Economy Of Saint Vincent and the Grenadines
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Economy overview
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Economic growth in this lower-middle-income country hinges upon seasonal variations in the agricultural and tourism sectors. Tropical storms wiped out substantial portions of crops in 1994, 1995, and 2002, and tourism in the Eastern Caribbean has suffered low arrivals following 11 September 2001. Saint Vincent is home to a small offshore banking sector and has moved to adopt international regulatory standards. Saint Vincent is also a large producer of marijuana and is being used as a transshipment point for illegal narcotics from South America.
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GDP
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purchasing power parity - $342 million (2002 est.)
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GDP - real growth rate
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0.7% (2002 est.)
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GDP - per capita
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purchasing power parity - $2,900 (2002 est.)
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GDP - composition by sector
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agriculture: 10%
industry: 26%
services: 64% (2001 est.)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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-0.4% (2001 est.)
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Labor force
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67,000 (1984 est.)
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Labor force by occupation
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agriculture 26%, industry 17%, services 57% (1980 est.)
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Unemployment rate
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22% (2001 est.)
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Budget
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revenues: $94.6 million
expenditures: $85.8 million, including capital expenditures of NA (2000 est.)
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Public debt
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Agriculture products
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bananas, coconuts, sweet potatoes, spices, small numbers of cattle, sheep, pigs, goats, fish
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Industries
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food processing, cement, furniture, clothing, starch
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Industrial production growth rate
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-0.9% (1997 est.)
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Electricity production
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92.48 million kWh (2001)
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Electricity production by source
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fossil fuel: 69.3%
hydro: 30.7%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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86 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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1,250 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$38 million (2002 est.)
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Exports commodities
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bananas 39%, eddoes and dasheen (taro), arrowroot starch, tennis racquets
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Exports partners
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France 52.7%, UK 6.9%, Greece 6.4%, Spain 6.4% (2003)
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Imports
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$174 million (2002 est.)
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Imports commodities
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foodstuffs, machinery and equipment, chemicals and fertilizers, minerals and fuels
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Imports partners
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France 31.4%, US 10.4%, Singapore 10.2%, Trinidad and Tobago 10%, Spain 9%, Italy 5.5% (2003)
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Reserves of foreign exchange gold
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Debt external
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$167.2 million (2000)
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Economic aid recipient
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$47.5 million (1995); note - EU $34.5 million (1998)
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Currency
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East Caribbean dollar (XCD)
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Currency code
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XCD
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Exchange rates
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East Caribbean dollars per US dollar - 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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