Saint Vincent and the Grenadines Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

upper middle-income Caribbean island economy; key agriculture and tourism sectors; environmentally fragile; diversifying economy across services, science and knowledge, and creative industries; CARICOM member and US Caribbean Basin Initiative beneficiary

Real GDP (purchasing power parity)

$1.429 billion (2021 est.)

$1.41 billion (2020 est.)

$1.489 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.35% (2021 est.)

-5.31% (2020 est.)

0.4% (2019 est.)

Real GDP per capita

$13,700 (2021 est.)

$13,500 (2020 est.)

$14,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$785 million (2017 est.)

Inflation rate (consumer prices)

1.57% (2021 est.)

-0.63% (2020 est.)

0.91% (2019 est.)

Credit ratings

Moody's rating: B3 (2014)

note: The year refers to the year in which the current credit rating was first obtained.

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.)

Agricultural products

bananas, sugar cane, roots/tubers, plantains, vegetables, fruit, coconuts, sweet potatoes, yams, mangoes/guavas

Industries

tourism; food processing, cement, furniture, clothing, starch

Industrial production growth rate

5.7% (2021 est.)

Labor force

51,700 (2021 est.)

Labor force - by occupation

agriculture: 26%

industry: 17%

services: 57% (1980 est.)

Unemployment rate

21.62% (2021 est.)

21% (2020 est.)

19.28% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 41.1%

male: 39.7%

female: 43.9% (2021 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $243 million (2020 est.)

expenditures: $288 million (2020 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.)

Taxes and other revenues

23.7% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$211.643 million (2021 est.)

-$131.46 million (2020 est.)

-$27.903 million (2019 est.)

Exports

$125.777 million (2021 est.) note: data are in current year dollars

$188.834 million (2020 est.)

$327.51 million (2019 est.)

Exports - partners

Netherlands 45%, India 9%, United States 6%, Barbados 5%, Greece 5% (2021)

Exports - commodities

recreational boats, drilling platforms, cargo ships, wheat flours, animal food, collector's items (2021)

Imports

$415.725 million (2021 est.) note: data are in current year dollars

$373.621 million (2020 est.)

$425.28 million (2019 est.)

Imports - partners

United States 29%, Netherlands 15%, Trinidad and Tobago 10%, China 8%, France 5% (2021)

Imports - commodities

dredger ships, refined petroleum, floating docks, aircraft, poultry, packaged medicines (2021)

Reserves of foreign exchange and gold

$311.903 million (31 December 2021 est.)

$205.195 million (31 December 2020 est.)

$193.357 million (31 December 2019 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 (2021 est.)

2.7 (2020 est.)

2.7 (2019 est.)

2.7 (2018 est.)

2.7 (2017 est.)

NOTE: The information regarding Saint Vincent and the Grenadines on this page is re-published from the 2023 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 2023 information contained here. All suggestions for corrections of any errors about Saint Vincent and the Grenadines 2023 should be addressed to the CIA or the source cited on each page.