Saint Vincent and the Grenadines - Economy
How is the economy of Saint Vincent and the Grenadines? Based on the information we have, Saint Vincent and the Grenadines has a 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. Key agricultural products in this country include: bananas, root vegetables, plantains, spices, coconuts, fruits, apples, vegetables, mangoes/guavas, sweet potatoes (2023).
More about the economy of Saint Vincent and the Grenadines
Labor force 52,100 (2024 est.)
Industrial production growth rate 7.3% (2024 est.)
Industries tourism; food processing, cement, furniture, clothing, starch
Population below poverty line
Taxes and other revenues 23.8% (of GDP) (2017 est.)
Fiscal year
Exchange rates
Currency East Caribbean dollars (XCD) per US dollar -
Exchange rates 2024 2.7 (2024 est.)
Exchange rates 2023 2.7 (2023 est.)
Exchange rates 2022 2.7 (2022 est.)
Exchange rates 2021 2.7 (2021 est.)
Exchange rates 2020 2.7 (2020 est.)
Debt - external
Debt - external 2023 $456.971 million (2023 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $316.824 million (2024 est.)
Reserves of foreign exchange and gold 2023 $280.564 million (2023 est.)
Reserves of foreign exchange and gold 2022 $320.193 million (2022 est.)
Current account balance
Current account balance 2024 -$156.589 million (2024 est.)
Current account balance 2023 -$180.43 million (2023 est.)
Current account balance 2022 -$199.727 million (2022 est.)
Public debt
Public debt 2016 82.8% of GDP (2016 est.)
Budget
Revenues $226.404 million (2017 est.)
Expenditures $208.744 million (2017 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2024 8.2% of GDP (2024 est.)
Remittances 2023 8.5% of GDP (2023 est.)
Remittances 2022 9% of GDP (2022 est.)
Imports
Imports 2024 $641.179 million (2024 est.)
Imports 2023 $588.865 million (2023 est.)
Imports 2022 $540.833 million (2022 est.)
Imports (partners) USA 37%, Italy 7%, Trinidad & Tobago 7%, China 6%, UK 6% (2023)
Comodities Imports force ships, refined petroleum, wheat, coal, poultry (2023)
Exports
Imports 2024 $641.179 million (2024 est.)
Imports 2023 $588.865 million (2023 est.)
Imports 2022 $540.833 million (2022 est.)
Exports (partners) Croatia 16%, Barbados 14%, USA 10%, St. Lucia 10%, St. Kitts & Nevis 8% (2023)
Comodities Exports force ships, wheat flours, animal food, shellfish, construction vehicles (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $1.883 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $1.809 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $1.718 billion (2022 est.)
GDP (official exchange rate) $1.157 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $18,700 (2024 est.)
Real GDP per capita 2023 $17,900 (2023 est.)
Real GDP per capita 2022 $16,800 (2022 est.)
GDP - composition, by sector of origin
Agriculture 3.5% (2024 est.)
Industry 15.4% (2024 est.)
Services 66.4% (2024 est.)
Unemployment rate
Unemployment rate 2024 18.1% (2024 est.)
Unemployment rate 2023 18.6% (2023 est.)
Unemployment rate 2022 19.5% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 41.4% (2024 est.)
Male 41.4% (2024 est.)
Female 41.4% (2024 est.)
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Saint Vincent and the Grenadines is found in Caribbean