines on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Saint Vincent and the Grenadines 2021 information contained here. All suggestions for corrections of any errors about Saint Vincent and the Grenadines 2021 should be addressed to the CIA or the source cited on each page.