The economy of Saint Vincent and the Grenadines is a small, upper-middle-income economy with a nominal GDP of US$1.2 billion as of 2020. It is an emerging economy that has seen steady growth over the past few decades, fueled by reforms to create a more open and business-friendly environment. Saint Vincent and the Grenadines’ main economic sectors are tourism, manufacturing, financial services and agriculture.
Tourism accounts for around 50% to GDP and employs around 30% of the workforce; it is mainly concentrated on cruise ship visits as well as ecotourism activities in national parks such as Tobago Cays National Park. Manufacturing accounts for around 10% to GDP and employs around 6% of the workforce; it includes food processing, furniture manufacturing and construction materials manufacturing. Financial services account for around 13% to GDP and employ around 8% of the workforce; it includes banking services (9%) & insurance (4%). Agriculture accounts for around 3% to GDP and employs over 4% of the workforce; it is mainly concentrated on banana production as well as fishing & livestock farming.
According to cheeroutdoor, Saint Vincent and the Grenadines has undertaken several reforms to attract foreign investment into key industries such as technology, tourism, agribusiness and financial services; these include tax incentives provided by the government to foreign investors as well as improved infrastructure to facilitate transportation between major cities in Saint Vincent & The Grenadines. In addition, Saint Vincent & The Grenadines has also opened up its markets by joining several global trade agreements such as CARICOM since 1981.
According to COUNTRYAAH, the economy of Saint Vincent and the Grenadines is based on agriculture, light industry and tourism. The main agricultural product is bananas. Otherwise, vegetables and arrow root, coconuts, tobacco and spices are grown. Natural damage, such as volcanic eruptions and hurricanes, has repeatedly put agriculture back sharply.
The industry is largely based on the processing of agricultural products, especially flour and rice mills and the production of dairy products and rooms. Otherwise some production of clothing and electrical components.
Tourism is of great importance to employment, but of less importance than in most other Caribbean states. Tourism is largely yacht-based.
The main export goods are bananas and other agricultural products, while imports are very varied. Blue. food, machinery and transport equipment, various raw materials and factory products and fuels are imported. The United States and the United Kingdom are major trading partners. Other member countries in Caricom, especially Trinidad and Tobago and Barbados.
- COUNTRYAAH: Find major trading partners of Saint Vincent and the Grenadines, including major exports and major imports with latest trade value and market share as well as growth rate.
Transport and Communications
There is no railway on the islands, and the road network is not very high quality. Deepwater Harbor at Kingstown. The transport between the islands is taken care of by a boat service. The main airport is east of Kingstown on Saint Vincent, abbreviated as SVG by abbreviationfinder.org. Otherwise, smaller airports on Bequia and Union, and smaller landing strips on a couple of the other islands.
Note: the capital city of Saint Vincent and the Grenadines is Kingstown with a population of 35,000 suburban residents (2017 estimate). Other major cities include Georgetown with a population of 1,700 (estimate).