Economy

Economy—overview: The agriculturally based economy was hurt in 1996 by the emergence of the pink mealy bug which destroyed much of the cocoa harvest. Bananas a major foreign exchange earner also suffered due to falling prices low production and poor quality. Tourism the leading foreign exchange earner continued to do well as did manufacturing. Construction boomed in 1996 due to concessions for low and middle income mortgages. The government introduced a 5% tax on electricity and telephones and doubled the general consumption tax which caused a small rise in the inflation rate. The tourist industry faces stiff competition over the next few years.

GDP: purchasing power parity—$300 million (1996 est.)

GDP—real growth rate: 3.1% (1996 est.)

GDP—per capita: purchasing power parity—$3 200 (1996 est.)

GDP—composition by sector:

agriculture: 10.2%

industry: 40.3%

services: 49.5% (1994 est.)

Inflation rate—consumer price index: 3.2% (1996 est.)

Labor force:

total: 36 000

by occupation: services 31% agriculture 24% construction 8% manufacturing 5% other 32% (1985)

Unemployment rate: 20% (1 October 1996)

Budget:

revenues: $75.7 million (1996 est.)

expenditures: $126.7 million including capital expenditures of $51 million (1996 est.)

Industries: food and beverages textiles light assembly operations tourism construction

Industrial production growth rate: 1.8% (1992 est.)

Electricity—capacity: 9 000 kW (1995)

Electricity—production: 70 million kWh (1995)

Electricity—consumption per capita: 741 kWh (1995)

Agriculture—products: bananas cocoa nutmeg mace citrus avocados root crops sugarcane corn vegetables

Exports:

total value: $24 million (f.o.b. 1996 est.)

commodities: bananas cocoa nutmeg fruit and vegetables clothing mace

partners: Caricom 32.3% UK 20% US 13% Netherlands 8.8% (1991)

Imports:

total value: $128 million (f.o.b. 1996 est.)

commodities: food 25% manufactured goods 22% machinery 20% chemicals 10% fuel 6% (1989)

partners: US 31.2% Caricom 23.6% UK 13.8% Japan 7.1% (1991)

Debt—external: $97 million (1996 est.)

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