Economy - overview:
Tourism continues to dominate the economy, accounting for more than
half of GDP. Weak tourist arrival numbers since early 2000 have
slowed the economy, however, and pressed the government into a tight
fiscal corner. The dual-island nation's agricultural production is
focused on the domestic market and constrained by a limited water
supply and a labor shortage stemming from the lure 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
slightly more than one-third of tourist arrivals.
GDP:
purchasing power parity - $750 million (2002 est.)
GDP - real growth rate:
3% (2002 est.)
GDP - per capita:
purchasing power parity - $11,000 (2002 est.)
GDP - composition by sector:
agriculture: 3.9%
industry: 19.2%
services: 76.8% (2002)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
0.4% (2000 est.)
Labor force:
30,000
Labor force - by occupation:
commerce and services 82%, agriculture 11%, industry 7% (1983)
Unemployment rate:
11% (2001 est.)
Budget:
revenues: $123.7 million
expenditures: $145.9 million, including capital expenditures of $NA
(2000 est.)
Industries:
tourism, construction, light manufacturing (clothing, alcohol,
household appliances)
Industrial production growth rate:
6% (1997 est.)
Electricity - production:
105.3 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
97.89 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
3,600 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
cotton, fruits, vegetables, bananas, coconuts, cucumbers, mangoes,
sugarcane; livestock
Exports:
$40 million
Exports - commodities:
petroleum products 48%, manufactures 23%, machinery and transport
equipment 17%, food and live animals 4%, other 8%
Exports - partners:
France 68.5%, Germany 26.4%, Italy 1.2% (2002)
Imports:
$357 million (2000 est.)
Imports - commodities:
food and live animals, machinery and transport equipment,
manufactures, chemicals, oil
Imports - partners:
France 23.4%, Germany 14.2%, US 13.2%, Poland 9.8%, South Korea
8.3%, Singapore 5%, UK 4.4% (2002)
Debt - external:
$231 million (1999)
Economic aid - recipient:
$2.3 million (1995)
Currency:
East Caribbean dollar (XCD)
Currency code:
XCD
Exchange rates:
East Caribbean dollars per US dollar - 2.7 (2002), 2.7 (2001), 2.7
(2000), 2.7 (1999), 2.7 (1998) (fixed rate since 1976)
Fiscal year:
1 April - 31 March