Economy - 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.
GDP (purchasing power parity):
$1.281 billion (2017 est.)
$1.253 billion (2016 est.)
$1.243 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 202
GDP (official exchange rate):
$815 million (2017 est.)
GDP - real growth rate:
2.2% (2017 est.)
0.8% (2016 est.)
0.9% (2015 est.)
country comparison to the world: 145
GDP - per capita (PPP):
$11,600 (2017 est.)
$11,400 (2016 est.)
$11,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 132
Gross national saving:
-4.8% of GDP (2017 est.)
-5.1% of GDP (2016 est.)
-3.1% of GDP (2015 est.)
country comparison to the world: 180
GDP - composition, by end use:
household consumption: 87.4%
government consumption: 19.2%
investment in fixed capital: 20.3%
investment in inventories: -0.2%
exports of goods and services: 22.3%
imports of goods and services: -49.2% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 7.1%
industry: 17.4%
services: 75.5% (2017 est.)
Agriculture - products:
bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish
Industries:
tourism; food processing, cement, furniture, clothing, starch
Industrial production growth rate:
2% (2017 est.)
country comparison to the world: 133
Labor force:
57,520 (2007 est.)
country comparison to the world: 189
Labor force - by occupation:
agriculture: 26%
industry: 17%
services: 57% (1980 est.)
Unemployment rate:
18.8% (2008 est.)
country comparison to the world: 181
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $222.2 million
expenditures: $259.3 million (2017 est.)
Taxes and other revenues:
27.3% of GDP (2017 est.)
country comparison to the world: 103
Budget surplus (+) or deficit (-):
-4.5% of GDP (2017 est.)
country comparison to the world: 150
Public debt:
79.2% of GDP (2016 est.)
81.3% of GDP (2015 est.)
country comparison to the world: 40
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.7% (2017 est.)
-0.2% (2016 est.)
country comparison to the world: 75
Central bank discount rate:
6.5% (31 December 2010 est.)
6.5% (31 December 2009 est.)
country comparison to the world: 59
Commercial bank prime lending rate:
9% (31 December 2017 est.)
9.17% (31 December 2016 est.)
country comparison to the world: 95
Stock of narrow money:
$182.7 million (31 December 2017 est.)
$177.7 million (31 December 2016 est.)
country comparison to the world: 186
Stock of broad money:
$591.5 million (31 December 2017 est.)
$563.2 million (31 December 2016 est.)
country comparison to the world: 182
Stock of domestic credit:
$432.8 million (31 December 2017 est.)
$424.6 million (31 December 2016 est.)
country comparison to the world: 178
Current account balance:
$-120 million (2017 est.)
$-122 million (2016 est.)
country comparison to the world: 83
Exports:
$51.3 million (2017 est.)
$47.3 million (2016 est.)
country comparison to the world: 203
Exports - commodities:
bananas, eddoes and dasheen (taro), arrowroot starch; tennis racquets
Exports - partners:
Barbados 18.3%, St. Lucia 17.6%, Antigua and Barbuda 14.8%, Trinidad and Tobago 12.3%, Dominica 9.5%, St. Kitts and Nevis 7.3%, Grenada 5.9% (2016)
Imports:
$311.3 million (2017 est.)
$289.9 million (2016 est.)
country comparison to the world: 198
Imports - commodities:
foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
Imports - partners:
US 44%, Trinidad and Tobago 14.1%, UK 6.5%, France 4.8% (2016)
Reserves of foreign exchange and gold:
$160 million (31 December 2017 est.)
$192.3 million (31 December 2016 est.)
country comparison to the world: 161
Debt - external:
$324.4 million (31 December 2017 est.)
$330.8 million (31 December 2016 est.)
country comparison to the world: 185
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.)