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Economy—overview: Agriculture dominated by banana production is the most important sector of this lower middle income economy. The services sector based mostly on a growing tourist industry is also important. The government has been relatively unsuccessful at introducing new industries and high unemployment rates of 35%-40% continue. The continuing dependence on a single crop represents the biggest obstacle to the islands' development; tropical storms wiped out substantial portions of crops in both 1994 and 1995. The tourism sector has considerable potential for development over the next decade.

GDP: purchasing power parity—$259 million (1996 est.)

GDP—real growth rate: 1% (1996 est.)

GDP—per capita: purchasing power parity—$2 200 (1996 est.)

GDP—composition by sector:

agriculture: 10.6%

industry: 17.5%

services: 71.9% (1996 est.)

Inflation rate—consumer price index: 3.6% (1996)

Labor force:

total: 67 000 (1984 est.)

by occupation: agriculture 26% industry 17% services 57% (1980 est.)

Unemployment rate: 35%-40% (1994 est.)

Budget:

revenues: $80 million

expenditures: $118 million including capital expenditures of $39 million (1996 est.)

Industries: food processing cement furniture clothing starch

Industrial production growth rate: 0.3% (1995 est.)

Electricity—capacity: 14 000 kW (1995)

Electricity—production: 64 million kWh (1995)

Electricity—consumption per capita: 545 kWh (1995)

Agriculture—products: bananas coconuts sweet potatoes spices; small numbers of cattle sheep pigs goats; small fish catch used locally

Exports:

total value: $46 million (f.o.b. 1996)

commodities: bananas 39% eddoes and dasheen (taro) arrowroot starch tennis racquets

partners: Caricom countries 49% UK 16% US 10% (1995)

Imports:

total value: $127 million (f.o.b. 1996)

commodities: foodstuffs machinery and equipment chemicals and fertilizers minerals and fuels

partners: US 36% Caricom countries 28% UK 13% (1995)

Debt—external: NA

Economic aid:

recipient: ODA $NA

Currency: 1 EC dollar (EC$) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1—2.7000 (fixed rate since 1976)

Barclays Bank Plc,
Halifax Street, St Vincent

Scotia Bank
Halifax Street, St Vincent

Canadian Imperial Bank of Commerce,
Halifax Street, St Vincent

National Commercial Bank
Halifax Street, St Vincent

Caribbean Banking Corporation
81 South River Road, Kingstown
Branch at Port Elizabeth, Bequia

Barclays Bank. Has a branch on Bequia

National Commercial Bank. Has branches at ET Joshua airport, Georgetown, Barrouallie, on Bequia and Union Island and agencies at Layou and Chateaubeleair.

National Commerci