Find Industry and Manufacturing expertise in St Vincent and The Grenadines

St Vincent and the Grenadines has a developing economy which has been forced to diversify away from agriculture due to increased volatility of banana prices, the natural challenges from the weather and the loss of preferential trade arrangements with the EU. St Vincent and Grenadine has a relatively high quality of life with a GNI per capita of US$6,300 and GDP growth rate of 2.4% per annum 2006–10.

Tourism has become a major source of foreign exchange earnings but this sector is vulnerable as well. In 2011, travel and tourism directly contributed to 7% of GDP, generating 2,500 jobs – 6.4% of total employment. St Vincent and Grenadine is promoted as a destination for eco-adventures. The beaches, coral reefs and lagoons of The Grenadines attract many tourists year on year, while popular recreational activities include yachting and scuba diving.

Much of the workforce is employed in banana production and tourism, but persistent high unemployment has prompted many to leave the islands. The agriculture sector contributes 7% of GDP (2010) and produces: bananas, coconuts, sweet potatoes, spices; small numbers of cattle, sheep, pigs, goats; fish

The manufacturing industry sector accounts for 19% of GDP (2010) undergoing a growth of 6.5% in 2011 and includes: food processing, cement companies, the furniture sector, manufacturing of clothing, and starch production.

Goods and services are mainly exported to Trinidad and Tobago, St Lucia, Turkey and Barbados, and include bananas, taro, arrowroot starch, and tennis rackets. In 2012, exports valued a total of $47.1 million (CIA est.), an increase of four million on 2011 figures.

The main import partners of St Vincent and Grenadines are: Singapore, Trinidad and Tobago, US, China, and Barbados (2012). In 2012 alone, imports into the country totalled an estimated $295.3 million and consisted mainly of foodstuffs, minerals, fuels, machinery, chemicals and fertilisers (CIA).

The Eastern Caribbean country is ranked ninth in the world for dealing with construction permits, according to the World Bank’s ‘Doing Business 2012’ study. Overall, it is ranked 75 out of 189 countries in the report for ease of doing business, and 11 overall in the Latin America and Caribbean region. These rankings measure the conduciveness of a regulatory regime in starting and operating a business.

St Vincent and the Grenadines is a member of the Caribbean Basin Initiative (CBI), a programme aimed at promoting economic development and expanding investment into non-traditional economic sectors. The initiative allows products produced in the country to be sold market-free in the US.