Saint Vincent and the Grenadines Economy
Is Saint Vincent and the Grenadines a wealthy country?
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.
Saint Vincent and the Grenadines Economy Data
What is the GDP of Saint Vincent and the Grenadines?
| Currency Name and Code | East Caribbean Dollar (XCD) |
| GDP - Gross Domestic Product (PPP) | $1,340,000,000 (USD) |
| GDP - official exchange rate | $765,000,000 (USD) |
| GDP - real growth rate | 2.1% |
| GDP Per Capita | $11,000.00 (USD) |
| GDP by Sector- agriculture | 7.1% |
| GDP by Sector- Industry | 17.9% |
| GDP by Sector- services | 75% |
| GDP - composition, by end use |
household consumption: 97.8% government consumption: 17.3% investment in fixed capital: 24.2% investment in inventories: -0.2% exports of goods and services: 15.2% imports of goods and services: -54.3% |
| Inflation Rate | 0.8% |
| Labor Force | 57,520 |
| Labor Force By Occupation- agriculture | 26% |
| Labor Force By Occupation- industry | 17% |
| Labor Force By Occupation- services | 57% |
| Unemployment Rate | 15% |
| Fiscal Year | calendar year |
| Annual Budget | $192,200,000 (USD) |
| Taxes and other revenues - percent of GDP | 25% |
| Major Industries | food processing, cement, furniture, clothing, starch |
| Agriculture Products | bananas, coconuts, sweet potatoes, spices, small numbers of cattle, sheep, pigs, goats, fish |
| Exchange Rate per US Dollar | East Caribbean dollar (XCD) |
| Commercial Bank Prime Lending Rate | 9.4% |