Economy

Economy—overview: Tourism continues to be by far the dominant activity in the economy accounting directly or indirectly to more than half of GDP. Increased tourist arrivals have helped spur growth in the construction and transport sectors. The dual island nation's agricultural production is mainly directed to the domestic market; the sector is constrained by the limited water supply and labor shortages that reflect the pull of higher wages in tourism and construction. Manufacturing comprises enclave-type assembly for export with major products being bedding handicrafts and electronic components. Prospects for economic growth in the medium term will continue to depend on income growth in the industrialized world especially in the US which accounts for about half of all tourist arrivals.

GDP: purchasing power parity—$470 million (1997 est.)

GDP—real growth rate: 3.3% (1997 est.)

GDP—per capita: purchasing power parity—$7 400 (1997 est.)

GDP—composition by sector:

agriculture: 3.8%

industry: 18.9%

services: 77.3% (1995)

Inflation rate—consumer price index: 2.5% (1996)

Labor force:

total: 30 000

by occupation: commerce and services 82% agriculture 11% industry 7% (1983)

Unemployment rate: 5%-10%(1995 est.)

Budget:

revenues: $107 million

expenditures: $132 million including capital expenditures of $18 million (1995)

Industries: tourism construction light manufacturing (clothing alcohol household appliances)

Industrial production growth rate: NA%

Electricity—capacity: 26 000 kW (1995)

Electricity—production: 95 million kWh (1995)

Electricity—consumption per capita: 1 458 kWh (1995)

Agriculture—products: cotton fruits vegetables bananas coconuts cucumbers mangoes sugarcane; livestock

Exports:

total value: $45 million (f.o.b. 1996 est.)

commodities: petroleum products 48% manufactures 23% food and live animals 4% machinery and transport equipment 17%

partners: OECS 26% Barbados 15% Guyana 4% Trinidad and Tobago 2% US 0.3%

Imports:

total value: $350.8 million (f.o.b. 1996 est.)

commodities: food and live animals machinery and transport equipment manufactures chemicals oil

partners: US 27% UK 16% Canada 4% OECS 3% other 50%

Debt—external: $225 million (1996 est.)

Economic aid: $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: 1 April—31 March