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$1Ü2.7000 (fixed rate
since 1976)
Fiscal year: 1 April 31 March
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CIA 1998 |
