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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)
Fiscal year: calendar year
Source - world66.com
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