Economy

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