Confidus Solutions logotype

Confidus Solutions

Economy of Saint Vincent and the Grenadines

Saint Vincent and the Grenadines is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Saint Vincent and the Grenadines may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Saint Vincent and the Grenadines exports around $0.05 billion and imports roughly $0.3 billion. 18.3% of population in the country are unemployed. The total number of unemployed people in Saint Vincent and the Grenadines is 20,167. Government expenditure on education is 6.6% of GDP. The Gini Index of the country is 40.32. Saint Vincent and the Grenadines is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Saint Vincent and the Grenadines has a Human Development Index (HDI) of 0.719. Saint Vincent and the Grenadines has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The strength of legal rights index for Saint Vincent and the Grenadines is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Saint Vincent and the Grenadines is eastern caribbean dollar. The plural form of the word eastern caribbean dollar is dollars. The symbol used for this currency is $, and it is abbreviated as XCD. The eastern caribbean dollar is divided into Cent; there are 100 in one eastern caribbean dollar.

Credit rating

According to the Moody's credit-rating agency, Saint Vincent and the Grenadines has a credit rating score of B1, and the prospects of this rating are stable.

Central bank

In Saint Vincent and the Grenadines, the institution that manages the state's currency, money supply, and interest rates is called Eastern Caribbean Central Bank. The average deposit interest rate offered by local banks in Saint Vincent and the Grenadines is 2.6%.

Public debt

Saint Vincent and the Grenadines has a government debt of 68% of the country's Gross Domestic Product (GDP), as assessed in 2011.

Tax information

The corporate tax in Saint Vincent and the Grenadines is set at 32.5%. Personal income tax ranges from 10% to 55%, depending on your specific situation and income level. VAT in Saint Vincent and the Grenadines is 15%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Saint Vincent and the Grenadines is $1174 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Saint Vincent and the Grenadines was last recorded at $11 million. PPP in Saint Vincent and the Grenadines is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Saint Vincent and the Grenadines is 1 billion. Based on this statistic, Saint Vincent and the Grenadines is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Saint Vincent and the Grenadines was last recorded at $0 million. The average citizen in Saint Vincent and the Grenadines has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Saint Vincent and the Grenadines averaged 1.7% in 2014. According to this percentage, Saint Vincent and the Grenadines is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Saint Vincent and the Grenadines.

Industry

Major industries in the country are tourism, food processing, cement, furniture, clothing, starch. The total labor force of Saint Vincent and the Grenadines is 58,080 people, wherein 18.3% of population in the country are unemployed. The total number of unemployed people in Saint Vincent and the Grenadines is 20,167. The Industrial Production growth rate of Saint Vincent and the Grenadines is 3%.To read more about industrial information within Saint Vincent and the Grenadines click on industry of Saint Vincent and the Grenadines.

Agriculture

There are 70 km2 of arable land in Saint Vincent and the Grenadines, and it comprises 18% of the country's total territory. There are 140 km2 of cultivated land in Saint Vincent and the Grenadines. The country's major agricultural crops and products are bananas, coconuts, sweet potatoes, spices, small numbers of cattle, sheep, pigs, goats, fish.To read more about agriculture click on agriculture of Saint Vincent and the Grenadines.